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South Africa to block land sales to foreigners

South Africa’s government will forbid foreigners from buying land within five years, but will not expropriate those who already possess deeds, the land affairs minister says. “The principle is that foreign nationals should not own land but should have a long-lease with a minimum of 30 years,” Gugile Nkwinti, minister of Rural Development and Land…

(0)Comments | July 25, 2014 2:18 pm

McDonald’s halts nuggets sales in Hong Kong

Fast food chain McDonald’s has suspended sale of chicken nuggets and some other products in Hong Kong. It said it had imported chicken and pork from Shanghai Husi Food, the Chinese firm that allegedly supplied out of date meat to fast food firms. China has suspended operations of Shanghai Husi after local media reports claimed…

(0)Comments | July 25, 2014 1:44 pm

PIMA honours Derana’s Thushara Perera with Platinum Honours 2014

Thushara Perera, Group Director Marketing, Derana has been conferred with the prestigious Platinum Honours 2014 at the PIMA Platinum Honours 2014. The Platinum Honours 2013/14 is the ultimate honors conferred on a PIM Alum by PIM Alumni, which is the largest in Sri Lanka with over 1,500 active members who are at senior managerial level…

(0)Comments | July 24, 2014 11:06 pm

DFCC Bank to offer Debenture Issue

The DFCC Bank is to offer 30 million Senior Unsecured Redeemable Rated Debentures at an issue price of Rs. 100 each, with an option to issue up to a further 20 million Debentures in the event the initial 30 million Debentures are oversubscribed. Subscriptions open on 07 August 2014. Managers to the issue are Capital…

(0)Comments | July 24, 2014 10:46 pm

Commercial Court issues summons on Touchwood Investments chairman

The Colombo Commercial High Court has issued summons on former Chairman/CEO of Touchwood Investments PLC, Lanka Wijendra Kiwlegedera following the Liquidator, G.K.S.Kumar reporting that Mr. Kiwlegedera has failed to submit a statement of affairs of the company though he had requested for two weeks’ time from 23 June 2014. As mentioned in the winding up…

(0)Comments | July 24, 2014 10:24 pm

Court order against Dynaris Holdings lifted after settlement

The sequestration order obtained by Lanka ORIX Finance PLC (LOFIN) in the Commercial High Court of Colombo preventing Dynaris Holdings PLC from disposing their assets has been now lifted since the matter has been settled in full. 

(0)Comments | July 24, 2014 9:50 pm

Central Bank enters into an Investment Agreement with Reserve Bank of India

The Central Bank of Sri Lanka (CBSL) and the Reserve Bank of India (RBI) entered into a Bilateral Agreement on the 24th July 2014 which enables CBSL to further diversify its reserves management activities into Indian rupee denominated assets, while reciprocally, RBI is able to access the Sri Lankan government securities market, up to a…

(0)Comments | July 24, 2014 7:33 pm

Stock Market Review – 24th July 2014

Colombo shares extended losses on Thursday as main bourse lost 2.58 points (-0.04%) to end at 6,781.40 while S&P SL 20 index lost 7.94 points (-0.21%) to close at 3,767.20. Price declines in Good Hope (closed at LKR 1,500.00, -22.7%), Carson Cumberbatch (closed at LKR 480.00, -2%) and Lion Brewery (closed at LKR 630.00, -5%)…

(0)Comments | July 24, 2014 7:20 pm

Algerian plane with 110 passengers disappears from radar

A missing Air Algerie plane that lost contact en route from Burkina Faso is an Airbus A320 carrying 110 passengers to Algiers, an Algerian official said today. Air navigation services lost track of the plane 50 minutes after take-off in the early hours of today. “In keeping with procedures, Air Algerie has launched its emergency…

(0)Comments | July 24, 2014 3:37 pm

PayPal targets UK small businesses for cash advances

Online payments firm PayPal is to start advancing cash to UK small businesses, the company has announced. The PayPal Working Capital fund is due to launch later this year, the firm said. The eBay-owned company said it would only recoup money when firms sell through PayPal services. However, earlier this month there were complaints from…

(0)Comments | July 24, 2014 9:48 am