Monday, 28th July 2014

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Today, Colombo, Sri Lanka

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Business

CodeGen International (Pvt.) Limited an IT company catering to the global travel tourism industry software solution market, ceremoniously opened its 30,000sqft modern office premises at the Trace Expert City Colombo. The launch was held under the patronage of Secretary to the Ministry of Defence Gotabaya Rajapaksa, Chairman Urban Development Authority (UDA) Nimal Perera, dignitaries from the Sri Lankan Army and the

Full Article Monday, 28 July 2014 18:11

The newly appointed Chairman of the Import Section of the Ceylon Chamber of Commerce Dinesh De Silva says that importers expect implementation of a further simplified and consistent duty/tax system for imports. Addressing the 79th Annual General Meeting held last week, De Silva said tariff structures in Sri Lanka to be in line with regional structures as high tariffs create

Full Article Sunday, 27 July 2014 00:00

The Main Street in Pettah was a hive of activity on Friday with a majority of shoppers from the Muslim community who are set to celebrate Eid-ul-Fitr (which marks the end of Ramazan) tomorrow or the day after filling the street to purchase fashionable clothing and other requirements. It is learnt that vendors on their part have also risen to

Full Article Sunday, 27 July 2014 00:00

Mergers and acquisitions will be one of the main stimulants of growth in the insurance segment with the impending splitting of different insurance segments as per new capital regulations, says Janashakthi General Manager of General Insurance Shani Ranasinghe.The insurance segment is facing shrinkage due to a higher cost of living, however, mergers and acquisitions are a fresh

Full Article Sunday, 27 July 2014 00:00

DFCC Bank announced its listed Debenture Issue to raise Rs.3 billion with an option to issue up to Rs.5 billlion, carrying a tenor of 3 years. The Colombo Stock Exchange has approved the listing of the debt securities on the main board and the issue will open to the public on August 7.

Full Article Sunday, 27 July 2014 00:00

Fitch Ratings, which last week affirmed the ratings on nine of Sri Lanka’s banks, all with Stable Outlooks said the operating environment, which remains potentially volatile, is a key rating driver for the Sri Lankan banking sector. Noting that this is a challenge for banks, notwithstanding the current high real GDP growth, which Fitch expects to continue, the rating agency said

Full Article Sunday, 27 July 2014 00:00

Life expectancy dwindles to 61.9 years in the Colombo district, which is among the lowest for men and only 71.9 years for women whilst the best places to live if you want to live to a ripe old age are Moneragala and Hambantota districts, a recent study by AIA Insurance has highlighted. Quoting statistics from the Department

Full Article Sunday, 27 July 2014 00:00

Demand for residential apartments, predominantly luxury condominiums, remained steady in the quarter ended June 30, 2014 with both ‘7th Sense’ on Gregory’s Road and ‘OnThree20’ selling 80 percent and 92 percent of apartment units to-date respectively, John Keells Holdings PLC (JKH) Chairman Susantha Ratnayake told stakeholders recently.

Full Article Sunday, 27 July 2014 00:00

The importance of adopting quality financial reporting and governance for the benefit of an organization and how that benefit creates value to the owners of the organization was highlighted at a program organized recently by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka).The program which focused on the relevance of reporting, both externally and internally also identified

Full Article Sunday, 27 July 2014 00:00

In keeping with the Financial Sector Consolidation masterplan of the Central Bank of Sri Lanka, Deshodaya Development Finance Limited has entered in to a Memorandum of Understanding for the purchase the majority shareholding of George Steuart Finance PLC.

Full Article Sunday, 27 July 2014 00:00

NDB Investment Bank was adjudged the ‘Best Investment Bank in Sri Lanka 2014’ once again by Euromoney Awards for Excellence, held at the Island Shangri-La in Hong Kong recently. NDBIB won the prestigious award for the third consecutive year in recognition of its leadership position in both debt and equity fund raising and corporate finance transactions in the country.

Full Article Sunday, 27 July 2014 00:00

The Central Bank of Sri Lanka has appointed Assistant Governor C J P Siriwardana as the Secretary to the Monetary Board with effect from July 14, 2014. Siriwardana joined the Central Bank as a Staff Officer in 1986 after graduating from the University of Ruhuna with a BSc Degree (Hons) in Agriculture. In 1994, he received his Master’s Degree in Quantitative Development Economics

Full Article Sunday, 27 July 2014 00:00

The Rs.1 billion debenture issue of Dunamis Capital PLC opens for subscription on July 28 (tomorrow) and will be kept open till August 15, 2014 unless oversubscribed before the closing date, the company has announced.
Rated ‘BBB’ by RAM Ratings Lanka Limited, the issue of 10 million rated, senior, unsecured redeemable debentures of Rs.100 each, is to raise capital to increase the long-term funding

Full Article Sunday, 27 July 2014 00:00

Colombo stock market wrapped its weekly operations on a mixed note where main bourse marginally advanced by 2.24 index points or 0.03% to end at 6,783.64. 20-scrip S&P SL index declined 2.30 index points or 0.06% to close at 3,764.90. Price appreciations in counters such as Distilleries (closed at LKR 206.00, +1.5%), Overseas Realty (closed at LKR 22.80, +4.6%) and Vallibel One (closed at LKR 22.20, +3.3%)

Full Article Sunday, 27 July 2014 00:00

A disclosure filed with the CSE on July 24, 2014 mentioned the current states of the Touchwood Investments PLC winding up process. As mentioned in the winding up order Liquidator on June 16, 2014 has requested from Lanka Wijendra Kiwlegedara former chairman/CEO of the Company to furnish statement of Affairs of the Company. Lanka Wijendra Kiwlegedara has requested two weeks from June 23,

Full Article Sunday, 27 July 2014 00:00

Sri Lanka now lists companies much faster - in two days, to be exact. Meanwhile, no less than 232 Chartered accounting firms are actively serving Lanka’s business sector. “We have now modernized the day-to-day activities of Department of the Registrar of Companies under my Ministry. For example, if a foreigner comes to Sri Lanka and wants to register their company, facilities have

Full Article Sunday, 27 July 2014 00:00

Commercial Bank of Ceylon PLC has announced the appointment of career banker Jegan Durairatnam as the Bank’s Managing Director and CEO effective July 17, 2014, on the retirement of the incumbent Ravi Dias.
Durairatnam is currently Executive Director and Chief Operating Officer of the Bank.A senior member of Commercial Bank’s corporate management team for the past nine years, Jegan Durairatnam joined the

Full Article Sunday, 27 July 2014 00:00

With the completion of Phase I construction of Sri Lanka Ports Authority (SLPA) owned single berth of the Colombo Port Expansion Project (CPEP), known as the East Container Terminal (ECT) soon, it is expected that the shortfall in the capacity of container handling in the Port of Colombo will be taken care of, the SLPA said in a statement last

Full Article Sunday, 27 July 2014 00:00

The Central Bank of Sri Lanka (CBSL) and the Reserve Bank of India (RBI) entered into a Bilateral Agreement on July 24, 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 maximum value equivalent of US dollars 500 million, each way.

Full Article Sunday, 27 July 2014 00:00

The Ministry of Traditional Industries and Small Enterprise Development on Friday said it held a Banking Clinic last week at the District Secretariat in Galle to facilitate access to credit for Micro and Small Industrialists. Here over 700 micro and small industrialists who were trained in various sectors such as food and beverages,

Full Article Sunday, 27 July 2014 00:00

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