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DFCC Vardhana Bank shareholders approve amalgamation with DFCC
Aug 28, 2015 (LBO) – Shareholders of DFCC Vardhana Bank and DFCC Bank have approved the proposed amalgamation of DFCC Bank with DFCC Vardhana Bank at an extraordinary general meeting held today.The amalgamation will be effective on 01 October 2015 and a payment of 52 rupees for every one ordinary voting share held in Vardhana Bank to […]
Sri Lanka’s Heladiv to go after Chinese and Indian markets
Aug 28, 2015 (LBO) – Sri Lanka’s HVA foods, which exports ready to drink tea under its “Heladiv” brand, says the company plans to expand more in to Chinese and Indian markets with ready to drink teas to gain a strong foothold. “Whilst our Chinese operations have progressed to 55 tea cafes and outlets, further […]
Sri Lanka stocks close up 1-pct: JKH gains
Aug 28, 2015 (LBO) – Sri Lankan stocks closed up 1.06 percent on Friday for the third consecutive session despite foreign selling as the bargain hunters dominated the market activities as index heavy stocks made gains, brokers said. The Colombo benchmark All Share Price Index closed up 89.08 points at 7,362.22 up 1.22 percent. S&P […]
LUSH launches second skin clinique in the heart of Colombo
President inaugurates chic boutique amidst an exclusive gathering LUSH the state-of-the-art Skin Clinique ceremoniously launched its second skin care centre ‘LUSH @Park Medical Aesthetics’ in the heart of Colombo today. The grand opening ceremony was held under the patronage of His Excellency the President Hon. Maithripala Sirisena, Founder Director Sheromi Samaradiwakara and the management of […]
Ceylon Printers to raise Rs30mn through rights issue
Aug 28, 2015 (LBO) – Sri Lanka’s stationery merchants and printing firm, Ceylon Printers, is to raise 30 million rupees by way of a rights issue, the company said in a stock exchange filing.Subject to the necessary approvals, the company is to issue 25 thousand shares at 1,200 rupees each in the ratio of 5 […]
Interview: Sri Lanka BOP pressured by consumer spending, external woes
Aug 28, 2015 (LBO) – Post-war stimulus packages by Sri Lanka’s government have pushed up consumption demand which is now having an adverse impact on the trade deficit and balance of payments. This is one reason for the negative BOP position so far this year, Shiran Fernando at Frontier Research said. “We are in consumption […]
ADB to triple Sri Lanka education sector lending to USD1bn
Aug 28, 2015 (LBO) – The Asian Development Bank (ADB) said it will support Sri Lanka’s human capital development for the next five years though strengthening education to help the Indian Ocean Island to become a competitive economy.“Lending for education will be more than tripled to one billion US dollars for the next five years,” […]
Tony Blair identifies seven principles for Sri Lanka’s reconciliation
Aug 28, 2015 (LBO) – Former British Prime Minister Tony Blair delivering the Lakshman Kadirgamar memorial lecture recently outlined seven principles for a successful reconciliation process. “I think I can identify, based on my experience not only in Northern Ireland but elsewhere, seven principles of successful reconciliation,” First principle is the continued absence of conflict, […]
Brandix allocates Rs5 mn for each model village in CSR project
Aug 27, 2015 (LBO) – Sri Lankan apparel exporter Brandix says it plans to allocate five million rupees for each ‘model village’ it supports with improved water supply and sanitation facilities under its corporate social responsibility program.The villages are selected within a five kilometre radius of its factories, initially in Polonnaruwa. The program has contributed […]
Debt Report: Money market keeps close eye on CB T-bill holdings, interest rates pick up
Aug 27, 2015 (LBO) – Sri Lanka money markets kept a close eye on treasury bill purchases by Sri Lanka’s central bank this week, as interest rates rose amid turbulence in global markets.The central bank’s holding of treasury bills increased to 92.4 billion rupees on Monday from around 69 billion earlier this month, which is […]