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China stocks plunge over 8-pct, largest intraday loss since 2007
July 27, 2015 (LBO) – China’s benchmark Shanghai Composite index has plunged over 8 percent recording its largest intraday loss in more than eight years amid weak economic data, foreign media reported.The index plunged 8.48 percent to 3,725.5 in mid day trade and it is the second straight day of losses and worst daily percentage fall since […]
Sri Lanka’s SEC says transparency of information is the key for development
July 27, 2015 (LBO) – Sri Lanka’s Securities Exchange Commission says that transparency enhancement leads to improve the performance of companies and enables businesses in becoming magnets for inward investment and more resilient in the face of future challenges. “Markets move on information,” Thilak Karunaratne, Chairman, Securities & Exchange Commission of Sri Lanka said. “The […]
Fitch Places Ceylon Income Fund on Rating Watch Negative
July 27, 2015 (LBO) – Sri Lanka’s Fitch Ratings has placed the National Fund Credit Quality Rating assigned to the Ceylon Income Fund of ‘A(lka)’ on rating watch negative as there is uncertainty regarding the credit quality of a significant portion of the funds’ underlying assets, a statement said. The rating agency said that this […]
Sri Lankan exporter secures Rs53mn order for Ceylon Sapphire
July 27, 2015 (LBO) – A Sri Lankan exporter from Matale has secured a 53 million rupee order for Sapphire gems at the recently held Milano exposition, Sri Lanka Tourism Promotion Bureau (SLTPB) said in a statement.“The buyer hails from Zhejiang Province in China and has signed the agreement for delivery within a year,” the […]
Swisstek profit +25% in 3 months to June
July 27, 2015 (LBO) – Sri Lankan based Swisstek (Ceylon)’s group net profit showed a 25 percent increase to 28.9 million rupees for the three months ended June 2015, interim report said.The manufacturer of tile grout, tile mortar and decorative pebbles said revenue rose 44 percent to 509 million rupees from 354 million rupees in […]
Sri Lanka’s banking Industry should adopt new tech before it gets isolated: Aravinda Perera
July 27, 2015 (LBO) – Sri Lanka’s banking industry should make use of digital technology to improve customer service and to be on par with the competitive global payment industry, one of its banking leaders said. In today’s world it is not only a bank playing in the payment industry but also telcos, supermarkets and […]
Building disruptive models challenge dominant industry logic: Leapset CEO
July 25, 2015 (LBO) – Anyone can build a disruptive company, but not if you work for a big company, Mani Kulasooriya, co-founder and the chief executive of Leapset, a technology innovator for the United States food service industry, said. “If you are big company, you have to worry about your existing business, customers, brand, […]
Sri Lanka stocks close up 0.8-pct
July 24, 2015 (LBO) – Sri Lanka’s stocks closed up 0.78 percent on Friday mainly due to the Central bank announcement that policy rates would be maintained, brokers said. The Colombo benchmark All Share Price Index closed 56.43 points higher at 7,269.05 up 0.78 percent. The S&P SL20 closed 40.90 points higher at 4,082.11 up […]
Sri Lanka’s Finance Minister Ravi Karunanayake accuses Attorney General Department
July 24, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake on Friday accused Attorney General over an incident occurred when dealing with the Golden Key Depositor’s issue. “Everyone thinks Attorney General is on our government side.But what we see here is an act against our government. Even yesterday night there was going to be a problem,” […]
Sri Lanka’s EPF should be managed by public trust, Not allowing Central Bank to manipulate: Eran
July 24, 2015 (LBO) – Sri Lanka’s Employee Provident Fund should come under a public trust and not allowed to be manipulated by the Central bank, a former deputy minister said. “This is one of the biggest frauds happening in the country and I have been saying this in parliament for the last five years,” […]
Sri Lanka’s President to appoint special investigation commission on Golden Key
July 24, 2015 (LBO) – Sri Lanka is to appoint a special investigation commission to probe irregularities occurred in the Golden Key Company, President Maithripala Sirisena said.“I decided to appoint a special investigation commission headed by a retired judge on Golden Key Company after having discussions with Prime Minister and Finance Minister,” Sirisena told a […]
Sri Lanka’s Carsons profits up, Beverage sector revenues affected: Annual Report
July 23, 2015 (LBO) – Sri Lanka’s Carson Cumberbatch PLC, with investments ranging from oil palms and beer to financial services said revenue were up by 22.8 percent to 785 million rupees in 2014/2015, even though beverage segment of the company was affected due to excise duty. “Some of the tax proposals presented at the […]