Sri Lanka, Maldives sign three important agreements

Published : 12:36 am  June 26, 2014  |  Category: Front Page  |  Leave a Comment  |  432 views  |  

The Governments of Sri Lanka and Maldives on Wednesday signed three very important agreements during the official visit of President Mahinda Rajapaksa to Male. The Government of Maldives and Sri Lanka held official talks, led by President of Maldives Abdulla Yameen Abdul Gayoom and the Sri Lankan President. The three agreements were signed at the President’s Office this evening following the talks. A Memorandum of Understanding (MoU) on Health Cooperation was signed by Maldivian Minister of Health, Dr. Maryam Shakeela, and Sri Lankan Minister of External Affairs, Prof. G.L. Peiris. An MoU on strengthening cooperation between Board of Investment of Sri Lanka and Ministry of Economic Development... 

Touchwood breaks silence, files appeal against liquidation ruling

Published : 12:35 am  June 26, 2014  |  Category: Front Page  |  4 Comments  |  650 views  |  

Troubled Touchwood Investments Plc (TWOD) has finally spoken, following the landmark Commercial High Court ruling calling for its liquidation. Nearly 20 days after the Commercial High Court’s judgment, TWOD in a filing dated 24 June to the Colombo Stock Exchange, TWOD said that with regard to the case held on 5 June in relation to the company, the judgment was given for the company to be wound up. It said G.K. Sudath Kumar via a letter on 16 June had indicated that he had been appointed as the liquidator for TWOD. “An appeal against the judgment that was given against Touchwood Investments Plc, a notice of appeal was filed on 23 June,” the company said in its filing to the CSE. It also... 

Sydney’s Bora Bora acquires stake in Lankan graphite mine firm

Published : 12:35 am  June 26, 2014  |  Category: Front Page  |  Leave a Comment  |  348 views  |  

The Sydney-based gra-phite exploration company, Bora Bora Resources, has entered into a binding Heads of Agreement that places the company on the fast track to potential commercial graphite and graphene oxide production in Sri Lanka. The company will acquire a 50% interest in RS Mines (RSM), which owns the producing Queens Graphite Mine and associated graphene oxide production facilities. Notably, the mine is located just two kilometres from the Kahatagaha Graphite Mine in central Sri Lanka that is surrounded by its Matale Graphite Project. Queens Graphite Mine was a historical producer of exceptional quality, high grade natural crystalline vein graphite until it was abandoned in 1948. RSM acquired... 

Ceylon Chamber of Commerce holds historic 175th AGM today

Published : 12:34 am  June 26, 2014  |  Category: Front Page  |  Leave a Comment  |  235 views  |  

The Ceylon Chamber of Commerce, which is celebrating its 175th year anniversary during this year, will hold its 175th Annual General Meeting today (26), at the Chamber’s main auditorium. The AGM would be attended by the representatives of its nearly 520 member companies and its affiliate bodies. CCC was founded in 1839, with 13 representatives of the mercantile community holding a general meeting on 25 March of the same year, at the Corner House of Prince Street, which also adopted the rules and regulations of the Chamber. Before the general meeting, a preliminary meeting was held on 28 February 1839, which has been taken part by C.D. Bartlett, J. Armitage, George Crabbe, Stephen Vertue and... 

President congratulates Sri Lanka Cricket for historic Test win against England

Published : 12:00 am  June 26, 2014  |  Category: Front Page, MAIN IMAGE  |  Leave a Comment  |  1,133 views  |  
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President Mahinda Rajapaksa yesterday congratulated the Sri Lanka Cricket team for their first-ever Test series win in England. “Congratulations to the Sri Lanka Cricket team on the 1-0 series victory, Sri Lanka’s 1st multi-Test series win in England – MR,” the President said in a Twitter message. Sri Lanka for the first time in history won a Test series against England in the host country. The Sri Lankan team’s winning streak started with winning the tour in Bangladesh followed by winning the Asia Cup and the T20 World Championship in April.    Victorious Lions arrive today The victorious Sri Lanka Cricket Team will arrive today from the UK on SriLankan Airlines flight UL... 

IFC funds $ 28 m for MAS to boost expansion, innovation

Published : 12:00 am  June 26, 2014  |  Category: Front Page, TOP STORY  |  Leave a Comment  |  1,244 views  |  

IFC, a member of the World Bank Group, is lending $ 28 million to Sri Lankan apparel manufacturer MAS Capital Ltd. and its subsidiaries to support the group’s expansion and innovation plans. IFC’s long-term loan will provide additional capital for MAS to expand its product portfolio and boost exports. The group is expected to create more jobs, predominantly for women. MAS Chief Executive Officer Sharad Amalean said: “This association is a significant milestone for both the company and the country. The apparel industry in Sri Lanka is at the forefront of innovation and growth, and MAS continues to push boundaries while expanding capacity to meet the growing demands of our buyers.” Sri... 

UNP makes fresh charges against Govt. over Aluthgama clashes

Published : 1:08 am  June 25, 2014  |  Category: Front Page  |  6 Comments  |  2,049 views  |  
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By Chamitha Kuruppu The United National Party claims the Government has distorted evidence of the two murders and incidents related to the Aluthgama and Beruwala riots, and alleged there is a plot to divide the communities while trying to damage the long-term friendship with Middle Eastern countries. “There is a conspiracy taking place and it is the Government that is behind the ongoing violence in the country. It is not the United States or Saudi Arabia or any other international force that is behind these unfortunate incidents,” UNP MP Mangala Samaraweera charged yesterday at a media briefing. He alleged that the Ministry of Defence should be held responsible for the unfortunate incidents... 

Government guarantee allows SriLankan Airlines to achieve record low yield: IFR

Published : 1:01 am  June 25, 2014  |  Category: Front Page  |  Leave a Comment  |  491 views  |  

SINGAPORE (IFR): An explicit Government guarantee has allowed SriLankan Airlines to achieve the lowest yield for a corporate issuer from the country. The national carrier priced a $ 175 m debut offering of five-year bonds last night at par to yield 5.3%. The Reg S deal finished 32.5bp inside the initial guidance. It was also 2.5bp lower than the reoffer yield on Sri Lankan lender Bank of Ceylon’s 5-year 5.325% bond issued in 2013. The issue did not have a explicit Government guarantee. However, investors thought the Government’s support for the bonds was implied. Monday night’s trade was the first time the sovereign has offered such a guarantee to help one of its national enterprises raise... 

Bourse snaps 4-day falls; foreign buying in Keells boosts

Published : 1:01 am  June 25, 2014  |  Category: Front Page  |  Leave a Comment  |  347 views  |  

Reuters: Stocks snapped a four-day losing streak on Tuesday, recovering from a more than one-week closing low hit on Monday, led by foreign buying in market heavyweight John Keells Holdings Plc. The market would move sideways in the short term with lower risk due to lower interest rates, said analysts. The main stock index rose 0.18%, or 11.52 points, to close at 6,310.87, edging up from its lowest close since 11 June hit on Monday. It hit a more than one-year high on 17 June. Market heavyweight John Keells Holdings, which ended 0.8% firmer, accounted for 35.8% of the day’s turnover. The biggest listed lender Commercial Bank of Ceylon Plc rose 1.20%. The Bourse saw a net foreign inflow of Rs.... 

Appeal Court dismisses depositors’ case against CIFL

Published : 1:00 am  June 25, 2014  |  Category: Front Page  |  Leave a Comment  |  433 views  |  

The Court of Appeal has dismissed the writ application submitted by the depositors of Central Investments and Finance Plc (CIFL) last week. The writ application was for a stay order against two conditions of the company restructuring proposal. Following the dismissal, the stay order imposed on the implementation of the restructuring plan submitted by the Managing Agents with the approval of the Board of Directors and approved by Monetary Board in August 2013 was removed effective immediately.  Read More →

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