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On a Roll, Toyota Chalks Up Record Profit, Vehicle Sales

Toyota chalked up a record annual profit and sales above 10 million vehicles for the first time, but forecast a slower year ahead Thursday, as the momentum from a weak yen fades. Expenses such as the $1.2 billion penalty it paid in a settlement with the U.S. Justice Department earlier this year for hiding information…

(0)Comments | May 8, 2014 4:36 pm

World Bank turns focus on Galle, Kandy

The World Bank has approved a credit of US $147 million to help rehabilitate the basic urban services and improve livability in regions of the two major Sri Lankan cities of Kandy and Galle. The project seeks to produce a more spatially balanced distribution of economic opportunities, while at the same time reducing congestion in…

(0)Comments | May 8, 2014 12:46 pm

Sri Lanka Telecom looks for local, foreign investors for property development

Sri Lanka Telecom (SLT) has said that it is on the lookout for local and foreign investors for a joint property development project of its properties island-wide. While SLT expects to successfully implement a property development project by integrating all its properties business-wise, it states the economic and market value of these properties would increase….

(0)Comments | May 8, 2014 11:04 am

Stock Market Review

Colombo stock market managed to regain lost ground on Wednesday as both indices witnessed positive returns. Benchmark All share price index advanced by 26.47 points (+0.43%) to close at 6,252.60 while 20-script S&P SL advanced by 9.83 points (+0.29%) to close at 3,433.95. Price progression in counters such as Ceylon Tobacco (closed at LKR 1,099.50,…

(0)Comments | May 7, 2014 5:22 pm

Can a foreigner guilty of crime invest in Sri Lanka?

In the event a foreigner who has been guilty of a crime in another country wants to invest in Sri Lanka, the decision whether the particular investor is to be allowed to do so would be taken after careful consideration of any such complaints, said the Executive Director of the Sri Lanka Board of Investment’s…

(0)Comments | May 7, 2014 5:01 pm

HSBC profits and revenues fall in the first quarter

HSBC‘s profit fell in the first quarter of the year as lower retail banking fees and difficult global markets trading hit the bank’s bottom line. Pre-tax profit, excluding one-off items, fell 13% to $6.62bn (£3.9bn) in the three months to the end of March. Revenue fell 8% to $15.7bn. The group warned that customer activity…

(0)Comments | May 7, 2014 4:42 pm

Richard Pieris debenture issue oversubscribed

The Richard Pieris & Company PLC 30 million rated, unsecured redeemable debenture issue at Rs. 100.00 per share with the option of increasing the share up to 35 million, has been oversubscribed. Hence, the issues will close at 4.30pm today (07 May, 2014).

(0)Comments | May 7, 2014 11:37 am

Browns Investments sells entire non-voting shareholdings in Seylan Bank

Browns Investments PLC says that it has sold 11,988,208 non-voting shares (entire shareholdings) held in Seylan Bank to Lanka Orix Leasing Company PLC for Rupees 479,928,320. Browns Investments is a subsidiary of the LOLC group with the following as the common directors: I.C. Nanayakkara – Executive Chairman/Executive Director Browns Investments PLC and Deputy Chairman LOLC;…

(0)Comments | May 7, 2014 9:45 am

Stock Market Review

Colombo bourse snapped the five day winning streak, posting negative returns on both indices. ASI declined by 23.30 index points or 0.37% to end at 6,226.13 and simultaneously 20-scrip S&P SL index dropped by 17.57 index points or 0.51% to close at 3,424.12. Price depreciations in Nestle Lanka (closed at LKR 1,940.00, -2.0%), Ceylon Tobacco…

(0)Comments | May 6, 2014 5:43 pm

Coca-Cola to remove controversial drinks ingredient

The world’s largest beverage-maker, Coca-Cola, plans to remove a controversial ingredient from some of its drinks brands by the end of this year, following an online petition. Brominated vegetable oil, or BVO, is found in Coca-Cola fruit and sports drinks such as Fanta and Powerade. It will be replaced after concerns that an element of…

(0)Comments | May 6, 2014 2:41 pm

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