The opening value of the Sri Lanka Rupee against the US dollar in the money market this morning was selling rate 130.60 and buying rate 130.55. However at close the Sri Lankan Rupee showed an upward trend against the US$ with a selling rate of 130.55 and buying rate of 130.50. This indicates an appreciation…
Most companies appoint non-executive directors and these persons may assume that they are not directly responsible to any functions of the particular companies. This cannot be the case. Though they are non-executive directors, they too should bear collective responsibility with the board of directors. The issues with the forestry company Touchwood could be cited as…
Mangala Moonesinghe has tendered his resignation as Non-Executive/Independent Director from the board of Carson Cumberbatch PLC with effect from 31 March 2014, the company secretaries have informed the Colombo Stock Exchange. They also state that Mr. Moonesinghe also has no relevant interest in the issues shares of the company.
Sri Lanka Telecom is reportedly preparing to establish a private university. While commenting on this, Higher Education Ministry secretary Dr. Sunil Jayantha Navaratne said that Sri Lanka Telecom has already requested for permission and that this university is to be established in Colombo. The ministry secretary added further that telecommunication related degree courses would be…
A Sri Lankan bank has begun negotiations with US based PayPal to become its domestic partner bank for inward remittances, Central Bank Governor Ajith Nivard Cabraal told the foreign media in Colombo. The Central Bank currently allows outward payments through PayPal via credit cards but the monetary authority prohibits receipts and withdrawals from domestic bank accounts. However,…
A latest research report has revealed that the profits of Sri Lankan banks have decreased by 16 percent during the last quarter in December due to the decline of gold prices in the world market and the heavy losses incurred on gold loans. While this has been revealed through the latest research report on the stock market published by…
The Sri Lanka Bureau of Foreign Employment (SLBFE) is reportedly to be shifted to the proposed Kottawa-Makumbura Expressway city on which the Urban Development Authority (UDA) is to commence work soon. A few days ago AdaderanaBiz revealed for the first time that a new city with ultra-modern facilities is to be constructed on a 25…
It has been revealed that the government is engaged in deep discussions to get China Merchant Holdings to invest in the first phase of the Northern Expressway on which work is to commence this year. Road Development Authority (RDA) chief R.W.R. Pemasiri told AdaderanaBiz there are possibilities of inviting China Merchant Holdings to invest in…
Work on the largest ship ever built so far in Sri Lanka is nearing completion and preparations have been made to hand it over to the Indian Central Government, says the Chief Executive Officer of Colombo Dockyard Limited. Colombo Dockyard CEO Mangala P.B. Yapa told AdaderanaBiz that this vessel could carry 450 passengers and 2,500…
International rating agency has expressed its views on the Sri Lanka Central Bank’s moves of consolidating the country’s financial and banking institutions. The rating agency has stated that though there could be short term risks involved in this process, on a long term consideration this move is favourable to Sri Lanka’s banking system. According to…
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