Visa and MasterCard have blocked credit card services to some Russian bank customers as a result of US sanctions. Four banks are so far affected, all of which have links to Russians blacklisted by the US. Visa and MasterCard, both US-based companies, are forbidden from having any dealings with those targeted by the sanctions. The…
While we reported yesterday that Sri Lanka’s first ever automated or electrically operated escalator/overhead walkway is to be constructed in Panadura, AdaderanaBiz learns that the government plans to construct three more such overhead walkways in the Kottawa town. This is how Road Development Authority head R.W.R. Pemasiri explained the project, “We have found that around…
DFCC Bank Chairman J.M.S. Brito has retired with effect from 21 March, 2014. He has served as a director of the bank for over nine years. C.R. Jansz took over the chairmanship of the DFCC Bank from 21 March following Mr. Brito’s retirement.
Preparations are afoot to construct Sri Lanka’s first ever automated or electrically operated overhead escalator/walkway for pedestrians to cross the road. Under this plan, the first ever such overhead walkway is to be constructed across the road opposite the Panadura bus stand. While the Urban Development Authority has entrusted this task to a local company,…
On Friday, the stocks closed higher, continuing the positive momentum where All Share Price Index increased by 23.31 points (+0.39%) to end at 5,937.87 and S&P SL 20 index increased by 14.11 (+0.44%) to end at 3,246.02. Price appreciations in counters such as Nestle (closed at LKR 1,995.00, +2.2%), Finlays Colombo (closed at LKR 306.00,…
Browns Investment Ltd bought a 70% stake in LOLC Leisure from Lanka Orix Leasing Company (LOLC) for Rs.2.8 billion. This acquisition makes Browns Investment Ltd a largest hotel management company managing over 1000 rooms. Browns had a 30% stake in LOLC Leisure before this acquisition. LOLC Leisure has the controlling stake in hotels including Palm…
The Monetary Board of the Sri Lanka Central Bank has decided to keep interest rates unchanged in March this year. The prevailing percentages are 6.50 and 8.00. This move will in turn keep the interest rates of commercial banks steady without any increase in the near future. According to the Central Bank, in January 2014…
Renovations work at the building at Independence Square in Colombo earlier maintained by the Auditor General’s Department is nearing completion. This building is to be reopened in May as a shopping complex with 42 sales outlets, says the Chairman of the Urban Development Authority (UDA). UDA Chairman Nimal Perera told AdaderanaBiz that all 42 sales…
Colombo bourse managed to close in the positive territory on Thursday. Benchmark index slightly gained 2.51 index points (+0.04%) to close at 5,914.56 and 20-scrip S&P SL index gained 6.69 index points (+0.21%) to close at 3,231.91. Price appreciations in illiquid stocks such as Indo Malay & Selinsing helped the ASI to close higher. Further,…
Two competitions, one for the fastest pizza maker and the other for the best coffee shop in Sri Lanka have been added as the latest attraction to the ‘Hotel Show’, perhaps the largest services sector exhibition in South Asia. The organizers say that the fastest pizza maker competition has been introduced while considering the development of speed in the…
Video Story
