The pioneer of Sri Lanka’s ODEL chain of fashion garments and accessories retail outlets, Otara Del Gunawardene bids adieu as Executive Director and Chief Executive Officer to her creation with effect from 31 October. Currently, 93.2 per cent controlling shares of ODEL are with prominent Sri Lankan businessman Ashok Pathirage’s Softlogic Group. Recently, Softlogic Group…
There are plans to take the garbage collected from Colombo and its suburbs to Orugodawatte and from there to transport it to Puttalam by rail in sealed containers for dumping at abandoned lime stone quarries, said Minister of Environment and Renewable Energy Susil Premajayantha. He said this process would take another few years and would…
The electricity powered cars to be imported to Sri Lanka would also be cheaper, according to the Vehicle Importer’s Association of Sri Lanka. This is due to the tax imposed on import of electric cars to Sri Lanka being reduced from 38 to 23 per cent through the Budget proposals for 2015. In April this…
Rupees 10 billion has been allocated through the 2015 Budget proposals to infuse the Bank of Ceylon’s capital. While presenting next year’s Budget proposals in Parliament, President Mahinda Rajapaksa said it has been proposed to increase the insurance of Sri Lankan depositors by 50 per cent. Meanwhile the capital of the Central Bank of Sri…
The Ceylon Chamber of Commerce expects the proposals that will be presented in the ‘National Budget of 2015’, on Friday 24th October, 2014 will be in line with the development agenda of the government. The Chamber anticipates the latest Budget to contain measures to infuse adequate investments into the most needed areas of the economy,…
Colombo stock market advanced on Thursday on positive expectations of the budget 2015. The bourse witnessed notable gains today amid foreign inflows. Core index gained 28.35 index points (+0.40%) to end at 7,189.51 while 20-scrip S&P SL20 index bagged 12.94 index points (+0.33%) to close at 3,991.59. The gains were led by price progressions in…
Merchant Bank of Sri Lanka (MBSL) has obtained approval to list its debt securities at the Colombo Stock Exchange. Twenty million unsecured redeemable debentures are to be issued at Rs. 100 each and subscription lists will be opened on 5 November 2014. Managers and registrars to the issue are Merchant Bank of Sri Lanka PLC,…
Sri Lankan cricketer and ‘Dilscoop’ inventor Tillekeratne Dilshan’s small-scale luxury hotel was declared open by President Mahinda Rajapaksa. Dilshan’s wife Manjula Thilini, his two daughters and son were at the ‘D Pavilion Inn’ during its opening at Stafford Lane in Kirulapone. With the tourism industry growing rapidly, there are more hotels being established in Sri…
A California Superior Court jury has found Toyota Motor Corp. liable for causing devastating injuries to a young woman in a crash that occurred in Monterey over four and a half years ago in a verdict rendered late Friday. After hearing evidence from both sides during a four-week trial, the jury awarded Chelsie Hill $12…
Browns Hotels and Resorts (Pvt) Limited, a fully owned subsidiary of Browns Investments PLC has signed an agreement with Alpha Kinam Holdings (Pvt) Ltd and NPH Investment (Pvt) Ltd to develop a property in the Male Island in the Maldives. The agreement is to develop this property to a 4 Star hotel of approximately 150…
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