The Central Bank of Sri Lanka has taken an unexpected move to reduce its policy interest rates which decide the interest rates of Sri Lanka’s commercial banks, from April 2015 though the government is continuing to borrow heavily to cover its expenditures. While the Central Bank of Sri Lanka has taken steps to reduce its…
Colombo bourse started the weekly activities on Wednesday after the celebrations of Sinhala and Tamil New Year and closed on an optimistic note amid unexpected policy rate cut. All Share Price index notably gained 79.97 points or 1.16% to record a 3-week high of 6,981.03 while 20-script S&P SL index gained 52.31 points (+1.35%) to…
Emirates, a global connector of people, places and economies, has announced a second daily A380 service to Zurich, adding 945 seats a week on the route, with 280 in First Class and Business Class. Commencing Thursday 1st October 2015, Emirates flights EK85/86, currently operated by a Boeing 777-300ER, will be upgraded to an A380. The…
Just a few months ago, Asanka Ekanayake was a happy man. He had a stable job, a happy family and was looking forward to the locally celebrated Sinhalese and Tamil New Year with his wife, whom he had married recently. But March changed all that. Young Asanka, who was a senior planning engineer at the…
According to the latest COPE or Committee on Public Enterprises report, there have been 16,712 departures from the Mattala Mahinda Rajapaksa International Airport (MRIA) during the first nine months of 2014, from January to September. According to the report, arrivals at the MRIA have been only 13,371 during this same period. COPE has asked for…
The Franco-Japanese alliance of Renault-Nissan is making a major innovation in the form of a common engine platform which can be used for both petrol and diesel-fuelled cars. The innovation, which is at an advanced stage, will help the company de-risk itself from the vagaries of market — Indian car buyers oscillate between petrol and…
The heir to the Nina Ricci perfume and fashion fortune has been convicted of tax fraud by a Paris court after hiding millions in an offshore HSBC account. Arlette Ricci, 73, was sentenced to a year in prison and ordered to pay a €1 million (£720,000; $1.1m) fine. The court also confiscated two properties worth…
The National Mobile Service Provider Mobitel declared open the newly refurbished, state-of-the-art computer lab at Royal College in Polonnaruwa, which is another Corporate Social Responsibility (CSR) initiative by the operator. Mobitel refurbished the computer lab in its entirety while also providing new desktops and high speed internet connectivity and thereby setting up a fully-fledged and…
A section of the factory belonging to Brandix, the single largest apparel manufacturer in Sri Lanka, situated within the Katunayake Export Processing Zone was destroyed by a fire which broke out at the premises this morning (13 April). Police said that this factory was closed for the Sinhala and Tamil New Year and that they…
COLOMBO: The fledgling Maithripala Sirisena-Ranil Wickremesinghe government appears to be yielding ground to a resurgent former President Mahinda Rajapaksa because of internal disunity, contradictory policies and indecisive political leadership. The first concrete sign of deep trouble appeared on Tuesday when the government’s bid to get parliament’s nod for raising the threshold of Treasury Bills by…
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