Sri Lanka’s external sector strengthened further in April 2014, with continued foreign currency inflows in the form of earnings from exports, tourism, workers’ remittances, as well as inflows to the financial account. The trade deficit continued to narrow during the first four months of 2014 as a result of healthy growth in exports. The contraction…
The latest survey by CyberMedia Research into Sri Lanka’s mobile phone market reveals that ‘Nokia’ enjoys the largest market segment in the island. Meanwhile, this survey also reveals that when it comes to Smartphones Samsung is the No. 1 in the market. Nokia has captured 26.2 percent of Sri Lanka’s general mobile phone market during…
Renuka Shaw Wallace PLC is to invest Rs. 70 million in 500,000 ordinary non-voting shares of Renuka Organics (Private) Limited at Rs. 140.00 each. This is 50 percent of the issued number of shares of Renuka Organics (Private) Limited, a Board of Investment approved company which is vertically integrated certified organic agriculture products growing, manufacturing…
The government says that the China Development Bank (CDB) has expressed its willingness on joint investments with Sri Lankan banks and that further discussions are currently being held. Heads of the CDB had discussed this issue while attending the Asian Development Bank’s 47th annual conference at Astana, the capital of Kazakhstan where Minister of International…
Colombo equity market witnessed negative returns for the second consecutive day. ASI marginally declined by 4.41 index points or 0.07% to end at 6,313.20 while 20 scrip S&P SL index declined by 8.82 index points or 0.25% to close at 3,490.67. Price depreciations in counters such as John Keells Holdings (closed at LKR 221.00, -2.7%),…
The Ministry of Cooperatives and Internal Trade is preparing to import rice in the face of the increasing prices of rice in the local market. Minister of Cooperatives and Internal Trade Johnston Fernando has decided to import 100 metric tons of rice immediately. This imported rice is to be sold under government controlled prices through…
As part of its efforts to regain lost ground, Canadian handset maker BlackBerry is set to launch its latest smartphone, Z3, in India next week. This smartphone is likely to be priced below Rs 12,000 to take head on the likes of Samsung, Motorola, HTC, Microsoft Devices and Micromax. Launched in Indonesia earlier this year,…
The government is preparing to acquire a land valued at over Rs. 500 million belonging to Dunamis Capital PLC at Upper Lake Road in Nuwara Eliya. Dunamis Capital has informed the Colombo Stock Exchange that it had received an acquisition order on 10 June.
Colombo equities failed to sustain the three day winning streak on Wednesday as both indices closed with negative returns. All Share Price index lost 26.80 points or 0.42% to end at 6,317.61 while S&P SL 20 index lost 21.58 points or 0.61% to end at 3,499.49. Price depreciation in index heavy counters such as John…
Reforms in State enterprises and increasing State revenue are crucial factors in sustaining Sri Lanka’s long term economic growth, points out the Asian Development Bank (ADB). Towards these, several State owned enterprises need to reformed in order to increase their efficiency, financial stability and management, ADB President Takehiko Nakao said in Colombo today. He said…
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