The history of State-Owned-Enterprises (SOEs) goes back to British colonial rule. Even after the Independence, ownership and management of commercial enterprises by the state were, justified by the parties identified with socialist ideology. State involvement in businesses increased due to regimes which gained power on a populist agenda. This trend was reinforced by a wave…
Three customs officials were arrested a short while ago while allegedly accepting a bribe of Rs. 125 million, the Director General of the Bribery Commission confirmed. This is the largest ever recorded bribe nabbed by the Commission to Investigate Allegation of Bribery or Corruption. Customs Superintendent Sujeewa Parakrama Jinadasa, Deputy Customs Superintendent Jagath Gunathilake and…
Colombo equities extended the losses for the third consecutive day where benchmark index touched 7,043 mark in the opening hours but failed to retain the positive momentum to close at 7,030.45, down by 9.87 index points or 0.14%. 20-scrip S&P SL index marginally increased by 1.96 index points or 0.09% to end at 3,783.13. Price…
Captain Suren Ratwatte assumes duties as the Chief Executive Officer of the national carrier, SriLankan Airlines, today. Capt. Ratwatte is an Airline Pilot with over 30 years of experience in the field whose first appointment was with SriLankan’s predecessor, Air Lanka in 1984. Thereafter, he joined Emirates in 1989, where he held several positions in…
Playboy magazine is to stop publishing images of naked women as part of its redesign, it has emerged. Its US owners say the internet has made nudity outdated, and pornographic magazines are no longer so commercially viable, the New York Times reports. Playboy’s circulation has dropped from 5.6 million in the 1970s to the current…
Colombo shares tumbled further on Wednesday despite decrease in Treasury bill yields for the first time in six weeks. Concerns on economy and departure of Carin India, the gas explorer in coast of Mannar affected the investor sentiment. Benchmark ASI declined notably by 38.13 points or 0.54% to end at a three month low of…
Ananda Wimalasena has been appointed Chairman of the Sri Lanka Aviation Authority. He was formerly the Chairman of the Airport and Civil Aviation Company and the State Pharmaceuticals Corporation of Sri Lanka. Ananda Wimalasena is an accountant by profession.
By Anusha Ondaatjie Sri Lanka will issue a fresh international tender for offshore oil and gas blocks after billionaire Anil Agarwal’s Cairn India Ltd. relinquished its exploration rights in the South Asian island. Cairn will be “departing in a couple of weeks” after coming to an agreement with the Sri Lankan government, petroleum minister Chandima…
The prices of motor vehicles in Sri Lanka including SUZUKI, HONDA and NISSAN vehicles have hugely increased due to the increase in Customs levies. While the price of a HUSTLER HYBRID 650 CC vehicle has been increased by Rs. 273,000 a WAGON R HYBRID 650 CC is up by Rs. 210,000, an EVERY PETROL VAN…
Colombo bourse slumped on Tuesday where the index failed to retain the momentum gained in the opening hours of the session. Concerns on economic conditions and budget proposals which is due on next month, are seemingly keeping the investors on the side lines. All share index declined by 21.55 index points or 0.30% to end…
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