Though it is raining in most parts of Sri Lanka these few days, it has been revealed that there is no progress in the electricity generation. While commenting on this, Ceylon Electricity Board (CEB) chairman W.B. Ganegala told AdaderanaBiz that only 16 percent of the daily electricity needs are being generated through hydro power. “Though…
Dairy product prices continued their drop to the lowest level since February 2013 in the latest GlobalDairyTrade auction, paced by rennet casein and whole milk powder. The GDT price index dropped 4.2 per cent to US$3,756 a tonne, the eighth consecutive drop and the lowest since February 2013. Some 37,012 tonnes of product was sold,…
Compared to 2012, the subsidy that the government provided through last year’s budget to cover the losses in operating costs of government institutions has increased by Rs. 02 billion. Accordingly, the government provided Rs. 13.8 billion through the 2013 budget to cover the losses in operating costs of government institutions while it had provided Re….
A strong rupee has emboldened Reserve Bank of India to relax some of the foreign exchange related restrictions including the individual overseas remittance limit of $75000 per year which has been hiked to $125000. The central bank has also allowed foreign institutional investors to hedge their investments plus and additional $10 million using exchange traded…
In response to a request by Sierra Cables that its share trading be temporarily suspended till a discrepancy of Rs. 172 million in its financial statements is inquired into, the Colombo Stock Exchange (CSE) has informed the company that its share trading has been suspended until the particular financial accounts are rectified by the company’s…
Colombo stock market failed to maintain positive momentum gained in last trading session where market witnessed lackluster trading day. Benchmark index declined by 6.39 index points or 0.10% to end at 6,286.02 while 20-scrip S&P SL index gained marginally by 0.56 index points or 0.02% to close at 3,470.75. Price depreciations in Nestle Lanka (closed…
Samsung Electronics has launched the world’s first smartphone powered by the Tizen operating system. The Samsung Z will go on sale in Russia in the July-to-September quarter. Most Samsung phones currently use the Android platform, but the South Korean firm has been working with chipmaker Intel to develop Tizen as an alternative operating system. It…
Seylan Bank General Manager and Chief Executive Officer Kapila Prasanna Ariyaratne has been appointed Chairman of Seylan Developments PLC with effect from 31 May 2014. A Director of Seylan Developments PLC since 2012, Kapila Ariyaratne commenced his banking career in 1984 and counts over 30 years experience in the sector. Having held responsible posts in…
The government has decided to lower its duty waiver provided per kilogram to powdered milk food importers into Sri Lanka with immediate effect. This duty waiver had been provided by the government due to the frequent increases of powdered milk food in the world market. Though Rs. 125.00 should be charged as duty on every…
The Investments Promotion Minister says that he has instructed his officials to find out whether there are any blacklisted individuals among the foreign investors coming into Sri Lanka. Now, in matters relating to providing investment opportunities these issues are also being looked into, said Investments Promotion Minister Lakshman Yapa Abeywardene. While attention is being focused…
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