The DSI Group embarks on a new project of manufacturing PVC pipes for its first time after buying the PVC products factory and assets of Okta PVC Lanka (Pvt) Ltd at Baddegama in Galle. While commenting on this to adaderanabiz.lk, DSI Group Managing Director Kulathunga Rajapaksha said that the DSI Group had bought all assets…
China’s Xiaomi unveiled on Tuesday its new flagship Mi 4 smartphone, aimed squarely at the premium handset market dominated by Apple Inc and Samsung Electronics Co Ltd. The Mi 4 has a 5 inch, 1080p screen and a Qualcomm Inc Snapdragon 801 2.5 Ghz processor, said Chief Executive Lei Jun at a launch event in…
The special commodity tax on imported sugar has been increased by Rs. 3 per kilogram with effect from July 16, the Finance Ministry stated. Accordingly the tax per kilogram of sugar has been increased from Rs. 25 to Rs. 28. The increase was made to protect local producers against the drop in international sugar prices,…
President Mahinda Rajapaksa has decided to remove the taxes announced in Special Gazette 1857/8 for state and private sector financial institution staff, the Presidential Media Division said. Accordingly the taxes on housing loan interest, disaster loan interest, vehicle loan interest, medical expenses reimbursement, overtime allowance and other allowances of employees at state and private institutions…
Colombo Stock market started its weekly operations on optimistic note where main bourse hit 34 month high of 6,766.19. Core index gained 34.32 index points (+0.51%) to end at 6,756.52 while 20-scrip S&P SL20 index gained 29.17 index points (0.78%) to close at 3,768.15. Price appreciations in equities such as Commercial Bank (closed at LKR…
Mr. Aravinda Perera was appointed to the Board of Directors of the Colombo Stock Exchange (CSE) with effect from 9th July, 2014, in place of Mr. Krishan Balendra, who completed his term as Chairman of the Board and resigned from the Board with effect from 5thJune, 2014. Mr. Perera is currently the Managing Director of…
Deshodaya Development Finance Limited, George Steuart & Company Limited and Capital Trust Holding Limited have signed a memorandum of understanding to acquire the majority shares of George Steuart Finance PLC. In keeping with the Financial Sector Consolidation master plan of the Central Bank of Sri Lanka, Deshodaya Development Finance Limited has entered into a Memorandum…
Ceylon Leather Products PLC subscribed to 3,064,485,280 shares in South Asia Textile Industries Lanka (Private) Limited through a Rights Issue for Rs. 306,448,528 thus increasing its hold in South Asia Textile Industries to 80.39 percent. Meanwhile, Lanka Century Investments PLC which is the controlling shareholder of Ceylon Leather Products PLC subscribed to 480,703,600 shares in…
President Mahinda Rajapaksa today welcomed the formation of the New Development Bank (NDB) by the five Brics countries — Brazil, Russia, India, China and South Africa — at the 6th BRICS summit in Brazil, saying it will assist emerging nations significantly. “Sri Lanka welcomes the initiative of BRICS leaders to establish a new Development Bank….
Internet giant Google has reported a 22% jump in revenue during the second quarter period from March to June compared with a year earlier. Revenue rose to $16bn (£9.4bn) and profits were up 6% to $3.4bn, said the firm in its earnings report. Strong demand for Google’s advertising helped boost revenues above expectations. Google also…
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