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What COPE says about Mattala airport

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…

(0)Comments | April 14, 2015 3:34 pm

Renault-Nissan Gets Innovative with Common Engine

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…

(0)Comments | April 14, 2015 3:25 pm

Ricci heiress convicted of tax fraud

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…

(0)Comments | April 13, 2015 11:09 pm

Mobitel establishes fully-fledged state-of-the-art computer lab at Royal College in Polonnaruwa

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…

(0)Comments | April 13, 2015 7:29 pm

Fire breaks out at Brandix Katunayake factory

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…

(0)Comments | April 13, 2015 5:32 pm

Confused Sirisena Yielding Ground to Resurgent Rajapaksa

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…

(0)Comments | April 11, 2015 5:48 pm

These will be the world's 20 largest economies in 2030

Get ready for a new economic order. In the world 15 years from now, the U.S. will be far less dominant, several emerging markets will catapult into prominence, and some of the largest European economies will be slipping behind. That’s according to the U.S. Department of Agriculture’s latest macroeconomic projections that go out to 2030,…

(0)Comments | April 10, 2015 10:38 pm

Colombo equities wraps weekly operations on a mixed note

Colombo equities wrapped the weekly operations on a mixed note ahead of the Sinhala & Tamil new year holidays. Bourse witnessed a lackluster trading session on Friday where All share index marginally increased by 0.03% (1.77 index points) to end at 6,901.06 while 20-scrip SP SL index shed 6.16 index points or 0.16% to close…

(0)Comments | April 10, 2015 5:57 pm

Securities & Exchange Commission top post filled

Vajira Wijegunawardene, Director – Capital Market Development of the Securities & Exchange Commission (SEC) has been appointed its Director General. It was earlier reported that SEC Deputy Director General Dhammika Perera’s name had been proposed to this vacancy since this top position had remained vacant for some time and the vacancy advertised recently. Professor Harendra…

(0)Comments | April 10, 2015 5:46 pm

BREAKING NEWS: Government to probe billions of losses by NSB through share transactions

The government is to begin investigations into the loss of billions of rupees by the National Savings Bank (NSB) due to questionable share transactions since 2011, said Finance Minister Ravi Karunanayake at a media briefing at his Ministry today (10 April). According to the Minister, a certain organized group with the connivance of a share…

(0)Comments | April 10, 2015 2:31 pm