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Sri Lanka’s first ever automated overhead walkway rolls in

Preparations are afoot to construct Sri Lanka’s first ever automated or electrically operated overhead escalator/walkway for pedestrians to cross the road. Under this plan, the first ever such overhead walkway is to be constructed across the road opposite the Panadura bus stand. While the Urban Development Authority has entrusted this task to a local company,…

(0)Comments | March 21, 2014 11:35 am

Stock Market Review

On Friday, the stocks closed higher, continuing the positive momentum where All Share Price Index increased by 23.31 points (+0.39%) to end at 5,937.87 and S&P SL 20 index increased by 14.11 (+0.44%) to end at 3,246.02. Price appreciations in counters such as Nestle (closed at LKR 1,995.00, +2.2%), Finlays Colombo (closed at LKR 306.00,…

(0)Comments | March 21, 2014 11:34 am

Browns acquires LOLC Leisure for Rs.2.8bn

Browns Investment Ltd bought  a 70% stake in LOLC Leisure from Lanka Orix Leasing Company (LOLC) for Rs.2.8 billion. This acquisition makes Browns Investment Ltd a largest hotel management company managing over 1000 rooms. Browns had a 30% stake in LOLC Leisure before this acquisition. LOLC Leisure has the controlling stake in hotels including Palm…

(0)Comments | March 21, 2014 7:09 am

It’s time to get that loan: Interest rates steady

The Monetary Board of the Sri Lanka Central Bank has decided to keep interest rates unchanged in March this year. The prevailing percentages are 6.50 and 8.00. This move will in turn keep the interest rates of commercial banks steady without any increase in the near future. According to the Central Bank, in January 2014…

(0)Comments | March 21, 2014 3:03 am

Former Auditor General’s building to have 42 shops

Renovations work at the building at Independence Square in Colombo earlier maintained by the Auditor General’s Department is nearing completion. This building is to be reopened in May as a shopping complex with 42 sales outlets, says the Chairman of the Urban Development Authority (UDA). UDA Chairman Nimal Perera told AdaderanaBiz that all 42 sales…

(0)Comments | March 20, 2014 11:41 am

Stock Market Review

Colombo bourse managed to close in the positive territory on Thursday. Benchmark index slightly gained 2.51 index points (+0.04%) to close at 5,914.56 and 20-scrip S&P SL index gained 6.69 index points (+0.21%) to close at 3,231.91. Price appreciations in illiquid stocks such as Indo Malay & Selinsing helped the ASI to close higher. Further,…

(0)Comments | March 20, 2014 11:08 am

Search operation on for fastest pizza makers, black coffee brewers in Sri Lanka

Two competitions, one for the fastest pizza maker and the other for the best coffee shop in Sri Lanka have been added as the latest attraction to the ‘Hotel Show’, perhaps the largest services sector exhibition in South Asia. The organizers say that the fastest pizza maker competition has been introduced while considering the development of speed in the…

(0)Comments | March 20, 2014 6:00 am

Up go tourist dollars spent each night in Sri Lanka

The dollars spent by tourists spending a night in Sri Lanka is on the rise due to the increase in the services and value additions within the country’s tourism sector, says the Director General of the Sri Lanka Tourism Development Authority. In 2012, the amount a foreign tourist arriving in Sri Lanka had spent a…

(0)Comments | March 19, 2014 7:01 pm

Southern Expressway goes to Hambantota in four phases

The government has planned to divide the construction of the Southern Expressway extension from Godagama to the Hambantota harbour into four phases and hand them over to the respective contractors. Deputy Highways Minister Nirmala Kothalawala told AdaderanaBiz that the contracts could be awarded by August this year. “This section is 93 kilometres long. We are now attending to…

(0)Comments | March 19, 2014 9:58 am

Court refuses enjoining order sought over termination of Serene Pavilions CEO

The Commercial High Court today (March 19) refused an enjoining order sought by Anura Lokuhetty, restraining his termination as the CEO of the Serene Pavilions Hotel. The Commercial High Court of Colombo in December issued an interim order restraining 3 directors nominated by Mr. Anura Lokuhetty and South West Holdings Ltd, a company controlled by…

(0)Comments | March 19, 2014 8:10 am