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J&J Ordered to Pay $4.14 Billion Punitive Damages

Bloomberg – Johnson & Johnson was ordered by a jury to pay $4.69 billion to women who claimed asbestos in the company’s talc products caused them to develop ovarian cancer, marking the sixth-largest product-defect verdict in U.S. history. The award of $4.14 billion in punitive damages on top of the $550 million meant to compensate…

(0)Comments | July 13, 2018 5:21 pm

IFAC President Meets Prime Minister Ranil Wickremesinghe

President of the International Federation of Accountants Ms. Rachel Grimes who was in Sri Lanka last week met with Mr. Ranil Wickremesinghe, Prime Minister of Sri Lanka at Temple Trees. During the meeting, matters pertaining to the development of the accounting profession as well as the role played by the three local accounting bodies; CA…

(0)Comments | July 13, 2018 4:04 pm

Fitch Removes RWN on Sri Lanka’s Distilleries Company; Affirms at ‘AAA(lka)’

Fitch Ratings-Colombo-13 July 2018: Fitch Ratings has removed the Rating Watch Negative (RWN) on Distilleries Company of Sri Lanka PLC’s (DIST) National Long-Term Rating, and has affirmed the rating at ‘AAA(lka)’. The Outlook is Stable.  The removal of the RWN reflects our view that DIST and parent Melstacorp PLC have effectively concluded the group’s restructuring…

(0)Comments | July 13, 2018 1:43 pm

Vietnam Firm to supply ten LED electric bulb stocks for over Rs. 1.6 Bn

The Proposal presented by Ranjith Siyambalapitiya, Minister of Power and Renewable Energy to award the contract of providing 10 stocks of LED bulbs to M/s Rang Dong Light Source & Vacuum Flask for Rs.169.6 million per each stock, was approved by the Cabinet of Ministers. Thus according to the Cabinet decision total cost of 10…

(0)Comments | July 13, 2018 1:06 pm

Litro to buy 656,298 empty LPG Cylinders from Indian firm for Rs. 2 Bn

Recent Cabinet decisions outline that the Cabinet of Ministers approved the proposal presented by Lakshman Kiriella, Minister of Public Enterprises and Kandy Development, to purchase 656,298 empty LP gas cylinders with safety valves (various sizes) from M/s Mauriya Udyog Ltd., for Rs. 2,057.1 million (Rs. 2.05 billion). Mauriya Udyog Ltd. is an Indian leading exporter…

(0)Comments | July 13, 2018 11:52 am

ADB to fund Colombo Train Controlling Centre, Railway Operations Headquarters

Recent Cabinet decisions outline that the Cabinet of Ministers approved the proposal Presented by Nimal Siripala De Silva, Minister of Transport and Civil Aviation to allocate a land ( 1 acre and 02 roods )in Maradana to construct a Colombo Train Controlling Centre and Railway Operations Headquarters, under the Colombo Suburban Railway Efficiency Improvement Project…

(0)Comments | July 13, 2018 11:51 am

US $ 500 Mn Grant for Transport Field Development and Land Administration Process

The recent Cabinet decisions outline that the Cabinet of Ministers considered the cabinet memorandum presented by Ranil Wickremesinghe, Prime Minister & Minister of National Policies and Economic Affairs, stating that it is expected to obtain approximately US $ 450-500 Million grant for two projects on Transport Field Development and Land Administration Process and regarding the…

(0)Comments | July 13, 2018 11:50 am

Hemas Pharmaceuticals gets Cabinet nod to supply over Rs. 1 Bn worth foldable eye Lenses

The Cabinet of Ministers approved the proposal presented by Dr. Rajitha Senaratne, Minister of Health, Nutrition and Indigenous Medicine to award the procurement of supplying 93,737 foldable Eye Lenses to M/s Hemas Pharmaceuticals (Pvt) Ltd, for Rs. 1,062.2 million.

(0)Comments | July 13, 2018 11:07 am

Sri-Lanka & Thailand to boost trade and technical cooperation

04 agreements signed between the two countries Sri Lanka and Thailand paid their attention to further develop and strengthen the trade and technical cooperation between the two countries. This was discussed in detail when the official bilateral discussions between President Maithripala Sirisena and the Prime Minister of Thailand General Prayut Chan-o-cha, who is on a…

(0)Comments | July 13, 2018 10:21 am

India to launch Ramayana Train from Ayodhya to Colombo

India’s Sri Ramayana Express to capitalize from Religious Tourism promoting the Ramayana Tales Indai will soon launch a train tiled ‘Sri Ramayana Express’ that would travel from Ayodhya to Colombo via Rameshwaram, a recent report in Indian Media outlines. The first 800-seater train under the service would start its journey from November 14, from Delhi…

(0)Comments | July 13, 2018 7:59 am