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IMF denies recommending cut down on education budget

The International Monitory Fund (IMF) today said that it has not recommended to the Sri Lankan Government to cut down budget on education, as claimed by the country’s main opposition party. The IMF insists that spending on education is vital of the country. Opposition Leader Ranil Wickramasinghe, during a recent press briefing, alleged that the…

(0)Comments | May 30, 2014 2:37 pm

Stock Market Review

Colombo stock market managed to retain momentum gained on last session as both indices witnessed notable returns. All Share index increased by 31.01 index points or 0.49% to close at 6,303.77 while S&P SL20 index gained 36.04 index points or 1.04% to end at 3,486.69. Price appreciations in Sri Lanka Telecom (closed at LKR 48.00,…

(0)Comments | May 29, 2014 5:19 pm

Sri Lanka to produce raw materials needed for huge projects

The Investments Promotion Ministry plans to provide tax concessions to Sri Lankan manufacturers who could involve foreign investors and produce the necessary raw materials locally for the gigantic projects during the next three years. While the government has prepared a list of the necessary building materials like iron, tiles, aluminium, glass, timbre, wires etc it…

(0)Comments | May 29, 2014 3:05 pm

Whither Sri Lanka’s state banks?

The government expects to pay the long standing loans that government departments, institutions and state ventures owe to state banks like the Bank of Ceylon, People’s Bank and the National Savings Bank so as to strengthen the banks’ balance sheets, learns AdaderanaBiz. Meanwhile, the government is to buy the investments by SriLankan Airlines which have…

(0)Comments | May 29, 2014 11:44 am

Stock Review

Colombo equities managed to regain lost grounds on Wednesday as both indices witnessed marginal returns. All Share Index gained 5.32 index points or 0.08% to close 6,272.76 while 20-scrip S&P SL index gained 3.40 index points or 0.10% to end at 3,450.65. Price appreciations in counters such as Bukit Darah (closed at LKR 650.00, +2.2%),…

(0)Comments | May 28, 2014 5:59 pm

CEB owes more to state banks

The Rs. 40 billion that the Ceylon Electricity Board (CEB) owed to state banks by 2012 has increased to Rs. 44 billion by end 2013. Even after the revision of electricity tariffs in 2013 the government had taken action to subsidize charges to those who use less than 90 units and to industries. Meanwhile, it…

(0)Comments | May 28, 2014 3:08 pm

Do employees own 50% ownership of CIESOT ?

The investigations by the Securities & Exchange Commission (SEC) into the factual ownership of 23 percent Ceylinco Insurance Company shares owned by CIESOT (Pvt) Ltd, have been concluded and the final report has been forwarded to the Attorney General’s Department for its opinion, very reliable sources revealed to AdaderanaBiz. With the recent problems over the…

(0)Comments | May 28, 2014 2:10 pm

Modi ministry to be expanded before Budget session

PM Narendra Modi is expected to undertake the first Cabinet expansion next month when he inducts ministers to specifically deal with the portfolios of defence, law and justice, and environment and forests. Though these portfolios are important and require full-time attention, they in the current scheme have been allotted as additional charges to finance minister…

(0)Comments | May 28, 2014 12:23 pm

E Channeling to concentrate only on improving healthcare business

The boards of directors of E Channeling and its subsidiary ECL Soft Private Limited are in the medium to long term to concentrate only on the core business of its parent company E Channeling Plc, being the healthcare sector and to take healthcare sector products global with the assistance of SMS Marketing Systems Asia Private…

(0)Comments | May 28, 2014 1:31 am

John Keells profits revealed

One of Sri Lanka’s major groups of companies, John Keells has shown a dip of 09 percent in its profits while making a profit of Rs. 4.6 billion during the March quarter of 2014, indicates it latest statement of accounts. The group has gained a per share profit of Rs. 4.63 during this quarter and…

(0)Comments | May 28, 2014 1:12 am