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SL Rupee weakens

The Sri Lanka Rupee showed a downward trend against the US dollar at the money market a short while ago. US Dollar spot rate was 130.65/75 a short while ago. The reason is attributed to importer dollar demand.

(0)Comments | March 13, 2014 5:26 am

Foreign buying for sixth consecutive day

Though transactions at the Colombo Stock Exchange (CSE) decreased today, foreign buying rather than foreign selling was prominent for the sixth consecutive day. Accordingly, the net foreign buying reached Rs. 95 million. Foreign investors bought shares to the tune of Rs. 258 million while they sold shares amounting to Rs. 163 million. Foreign investor participation…

(0)Comments | March 12, 2014 11:48 am

Sri Lanka’s largest bridge on outer circular highway

Sri Lanka’s largest bridge is to be along the outer circular highway, is to be constructed across the Kelani River and would be 10 lanes, it has been revealed. The Kaduwela interchange of the outer circular highway would be constructed on this bridge, said Road Development Authority chief R.W.R. Pemasiri while speaking to AdaderanaBiz. “When the first phase of…

(0)Comments | March 12, 2014 9:00 am

Sri Lanka Treasury Bill yields down this week

Sri Lanka’s Treasury Bill yields showed a downward trend at the weekly primary auction today with the three month yield down by two basis points to 6.69, six month yield down by three basis points to 6.85 and the one year yield down one basis point to 7.06. The auction was oversubscribed with bids amounting to Rs. 36,082…

(0)Comments | March 12, 2014 8:43 am

SEC suspends trading of Touchwood shares

The Securities and Exchange Commission (SEC) has decided to suspend trading of Touchwood Investments PLC shares until the company releases its interim financial statements to the market. Accordingly, the SEC has informed the Colombo Stock Exchange to suspend the trading of Touchwood Investments PLC shares with immediate effect.

(0)Comments | March 11, 2014 6:51 pm

Sri Lanka Rupee up

The opening value of the Sri Lanka Rupee against the US dollar in the money market this morning was selling rate 130.60 and buying rate 130.55. However at close the Sri Lankan Rupee showed an upward trend against the US$ with a selling rate of 130.55 and buying rate of 130.50. This indicates an appreciation…

(0)Comments | March 11, 2014 9:29 am

Non-executive directors cannot evade collective responsibility, Touchwood good example, says SEC chief

Most companies appoint non-executive directors and these persons may assume that they are not directly responsible to any functions of the particular companies. This cannot be the case. Though they are non-executive directors, they too should bear collective responsibility with the board of directors. The issues with the forestry company Touchwood could be cited as…

(0)Comments | March 11, 2014 4:55 am

Mangala resigns as Non-Executive Director of Carsons

Mangala Moonesinghe has tendered his resignation as Non-Executive/Independent Director from the board of Carson Cumberbatch PLC with effect from 31 March 2014, the company secretaries have informed the Colombo Stock Exchange. They also state that Mr. Moonesinghe also has no relevant interest in the issues shares of the company.

(0)Comments | March 11, 2014 4:54 am

Sri Lanka Telecom to establish university

Sri Lanka Telecom is reportedly preparing to establish a private university. While commenting on this, Higher Education Ministry secretary Dr. Sunil Jayantha Navaratne said that Sri Lanka Telecom has already requested for permission and that this university is to be established in Colombo. The ministry secretary added further that telecommunication related degree courses would be…

(0)Comments | March 10, 2014 4:25 pm

Sri Lanka begins work on PayPal

A Sri Lankan bank has begun negotiations with US based PayPal to become its domestic partner bank for inward remittances, Central Bank Governor Ajith Nivard Cabraal told the foreign media in Colombo. The Central Bank currently allows outward payments through PayPal via credit cards but the monetary authority prohibits receipts and withdrawals from domestic bank accounts. However,…

(0)Comments | March 10, 2014 3:39 pm