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Stock Market Review

Share Market managed to end positively on Tuesday as both indices closed higher. Bench mark all share price index advanced by 30.55 points (+0.52%) to close at 5,952.78 and 20-scrip S&P SL index advanced by 9.58 points (+0.30%) to close at 3,256.49. Progression in counters such as Ceylon Tobacco (closed at LKR 1,080.00, +4.7%), Carson…

(0)Comments | March 25, 2014 11:12 am

DFCC, NDB sign MoU towards merging

The boards of directors of the DFCC Bank (DFCC) and the National Development Bank PLC (NDB) have signed a memorandum of understanding towards exploring the possibilities of amalgamating under the consolidation of certain banking businesses. The boards of both DFCC and NDB add that there is no definite decision on aspects of such consolidation at…

(0)Comments | March 25, 2014 3:42 am

Demand low, signs of Ceylon tea prices falling

The demand in the world market for high and low grown Sri Lankan tea has currently decreased and it may reportedly cause tea prices to fall. Though tea prices are thus decreasing, Sri Lanka’s tea still fetches better prices, said Asia Siyaka tea brokers chairman Anil Cooke while speaking to AdaderanaBiz. “Recently, Iran bought a sizeable amount of…

(0)Comments | March 25, 2014 3:20 am

Electric vehicles coming to Sri Lanka? Importers meet Finance Ministry

The Sri Lanka Vehicle Importers Association [SLVIA] is to meet high officials of the Finance Ministry to discuss its plans to import electric vehicles to Sri Lanka. The SLVIA proposes to import these electric vehicles and request the government to assist it in installing equipment for re-charging facilities at 50 selected Ceypetco fuel stations inland-wide. The Association is to…

(0)Comments | March 24, 2014 12:15 pm

Stock Market Review

Colombo bourse witnessed a lackluster trading session during the day and closed with mixed returns. ASI lost 15.64 index points (-0.26%) to closed at 5,922.23 while S&P SL20 Index gained 0.89 points (+0.03%) to end at 3,246.91. Price depreciations in counters such as Ceylon Tobacco (closed at LKR 1,021.00, -6.5%), Asiri Surgical (closed at LKR…

(0)Comments | March 24, 2014 12:14 pm

Gold prices down further on unexpected drop in China HSBC flash PMI

Gold prices eased further in Asia on Monday after the China HSBC Flash Purchasing Managers Index for March unexpectedly fell, casting doubt on demand from China, which regularly changes places with India as the world’s top importer of the yellow metal.   On the Comex division of the New York Mercantile Exchange, gold futures for…

(0)Comments | March 24, 2014 10:19 am

Will Qatar Airways, Etihad fly to Mattala?

Qatar and Etihad Airways have reportedly conducted an audit research on the possibilities of flying to the Mattala International Airport at Mattala in Sri Lanka. Airport and Aviation Authority chairman Prasanna Wickremasuriya told AdaderanaBiz that the two airways had conducted the audit recently. Earlier, AdaderanaBiz revealed that Rotana Jet airways of Abu Dhabi is preparing…

(0)Comments | March 24, 2014 5:30 am

China’s factory activity show further contraction

China’s manufacturing sector showed further contraction in March, according to a new report which mainly tracks activity in smaller factories. The HSBC Purchasing Managers’ Index (PMI) gave a reading of 48.1 for March, compared to 48.5 in February. A reading below 50 indicates contraction, while one above 50 shows expansion. The HSBC survey focuses on…

(0)Comments | March 24, 2014 5:12 am

Mahathir Mohamed family linked concern to invest in Sri Lanka

A company linked to former Malaysian Prime Minister Mahathir Mohamed’s family is reportedly to construct a Marina – a dock with moorings and supplies for yachts and small boats, with a hotel and other facilities for tourist cruise vessels in a section of the Beruwela harbour. While speaking to AdaderanaBiz, Fisheries Resources Minister Rajitha Senaratne…

(0)Comments | March 24, 2014 3:02 am

Visa and MasterCard block Russian bank customers

Visa and MasterCard have blocked credit card services to some Russian bank customers as a result of US sanctions. Four banks are so far affected, all of which have links to Russians blacklisted by the US. Visa and MasterCard, both US-based companies, are forbidden from having any dealings with those targeted by the sanctions. The…

(0)Comments | March 23, 2014 2:37 pm