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Sri Lanka to let China modernize Sapugaskanda oil refinery?

Though around six investors have already submitted proposals for the Sapugaskanda oil refinery modernization project, it has been revealed that there have been no proposals so far to raise the required loans and implement the project. This project to increase the refining capacity of the Sapugaskanda refinery from its current 50,000 barrels of crude oil…

(0)Comments | October 21, 2014 11:06 am

Sri Lanka eyeing setting up fuel storage tanks in Kolonnawa

Due to the inadequacy of the storage facilities in the fuel tanks at Kolonnawa, Sapugaskanda and Muthutajawela tank farms the government is considering setting up new storage tanks. Hence, more prominence is being given to increasing the number of tanks at the existing tank farms in Kolonnawa and Muthurajawela, Ceylon Petroleum Corporation (CPC) chairman Sirisena…

(0)Comments | October 20, 2014 5:22 pm

Stock Market Review – 20th Oct 2014

Colombo stock market started weekly operations on negative note where both indices shed returns gained. Core index declined by 21.02 index points or 0.29% to close at 7,213.45 and S&P SL20 index decreased by 21.39 index points (-0.53%) to close at 4,008.16. Price declines in counters such as Commercial Bank (closed at LKR 163.00, -0.4%),…

(0)Comments | October 20, 2014 5:17 pm

Seachill slams EU ban on Sri Lanka, as UK importers will turn to Maldives

UK processors Icelandic Seachill, Direct Seafoods and New England Seafood expressed disappointment over the EU’s red card decision – especially as some of those importers are engaged in fisheries improvement there. The ban will mainly impact imports of fresh and chilled yellowfin tuna or swordfish from Sri Lanka, largely for the foodservice sector, with total imports to the EU valued…

(0)Comments | October 20, 2014 2:48 pm

Amaya Leisure relinquishes management of Bansei Royal Resorts Hikkaduwa in Sri Lanka

Bansei Royal Resorts Hikkaduwa PLC which had been managed by prominent Sri Lankan businessman Dhammika Perera has entered into an agreement with Jetwing Hotels Limited to operate its Hikkaduwa Resort from 01 December this year. Amaya Leisure would relinquish its management of Bansei Royal Resorts Hikkaduwa from 01 October 2014 while Jetwing Hotels Limited would…

(0)Comments | October 20, 2014 2:15 pm

Sri Lanka to turn back tanker with substandard petrol from Singapore

The Ceylon Petroleum Corporation (CPC) is to send back a tanker carrying 10,000 metric tons of petrol from a Singaporean company which had been found to be substandard during tests at the corporation laboratories, CPC chairman Sirisena Amarasekera told adaderanabiz. Amarasekera added that this tanker is currently docked at the Colombo port and the 20,000…

(0)Comments | October 20, 2014 12:18 pm

She’s America’s youngest female billionaire – and a dropout

America’s youngest self-made female billionaire is 30 years old and a college dropout. The company she founded has the potential to change health care for millions of Americans. Elizabeth Holmes left Stanford University at 19 with a plan to start her own company. For money, she cashed out the funds her parents had saved for…

(0)Comments | October 19, 2014 11:39 pm

Nearly A Third Of Smartphone Users Admit They’re Addicted

Nearly a third of U.S. smartphone users consider themselves addicted to their device, according to a new HuffPost/YouGov poll. When asked whether they considered themselves addicted, 28 percent of self-reported smartphone users admitted they were, while 64 percent said they were not. Nine percent were unsure. Women reported smartphone addiction in slightly higher numbers than…

(0)Comments | October 18, 2014 2:26 pm

Stock Market Review – 17th Oct 2014

Colombo bourse extended the losses on Friday to wrap the weekly activities in negative territory. All Share Price index lost 22.60 points (-0.31%) to end at 7,234.47 and S&P SL 20 index lost 26.84 points (-0.66%) to end at 4,029.55. The core index has dropped 87 points (-1.2%) during the week whereas S&P SL 20…

(0)Comments | October 17, 2014 5:20 pm

Central Bank of Sri Lanka latest policy interest rates, increase in borrowings

The Central Bank of Sri Lanka (CBSL) has decided to keep its Policy Interest Rates which in turn decide the interest rates of banks, unchanged in October as well. The CBSL states that continuing the sustained low inflation environment for the 68th consecutive month, headline inflation on a year-on-year (Y-o-Y) basis remained unchanged at 3.5…

(0)Comments | October 17, 2014 11:28 am