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Now, the latest project to improve Katunayake airport

The government is to implement a project to enhance the passenger terminal of the Katunayake International Airport which handles some six million passengers annually to handle 15 million in the future. This project is receiving financial assistance from JAICA and the relevant agreement has been signed, Civil Aviation Authority Ministry secretary Dr. Ravindra Ruberu told…

(0)Comments | March 31, 2014 4:09 am

Drought pushing up demand for electricity

The prevailing drought condition in the country has increased the demand for electricity, says the Ceylon Electricity Board (CEB) chairman. The overall increase the use of air-conditioning and fans due to the prevailing drought conditions have increased the demand, CEB chairman W.B. Ganegala told AdaderanaBiz. “Before the drought the electricity demand in the country during…

(0)Comments | March 29, 2014 11:58 am

Japan prices rise for ninth month ahead of tax increase

Consumer prices in Japan increased by 1.3% in February compared with the same period last year, marking the ninth month in a row of gains. The figure met analysts’ expectations, but is still well below Prime Minister Shinzo Abe’s inflation target of 2%. Japanese consumer spending also slowed, official data revealed, ahead of a planned…

(0)Comments | March 29, 2014 5:29 am

Stock Market Review

Stock Market ended with mixed results on Friday where core index was unable to continue the momentum gained in previous day. All share price index dropped by 20.45 index points (-0.34%) to closed at 5,972.17 while 20 Scrip S&P SL20 index marginally gained 4.52 index points (-0.14%) to closed at 3,278.67. Price depreciation in high…

(0)Comments | March 28, 2014 12:36 pm

K3 city plan runs parallel to Sri Lanka’s expressways

There is only one new ultra modern city that would be constructed under the ‘K3’ urban development project planned to link the expressways in Sri Lanka. This is reportedly near the Kottawa interchange of the Southern Expressway. This project has been titled the K3 urban development project since the it encompasses the three main towns…

(0)Comments | March 28, 2014 10:28 am

Guaranteed prices on potatoes, onions can save USD 200 million

The government entered into an agreement with farmers to provide guaranteed prices for potatoes, onions and dried chilies expecting the country to become self-sufficient in these produce by 2016 and thus retain around USD 200 million which otherwise go out of the country, Finance Ministry Deputy Secretary S.R. Attygalle told AdaderanaBiz. This agreement guaranteeing Rs….

(0)Comments | March 28, 2014 10:27 am

Toyota employees refuse to return to work at India plants

Workers at Toyota’s two India plants have refused to return to work this week, after the Japanese car firm said it was ending a lockout that it had instituted on 16 March. Toyota locked out the workers because the firm said they were disrupting production and threatening managers. The conflict stems from wage negotiations, which…

(0)Comments | March 28, 2014 5:36 am

Stock Market Review

Colombo Bourse managed to regain lost ground on Thursday, with a comparatively active trading session. Bench mark All share price index gained 41.65 points (+ 0.7%) to closed at a five week high of 5,992.62 and S&P SL 20 index gained 13.10 points (+0.4%) to closed at 3,274.15. Price appreciation in counters such as John…

(0)Comments | March 27, 2014 11:42 am

BRAC Lanka borrows Rs. 100 million locally against US dollars

BRAC Lanka Finance PLC has obtained a three year loan of USD 02 million from its ultimate holding company BRAC International Holdings BV at an interest rate of 07 percent to expand its micro finance business operations. Following this the company obtained a loan of Rs. 100 million from Seylan Bank PLC at an interest…

(0)Comments | March 27, 2014 11:35 am

Union Assurance forms new arm to handle General insurance

Union Assurance PLC has announced that it is to segregate its Life and General insurance businesses, subject to the necessary approvals and divest it General insurance to a wholly owned subsidiary. The proposed new subsidiary, Union Assurance (General) Private Limited is to be later listed on the Colombo Stock Exchange.

(0)Comments | March 27, 2014 11:05 am