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Sri Lanka Central Bank’s latest policy interest rate amid rising inflation

Though prices of consumer goods have increased creating more pressure on the Rupee with the new government’s tax reductions and increase in the salaries of government employees through its interim budget, the Central Bank of Sri Lanka (CBSL) has decided not to revise the policy interest rates that decide the interest rates of commercial banks…

(0)Comments | February 24, 2015 1:09 pm

This Mexican town is the sex trafficking capital of the world

Two hours southeast of Mexico City lies a town where forced prostitution is not only the norm, but a booming business that employs most of the city’s 10,000 residents. Tenancingo, Mexico, widely considered the sex trafficking capital of the world, is the single largest source of sex slaves sent to the US, according to the…

(0)Comments | February 24, 2015 1:08 pm

Crown’s VIP strength ‘positive surprise’: JP Morgan

Australian casino company Crown Resorts Ltd reported net profit of AUD201.8 million (US$157.5 million) for its fiscal year first half, down 47.2 percent year-on-year. The result was pulled back by writedowns on international projects, including in Sri Lanka, and a slide in earnings from Macau casino operator Melco Crown Entertainment Ltd (MCE). Weak market conditions…

(0)Comments | February 24, 2015 11:35 am

EXCLUSIVE: Moves to cancel local contracts already offered for Sri Lanka’s Northern Expressway

The former government has selected local contractors for the Northern Expressway project, considered the largest such projects in Sri Lanka, not on a competitive and open basis and hence action would be taken to cancel these contracts, Deputy Minister of Highways and Investment Promotion Eran Wickramaratne told www.adaderanabiz.lk. The Minister said that when the suspended…

(0)Comments | February 23, 2015 6:17 pm

Sri Lanka's China Dilemma

One year ago, Chinese Third World diplomacy was widely seen as being in crisis. Throughout Africa, Latin America and Asia, a growing number of emerging countries were expressing reluctance to be involved in relations with the Middle Kingdom based on its exploitation of their mineral resource riches. This sense of unease and even outright resistance…

(0)Comments | February 23, 2015 6:16 pm

Stock Market Review – 23rd Feb 2015

Colombo equity market started the weekly operations on a mixed note where All Share index managed to maintain the positive momentum gained in the last session. Main index bagged 11.40 index points or 0.16% to close at 7,326.31 while 20-scrip S&P SL index marginally declined by 5.52 index points (-0.13%) to end at 4,127.49. Price…

(0)Comments | February 23, 2015 6:03 pm

Lanka Hospitals creates history at Colombo Stock Exchange

The Board of Directors at Lanka Hospitals PLC, which comes under the purview of the Finance Ministry, was replaced by the new government. Venerable Theeniyawala Palitha Thera too has been included in the new 13 member Board of Directors. Thus, Lanka Hospitals PLC enters history as the first Listed Company at the Colombo Stock Exchange…

(0)Comments | February 23, 2015 9:57 am

Lanka Hospitals – Latest chapter of changes at top, beginning with Gota: Lakith joins competitor Hemas team

Almost all top posts at Lanka Hospitals Limited, the successor to the earlier Indian managed Apollo Hospitals at Elvitigala Mawatha in Narahenpita and coming under the purview of the Finance Ministry after the new government coming into power, has continued to see changes. In an unexpected turn off events Lakith Pieris who was the Chief…

(0)Comments | February 21, 2015 11:35 pm

Well-known glass exporter to lead Sri Lanka’s Industrial Development Board on Indian model

The prominent Sri Lankan glass exporter, Chairman and Managing Director of Asoka Glass & Mirror Company Mahinda Jinasena has been appointed as Chairman of the Industrial Development Board of Sri Lanka. A Royalist and an engineer by profession, Jinasena has been appointed by Industries and Commerce Minister Rishard Bathiutheen. New IDB Chairman Mahinda Jinasena has…

(0)Comments | February 21, 2015 11:34 pm

Breaking News: Dr. Sarath Paranavithana heads Lanka Hospitals

Dr. Sarath Paranavithana has been appointed Chairman of Lanka Hospitals Limited, says Finance Minister Ravi Karunanayake. A 13 member Board of Directors including Chairman Dr. Paranavithana is being finalized and would be announced shortly, adds Minister Karunanayake. However, www.adaderanabiz.lk learns that Venerable Keeniyawala Palitha Thera and Dilani Lokuhetti are among the other 12 members in…

(0)Comments | February 20, 2015 10:13 pm