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Daily market turnover reaches a two week low

Colombo bourse failed to retain the positive momentum gained yesterday and closed with negative returns amid the increase in T-bill yields. All Share Price index lost 13.52 points or 0.20% to end at 6,913.73 while 20- script S&P SL 20 index marginally lost 5.34 points (-0.14%) to end at 3,904.32. Prices depreciations in counters such…

(0)Comments | April 8, 2015 4:17 pm

Ravi K appoints Sagarika Delgoda to top post at Colombo Hilton

Finance Minister Ravi Karunanayake has appointed Sagarika Delgoda, who for sometime was the Sri Lankan permanent representative for the German aided Friedrich Naumann Foundation, as Chairperson of Hotel Developers (Lanka) PLC which owns The Colombo Hilton. The earlier Chairman of Hotel Developers (Lanka) PLC was Tirukumar Nadeson. Sagarika Delgoda was a member of the Consumer…

(0)Comments | April 8, 2015 1:26 pm

Will government be pushed towards higher interest borrowings?

With the government failing in its attempt to increase the threshold of its local borrowings through the issue of short-term Treasury Bills to the local market, it may be pushed towards issuing Treasury Bonds which carry higher interest rates than Treasury Bills to raise borrowings, say economic analysts. Since Treasury Bills mature within a year…

(0)Comments | April 8, 2015 1:25 pm

Jaffna – Chunnakam Northern Power plant re-opens

  With the order of indefinite closure and eviction of employees issued by the Mallakam Magistrate on January 27 against the Northern Power Plant in Chunnakam preventing its employees from reporting to work being vacated by the Court of Appeal last week; the power plant re-opened for essential maintenance and the employees returned to work…

(0)Comments | April 7, 2015 8:42 pm

Port City awaits instructions from Sri Lankan Government

CHEC Port City, a subsidiary of China Communication Construction Company (CCCC) and the Project Company of the Colombo Port City states the Government of Sri Lanka (GoSL) is yet to invite the Company for a discussion or issue a directive to the company regarding the project review process,which is currently underway. The Project Company has…

(0)Comments | April 7, 2015 5:04 pm

Stock Market Review – 07th Apr 2015

Colombo equities swung between gains and losses on Tuseday and bounced back to close in a positive territory. The All Share Price index dropped to 6,903.21 (14.3 points, -0.2%) during the morning session, but managed to close at 6,927.25 with a gain of 9.74 points or 0.14%. S&P SL 20 index gained 15.79 points (+0.41%)…

(0)Comments | April 7, 2015 4:59 pm

Huge increase in government’s local debts; Preparing for another 400 billion

Latest data from the Central Bank of Sri Lanka reveal that there has been a huge increase in the local borrowings by the new government since January 2015. Government spending has increased and its revenue has decreased due to the government employees’ pay hike and the slashing of essential items and fuel prices introduced through…

(0)Comments | April 7, 2015 12:23 pm

Saving lives at 35,000ft in the air

It is impossible to put a price tag on saving a life. Should a medical emergency occur on board a flight, attention is provided immediately by the crew and in some cases a flight diversion is required to the nearest airport for medical treatment. That is why Emirates has invested more than US$ 6 million…

(0)Comments | April 7, 2015 12:14 pm

Good governance sends home BoC General Manager

The Finance Ministry has with immediate effect suspended the services of senior banker and Bank of Ceylon General Manager D.M. Gunasekera. Finance Minister Ravi Karunanayake said that there are several reasons for the suspension of Gunasekera and that misuse of authority, fraud and corruption are some among them. It is learned that one of the…

(0)Comments | April 7, 2015 11:10 am

Changes at top of Lanka IOC

Incumbent Non Executive Director Indrajit Bose has been appointed Chairman of Lanka IOC PLC with immediate effect. Indrajit Bose served as Executive Director of West Bengal State Office at Indian Oil Corporation Limited. He has been a Non-Executive Director of Lanka IOC PLC since June 10, 2014. Meanwhile, D.K. Sharma, Executive Director (Retail Sales) of…

(0)Comments | April 6, 2015 8:14 pm