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President to open The Steuart by Citrus

The Steuart by Citrus, the latest addition to Colombo City’s tourism offering will be declared open on the 26th of June 2015 by Honourable Maithripala Sirisena, President of Sri Lanka. Located at the very heart of Colombo, The Steuart will operate as a boutique business hotel offering the convenience of its prime location coupled with…

(0)Comments | June 21, 2015 1:05 pm

Sri Lanka risk-score undermined by political and economic challenges

The sovereign is still struggling in Euromoney’s risk survey as economic and fiscal indicators deteriorate, corruption investigations dampen China-sourced foreign investment and a looming general election makes it uncertain whether the new president’s parliamentary backers can produce a majority. In 2013, an Asiamoney article quoting Barclays declared: “Sri Lankan bonds do not offer enough premium…

(0)Comments | June 19, 2015 6:07 pm

Colombo stocks conclude weekly activities in negative zone

Colombo bourse concluded the weekly activities in negative zone erasing the marginal gains recorded in last two sessions amid net foreign selling. The main index lost 29.00 points or 0.41% to end at a 9-week low of 7,035.15 whereas S&P SL 20 index lost 18.05 points (-0.46%) to end at 3,906.28. The losses were mainly…

(0)Comments | June 19, 2015 6:06 pm

International bids to be called for Kolonnawa oil pipelines

The government is to call for international bids for the tender to select a contractor who could lay the pipeline to convey fuel from the Colombo port to the fuel storage terminal at Kolonnawa. The existing pipelines are some 40 to 70 years old and need replacement. The Ceylon Petroleum Storage Terminals Limited (CPSTL) is…

(0)Comments | June 19, 2015 3:21 pm

Need more time to decide? Emirates introduces ‘Hold My Fare’

Emirates, a global connector of people, places and experiences, is now making it easier for customers in select markets including Sri Lanka to book and lock in fares while they simultaneously plan their travel itineraries for their business trips, family holidays or weekend getaways. ‘Hold My Fare’ is a new feature on www.emirates.com/lk that offers…

(0)Comments | June 19, 2015 1:49 pm

Tea Trade Honors its most Senior Member

The Colombo Tea Traders Association held a special commemoration ceremony recently to pay tribute to late Mr. Austin Perera, who was the senior most member of the Association, until his demise. Late Mr. Perera, who goes down in the history as the first Ceylonese Chairman of the Tea Traders Association, passed away on the 10th…

(0)Comments | June 19, 2015 1:38 pm

Maldivian company under BOI to invests luxury chalets in Matale

The Board of Investment of Sri Lanka granted approval to Alpha Kinam Holdings Lanka (Pvt) Ltd to set up a hotel project of 13 Eco type luxury Suites and 26 chalets in Matale. The project represents an investment of US$ 3 Million. Nichila Oya Resort and Spa hotel complex will be built on a 15.3…

(0)Comments | June 19, 2015 10:13 am

Tokyo Cement Company (Lanka) to incorporate Rs. 220 million subsidiary

Tokyo Cement Company (Lanka) Limited PLC is to incorporate a subsidiary by the name of Tokyo Super Aggregate Limited with the principal objective of operating a plant to produce manufactured sand, aggregates for concrete and such other by products. Currently, extraction of natural sand is increasingly becoming less of an option due to the lack…

(0)Comments | June 18, 2015 8:59 pm

‘Will introduce any legislation; bring in dollars to Sri Lanka’ Finance Minister urges exporters

Finance Minister Ravi Karunanayake said that he very patiently requests Sri Lankan exporters to bring back their dollars in foreign countries and invest them in Sri Lanka. The government is prepared to bring in any legislation needed for this and if these dollars are brought into Sri Lanka while foreign interest rates are less than…

(0)Comments | June 18, 2015 6:11 pm

Colombo stocks witness positive returns

Colombo equities witnessed positive returns on Thursday for the second consecutive day despite thin foreign investor activity. All Share index managed to bag 14.44 index points (+0.20%) to end at 7,064.15 while S&P SL20 index inclined by 9.57 index points or 0.24% to close at 3,924.33. Price appreciations in high cap stocks such as John…

(0)Comments | June 18, 2015 6:09 pm