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Gold prices down further on unexpected drop in China HSBC flash PMI

Gold prices eased further in Asia on Monday after the China HSBC Flash Purchasing Managers Index for March unexpectedly fell, casting doubt on demand from China, which regularly changes places with India as the world’s top importer of the yellow metal.   On the Comex division of the New York Mercantile Exchange, gold futures for…

(0)Comments | March 24, 2014 10:19 am

Will Qatar Airways, Etihad fly to Mattala?

Qatar and Etihad Airways have reportedly conducted an audit research on the possibilities of flying to the Mattala International Airport at Mattala in Sri Lanka. Airport and Aviation Authority chairman Prasanna Wickremasuriya told AdaderanaBiz that the two airways had conducted the audit recently. Earlier, AdaderanaBiz revealed that Rotana Jet airways of Abu Dhabi is preparing…

(0)Comments | March 24, 2014 5:30 am

China’s factory activity show further contraction

China’s manufacturing sector showed further contraction in March, according to a new report which mainly tracks activity in smaller factories. The HSBC Purchasing Managers’ Index (PMI) gave a reading of 48.1 for March, compared to 48.5 in February. A reading below 50 indicates contraction, while one above 50 shows expansion. The HSBC survey focuses on…

(0)Comments | March 24, 2014 5:12 am

Mahathir Mohamed family linked concern to invest in Sri Lanka

A company linked to former Malaysian Prime Minister Mahathir Mohamed’s family is reportedly to construct a Marina – a dock with moorings and supplies for yachts and small boats, with a hotel and other facilities for tourist cruise vessels in a section of the Beruwela harbour. While speaking to AdaderanaBiz, Fisheries Resources Minister Rajitha Senaratne…

(0)Comments | March 24, 2014 3:02 am

Visa and MasterCard block Russian bank customers

Visa and MasterCard have blocked credit card services to some Russian bank customers as a result of US sanctions. Four banks are so far affected, all of which have links to Russians blacklisted by the US. Visa and MasterCard, both US-based companies, are forbidden from having any dealings with those targeted by the sanctions. The…

(0)Comments | March 23, 2014 2:37 pm

How automated overhead walkways will come up in Kottawa

While we reported yesterday that Sri Lanka’s first ever automated or electrically operated escalator/overhead walkway is to be constructed in Panadura, AdaderanaBiz learns that the government plans to construct three more such overhead walkways in the Kottawa town. This is how Road Development Authority head R.W.R. Pemasiri explained the project, “We have found that around…

(0)Comments | March 22, 2014 6:02 am

Change of heads at DFCC Bank

DFCC Bank Chairman J.M.S. Brito has retired with effect from 21 March, 2014. He has served as a director of the bank for over nine years. C.R. Jansz took over the chairmanship of the DFCC Bank from 21 March following Mr. Brito’s retirement.

(0)Comments | March 22, 2014 6:02 am

Sri Lanka’s first ever automated overhead walkway rolls in

Preparations are afoot to construct Sri Lanka’s first ever automated or electrically operated overhead escalator/walkway for pedestrians to cross the road. Under this plan, the first ever such overhead walkway is to be constructed across the road opposite the Panadura bus stand. While the Urban Development Authority has entrusted this task to a local company,…

(0)Comments | March 21, 2014 11:35 am

Stock Market Review

On Friday, the stocks closed higher, continuing the positive momentum where All Share Price Index increased by 23.31 points (+0.39%) to end at 5,937.87 and S&P SL 20 index increased by 14.11 (+0.44%) to end at 3,246.02. Price appreciations in counters such as Nestle (closed at LKR 1,995.00, +2.2%), Finlays Colombo (closed at LKR 306.00,…

(0)Comments | March 21, 2014 11:34 am

Browns acquires LOLC Leisure for Rs.2.8bn

Browns Investment Ltd bought  a 70% stake in LOLC Leisure from Lanka Orix Leasing Company (LOLC) for Rs.2.8 billion. This acquisition makes Browns Investment Ltd a largest hotel management company managing over 1000 rooms. Browns had a 30% stake in LOLC Leisure before this acquisition. LOLC Leisure has the controlling stake in hotels including Palm…

(0)Comments | March 21, 2014 7:09 am