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Passikudah Beach Resorts legal proceedings settled amicably

Citrus Leisure PLC has amicable settled the legal proceedings before the Valaichennai District Courts against a predecessor in title of Passikudah Beach Resorts, a fully owned subsidiary of Citrus Leisure PLC. According to the settlement entered into in courts, Citrus Leisure PLC has paid a sum of Rs. 80 million to the party which instituted…

(0)Comments | January 26, 2015 7:33 pm

Asian Alliance Insurance PLC takes up 70 million shares from General Insurance

Asian Alliance Insurance PLC subscribed to and took up 70 million shares from its wholly owned subsidiary Asian Alliance General Insurance Limited at Rs. 10 per share. This is to comply with Sri Lanka’s insurance industry amendment act.

(0)Comments | January 26, 2015 7:15 pm

Stock Market Review – 26th Jan 2015

Colombo shares swung between gains and losses and ended higher in thin trading on Monday as investors adopted a wait-and-see approach. The market turnover reached 8-month low in today’s lackluster trading session while the volume touched a one month low of 16mn shares. Investors are remaining in sidelines ahead of tomorrow’s monetary policy review and…

(0)Comments | January 26, 2015 6:27 pm

Will new government’s ‘relief package’ be new burden on Sri Lanka’s economy? -Video Interview

The 100 day programme of the incumbent government has proposed a series of relief measures for the masses. Following an in-depth analysis of the economic policies and expressing views, the Pathfinder Foundation says that there is a risk of the budget deficit widening further if all these relief measures are provided as promised. However, the…

(0)Comments | January 26, 2015 2:08 pm

Sri Lanka’s foreign reserves drop

Latest data released by the Central Bank of Sri Lanka reveals that Sri Lanka’s foreign reserves which had stood at USD 8.8 billion as at October last year has dropped to USD 8.3 billion. The Central Bank has stated that some USD 2,758 million has gone out of the country as foreign debt service payments….

(0)Comments | January 26, 2015 11:08 am

Can new government avoid EU sanctions on Sri Lanka’s fishery exports? -Video Interview

The European Union suspended the import of fish and fisheries products from Sri Lanka since 15 January 2015 thus raising the risk of the country losing a revenue of at least USD 200 million annually. Meanwhile, if this sanction is not lifted immediately there is a threat of some 90% of the fishery products companies…

(0)Comments | January 24, 2015 2:43 pm

Ajith Dias appointed Chairman of SriLankan Airlines

Former Chairman of Sri Lanka Apparel, Ajith Dias, has been appointed as the new Chairman of SriLankan Airlines, sources said. Dias was a Director of Brandix and was the former Chairman of the Joint Apparel Association Forum (JAAF), the Free Trade Zone Manufacturers Association (FTZMA), a member of the Textile Quota Board and a member…

(0)Comments | January 24, 2015 2:30 pm

Ravi says he received strong advice from Premier on Sri Lanka’s budget deficit

Even though the salaries of some 1,225,000 government sector employees would be increased through the budget to be introduced by the new government, room would not be allowed for any increase in the budget deficit, said Finance Minister Ravi Karunanayake. He added that he has received strong advice from Prime Minister Ranil Wickremesinghe on this…

(0)Comments | January 23, 2015 8:12 pm

Stock Market Review – 23rd Jan 2015

The bourse erased early gains and edged lower on Friday and closed the weekly operations on a negative note. All Share Index closed on nearly four week low of 7,276.63 by shedding 52.96 index points or 0.72% while 20-scrip S&P SL20 index declined by 28.93 index points (-0.70%) to end at 4,078.89. Policy uncertainties, impending…

(0)Comments | January 23, 2015 6:05 pm

Russia’s economic crisis threatens Sri Lanka’s low grown tea -Video Interview

Since a considerable stock of Sri Lanka’s low grown tea is bought by Russia, the Russian economic crisis has gravely affected this tea industry. With the prices of low grown Sri Lanka tea dropping further, BIZ 24X7 of the Adaderana 24X7 channel spoke to Asia Siyaka Tea Brokers Deputy Chairman Chamara Dissanayake.

(0)Comments | January 23, 2015 12:12 pm