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Stock Market Review – 08th Dec 2014

Colombo shares started the weekly operation with a lack lasting trading session on Monday, recording a nearly 18-week low turnover of LKR 612mn. ASI dropped by 24.60 points during the morning session and bounced back in the latter part to close mere 2.55 points or 0.04% higher at 7,241.47 while 20-script S&P SL index marginally…

(0)Comments | December 8, 2014 6:32 pm

CMEC Starts $230 Million Water Supply Project in Sri Lanka

China Machinery Engineering Corporation (CMEC), a Chinese firm specializing in the construction of power projects, recently started its water supply project worth $230 million in Sri Lanka, the biggest in the history of the island’s government, according to an official’s statement on Saturday. Basil Rajapaksa, the Economic Development Minister of Sri Lanka, laid the inaugural…

(0)Comments | December 8, 2014 6:26 pm

KIA ready to introduce electric car to Sri Lanka – VIDEO INTERVIEW

KIA Motors Lanka Limited is to introduce an electric car to Sri Lanka for the first time, said the company’s Managing Director Mahen Thambiah. Interview BIZ 24X7 of the Ada Derana 24X7 Channel had with Managing Director Mahen Thambiah:

(0)Comments | December 8, 2014 1:14 pm

Fitch Assigns Abans’ Notes ‘BBB+(lka)’ Final Rating

Fitch Ratings has assigned Abans Plc’s (Abans; BBB+(lka)/Negative) senior unsecured redeemable debenture issue of up to LKR2bn a final National Long-Term rating of ‘BBB+(lka)’. The final rating is the same as the expected rating assigned on 21 November 2014, and follows the receipt of documents conforming to information already received. The debentures are rated in…

(0)Comments | December 8, 2014 12:54 pm

Japan’s third quarter recession deeper than forecasted

Japan’s economy shrank more than initially forecast in the third quarter of 2014, according to revised gross domestic product (GDP) figures. The economy contracted by 1.9% in annual terms from July to September, well above a preliminary reading of 1.6%. It also shrank 0.5% on a quarterly basis, compared to an initial estimate of 0.4%,…

(0)Comments | December 8, 2014 12:09 pm

Massive ODEL shopping mall in Sri Lanka, certain outlets to close, Battaramulla property up for sale

The Softlogic Group which recently acquired Sri Lanka’s popular fashion retail entity ODEL is to build a massive shopping complex on to replace its prime outlet at Alexendra Pace in Colombo 07 at an estimated cost of Rs. 3.5billion. Chairman of Softlogic Group as well as ODEL Chief Executive Officer and Chairman Ashok Pathirage told…

(0)Comments | December 6, 2014 10:23 am

Petrol, diesel and kerosene prices slashed

The price of petrol and diesel has been reduced by Rs 7 per litre while kerosene has been reduced by Rs 5 per litre with effect from midnight today (5), the Ceylon Petroleum Corporation (CPC) said.

(0)Comments | December 6, 2014 12:25 am

Stock Market Review – 05th Dec 2014

Colombo shares concluded the weekly operation in opposite direction as main index lost 15.88 points (-0.22%) to close at 7,238.92 and S&P SL 20 index marginally gained 5.02 points (+0.12%) to close at 4,061.56. Price declines in counters such as Ceylon Tobacco (closed at LKR 1,050.00, -1%), John Keells Holdings (closed at LKR 252.00, -0.7%)…

(0)Comments | December 6, 2014 12:11 am

‘Lanka IT sector to hit $1B mark next year’-EDB

Sri Lanka’s surging IT and BPO exports would hit the critical dollar one billion mark as early as next year, surpassing previous expectations! And London Stock Exchange and HSBC have praised the Lankan IT sector ‘with joy’, as revealed on 05 December in Jaffna. And the pioneering Northern IT Exports forum by EDB & ICTA…

(0)Comments | December 5, 2014 2:36 pm

Hemas Holdings sells Hemas Power to Sri Lankan consortium

Hemas Holdings PLC divested its investment in Hemas Power PLC to a consortium of buyers consisting of NDB Capital Holdings PLC, ACL Cables PLC and Trydan Partners (Private) Limited. Hemas disposed its entirety of 93mn shares (approximately 75 percent) of the total issued shares of Hemas Power PLC for Rs. 1.6bn at Rs. 17.90 per…

(0)Comments | December 5, 2014 12:25 pm