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Harsha Amarasekera heads CIC Holdings

Harsha Amarasekera has been appointed chairman of CIC Holdings. Mr. Amarasekera who was the acting chairman since 01 January 2014 was an independent non-executive director of CIC Holdings. While S.P.S. Ratnatunga has been appointed Managing Director and Chief Executive Officer of CIC Holdings, the directors are E.F.G. Amarasinghe, R.N. Asirwatham, R.S. Captain, S.M. Enderby, M.P….

(0)Comments | May 26, 2014 11:37 pm

Stock Review

Colombo equities started the weekly operations on a positive note but witnessed a lackluster trading session. ASI index gained 12.71 index points or 0.20% to close at 6,293.02 while 20-scrip S&P SL index marginally gained 3.46 index points or 0.10% to end at 3,462.89. Price appreciations in counters such as Sri Lanka Telecom (closed at…

(0)Comments | May 26, 2014 5:33 pm

India PM-elect Modi to cut cabinet, become defence minister

India’s premier-elect Narendra Modi plans to slash 26 government positions and name himself as defence minister under a cabinet revamp set to be unveiled later today, reports said. Modi’s cabinet will number 45 including him, down from 71 in outgoing prime  minister Manmohan Singh’s scandal-tainted Congress-led coalition  administration, the Press Trust of Indian news agency…

(0)Comments | May 26, 2014 4:41 pm

Hybrid wave in Sri Lanka pushes back smaller cars

While the registration of hybrid vehicles are increasing in Sri Lanka the registration of smaller cars are decreasing, reveals the latest research report released by a stock broking firm. This has been revealed in the research report by JB Securities Stock Brokers over the registration of vehicles in Sri Lanka during April 2014. According to…

(0)Comments | May 26, 2014 3:08 pm

Sri Lankan exports up, trade deficit down

Latest data released by the Sri Lanka Central Bank indicates Sri Lanka’s exports has increased by 28.6 percent to USD 1,069 million in April 2014 as compared to April 2013. Agro-based exports have increased by 22.4 percent to USD 256.7 million while the apparel exports have increased by 32.6 percent to USD 456 million. Meanwhile,…

(0)Comments | May 26, 2014 2:20 pm

BOI dilly-dallying even after SEC green light

AdaderanaBiz learns that though it has been a long time since the Securities and Exchange Commission (SEC) had granted a request by a senior official of the Sri Lanka Board of Investments for a separate board to list its investors, the BOI has been unable to do so. The BOI has so far failed to…

(0)Comments | May 26, 2014 8:59 am

PB to be removed as Economic Dev. Secretary?

Sri Lanka’s powerful Finance Secretary Dr. P B Jayasundera is to be removed from the additional post of Secretary to the Ministry of Economic Development, according to sources. Informed sources say that P.B. Jayasundera, who is also the Secretary to the Treasury and the Finance Ministry, will likely be removed from the position of Economic…

(0)Comments | May 24, 2014 2:08 pm

EPF claim of releasing financial reports false says Dr. Harsha de Silva

Though the Employees’ Trust Fund (EPF) claims through advertisements carried out by spending millions of rupees that it has published financial reports from 2011 to 2013, these claims are false says United National Party parliamentarian Dr. Harsha de Silva. During a media briefing in Colombo on Friday (23 May) the parliamentarian said that what the…

(0)Comments | May 24, 2014 1:46 am

Stock Market Review

Equity Market concluded its weekly operations on Friday in negative territory where indices closed with negative returns. Core index lost 9.86 points (-0.16%) to end at 6,280.31 and while 20-scrip S&P SL index lost 5.62 points (-0.16%) to end at 3,459.43. Price declines in index heavy counters such as Ceylon Tobacco (closed at LKR 1,083.00,…

(0)Comments | May 23, 2014 6:08 pm

LIOC profits show downward trend

The latest financial report of Lanka India Oil Company (LIOC) reveals its profits falling during the March quarter of 2014. When compared to the March quarter of 2013 the company’s profits have fallen by 10 percent to a profit of Rupees 722 million. While the company has reported a Rs. 1.36 per share earnings during…

(0)Comments | May 23, 2014 11:35 am