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Oil nearly falls below $80 on oversupply

Brent crude fell to a fresh 47-month low on Wednesday before recovering to around $84 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Oil saw its biggest daily fall in more than three years on Tuesday after the West’s energy watchdog slashed its forecasts for world oil…

(0)Comments | October 16, 2014 5:50 pm

Stock Market Review – 16th Oct 2014

Colombo shares failed to retain the positive momentum on Thursday and closed with negative returns. Core index lost 31.76 points or 0.44% to end at 7,257.07 and S&P SL 20 index lost 8.45 points or 0.21% to end at 4,056.39. The losses were mainly driven by the drop in prices of counters such as DFCC…

(0)Comments | October 16, 2014 5:47 pm

Malaysian company enters Sri Lanka to mix lubricants in Colombo

Malaysia’s Hyrax Oil Sdn. Bhd which is already marketing its lubricants in Sri Lanka in collaboration with the Ceylon Petroleum Corporation (CPC) is preparing to establish a lubricant oil mixing plant in Sri Lanka with a USD 10 million investment, said the head of Malaysia’s EXIM Bank.   EXIM Bank Malaysia President Dato’ Adissadikin Ali…

(0)Comments | October 16, 2014 11:29 am

Enjoy the ultimate Sri Lankan fun: Join ‘Tour de Citrus’ from Colombo to Waskaduwa

Citrus Waskaduwa – the 5 star southern beach resort is to launch a community service project of offering reflecting lights to cyclists in the Waskaduwa area with the aim of minimizing the accidents they face while riding their bicycles. The ‘Tour de Citrus’ bicycle tour held in conjunction with this project will begin at 6.30…

(0)Comments | October 16, 2014 1:47 am

SME Factors to expand operations to Sri Lanka

This trip to Sri Lanka has provided a clear objective for SME Factors Malaysia in its future activities in the island. Though not eying any specific sector it would concentrate not only on financing but increasing knowledge as well, said President and CEO of SME Factors Malaysia Syed Zed Syed Mustafa when he met the…

(0)Comments | October 15, 2014 11:03 pm

EXIM Bank Malaysia impressed by Sri Lanka’s economic performance and Vision 2020

Ready to play an active role in development of financing opportunities EXIM Bank of Malaysia has identified that Sri Lanka has a great need in infrastructure development especially roads, highways, power and renewable energy resources like solar, mini-hydro generation during its discussions with the Finance Ministry, said the bank’s president Dato’ Adissadikin Bin Ali when…

(0)Comments | October 15, 2014 10:32 pm

Stock Market Review – 15th Oct 2014

Colombo equities managed to regain lost grounds on Wednesday where both indices witnessed hefty returns amid net foreign inflows. Core index bagged 83.36 index points or 1.16% to end at 7,288.83 while 20-scrip S&P SL20 index increased by 53.09 index points or 1.32% to end at 4,064.84. Price inclines in Commercial Bank (closed at LKR…

(0)Comments | October 15, 2014 5:41 pm

Dhammika Perera advances from Sri Lanka’s tile monopoly to aluminium monopoly

The Hayleys Group led by Sri Lanka’s prominent businessman Dhammika Perera who holds the monopoly in Sri Lanka’s tile market today acquired 60.6 percent shares of the architectural aluminium extrusions producer Alufab PLC for Rs 167.9 million. In this Crossing, 7.3 million shares were acquired at Rs. 23 each. Hayleys Groups already has the aluminium…

(0)Comments | October 15, 2014 1:22 pm

Toyota recalls 1.75 million cars over various issues

Japanese carmaker Toyota is recalling 1.75 million vehicles worldwide over faulty brake installations and fuel component issues. The latest brake defect is found in some models of Toyota’s Crown Majesta, as well as the Noah and Voxy models produced between June 2007 and 2012. Toyota told the BBC it was not aware of any crashes,…

(0)Comments | October 15, 2014 1:21 pm

Hemas Holdings to sell Hemas Power to Sri Lankan consortium

Hemas Power PLC has entered into an agreement for the sale of its entire 60 million shares constituting 50 percent of the total issued voting shares of the thermal power plant Heladhanavi Limited to Lakdhanavi Limited for Rs. 531,753,373. Meanwhile, Hemas Holdings PLC is to divest its investment in Hemas Power PLC to a consortium…

(0)Comments | October 14, 2014 8:27 pm

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