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Fitch confirms Sri Lanka’s rating as ‘BB-’

While taking the prevailing economic growth into consideration, the global debt rating agency Fitch has confirmed Sri Lanka as BB- rating with a stable outlook. However, Fitch Rating has stated that when compared to other similar countries Sri Lanka’s government debts and foreign debts are very high. This rating is due to inflation being at…

(0)Comments | April 29, 2014 6:13 am

Alerts over faulty Apple and Samsung handsets

Apple has begun a replacement programme for some of its iPhone 5 handsets that have a faulty sleep/wake button. Separately, Samsung has revealed that some of its flagship Galaxy S5 handsets have been shipped with a non-functioning camera. It said anyone who bought an S5 with a faulty camera should contact Samsung’s customer service or…

(0)Comments | April 28, 2014 7:44 pm

Stock Market Review

Colombo stock market started weekly operations on a positive note where both indices witnessed marginal returns. ASI gained 4.13 index points or 0.07% to close at 6,171.94 while 20-scrip S&P SL index gained 6.37 index points to close at 3,394.34. Price appreciations in Vallibel One (closed at 18.30, +2.8%), Asian Hotels and Properties (closed at…

(0)Comments | April 28, 2014 11:44 am

James Packer’s Sri Lanka casino bid stumbles over prostitution claim

James Packer’s plan to enter the Sri Lankan resort market appears to have hit a stumbling block with reports that the Sri Lankan government has refused to allow casinos at three super-luxury resorts planned in the capital because opponents said they would lead to prostitution. It was not immediately known whether the casino ban would…

(0)Comments | April 28, 2014 7:45 am

Part of EPF for pension scheme? Unaware says Central Bank

The Central Bank of Sri Lanka (CBSL) has requested banks and financial institutions in the island to introduce financial instruments for private sector employees to receive a higher rate of interest after they deposit their moneys obtained on retirement from the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF), said CBSL Deputy Governor…

(0)Comments | April 28, 2014 6:35 am

Vajira Kulatilleke to head Colombo Stock Exchange

Vajira Kulatilleke has been appointed the new Chairman of the Colombo Stock Exchange (CSE) and is to assume duties on 05 June. Mr. Kulatilleke has wide experience in the banking sector in Sri Lanka.

(0)Comments | April 28, 2014 6:12 am

Controlling stake of Centara Passikudah going to company under Dhammika Perera?

The controlling stake of the picturesque 126 roomed Centara Passikudah Resort & Spa in the eastern shores of the island has changed hands to a company headed by prominent Sri Lankan business personality DhammikaPerera, AdaderanaBiz learns through reliable sources. Centara Passikudah Resort & Spa Sri Lanka, one among the world renowned Centara chain of resorts…

(0)Comments | April 27, 2014 3:22 pm

Tokyo consumer price growth at 22-year high

Consumer prices in Tokyo rose at their fastest pace in 22 years in April, surging 2.7% from a year earlier, according to preliminary data. That is up from a 1% annual increase in consumer prices in Tokyo in March. The data comes after Japan increased its sales tax to 8% from 5% from 1 April,…

(0)Comments | April 27, 2014 7:12 am

EPF shares in Royal Ceramics reach ten percent

The Employees’ Provident Fund (EPF) has bought 10 percent of the shares issued by Royal Ceramics Lanka PLC. The EPF has notified this to the Colombo Stock Exchange. The monopoly in the tile sector of Sri Lanka is currently held by Royal Ceramics Lanka Ltd. Headed by prominent businessman Dhammika Perera.

(0)Comments | April 26, 2014 3:19 pm

Ravi Wijeratne speaks on Packer’s hotel project

Prominent businessman Ravi Wijeratne is the Sri Lankan partner in Australian multi-million dollar businessman James Douglas Packer’s super luxury hotel and mixed development project with an investment of USD 350 million. With the relevant Gazette notifications passed by parliament yesterday, Ravi Wijeratne who spoke to AdaderanaBiz while being overseas he would consider the future steps…

(0)Comments | April 26, 2014 9:59 am