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Samsung forecasts 25% drop in profit

Samsung Electronics has forecast a 25% drop in profit for the second quarter due to a slowdown in the smartphone market and a strong Korean currency. It expects to make an operating profit of 7.2 trillion won ($7.1bn; £4.2bn) in the April-to-June period, down from 9.5 trillion won a year ago. Its operating profit has…

(0)Comments | July 8, 2014 2:27 pm

Stock Market Review – 07th July 2014

Colombo equity market started weekly operations on a positive note as main bourse gained 21.49 points (+0.33%) to close at 6,499.00 while 20-script S&P SL20 index gained 7.21 points (+0.20%) to close at 3,617.89. Price appreciation in counters such as Lion Brewery (closed at LKR 525.00, +15%), John Keells Holdings (closed at LKR 227.00, +1%)…

(0)Comments | July 7, 2014 5:13 pm

Aureos South Asia Fund sells all Sunshine Holdings shares

Aureos South Asia Fund LLC, through its nominee director N.B. Weerasekera has informed Sunshine Holdings PLC that it has sold 02 million shares of the company at Rs. 32 per share. Accordingly, Aureos South Asia Fund LLC has sold all its shares with Sunshine Holdings PLC.

(0)Comments | July 7, 2014 1:03 pm

Interim order against sale of PC House assets

While PC House Holdings PLC prepares to sell its 100 percent stake in its carbon manufacturing concern Beico Link Carbon (Pvt) Ltd, a new stakeholder of this company Adams Investments Limited has obtained an interim order against this transaction. Adams Investments Limited has informed the Colombo Stock Exchange that it has obtained an interim order…

(0)Comments | July 7, 2014 12:51 pm

PC House Holdings disposes of Beico Link Carbon to avert crisis

PC House Holdings PLC has decided to dispose its 100 percent stake amounting to 5,650,752 in its subsidiary Beico Link Carbon Private Limited, a carbon manufacturing concern, for Rs. 180 million, including bank and other liabilities to avert a crisis the company is faced with. The PC House board of directors had decided on this…

(0)Comments | July 4, 2014 9:14 pm

Stock Market Review – 04th July 2014

Colombo shares concluded the weekly operations on Friday in positive territory as both indices closed with gains. Main index gained 10.23 points or 0.16% to end at 6,477.51 and S&P SL 20 index marginally gained 2.26 points or 0.06% to end at 3,610.68. Price improvements in counters such as John Keells Holdings (closed at LKR…

(0)Comments | July 4, 2014 5:17 pm

USD 800 million loan to improve roads in 1,000 villages

The government is to obtain a loan of US Dollars 800 million from the Asian Development Bank to develop identified rural roads within the Southern, Sabaragamuwa, Central, North Central, North Western Provinces and the Kalutara District in the Western Province. The government says 1,000 villages would be chosen under this project and steps would be…

(0)Comments | July 4, 2014 4:05 pm

Systematic bribery at GlaxoSmithKline China ‘credible’ – investigator

Allegations that pharmaceutical giant GlaxoSmithKline (GSK) systematically bribed doctors in China are credible, says an investigator hired by the firm. Peter Humphrey was hired only to investigate who was behind a suspected smear campaign against GSK. But after he finished his report, he learned the details of further allegations against the firm and told colleagues…

(0)Comments | July 4, 2014 4:04 pm

Norochcholai ash to be sold

The government is preparing to sell the fly ash generated at the Norochcholai coal power plant to five companies. The government says that the currently functioning unit at this power plant and the unit expected to be operational in September would generate some 150,000 tons of fly ash annually. This fly ash can be used…

(0)Comments | July 4, 2014 10:50 am

Dialogue between Xinhua News Agency and the Sri Lankan Media

On 2nd July, 2014 the Lakshman Kadirgamar Institute for International Relations and Strategic Studies hosted a dialogue between the Xinhua News Agency from the People’s Republic of China, and the Sri Lankan media. This dialogue was an opportunity to initiate conversation between the Xinhua news organization and local media personnel in order to facilitate mutually beneficial collaboration. Mr. Asanga Abeygoonasekera,…

(0)Comments | July 4, 2014 10:48 am