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Arpico Finance and Richard Pieris merger report wrong

Arpico Finance denied recent media reports that it is to merge with Richard Pieris, stating that discussions are being held at a very preliminary stage between several prospective parties. Recent newspaper reports indicated that Arpico Finance was to merge with Richard Pieris after which, in an announcement to the Colombo Stock Exchange, Arpico Finance categorically…

(0)Comments | March 14, 2014 8:36 am

Ultra-modern city rising soon in Kottawa

The Urban Development Authority (UDA) is preparing to construct an ultra-modern city on a 25 acre extent of land centered on the main access way to the Southern Expressway at Makumbura in Kottawa. While speaking to AdaderanaBiz, UDA Deputy Director – Planning Priyani Navaratne said that the planning stages of this new city are now…

(0)Comments | March 14, 2014 5:27 am

Massive project as Bloomfield Sports Complex

The Urban Development Authority (UDA) is preparing to implement a project adjoining the Bloomfield Grounds in Colombo under the name ‘Bloomfield Sports Complex’ which is to include a 100 room hotel. UDA chairman Nimal Perera said moves are ahead to involve a local investor in the construction of this hotel complex. “This hotel is being…

(0)Comments | March 14, 2014 4:07 am

Chinese arrivals to Sri Lanka continue to increase

Sri Lanka’s attempts at attracting more visitors from the huge Chinese tourist market are providing dividends with a significant increase in Chinese tourist arrivals this year too. According to official government statistics, compared to February 2013 the number of tourist arrivals from China and Hong Kong to Sri Lanka in February this year has been…

(0)Comments | March 14, 2014 4:05 am

Suicides prompt Government to train students, parents on facebook usage

Following the reports of two Sri Lankan students committing suicide over issues involving the popular social media network Facebook, the government is preparing to raise awareness among the country’s school children and their parents on the ethical and safe usage of social media like Facebook, Twitter etc. AdaderanaBiz learns that the Telecommunication and Information Technology…

(0)Comments | March 13, 2014 8:19 am

Moves to list BOI companies with CSE from day of inception

Securities Exchange Commission of Sri Lanka chairman Dr. Nalaka Godahewa says the commissions has informed the Board of Investment (BOI) that there is a possibility of creating a separate board to list companies under its projects at the Colombo Stock Exchange (CSE) from their inception. Securities Exchange Commission chief Dr. Nalaka Godahewa told AdaderanaBiz this…

(0)Comments | March 13, 2014 7:00 am

Manipal, Raffles Universities branch out to Sri Lanka

India’s Manipal University which is active in 54 countries while catering to the education needs of over 26,000 students and Singapore’s Raffles University are reportedly set to establish their branches in Sri Lanka. Authorities from these universities are already in discussion with the Ministry of Higher Education regarding this, said Ministry secretary Dr. Sunil Jayantha…

(0)Comments | March 13, 2014 5:28 am

Ancient Gaffoor Building becomes a city hotel

Gaffoor Building, an ancient and famous landmark on Main Street, Colombo is to be renovated and reopened as a city hotel managed by the Urban Development Authority (UDA) by end next year, said the UDA chairman. This renovated city hotel would consist of around 70 rooms, UDA chairman Nimal Perera told AdaderanaBiz. “When we acquired…

(0)Comments | March 13, 2014 5:27 am

SL Rupee weakens

The Sri Lanka Rupee showed a downward trend against the US dollar at the money market a short while ago. US Dollar spot rate was 130.65/75 a short while ago. The reason is attributed to importer dollar demand.

(0)Comments | March 13, 2014 5:26 am

Foreign buying for sixth consecutive day

Though transactions at the Colombo Stock Exchange (CSE) decreased today, foreign buying rather than foreign selling was prominent for the sixth consecutive day. Accordingly, the net foreign buying reached Rs. 95 million. Foreign investors bought shares to the tune of Rs. 258 million while they sold shares amounting to Rs. 163 million. Foreign investor participation…

(0)Comments | March 12, 2014 11:48 am