Tuesday, 28th April 2015

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Business

The Consumer Affair Authority (CAA) has commenced discussions on a fresh pricing formula for bread based on its weight instead of the prevailing system, a senior official said.
Director General, CAA, J.M.A. Douglas speaking to The Nation Gain stated that according to the current pricing regulations, it was mandatory for bakers to maintain the weight of bread at 450 grams. “That...

Full Article Saturday, 25 April 2015 00:00

Despite foreign media reports last week stating that Bajaj would commence production of its quadricycle to its export market including Sri Lanka, the vehicle, whose registration process is already fighting a legal battle in India, faces a state of confusion in Sri Lanka due to the absence of a category for registration, under the present regulations. The Economic Times of...

Full Article Saturday, 25 April 2015 00:00

Fitch Ratings, which this week affirmed Sri Lanka’s Long-Term Foreign and Local Currency Issuer Default Ratings at ‘BB-’, says it believes fiscal consolidation could stall in 2015-16 as expenditure rises and revenues remain lackluster. Fiscal consolidation is a policy aimed at reducing government deficits and debt accumulation by the creation of strategies for minimizing deficits and preventing the accumulation of more...

Full Article Saturday, 25 April 2015 00:00

The present Government has commenced the initial paperwork for a Bus Rapid Transit (BRT) system, a plan which is in line with the proposals of the previous regime, where the first phase would be launched along Galle Road in Colombo, Secretary to the Transport Ministry Secretary, Dr. Lalithasiri Gunaruwan said last week.  Speaking to The Nation Gain, Dr. Gunaruwan stated...

Full Article Saturday, 25 April 2015 00:00

In spite of the unfavorable weather conditions that prevailed during the last quarter of 2014, Aitken Spence Plantations-managed Elpitiya Plantations PLC’s New Peacock Estate in Pussellawa claimed it has recorded the highest ever yield-per-hectare of 3,008 Kgs/ha for the financial year 2014/15 in Sri Lanka for a tea plantation estate with an extent of over 260 ha. Here the estate workers are pictured with...

Full Article Saturday, 25 April 2015 00:00

The Government has estimated that it would have to spend an additional USD 40 million on proposed plans to convert the Mattala Rajapaksa International Airport (MRIA) into a maintenance hub and a destination for cargo service providers, a high ranking official attached to the Airport and Aviation (Services) Sri Lanka (AASL) said last week.

Full Article Saturday, 25 April 2015 00:00

 Monday

Colombo equities swung between gains and losses on Monday and closed with mixed results amid political uncertainties.  All Share Price Index was up in the morning session by 7.78, +0.1% but closed in the negative column at 7,080.38 with a loss of 6.03 points or -0.09%. S&P SL 20 index gained 8.04 points (-0.20%) to end at 4,020.60. Daily market turnover was LKR 494mn.

Full Article Saturday, 25 April 2015 00:00

Industry leaders at the World Economic Forum on East Asia have said they expect oil prices to rise further. The leaders, meeting in the Indonesian capital, Jakarta, said the long-term view was that demand for oil is growing. Oil prices are around their highest levels for the year. The price of Brent crude was at $63 a barrel on Tuesday, up 40%...

Full Article Saturday, 25 April 2015 00:00

Thailand’s government said it is “confident” it can address concerns over illegal fishing that could result in a trade ban from the European Union.
The EU warned on Tuesday that it would block seafood imports unless “a corrective tailor-made action plan” was implemented within six months.
Thailand’s agriculture ministry has since unveiled a six-point plan designed to combat illegal fishing.

Full Article Saturday, 25 April 2015 00:00

An extremely rare 100-carat flawless diamond, the size of a walnut, fetched US$22.1 million at Sotheby’s Magnificent Jewels auction in New York City on Tuesday.
The classic emerald-cut colorless diamond, which was mined by De Beers in South Africa in 2013, was originally 200 carats in weight in its raw, unpolished form before the company spent more than an entire year polishing...

Full Article Saturday, 25 April 2015 00:00

Vietnam has been named among the best destinations for “business process outsourcing” (BPO) in the world, far beyond China and India, according to the Gulf Times on April 19. Vietnam jumped from its ranking of five in 2014 to the top in 2015. According to the Gulf Times, Vietnam has taken the lead in the list of the world’s top BPO locations for...

Full Article Saturday, 25 April 2015 00:00

Central Bank Governor Arjuna Mahendran resumed his duties on Thursday ending his more than five-week voluntary leave of absence, The Nation Gain learns.  This is following the release of the report by the three member committee recently that inquired into the 30-year Treasury bond issuance, which is yet to be made public.  The Committee which consisted of Gamini Pitipana (Attorney-at-Law) Chairman, Mahesh...

Full Article Saturday, 25 April 2015 00:00

Bank of Ceylon closed its 75th year on a high note by recording the highest ever profit before tax (PBT) in the bank’s history as well as in the Sri Lankan banking industry of Rs.20.3 billion, achieving a growth of 29% compared to the previous year. Post tax profit stood at Rs.13.6 billion a 12% growth. The Group has reported Rs.21.4 billion...

Full Article Saturday, 25 April 2015 00:00

Sri Lanka is to host the South Asian Investment Conference and South Asian Federation of Exchanges (SAFE) annual general meeting on the 26th and 27th of April, in Colombo, a statement by the CSE said last week. “The CSE is proud to host the first AGM of SAFE as a founder member nearly 14 years ago and we are happy...

Full Article Saturday, 25 April 2015 00:00

Treasuries yields plummet
Sri Lanka's Treasuries yield dropped across maturities at Wednesday's auction, with the 12-month yield dropping 10 basis points to 6.50 percent, the state debt office said. The 3-month yield fell 7 basis points to 6.19 percent, and the 6-month yield fell 18 basis points to 6.35 percent. The debt office sold 9.85 billion rupees of 3-month bills, 10.9 billion rupees of 6-month bills and 13.73 billion rupees...

Full Article Saturday, 25 April 2015 00:00

Religare Capital Markets (RCM), a leading Corporate Finance and Equity Capital Markets (ECM) investment bank for fast growing companies in the Asian region, recently signed a Memorandum of Agreement with FSG Capital for the provision of Investment Banking services. The main focus of this strategic partnership will be to advise rapidly growing companies, including those in the mid-market segment that remain..

Full Article Saturday, 25 April 2015 00:00

Sri Lanka is to open the first ever museum to showcase the richness, the variety and the evolution of the ayurveda traditional medicine heritage of Sri Lanka next month. ‘Withas Mahal’, the three storeyed Ayurvedic Medicine Museum, which is also the second in the world, is being constructed at a cost of Rs.60 million at Molligoda, Wadduwa in the...

Full Article Saturday, 25 April 2015 00:00

This year the world celebrates its 15th Intellectual Property (IP) Day on April 26th. Since 2001, the World IP day has focused on how IP contributes to innovations and creations, which ultimately help shape the world. Moreover, the day provides an opportunity to encourage people to think about the role played by IP in their day-to-day lives and its importance...

Full Article Saturday, 25 April 2015 00:00

The next big event of the world after the Olympics being Expo 2015 that will be launched on the 1st of May has attracted two hundred key private sector entities with some wanting to be in the Sri Lanka pavilion right across six months said the Commission General for Sri Lanka Rohantha Athukorala when he addressed the tourism sector participants at...

Full Article Saturday, 25 April 2015 00:00

The World Bank, which released its South Asia Economic Focus Spring 2015 report recently, says Sri Lanka’s growth is expected to decelerate to 6.9 % year-on-year in 2015 due to slowing construction activity, as the new government reassesses the country’s growth model. This biannual economic update presenting recent economic developments and a near term economic outlook for South Asia titled ‘Making the most of...

Full Article Saturday, 25 April 2015 00:00

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