Business:

The Colombo stock market yesterday consolidated itself with ASI marginally down and blue chip S&P SL20 Index up whilst foreign buying remained robust with net inflow topping the Rs. 12 billion mark. “Reversing Monday’s gains, the ASPI lost 0.4% as investors took profit from the market’s ascent over the last week. Turnover jumped to Rs. ...

The Securities and Exchange Commission (SEC) said yesterday that the Monetary Board has approved the conditional inclusion of investments in Guilt Unit Trusts (GUTs) by Licensed Commercial Banks and Licensed Specialised Banks under the definition of “liquid assets”. The conditions are GUTs should be open ended unit trusts; the underlying investment portfolio of GUTs should ...

The weighted average (WAvg) on the 364 day bill increased for the first time in eight weeks at yesterday’s weekly Treasury bill auction, two weeks after a policy rate cut of 50 basis points. However the WAvg on the 182 day bill dipped by 1 basis point (bp) to 9.90% while the 91 day held ...

Maturity    Offered mount    Bids received    Amount accepted    Weighted Average 91 day        Rs  1.000 Billion    Rs     4.128 Billion    Rs     2.258 Billion    8.75% 182 day    Rs  3.000 Billion&...

MUMBAI (Reuters): The Indian rupee weakened to a near six-month low on Tuesday, largely driven by weakness in the euro and import-related dollar demand that traders attributed to a private refining company. At 1115 GMT, the rupee was at 55.37/38 versus its Monday close of 55.10/11. It fell to 55.41 during the session, a level ...

Singer (Sri Lanka) PLC’s three-year listed unsecured redeemable debenture issue which opened yesterday was oversubscribed almost immediately and was subsequently closed in the early hours of the opening day itself. The initial issue was aimed at raising Rs. 1,000 million, with an option to increase this amount by a further Rs. 500 million, at the ...

Given the inordinate delay in resuming the examination of audit queries of the Employees Provident Fund (EPF), UNP MP Dr. Harsha de Silva yesterday instructed the Committee on Public Accounts (COPA) in Parliament to take necessary action to summon the EPF at the earliest convenience of the committee to restart the session that was abruptly ...

2011 Annual Report gets “qualified opinion” by Auditor General MP Ravi K describes it as “adverse”; asks Speaker to appoint Select Committee to probe By Ashwin Hemmathagama Our Lobby Correspondent The President’s Fund receiving a “qualified opinion” from the Auditor General “for not maintaining proper accounts” came under the spotlight yesterda...

Unions yesterday held a protest march from Belek Kade Junction to Mt. Lavinia, urging the Government to immediately withdraw the electricity tariff hike and reduce the soaring cost of living – Pix by Kithsiri de Mel

By David Ebert Have you ever wondered about how it is that with most of the fish and meat you eat being seasonal, you still manage to get a steady supply of it whenever you need? Take fish for example. It spoils very easily and the local fishermen who bring in the catch can’t afford ...

By Lakmal Sooriyagoda Three Chinese nationals who are claimed to have visited Sri Lanka for business purposes were arrested by Police on charge of staying in the country illegally without valid visas. When the three Chinese men were produced before Colombo Fort Magistrate Thilina Gamage, they were ordered to be remanded till 23 May. The ...

Wrapping up the Arpico Supercentre New Year campaign that rode on the theme ‘Dolos Mahe free shopping’ rewarding lucky winners up to a period of a 12-month free shopping, together with other prizes and surprises, the final awards ceremony took place recently, at the Richard Pieris Auditorium Nawinna Maharagama. During the campaign period, over 100 ...

SriLankan Airlines in its unbending mission to maintain the highest standards as the trademark national carrier has renewed its registration under the International Air Transport Association (IATA) Operational Safety Audit (IOSA) and IATA Safety Audit for Ground Operations (ISAGO) for the years 2013-2014, in conformity with standards introduced by the IATA to maintain aviation safety and ...

The Sri Lanka Economic Summit 2013, the flagship event of the Ceylon Chamber of Commerce will be held on the 9, 10 and 11 July 2013 at the Cinnamon Grand, Colombo under the theme ‘Re- Balancing the Economy’. The Sri Lanka Economic Summit brings together the best of Corporate Sri Lanka and world renowned academics, ...

Reuters: The Supreme Court dismissed a petition on Tuesday, seeking to scrap the remaining matches of the lucrative Twenty20 cricket competition amid growing concerns about corruption in the sport. Former test bowler Shanthakumaran Sreesanth and two other players were arrested along with 11 bookmakers on Thursday, on suspicion of spot-fixing in the Indian Premier League ...

Rajasthan Royals has suspended the contracts of all three of their players, who were arrested on allegations of spot-fixing. The three players had already been suspended by the Board of Control for Cricket in India (BCCI) soon after the controversy came to light. The franchise has also filed a complaint against the players with the ...

PARIS: Zhang Jike sealed a remarkable hat trick of major titles when he beat fellow Chinese Wang Hao 4-2 in the men’s final of the World Championships at Bercy Monday. Zhang, who had already beaten Wang in the 2011 world championships final and the Olympic final last year, prevailed 11-7, 11-8, 6-11, 14-12, 5-11, 11-7 ...

Reuters: Soccer champions Manchester United topped the table for English Premier League television income in 2012-13, raking in almost 61 million pounds in the final year of the current three-year contract, the League said on Tuesday. Relegated Queens Park Rangers, owned by Malaysian Airline boss Tony Fernandes, received almost 40 million pounds, the lowest figure ...

Young Jacques Gunawardena is in luck’s way for his motor racing career with support coming from McLarens Group of Companies. Jacques is to leave the island to compete in the FIM International Motor Cross Championships in Malaysia on 8 June. He is expected to leave on 5 June. Mc Larens Group of Companies which in ...

ESPNCricinfo: The IPL has stepped up security for the four teams remaining in the tournament by providing them officers from its Anti-Corruption and Security Unit (ACSU), following up a decision taken at Sunday’s BCCI working committee meeting. Mumbai Indians and Chennai Super Kings, who reached Delhi on Sunday for the first qualifier to be played ...

VIRGINIA WATER (Reuters): Golf’s governing bodies will ban the anchoring of putters from January 2016, the Royal and Ancient (R&A) and the United States Golf Association (USGA) said in a joint statement yesterday. The ban was first proposed in November. Players and the golfing community were then given 90 days in which to discuss the ...

Reuters:England named an unchanged squad for the second test against New Zealand starting on Friday after batsman Ian Bell was declared fit following a bout of tonsillitis. Bell climbed out of his sick bed to take his place at the crease in the first test won in stunning fashion by England on Sunday but had ...

Colombo Gazette: While trade unions claimed yesterday’s strike against the increase in electricity tariffs was a success the Government insisted it was a flop. The Government information department said that according to statistics obtained by the Government, attendance to duties by employees at public enterprises yesterday exceeded 93.5% which is 3.5% more than daily attendance. ...

www.thenorthernecho.co.uk: A world famous bridge building company has won a £ 35m contract that will help transform lives on a tropical island and secure the firm’s future for years. Cleveland Bridge in Darlington has signed a deal with the Government of Sri Lanka to make up to 210 bridges for jungle and rural areas across ...

‘Suzunami’ and ‘Kirisame,’ two Japan Maritime Self Defence Force (JMSDF) ships, have arrived on a goodwill and supply visit. They were accorded a ceremonial welcome by the Sri Lanka Navy upon their arrival at the eastern Port of Trincomalee. The 151 metre-long JS ‘Suzunami’ carries a crew of 180 officers and other ranks. The 4,650 ...

The US State Department says intolerance of, and discrimination against, Muslims by some Buddhists saw an increase in Sri Lanka last year. The International Religious Freedom Report for 2012 released by the US State Department on Monday, also said that last year, U.S. embassy officials conveyed U.S. government concerns about religious freedom, particularly attacks on ...

Sri Lankan Government generally respected religious freedom last year, although in some instances, local authorities were not effective in responding to attacks on members of minority religious groups, the United States said in a report. The International Religious Freedom Report for 2012 released recently by the US Department of State, said the constitution and other ...

Purchase a unique box of Environmental Wisdom Cards from the Cinnamon Grand and pass on the wisdom. On offer are twelve inspiring cards, with stunning images of the 200 year old Banyan tree at the village in the city, Nuga Gama, as a tribute to environmental wisdom passed down through the years. Captured by the ...

Yet another sale which had on offer a total of 8M/kgs was concluded this week.  There was less demand and consequently most tea on offer sold at regularly easier rates.    The volume of Ex-Estate teas on offer were similar to last and totalled 1.6M/kgs. Here again, there was less demand.  Best Western BOP/BOPF’s declined ...