Business

Japan’s Nissan Motor said on Wednesday it would recall nearly 540,000 vehicles worldwide, most of them in the United States, due to brake pedal defects and faulty fuel gauges.

In the latest data provided by the Tea Board of Kenya indicate that the country has usurped the throne of Sri Lanka for the first time as the biggest tea exporter in the world. While Kenya exported 342mn kg last year Sri Lanka could only supply 280mn kg to the world tea market during the same period.

Sri Lanka's three and six month Treasury bill yields edged up at Wednesday's auction, while the 12-month yield was flat the government's debt office said.

Cairn India which is exploring for oil in Sri Lankan waters is to start gathering meteorological data and monitor ocean currents next month ahead of a test drilling programme, an official said.

HSBC opened its flagship branch in Jaffna today becoming the first foreign bank to open its operation in the north.

Russia’s gas giant Gazprom plans to take part in exploration of offshore hydrocarbon fields in Sri Lanka. Gazprom CEO Alexei Miller and Sri Lankan President Mahinda Rajapaksa, who is visiting Moscow, discussed this issue at the talks on Monday.

Global Marketing Network (GMN), the worldwide professional membership association for marketing and business professionals will officially launch its Sri Lanka operation, GMN Sri Lanka. This event is to be hosted by the British High Commissioner, Dr Peter Hayes, at his official residence on 25th May 2010.

Sri Lanka's stock exchange said it was closing at noon Tuesday as the country goes for presidential polls and the would remain closed the following day after the government declared it a public and bank holiday.

Stocks closed 0.3 percent higher Friday as investors awaited presidential polls on January 26 and December quarter results also started to trickle in. The All Share Price Index closed at 3,531.73, up 12.02 points, while the Milanka index of more liquid stocks slipped 0.10 percent (3.93 points) to close at 4,044.83.

Sri Lankan shares gained 1.41 percent from a two-week low on Wednesday as retail investors snapped up battered shares, dealers said. The All-Share Price Index .CSE of the Colombo Stock Exchange closed 49.11 points firmer at 3,532.41 points, from its lowest since Jan. 4. It hit a record high of 3586.68 on Monday.

Madras University Vice-Chancellor G Thiruvasagam said the Sri Lankan government “has agreed in principle’ to the University of Madras” free higher education to the Tamil refugees living in various camps in Sri Lanka.

Profit taking dragged the indices at the Colombo Stock Exchange lower for the second straight day, Tuesday, as the ASPI closed down 45 points (-1.3 percent) to end at 3,483. The more liquid MPI closed down by 64 points (-1.6 percent) at 4,011. Turnover for the day was Rs 740 million with Richard Pieris & Company accounting for Rs 75 million. Richard Pieris closed the day down at Rs 44.25.

Sri Lanka's Central Bank said it was keeping its main reverse repurchase policy rate at which money is injected to markets steady at 9.75 percent though inflation has started to pick up.

Indices at the Colombo Stock Exchange declined on profit taking today (Monday), though turnover remained high on large parcels of a Venture Capital changing hands and retail participation.