The Asian Development Bank (ADB) said it is discussing with the government to provide funds for construction of the proposed Kandy-Colombo or Northern Expressway. ADB president Takehiko Nakao who is in Sri Lanka revealed this while responding to a question during a media briefing in Colombo. He said the ADB was holding discussions with the…
The Central Bank’s Monetary Board has decided to keep its interest rates that decide the interest rates of commercial banks unchanged in June as well. Accordingly, while further maintaining the Central Bank’s policy rates unchanged from 6.5 to 8.0 percent in June as well, the Central Bank has urged commercial banks to further reduce their…
With Australia issuing a travel advisory to tourists to be vigilant when travelling to Sri Lanka following the sectarian clashes in Aluthgama and Beruwala, Sri Lanka Association of Inbound Tour Operators (SLAITO) chairman Mahendra Kariyawasam said that these incidents have not affected tourism in the areas as yet. He added that May-June is a lean…
The recent press release by the Public Debt Department (PDD) highlighted the improvements in government’s external debt position. These improvements are well documented in the Central Bank Annual Report 2013 under Section 6.4 (pp. 176-180) and in Appendix Tables 105 to 113 and in Special Statistical Appendix Table 7, where the external debt of the…
AIG Insurance is to submit a written proposal to the Insurance Board of Sri Lanka (IBSL) of its withdrawal from the Sri Lankan market and once it is submitted the Board would take the necessary action, IBSL chairperson Indrani Sugathadasa told AdaderanaBiz.lk AIG’s Regional Managing Director had called for an emergency meeting with her and…
Narendra Modi’s new government in India on Monday announced ambitious, Chinese-style plans to revive the struggling economy with everything from a nationwide high-speed rail network and a better tax system to improved schools and more toilets. “The people of India have given a clear mandate,” President Pranab Mukherjee told parliament in a formal speech outlining…
While court ordered today that the controversial reforestation company Touchwood be liquidated, the current Chief Executive Officer of the company says that they would appeal against this verdict. A group of investors had filed legal action before the Commercial High Court No. 3 claiming that Touchwood had failed to pay any dividends to its depositors and…
The young girls always traveled in pairs when walking to the wheat fields near their northern Indian village at night to relieve themselves before bed. That precaution wasn’t enough to prevent them from being raped and killed last week. Women in Katra village, where the murders took place, describe the act of open defecation as…
Even while some depositors have requested that the reforestation company to be liquidated, Touchwood Investments has announced that it is to begin a new operation at another premises under a new theme and a new logo. It states that its offices would be moved to Pelawatte in Battaramulla and its operations would begin on 02…
Permission to set up vehicle assembly plants in Sri Lanka for locally sold vehicles has been reportedly suspended and the government has appointed a committee to further study the granting of permission. The long term expectation of the government is to encourage these assembly plants to add some value to the vehicles assembled for the…
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