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Sri Lanka’s debt burden dipps

The Central Bank of Sri Lanka (CBSL) has released the latest data on Sri Lanka’s debts which shows that compared to the Gross Domestic Product (GDP) the debt burden has decreased to 74.3 percent by end June 2014. By end 2013 the country’s debt burden was 78.3 percentage of the GDP. In 2005 it was…

(0)Comments | August 8, 2014 2:36 pm

Squadrons of foreign pilots in Sri Lanka

There are around 100 foreigners currently serving with SriLankan Airlines as chief pilots and the incapability of training pilots locally is due to the resources being limited, said the Director General of Civil Aviation. Director General of Civil Aviation H.M.C. Nimalsiri old that around 200 Sri Lankans too are with the foreigners as chief…

(0)Comments | August 7, 2014 12:01 pm

CPC ‘miscalculations’ revealed by COPE interim report

The interim report released by the Committee on Public Enterprises (COPE) reveals that the Ceylon Petroleum Corporation (CPC) has overpaid USD 2,060,842 to a foreign company named UAE since an installment of USD 54 had been included twice in the agreement entered into for the purchase of fuel. COPE chairman revealed this during the media…

(0)Comments | August 6, 2014 9:46 am

Chinese top the list as tourists to Sri Lanka

China has become the country with the fastest arrivals of tourists to Sri Lanka. According to the latest government statistics tourists arrivals from China in July this year Chinese tourists to Sri Lanka has grown by 172.2 percent to 15,178 tourists. While within the first four months of this year the number of Chinese tourists…

(0)Comments | August 5, 2014 1:19 pm

Commercial Credit takes over 98% of Trade Finance & Investments

Commercial Credit Limited has bought 98 percent of shares of the over 35 year old, Jet Wing Group owned Trade Finance & Investments PLC for nearly Rs. 1.5 billion, very reliable sources told Nearly 83 percent of the controlling shares of this company have been sold to Commercial Credit at Rs. 28 each on…

(0)Comments | August 4, 2014 2:59 pm

IMF warns Sri Lanka again

The International Monetary Fund (IMF) has warn that more attention should be focused over Sri Lanka’s state and private banks becoming indebted to foreign countries day by day. Similarly, the IMF has also said that Sri Lanka should be cautious over its inflation as well. While this is not the first time that the IMF…

(0)Comments | July 30, 2014 2:01 pm

Chief Justice steps aside from Golden Key case

Chief Justice Mohan Peiris today stepped aside from the judge bench hearing the Golden Key case citing an anonymous letter received by him and in the greater interest of the judiciary. The decisions was made public when the Fundamental Rights (FR) petition filed by the aggrieved depositors of Golden Key Credit Card Company Ltd. was…

(0)Comments | July 28, 2014 2:13 pm

Benefits to employees after removal of 1857/8 Gazette notification taxes

Due to President Mahinda Rajapaksa’s decision to remove the taxes imposed by special Gazette notification No. 1857/8, the decision to impose taxes on benefits and perks of employees in state and private sector banks, financial institutions and other profit/loss making institutions including insurance agencies would be done away with, said an official of the Ceylon…

(0)Comments | July 22, 2014 3:30 pm

Video- Legal action can be taken if banks do not reduce interest rates: Central Bank Governor

EXCLUSIVE:: The Central Bank of Sri Lanka (CBSL) has the authority to resort to legal action if commercial banks do not further reduce their interest rates in line with the stipulated rates, said the Central Bank Governor. During an exclusive interview with, Cenrtal Bank Governor Ajith Nivard Cabraal said a recent survey conducted by…

(0)Comments | July 17, 2014 5:25 pm

US now world’s biggest oil producer

The US will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America said. US production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding…

(0)Comments | July 7, 2014 3:00 pm