Generations of Indians have grown up imagining a bank with high ceilings and chandeliers in Switzerland, where shadowy Indians go to leave a lot of illicit cash in the care of practical white men. In popular lore, the “Swiss bank account” is an essential part of Indian villainy, even though illicit money is a common…
This story appears in the July 21, 2014 issue of Forbes Asia. In the heart of Colombo, next to a lake, John Keells Holdings, Sri Lanka’s largest listed conglomerate, has giant excavators preparing the foundation for its new resort, the biggest in the country. The $820 million project–the largest investment by a domestic company here–includes…
SriLankan Airlines has sold five year bonds valued at USD 175 million at a yield of 5.3 percent, reports Bloomberg. Some 60 percent of these bonds have been reportedly bought by Asian investors while European investors have bought 25 percent and Middle Eastern investors 15 percent. These bonds have been provided a government guarantee and…
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…
Video Story
