manusath-derana

Analysis

What happens to AIG policy holders, employees? IBSL chairperson speaks out

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…

(0)Comments | June 13, 2014 12:15 pm

India launches Chinese-style economic revival plan

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…

(0)Comments | June 10, 2014 9:51 am

Court orders liquidation of Touchwood

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…

(0)Comments | June 5, 2014 2:32 pm

Toilet Shortage in India Fuels Rape as Women Are Prey Walking to Wheat Fields

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…

(0)Comments | June 4, 2014 12:55 pm

Controversial Touchwood breathes new life

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…

(0)Comments | May 30, 2014 8:35 pm

Permission suspended for local vehicle assembling

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…

(0)Comments | May 30, 2014 10:47 am

Say so if you can’t, Lakshman Yapa tells Krrish Group -video

If the Krrish Group is unable to carry out its project on the four acre land at the Fort in Colombo, the group could hand over the project to any other investor or implement it together with another investor according to the laws in the country, said the Investments Promotion Minister. India’s Krrish Group has…

(0)Comments | May 29, 2014 5:20 pm

Central Bank to further relax exchange controls

The Central Bank of Sri Lanka (CBSL) has decided to further relax the exchange controls to enable Sri Lanka to become more competitive in the world market. Hence, the CBSL has announced the following exchange control relaxations with effect from today: Permission to foreign investors to invest in debentures of companies incorporated in Sri Lanka:…

(0)Comments | May 28, 2014 6:08 pm

Exchange Commission to take earlier management of Touchwood to courts

The Securities & Exchange Commission (SEC) is reportedly preparing to take legal action against the earlier management of crisis torn Touchwood Investments PLC for frauds confirmed to have been committed. The investigations carried out by the Securities & Exchange Commission together with the Criminal Investigation Department (CID) and Interpol into the frauds committed by the…

(0)Comments | May 24, 2014 1:48 am

Fitch Affirms HNB at ‘AA-(lka)’; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based Hatton National Bank PLC’s (HNB) National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable. The agency also affirmed HNB’s outstanding senior unsecured debentures at ‘AA-(lka)’ and subordinated redeemable debentures at ‘A+(lka)’. HNB’s National Long-Term Rating is driven by its intrinsic financial profile, which reflects its long and resilient operating…

(0)Comments | May 22, 2014 9:28 am