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

Sri Lanka’s car registrations increase

The number of motorcars registered in Sri Lanka during the first four months of this year has shown a sharp increase to 21.7 percent compared to the same period in 2013. According to the Mid-Year Fiscal Position Report 2014 released by the Finance Ministry, while 7,177 motorcars had been registered during the first quarter of…

(0)Comments | July 7, 2014 1:18 pm

List of government institutions indebted to banks

It has been revealed that the Ceylon Petroleum Corporation (CPC) is the government institution that owes the highest amount to banks and that it has reached the Rs. 389 billion mark by April 2014. By end last year the CPC owed the banks Rs. 419 billion, indicate the Mid-Year Fiscal Position Report 2014 released by…

(0)Comments | July 2, 2014 3:16 pm

Expectations from Sino-Lanka free trade agreement

Through the proposed China-Sri Lanka free trade agreement Sri Lankan exporters could enjoy more opportunities in the Chinese market, believes Senior Deputy Chairman of the National Chamber of Commerce of Sri Lanka, Tilak Godamanna. While speaking to he said that discussions are being held over the proposed free trade agreement and that through this…

(0)Comments | June 27, 2014 3:24 pm

India’s Underground Economy

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…

(0)Comments | June 27, 2014 12:28 pm

Sri Lanka Plans Its Own Mini Vegas

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…

(0)Comments | June 26, 2014 11:18 am

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