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

Who is Narendra Modi? Meet India’s pro-business, Hindu nationalist PM-in-waiting

What will Narendra Modi’s India look like? The country’s prime minister-in-waiting — a staunch Hindu nationalist and the Chief Minister of the western state of Gujarat since 2001 — is a deeply polarizing figure and an unproven commodity on the international stage. Analysts predict his arrival in the country’s top office will bring a marked…

(0)Comments | May 17, 2014 9:24 am

‘Rich List’ counts more than 100 UK billionaires

The number of billionaires living in the UK has risen to more than 100 for the first time, according to the 2014 Sunday Times Rich List. There are now 104 billionaires based in the UK with a combined wealth of more than £301bn, the list says. That means the UK has more billionaires per head…

(0)Comments | May 11, 2014 11:31 pm

IMF upgrades Sri Lanka’s 2014 economic growth to 7.0 percent

The International Monetary Fund (IMF) has upgraded Sri Lanka’s economic growth forecast for 2014 to 7.0 percent in its latest regional outlook for the Asia Pacific region. Its earlier forecast in December was 6.5 percent.

(0)Comments | May 6, 2014 9:42 am

China poised to pass US as world’s leading economic power this year

The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies. The US has been the global leader since overtaking the UK in 1872. Most economists previously thought China would pull…

(0)Comments | April 30, 2014 7:43 am

Signs of more ‘power’ for electric vehicles through next budget

The government is considering providing more concessions to the import of fully electrically operated vehicles with a view to drastically reducing fuel imports to Sri Lanka, says the Sri Lanka Vehicle Importers’ Association. The Association’s secretary Keerthi Gunawardene told AdaderanaBiz that they have high expectations that this step would be taken following their recent request…

(0)Comments | April 29, 2014 7:01 am

EPF’s profits in the five years 2009 to 2013 exceed Rs. 558 billion, says Central Bank

The Employees Provident Fund (EPF) regrets the attempts of certain persons to mislead the general public and its members by erroneous and sometimes mischievous media reports to gain political or other mileage, says the Central Bank of Sri Lanka in a media statement. It states: The Employees’ Provident Fund (EPF) wishes to state that some…

(0)Comments | April 23, 2014 4:34 am

How does government face decrease in revenue?

When taken as a percentage of the Gross Domestic Product (GDP) the government’s revenue last year has shown a decrease compared to 2012. While the government revenue has been 13.9 percent of the GDP in 2012, it has decreased to 13.1 percent last year. This has been due to the decrease in revenue of government…

(0)Comments | April 17, 2014 9:20 am

Gold loan crisis hits personal loans too

Banks in Sri Lanka reduced their loans provided with gold as security since they faced a huge crisis due to the continued decrease in gold prices in the world market. The main reason for the country’s banking system reducing its loans to the private sector last year is the decrease in providing gold loans, says…

(0)Comments | April 17, 2014 5:36 am