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…
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…
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 AdaderanaBiz.lk, Cenrtal Bank Governor Ajith Nivard Cabraal said a recent survey conducted by…
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…
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…
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…
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 AdaderanaBiz.lk he said that discussions are being held over the proposed free trade agreement and that through this…
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…
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