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…
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:…
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…
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…
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…
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…
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.
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…
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…
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…
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