Eight accuses found guilty of Sri Lanka’s largest VAT fraud case sentenced to 20-year imprisonment and fined approximately 30 billion rupees by the Colombo High Court.
The Asian Development Bank (ADB) has approved an $800 million loan facility to fund rural and national road upgrades in six provinces in Sri Lanka, that will significantly improve access of remote communities to markets, services, and jobs. “Providing all-weather road access to towns and villages in rural areas will bring greater development and prosperity…
Developing Asia remains the fastest growing region globally despite slower-than-expected growth in major industrial countries as key economies in the region move ahead with structural reforms, says a new Asian Development Bank (ADB) report. In an update of its flagship annual economic publication, Asian Development Outlook 2014 (ADO 2014), released today, ADB kept its forecasts…
Hemas Holdings PLC and Minor International PLC, the parent companies of Leisure Asia Investments Limited and Lodging Investment (Labuan) Limited have made a proposal to the Board of Serendib Hotels PLC to consolidate the multiple Sri Lankan hotel property investments of Serendib Hotels PLC and the two major shareholders under Serendib Hotels PLC. While considering…
Samsung has announced that it is ending sales of its laptop computers in Europe. The move includes its Chromebook model, which had previously been one of the category’s best-sellers. The South Korean company’s decision follows Sony’s announcement earlier this year that it was selling its Vaio division and pulling out of PC sales altogether. However,…
British Airways today announced changes to its flight operations from Colombo and the Maldives. British Airways will fly to Colombo and Male until March 28, 2015. Services to Male will re-commence for winter 2015, but British Airways will cease to operate flights onwards to Colombo. With SriLankan Airlines recently joining oneworld, customers in Sri Lanka…
Colombo bourse closed in negative territory on Wednesday after six consecutive days of gains. Core index lost 6.21 points or 0.09% to end at 7,254.43 while S&P SL 20 index lost 7.46 points or 0.19 % to end at 4,022.63. Price declines in counters such as Commercial Leasing & Finance (closed at LKR 4.60, -4.2%),…
Deshodaya Development Finance Company Limited, a subsidiary of the Sarvodaya Movement which entered into a recent agreement to buy the controlling stake of George Steuart Finance Limited purchased 70.25 percent of this controlling stake today for nearly Rs. 350 million under the Consolidation of Financial Institutions Programme of the Central Bank of Sri Lanka. Deshodaya…
Alibaba founder Jack Ma has become China’s richest person following his company’s record listing, according to a wealth survey by the Hurun Report. Mr Ma tops its annual rich list with a fortune of $25bn (£15bn), followed by Wanda Group chairman Wang Jianlin. Internet billionaires account for five of China’s 10 richest people this year,…
Anilana Hotels & Properties PLC is to raise a sum of Rs. 767.4 million by the issue of up to 109,624,114 ordinary shares at a price of Rs. 07 each by way of rights to existing shareholders in the proportion of two new ordinary shares to every seven ordinary shares held. The funds raised would…
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