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Good governance sends home BoC General Manager

The Finance Ministry has with immediate effect suspended the services of senior banker and Bank of Ceylon General Manager D.M. Gunasekera. Finance Minister Ravi Karunanayake said that there are several reasons for the suspension of Gunasekera and that misuse of authority, fraud and corruption are some among them. It is learned that one of the…

(0)Comments | April 7, 2015 11:10 am

Changes at top of Lanka IOC

Incumbent Non Executive Director Indrajit Bose has been appointed Chairman of Lanka IOC PLC with immediate effect. Indrajit Bose served as Executive Director of West Bengal State Office at Indian Oil Corporation Limited. He has been a Non-Executive Director of Lanka IOC PLC since June 10, 2014. Meanwhile, D.K. Sharma, Executive Director (Retail Sales) of…

(0)Comments | April 6, 2015 8:14 pm

Stock Market Review – 06th Apr 2015

Colombo stock market started weekly operations on a negative note where bourse witnessed a lackluster trading session. Main index failed to maintain the positive momentum and lost 30.63 index points or 0.44% to end at 6,917.51. Meanwhile S&P SL20 index declined by 15.71 index points (-0.40%) to close at 3,893.87. Price depreciation in Lion Brewery…

(0)Comments | April 6, 2015 7:00 pm

Another Indo-China competition in Sri Lanka

It is no secret that China and India are showing keener interest on geo-strategically vital Sri Lanka. However, the arrival of Indian and Chinese tourists to Sri Lanka seems to be competitive. When the latest tourist data is analysed it shows that India has become the country from where the highest number of tourists have…

(0)Comments | April 6, 2015 12:58 pm

Carles Puyol in Sri Lanka

The Spanish legend and former captain of Barcelona, Carles Puyol was spotted in Sri Lanka with his wife Vanessa Lorenzo lately. Enjoying their holiday, Puyol posted a video of the couple at a whale watching tour. Carles and Lorenzo were also spotted enjoying a safari at the Udawalawe National Park. Being a nature lover, his…

(0)Comments | April 6, 2015 10:16 am

BOI recommends criminal prosecution of ex-SriLankan Airlines Chairman & CEO

A Board of Inquiry has found shocking details of corruption running into billions of dollars, manipulations of service contracting, recruitment of unqualified staff and major security breaches at the SriLankan Airlines under the former government. In February, the Minister of Ports, Shipping and Aviation Minister Arjuna Ranatunga appointed the Board of Inquiry (BoI) to report…

(0)Comments | April 4, 2015 6:04 pm

Sri Lanka’s foreign reserves lowest in three years, gold reserves too fall

It has been revealed that since February 2012 Sri Lanka’s foreign reserves have recorded its lowest during last March. According to latest data from the Central Bank of Sri Lanka (CBSL) Sri Lanka’s foreign reserve has fallen to USD 6.8 billion in March 2015 while it was USD 7.4 billion in February. The last time…

(0)Comments | April 4, 2015 3:39 pm

Did China profit from corrupt Sri Lanka deals?

It’s the kind of project that can make a legacy: A massive port complex, complete with luxury hotels and fancy shops, constructed on an artificial island. Mahinda Rajapaksa, the former president of Sri Lanka, was the driving force behind such a project, a $1.4 billion crown jewel to be built near Colombo by a state-backed…

(0)Comments | April 4, 2015 2:18 pm

Court of Appeal vacates eviction against Northern Power Plant employees returning to work

The order of eviction issued by the Mallakam Magistrate against the Northern Power Plant in Chunnakam preventing its employees from reporting to work has been vacated by the Court of Appeal. The order will be in effect from Monday 06 April. The Jaffna High Court on 20 February allowed the Northern Power Co (Pvt) Ltd’s…

(0)Comments | April 4, 2015 1:46 pm

Highways Minister explains how 'good governance' government builds highways

Some allege that the incumbent government does not construct any roads or highways. However, since the good governance government cannot construct road like the former government, certain systematic methods are being planned in the construction and development of roads to eliminate fraud and corruption, said the Highways and Investment Promotion Minister. Highways and Investment Promotion…

(0)Comments | April 2, 2015 5:07 pm