Majority stake of Srilankan Airlines will not be sold

Drought-related costs add to Sri Lanka’s challenges

Sri Lanka?s ambitious 2017?fiscal deficit target will be even more challenging to achieve as a result of the drough related costs, the Moody’s ratings agency said today. On Saturday, the Government announced that it will continue to provide?compensation to households affected by the country?s worst drought in 40 years. The Government will?provide LKR10,000 (or about $65.95) per acre of unusable, dried out rice paddies and compensation for?other crops for a period of four months. The compensatio

02 Mar, 2017

Norwegian pension fund doubles investment in Sri Lanka

Norwegian Government Pension Fund has more than doubled its investment in Sri Lanka by end of 2016, the Norwegian Embassy in Colombo said today. The Norwegian Government Pension Fund Global is a sovereign wealth fund, with a mandate to safeguard and administer the Norwegian government?s revenue from the oil and gas sector. Valued at 890 billion USD, the Fund is one of the largest sovereign wealth funds in the world, currently holding about 1.3 % of the world?s stocks. On appointment by the Nor

02 Mar, 2017

Australian appears in court over case involving Udaya

An Australian National appeared before the Colombo High Court today over a case involving Parliamentarian Udaya?Gammanpila. Australian Brian Shaddick had accused Gammanpila of committing fraud and depriving him of assets and interest to the tune of about 15 million US Dollars. The fraud had allegedly been committed by Gammanpila as a Director of the Digital Nominees Company which is headed by Shaddick. Gammanpila had allegedly committed?the fraud by using a false affidavit. He was?arrested in

01 Mar, 2017