The Central Bank has disputed the reasons adduced
by Fitch Ratings in downgrading the ratings as being pessimistic.
Fitch has revised the outlook on the foreign and local currency
issuer default ratings to Stable from Negative reflecting the
improvements in investment climate in Sri Lanka.
Bureaucracy hinders investor confidence - Aitken Spence
Fear on the unknown is the first obstacle that
the plantation industry is facing in diversifying towards a new
approach, Director, Head of Business Development and Plantations
Aitken Spence PLC Rohan Fernando said.
Diamond Tower to be Colombo’s tallest building, is a US$
150 million investment scheduled to be completed in
2011. The 246 -metre tall tower consisting of 59 floors
and 1.5 million square feet, will have many features
that will be at the cutting edge of technology, setting
a new standard in Colombo. These will include 177 luxury
residential apartments on 19 floors, six penthouses and
128 serviced apartments on eight floors, while nine
floors will be used for vehicle parking. Larsen & Touro
Limited, India’s largest engineering conglomerate,
promoted the project. Accor, an international leader in
serviced apartments will be managing the tower. The
project is located at Darley Road and construction is
due to commence shortly.