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Express Path
Nov 14, 2011 (LBO) – Sri Lanka’s first 96 kilometre expressway from the capital Colombo to Galle in the south of the island to be opened in November 27, cost 77 billion rupees to build, officials said. The road is part of a 126-kilometer expressway running to Matara at the Southern tip of the island […]
Express Travel
Nov 14, 2011 (LBO) – Sri Lanka will permit public transport to operate on the island’s first expressway after buses with safety features are imported, deputy highways minister Nirmala Kothelawala said. “We will allow buses to travel on the road after four or five months,” minister Kothelawala told reporters. “But buses with belts in all […]
Port Deal
Nov 14, 2011 (LBO) – Agreements to start building the first container terminal by Aitken Spence and China Merchants Holding (International) in a new deep water port being built next to Sri Lanka’s Colombo port were signed last week. Construction work of the South Container Terminal will start on December 01, 2011 and first 600 […]
Higher Profits
Nov 14, 2011 (LBO) – Net profits of Sri Lanka’s Commercial Bank of Ceylon rose 45 percent to 2. 06 billion rupees in the September 2011 quarter helped by lower tax rates and provision reversals, interim accounts showed. The group reported earnings of 2. 57 rupees per share for the quarter. For the nine months […]
‘s Galadari Hotel returns to losses
Nov 14, 2011 (LBO) – Galadari Hotels, a firm which owns and operates a five star hotel in Sri Lanka’s capital Colombo lost 45 million rupees in the September 2011 quarter, from a profit of 78 million a year earlier, interim accounts showed. The firm reported losses of 25 cents a share for the quarter. […]
Freedom Debate
Nov 14, 2011 (LBO) – Sri Lanka’s Supreme Court came under fire in parliament on a debate on an expropriation bill, after the highest court reportedly said it was consistent with the constitution. The bill went to the Supreme Court after the cabinet of ministers gave their assent. “How can the Supreme Court, like this […]
Gas Strike
Nov 14, 2011 (LBO) – Cairn Lanka, a unit of India’s Cairn Energy, has made a second gas strike off the northwestern coast of Sri Lanka. On October 04, Cairn Lanka had begun work on CLPL-Barracuda-1G/1, a second well. The presidents office said in a statement that the state petroleum exploration office has been informed […]
Sri Lanka spice theft seen as organized crime
Nov 12, 2011 (LBO) – Theft on spice plantations in Sri Lanka has become a major problem and amounts to ‘organised robbery’, Sarada de Silva, head of a Sri Lankan grouping representing the spice industry said. One plantation company which had nurtured a large extent of cinnamon, the island’s main spice, found their first crop […]
India warns against protectionism in debt fallout
MUMBAI, November 13, 2011 (AFP) – India warned on Sunday against protectionism as the world grapples with the sovereign debt crisis, portraying itself as a relative haven of stability in troubled economic times. Commerce minister Anand Sharma said India was an influential emerging economy and that the country “will be part of the stabilisation process […]
‘s Atapattu praises Pakistan, Misbah
DUBAI, November 13, 2011 (AFP) – Sri Lankan batting coach Marvan Atapattu on Sunday praised the Pakistan team as one of the best in the recent past and likened their captain Misbah-ul Haq to his country’s former skipper Arjuna Ranatunga. Atapattu’s praise came after Sri Lanka were thrashed by eight wickets in the first one-day […]