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Getting Close
Nov 08, 2011 (LBO) – Sri Lanka’s Supreme Court has said a draft law to expropriate assets of some three dozen private enterprises is consistent with the island’s constitution in a determination read out by the deputy speaker in the island’s parliament. The controversial bill was referred to the Supreme Court by Sri Lanka’s President […]
Tele Profit
Nov 08, 2011 (LBO) – Sri Lanka Telecom, the island’s only wireline operator, which also owns a mobile firm said profits rose 3 percent to 1,058 million rupees in the September 2011 quarter from a year earlier, with revenues staying flat at 12. 6 billion rupees. The group said broadband and mobile services were growing […]
EU concerned over Sri Lanka net censorship
Nov 08, 2011 (LBO) – The European Union has expressed concern over the blocking of several dissident websites in Sri Lanka, which the island’s information ministry said was damaging image of politicians and senior state officials. “The EU considers that freedom of press forms an integral part of any democratic system,” European Union heads of […]
‘s large chambers want expropriation bill deferred
Nov 08, 2011 (LBO) – Sri Lanka’s large business chambers have urged the state to defer a hastily drawn up law to expropriate three dozen business ventures which has drawn fire from many quarters. “Considering the likely negative impact of the proposed legislation and the wide spread negative publicity it has received, we urge the […]
Sri Lanka hit by regime uncertainty
Nov 08, 2011 (LBO) – Sri Lanka’s investment prospects would be hurt by sudden changes in policy and laws relating to property rights and investment returns analysts said, describing a condition identified by economists as ‘regime uncertainty’. “Consistent government policy: that is what investors are looking for,” Sujeewa Mudalige, President of the Institute of Chartered […]
Toll Rate
Nov 07, 2011 (LBO) – The toll for cars using Sri Lanka’s first expressway, scheduled to be opened later this month, has been set at 400 rupees for the full distance and a minimum of 100 rupees, an official said. The southern expressway, linking Colombo with the town of Galle on the south coast, is […]
Gearing Up
Nov 07, 2011 (LBO) Sri Lanka’s Hatton National Bank will sell five billion rupees of debt within the next six months to boost capital and prepare itself to give more loans in the future, an official said. He said the bank has already raised nearly eight billion rupees in capital via a combination of equity […]
Sri Lanka bought leaf tea factory net down 68-pct
Nov 07, 2011 (LBO) – Profits at Tea Smallholder Factories Plc, a unit of Sri Lanka’s John Keells Holdings fell 68 percent to 8. 3 million rupees in the September 2011 quarter from a year earlier, amid falling revenues. Tea Smallholder Factories Ltd is 37.6 percent owned by John Keells Holdings, 24. 3 percent by […]
Mounting Opposition
Nov 07, 2011 (LBO) – Senior Sri Lankan Buddhist monks asked the state to withdraw a planned law to expropriate businesses, saying it violated citizens rights and that loss-making state enterprises should be turned around first. “We hope the government will not go ahead with this new bill and give people an opportunity to voice […]
Earnings tumble as airlines face new turbulence
SINGAPORE, November 6, 2011 (AFP) – Hefty falls in earnings for aviation giants Singapore Airlines and Emirates are the clearest signs yet of fresh turbulence just three years after the 2008 financial crisis wreaked havoc, analysts said. The two companies, regarded as among the industry’s most well-managed carriers, cited escalating fuel expenses and growing unease […]