All Blogs
Sri Lanka business chambers endorse expropriation bill
Oct 05, 2011 (LBO) – Sri Lanka’s large business chambers have tacitly endorsed a draft law to expropriate assets of several businesses on a promise that it will never be done again, according to a statement. The business chambers said they have been assured that it will be a “one off bill” and the expropriated […]
Sri Lanka sugar mill blockaded, director assaulted ahead of expropriation
Nov 05, 2011 (LBO) – A sugar mill in Sri Lanka slated for expropriation has been blockaded by ruling party activists and there was no police protection its owner said, raising fresh questions about liberty, rule of law and justice for the island’s citizens. Gamage’s words echoed a statement from Agroislna, a Venezuelan agriculture supply […]
Sri Lanka stock close flat
Nov 04, 2011 (LBO) – Sri Lanka stocks closed flat in thin trading Friday while sugar producer halted a capital raising, after it was listed in a bill to expropriate land in over three dozen private firms. The Colombo All Share Index closed up 0.14 percent at 6.406.5 points and the Milanka Index of liquid […]
Supply Link
Nov 04, 2011 (LBO) – Construction of transport infrastructure like ports and airports positions Sri Lanka to be a regional trade hub just like Dubai and Singapore have done for trade between East and West, a logistics expert has said. “It is a prerequisite to be able to berth these ‘mega ships’. If not Sri […]
Union Status
Nov 04, 2011 (LBO) – Sri Lanka’s Union Bank reported group net profits of 65.8 million rupees for the September 2011 quarter with profits of its asset management subsidiary being consolidated. The group reported earnings of 19 cents for the quarter and 57 cents for the nine months. At stand alone bank level profits rose […]
Sri Lanka tea prices up on winter buying
Nov 04, 2011 (LBO) – Buying for the winter mainly by Russia helped prop up tea prices at the Colombo auctions this week although they are expected to come down once demand tapers off, brokers said. There was demand both for tea from estates as well as low grows teas made by smallholders. “With the […]
Sri Lanka factory occupied over govt takeover plan
November 4, 2011 (AFP) – Government supporters in Sri Lanka have stormed and occupied a private sugar company earmarked for nationalisation under a controversial law, owners said on Friday. Sri Lanka has been trying to woo investors after defeating Tamil Tiger rebels in 2009 and declaring an end to nearly four decades of ethnic violence […]
Sri Lanka bank tax savings mooted to help revive tea industry
Nov 04, 2011 (LBO) – Savings made by Sri Lankan banks after tax cuts that government ordered be set aside for investments could be used to revive the ailing tea industry, a top exporter has suggested. Government support is needed in long-term financing and regulatory changes to “re-align” the traditional tea sector and help it […]
‘t
Nov 04, 2011 (LBO) – Sri Lanka’s lawyers have called for the withdrawal of a secretly hatched draft law to expropriate assets of citizens which is being rushed to parliament next week as an ‘urgent bill. ‘ The draft bill seeks to expropriate assets of three dozen ventures including two listed companies, violating the property […]
India court bails Satyam fraud accused
NEW DELHI, November 4, 2011 (AFP) – India’s Supreme Court on Friday granted bail to the former chairman of Indian outsourcing giant Satyam, B. Ramalinga Raju, who is accused of one of the country’s biggest corporate frauds. The court allowed bail for Raju, 57, his brother B. Rama Raju and the company’s former internal auditor […]