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Sri Lankan nationalisation law criticised
November 13, 2011 (AFP) – Sri Lanka’s new law to nationalise “under utilised” private firms could shatter investor confidence and push the country into authoritarian rule, the opposition and press said Sunday. The bill was signed into law on Friday by parliamentary Speaker Chamal Rajapakse, the eldest brother of President Mahinda Rajapakse. The president, who […]
South Asia vows to boost trade as tensions ease
ADDU, November 11, 2011 (AFP) – South Asian leaders ended a summit in the Maldives Friday with pledges to increase regional trade as arch rivals India and Pakistan demonstrated signs of easing tensions between them. The US, which is an observer of SAARC, welcomed the easing of Indo-Pakistan tensions and said increasing trade and economic […]
‘s Gold Coast named 2018 host
SYDNEY, November 12, 2011 (AFP) – Australia was celebrating Saturday as the Commonwealth Games Federation picked Queensland’s Gold Coast to host the 2018 Games over Sri Lanka’s Hambantota. “See you in Gold Coast in 2018!!!” the federation said on Twitter, following a vote of its general assembly in the Caribbean nation of St Kitts and […]
Sri Lanka could cooperate more with South Asia on tax: experts
Nov 13, 2011 (LBO) – Sri Lankan tax authorities should cooperate more with South Asian counterparts to be more vigilant of tax evasion by cross-border enterprises, international experts said in Colombo. “African national tax administrators have been cooperating on technical professional issues over quite a few years,” Allen Kagina, commissioner general of the Uganda Revenue […]
Sri Lanka stocks end up 0.3-pct
Nov 11, 2011 (LBO) – Sri Lankan stocks closed firmer Friday but trading sank to a new recent low with uncertainty over a business expropriation law adding to the negative sentiment, brokers said. The main All Share Price Index rose 0.25 percent (15.60 points) to 6,332.47, while the more liquid Milanka index rose 0.31 percent […]
Hatton Profits
Nov 11, 2011 (LBO) – Profits of Sri Lanka’s Hatton National Bank rose 32 percent to 1,380 million rupees in the September 2011 quarter, from a year earlier, helped by a lower tax rate and provision reversals, interim accounts showed. The group reported earnings of 3.79 for the quarter. For the nine months to September […]
Flat Quarter
Nov 11, 2011 (LBO) – Sri Lanka’s DFCC Bank group reported profits of 529 million rupees in the September 2011 quarter, hardly changed from 524 million a year earlier, with net interest income narrowing, interim accounts showed. The group reported earnings of 2. 0 rupees for the quarter. For the six months it reported earnings […]
Management Skills
Nov 11, 2011 (LBO) – BRC Partnership, a consultancy based in Carrickfergus, Northern Ireland, is to provide management training and coaching for businesses in Sri Lanka, the British high commission said in a statement. Vicky Kell, Invest NI Trade Director said the joint venture deal was “an important success” for a Northern Ireland company specialising […]
Ad Hominem
Nov 11, 2011 (LBO) – Sri Lankan lawmakers expressed deep concern over a hastily passed expropriation law, which they said arrogated judicial and executive roles to elected members, undermining a constitutional separation of powers and violated property rights. “This bill has been drafted with no regard to the basic process of legislating,” opposition lawmaker and […]
Biometric Barrier
Nov 11, 2011 (LBO) – Two Sri Lankan visa applicants for travel to the United Kingdom were arrested this week when their attempt to use fake identities were detected with the help of fingerprints scans. UK visa applicants worldwide are required to provide their biometric data, having their fingers scanned and a digital photograph taken […]