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Sri Lanka cancels land sale to China firm
Oct 25, 2011 (LBO) – Sri Lanka has cancelled the sale without tender of prime land in the capital to a Chinese defence contractor to build a hotel and is renegotiating the deal with alternate land being offered. Minister of economic development Basil Rajapaksa said the government had changed its policy and decided not to […]
India hikes rates again, sees slowdown
MUMBAI, October 25, 2011 (AFP) – India’s inflation-fighting central bank on Tuesday raised interest rates by a quarter-point, the 13th hike since March last year, while warning of a further economic slowdown this year. The rise in borrowing costs is likely to infuriate business leaders, who are already worried about growing signs of slackening domestic […]
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October 25, 2011 (AFP) – The office of Sri Lankan President Mahinda Rajapakse said on Tuesday that a new war crimes charge filed in an Australian court against him was “hilarious”. “It’s hilarious to file charges against a head of state who has defeated terrorism in Sri Lanka,” Rajapakse’s spokesman Bandula Jayasekera told AFP by […]
Australia presses Sri Lanka over war crimes claims
PERTH, October 25, 2011 (AFP) – Australian leader Julia Gillard on Tuesday urged Sri Lanka to address claims of serious human rights violations as a man filed war crimes charges against President Mahinda Rajapakse. “Instead they caused such brutality to them, to our country, and also posed a threat to our region. ” Sri Lanka […]
Sri Lanka state to take over stalled high rise project
Oct 25, 2011 (LBO) – The Sri Lankan government is to take over a high rise hotel and apartment tower whose construction was stalled after its parent firm got into financial trouble. The takeover is to be effected under a new law that is being put through the judicial and parliamentary approvals process that provides […]
Sri Lanka stocks end up one percent
Oct 24, 2011 (LBO) – Sri Lankan stocks rose Monday with many shares pushed up in thin trade, led by sharp gains in illiquid ones, amid a controversy over an attempt to push out a regulator cracking down on equities fraud, brokers said. There was one crossing of Seylan Bank of 529,300 shares at 65 […]
Loan Growth
Oct 24, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB- and P3 to Softlogic Finance with a stable outlook on the long-term rating. The ratings are premised upon the improvement in its market position while maintaining its asset quality at a level that commensurate with the BBB-rating […]
Sri Lanka to reduce travel fee for South Asian tourists
Oct 24, 2011 (LBO) – Sri Lanka is likely to charge a reduced fee from south Asian tourists visiting the island under a new scheme that provides online approval for travel that will replace an on-arrival visa scheme next year. Minister of economic development Basil Rajapaksa said the proposed 50 US dollar per person fee […]
Sri Lanka headed for regional visa row with high fees: report
Oct 24, 2011 (LBO) – Sri Lanka’s proposed 50 US dollar per person fee for an electronic visa has triggered a row with India with the possibility of the country running afoul of obligations under a South Asian regional arrangement, a media report said. The Sunday Times newspaper said the Indian High Commission (embassy) in […]
Sri Lanka Watawala Plantations cuts losses on palm oil gains
Oct 24, 2011 (LBO) – Sri Lanka’s Watawala Plantations returned to profit in the September 2011 quarter, containing first half losses at 13 million rupees, as increased palm oil crops and prices helped offset losses from tea. Group sales in the six months to September 2011 sales rose eight percent to almost three billion rupees […]