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Nov 09, 2011 (LBO) – Sri Lanka passed a law to expropriate assets of dozens of enterprises despite protests from trade chambers, religious and opposition groups who warned that it will scare off investors. A 30-year war ended in 2009, but expected foreign direct investment had not materialized. “[W]e believe that the proposed Bill may […]
SEC Case
NEW YORK, November 8, 2011 (AFP) – Disgraced hedge fund manager Raj Rajaratnam, already sentenced to prison for 11 years, was ordered Tuesday to pay almost $93 million dollars as part of an insider trading case brought by financial regulators. A New York federal judge ordered Rajaratnam to pay the $92.8 million in a case […]
US List
Nov 09, 2011 (LBO) – Virtusa Corporation, a Nasdaq listed information technology company founded by Sri Lankan born entrepreneurs has been included in a list of 100 small best small companies in America, the company said. “We are delighted to be recognized on Forbes’ list of 100 Best Small Companies in America, said Kris Canekeratne, […]
China opens embassy in Maldives ahead of key summit
GAN, November 8, 2011 (AFP) – China opened a full diplomatic mission in the Maldives Tuesday, two days ahead of a key South Asian summit in the Indian Ocean archipelago, an official said. Beijing established the embassy in the capital Male as seven South Asian leaders were due in the Maldives for their 17th summit […]
Sri Lanka dealers offer lower prices if older car imports allowed
Nov 09, 2011 (LBO) – Sri Lankan importers of used Japanese vehicles said they can sell cars for around two million rupees each if allowed to import slightly older vehicles and a tax anomaly removed. Yoga Perera, president of the Vehicle Importers’ Association, said they had asked for the concessions in the government budget that […]
Sri Lanka exports may be affected by US, EU slow down: report
Nov 09, 2011 (LBO) – Stagnation in the United States and European Union might slow demand for Sri Lanka’s exports and a shift away from such reliance to new markets would help to cushion growth prospects, a new rating report said. “However, gradual normalisation may take place on the back of better economic conditions, to […]
Sri Lanka court stays war-zone new land registration process
Nov 09, 2011 (LBO) – A controversial new way to register land in Sri Lanka’s former war zones outside established procedure has been stayed by the island’s Court of Appeal with the state also not objecting, lawyers said. Sri Lanka’s attorney general has said the registration process is being reconsidered they were not objecting to […]
Sri Lanka ruling coalition partner balks at expropriation bill: report
Nov 08, 2011 (LBO) – Sri Lanka’s Jathika Hela Urumaya, a Buddhist monks’ party which is a partner of the ruling coalition is unhappy with an expropriation bill, that is being rushed to parliament and may not support it, a media report said. The bill which violated property rights of people and has drawn fire […]
‘s central bank buys New York property
Nov 09, 2011 (LBO) – Sri Lanka’s central bank has bought property in New York as part of a move to establish overseas offices where the foreign reserves are invested, Governor Nivard Cabraal said. “We have bought office space, we will be having some our operations in other countries,” he said. “Initially we will give […]
Sri Lanka Treasuries yields up sharply
Nov 08, 2011 (LBO) – Sri Lanka’s Treasuries yields rose as much as 15 basis points at auction Tuesday, a week after an entire auction was rejected, data from the state debt office showed. Meanwhile Sri Lanka’s inflation index in the capital Colombo eased to 5. 1 percent in October. Corrected/date The 3-month yield rose […]