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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 […]
‘s late strikes
SHARJAH, November 6, 2011 (AFP) – Off-spinner Saeed Ajmal took two wickets in an over to check Sri Lanka’s victory bids on the fourth day of the third and final cricket Test against Pakistan at Sharjah stadium here on Sunday. The wily-spinner dismissed Angelo Mathews (13) and Kaushala Silva (nought) in the final hour to […]
‘s expropriation bill as BATNA
Nov 06, 2011 (LBO) – The government is paying a price for advancing a bill to expropriate private enterprises at a time when it wants to attract more foreign investment and to induce domestic investors to commit more resources to productive economic activities. In addition to the negative signals sent by the Bill itself, the […]
Sri Lanka military to build 5-star hotel, float construction firm: report
Nov 07, 2011 (LBO) – Sri Lanka’s military is looking for land in Colombo to build a five star hotel and will also float a construction firm to bid for state projects, a media report said. The newspaper said Sri Lanka’s military chief Jagath Jayasuriya had said there was a need for “a separate company […]
Sri Lanka unit of Singapore firm listed for expropriation
Nov 07, 2011 (LBO) – A convention centre run by a Singapore-based firm in Sri Lanka’s capital Colombo has been listed for expropriation in a controversial bill which is targeting land in 37 companies. “The safety of foreign investment is guaranteed through the acceptance by two third majority of Parliament of the Constitutional Guarantee of […]
Cargo Crisis
Nov 06, 2011 (LBO) – Sri Lankan port authorities have agreed to long-standing demands of truckers to open more entrance gates, reduce security checks and provide toilets after a sudden strike disrupted cargo flows through Colombo port. Port officials said some of the restrictions such as checks on cargo and closure of entrance gates had […]
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November 6, 2011 (AFP) – Sri Lanka’s president has vowed to turn his war-battered nation into the “miracle of Asia,” but a controversial new nationalisation law is seen as a major blow to hopes of wooing foreign capital. The government says the move will boost investor confidence in the south Asian country, hungry for foreign […]
Finance Recovery
Nov 04, 2011 (LBO) – Sri Lanka’s The Finance Company Ltd said it broke even in the September 2011 quarter, recovering from a steep loss a year earlier, helped by provision reversals and lower interest expenses. The firm reported profits of 6.9 million rupees for the September quarter, recovering from a loss of 737 million […]