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Sri Lanka businesses warn against economic sanctions
Sep 02, 2011 (LBO) – Sri Lanka’s large trade have criticized a report by a UN panel alleging human rights abuses in a civil war that ended in 2009, and warned against international economic sanctions. The panel called for probes in to allegations of war crimes by both sides of the conflict in the latter […]
Sri Lanka stocks up, Dhammika Perera ups Hayleys stake
Sep 01, 2011 (LBO) – Sri Lanka’s stock market closed higher Thursday with big deals by high-net-worth investor Dhammika Perera pushing turnover over eight billion rupees, brokers said. The main All Share Price Index closed at 6,951. 50, up 1.05 percent (72.21 points) while the more liquid Milanka index rose 1. 09 percent (67.94 points) […]
Investment Funds
Sep 01, 2011 (LBO) – Sri Lanka’s Commercial Bank has begun concessionary long term lending from an investment fund created with savings made from tax cuts under a proposal made in the government’s 2011 budget. The statement said state institutions can now borrow direct from local banks instead of being dependent on Treasury borrowings from […]
Sri Lanka JKH in joint venture to build Rs2.90bn business hotel
Sep 01, 2011 (LBO) – Sri Lanka’s John Keells Holdings (JKH) group plans to build a 25 storey, 240-room business hotel in Colombo with an investment of 2. 90 billion rupees in a joint venture with Sanken Lanka. JKH aims to have up to 1,000 business hotel rooms to cater to growing numbers of business […]
Sri Lanka Hayleys buys control of Amaya Leisure
Sep 01, 2011 (LBO) – Sri Lanka’s Hayleys conglomerate has spent 2. 6 billion rupees to buy a 51 percent stake in hotel firm Amaya Leisure owned by Hayleys deputy chairman Dhammika Perera, a stock exchange filing said. The transactions of 24,497,461 Amaya Leisure shares were done in five crossings or off-market private deals by […]
Brand Builder
Sept 01, 2011 (LBO) – Sri Lanka’s Cargills group, which has interests in foods and retailing said it will launch a new biscuit brand after buying a confectionery firm that earlier had a regional market. The firm also has an ice cream brand, Cargills Magic, which it says is now the top dairy ice cream […]
Detention Order
Aug 31, 2011 (AFP) – Sri Lanka on Wednesday used draconian anti-terror laws to detain thousands of Tamil rebel suspects who would have had to be freed when a state of emergency ended after 28 years, an official said. Attorney General Mohan Peiris said President Mahinda Rajapakse invoked regulations under the Prevention of Terrorism Act […]
Hactivism
Sep 01, 2011 (LBO) – A group of hackers said to be from Sri Lanka are claiming to have ‘DNS poisoned’ a series of internet servers related to domestic and foreign entities, where viewers are misdirected, using a recently exposed flaw, reports said. A patch for the flaw in DNS servers, discovered by Dan Kaminsky, […]
Freight Fortunes
Aug 31, 2011 (LBO) – New freight forwarding businesses in east Asia helped improve sales and profits for Sri Lanka’s Expolanka Holdings, which aims to further expand overseas and penetrate emerging markets. The group is looking at expanding by increasing its overseas stations and penetrating developing markets and also buying small and medium-sized freight companies […]
Ferry Orders
Aug 31, 2011 (LBO) – Sri Lanka’s Colombo Dockyard said it has won an order to build two passenger ferries for India’s Laskshadweep island administration, on the wake of an earlier delivery to the same customer. The contract comes a year after delivery of two passenger vessels, Arabian Sea and Lakshadweep Sea, for the Administration […]