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Bandwidth Battle
Jan 02, 2011 (LBO) – Sri Lanka Telecom (SLT) has increased bandwidth speeds and data volumes for broadband customers and reduced charges from January 01, 2011, a statement said. “All our volume based broadband packages are free of bandwidth control and contention.” Editor’s note – a spokesman for SLT has clarified that this announcement is […]
Sri Lanka to scrap visa on arrival
December 31, 2010 (AFP) – Sri Lanka has revived plans to scrap the visa on arrival for foreigners, except Maldivians and and Singaporeans, and will launch an on-line visa application system, officials said Friday. The local tourism industry has been buoyed by a near 50 percent increase in foreign visitors since fighting ended in May […]
Sri Lanka government heads for mid-term test
January 1, 2011 (AFP) – Sri Lanka will hold its first nationwide local elections since the crushing of Tamil Tiger rebels, a minister said, with the mid-March vote seen as a key test for the ruling party. Political sources said the local election would be a key test of the government’s popularity as the country […]
Sri Lanka shares end up 0.33-pct
Dec 31, 2010 (LBO) – Sri Lankan stocks closed higher Friday with activity seen across the board by both the institutions and the retail traders, brokers said. The All Share Price Index closed at 6,635.87, up 0.33 percent (21.74 points) while the more liquid Milanka index rose 0. 15 percent (10.78 points) to close at […]
Finance Act
Dec 31, 2010 (LBO) – A new finance company law that is to be introduced in Sri Lanka will provide for tougher penalties against illegal deposit taking and give regulators wider powers to probe abuses, a statement said. The new law will repeal the existing No 78 finance company act of 1988 which was seen […]
Sri Lanka plantations mull loans for replanting
Dec 31, 2010 (LBO) – Sri Lanka’s plantations are considering concessionary loans with interest subsidies from the government to improve replanting of tea, which has fallen behind targets, the Tea Board said. The plantations ministry wants to increase the re- plantation rate of regional plantations corporation estates to three percent a year from the current […]
Indian group buys luxury London hotel Grosvenor House
LONDON, December 31, 2010 (AFP) – The conglomerate, Sahara India Pariwar, has bought London’s luxurious Grosvenor House hotel from state-rescued Royal Bank of Scotland for 470 million pounds (545 million euros, 728 million dollars). “We are extremely happy to announce Grosvenor House joining the Sahara family,” Sahara Group chairman Subrata Roy Sahara said in a […]
Sri Lanka gets US food aid for refugees
Dec 31, 2010 (LBO) – The United States has given Sri Lanka 5.5 million US dollars worth of emergency food aid to support the return of refugees displaced by the ethnic war in the north, a statement said. USAID, the development agency of the US government, has provided over 75 million dollars (8. 32 billion […]
Sri Lanka inflation 6.9-pct in December
Dec 31 2010 (LBO) – Sri Lanka’s inflation in December 2010 rose 6. 9 percent from a year earlier after rising 7. 0 percent in November, the central bank said. Prices rose 1.1 percent during the month with the index rising to 228.3 in December from 225.8 in November, it said in a statement. The […]
Sri Lanka shares gyrate after forced-selling scare
Dec 30, 2010 (LBO) – Sri Lankan stocks closed lower Thursday after recovering from sharp losses in early trade on panic selling by investors confused over a regulator order for brokers to force-sell equities of buyers in default, brokers said. The All Share Price Index closed at 6,614.13, down 0.49 percent (32.79 points) while the […]