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Sri Lanka president sworn in for a second term
Nov 19, 2010 (LBO) – Sri Lanka’s president Mahinda Rajapaksa was sworn in for a second six year term in office Friday, a day after his birthday which was celebrated with a 15,000 kilogram ‘milk rice’ by the island’s top chefs. President took his oaths before the country’s Chief Justice in a nationally televised ceremony. […]
Sri Lanka entrepreneur warns against state push into business
Nov 19, 2010 (LBO) – A recent state push into business is taking away opportunities available for the private sector to expand their wings at the end of a 30-year war, a Sri Lankan entrepreneur has warned. “Government is trying to compete (against private citizens), it could be hotels, insurance and any other area,” W […]
Sri Lanka war-stricken farmers get US help
Nov 18, 2010 (LBO) – More than 17,000 farmers in Sri Lanka’s war torn north will get seed paddy, agricultural equipment and help to re-build infrastructure through a 5.0 million US dollar grant from the United States. The US embassy in Colombo said the program will be conducted through the Food and Agricultural Organization of […]
Sri Lanka stocks close 1.4-pct higher on pre-budget rally
Nov 18, 2010 (LBO) – Sri Lanka stocks closed up 1.43 percent Thursday in a pre-budget rally which saw index heavy and illiquid stocks regaining recent losses. Aitken Spence, a conglomerate with heavy interest in the leisure sector closed at 178. 00, up 1.00 rupee. The All Share Price Index closed at 6,565.00, up 1.43 […]
Southern Port
Nov 18, 2010 (LBO) – Sri Lanka’s new Chinese built port in the Southern city of Hambantota was formally commissioned by President Mahinda Rajapaksa Thursday with the symbolic entry of a converted troopship. Rajapksa said in the second century, under then King Gajaba, there had been a port in the area called Godpabbatha which had […]
Accounting Link
Nov 18, 2010 (LBO) – Members of the Institute of Chartered Accountants of Sri Lanka will be able to get the qualifications of its sister body in the UK following a deal signed this month, an official said. “Following the signing of a memorandum of understanding with Institute of England and Wales you will not […]
Land Hustle
Nov 18, 2010 (LBO) – Sri Lanka is planning to bring in a new law to fast-track state land allocations to investors which are held up due to procedural delays at local government level, deputy economic development minister Lakshman Yapa Abeywardene said Abeywardene said such procedures required a new law to be passed. “We want […]
‘s powerful president settles in for the long-haul
November 18, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse kicks off a second term Friday, promising economic rebirth for the war-ravaged island with the help of nations who have snubbed Western calls for a war crimes probe. Rajapakse, who turned 65 Thursday, begins his fresh, six-year mandate from an unprecedented position of strength following […]
‘s jailed ex-army chief in hospital: party
November 17, 2010 (AFP) – Sri Lanka’s former military chief Sarath Fonseka, who is serving a 30-month jail sentence, was admitted to hospital after suffering breathing problems, his party said Wednesday. The ex-army chief has said the government is seeking revenge for his decision to stand against the president. The former general was unwell due […]
Sri Lanka should channel capital flows to direct investment: rating official
Nov 18, 2010 (LBO) – Sri Lanka can expect higher post-war growth, with lower inflation, higher employment provided deficit spending can be checked and capital inflows channeled to direct investment, a senior rating official said. “The two key reasons underpinning growth is the return of peace and all that it implies for investor confidence,” Roopa […]