All Blogs
Sad Ending
Sept 27, 2007 (LBO) – Sri Lanka’s new company law has made it easier to start new ventures but winding up procedures are still cumbersome, a new World Bank study has said. In countries where bankruptcy is inefficient, unviable businesses linger for years, keeping assets and human capital from being reallocated to more productive uses, […]
Auditors PWC loses tax appeal in Russia
MOSCOW, Sept 27, 2007 (AFP) – The Russian subsidiary of Pricewaterhouse Coopers, an international accounting firm, lost an appeal on Wednesday against a back tax bill of 10.4 million dollars (7.4 million euros). In a separate case earlier this year, PWC was found guilty and ordered to pay a fine for helping Yukos to avoid […]
Euro hits record high 1.4166 dollars
LONDON, Sept 27, 2007 (AFP) – The euro set another record high against the dollar on Thursday as dealers waited nervously for the latest round of data on the United States economy. The European single currency hit 1.4166 dollars, beating its previous record of 1.4162 that was set on Wednesday. Dealers said the foreign exchange […]
Microsoft livens up Live Search to battle Google and Yahoo
MOUNTAIN VIEW, California, Sept 27, 2007 (AFP) – Microsoft on Thursday began phasing in a slick new version of its Live Search service in a bid to gain ground on leading Internet search rivals Google and Yahoo. Microsoft’s improved Live Search will be available throughout the United States in a week and globally by the […]
Row over Sri Lanka stadium ahead of England tour
Sept 27, 2007 (AFP) – Sri Lanka’s tsunami-hit cricket stadium at Galle is embroiled in a heritage row as it races to host the final Test of the England tour in December, officials said Thursday.Jayananda Warnaweera, the curator overseeing its reconstruction, said conservationists had objected to a new building at the stadium that could obstruct […]
Northern Power
Sept 27, 2007 (LBO) – A Malaysian firm which has bought a listed construction firm in Colombo has said it had bought an independent power producer (IPP) which will supply Sri Lanka’s northern Jaffna peninsula. MTD has also been interested in an expressway Sri Lanka hopes to build between its capital Colombo and the central […]
Pirate Attack
Sept 26, 2007 (LBO) – Several fishing vessels chased and tried to board a yacht off southern Sri Lanka in a rare attempted incident of piracy, according to a report from a piracy watchdog. The yatch, whose identity was not revealed, was enroute from the Maldives to Malaysia. The yacht managed to evade the attempted […]
New Course
Sept 26, 2007 (LBO) – Sri Lanka is planning to revamp the Central Freight Bureau, a state agency that at the time controlled the shipping business, into a research body, officials said. The new organization hopes to provide research material of commercial value to the shipping community. Ranjith de Silva, additional secretary to the Ministry […]
Niche Demand
Sept 26, 2007 (LBO) – A new Sri Lankan apartment developer says there is unmet demand in niche markets, though high interest rates from an expanding budget deficit have started to affect the overall property market. “There is a demand for quality apartments. One should stick to niche markets,” Gishanka De Silva, director DGS Holdings […]
Corrupt Rank
Sept 26, 2007 (LBO) – Sri Lanka has slipped ten places in a global ranking of public sector corruption, the latest study by anti-corruption watchdog Transparency International shows. . The island was placed the 94th least transparent country among 180 nations in 2007, down from 84th place a year earlier in a corruption perceptions index […]