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Sri Lanka Hilton says multiple revenue streams cushions tourism hit
August 30, 2007 (LBO) – Sri Lanka’s Hilton Hotel is less affected than resort hotels by the drop in tourist numbers since it has multiple revenue streams, officials said. The hotel, which is owned by a Colombo listed company with state-ownership, is operated by the Hilton Hotels Corporation chain that has over 2,800 hotels in […]
Sri Lanka tea growers want to slash acreage, boost yields
August 30, 2007 (LBO) – Sri Lanka’s tea industry should slash the vast acreages under cultivation by half and improve yields as it was becoming unaffordable to run huge plantations, a top tea plantations company official said Thursday. “No longer can we have huge plantations,” said Dan Seevaratnam, Executive Deputy Chairman of the listed Kahawatte […]
Fast Downlink
August 30, 2007 (LBO) — The US Agency for International Development has teamed up with local and international partners to launch over a dozen of high speed Internet kiosks in far-flung towns outside the city of Colombo, officials said Thursday.The 700,000 dollar project is targeting 15 budding entrepreneurs who are willing to take the risk, […]
Maldives invites bids to build luxury hotel in capital
Aug 30, 2007 (AFP) – The Maldives has invited international investors to bid for the right to construct the tropical nation’s first luxury hotel on the island capital Male, officials said Thursday.Holidaymakers have made Maldives the richest nation in South Asia, with a per capita income of 2,674 dollars.Tourism and fishing account for a large […]
Asian stocks make cautious rebound with eyes on Fed
TOKYO, Aug 30, 2007 (AFP) – Asian stock markets made a cautious rebound Thursday as investors kept an eye on US Federal Reserve moves to combat housing woes that have battered global bourses. Asian markets were in positive territory after a strong recovery on Wall Street overnight but early gains were pared in Tokyo and […]
Venezuela to kick out Exxon, Conoco Phillips
CARACAS, Aug 30, 2007 (AFP) – The Venezuelan government wants two US oil giants that refuse to come under state control to leave and is not offering compensation, Energy Minister Rafael Ramirez said.There is an estimated 230 billion barrels of oil in Venezuela’s Orinoco field but 78 billion are proved.Exxon Mobil and Conoco Phillips have […]
Sri Lanka appoints committee to probe child recruitment charges
Aug 29, 2007 (AFP) – Sri Lanka Wednesday appointed a committee to probe allegations of child recruitment by a Tamil group allegedly linked to the government. The move came ahead of a crucial United Nations meeting next month on the human rights situation on the island. The committee will “inquire into allegations of abduction and […]
No Rules
August 30, 2007 (LBO) – Sri Lanka power engineers have called off all industrial action including a non co-operation campaign following a second meeting with senior government officials. The Ceylon Electricity Board Engineers Union (CEBEU) met senior government officials at Temple Trees on Tuesday following an initial meeting on Sunday. Union officials said most of […]
Sri Lanka opposition warns of possible default of a proposed sovereign bond
August 29, 2007 (LBO) – Sri Lanka’s main opposition announced a protest in front of HSBC Bank’s Colombo office after its leader warned that the country may not be able to repay 500 million dollars the bank is helping to raise. United National Party leader Ranil Wickremesinghe informed HSBC chief Stephen Green that the proposed […]
Sri Lankan businesses focus on forex hedging amid rupee volatility
August 29, 2007 (LBO) – Sri Lankan exporters, importers and freight forwarders are to discuss ways of managing foreign exchange risks at a time when the rupee has started weakening against the dollar.Standard Chartered Bank, which structured and completed Sri Lanka’s first rupee option, is to provide technical experts for a seminar on understanding foreign […]