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‘s tsunami affected areas get schools from United States
May 23, 2007 (LBO) – The United States has subcontracted a Sri Lankan firm to construct five schools in the south of the island a week after it awarded a contract to build four schools in the east, the US embassy in Colombo said. Access also holds the contract for the fishing harbors element of […]
Housing Boom
May 22, 2007 (LBO) – Consolidated net profits at HDFC Bank, a mortgage lender, grew 35 percent while revenues grew 40 percent for the quarter ending March 2007. HDFC group net profit after tax rose to 113.8 million rupees from 83.9 million in the first quarter this year while total revenue increased to 521 million […]
Sri Lanka media freedom, human rights, law and order sliding
May 22, 2007 (AFP) – Cases of murder, abduction, disappearance and intimidation surface almost daily in Sri Lanka as the South Asian nation appears to be sliding into lawlessness and war.With a truce between the government and the rebel Liberation Tigers of Tamil Eelam (LTTE) in tatters and peace talks long since abandoned, rights workers […]
Retail Takeover
May 22, 2007 (LBO) – Listed firm Kshatriya Holdings said it had reached a deal with the owners of Kings Super retail chain to purchase its assets and brand name. . “The total consideration is linked to the valuation of the assets,” Kshatriya Holdings said in a statement to the Colombo Stock Exchange. “Kshatriya Holdings […]
Trade Ties
May 22, 2007 (LBO) – Sri Lanka and the Maldives plan to set up a bilateral business council this week to promote trade and investment between the two countries, the Ceylon Chamber of Commerce said Tuesday. The Maldives is Sri Lanka’s the third largest trading partner in south Asia with the trade balance being in […]
Tax Loophole
May 22, 2007 (LBO) – The new company law gives companies a better chance to avoid paying tax on investment income, a corporate law expert said Tuesday. A company’s distribution of shares to shareholders may be treated as a dividend as it can distribute dividends only out of profit under Section 60 of the Companies […]
Call Me
May 22, 2007 (LBO) — Sri Lanka plans to allow third parties to operate payphone booths in an attempt to popularise them in far flung areas outside the city of Colombo, a top official said. The island’s eight public switched telephone network (PSTN) operators will now be allowed to appoint a third party to operate […]
US to power up global interest in nuclear energy
WASHINGTON, May 21, 2007 (AFP) – The United States sought to boost nuclear power in the global energy mix Monday, by hosting China, France, Japan and Russia at the first meeting of the Global Nuclear Energy Partnership.There are 100 nuclear power plants in operation across America producing about 20 percent of US power. President George […]
Bush seeking US citizen to succeed Wolfowitz
WASHINGTON, May 21, 2007 (AFP) – US President George W.Bush intends to nominate a US citizen to succeed Paul Wolfowitz as head of the World Bank, the White House said Monday. “We intend that the next World Bank president would be an American,” spokesman Tony Fratto said after Bush returned from a long weekend on […]
Sri Lanka warplanes bomb Tamil Tiger targets
May 22, 2007 (AFP) – Sri Lankan fighter jets bombed a suspected Tamil Tiger training facility inside rebel-held territory on Tuesday, the defence ministry said.Nearly 5,000 people have been killed in the latest surge of fighting that began in December 2005, according to the defence ministry.Warplanes hit an area south of Mankulam, about 300 kilometres […]