All Blogs
Sri Lanka – Belgian tyre giant looks to roll faster
May 31, 2007 (AFP) – One of the world’s biggest solid tyre makers is trying to double its turnover and turn Sri Lanka into a key exporter of rubber products. “People keep asking us if its safe to live here, invest here and I say ‘yes’.We have had no problems. There are always risks associated […]
Sri Lanka travel ban only to the north and east: UK
May 30, 2007 (LBO) – Britain is advising its citizens not to travel to the north and east of Sri Lanka, but they are free to visit other parts of the country, the UK High Commission (embassy) in Colombo said. Sri Lanka’s total tourist arrivals are down 19.9 percent so far this year. “Some recent […]
Human Capital
May 30, 2007 (LBO) – The Securities and Exchange has hired three new specialists to push asset management, debt markets and communications, the regulator said Wednesday. Namal Kamalgoda has been appointed as, Director, Capital Market Development – Asset Management. He was chief investment officer at Eagle NDB Fund Management Company which had 18 billion rupees […]
Asset Backed
May 30, 2007 (LBO) – Sri Lankan companies that securitize leases will get to retain capital allowances and be exempt from stamp duty under a new law being drafted by capital markets regulators, officials said Monday. Such instruments required mature markets, developed infrastructure, comprehensive legislation, and human expertise. Asset-securitization would help reduce the cost of […]
Capital Loss
May 30, 2007 (LBO) – Tableware exporter Dankotuwa Porcelain has announced plans to reduce its share capital to wipe off accumulated losses amounting to 244 million rupees, making it the first company to do so after a new company law came into effect. A company statement said it proposes reducing the stated capital to 231.5 […]
” in Marks & Spencer partnership
May 30, 2007 (LBO) – Sri Lankan apparel Giant MAS Holdings is building a ‘Green Plant’ through its partnership with UK’s Marks & Spencer, to reduce waste and be environmentally friendly. The firm says it is developing a bio degradable packaging and card board hangers and has been sourcing part of its organic cotton supplies […]
Tamil wins another battle for equality with Hindi in India
CHENNAI, India, May 30, 2007 (AFP) – Tamil, one of India’s ancient Dravidian languages, is to have its own government-funded institute, Tamil Nadu state’s chief minister said.The federal government has agreed to set up the International Institute of Classical Tamil Language in the state capital Chennai, where language politics have often boiled over. M. Karunanidhi […]
US to propose Zoellick to head World Bank
WASHINGTON, May 29, 2007 (AFP) – US President George W. Bush was on Wednesday to name administration pointman Robert Zoellick to head the World Bank, replacing Paul Wolfowitz, who quit over a favoritism scandal involving his bank employee girlfriend. The naming of the steady, stalwart Zoellick was meant to end weeks of upheaval in the […]
Investors jittery as Sri Lanka fighting escalates
May 30, 2007 (AFP) – Sri Lanka’s investors, international donors and lenders are watching with alarm as government fighting against Tamil Tiger rebels escalates and key economic targets come under attack, analysts say.There appears little space to manoeuvre unless the separatist conflict subsides.Roadside blasts Monday and last Thursday around Colombo killed 11 people and wounded […]
Change Please
May 30, 2007 (LBO) – India’s National Thermal Power Corporation (NTPC) which is hoping to build a coal plant with Sri Lanka’s power utility has asked for Indian government help to change its proposed location, reports said. Eastern Sri Lanka has seen heavy fighting in the past year as government troops systematically took back areas […]