All Blogs
Sri Lanka fills monetary board vacancy
July 13, 2006 (LBO) – Upali Group chairman Nimal Welgama, has been appointed to the Monetary Board, the Central Bank of Sri Lanka said Thursday. Welgama has been appointed by the President with effect from July 3. His term of office will be for the remaining period of office of P D Rodrigo, appointed member […]
Tsunami displaced asked to build their own houses to beat costs
July 13, 2006 (LBO) – International donors who signed up to build homes for Sri Lankans displaced by the tsunami, are now altering plans to beat bureaucratic delays and rising construction costs, officials said Thursday. Over 98,000 houses needed to be built following the December 2004 tsunami that killed over 31,000 people and left nearly […]
‘s trade deficit widens despite strong export growth in May
July 13, 2006 (LBO) – Sri Lanka’s trade deficit expanded to 429 million dollars for the five months to May, amidst strong growth in export earnings. Exports from Sri Lanka rose 5.8 percent to 2,530 million dollars from Jan – May, as the island shipped more clothes, tea, rubber based products. During the month of […]
Indian servant’s tell-all book on a domestic’s hard life
NEW DELHI, July 12, 2006 (AFP) – For many affluent Indians, the ideal servant is one who is seen and not heard, rises early to get the kids off to school and uncomplainingly serves the family their last cup of tea at night. They don’t want to hear any heart-wrenching or even mundane details of […]
In Control
KUALA LUMPUR, July 12, 2006 (AFP) – Tony Fernandes, head of budget carrier AirAsia, will ensure the airline remains Malaysian owned and not sell shares to Singapore state investment arm Temasek Holdings, a report said Wednesday. Fernandes, who has a majority stake in Tune Air which in turn owns 40 percent in Asia’s pioneering low […]
Lost & Found
COLOMBO, July 12, 2006 (AFP) – Sri Lanka announced Wednesday it would seize an estimated 30 million dollars in dormant bank accounts as part of a drive to clean up commercial bank books. Monetary authorities will use a provision under the Banking Act relating to “abandoned property” to access the dormant funds, Upali de Silva, […]
James Finlays ups capacity at its tea bagging plant
July 11 (LBO) – James Finlays has upped capacity at its tea factory, turning out bio-degradable tea bags to break into new markets in the United States and Europe. Finlays is about the sixth largest tea bag exporter in the country and the largest exporter to Japan, producing 1.5 million tea bags a day. With three […]
Trade Block
July 11 (LBO) – A tariff cut of up to 70 percent on goods like cement imported under the Indo-Lanka free trade deal, has been pushed back to September due to procedural delays. This will come into effect by September this year, that is our expectation and we are trying to speed it up, N […]
Illegal Stay
LONDON, July 12, 2006 (AFP) – The British government announced Wednesday it had ruled out the possibility of an anmesty for immigrants who are in the kingdom illegally, in a review of immigration procedures. “In the end a system that denies full rights to all migrants in the UK is both socially unjust and is […]
Asia in middle of shopping mall revolution, China and India leads
SINGAPORE, July 12, 2006 (AFP) – China and India are leading a revolution in the shopping centre industry in Asia but investors must have the business acumen, stamina and money to navigate regional markets, industry players said Wednesday. Driven by strong economic growth and rising disposable incomes, hundreds of shopping malls have sprouted across the […]