Author: lbostgadmin
Sri Lanka stocks close down 0.24 pct
October 09, 2012 (LBO) – Sri Lanka stocks closed down 0.24 percent Tuesday with indices seeing sharp gains earlier in the day on news that the regulator has loosened credit and broker stock sales restrictions, brokers said Commercial Bank slipped 0.10 cents to close at 112.10 rupees down 0.09 percent. DFCC Bank dropped 1.40 rupees […]
Sri Lanka judges, magistrates, lawyers on strike over assault
Oct 08, 2012 (LBO) – Sri Lanka’s district judges and magistrates are striking Monday, while several lawyers associations had decided to keep away from court work, over the assault of a the secretary of the island’s independent judicial services commission. Sri Lanka abolished a civil service commission, which was in charge of appointing, transferring and […]
Sri Lanka Krrish project gets sweeping tax breaks
Oct 08, 2012 (LBO) – A 450 million US dollar hotel and residential development in Sri Lanka’s capital Colombo by India’s Krrish group is getting sweeping tax benefits running up to 25 years. Krrish group is building a tower block in Colombo’s colonial quarter by the side of an historic British administration building ‘Transworks House’ […]
Sri Lanka scholar explodes China arms trade myths
Oct 07, 2012 (LBO) – Contrary to popular belief that Chinese arms sales to Africa fuel wars and human rights abuses, it is the United States that sells more weapons to autocracies there, a Sri Lankan scholar says. Much of the ‘China-bashing’ in the Western media is driven by domestic protectionist pressures and is reminiscent […]
Sri Lanka hikes tobacco taxes
Oct 06, 2012 (LBO) – Sri Lanka has raised tobacco taxes from October 06, a notice posted on the island’s customs office showed, to raise extract more money from citizens and cut a budget deficit stemming from unchecked state spending. The tax hike came ahead of a budget for 2013 to be presented in parliament […]
Court Relief
Oct 06, 2012 (LBO) – Key trade unions in Sri Lanka have gone to court over controversial share investments made in second tier firms and banks by state managers of a retirement fund of private sector workers. Eleven trade unions that sought relief from Sri Lanka’s Supreme Court alleged that stocks have been bought in […]
Sri Lanka resumes printing money to sterilize forex sales
Oct 06, 2012 (LBO) – Sri Lanka’s central bank has sterilized a foreign exchange sale injecting 8.0 billion rupees in one-month money into the banking system, ending several weeks of monetary policy that has been favourable of a stronger exchange rate. On Friday the central bank printed 8.0 billion rupees for one month at 9.81 […]
Sri Lanka inflows to hydro power plants lowest in 20-years
Oct 05, 2012 (LBO) – Water inflows to Sri Lanka’s hydro power plants up to September 2012 was the lowest in 20-years and much lower than a year earlier which was also a drought year, the island’s power ministry said. “We are not cutting power like in India,” the minister was quoted as saying. “That […]
Maldives and US in military exercises
Oct 05, 2012 (LBO) – Maldives an Indian Ocean tourist paradise and the US are conducting joint military exercises to boost military interoperability between the forces of two countries and skills training, the US embassy in Colombo said. The participating U.S. units are mainly from I Marine Expeditionary Force, based in Camp Pendleton, California, with […]
Chicken Case
Oct 05, 2012 (LBO) – Ceylon Grain Elevators, a unit of Singapore’s Prima group with interests in poultry and feed milling said it had settled a customs case dating back to 1998 by paying 115 million rupees. CGE said the matter has been settled with the firm agreeing to pay 115 million rupees to customs […]
Kimberly Process
By US Ambassador Gillian Milovanovic, Kimberley Process Chair Oct 05, 2012 (LBO) – Almost a decade ago, the consensus-based Kimberley Process (KP) certification scheme established minimum requirements for global rough diamond production and trade. Today, to keep pace with a changing world, the KP’s 77 participant countries, observers from industry, and civil society must ensure […]
‘s Aitken Spence in renewable energy drive
Oct 05, 2012 (LBO) – Sri Lanka’s Aitken Spence, which owns and operates hotels inSri Lanka, Maldives, India and Oman said it has started a drive into renewable energy which was helping the firm cut fossil fuel use. The group had installed gliricidia wood burning biomass gasifiers to run boilers at Heritance Tea Factory in […]