Author: lbostgadmin
Land Hustle
Nov 18, 2010 (LBO) – Sri Lanka is planning to bring in a new law to fast-track state land allocations to investors which are held up due to procedural delays at local government level, deputy economic development minister Lakshman Yapa Abeywardene said Abeywardene said such procedures required a new law to be passed. “We want […]
Accounting Link
Nov 18, 2010 (LBO) – Members of the Institute of Chartered Accountants of Sri Lanka will be able to get the qualifications of its sister body in the UK following a deal signed this month, an official said. “Following the signing of a memorandum of understanding with Institute of England and Wales you will not […]
Southern Port
Nov 18, 2010 (LBO) – Sri Lanka’s new Chinese built port in the Southern city of Hambantota was formally commissioned by President Mahinda Rajapaksa Thursday with the symbolic entry of a converted troopship. Rajapksa said in the second century, under then King Gajaba, there had been a port in the area called Godpabbatha which had […]
Sri Lanka stocks close 1.4-pct higher on pre-budget rally
Nov 18, 2010 (LBO) – Sri Lanka stocks closed up 1.43 percent Thursday in a pre-budget rally which saw index heavy and illiquid stocks regaining recent losses. Aitken Spence, a conglomerate with heavy interest in the leisure sector closed at 178. 00, up 1.00 rupee. The All Share Price Index closed at 6,565.00, up 1.43 […]
Sri Lanka war-stricken farmers get US help
Nov 18, 2010 (LBO) – More than 17,000 farmers in Sri Lanka’s war torn north will get seed paddy, agricultural equipment and help to re-build infrastructure through a 5.0 million US dollar grant from the United States. The US embassy in Colombo said the program will be conducted through the Food and Agricultural Organization of […]
Sri Lanka to smoothen path for investors: ministers
Nov 17, 2010 (LBO) – A Sri Lankan state committee has finalized a report that has identified issues blocking investment and has proposed remedies to fast track projects, especially by speeding relevant government approvals, ministers said. Analysts say many laws passed in the legislature contain clauses such as the need for ‘ministers’ concurrence’ which promotes […]
Sri Lanka test fires coal plant furnace
Nov 17, 2010 (LBO) – Sri Lanka has successfully test fired a furnace of a 300 Mega Watt Chinese-built coal plant using liquid fuel Wednesday, in the island’s Western coastal area of Norochcholai. The first 300 MW stage is part of a 900MW coal fired complex. A ship carrying a 40,000 tonnes of coal from […]
Sri Lanka carbon emissions up, but power costs down with coal plant
Nov 17, 2010 (LBO) – Sri Lanka’s first coal plant will push the island’s carbon emissions by 46 kilograms per person next year, but electricity generation costs will come down sharply, power minister Champika Ranawaka said. The coal plant will increase per capital carbon emissions by 46 kilograms to 700 kilograms a year,” Ranawaka said […]
Better Potential
Nov 17, 2010 (LBO) – Sri Lanka’s importance as a shipping hub in South Asia has increased after the end of a long drawn out war, an international logistic group that has offices in the Middle East, Asia and Pacific said. “Sri Lanka with its strategic location provides a gateway to the Maldives where we […]
Sri Lanka holds policy rates, amid stronger credit growth
Nov 16, 2010 (LBO) – Sri Lanka’s central bank said it was holding its policy rates steady with credit growth picking up to 15. 5 percent in September 2010 from a year earlier and inflation despite an increase in commodity prices. “However, broad money growth remains compatible with the targeted path, with year-on-year growth in […]
Drill Deal
Nov 16, 2010 (LBO) – Cairn Lanka, which bought Sri Lanka’s first offshore oil exploration block has hired a Japanese ship to start drilling wells from July 2011, the Japan Drilling Company had said. The firm will use the ship ‘Chikyu’, owned by Japan Agency for Marine-Earth Science and Technology (“JAMSTEC”) to drill three wells […]
Night Banking
Nov 16, 2010 (LBO) – Sri Lanka’s state-run Bank of Ceylon will start a branch that will stay open 24 hours to support government efforts to expand night economic activities in Colombo, an official said. The branch in Colombo’s Fort areas is expected to start on November 19, chairman Gamini Wickramasinghe said. The government legalized […]