Author: lbostgadmin
‘s Tata Tea buys 33 pct stake in South African tea firm
NEW DELHI, Oct 5, 2006 (AFP) – Tata Tea, the world’s second-biggest branded teamaker, said Thursday it has bought a 33 percent stake in leading South African tea firm, Joekels Tea Packers, as part of its global expansion drive.Tata Tea, part of India’s hotels-to-steel Tata conglomerate, has signed an agreement with Joekels Tea Packers, South […]
Biting Bullets
Oct 5, 2006 (AFP) – Sri Lanka plans to increase overall defence spending by 45 percent in calendar 2007 amid an upsurge in fighting between security forces and Tamil Tiger rebels, officials figures showed Thursday.The government’s initial budget estimates placed before parliament forecast defence spending would rise to 139.55 billion rupees (1.39 billion dollars) from […]
Sri Lanka plans to spend more and borrow further next year
October 5, 2006 (LBO) – Sri Lanka plans to spend more and borrow further next year as expenses for defence hardware and fuel related subsidies escalate. Total state spending will climb 42 percent to 804.6 billion rupees from 568.3 billion rupees in 2006, the government said Thursday while tabling the 2007 budget appropriation bill before […]
Big Plans
Oct 04, 2006 (LBO) – Sri Lanka will flag off two new power plants in Kerawalapitiya, at least one of them run to on liquefied natural gas. But the island is still looking down the barrel of power cuts over the next two years. Sri Lanka’s energy demand is expected to grow at about eleven […]
Bomb defused in Sri Lankan capital
Oct 4, 2006 (AFP) – A powerful Claymore mine was found in a Tamil area of the Sri Lankan capital Colombo on Wednesday and defused by the bomb disposal squad, police said.More than 60,000 people have been killed in three decades of ethnic bloodshed in Sri Lanka.The mine, weighing 15 kilos (33 pounds), was discovered […]
Spin tops substance in Sri Lanka talks
October 4, 2006 (LBO) – Norway has failed to secure agreement on resuming Sri Lanka’s peace talks following the latest diplomatic move, but reports suggest a breakthrough using hi-tech.Even as Norwegian peace envoy Jon Hanssen-Bauer struggled to get agreement between the government and the Tamil Tigers over a date and a venue for resuming talks, […]
Sri Lanka peace effort hits fresh snags
Oct 4, 2006 (AFP) – A renewed Norwegian bid to coax Sri Lanka’s government and Tamil Tiger rebels back to the negotiating table ran into fresh difficulties Wednesday amid disputes over the timing and venue for talks. Oslo’s special peace envoy Jon Hanssen-Bauer was in fresh talks with Sri Lankan officials to try to set […]
‘s best friend
PARIS, Oct 4, 2006 (AFP) – A 603-carat stone found in Lesotho is the 15th biggest diamond ever found, the Gem Diamond Mining company and the government of the southern African state said on Wednesday.Some facts about famous diamonds: Carats measure the weight of a gemstone; the unit is defined as a fifth of a […]
London taxi cabs set for Chinese production
LONDON, Oct 4, 2006 (AFP) – The world-famous black London taxi cab will soon be seen on the streets of China after its maker announced a multi-million-pound deal Wednesday to build 20,000 vehicles per year in Shanghai.Specialist carmaker Manganese Bronze said it had agreed a 53-million-pound (78.6-million-euro, 99.7-million-dollar) joint-venture deal with Chinese automaker Zhejiang Geely […]
Silver Lining
October 4, 2006 (Dow Jones)–Sri Lanka’s two listed telecommunications companies are poised for record profits this year as the country’s low penetration levels and the new products on offer continue to lure subscribers, offsetting the impact of higher interest rates and any possible slowdown in the economy. Analysts expect Sri Lanka Telecom shares to rise […]
Emirates Airlines ups flights between Colombo and Dubai
Oct 04 (LBO) – Dubai based Emirates will up weekly flights between Colombo and Dubai, ahead of Sri Lanka’s peak winter tourist season in November. The airline currently operates 13 services a week between its home base and Sri Lanka’s capital, now going up to 17 flights a week, the airline said in a statement […]
Sri Lanka logs 8.0% growth Jan-Sept: Treasury Secretary
October 3, 2006 (LBO) – Sri Lanka’s economy has beaten most forecasts to lodge a ‘near’ 8.0 percent growth for the first nine months, the secretary of the island’s finance ministry said, with robust performance driven by strong services, manufacturing, construction and agriculture numbers. Central Bank’s statistics director Anila Dias Bandaranaike last week warned that: […]