Category:
Easier Access
Sept 07, 2010 (LBO) – Sri Lanka’s Customs department has doubled the number of gates at Colombo port to four to ease congestion and speed up the flow of cargo, a Sri Lanka Ports Authority (SLPA) official said. Truckers have had to wait for lengthy periods to move in and out of the port because […]
Shock Absorber
Sept 07, 2010 (LBO) – Sri Lanka will increase minimum capital requirements of banks to increase their resilience to shocks and also require unlisted private banks to list on the Colombo bourse, the Central Bank said. This was to meet “the need for enhancing the ability of banks to raise additional capital in a more […]
Erratic global weather threatens food security: experts
STOCKHOLM , September 7, 2010 (AFP) – The drought in Russia and floods in Pakistan are part of a global trend of unpredictable weather patterns and rainfall that threaten food security, experts gathered in Stockholm said. Pointing out that there have been periods of extreme weather patterns before, he said: “These kinds of fluctuations are […]
India to sell stakes in two energy companies
NEW DELHI, September 6, 2010 (AFP) – India said Monday it aims to sell stakes in two more state-run energy firms as part of its plans to speed reforms and raise funds to combat poverty. The Congress-led government is looking to sell 10 percent of its stake in Indian Oil Corp and a five-percent stake […]
‘s third-term bid
September 7, 2010 (AFP) – Sri Lanka’s Supreme Court has cleared the way for President Mahinda Rajapakse to run for a third term in office, saying the constitution can be changed by a vote in parliament, officials said Tuesday. Rajapakse, who oversaw the defeat of the Tamil Tiger rebels last year after decades of civil […]
Sri Lanka investment agency awaits tax policy in budget
Sept 07, 2010 (LBO) – Sri Lanka’s state investment promotion agency is waiting for the harmonization of a tax regime in the island following a budget later this year and it is also likely to undershoot an investment target for the year, an official said. Sri Lanka has a bloated state sector, with more than […]
Cargo Flows
Sept 06, 2010 (LBO) – Container volumes at South Asia Gateway Terminals (SAGT), an associate of Sri Lankan conglomerate John Keells Holdings, fell in August, the first monthly fall against a year ago since October 2009. SAGT’s cargo volumes were down 2. 3 percent to 159,334 TEUs (twenty-foot equivalent units or containers) in August 2010 […]
Sri Lanka resort operators in Maldives seen facing more competition
Sept 06, 2010 (LBO) – Tourists arrivals to the Maldives, where two Sri Lankan conglomerates own or operate resorts, are recovering from recession but construction of more hotels is seen hitting room rates. China is the second highest tourism market to the archipelago so far this year with a 14.2 percent market share preceded only […]
Sri Lanka poultry industry recovering from state curbs, demand up
Sept 06, 2010 (LBO) – Sri Lanka’s Bairaha Farms, a poultry breeder and processor says the industry is recovering and increasing production after state restrictions on the industry were relaxed but demand is also rising. “Since the Government has been encouraging the local cultivation of maize it did not allow imports in spite of the […]
Fast Track
Sept 06, 2010 (LBO) – India’s Mphasis said its start up outsourcing unit in Sri Lanka may grow faster than planned as it signs up multinational firms to outsource services starting next month. The firm opened a 250-seat facility in Colombo Monday and said it would start shifting work of a ‘multinational’ firm within four […]
Sri Lanka power expert comments on solar economics
Sept 06, 2010 (LBO) – Tilak Siyambalapitiya, an expert of power has responded to a recent Lanka Business Online story on a solar power project by a financial sector firm, explaining the economics of solar power. The response is reproduced below. I write with reference to your recent news item on Solar Supplement. I am […]
Sri Lanka civil society organizations oppose constitutional change
Sept 06, 2010 (LBO) – Civil society organization representing several interest groups in Sri Lanka have come out against proposed changes to the constitution as a move that will further destroy democratic values and individual freedom. “Until the people understand these two basic principles Sri Lanka will only have fascist nationalism by majority vote (also […]