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June 28 (LBO) – Sri Lanka™s Board of Investment has re-done its tax incentive scheme with an emphasis on off-shore investments and large scale infrastructure projects. The traditional five year tax holiday will be replaced with a more rationalised scheme to raise the quality of investments, BOI chief Lakshman Watawala told businessmen on Wednesday. The […]
Housing King
June 28, 2006 (LBO) – HDFC Bank, the island’s largest housing bank, plans to expand its core business with moves to get into property development, an equity research firm said Wednesday. Executed through a fully-owned subsidiary HDFC Real Estate Development Ltd the state-run housing bank hopes to pay for the mammoth projects by leveraging its […]
Welcome Back
June 28, 2006 (LBO) – India has asked Sri Lankan vanaspati manufacturers to begin exports of the vegetable oil under new controls, amidst trade talks between the countries in Colombo. The move is one that violates the spirit of the free trade agreement between the countries, Sri Lanka™s Department of Commerce says and will take […]
” not enough
June 28, 2006 (AFP) – Sri Lanka Wednesday demanded the Tamil Tigers apologise for the 1991 assassination of former Indian premier Rajiv Gandhi, saying their latest expression of regret over the killing was meaningless. “The whole world knows that the LTTE killed Rajiv Gandhi,” Sri Lankan government spokesman Keheliya Rambukwella said. “In their latest television […]
Five sailors killed in Sri Lankan naval clash
June 28, 2006 (AFP) – Five Sri Lankan sailors were killed and three wounded in an exchange of fire with Tamil Tiger boats in the island’s northwest, the defence ministry said Wednesday.The navy and the Tamil Tigers clashed in the same area earlier this month in a major sea battle that killed more than 50 […]
Hundreds gather for funeral of slain Sri Lankan general
June 28, 2006 (AFP) – Hundreds gathered Wednesday for the sunset funeral of a top Sri Lankan army general who was assassinated earlier in the week amid ongoing attacks by Tamil Tiger guerillas.Major General Parami Kulatunga, the army’s number three, was killed Monday along with four others when a suspected Tamil Tiger suicide bomber rammed […]
Tigers, navy clash as bomb scares panic Sri Lankan capital
June 28, 2006 (AFP) – Tamil Tiger rebels clashed with a naval patrol and mortared military positions in the restive north Wednesday as schools in the capital shut amid fears of bomb attacks, the government said.Five sailors were killed in the attack, the military said. The rebel Liberation Tigers of Tamil Eelam (LTTE) were believed […]
Schools shut amid bomb fears in Sri Lanka
June 28, 2006 (AFP) – Several schools in the Sri Lankan capital Colombo shut Wednesday following fears that Tamil Tiger rebels may bomb them, officials and parents said.School buses were turned away at key colleges while even some international schools, where mostly children of expatriates study, were also closed amid the bomb scare, officials said. […]
Soldier killed in mortar bomb attack in Sri Lanka
June 28, 2006 (AFP) – Tamil Tiger guerrillas fired mortar bombs at an army camp in northeastern Sri Lanka Wednesday, killing one soldier and wounding three others, the defence ministry said.The rebel Liberation Tigers of Tamil Eelam (LTTE) staged a pre-dawn attack on the Kokkuthuduvai camp using mortars, spokesman Prasad Samarasinghe said. “We have retaliated […]
Emerging market companies in spotlight after Mittal’s Arcelor deal
NEW DELHI, June 27, 2006 (AFP) – Takeovers of major western companies by emerging market players, particularly from India and China, will escalate as they chase growth outside their traditional home markets, analysts say.“It will be critically important to know these challengers well and to use that knowledge in making key business decisions.Decisions made without […]
Foundation Stone
June 27, 2006 (LBO) – Sri Lanka’s President Mahinda Rajapakse Tuesday launched a new state-own development bank aimed at assisting small and medium scale entrepreneurs. The Lankaputhra Development Bank, kicked off with 1.5 billion rupee seed capital from the treasury, with a further 2.0 billion rupees expected from the Private Sector Infrastructure Development Fund. “We […]
Adding Beds
June 27, 2006 (LBO) – Sri Lanka’s Asha Central Hospital has bought land in Colombo to build a new 200-bed hospital, its Managing Director said Tuesday. The attractive fiscal incentives offered by the government to attract foreign and local investment to the health care industry have also helped spur growth. The 180-perches block of land, […]