Category: Other
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 […]
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 […]
Sri Lanka drought dries up tea company cash flows
Oct 04, 2012 (LBO) – A severe drought has damaged tea plants in key Sri Lankan growing regions causing crop losses and cash flow problems for some plantations companies already grappling with high production costs. A statement from the Planters’ Association, which represents listed plantation companies, said some factories had been forced to close owing […]
Sri Lanka Nestlé unit sets milk collection record
Oct 03, 2012 (LBO) – Nestlé Lanka, a unit of Swiss based Nestlé said it had collected five million litres of milk from domestic farmers, which was the highest monthly collection to date. The firm collects milk from 18,000 dairy farmers in rural Sri Lanka. “Developing and contributing to Sri Lanka™s rural economy has always […]
Return Journey
Sept 29, 2012 (LBO) – Another group of 28 Sri Lankan boat people have opted to return, abandoning their quest to seek residence in the country, the Australian government said. Immigration restrictions, ‘visas’ and ‘work permits emerged only in the last century with the rise of nationalism, fascism and socialism in Europe restricting the travel […]
Legal Moves
Sept 24, 2012 (LBO) – A group of Sri Lankan lawyers have expressed concerns over attempts to intimidate the judiciary after the island’s judiciary ruled against a draft bill relating to powers devolved to regional bodies. Lawyers for Democracy (LfD) alleged that the current administration had transported people to a location near Sri Lanka’s parliament […]
Sri Lanka tyre recycling plant to make wood-like products
Sept 23, 2012 (LBO) – A Dena Nano Technology Lanka Pvt Ltd, company with British and Indian investment plans to recycle old automobile tyres into wood replacement material for the construction industry, a media report said. Dena Technology of UK has patented technology to make wood-like products for the construction industry from old tyres which […]
Failed Attempt
Sept 22, 2012 (LBO) – A group of 16 boat people who have opted to return to Sri Lanka has been sent back by a special flight, an Australian government statement said. Australia however has said it will increase places for migration through prescribed or ‘legal’ channels. Sri Lanka’s military has also ‘arrested’ boat people, […]
India diesel price hike to cut subsidy by Rs200billion
Sept 20, 2012 (LBO) – A 12 percent or five Indian rupees per litre hike in diesel in prices in will reduce India’s subsidy cost by 200 billion rupees in the year to March 2013, Standard and Poors’ said. India has also rationed the issue of subsidized liquefied petroleum gas to six 14.2 kilogram cylinders […]
Compensation
Sept 16, 2012 (LBO) – Shareholders of two listed firms that were expropriated by the state last year can lodge claims for compensation from a three member tribunal, a media report said. Sri Lanka’s The Sunday Island newspaper quoting a public notice said the panel wahzas made up of the Government Valuer, former chief valuer […]
Deputy Chief
Sept 11, 2012 (LBO) – Sri Lanka’s Securities and Exchange Commission has a appointed long time staffer Dhammika Perera as its deputy director general. He had headed the regulator’s investigation division for several years. SEC has an acting director general. The regulator ran into a controversy after two chairman were forced to resign under pressure […]