Category: Other
Mounting Opposition
Nov 07, 2011 (LBO) – Senior Sri Lankan Buddhist monks asked the state to withdraw a planned law to expropriate businesses, saying it violated citizens rights and that loss-making state enterprises should be turned around first. “We hope the government will not go ahead with this new bill and give people an opportunity to voice […]
India eyes 4G service launch next year
NEW DELHI, November 5, 2011 (AFP) – India aims to launch fourth-generation (4G) mobile services next year that will allow users to watch high-definition video and download content at a much faster rate, a minister said. 4G technology holds the promise of Internet speeds up to 10 times faster than typical third-generation networks. “We should […]
Sri Lanka bank tax savings mooted to help revive tea industry
Nov 04, 2011 (LBO) – Savings made by Sri Lankan banks after tax cuts that government ordered be set aside for investments could be used to revive the ailing tea industry, a top exporter has suggested. Government support is needed in long-term financing and regulatory changes to “re-align” the traditional tea sector and help it […]
Sri Lanka factory occupied over govt takeover plan
November 4, 2011 (AFP) – Government supporters in Sri Lanka have stormed and occupied a private sugar company earmarked for nationalisation under a controversial law, owners said on Friday. Sri Lanka has been trying to woo investors after defeating Tamil Tiger rebels in 2009 and declaring an end to nearly four decades of ethnic violence […]
Sri Lanka tea prices up on winter buying
Nov 04, 2011 (LBO) – Buying for the winter mainly by Russia helped prop up tea prices at the Colombo auctions this week although they are expected to come down once demand tapers off, brokers said. There was demand both for tea from estates as well as low grows teas made by smallholders. “With the […]
India court bails Satyam fraud accused
NEW DELHI, November 4, 2011 (AFP) – India’s Supreme Court on Friday granted bail to the former chairman of Indian outsourcing giant Satyam, B. Ramalinga Raju, who is accused of one of the country’s biggest corporate frauds. The court allowed bail for Raju, 57, his brother B. Rama Raju and the company’s former internal auditor […]
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Nov 04, 2011 (LBO) – Sri Lanka’s lawyers have called for the withdrawal of a secretly hatched draft law to expropriate assets of citizens which is being rushed to parliament next week as an ‘urgent bill. ‘ The draft bill seeks to expropriate assets of three dozen ventures including two listed companies, violating the property […]
US ready to sell F-35 fighter to India: Pentagon
WASHINGTON, November 2, 2011 (AFP) – The United States would be prepared to sell India the new F-35 fighter jet, the Pentagon said Wednesday, after New Delhi rejected a US offer of older aircraft in a major competition this year. “While the report shows that tremendous progress has been made in military-to-military relations over the […]
Google plans cheap websites for small Indian firms
NEW DELHI, November 2, 2011 (AFP) – Internet giant Google on Wednesday launched a low-cost scheme to help small Indian businesses start their own websites as the country’s booming economy increasingly moves online. “Businesses often believe that getting online is too complex, costly and time-consuming,” Google said. Firms would be able to set up and […]
Brand-addicted Indians propel luxury sector
NEW DELHI, November 2, 2011 (AFP) – India’s luxury sales are expected to expand by a scorching 20 percent annually until 2015, according to a new report, as brand-smitten consumers snap up big names to flaunt their wealth. Luxury sales were slow to take off in India a decade ago, disappointing retailers who had rushed […]
Kicked Up
Nov 02, 2011 (LBO) – Malik Cader, the director general of Sri Lanka’s securities and exchange commission, who came under fire for cracking down on widespread micro cap fraud and insider dealing has been made an advisor of the finance ministry. The SEC director general’s removal came a day after reports that a former mayor […]
Sri Lanka Kelani Valley profits up on rubber
Oct 31, 2011 (LBO) – Sri Lanka’s Kelani Valley Plantations group said profits grew 116 percent to 77. 8 million rupees in the September 2011 quarter with revenues growing 55 percent to 1,510 million rupees, helped by rubber. In April, wages of plantation workers were raised by a nation-wide collective agreement. Tea is labour intensive […]