Category: Other
Post Law
Nov 09, 2011 (LBO) – Sri Lanka passed a law to expropriate assets of dozens of enterprises despite protests from trade chambers, religious and opposition groups who warned that it will scare off investors. A 30-year war ended in 2009, but expected foreign direct investment had not materialized. “[W]e believe that the proposed Bill may […]
Getting Close
Nov 08, 2011 (LBO) – Sri Lanka’s Supreme Court has said a draft law to expropriate assets of some three dozen private enterprises is consistent with the island’s constitution in a determination read out by the deputy speaker in the island’s parliament. The controversial bill was referred to the Supreme Court by Sri Lanka’s President […]
Liberty Lesson
Nov 08, 2011 (LBO) – This week, in what goes for ‘democracy’ in Sri Lanka, property rights of citizens are due to be violated by an expropriation law, as they have been repeatedly since independence from British rule. Constitutional ‘democratic’ majority rule is an imported Western European concept. But in far too many countries ‘democracy’, […]
Sri Lanka bought leaf tea factory net down 68-pct
Nov 07, 2011 (LBO) – Profits at Tea Smallholder Factories Plc, a unit of Sri Lanka’s John Keells Holdings fell 68 percent to 8. 3 million rupees in the September 2011 quarter from a year earlier, amid falling revenues. Tea Smallholder Factories Ltd is 37.6 percent owned by John Keells Holdings, 24. 3 percent by […]
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 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 […]
‘t
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 […]
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 […]
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 […]