Category: Other
Sri Lanka gets Korean loan for solid waste disposal
Apr 28, 2011 (LBO) – Sri Lanka is to get a loan equivalent to 33,536 million US dollars (41,886 million rupees) from South Korea to build four facilities for disposal of solid waste which is a growing problem in the island. The Korea Economic Development Fund of the Export – Import Bank of Korea is […]
Sri Lanka gets Indian aid to revive fish net factory
Apr 28, 2011 (LBO) – Sri Lanka is to get Indian aid to revive and expand a fish net factory in the northern Jaffna peninsula where fishing is a key economic activity under efforts to help fishermen resume their livelihood. The Northsea factory at Gurunagar was damaged during the island’s 30-year ethnic war which ended […]
Sri Lanka moves to protect Ceylon tea brand
Apr 27, 2011 (LBO) – Sri Lanka’s commerce and industry ministry has allocated funds to register ‘Ceylon tea’ under the global geographical indicators (GI) trade regime that will better protect the island’s best known brand. Registration under the GI will prevent abuse of the Ceylon tea brand, government officials have said. The commerce and industry […]
Vodafone finds India tough going
NEW DELHI, April 27, 2011 (AFP) – When British mobile phone giant Vodafone paid $11.1 billion to buy an Indian cellular operator four years ago, it had high hopes the purchase would offset saturated markets at home. “This kind of deal is what we all dreamed about when we were students,” former chief executive Arun […]
Galleon Case
NEW YORK, April 25, 2011 (AFP) – A jury began deliberating Monday in Wall Street’s biggest insider trading court case in years, targeting Galleon hedge fund founder Raj Rajaratnam, accused of profiting from insider information. Federal Judge Richard Holwell instructed jurors to use “fairness and impartiality” and said they are “the soul” of the case. […]
‘s double-digit growth ambitions fade
NEW DELHI, April 24, 2011 (AFP) – India’s dreams of attaining double-digit economic growth within the next few years are fading, undermined by high inflation, slow progress on reforms and an uncertain global outlook. While hundreds of millions of Indians are still mired in poverty, the step-change in growth has transformed living standards for many […]
Protests mount against Indian nuclear plant
SAKHRI NATE, April 24, 2011 (AFP) – In the busy Indian fishing village of Sakhri Nate, it’s obvious what the locals think of the plan to build the world’s biggest nuclear power plant just across the creek. “If the government does nothing, at least 5,000 fishermen and farmers will go to Delhi and protest,” he […]
Forced Saving
Apr 23, 2011 (LBO) – Chandra Jayaratne, respected retired Sri Lankan business executive, and financial professional, has written President Mahinda Rajapaksa to stop state plans to build a controversial pension fund by dipping into the salaries of private sector workers. The full text of the letter is as follows. 22nd April 2011. His Excellency Mahinda […]
Galleon Trial
NEW YORK, April 21, 2011 (AFP) – The jury in Wall Street’s biggest insider trading court case in a generation was due to start deliberating Monday after the conclusion of a seven-week trial. The defense for Galleon hedge fund founder Raj Rajaratnam completed its case in New York federal court Thursday by saying the government […]
Closing Argument
NEW YORK, April 20, 2011 (AFP) – Federal prosecutors cited “devastating” evidence Wednesday against hedge fund tycoon Raj Rajaratnam at the close of the biggest Wall Street insider trading trial in a generation. In the government’s closing statement against Sri Lankan-born Rajaratnam, Assistant US Attorney Reed Brodsky said secret tape recordings of phone conversations with […]
Sri Lanka tea auction sees return of Libya
Apr 21, 2011 (LBO) – Sri Lankan tea prices were firm at this week’s auction with brokers saying Libya had resumed buying and global prices seen staying high this year owing to lower production and growing demand. Despite the large volume of teas from plantation company estates on offer and “somewhat lower” quality prices were […]
Obesity, diabetes: expanding India faces big problem
MUMBAI, April 18, 2011 (AFP) – Indian housewife Sujata Budarapu was shocked when she was told that her two sons were on the verge of developing Type 2 diabetes. “It had never even occurred to me that this could happen. I had heard that outside India this happens to other people’s kids but I never […]