Category: Other
‘s fast-growing telecom sector dials up trouble
NEW DELHI, November 8, 2009 (AFP) – India is still adding a staggering 15 million new mobile phone connections a month but the world’s fastest-growing cellular market has hit rough waters.A cut-throat price war is hammering down call charges, putting pressure on telecom companies’ earnings and share prices, and threatening a bruising shakeout in a […]
Sri Lanka Tata unit shrugs off wage hike cost
Nov 06, 2009 (LBO) – Sri Lanka’s Watawala Plantations said September quarter group net profit fell 78 percent to 9.4 million rupees from a year ago but commodity prices were seen strong with a global economic recovery.The firm, a unit of India’s Tata group, said in a stock exchange filing that sales during the September […]
Sri Lanka seeks to turn subsistence farming into agri-business
Nov 06, 2009 (LBO) – Sri Lanka needs to develop and maintain consistent policies and provide appropriate support infrastructure to change subsistence farmers into commercially successful agri-businesses, an expert said.“The most important thing the government can do is to ensure consistent policies on agriculture, land, trade and investment,” said Anoma Ariyawardana of the Faculty of […]
Wider Net
NEW YORK, November 6, 2009 (AFP) – Law enforcement officials in New York announced Thursday charges against 14 people in a widening probe into the largest ever alleged hedge-fund insider trading scheme on Wall Street.US Attorney Preet Bharara and New York’s assistant FBI director Joseph Demarest said the accused took part in insider trading schemes […]
Protection Deal
Nov 05, 2009 (LBO) – Sri Lanka and Kuwait has signed an Investment Promotion & Protection Agreement (IPPA) Thursday between the island’s envoy to the country and a senior finance ministry official of the Gulf state, the foreign ministry said. Sri Lanka’s foreign ministry quoted the undersecretary to the Kuwaiti ministry of finance Khalifa M […]
Sri Lanka wage hike sends listed estate into the red
Nov 04, 2009 (LBO) – Sri lanka’s Kelani Valley Plantations (KVPL) said a wage hike wrested by estate labour unions has sent it into the red in the September 2009 quarter. The company, which has been recovering from a severe drought earlier in the year, said that it made a loss of 217 million rupees […]
Ship Link
VANCOUVER, November 3, 2009 (AFP) – Several of a group of 76 Sri Lankan asylum seekers picked up off the Canadian coast last month have ties to the Tamil Tiger rebels and could pose a security risk, officials said Tuesday.The Canadian government told an immigration hearing that the “Ocean Lady” freighter used to transport the […]
US Quizz
November 1, 2009 (AFP) – Sri Lanka called on US authorities to drop plans to interview the island’s military commander over allegations of war crimes against ethnic Tamil rebels, an official said Sunday. The Colombo government held “very high-level” talks to prevent General Sarath Fonseka, currently visiting Oklahoma, from being quizzed over his conduct during […]
Legal Seminar
Oct 31, 2009 (LBO) – A seminar on the implications on Sri Lanka’s the new company law featuring senior legal experts targeted at educating director, chief executives, senior managers and corporate lawyers will be held on November 05. Its organizers Legal & Financial Advisory Services, a legal consultancy, and Marketing Services, a marketing consultancy, say […]
India inflation accelerates, paving way for rate hikes
NEW DELHI, October 29, 2009 (AFP) – India’s annual inflation rate has picked up pace, official data showed Thursday, setting the stage for higher interest rates in the months ahead.The wholesale inflation rate rose to 1.51 percent in the week to October 17 from 1.21 percent the previous week, according to the Wholesale Price Index, […]
No Accounts
Oct 30, 2009 (LBO) – Two directors of Alufab Limited, a Colombo listed company has been charged for not filing annual accounts since 2004, Sri Lanka’s Securities and Exchange Commission said.The firm had also been placed in the default board of the Colombo Stock Exchange for not filing accounts.SEC said charges had been filed in […]
Sri Lanka to import rice to buffer price spikes
Oct 30, 2009 (LBO) – Sri Lanka’s government, which is ideologically committed to domestic rice production, will import 50,000 metric tons of rice as a buffer against an ‘artificial shortfall’, a senior minister said. But analysts say because prices are kept high and fertilizer is subsidized through heavy government interventions, farmers have no incentive to […]