Category: Other
Sri Lanka tea industry not getting cess funds
July 01, 2009 (LBO) – Sri Lanka’s tea industry has said funds collected through a government cess on exports which are supposed to be used for the benefit of the trade are not forthcoming. Avi de Silva, chairman of the Colombo Tea Traders™ Association, said insufficient monies disbursed from the cess fund were making worse […]
Finance Issue
June 30, 2009 (LBO) – A new word that has been added to Sri Lanka’s vernacular usage recently has been ‘sakvithi’. This word has so far not got into lexicographers’ lexicon in its new sense. Literarily, it means the ‘Chief God of Heavens’. But, the contemporary media have used it in a different sense, drawing […]
‘s Mahindra Holidays aims for 57 mln dlr IPO
MUMBAI, June 29, 2009 (AFP) – India’s Mahindra Holidays and Resorts Monday said it hoped to raise almost 60 million dollars when it becomes the first firm to float on the country’s capital markets in more than a year. The firm, a subsidiary of the Mahindra group, said it will sell 9.26 million shares through […]
‘ll have to learn to drive first
MUMBAI, June 28, 2009 (AFP) – When Ratan Tata, the head of India’s Tata Motors, said the company was planning to build the world’s cheapest car, he could have had in mind Maruti Jaywant Bhandare as his ideal client.The first stop after picking up the car from the dealership will be the nearest temple to […]
Trouble brewing for Sri Lanka tea farmers
KOTMALE, June 28, 2009 (AFP) – World tea prices have rocketed but along misty tea-growing mountain slopes in Sri Lanka’s central hills, farmers are facing disaster. “Earlier we were concentrating mainly on enhancing yields — drought was not an issue then — but we are now focusing on drought-tolerant varieties,” Gunasekare said. World tea prices […]
Maldives planning US150mn bunker, crude terminal
June 26, 2009 (LBO) – The Indian Ocean archipelago of Maldive Islands is planning a 150 million US dollar crude and bunker facility that can store six million cubic feet of oil, which will be leased to global fuel oil traders, a media report said. The Maldives National Oil Company (MNOC) is considering five possible […]
Indian forces get chilli bombs for crowd control
NEW DELHI, June 26, 2009 (AFP) – Indian soldiers will hurl hand grenades containing red chilli powder to dispel rioters instead of the potentially lethal explosives currently used, an official said Friday.Paramilitary forces have been known to break up protests and conduct counter-insurgency operations using explosives that can cause serious injury and even death. “The […]
Global Tie
June 25, 2009 (LBO) – Sri Lanka’s financial intelligence unit (FIU), said it had joined the Egmont group, a global association of agencies that combat money laundering and terrorist financing. The 116 member group was established in 1995, Sri Lanka’s FIU which functions under the central bank said. The Egmont Group membership will allow Sri […]
Tobacco control reduces Canada heart disease deaths
OTTAWA, June 22, 2009 (AFP) – Heart disease deaths dropped 30 percent in Canada between 1994 and 2004, likely as a result of fierce campaigns against smoking and bad cholesterol, a study said Monday. Researchers noted a rapid decline over 10 years in the number of related deaths from 360.6 to 252.5 per 100,000 people, […]
‘s south gets new tea factory
June 23, 2009 (LBO) – A new tea factory has been set up in Sri Lanka’s southern Hambantota district where high-priced low grown teas are cultivated by small farmers, the government information department and the Tea Board said.But Hemaratna said the new one in Hambantota had been approved before the decision and was also outside […]
Sri Lanka Tata tea unit warns of tough wage talks
June 23, 2009 (LBO) – Sri Lanka’s Watawala Plantations, whose profits fell sharply last year, has warned talks on a new wage deal with labour could be tough as most firms in the tea industry face cash flow problems. Sathasivam said that it is only to be expected that wages and input prices will increase […]
Dispute Resolution
June 22, 2009 (LBO) – Sri Lanka is hosting an international conference on arbitration with the Singapore International Arbitration centre on June 27, the island’s Association of Corporate Lawyers (ACL) said. Held under the theme of ‘Transnational Perspectives on Arbitration’, the conference is targeted at arbitrators, in-house counsel, litigators, legal officers, government officials, banks and […]