Category: Other
Surging rubber prices raising ‘alarm bells’: experts
KUALA LUMPUR, Apr. 24 (AFP) – Rising demand that has pushed prices for natural rubber to record highs is raising fears world supplies will run short, experts said Monday at an international summit in the Malaysian capital. Growing demand has seen prices rise steadily for over a year, hitting 2.0 dollars per kilogram (2.2 pounds) […]
E-sex bust
Apr.23 (LBO) – Sri Lanka’s immigration authorities have closed an internet-based commercial sex service run by foreign nationals, in the first such operation, officials said. The service run by persons of Ukrainian origin, and solicited clients via the website www.bananaescort.net, ended on April 12, after just two months of operations when sleuths from the Department […]
Maldives fishermen bring police record hashish haul
COLOMBO, Apr. 23 (AFP) – Fishermen in the Indian Ocean tourist paradise of the Maldives gave police their biggest catch of illegal drugs after an accidental discovery of hashish in a lagoon, the Haveeru News Service reported Sunday.Lobster fishermen found the hasish packed in 1,697 plastic bags on the ocean bed, the news agency said, […]
Micro Law
Apr.20 (LBO) – Sri Lanka is drawing up a new law to regulate micro-credit organizations scattered around the county. The legislation will cover thrift units operated by co-operative societies, thrift associations in the Samurdhi income support program of the government and other non- governmental organizations in the sector. “At present no one knows how many […]
RSF calls for retrial of Maldivian journalist jailed for life
Apr.20 (LBO) – The conviction on 19 April of Minivan journalist Abdullah Saeed and his sentence to life imprisonment was engineered by the authorities in order to harm the country’s only opposition newspaper, Reporters Without Borders said Thursday. The international advocacy group for media freedom, called for a new trial by an impartial court and […]
Adding Muscle
SINGAPORE, Apr.07 (AFP) – India, South Korea and Sri Lanka on Friday joined a regional cooperation pact against marine piracy in Asia, bringing to 11 the number of countries that have signed up, the Singapore government said.The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) is a Japanese initiative […]
Later, Later
Apr.04 (LBO) – Sri Lanka’s parliament Tuesday referred laws to safeguard the country from anti dumping and countervailing duties to a select committee for further deliberations. As a member of the World Trade Organisation (WTO) and GATT (General Agreement for Trade & Tariff), Sri Lanka has to enact laws on subsidies and countervailing measures and […]
Guessing Game
Mar. 31 (Dow Jones)–When inflation in Sri Lanka surged last year, the central bank went on an aggressive monetary tightening that saw 125 basis points added over 2005.Inflation has begun to slide since then, and the central bank appears to be preparing to shift to a looser policy, but analysts said it’s unlikely that the […]
Rubber, tea prices boost Kelani Valley sales
Mar. 30 (LBO) – Kelani Valley Plantations Ltd and its subsidiary companies have reported healthy increase in turnover for the financial year ended December 31, 2005 on the back of strong growth in tea and rubber production.In its annual report for 2005 the company reported a 10 per cent increase in turnover to Rs 1.918 […]
Legal Boost
Mar. 20 (LBO) — The modernisation of the main piece of legislation that governs the incorporation and running of Sri Lankan companies would substantially boost capital market activities, corporation law experts have said A draft bill to replace Sri Lanka’s antiquated Companies Act, which has been 13 years in the making, is due to be […]
New Dentures
Mar. 20 (LBO) – Sri Lanka’s parliament on Tuesday will take up key laws governing the financial sector, giving effect to proposal presented in the 2006 budget. The Inland Revenue Bill, Finance Bill, Economic Service Charge Bill, Stamp Duty (special provisions) Bill, Monetary Law (Amendment), Banking (Amendment), VAT (Amendment) and Betting & Gaming Levy are […]
Tick Tock
Mar 18 (LBO) – Energy consultant Thilak Siyambalapitiya joins in the lively debate on the link between electricity usage and Sri Lanka’s decision to turn back the clock after ten-years. Hence the reasons to retain the present timing at GMT+6 are very strong indeed. There is absolutely no truth in the reported claim that school […]