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Asia tourist boom fuels airport binge
SINGAPORE, July 30, 2014 (AFP) – Faced with snaking queues at immigration, overflowing baggage carousels and expensive flight delays, Asian nations are rushing to build hundreds of new airports to cope with surging demand for air travel in the region. From China and India to the Philippines and Indonesia, the fast-growing middle classes are looking […]
Sri Lanka cautioned on foreign borrowings by IMF, inflation watch urged
July 30, 2014 (LBO) – The International Monetary Fund has cautioned Sri Lanka on foreign borrowings by the state and banks and urged authorities to watch inflation closely and be prepared to raise rates.“Recent improvements in the trade and current account balances notwithstanding, Sri Lanka remains vulnerable to external shocks,” the IMF’s executive board said […]
New Chair
July 29, 2014 (LBO) – Dharma Dheerasinghe, has been appointed Chairman of Commercial Bank of Ceylon, with the retirement of Dinesh Weerakkoddy. Preethi Jayawardene has been appointed Deputy Chairman. Dheerasinghe who was earlier Deputy Chairman was a Deputy Governor of Sri Lanka’s central bank. Jayawardene had been in the Board of Commercial Bank since December […]
Sri Lanka eco-friendly hotel in Sigiriya
July 29, 2014 (LBO) – A 650 million rupees eco-friendly hotel will be build in Sigiriya in central Sri Lanka by Union Resorts and Spa Ltd, the state investment promotion agency said. The hotel branded Water Gardens will have 30 luxury villas will us renewable resources and be eco-friendly, with a reduced ‘carbon footprint’ the […]
Cricket: Spinners bowled their hearts out, says Mathews
COLOMBO, July 28, 2014 (AFP) – Sri Lanka captain Angelo Mathews on Monday lavished praise on his ace spinners for nearly winning his team the second Test against South Africa with a lion-hearted effort.The hosts were agonisingly close to victory, having taken eight wickets in the second innings, but South Africa’s tailenders hung on to […]
US calls for protection to Sri Lanka journalists
COLOMBO, July 28, 2014 (AFP) – The United States on Monday urged Sri Lanka to crack down on harassment of journalists and protect their rights after organisers of a US-funded media workshop for Tamils received death threats.The US embassy in Colombo said it had raised the issue with the Sri Lankan administration after pro-government protesters […]
Lanka Rating agency in ties up with CRISIL India
July 28, 2014 (LBO) – Sri Lanka’s Lanka Rating Agency, formerly RAM Ratings Lanka.said it had entered struck deal get technical assistance and training from India’s CRISIL. The majority shareholder of CRISIL is Standard and Poor’s.Lanka Ratings Agency Chairman Preethi Jayawardena said CRISIL had provided technical assistance to other rating agencies including RAM in Malaysia […]
Sri Lanka shares close higher
July 28, 2014 (LBO) – Sri Lanka’s shares closed higher on Monday with oil palm firms gaining amid weak foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 0.63 points higher at 6,784.27, up 0.01 percent. The S&P SL20 closed 3.47 points lower at 3,761.43, down 0.09 percent. Turnover was 493.10 million […]
Economic Claim
SYDNEY, July 28, 2014 (AFP) – A group of 157 asylum-seekers held for weeks on the high seas on an Australian customs vessel were likely economic migrants from India, Immigration Minister Scott Morrison said Monday.“The indications are… that there are a very large number of people on this ship that had been resident in India […]
Expert City
July 28, 2014 (LBO) – Sri Lanka’s ‘Trace Expert City’, an information technology park in the capital Colombo, kicked off with the first tenant software firm beginning operations. The IT Park comes under an organization called TRACE (Technologically Reawakening Culture of Excellence) where Subasinghe is listed as Vice Chairman. Codegen, a travel solutions firm with […]
Sri Lanka gives sweeping tax breaks for project on acquired land
July 28, 2014 (LBO) – Sri Lanka has proposed sweeping tax breaks for a controversial project where lands of private citizens were taken over for a commercial development.The 429.5 million US dollar project in Colombo’s Slave Island area including 130 million US dollars of foreign investments will get a 10 year corporate income tax holiday […]
Cricket: South Africa lose opener on rain hit final day
COLOMBO, July 28, 2014 (AFP) – South Africa lost opener Dean Elgar before heavy rain stopped play on the fifth and final day of the series-deciding second Test against Sri Lanka on Monday. Elgar was dismissed by off-spinner Dilruwan Perera in the truncated start-stop first session that saw the visitors add 17 runs off seven […]