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Sri Lanka Lankem buys boutique hotel
Nov 23, 2011 (LBO) – Lankem Ceylon said it bought control of Galle Fort Hotel, a boutique hotel in Sri Lankan’s southern port town of Galle, for 772 million rupees. Sri Lanka is experiencing a boom in tourism with the end of the island’s 30-year ethnic war in 2009. The acquisition of 100 percent of […]
Sri Lanka sugar plantation takeover seen “illegal”
Nov 23, 2011 (LBO) – A listed Sri Lankan sugar plantation that is among businesses taken over by government under a new expropriation law has said the seizure was illegal as it does not fall within the ambit of the new regulation. The statement said action by the officers of the state to enter the […]
India power ministry drops Ernst & Young for evaluation errors
NEW DELHI, Nov 23 (AsiaPulse) – India’s Power Ministry has banned international consulting firm Ernst & Young (E&Y) from taking up any further assignments in the sector after anomalies in the evaluation of bids for the Sasan project were highlighted in a report by power sector expert P.S Bami. “We issued a show-cause notice to […]
Travel freedom for Sri Lankans
Nov 23, 2011 (LBO) – Recently, the Government of Sri Lanka announced that it will charge 50 US dollars per person from every foreigner entering Sri Lanka, except for citizens of Singapore and Maldives who could come in for free. It was then reported that the rates would be rolled back to USD 10 for […]
Sri Lanka unemployed graduates take aim at fresh tax grab
No 22, 2011 (LBO) – Sri Lanka’s unemployed graduates who have received a ‘free’ education at at tax payer’s funded universities are taking aim at another tax grab with a lifetime job and pensions in an already bloated state sector, according to media reports. Others who earn degrees with their own money from affiliated private […]
Sri Lanka private sector urged to increase investment
Nov 23, 2011 (LBO) – Sri Lanka’s private sector has been called upon to make big investments using tax savings and gains from incentives given by government, and banks urged to lend more to small business. Treasury secretary P B Jayasundera said the government was managing to maintain public investment at around six percent of […]
Sri Lanka rupee devalued, spot dollar at Rs113.80/90
Nov 22, 2011 (LBO) – Sri Lanka’s rupee traded at 113. 80/90 against the greenback in the spot market Tuesday moving within a band indicated by the central bank, after a rare devaluation announcement a day earlier. A day earlier, President Mahinda Rajapaksa said the rupee should be devalued 3. 0 percent to improve export […]
Sri Lanka bonds illiquid, rupee weaker after devaluation
Nov 22, 2011 (LBO) – Sri Lanka’s bonds were illiquid with two way quotes absent for several maturities Tuesday as market participants looked for direction following a surprise devaluation of the rupee, dealers said. The Central Bank gave guidance to the market at 113.50/90 rupees through a state bank. Liquidity in bond markets dried up […]
Sri Lanka stocks end down almost one pct
Nov 22, 2011 (LBO) – Sri Lankan shares closed lower Tuesday with plantations stocks among the biggest losers after the government said in its 2012 budget it would seize estate lands lying unused, brokers said. The main All Share Price Index fell 0.96 percent (58.91 points) to 6,060.95, while the more liquid Milanka index fell […]
Sri Lanka hotel planned by China Harbour: report
Nov 22, 2011 (LBO) – China Harbour Engineering Company (CHEC) a firm active in several Chinese financed project in Sri Lanka is looking to build a hotel in Hambatota in the south of the island, a media report said. Sri Lanka’s Ceylon Today newspaper said CHEC had also looked at lakefront land in Colombo. “They […]
Live Trading
Nov 22, 2011 (LBO) – Millennium Information Technologies, a unit of London Stock Exchange that was founded in Sri Lanka said its software has gone lived at Bangladesh’s Chittagong Stock Exchange. The system was implemented by Polaris India. Installation, trials and final implementation had taken nine months. MillenniumIT chief Tony Weerasinghe said the systems will […]
Telecom Levy
Nov 22, 2011 (LBO) – Sri Lanka has raised a levy on international calls with each outgoing minute charged 3 rupees from the current 2 rupees, a budget for 2012 presented to parliament said. Incoming calls will be charged 9 US cents per minute, up from the current rates of 7 US cents. The state […]