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EU concerned over Sri Lanka net censorship
Nov 08, 2011 (LBO) – The European Union has expressed concern over the blocking of several dissident websites in Sri Lanka, which the island’s information ministry said was damaging image of politicians and senior state officials. “The EU considers that freedom of press forms an integral part of any democratic system,” European Union heads of […]
‘s large chambers want expropriation bill deferred
Nov 08, 2011 (LBO) – Sri Lanka’s large business chambers have urged the state to defer a hastily drawn up law to expropriate three dozen business ventures which has drawn fire from many quarters. “Considering the likely negative impact of the proposed legislation and the wide spread negative publicity it has received, we urge the […]
Sri Lanka hit by regime uncertainty
Nov 08, 2011 (LBO) – Sri Lanka’s investment prospects would be hurt by sudden changes in policy and laws relating to property rights and investment returns analysts said, describing a condition identified by economists as ‘regime uncertainty’. “Consistent government policy: that is what investors are looking for,” Sujeewa Mudalige, President of the Institute of Chartered […]
Toll Rate
Nov 07, 2011 (LBO) – The toll for cars using Sri Lanka’s first expressway, scheduled to be opened later this month, has been set at 400 rupees for the full distance and a minimum of 100 rupees, an official said. The southern expressway, linking Colombo with the town of Galle on the south coast, is […]
Gearing Up
Nov 07, 2011 (LBO) Sri Lanka’s Hatton National Bank will sell five billion rupees of debt within the next six months to boost capital and prepare itself to give more loans in the future, an official said. He said the bank has already raised nearly eight billion rupees in capital via a combination of equity […]
Sri Lanka bought leaf tea factory net down 68-pct
Nov 07, 2011 (LBO) – Profits at Tea Smallholder Factories Plc, a unit of Sri Lanka’s John Keells Holdings fell 68 percent to 8. 3 million rupees in the September 2011 quarter from a year earlier, amid falling revenues. Tea Smallholder Factories Ltd is 37.6 percent owned by John Keells Holdings, 24. 3 percent by […]
Mounting Opposition
Nov 07, 2011 (LBO) – Senior Sri Lankan Buddhist monks asked the state to withdraw a planned law to expropriate businesses, saying it violated citizens rights and that loss-making state enterprises should be turned around first. “We hope the government will not go ahead with this new bill and give people an opportunity to voice […]
Earnings tumble as airlines face new turbulence
SINGAPORE, November 6, 2011 (AFP) – Hefty falls in earnings for aviation giants Singapore Airlines and Emirates are the clearest signs yet of fresh turbulence just three years after the 2008 financial crisis wreaked havoc, analysts said. The two companies, regarded as among the industry’s most well-managed carriers, cited escalating fuel expenses and growing unease […]
‘s late strikes
SHARJAH, November 6, 2011 (AFP) – Off-spinner Saeed Ajmal took two wickets in an over to check Sri Lanka’s victory bids on the fourth day of the third and final cricket Test against Pakistan at Sharjah stadium here on Sunday. The wily-spinner dismissed Angelo Mathews (13) and Kaushala Silva (nought) in the final hour to […]
‘s expropriation bill as BATNA
Nov 06, 2011 (LBO) – The government is paying a price for advancing a bill to expropriate private enterprises at a time when it wants to attract more foreign investment and to induce domestic investors to commit more resources to productive economic activities. In addition to the negative signals sent by the Bill itself, the […]
Sri Lanka military to build 5-star hotel, float construction firm: report
Nov 07, 2011 (LBO) – Sri Lanka’s military is looking for land in Colombo to build a five star hotel and will also float a construction firm to bid for state projects, a media report said. The newspaper said Sri Lanka’s military chief Jagath Jayasuriya had said there was a need for “a separate company […]
Sri Lanka unit of Singapore firm listed for expropriation
Nov 07, 2011 (LBO) – A convention centre run by a Singapore-based firm in Sri Lanka’s capital Colombo has been listed for expropriation in a controversial bill which is targeting land in 37 companies. “The safety of foreign investment is guaranteed through the acceptance by two third majority of Parliament of the Constitutional Guarantee of […]