Category:
Cargo Crisis
Nov 06, 2011 (LBO) – Sri Lankan port authorities have agreed to long-standing demands of truckers to open more entrance gates, reduce security checks and provide toilets after a sudden strike disrupted cargo flows through Colombo port. Port officials said some of the restrictions such as checks on cargo and closure of entrance gates had […]
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November 6, 2011 (AFP) – Sri Lanka’s president has vowed to turn his war-battered nation into the “miracle of Asia,” but a controversial new nationalisation law is seen as a major blow to hopes of wooing foreign capital. The government says the move will boost investor confidence in the south Asian country, hungry for foreign […]
Finance Recovery
Nov 04, 2011 (LBO) – Sri Lanka’s The Finance Company Ltd said it broke even in the September 2011 quarter, recovering from a steep loss a year earlier, helped by provision reversals and lower interest expenses. The firm reported profits of 6.9 million rupees for the September quarter, recovering from a loss of 737 million […]
India eyes 4G service launch next year
NEW DELHI, November 5, 2011 (AFP) – India aims to launch fourth-generation (4G) mobile services next year that will allow users to watch high-definition video and download content at a much faster rate, a minister said. 4G technology holds the promise of Internet speeds up to 10 times faster than typical third-generation networks. “We should […]
Sri Lanka minefields below estimates, most cleared
November 4, 2011 (AFP) – Sri Lanka’s war-time minefields were two-thirds smaller than initially estimated and most have been cleared since the country’s ethnic conflict ended in 2009, the military said on Friday. The army said it had originally estimated mine-infested areas totalled some 6,215 square kilometres (2,399 square miles) in the island’s embattled northeast. […]
Sri Lanka targets dissident websites
November 5, 2011 (AFP) – Sri Lanka Saturday warned websites to register with the authorities after the United States expressed deep concern over Colombo’s blocking of a popular Internet-based dissident publication. The Ministry of Mass Media and Information said many reports posted on dissident websites amounted to character assassination of President Mahinda Rajapakse, his ministers […]
Sri Lanka business chambers endorse expropriation bill
Oct 05, 2011 (LBO) – Sri Lanka’s large business chambers have tacitly endorsed a draft law to expropriate assets of several businesses on a promise that it will never be done again, according to a statement. The business chambers said they have been assured that it will be a “one off bill” and the expropriated […]
Sri Lanka sugar mill blockaded, director assaulted ahead of expropriation
Nov 05, 2011 (LBO) – A sugar mill in Sri Lanka slated for expropriation has been blockaded by ruling party activists and there was no police protection its owner said, raising fresh questions about liberty, rule of law and justice for the island’s citizens. Gamage’s words echoed a statement from Agroislna, a Venezuelan agriculture supply […]
Sri Lanka stock close flat
Nov 04, 2011 (LBO) – Sri Lanka stocks closed flat in thin trading Friday while sugar producer halted a capital raising, after it was listed in a bill to expropriate land in over three dozen private firms. The Colombo All Share Index closed up 0.14 percent at 6.406.5 points and the Milanka Index of liquid […]
Supply Link
Nov 04, 2011 (LBO) – Construction of transport infrastructure like ports and airports positions Sri Lanka to be a regional trade hub just like Dubai and Singapore have done for trade between East and West, a logistics expert has said. “It is a prerequisite to be able to berth these ‘mega ships’. If not Sri […]
Union Status
Nov 04, 2011 (LBO) – Sri Lanka’s Union Bank reported group net profits of 65.8 million rupees for the September 2011 quarter with profits of its asset management subsidiary being consolidated. The group reported earnings of 19 cents for the quarter and 57 cents for the nine months. At stand alone bank level profits rose […]
Sri Lanka tea prices up on winter buying
Nov 04, 2011 (LBO) – Buying for the winter mainly by Russia helped prop up tea prices at the Colombo auctions this week although they are expected to come down once demand tapers off, brokers said. There was demand both for tea from estates as well as low grows teas made by smallholders. “With the […]