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US ready to sell F-35 fighter to India: Pentagon
WASHINGTON, November 2, 2011 (AFP) – The United States would be prepared to sell India the new F-35 fighter jet, the Pentagon said Wednesday, after New Delhi rejected a US offer of older aircraft in a major competition this year. “While the report shows that tremendous progress has been made in military-to-military relations over the […]
Sri Lanka trying to swap Chinese infrastructure loans to equity: minister
Nov 03, 2011 (LBO) – Sri Lanka wants to swap debt to equity at some of its Chinese funded projects to reduce repayment pressure in the future, minister for international monetary co-operation Sarath Amunugama said. Sri Lanka has taken Chinese loans to build port, road and airport infrastructure. Many of the loans are from Exim […]
Sri Lanka govt defends nationalisation bid
November 3, 2011 (AFP) – Sri Lanka on Thursday defended a controversial move to nationalise “under-performing” private companies and rejected allegations that the move was politically motivated. Media Minister Keheliya Rambukwella said the proposed legislation was aimed at improving productivity in companies that received tax and other concessions but were plagued with mismanagement and inefficiency. […]
Sri Lanka state entities making losses; ruined by political meddling: report
Nov 03, 2011 (LBO) – Sri Lanka’s state entities have been badly hit by the appointment of unqualified persons to top positions and while annual accounts were not available for some, a media report said. The COPE report is also critical on the performance of all university administrations except the Moratuwa University, the newspaper said. […]
Sri Lanka stocks end up 2.7-pct
Nov 02, 2011 (LBO) – Sri Lankan stocks closed sharply higher Wednesday on news the markets regulator who had cracked down on securities fraud had been removed, with indices rising steeply but tapering off towards the end of trading, brokers said. Hayleys closed at 387.80 rupees, up 16.80, with 166,600 shares traded, including one crossing […]
Bond Momentum
Nov 02, 2011 (LBO) – Sri Lanka’s banking regulator has urged banks to borrow abroad using improved credit ratings and precedents set by sovereign bonds as local savings were inadequate to raise funds needed to maintain high growth. “The rating must be relevant, not just locally, but to the person in Boston, Japan and Singapore. […]
Kicked Up
Nov 02, 2011 (LBO) – Malik Cader, the director general of Sri Lanka’s securities and exchange commission, who came under fire for cracking down on widespread micro cap fraud and insider dealing has been made an advisor of the finance ministry. The SEC director general’s removal came a day after reports that a former mayor […]
Brand-addicted Indians propel luxury sector
NEW DELHI, November 2, 2011 (AFP) – India’s luxury sales are expected to expand by a scorching 20 percent annually until 2015, according to a new report, as brand-smitten consumers snap up big names to flaunt their wealth. Luxury sales were slow to take off in India a decade ago, disappointing retailers who had rushed […]
Google plans cheap websites for small Indian firms
NEW DELHI, November 2, 2011 (AFP) – Internet giant Google on Wednesday launched a low-cost scheme to help small Indian businesses start their own websites as the country’s booming economy increasingly moves online. “Businesses often believe that getting online is too complex, costly and time-consuming,” Google said. Firms would be able to set up and […]
Sri Lanka supermarket chain cuts waste with better logistics
Nov 02, 2011 (LBO) – Investing in better logistics and supply chain management helped Sri Lanka’s Cargills group to reduce wastage and improve efficiency at its Food City supermarket chain. Cargills deputy chairman Ranjit Page said the process ensures prices to consumers remain static and its outlets charge one price throughout the island. Farmers get […]
Sri Lanka recall Tharanga for Pakistan ODI
COLOMBO, November 1, 2011 (AFP) – Sri Lanka Cricket on Tuesday included opener Upul Tharanga, and fast bowlers Dilhara Fernando and Lasith Malinga in the 15-man squad for the one-day series against Pakistan. Selectors led by former skipper Duleep Mendis made seven changes from the Test squad that is currently playing against Pakistan in the […]
Sri Lanka expropriation law will violate economic freedom: opposition
Nov 02, 2011 (LBO) – A planned expropriation law violates economic freedoms of citizens and will scare away foreign investors, lawmakers representing Sri Lanka’s main opposition United National Party said. The law to expropriate ‘underperforming enterprises’ and ‘underutilized assets’ is being rushed to parliament on November 09 after being secretly written outside the state drafting […]