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October 25, 2011 (AFP) – The office of Sri Lankan President Mahinda Rajapakse said on Tuesday that a new war crimes charge filed in an Australian court against him was “hilarious”. “It’s hilarious to file charges against a head of state who has defeated terrorism in Sri Lanka,” Rajapakse’s spokesman Bandula Jayasekera told AFP by […]
Australia presses Sri Lanka over war crimes claims
PERTH, October 25, 2011 (AFP) – Australian leader Julia Gillard on Tuesday urged Sri Lanka to address claims of serious human rights violations as a man filed war crimes charges against President Mahinda Rajapakse. “Instead they caused such brutality to them, to our country, and also posed a threat to our region. ” Sri Lanka […]
Sri Lanka state to take over stalled high rise project
Oct 25, 2011 (LBO) – The Sri Lankan government is to take over a high rise hotel and apartment tower whose construction was stalled after its parent firm got into financial trouble. The takeover is to be effected under a new law that is being put through the judicial and parliamentary approvals process that provides […]
Sri Lanka stocks end up one percent
Oct 24, 2011 (LBO) – Sri Lankan stocks rose Monday with many shares pushed up in thin trade, led by sharp gains in illiquid ones, amid a controversy over an attempt to push out a regulator cracking down on equities fraud, brokers said. There was one crossing of Seylan Bank of 529,300 shares at 65 […]
Loan Growth
Oct 24, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BBB- and P3 to Softlogic Finance with a stable outlook on the long-term rating. The ratings are premised upon the improvement in its market position while maintaining its asset quality at a level that commensurate with the BBB-rating […]
Sri Lanka to reduce travel fee for South Asian tourists
Oct 24, 2011 (LBO) – Sri Lanka is likely to charge a reduced fee from south Asian tourists visiting the island under a new scheme that provides online approval for travel that will replace an on-arrival visa scheme next year. Minister of economic development Basil Rajapaksa said the proposed 50 US dollar per person fee […]
Sri Lanka headed for regional visa row with high fees: report
Oct 24, 2011 (LBO) – Sri Lanka’s proposed 50 US dollar per person fee for an electronic visa has triggered a row with India with the possibility of the country running afoul of obligations under a South Asian regional arrangement, a media report said. The Sunday Times newspaper said the Indian High Commission (embassy) in […]
Sri Lanka Watawala Plantations cuts losses on palm oil gains
Oct 24, 2011 (LBO) – Sri Lanka’s Watawala Plantations returned to profit in the September 2011 quarter, containing first half losses at 13 million rupees, as increased palm oil crops and prices helped offset losses from tea. Group sales in the six months to September 2011 sales rose eight percent to almost three billion rupees […]
Sri Lanka power sector facing bankruptcy: minister
Oct 24, 2011 (LBO) – Sri Lanka’s power utility has lost 167 million rupees a day in August amid dry weather and power sector faces bankruptcy unless tariffs are adjusted, power minister Champika Ranawaka has said. The daily numbers points to a monthly loss of about five billion rupees. Sri Lanka has two state run […]
Sri Lanka exports, trade gap up in August
Oct 24, 2011 (LBO) – Sri Lanka’s exports rose 19.1 percent to 951.7 million US dollars in August, while imports rose 66. 5 percent to 1.83 billion US dollars expanding the trade gap 191 percent to 885 million US dollars. “The exports growth in August was mainly driven by industrial exports where significant contributions came […]
Still There
Oct 23, 2011 (LBO) – The head of Sri Lanka’s Securities and Exchange Commission said she had not received instructions to sack its director general, following strong speculation that he would be dismissed for probing securities fraud. Asked by reporters whether the SEC would continue its investigations, Sugathadasa said before a formal investigation is started, […]
India set for 13th rate hike despite growth worries
NEW DELHI, October 22, 2011 (AFP) – India’s central bank is set to raise interest rates for the 13th consecutive time this week in a bid to tame near double-digit inflation, even as “dark clouds” gather over Asia’s third-largest economy. The Reserve Bank of India has increased interest rates 12 times since March 2010 — […]