Category:
Sri Lanka electricity no longer highest in region: analyst
Oct 15, 2011 (LBO) – Sri Lanka’s power tariffs are no longer the highest in the region for manufacturing, though it was most expensive for larger households, even topping Singapore, an analyst has said. Exorbitant prices were also paid by some service sector customers. “We are the highest in the region for household using lots […]
Sri Lanka and Vietnam to open trade; aim for billion dollar target
Oct 15, 2011 (LBO) – Sri Lanka and Vietnam will begin talks on trade liberalization aiming to expand two way trade over 10 fold to a billion US dollars over the next few years, a joint communiqué following visit by President Truong Tan Sang said. Vietnam also sells textiles for Sri Lanka’s apparel trade. No […]
British defence minister resigns over ties to best man
LONDON, October 14, 2011 (AFP) – British Defence Secretary Liam Fox resigned on Friday, forced out over his links to the best man at his wedding who posed as a government adviser while foreign donors funded his trips with the minister. “I mistakenly allowed the distinction between my personal interest and my government activities to […]
Sri Lanka spending to be upped 15-pct in 2012: preliminary data
Oct 14, 2011 (LBO) – Sri Lanka plans to spend 1,640 billion rupees in capital and current expenditure in 2012 up 15.5 percent from a year earlier, preliminary data released by the finance ministry showed. It leaves the state with a deficit of 525 billion rupees. However government spokesmen had said earlier that in 2012 […]
Sri Lanka and Vietnam ink oil deals
Oct 14, 2011 (LBO) – Sri Lanka and Vietnam can expand trade and investment in petroleum, telecoms, agricultural machinery and fisheries, visiting Vietnam President Truong Tan Sang told a business forum in Colombo. Sri Lanka’s state-run Ceylon Petroleum Corporation also signed a deal on diesel trade with PetroVietnam’s Singapore arm. President Sang said bilateral meetings […]
” development nears kick off: official
Oct 14, 2011 (LBO) – Work on a ‘linear park’ for recreation and night life bordering Beira Lake in Sri Lanka’s capital Colombo will begin early in 2012, a senior urban development official said. Its own building which was housed in the area would be made available for development as a 12-acre block after shifting […]
Sri Lanka stocks end down 0.3-pct
Oct 13, 2011 (LBO) – Sri Lankan stocks fell again Thursday with heavy losses in selected shares on very thin trade with the market falling sharply after opening but recovering towards the end, brokers said. The main All Share Price Index fell 0.28 percent (18.24 points) to 6,585.99, while the more liquid Milanka index rose […]
Land Payment
Oct 13, 2011 (LBO) – The Sri Lankan state is getting ready to acquire land and pay compensation in the second phase of the project to build a large deep-water port in Hambantota on the south coast. The extent of the submerged rock was missed during initial surveys and the cost of blasting it has […]
Fresh Lease
Oct 13, 2011 (LBO) – Accelerating post-war growth and surging vehicle imports owing to tax cuts and better incomes will drive Sri Lanka’s leasing and hire purchase market, promoters of People’s Leasing Company’s share issue said. People’s Leasing, Sri Lanka’s largest leasing firm, plans to raise 70 million US dollars in an initial public offer […]
Sentence
NEW YORK, October 13, 2011 (AFP) – Disgraced star Wall Street hedge fund manager Raj Rajaratnam was sentenced Thursday to 11 years behind bars in the heaviest US sentence for insider trading, although far below what prosecutors had sought. New York federal Judge Richard Holwell also ordered the Sri Lankan-born founder of the Galleon Group […]
Heavenly Directions
Oct 13, 2011 (LBO) – Sri Lanka’s largest mobile phone operator Dialog Axiata is offering a satellite navigation application tool for mobile phones that can be downloaded from the web. The application will help Dialog Subscribers find direction, plot routes and find places of interest, a statement said. The Dialog SatNav system has voice support […]
Sri Lanka freight group expands recycling business
Oct 13, 2011 (LBO) – Sri Lanka’s Expolanka Holdings has expanded and renamed its recycling subsidiary and also intends to venture into recycling electronic waste or ‘e-waste’. Group unit Neptune Papers has been rebranded as Neptune Recyclers and has moved into recycling plastic, polythene and scrap metal in addition to its existing waste paper business, […]