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Sri Lank June exports up 32% to $816mn
Aug 29, 2011 (LBO) – Sri Lanka’s June 2011 exports rose 32 percent to 816 million US dollars from a year ago helped up strong growth in shipments of apparel as well as tea and rubber, the central bank said. Imports in June 2011 shot up 50 percent to 1.7 billion US dollars with a […]
Petrol Fiasco
Aug 29, 2011 (LBO) – A Sri Lanka government committee probing the import of substandard petrol which damaged vehicles has recommended payment of compensation to affected motorists. The report by the committee, handed over to petroleum minister Susil Premajayantha Monday, said the fiasco was caused by government officials not following essential procedures for fuel imports, […]
Sri Lanka SOE in new move to clear controversial cement: report
Aug 29, 2011 (LBO) – A state enterprise has tried to again to clear a consignment of cement with a foreign quality certificate adding to a controversy where stocks earlier cleared without certification, a media report said. Sri Lanka’s The Sunday Times newspaper said the Sri Lanka National Co-operatives Board (SLNCB) which comes under the […]
Sri Lanka rubber exporter pinched by export taxes, interest
Aug 29, 2011 (LBO) – Eastern Merchants Plc, an exporter of commodities that claims top spot for natural rubber exports from Sri Lanka said its margins were eroded by rising working capital costs and export taxes despite steep commodity inflation. Eastern Merchants group, which exports rubber, coir fibre, cinnamon and brushes said revenues grew 53 […]
Risk to global economy rising: IMF chief
NEW YORK, August 27, 2011 (AFP) – Risks to the global economy are rising and the tools for supporting it are more limited than they have been in the past, IMF chief Christine Lagarde warned Saturday. But Lagarde — in a speech to a meeting of central bankers in Jackson Hole, Wyoming — said that […]
Indian anti-graft activist ends 13-day fast
NEW DELHI, August 28, 2011 (AFP) – Indian anti-corruption activist Anna Hazare ended his 13-day hunger strike on Sunday triggering wild celebrations among supporters after parliament agreed to consider his demands. Hazare’s fast at an open-air venue in New Delhi attracted tens of thousands of people every day as a nationwide protest movement emerged to […]
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LONDON, August 28, 2011 (AFP) – An independent inquiry into the death of an Iraqi prisoner in British custody in Iraq will clear the army of systematic torture but individual soldiers will be strongly criticised, a report said Sunday. The British probe has been investigating the death of hotel receptionist Baha Mousa, who died two […]
Sri Lanka Navy expands presence along coast
August 28, 2011 (LBO) – Sri Lanka’s navy is setting up new bases along the island’s north western and eastern coasts to bridge security gaps that existed during the separatist Tamil Tiger insurgency, its commander said. The Navy said with strengthened presence and expanded operational capabilities it will be in a better position to guard […]
Sri Lanka investors stumped by low labour productivity in tea estates
Aug 27, 2011 (LBO) – Investors are losing interest in Sri Lanka’s plantations as rising wages without productivity gains are making companies reluctant to invest in the replanting needed to sustain the industry, a business group has warned. Sri Lanka™s competitiveness as a tea producer has declined with each successive wage hike with no commensurate […]
‘s killers to hang next month
CHENNAI, August 27, 2011 (AFP) – Three men convicted of the 1991 assassination of then Indian prime minister Rajiv Gandhi will be hanged early next month, a senior jail official has said. The announcement late Friday that the executions would be carried out on September 9 came after India’s president rejected mercy pleas from the […]
Sri Lanka India venture in US$200mn development
Aug 27, 2011 (LBO) – Sri Lanka’s Rank Holdings, a group which has interests in gaming, power and logistics, is planning a 200 million US dollar hotel and residential complex in the capital Colombo with an Indian partner, an official said. The D R Wijewardene property project however dates back from an earlier process a […]
Sri Lanka rupee under steady pressure
Aug 26, 2011 (LBO) – Sri Lanka’s rupee came under steady pressure as the spot dollar rate was held at 110.00 rupees with forex sales by monetary authorities, with interest rate pressure also resisted earlier in the week, dealers said. To repay holders the central bank has to either print money, worsening the balance of […]