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WASHINGTON, January 16, 2011 (AFP) – China’s President Hu Jintao said Sunday the international currency system was “a product of the past,” but it would be a long time before the yuan is accepted as an international currency. Asked about the view that appreciation of the yuan would curb inflation in China, Hu suggested that […]
Pirate Action
SEOUL, January 15, 2011 (AFP) – Suspected Somali pirates hijacked a South Korean-operated cargo ship with 21 crew on board in the Indian Ocean on Saturday, South Korean and European officials said. The 300,000-tonne Samho Dream and its 24 crew — five South Koreans and 19 Filipinos — were released only after a ransom reported […]
Sri Lanka mine fears as floods recede
January 16, 2011 (AFP) – Unexploded mines planted during Sri Lanka’s Tamil separatist war may have shifted during recent floods, officials said Sunday, as residents started to return to their badly-damaged homes and farms. More than one million people were initially displaced in the flooding, with the east of the island worst affected by a […]
Sri Lanka expects US$1.5bn in hotel starts in 2011
Jan 15, 2010 (LBO) – Sri Lanka is expecting 1. 5 billion US dollars of mainly hotel project starts in 2011 as investors pour money into the sector in the wake of booming tourist arrivals following the end of a war, economic minister Basil Rajapaksa said. The two firms have to pay 125 million US […]
Floods hit harvest festival in Sri Lanka former war zone inundated
BATTICALOA, January 15, 2011 (AFP) – Sri Lanka’s minority Tamils would normally celebrate their annual harvest festival Saturday, but instead they are struggling to survive the worst flooding in living memory. With a handful of rice and a couple of incense sticks, Sadairani Kumar is keen to mark the festival of Thaipongal, popular among the […]
Freedom
January 15, 2011 (AFP) – Sri Lankan authorities on Saturday released 78 suspected Tamil Tiger rebels from an internment centre to mark the Tamil harvest festival of Thai Pongal, an official said. A total of 48 women and 30 men left a military-run facility in the northern town of Jaffna, the Commissioner General of Rehabilitation […]
Regulatory Review
Jan 15, 2010 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) will modernize its governing law to meet market trends and introduce civil sanctions for market offenders, an official said. SEC chairwoman Indrani Sugathadasa said the 1987 SEC law has been change three times but there had been “no overall review of the provisions […]
EU gives two mln euros in aid for Sri Lanka floods
BRUSSELS, January 14, 2011 (AFP) – The European Commission decided on Friday to release two million euros (. 7 million) in emergency humanitarian aid for the victims of devastating floods in Sri Lanka. The assistance will be distributed through international aid agencies to provide emergency food aid, water and sanitation, and emergency relief items. “When […]
Sri Lanka shares end up 0.15-pct
Jan 14, 2011(LBO) – Sri Lankan stocks closed higher Friday with active trading seen in finance sector, brokers said. The All Share Price Index closed at 7,032. 60, up 0.15 percent (10.72 points) while the Milanka Price Index of more liquid stocks closed at 7,301. 09, down 0.35 percent (25.75 points) according to stock exchange […]
Sri Lanka Taj owners may build another hotel: minister
Jan 14, 2010 (LBO) – Investors connected to Taj Samudra hotel in Sri Lanka’s capital Colombo may build another hotel in the same premises, economic development minister Basil Rajapaksa said. The Taj group said late last year that the existing 5-star Taj Samudra may go through a 60 million US dollar upgrade. The group manages […]
Sri Lanka to get US$500mn hotel from China aviation firm
Jan 14, 2010 (LBO) – A Chinese aviation firm will build a 500 million US dollar hotel and shopping complex in the main beachfront of Sri Lanka’s capital Colombo, the government said. Shangri-La will get state land on which a military sports ground was located. China National Aero Technology Import and Export Corporation (CATIC) will […]
Sri Lanka struggles with flood havoc
BATTICALOA, January 14, 2011 (AFP) – The Sri Lankan military and aid agencies struggled Thursday to bring relief to a million people displaced by floods that have claimed nearly 30 lives and devastated the island’s rice bowl. Even as torrential rains eased overnight to bring some temporary respite, the number of people seeking protection in […]