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Sri Lanka water minister to clamp down on mini-hydros: report
Dec 01, 2010 (LBO) – Sri Lanka’s irrigation ministry is planning to restrict future hydro power development on small river systems in the country in a bid to address environmental concerns, a media report said. Most of the best locations involving high rainfall and low capital costs have already been developed. Mini-hydro are cheaper than […]
Sri Lanka property project resumed by Shing Kwan
Dec 01, 2010 (LBO) – The Singapore-based Shing Kwan group has re-activated its big Havelock City residential and commercial property project in Sri Lanka with plans to build 800 more apartments, its chairman S P Tao said. “The nature and scale of development would be similar to those in Hong Kong and Singapore,” Tao said. […]
Sri Lanka exports up 16.7-pct in September, trade gap widens
Dec 01, 2010 (LBO) – Sri Lanka’s exports rose 16.7 percent to 662.9 million US dollars in September 2010, helped by higher commodity prices and a surge in apparel exports while imports grew at a faster 35.9 percent widening the trade gap, Central Bank data showed. “While earnings from garment exports to the EU increased […]
Sri Lanka Tiger hideout turned into elephant sanctuary
November 30, 2010 (AFP) – Sri Lanka is to turn a vast jungle area that was a base for the separatist Tamil Tiger rebels into a wildlife sanctuary, 18 months after the end of island’s bloody civil war, the government said Tuesday. The jungles of Mullaittivu, from where the rebels launched attacks for decades until […]
Quake south of Sri Lanka, Maldives
November 30, 2010 (AFP) – A 5.6-magnitude earthquake struck the South Indian Ocean on Wednesday, the US Geological Survey said, although there were no immediate reports of damage and there was no tsunami warning in effect. The quake hit at a shallow depth of 15. 3 kilometres (9.5 miles) at 02:19 local time (21:19 GMT […]
Sri Lanka new gilt-edged fund eyes small investors
Nov 30, 2010 (LBO) – Ceybank Asset Management (CAM), Sri Lanka’s largest unit trust fund manager, has launched an open ended gilt-edged fund aiming to attract small investors especially in rural areas, officials said. The ‘Ceybank Surakum’ fund will invest in government Treasury bills and bonds and other government-backed securities but not in equities and […]
Sri Lanka stocks close up 2.8-pct
Nov 30, 2010 (LBO) – Sri Lanka stocks closed sharply higher Tuesday, bouncing back a day after the regulator extended a deadline for brokers to clear credit given to clients, brokers said. The All Share Price Index closed at 6,434.85, up 2.8 percent (177.84 points) while the Milanka index of liquid stocks rose 2.50 percent […]
Sri Lanka commodity export tax seen hitting grower income
Nov 30, 2010 (LBO) – An increase in tax on Sri Lanka’s bulk tea exports is likely to reduce prices paid by buyers although it had no immediate impact owing to prevailing strong demand, brokers said. The cess on all other value added tea products will remain at 7. 50 rupees a kilo. “The 3.50 […]
Sri Lanka turns former Tiger hideout into wildlife sanctuary
Sri Lanka turns former Tiger hideout into wildlife sanctuary November 30, 2010 (AFP) – Sri Lanka is to turn a vast jungle area that was a base for the separatist Tamil Tiger rebels into a wildlife sanctuary, 18 months after the end of island’s bloody civil war, the government said Tuesday. The jungles of Mullaittivu, […]
India economy grows by forecast-beating 8.9 percent
NEW DELHI, November 30, 2010 (AFP) – India’s economy grew a forecast-beating 8. 9 percent year-on-year in July-September, data showed Tuesday, underscoring the country’s brisk recovery from the global financial crisis. The healthy numbers brought temporary cheer to the Congress-led government, buffeted by a string of scandals including a damaging telecom corruption scam which could […]
Sri Lanka Malaysia hydro firm in Rs600mn IPO
Nov 30, 2010 (LBO) – Panasian Power Limited, a unit of Malaysian based Majulia group is selling 200 million shares to raise 600 million rupees in an initial public offering which will open on December 07, officials said. Majulia owns the firm through its energy unit, Power Hub International (PHI). Panasian Power owns a 2.0 […]
Sri Lanka trade needs more govt co-ordination: official
Nov 30, 2010 (LBO) – Sri Lanka’s government agencies involved in exports and imports need to co-ordinate better to minimise delays and smoothen trade, said Sarath Jayatilake, former Director General of Sri Lanka Customs. Export consignments already checked by one agency are sometimes inspected again by a different agency, he told a stakeholders meeting on […]