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Finlays Sri Lanka plantation hands over management to private company
Dec 12 (LBO) – Sri Lankan regional plantations company Udapussellawa Plantations is to hand over management of two estates to a newly incorporated private company for a 38-year period, an official said Tuesday. “These estates need a lot of investment into the field operations as well as factories and with the current structure and wages going […]
Soft Landing
December 12, 2006 (LBO) – Lanka Bell, one of Sri Lanka’s privately held wireless telecom operators, has tied up with India’s FLAG Telecom to lay an undersea cable linking both countries. FLAG owns and manages an extensive optical fibre network spanning four continents and connecting key business markets in Asia, Europe, the Middle East and […]
Underwater Link
Dec 12, 2006 (LBO) – A new fibre optic undersea cable that connects Maldives to Sri Lanka will bring down international call charges from the Indian Ocean coral atoll, officials said Tuesday. The telco, which carries an AAA (lka) rating from Fitch Ratings Lanka, also has a share in Sri Lanka’s cellular market through its […]
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PARIS, Dec 12, 2006 (AFP) – For the companies and individuals inhabiting the web’s ever-evolving ecosystem, three big revolutions have taken place almost unnoticed by outside observers. The first, they argue, was the initial phase — or what they call “Web 1.0” — when corporations like the BBC, Disney and established newspapers set up virtual […]
Asian financial markets face greater volatility in 2007: S and P
SINGAPORE, Dec 12, 2006 (AFP) – Asia-Pacific financial markets will remain generally strong but face greater volatility and higher risks in 2007, Standard and Poor’s said Tuesday. The US-based credit watchdog said in a statement that the regional economic outlook remained positive despite an expected US slowdown next year. But higher financing costs, increased corporate […]
”’ looking for glorious finale
DOHA, Dec 12, 2006 (AFP) – Susanthika Jayasinghe has always been a drawcard, whether for her medal winning exploits or colourful private life, and the Sri Lankan is looking for a glorious finale by medalling in the Beijing Olympics. Since then, despite an Asian Games gold in 2002, she has been a rarer sight on […]
Sri Lanka parties urged to hold fire amid heavy civilian losses
COLOMBO, Dec 12, 2006 (AFP) – The United Nations and Nordic truce monitors on Tuesday voiced grave concern for 35,000 “desperate civilians” caught in the crossfire between Sri Lankan troops and Tamil Tiger rebels. The Tamil Tigers are fighting for independence for the island’s minority 2.5 million Tamil community in the majority-Sinhalese nation of 19.5 […]
PBJ Resignation
December 11, 2006 (LBO) – Sri Lanka’s powerful treasury secretary P B Jayasundara, has sent in his resignation, the state-run Daily News reported Monday. The newspaper did not give a reason, but said Jayasundara will cease from running the day-to-day affairs of the finance ministry from December 31. Jayasundara is due to take up a […]
New Chapter
December 11, 2006 (LBO) – Sri Lanka Telecom, is spinning off its directory publication division as a wholly owned subsidiary, the island’s biggest fixed line operator said Monday. Japans Nippon Telegraph & Telephone Corp. or NTT controls 35.2 percent of SLT, the Sri Lankan government owns 49.5 percent and the public 15.3 percent. SLT Publications […]
‘s inflation rate rises to nearly 1,099 percent
HARARE, Dec 11, 2006 (AFP) – Zimbabwe’s inflation spiral rose to 1,098.8 percent last month, up 28.6 percentage points from October, the Central Statistical office said Monday.Last month, Finance Minister Herbert Murerwa predicted a marginal economic growth in the coming year, adding that inflation would dip to 350 percent as he presented the budget for […]
Civilian casualties pour into hospital after Sri Lanka fighting
TRINCOMALEE, Sri Lanka, Dec 11, 2006 (AFP) – Dozens of civilians wounded in weekend shelling in rebel-held areas were evacuated Monday for treatment, officials said, as the rebels placed civilian deaths at 41. Medical sources in the Vakarai hospital inside territory held by the Liberation Tigers of Tamil Ealam (LTTE) said 27 dead bodies of […]
Sporadic shelling in Sri Lanka, Tigers return dead bodies
COLOMBO, Dec 11, 2006 (AFP) – Sporadic shelling was reported across de facto front lines in Sri Lanka’s embattled northeast Monday after heavy artillery attacks over the weekend left scores dead. More than 3,500 people have been killed in Sri Lanka in the past year.The bitter ethnic conflict has claimed more than 60,000 lives since […]