Tag: lbo
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 […]
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 […]
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, […]
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 […]
‘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 scraps emergency laws, US cheers
August 25, 2011 (AFP) – Sri Lanka’s president announced on Thursday that he was scrapping draconian emergency laws imposed nearly 30 years ago to deal with the armed Tamil separatist movement. The move, which was welcomed by the United States, comes as Sri Lanka faces growing pressure — led by Washington — over its human […]
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August 26, 2011 (LBO) – Sri Lanka’s main opposition, which is bedeviled by a string of electoral defeats and an internal battle to oust its leader, says its door-to-door campaign is haunted by a phobia among voters about ‘grease devils’. ‘Grease devil’ is a colloquial term used to describe peeping toms and other mischief makers […]
US envoy to press Sri Lanka over alleged war crimes
August 26, 2011 (AFP) – The United States is dispatching a top envoy to Colombo for talks next week ahead of a crucial UN meeting to discuss alleged war crimes in Sri Lanka, diplomats said on Friday. US Assistant Secretary of State Robert Blake will be visiting Sri Lanka for a second time in four […]
Sri Lanka cement crisis continues amid price controls
Aug 24, 2011 (LBO) – Sri Lanka’s construction industry is facing a shortage of about a million 50 kilogram sacks of cement a month, a media report said as price controls limit supplies and threaten the island’s construction sector. Amid the shortages created by price controls, state enterprises have got into the act like in […]
” beyond 16-year high
HONG KONG, August 23, 2011 (AFP) – Hong Kong’s inflation has hit a 16-year high and economists warned Tuesday there are signs it will worsen in coming months as runaway housing and food costs continue to besiege the city’s economy. Figures released in the southern Chinese territory Monday showed inflation hit 7.9 percent year-on-year in […]
100 arrests over Sri Lanka sex offender scare
August 23, 2011 (AFP) – Police carried out mass arrests in northern Sri Lanka on Tuesday after residents clashed with troops alleged to have protected so-called “grease devil” sex offenders, officials said. At least 102 men were taken into custody in the Jaffna region when residents smashed two military vehicles, in a protest against the […]