Tag: news
Sri Lanka to get US1.5bn from China bank
June 23, 2011 (LBO) – China Development Bank Corporation has agreed to finance infrastructure projects in Sri Lanka amounting 1.5 billion US dollars over the next three years, minister Anura Yapa said. China is becoming a key financier of Sri Lanka displacing traditional donors, Japan and the Asian Development Bank. “The financial assistance will be […]
Sri Lanka regime rejects press freedom bill
June 21, 2011 (AFP) – Sri Lanka’s ruling party used its parliamentary majority Tuesday to defeat an opposition-initiated bill to grant greater media freedom, a parliamentary official said. President Mahinda Rajapakse’s United People’s Freedom Alliance, which enjoys a two-thirds majority in the 225-member assembly, shot down the Freedom of Information Bill presented by an opposition […]
Sri Lanka looks to expand economic links with Russia
June 21, 2011 (LBO) – Sri Lanka is expanding economic ties with Russia as the country looks to rebuild its economy after a 30-year war with a large state run firm being invited for talks on the oil and gas sectors and air links resuming, officials said. President Mahinda Rajapaksa attended an economic forum in […]
Refining Revision
June 20, 2011 (LBO) – Sri Lanka is holding talks with Iran to get more funds to expand its sole oil refinery after new feasibility studies indicated the cost would rise to two billion US dollars, an official said. Titus Jayewardene, secretary to the petroleum ministry, said the cost of the modernisation to double refining […]
Sri Lanka state revenue gap wide, despite higher taxes in April
June 20, 2011 (LBO) – Sri Lanka’s state revenues rose 18. 4 percent to 284.9 billion rupees in the four month to April 2011, but day-to-day spending had also expanded faster, creating a revenue deficit wider than budgeted for the whole year, official data shows. This left a yawning revenue deficit of 75. 4 billion […]
Russian Interest
June 19, 2011 (LBO) – A team from Russia’s Gazprom would visit Sri Lanka to discuss oil exploration, building a refinery and using liquefied natural gas in the island following a meeting with visiting President Mahinda Rajapaksa. A government statement said President Rajapaksa met Gazprom chief Alexei Miller at an economy form in St. Petersburg […]
Canada seeks to curb human smuggling
OTTAWA, June 16, 2011 (AFP) – A Canadian minister on Thursday unveiled measures to curb human smuggling, calling it a “despicable crime” that abused country’s “generosity” towards immigrants and refugees. The proposed law is in response to a wave of arrivals in Canada aboard rickety cargo ships that has weakened public support for the country’s […]
Sri Lanka Tamil MPs beaten up by troops: party
June 17, 2011 (AFP) – Sri Lanka’s main minority Tamil political group on Friday accused army troops of assaulting its lawmakers and breaking up a party meeting on the northern peninsula of Jaffna. The Tamil National Alliance (TNA) said troops stormed their venue on Thursday evening and attacked members of parliament and party supporters who […]
Sri Lanka state enterprises need urgent action: report
June 16, 2011 (LBO) – Some state owned enterprises (SOEs) in Sri Lanka that made losses, violated policies and were a drain on taxes and growth, needed immediate action to fix them, the finance ministry has said. “Lack of good corporate practices and management lapses have resulted in compromising the SOEs ability to manage risks […]
Sri Lanka Bairaha grows own maize
June 15, 2011 (LBO) – Sri Lanka’s Bairaha poultry group is growing its own grain to ensure feed supplies the company said, as other poultry farmers complained of fresh threats to the industry from maize import controls. Due to loose US monetary policy, global grain prices are also now high. Critics say Sri Lanka’s food […]
Sri Lanka estate mulls timber exports
June 15, 2011 (LBO) – Sri Lanka’s listed Malwatte Valley Plantations is mulling the possibility of exporting processed timber, as the firm has more than a 1,000 hectares of trees, chairman W L Bogstra told shareholders. “The Company’s timber reserves amounting to 1282 hectares have been sparingly harvested in the past,” Bogstra said in the […]
‘s richest sports body seeks state bank bailout
June, 2011 (AFP) – Sri Lanka Cricket is seeking government grants and a soft loan to meet part of the $69 million it spent on co-hosting the 2011 World Cup, the island’s sports minister said Tuesday. The governing body has asked for a grant of two billion rupees ($18.35 million) and a 1.5-billion-rupee loan from […]