Tag: Sri Lanka
Sri Lanka changes constitution, lifts term limits
Sept 08, 2010 (LBO) – Sri Lanka’s parliament has changed the constitution, lifting term limits for the president with 161 votes or 11 seats more than a two-thirds majority with several opposition lawmakers also crossing over. The constitution change which also nullifies an earlier change to improve rule of law with a more independent public […]
Sri Lanka investment agency awaits tax policy in budget
Sept 07, 2010 (LBO) – Sri Lanka’s state investment promotion agency is waiting for the harmonization of a tax regime in the island following a budget later this year and it is also likely to undershoot an investment target for the year, an official said. Sri Lanka has a bloated state sector, with more than […]
‘s third-term bid
September 7, 2010 (AFP) – Sri Lanka’s Supreme Court has cleared the way for President Mahinda Rajapakse to run for a third term in office, saying the constitution can be changed by a vote in parliament, officials said Tuesday. Rajapakse, who oversaw the defeat of the Tamil Tiger rebels last year after decades of civil […]
Sri Lanka civil society organizations oppose constitutional change
Sept 06, 2010 (LBO) – Civil society organization representing several interest groups in Sri Lanka have come out against proposed changes to the constitution as a move that will further destroy democratic values and individual freedom. “Until the people understand these two basic principles Sri Lanka will only have fascist nationalism by majority vote (also […]
Sri Lanka lake front to be park, entertainment complex: report
Sept 04, 2010 (LBO) – Land around a lake in Sri Lanka’s capital Colombo has been earmarked for hotels, a park, a shopping and an entertainment area and will be offered to private investors by the island’s city development authority, a media report said. State land would be offered investors as 55 or 99 year […]
Sri Lanka breakdown of remaining democracy slammed by newspapers
Sept 05, 2010 (LBO) – Sri Lanka’s main English weeklies have slammed a proposed change to the country’s constitution as the latest in a long list of moves by rulers to destroy individual liberties and break remaining democratic institutions. The constitutional change will see the term limits for the President currently set at two being […]
Sri Lanka foreign reserves surge to US$5.7bn: Central Bank
Sept 02, 2010 (LBO) – Sri Lanka’s foreign reserve surged to 5,731 billion US dollars in June 2010 when counting domestically arranged currency swaps, the Central Bank said. In May 2010 the monetary authority reported foreign reserves of 5,032 million dollars. No mention of swaps was made with the release of May data. The central […]
Euro, yen and emerging currencies gain forex share: BIS
GENEVA, September 1, 2010 (AFP) – The euro, Japanese yen and some emerging market currencies are gaining ground in the foreign exchange market while the dollar is continuing to decline, a bank survey said Wednesday. “The US dollar continued a slow retreat from its 90 percent peak share of all transactions reached in the 2001 […]
Sri Lanka trade deficit surges amid economic recovery
Sept 01, 2010 (LBO) – Sri Lanka’s exports grew 13.7 percent to 3.6 billion US dollars in the first half of 2010, and imports expanded 42.1 percent amid an economic recovery, expanding the trade deficit by 108 percent to 2.8 billion US dollars, official data show. In the month of June exports grew 23.4 percent […]
Expanding Gas
Sept 01, 2010 (LBO) – Sri Lankan liquid petroleum gas (LPG) supplier Laugfs Gas is to expand with plans for regional storage facilities in the north and south, an official said. Laugfs has said recently that it is also keen on buying the local assets of its competitor Shell Gas Lanka which wants to sell […]
Sri Lanka supreme court takes up constitutional changes
August 31, 2010 (AFP) – Sri Lanka’s Supreme Court on Tuesday began assessing a draft bill that would amend the island’s constitution to allow President Mahinda Rajapakse to run for office for a third term. Registrar of the Supreme Court said the five-judge bench would give their decision to the president and speaker of parliament […]
Sri Lanka Treasury chief backs free trade
Aug 31, 2010 (LBO) – Sri Lanka’s finance secretary, a key policy maker in the current administration has backed freer trade which can improve people’s liberties and propel the country on a higher growth path. Sri Lanka has seen flourishing free trade from during the times of ancient kings. Jayasundera said the country was looking […]