Rajitha says will comply with EU to resolve the fish export ban

Published : 12:51 am  October 16, 2014  |  Category: Front Page  |  1 Comment  |  462 views  |  

Following the European Commission decision to impose a ban on Sri Lanka’s fish exports to the European Union bloc, Sri Lanka said the country would comply with the international standards of fishing. The Minister of Fisheries and Aquatic Resources Rajitha Senaratne said that he would take steps to settle the issues with the European Union. The European Commission Tuesday proposed to ban imports of fisheries products from Sri Lanka, the second biggest exporter to the bloc, due to Sri Lanka’s failure to demonstrate that it sufficiently addressed illegal, unreported and unregulated (IUU) fishing. The ban will come into force in mid-January 2015 if Sri Lanka does not comply with the international... 


Govt. restricts foreigners from entering former war zone

Published : 12:50 am  October 16, 2014  |  Category: Front Page  |  Leave a Comment  |  549 views  |  

The Government yesterday announced that foreigners and foreign organisations who wish to visit the North need to obtain prior clearance from the Ministry of Defence and Urban Development. Army Media Spokesperson Brigadier Ruwan Wanigasooriya at the media briefing said foreign passport holders who intend to visit the war-battered region should inform the Ministry of Defence and Urban Development about the nature of their visit and the area they intend to visit and obtain the ministry’s prior permission to do so. The spokesperson stressed that the Ministry of Defence and Urban Development has taken the decision to restrict foreigner visits to the North following information received by Government... 


Get balance over Bill, biz tells Govt.

Published : 12:46 am  October 16, 2014  |  Category: Front Page, TOP STORY  |  1 Comment  |  600 views  |  

Ceylon Chamber of Commerce suggests appropriate amendments to contentious Land Bill in the national interest     The country’s premier private sector group Ceylon Chamber of Commerce yesterday called on the Government to ensure “balanced and appropriate amendments” to the proposed Land bill in the national interest. In a statement, the Chamber said it appreciates the fact that land is an extremely scarce resource, especially in a small island such as Sri Lanka and it needs to be prudently and productively utilised for the overall wellbeing and benefit of the nation. In such a context, CCC also recognises that the Government has the duty and prerogative to bring about prudent... 


EU flashes red for Lankan fish

Published : 1:06 am  October 15, 2014  |  Category: Front Page, TOP STORY  |  Leave a Comment  |  819 views  |  

Proposes ban on import of fisheries products from mid-January; says Sri Lanka needs to address illegal fishing Move comes after 4 years of dialogue with warning issued in 2012 Sri Lanka is second biggest exporter of fresh and chilled swordfish and tuna to EU worth Rs. 13 b EU shows green card to Belize, Fiji, Panama, Togo and Vanuatu   In its fight against illegal fishing activities worldwide, the European Commission yesterday proposed to ban imports of fisheries products from Sri Lanka to tackle the commercial benefits stemming from illegal fishing. The move comes after four years of intense dialogue with the country after which it could not demonstrate that it sufficiently addressed... 


US engineering giant to re-energise Sapugaskanda Oil Refinery

Published : 12:57 am  October 15, 2014  |  Category: Front Page  |  2 Comments  |  2,150 views  |  

The Sapugaskanda Oil Refinery Expansion and Modernisation Project (SOREM) is poised to move beyond just a blueprint towards becoming a reality. After an exhaustive screening process that involved receiving and evaluating over 20 proposals and short-listing five, the Ceylon Petroleum Corporation (CPC) and the Ministry of Petroleum have selected a joint proposal by S.S. Lootah Group, a UAE-based international energy corporation, and Ventech Engineers LLC, a US-based corporation with global expertise and a proven track record in engineering, designing and building refineries. Ventech also specialises in gas processing, petrochemical process units and associated equipment. The refinery expansion,... 


Hemas divests investment in power sector

Published : 12:57 am  October 15, 2014  |  Category: Front Page  |  Leave a Comment  |  871 views  |  

Strikes deal to sell 75% stake in power subsidiary for  Rs. 1.68 b to consortium of NDB Capital, ACL Cables and Trydan Partners Hemas Holdings PLC yesterday announced that it has entered into an agreement to sell its shareholding in Hemas Power PLC to a consortium of buyers, consisting of NDB Capital Holdings PLC, ACL Cables PLC and Trydan Partners Ltd. The entirety of its shareholding in Hemas Power PLC will be sold for Rs. 1.68 billion. Hemas Holdings PLC represents 75% of the shareholding of Hemas Power, consisting of 93,900,000 out of the 125,200,002 ordinary shares of Hemas Power in issue. This sale is subject to regulatory approval. Hemas Group CEO Steven Enderby said: “This is an... 


Lanka Aluminium sells Classic Teas control for Rs. 77 m to Indian firm

Published : 12:56 am  October 15, 2014  |  Category: Front Page  |  Leave a Comment  |  462 views  |  

Lanka Aluminium Industries Plc said yesterday that the Board has resolved to sell 68% stake in Classic Teas Ltd., for Rs. 76.7 million to Kolkata–based Asia Tea Company Ltd. The stake amounting to 3 million shares will be divested at Rs. 25.59 per share. The Company said the deal was subject to regulatory approvals and will be sold to Asia Tea or its nominees.  Read More →


Sri Lanka has the least number of hungry people in South Asia

Published : 12:56 am  October 15, 2014  |  Category: Front Page  |  Leave a Comment  |  482 views  |  

Sri Lanka has the least number of hungry people in South Asia and the number of people going hungry has steadily declined, the 2014 Global Hunger Index (GHI) released Monday showed. Sri Lanka ranked 39th this year, four notches above last year’s rank, in the GHI, released for the ninth year by the International Food Policy Research Institute (IFPRI), Welthungerhilfe, and Concern Worldwide. Sri Lanka’s 2014 GHI score dropped to 15.1 this year from the 16.8 in 2013. The 2014 GHI examines levels of hunger in 120 developing countries and countries in transition and scores them based on three equally weighted indicators: the proportion of people who are undernourished, the proportion of children... 


Oil falls to post-2010 low after IEA cuts demand forecasts

Published : 12:55 am  October 15, 2014  |  Category: Front Page  |  Leave a Comment  |  462 views  |  

IEA cuts global oil demand estimates for 2014 and 2015 Demand for OPEC crude oil down by 200,000 bpd Saudi Arabia, Kuwait play down OPEC output cut possibility   LONDON (Reuters): Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West’s energy watchdog cut its estimates for oil demand this year and next. The global oil benchmark has dropped almost 25% from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets. The International Energy Agency said on Tuesday world oil demand growth would be much weaker than previously expected and raised questions about OPEC’s willingness... 


Jean Tirole of France wins Nobel Prize for economics for “taming powerful firms”

Published : 2:05 am  October 14, 2014  |  Category: Front Page  |  Leave a Comment  |  601 views  |  
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Reuters: French economist Jean Tirole has won the 2014 Nobel Prize for economics for his work in “taming powerful firms.” In awarding the 8 million Swedish crown ($1.1 million) prize, Staffan Normark, Permanent Secretary of the Royal Swedish Academy of Sciences said that Tirole has clarified policies about regulating industries with a few powerful firms, especially after a wave of privatizations had set governments a conundrum over how to encourage private investments in sectors like healthcare and railways while reining in profits. “My one merit is to have been with the right people at the right time,” the 61-year-old, who is unknown to most French, told Reuters in his office at the... 


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