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‘s import based taxes slow in second half
Dec 03, 2012 (LBO) – Import based taxes have slowed in the second half partly due to a sharp reduction in vehicles, though building material imports were still up, a top customs official said. Neville Goonewardene, who headed Sri Lanka’s customs department, told a forum of importers that the agency was given a target of […]
Excessive Trading
Dec 02, 2012 (LBO) – A Sri Lankan stock broking firm has compensated a client who complained to the Colombo Stock Exchange alleging unauthorized trading which led to massive losses during a collapsed stock market bubble. Taprobane Securities, chief executive had earlier been removed by the regulator following a controversial deal involving the attempted sale […]
Data Centre
Dec 02, 2012 (LBO) – India’s Trimax IT Infrastructure Services Ltd will build a data centre in at Saki Knowledge and Technology Park in Hambantota in southern Sri Lanka. Sri Lanka’s investment promotion agency will give the firm a 12 year tax holiday. The Hambantota IT park is a state-sponsored venture in which around 100 […]
Sri Lanka Mackwoods Energy profits down 24-pct
Dec 02, 2012 (LBO) – Profits at Sri Lanka’s Mackwoods Energy, a hydropower company fell 24 percent in the six months ending September 2012, with flat revenues and higher operating expenses, interim accounts showed. Profits fell despite 20 million rupees in other income. The firm has 252 million rupees in short term investments. The firm […]
Sri Lanka expects fruit and vegetable exports to grow in 2012
Dec 01, 2012 (LBO) – Sri Lanka’s fruit and vegetable exports are expected to grow between three to five percent in 2012 after growing 10 percent in 2011, despite a global downturn that had dragged down total exports an industry official has said. Sri Lanka’s overall exports were down 5.8 percent to 7.39 billion US […]
‘s Seylan Bank to list up to Rs2.0bn in debt
Nov 30, 2012 (LBO) – Sri Lanka’s Seylan Bank will to sell up to 2. 0 billion rupees of public listed debentures maturing in five years, abandoning an earlier plan to privately place the securities. Seylan Bank said in a stock exchange filing that it will offer to sell one billion rupees of debentures and […]
Bank Rating
Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BB+(lka) rating of Sri Lanka’s Union Bank with a negative outlook, saying the lender faced risks to asset quality from strong growth but it had strong capital ratios. “Significant improvements to its risk management system and processes, including effective implementation of a core banking system […]
Consumer Finance
Nov 30, 2012 (LBO) – Fitch Ratings has confirmed a BBB+(lka) rating of Sri Lanka’s Singer Finance (Lanka) Plc, with a stable outlook, based on an 80 percent holding and strong links with its parent, Singer (Sri Lanka) Plc, which is rated A(lka) with a stable outlook. In 2012 SFL’s portfolio has expanded 53 percent […]
Sri Lanka electricity generation falls for second month
Nov 30, 2012 (LBO) – Sri Lanka’s electricity generation fell in absolute terms by 1. 5 percent to 971 GigaWatt hours (millions of units) in September 2012 from a year earlier, declining two months in a row, pointing to a slowing economy. Last year Sri Lanka’s economy was given an unexpected boost by nearly 200 […]
‘s inflation accelerates to 9.5-pct in November
Nov 30, 2012 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 9.5 percent in November 2012 from a year earlier, accelerating from 8.9 percent a month earlier, data from the state statistics office showed. The Colombo Consumer Price Index rose 1. 3 percent to 167.1 points during the month, with the food component […]