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Net Economy
Nov 08, 2012 (LBO) – Sri Lanka will halve taxes on high-speed broadband services to 10 percent to make the service cheaper in an effort to develop the island’s budding information communications technology industry, President Mahinda Rajapaksa said. Income tax on the ICT sector will be kept at a maximum 16 percent, Rajapaksa, who is […]
Sri Lanka bank profits for farmer insurance
Nov 08, 2012 (LBO) – Sri Lankan banks will be asked to pay one percent of their profits to a national insurance fund to help farmers from next year, the island’s president Mahinda Rajapaksa said. Rajapaksa, who is also finance minister, said farmers who get a fertiliser subsidy will also be asked to contribute to […]
Sri Lanka raises state worker salaries, pensions
Nov 08, 2013 (LBO) – The Sri Lankan government plans to raise salaries of workers in the overstaffed state sector with the increases being staggered to limit inflationary pressures, according to the budget for 2013. President Mahinda Rajapaksa, who is also finance minister, told parliament he plans to increase allowances given to public servants by […]
Sri Lanka to keep budget deficit at 5.8-pct in 2013: President
Nov 08, 2012 (LBO) – Sri Lanka will keep the budget deficit at 5. 8 percent of gross domestic product in 2013, and a 2012 target of 6. 2 percent will be maintained despite falling import tax revenues, President Mahinda Rajapaksa said. President Rajapaksa who is also finance minister said national debt will be maintained […]
Sri Lanka growth expected to recover to 7.5-pct in 2013: Central Bank
Nov 08, 2012 (LBO) – Sri Lanka’s economy will expand 7. 5 percent in 2013 after slowing to 6. 8 percent in 2012 helped by a global recovery, monetary easing and better weather for agriculture, the Central Bank said. The budget deficit which was targeted at 6.2 percent of gross domestic product for 2012 had […]
Sri Lanka Treasuries yields up, rupee weaker
Nov 08, 2012 (LBO) – Sri Lanka’s Treasuries rose on longer maturities at Wednesday’s auction with the 12 month yield rising 09 basis points to 12.65 percent from a week earlier, data from the state debt office showed, while the rupee weakened. The 6-month yield rose 05 basis points to 12.02 percent. The 3-month yield […]
Sri Lanka stocks close 0.26 pct higher
November 07, 2012 (LBO) – Sri Lanka stocks closed 0.26 percent higher Wednesday on gains made in banking counters, brokers said. AVIVA NDB Insurance PLC slipped 4.50 rupees to close at 365.50 rupees down 1.22 percent. Colombo Dockyard PLC gained 1.40 rupees to close at 217.50 rupees up 0.65 percent. Dialog Axiata PLC closed flat […]
Top Lender
Nov 07, 2012 (LBO) – Sri Lanka’s Commercial Bank’s profits rose 11. 5 percent to 2.3 billion rupees in the September 2012 quarter from a year earlier, despite a steep rise in interest expenses, interim accounts showed. Performing loans grew 12 percent to 310 billion rupees in the nine months to September. Non-performing loans grew […]
Impeachment
Nov 07, 2012 (LBO) – Charges made public against Sri Lanka’s chief justice in an impeachment motion signed by more than a 100 ruling coalition parliamentarians include non declaration of assets and the purchase of a house. Sri Lanka’s ruling administration has been has been unhappy at several rulings of the supreme court in recent […]
Sri Lanka honours war-time investors
Nov 07, 2012 (LBO) – Sri Lanka is to recognize foreign companies which invested in the island during the height of two rebellions by leftwing youth and Tamil Tiger separatists that almost wrecked the economy. The ‘Global Commerce Excellence Awards 2012’ will recognize 150 international companies for their contribution to the national economy during the […]