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Cell Rating
Oct 09, 2012 (LBO) – Fitch Ratings has confirmed an ‘AAA(lka)’ rating with a stable outlook citing support from its Malaysia-based parent and said its stand alone credit profile had improved to ‘AA ‘AA+(lka)’ from ‘AA(lka)’. “Dialog’s standalone credit profile is strong, and has improved between 2010 and 2012, helped by a benign competitive environment […]
‘s public-private action in Galle
Oct 09, 2012 (LBO) Some colleagues who had come to Sri Lanka at my invitation for a business meeting had flights out Sunday late evening. My first thought was to take them around Colombo on the free day to kill time before they left for the airport around 5 PM. Then someone asked why not […]
Sri Lanka raises alcohol taxes
Oct 09, 2012 (LBO) – Sri Lanka has raised taxes on alcohol ahead of a budget to be presented in parliament next month, a day after excise taxes on tobacco was raised, the island’s finance ministry has said. Taxes on wine has been raised to 898 rupees a proof litre from 838 rupees, molasses, palmyra, […]
Sri Lanka Krrish project gets sweeping tax breaks
Oct 08, 2012 (LBO) – A 450 million US dollar hotel and residential development in Sri Lanka’s capital Colombo by India’s Krrish group is getting sweeping tax benefits running up to 25 years. Krrish group is building a tower block in Colombo’s colonial quarter by the side of an historic British administration building ‘Transworks House’ […]
Sri Lanka judges, magistrates, lawyers on strike over assault
Oct 08, 2012 (LBO) – Sri Lanka’s district judges and magistrates are striking Monday, while several lawyers associations had decided to keep away from court work, over the assault of a the secretary of the island’s independent judicial services commission. Sri Lanka abolished a civil service commission, which was in charge of appointing, transferring and […]
Sri Lanka scholar explodes China arms trade myths
Oct 07, 2012 (LBO) – Contrary to popular belief that Chinese arms sales to Africa fuel wars and human rights abuses, it is the United States that sells more weapons to autocracies there, a Sri Lankan scholar says. Much of the ‘China-bashing’ in the Western media is driven by domestic protectionist pressures and is reminiscent […]
Sri Lanka resumes printing money to sterilize forex sales
Oct 06, 2012 (LBO) – Sri Lanka’s central bank has sterilized a foreign exchange sale injecting 8.0 billion rupees in one-month money into the banking system, ending several weeks of monetary policy that has been favourable of a stronger exchange rate. On Friday the central bank printed 8.0 billion rupees for one month at 9.81 […]
Court Relief
Oct 06, 2012 (LBO) – Key trade unions in Sri Lanka have gone to court over controversial share investments made in second tier firms and banks by state managers of a retirement fund of private sector workers. Eleven trade unions that sought relief from Sri Lanka’s Supreme Court alleged that stocks have been bought in […]
Sri Lanka hikes tobacco taxes
Oct 06, 2012 (LBO) – Sri Lanka has raised tobacco taxes from October 06, a notice posted on the island’s customs office showed, to raise extract more money from citizens and cut a budget deficit stemming from unchecked state spending. The tax hike came ahead of a budget for 2013 to be presented in parliament […]
Sri Lanka stocks close up 0.31 pct
October 05, 2012 (LBO) – Sri Lanka stocks closed up 0.31 percent Friday The Colombo All Share Index closed at 5,879.69 up 18.34 points and the S & P SL 20 Index closed 9.18 points lower at 5,466.50 down 0.17 percent. Turnover was 551 million rupees. Top contributors to turnover were LOLC with Rs.133 million, […]