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Credit Trend
July 09, 2012 (LBO) – Credit to the state from Sri Lanka’s banking system eased in May 2012 and loans to business were back at levels seen before the Central Bank began to sterilize foreign exchange sales last year, official data show. Credit to private sector rose 36.1 billion rupees in May 2012 to 2,215 […]
Sri Lanka urged to depoliticise tea estate wages
July 09, 2012 (LBO) – Sri Lanka, one of the world™s largest tea exporters, has been urged to replace its ageing politicised wage structure with a productivity linked model, to sustain the viability of the centuries old brew. Trade unions, backed by ethnic minority political groups, prefer a fixed day™s wage instead of a productivity-linked […]
Sri Lanka owes 16 billion rupees to fertiliser importers
July 09, 2012 (LBO) – Sri Lanka owes fertiliser importers some 16.0 billion rupees for purchasing fertiliser to be distributed among farmers growing a wide range of crops, a local fertiliser company said. Agri Expansion Weerasekara said the company was scouting for export opportunities and is investing 200 million rupees for its new agri-venture in […]
More on the Sri Lanka cancer subsidy: Not just fuel
July 09, 2012 (LBO) – A few weeks back I wrote that the government is subsidizing a known carcinogen, diesel, pointing specifically to the lumbering, noxious-exhaust-spewing diesel three wheelers. I was then only talking about subsidies on diesel fuel. I’d been thinking it would be nice to support my argument with some data. Then I […]
‘s ITC hotel
July 8, 2012 (LBO) – A mixed property project including a hotel in Sri Lanka’s capital Colombo by India’s ITC has been given sweeping tax breaks under the island’s strategic investment law, a government notice said. Welcome Hotels Lanka (Pvt) Ltd, a newly incorporated ITC unit in Sri Lanka has already paid 73. 5 million […]
Sri Lanka state airlines get Rs2.38bn handout
July 08, 2012 (LBO) – Sri Lanka’s loss-making state-run airlines have been given 2. 28 billion rupees in tax payer money during the first half of 2012, a mid -year fiscal report has revealed. Mihin Lanka on the other hand had made a net profit before interest of 2. 0 billion rupees and had finance […]
Logistics
July 07, 2012 (LBO) – Sri Lanka has moved up 56 places to 81 in a World Bank logistics performance index for 2012, as a result of improvements in infrastructure and quality of logistics services, a business chamber has said. To compile the index, nearly a thousand international freight forwarders have been surveyed on areas […]
Sri Lanka on business traveller map says Colombo hotel
July 07, 2012 (LBO) – Cinnamon Lakeside, a hotel in Sri Lanka’s John Keells group had won an award from a UK-based business travel publication, giving international recognition to high industry standards, officials said. ‘Business Destinations’, a magazine targeted at corporate buyers and travel professionals, had named Cinnamon Lakeside the best luxury hotel in Sri […]
Sri Lanka losses on Greece bonds offset by other gains: Central Bank
July 07, 2012 (LBO) – Sri Lanka has lost money by buying Greece government bonds for its foreign reserve portfolio but returns on other assets have offset the losses, the Central Bank said. Sri Lanka has a de facto peg with the US dollar and aggressive investment strategies involving diversifying out of dollar assets can […]
Sri Lanka excess liquidity up, rates lower
July 06, 2012 (LBO) – Excess liquidity in Sri Lanka’s interbank markets have topped 20 billion rupee over the past three days easing tighter monetary conditions that prevailed a week earlier, official data show. If not the Central Bank will have to sell the collected dollars to prevent the exchange from being depreciated by the […]