All Blogs
Sri Lanka struggling to revive 23 busted state firms: report
Nov 14, 2011 (LBO) – Sri Lanka is struggling to revive 23 troubled state enterprises, with salaries being paid with people’s tax money and hundreds of million rupees more to be paid as voluntary retirement compensation, a media report said. Other troubled state firms awaiting revival included Lanka Mineral Sands; Lanka Phosphate Ltd; Paranthan Chemical […]
Sri Lanka expropriation law slammed in newspaper poll
Nov 13, 2011 (LBO) – An overwhelming 98.4 percent of respondents in a newspaper poll found fault with a law to selectively expropriate some three dozen firms which lawyers said was deeply flawed and trespassed on a constitutional separation of powers. The newspapers a respondent labelled chamber chiefs a set of “spineless leaders, lolling in […]
Sri Lankan nationalisation law criticised
November 13, 2011 (AFP) – Sri Lanka’s new law to nationalise “under utilised” private firms could shatter investor confidence and push the country into authoritarian rule, the opposition and press said Sunday. The bill was signed into law on Friday by parliamentary Speaker Chamal Rajapakse, the eldest brother of President Mahinda Rajapakse. The president, who […]
South Asia vows to boost trade as tensions ease
ADDU, November 11, 2011 (AFP) – South Asian leaders ended a summit in the Maldives Friday with pledges to increase regional trade as arch rivals India and Pakistan demonstrated signs of easing tensions between them. The US, which is an observer of SAARC, welcomed the easing of Indo-Pakistan tensions and said increasing trade and economic […]
‘s Gold Coast named 2018 host
SYDNEY, November 12, 2011 (AFP) – Australia was celebrating Saturday as the Commonwealth Games Federation picked Queensland’s Gold Coast to host the 2018 Games over Sri Lanka’s Hambantota. “See you in Gold Coast in 2018!!!” the federation said on Twitter, following a vote of its general assembly in the Caribbean nation of St Kitts and […]
Sri Lanka could cooperate more with South Asia on tax: experts
Nov 13, 2011 (LBO) – Sri Lankan tax authorities should cooperate more with South Asian counterparts to be more vigilant of tax evasion by cross-border enterprises, international experts said in Colombo. “African national tax administrators have been cooperating on technical professional issues over quite a few years,” Allen Kagina, commissioner general of the Uganda Revenue […]
Sri Lanka stocks end up 0.3-pct
Nov 11, 2011 (LBO) – Sri Lankan stocks closed firmer Friday but trading sank to a new recent low with uncertainty over a business expropriation law adding to the negative sentiment, brokers said. The main All Share Price Index rose 0.25 percent (15.60 points) to 6,332.47, while the more liquid Milanka index rose 0.31 percent […]
Hatton Profits
Nov 11, 2011 (LBO) – Profits of Sri Lanka’s Hatton National Bank rose 32 percent to 1,380 million rupees in the September 2011 quarter, from a year earlier, helped by a lower tax rate and provision reversals, interim accounts showed. The group reported earnings of 3.79 for the quarter. For the nine months to September […]
Flat Quarter
Nov 11, 2011 (LBO) – Sri Lanka’s DFCC Bank group reported profits of 529 million rupees in the September 2011 quarter, hardly changed from 524 million a year earlier, with net interest income narrowing, interim accounts showed. The group reported earnings of 2. 0 rupees for the quarter. For the six months it reported earnings […]
Management Skills
Nov 11, 2011 (LBO) – BRC Partnership, a consultancy based in Carrickfergus, Northern Ireland, is to provide management training and coaching for businesses in Sri Lanka, the British high commission said in a statement. Vicky Kell, Invest NI Trade Director said the joint venture deal was “an important success” for a Northern Ireland company specialising […]