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Sri Lanka state petroleum firm lose US$260mn
Apr 26, 2011 (LBO) – Sri Lanka’s state run petroleum distributor Ceylon Petroleum Corporation has lost 28.6 billion rupees in 2010 as due to rising cost and arbitrary political control of its retail prices, official data show. Sri Lanka has no cost-basis for fuel pricing and prices are controlled by arbitrary by the state while […]
Sri Lanka raises taxes on imported vehicles
Apr, 25, 2011 (LBO) – Sri Lanka has raised import duties on several categories of petrol-engined cars and three wheelers with steeper increases seen in larger hybrid vehicles, which had exceptionally low taxes earlier, officials said. At the current rates even the large hybrids are taxed at a lower rate than smaller petrol cars. Update […]
Sri Lanka shares end down 1.5-pct
Apr 25, 2011 (LBO) – Sri Lankan shares tumbled for the fifth straight day Monday with motor shares taking a hit and heavy trading continuing in Lankem Developments, brokers said. The All Share Price Index closed at 7,345.48, down 1.49 percent (111.34 points) while the more liquid Milanka index fell 1.32 percent (91.84 points) to […]
Auto Ache
Apr 25, 2011 (LBO) – Prices of several models of imported cars in Sri Lanka will rise after a government import duty increase, senior officials of motor vehicle importers said. The price of a Viva car imported from Malaysia with an engine capacity below 1,000 cc, which had become popular recently, could rise by 150,000 […]
Capital Cushion
Apr 25, 2011 (LBO) – RAM Ratings Lanka has assigned long- and short-term financial institution ratings of BB and NP to Bimputh Lanka Investment (BLI) with the long-term rating carrying a stable outlook. “The ratings are supported by the company’s good asset quality, healthy funding mix and strong capital cushioning,” the rating agency said in […]
Sri Lanka Property Development gets in to hydro-power
Apr 25, 2011 (LBO) – Sri Lanka’s Property Development, a subsidiary of the state-owned Bank of Ceylon, has acquired hydro-power company for 23. 6 million rupees. The acquisition of a 95 percent stake in Koladeniya Hydropower was revealed in the company’s financial results for the March 2011 quarter filed with the Colombo stock exchange. Property […]
‘s Dilshan seeks early IPL exit
April 25, 2011 (AFP) – Sri Lanka’s new skipper Tillakaratne Dilshan, one of the stars of the Indian Premier League, has said he wants to leave the event early to travel with the national team to England on tour. Dilshan is keen to join the Sri Lankan squad when they fly to England on May […]
Credit Problem
Apr 24, 2011 (LBO) – Sri Lanka’s banks loaned 40.6 billion rupees to business in February pushing loan growth to 29. 7 percent from a year earlier, while the credit to the state including printed money spiked by 41 billion rupees, amid rising inflation. Printed money is immediately disbursed to the economy by the state, […]
Protests mount against Indian nuclear plant
SAKHRI NATE, April 24, 2011 (AFP) – In the busy Indian fishing village of Sakhri Nate, it’s obvious what the locals think of the plan to build the world’s biggest nuclear power plant just across the creek. “If the government does nothing, at least 5,000 fishermen and farmers will go to Delhi and protest,” he […]
‘s double-digit growth ambitions fade
NEW DELHI, April 24, 2011 (AFP) – India’s dreams of attaining double-digit economic growth within the next few years are fading, undermined by high inflation, slow progress on reforms and an uncertain global outlook. While hundreds of millions of Indians are still mired in poverty, the step-change in growth has transformed living standards for many […]