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Sri Lanka may trim 25 taxes on business to 15: official
Oct 15, 2010 (LBO) – A report on reforms to Sri Lanka’s complex national and regional taxes will recommend consolidating 25 different existing taxes into 15 or lower, a member of an expert committee said. Saman Kelegama, a member of a presidential commission on taxation, and head of Sri Lanka’s Institute of Policy Studies, a […]
Sri Lanka mini-hydro firm looks for cash to expand
Oct 15, 2010 (LBO) – Sri Lanka’s Hydro Power Free Lanka is looking for 350 million rupees in equity to build three new plants while the firm also has a revenue stream from two existing plants, officials said. Hydro Power Free Lanka posted revenues of 114. 9 million rupees and earned profits of 56.7 million […]
Singapore pushes currency up to counter dollar inflation
SINGAPORE, October 14, 2010 (AFP) – Singapore on Thursday announced a surprise move to tighten monetary policy, pushing the local dollar to new highs as the economy headed for 13 to 15 percent expansion this year. The Monetary Authority of Singapore (MAS) signalled its anti-inflation stance after government data showed the economy expanded an annual […]
Sri Lankan stocks close down 0.10-pct
Oct 14, 2010 (LBO) – Sri Lankan stocks slid further Thursday, after Wednesday’s early morning fall and late afternoon rally, with falls in index heavy stocks like John Keells Holdings (JKH), Hatton National Bank (HNB) and Aitken Spence, brokers said. The Colombo All Share Index was down 0.10 percent (6.75 points) to 6,622.08 points, while […]
Port Prospects
Oct 14, 2010 (LBO) – The increase in cargo flows from India generated by accelerating economic growth will ensure business for a new container terminal that Sri Lanka’s Aitken Spence is investing in, an official said. “India’s economic growth in 2018 is expected to surpass China’s,” Dissanayake said. “When the economy grows they will handle […]
Financial Access
Oct 14, 2010 (LBO) – Sri Lanka’s poor are reliable borrowers and repay loans, offering a growth opportunity for micro-finance especially in rural areas, deputy finance minister Sarath Amunugama said. Developing countries like Sri Lanka must not rely solely on export-led growth as in the past given sluggish recovery and rising protectionism in advanced economies, […]
Finance Losses
Oct 14, 2010 (LBO) – Sri Lanka’s The Finance Company, which is converting some deposits into shares, has managed to reduce losses compared to last year but interest costs are still higher than income, a stock exchange filing showed. The firm, part of the troubled Ceylinco group although now under separate management, made a loss […]
Health Sourcing
Oct 14, 2010 (LBO) – Cambio Heathcare Systems, a Sweden based health sector firm has moved its outsourcing unit to larger premises in Sri Lanka’s capital Colombo, the country’s investment promotion agency said. The firm had started operations in Colombo in 2005 with 40 employees. By the beginning of this year its cadre of engineers […]
Tele Towers
Oct 14, 2010 (LBO) – A US based telecom tower company is looking for opportunities to build shared infrastructure in Sri Lanka as telcos in the island expand into former war torn areas in the north and east, an official said. “We are having discussions and looking at opportunities,” Vijendran Watson, from the Singapore-based Insight […]
Sri Lanka Treasuries yield inch up
Oct 13, 2010 (LBO) – Sri Lanka’s Treasuries yields inched up slightly at Wednesday’s auction with the 6-month yield moving up 05 basis points to 7. 04 percent and the 12-month yield moving up 05 basis points to 7. 17 percent, the government’s debt office said. There were no sales of 3-month bills. The government […]