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Trading Gains
Feb 22, 2010 (LBO) – Sri Lanka’s National Development Bank’s December 2009 quarter profits fell 10 percent to 484 million rupees from a year earlier, but full year profits were up 30 percent to 2.08 billion rupees. NDB Bank expanded its branch network to northern Jaffna and to eastern Batticaloa, Trincomalee and Ampara in the […]
Market Reach
Feb 22, 2010 (LBO) – The Sri Lanka unit of HSBC bank said it was launching a personal banking service targeting what it called the ˜mid-market’ customer segment, focusing on convenience to attract clients. HSBC Sri Lanka chief Nick Nicolau said the bank will offer a range of products like currency deposits and unit trust […]
Sri Lanka former war zone seen as economic catalyst
Feb 22, 2010 (LBO) – The revival of Sri Lanka’s northern and eastern provinces can position them as economic catalysts for the country in the long term, its investment promotion chief Dhammika Perera said. It will provide opportunities for further policy reforms and private-public partnerships, Perera, chairman of the Board if Investment said in a […]
Sri Lanka needs more business freedom, says top entrepreneur
Feb 22, 2010 (LBO) – People who are quick witted can develop business opportunities in Sri Lanka by challenging state or private controls and by busting monopolies to bring in competition, a veteran entrepreneur has said. Wijesuriya’s latest acquisition is the Colombo Continental Hotel, the first five-star hotel that was built in Sri Lanka’s commercial […]
Sri Lanka business loans grows in December: data
Feb 22, 2010 (LBO) – Sri Lanka’s loans from commercial banks to private businesses expanded in December 2009 continuing a credit recovery that started in September, the latest official data shows. Central bank credit to government which fell to a low of 69. 9 billion rupees in September had risen to 109 billion rupees in […]
‘s stock frenzy raises fear of new crash
DHAKA, February 21, 2010 (AFP) – In a run-down office in downtown Dhaka, excited investor Mizanur Rahman has just spent his life savings of 3,000 dollars on shares despite knowing nothing about market fundamentals. Everyone in this unofficial trading room, one of hundreds across the country, is glued to a screen showing share price movements […]
Sri Lanka to stop value added tax refunds to 1700 firms: report
Feb 21, 2010 (LBO) – Sri Lanka’s revenue office will stop refunding value added taxes (VAT) to 1725 firms on the grounds that they have not submitted documents on time, a media report said. A VAT regime works effectively when there is a flat rate (such as 20 percent) and all sectors are included. The […]
Slow Traffic
Feb 20, 2010 (LBO) – Sri Lanka’s vehicle imports fell 4.1 percent October 2009 from a year earlier to 21,239 vehicles registered, with most categories showing a decline, according to official data. Dual purpose vehicles were down 58.8 percent to 1,039 and motor cycle imports were down 17.3 percent to 109,738. Import of goods transport […]
Normal Life
February 19, 2010 (AFP) – Sri Lanka said Friday it plans to release all detained Tamil Tiger child soldiers by the end of May and re-unite them with their families. Government forces defeated the rebel Liberation Tigers of Tamil Eelam (LTTE) in May last year, ending their 37-year fight for a Tamil homeland in the […]
‘s Carrefour says plans 2010 entry into India
NEW DELHI, February 19, 2010 (AFP) – France’s Carrefour, the world’s second largest retailer, said Friday it plans to enter India’s vast retail market in 2010 following years of delays. “Carrefour will develop its activities in India with the start of cash-and-carry activities in 2010,” the company said in a statement emailed to AFP. Cash-and-carry […]