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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 […]
Bangladesh signs power plant deal with India
DHAKA, February 20, 2010 (AFP) – Energy-hungry Bangladesh has signed a 1. 7-billion-dollar deal with India to build two coal-fired power plants in the country’s south to ease a huge electricity shortage, an official said Saturday. The deal highlights Dhaka’s improving ties with New Delhi under its new secular government led by Sheikh Hasina’s Awami […]
Sri Lanka ex army chief gets luxury jail treatment: president
NEW DELHI, February 20, 2010 (AFP) – Sri Lanka’s president says arrested ex-army chief and defeated presidential candidate Sarath Fonseka is getting “five-star” treatment in custody, it was reported Saturday. Fonseka, whose detention came two weeks after being beaten in presidential elections in late January by President Mahinda Rajapakse, is being held by the military […]
Sri Lankan stocks close 0.97-pct higher
Feb 19, 2010 (LBO) – Sri Lankan stocks closed up Friday as investors bought high value shares, while a private deal on trading company C W Mackie boosted turnover, brokers said. The All Share Price Index closed at 3,768. 81, up 36.04 points Friday, while the Milanka index of more liquid shares gained 1. 97 […]
Volatile Voyage
Feb 19, 2010 (LBO) – Sri Lankan shippers facing rapidly rising freight rates are advised to try to negotiate long-term contracts with shipping lines, an industry official said. Increasing freight rates are a problem for us,†said Gehan Kuruppu, vice president of the Sri Lanka Shippers’ Council. Now rates are not holding even for one […]