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Fishing Expedition
Apr.07 (LBO) – Sri Lanka’s main tax authority plans to net in 40,000 new taxpayers in 2006, its newly appointed head said.Sri Lanka has few taxpayers and attempts to widen the base have met with limited success over the last decade. “For a 19.2 million population a 322,000 tax payers that not enough,” says Commissioner […]
Euro Credit
Apr.07 (LBO) – The European Investment Bank Friday extended a 70 million euro special credit line to Sri Lanka, to help rebuild small and med-sized industries affected by the December tsunami. Tailor made for Sri Lanka, the credit line can finance up to 75 percent of the cost of individual projects, with borrowers given five-years […]
Adding Muscle
SINGAPORE, Apr.07 (AFP) – India, South Korea and Sri Lanka on Friday joined a regional cooperation pact against marine piracy in Asia, bringing to 11 the number of countries that have signed up, the Singapore government said.The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) is a Japanese initiative […]
Sri Lanka talks to go ahead despite killings: peace envoys
Apr.07 (AFP) – Norway’s top Sri Lankan peace envoys said they were confident new talks set for this month would go ahead despite the killings Friday of a pro-Tamil Tiger activist and two police guards.Vanniasingham Vigneswaran, who spearheaded the Tamil Resurgence Movement, a known front organisation of the rebel Liberation Tigers of Tamil Eelam (LTTE), […]
‘s east
Apr.07 (AFP) – A Tamil nationalist activist and two Muslim police guards were shot dead in Sri Lanka’s volatile eastern province on Friday, police said.Vanniasingham Vigneswaran, who spearheaded the Tamil Resurgence Movement in Trincomalee, was gunned down near the port town’s main bank in the morning. His movement had often clashed with the Sinhalese majority […]
Sri Lanka’s Sampath Bank gets credit upgrade from Fitch
Apr.06 (LBO) – Fitch Ratings Lanka has upgraded Sampath Bank long term domestic rating to AA- (sri) on an improving financial profile.“Concerted recovery efforts and improved credit risk management have resulted in a steady improvement in the bank’s asset quality and solvency position,” Fitch said. “The bank has halved its gross NPLs (non-performing loan) ratio […]
Sri Lanka’s future hangs on peace, lower public debt, inflation: ADB
Apr.06 (LBO) — Sri Lanka’s economy is expected to expand by 5.3 percent in 2006, but much of it hinges on peace, and cut backs on public debt, inflation and fiscal deficits, the Asian Development Bank said Thursday. The tsunami-hit island is still plagued with sharp escalation in rebuilding costs, while president Mahinda Rajapakse’s welfare […]
‘s Sampath Bank gets credit upgrade from Fitch
Apr.06 (LBO) – Fitch Ratings Lanka has upgraded Sampath Bank long term domestic rating to AA- (sri) on an improving financial profile.“Concerted recovery efforts and improved credit risk management have resulted in a steady improvement in the bank’s asset quality and solvency position,” Fitch said. “The bank has halved its gross NPLs (non-performing loan) ratio […]
Terminal Appeal
Apr.06 (LBO) – Engineers of the Colombo Port are urging the president to speed up a project to modernise the port’s computer system, which will improve efficiency and maintain its position as a hub port.The Sri Lanka Ports Authority Engineers Union has appealed to President Mahinda Rajapakse to fast track the process of commissioning a […]
Wider Reach
Apr.06 (LBO) – Norway plans to step up financial assistance in Sri Lanka following a request by President Mahinda Rajapakse to raise its profile in the island, peace envoy Erik Solheim said Thursday. Solheim, who is also Norway’s International Development Minister, said that Oslo’s financial assistance to Sri Lanka has so far mainly centered on […]