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Open Sesame
Mar 23 (LBO) – Sri Lanka will have to further relax import tariffs on goods like cement from April this year under its trade deal with India, with customs revenues taking a hit.Sri Lanka’s bilateral trade agreements with both India and Pakistan allow for a phasing out of tariffs over a eight year period, for […]
Drama Tax
Mar 23 (LBO) – Sri Lanka passed controversial laws on Tuesday to tax imported movies, dramas, sitcoms and commercials, though tax rates and conditions have not yet been decided.The law makes way for a Teledrama, Film and Commercials levy on imports of all television stations as well as commercials made out of the country and […]
Joint Power
Mar. 23 (LBO) — Sri Lanka’s cabinet of ministers had approved a deal for the state-owned Ceylon Electricity Board (CEB) to team up with India’s National Thermal Power Corporation (NTPC) in a joint venture coal plant, Power Minister John Seneviratne said Wednesday.The cabinet has approved the provisions of a draft Memorandum of Understanding, which will […]
Tigers say Colombo curbs undoing Swiss talks
Mar 23(AFP) – The Tamil Tiger rebels Thursday accused Sri Lanka of endangering efforts to end ethnic bloodshed by imposing fresh conditions on their political activity.The Liberation Tigers of Tamil Eelam (LTTE) said the government had forbidden the rebels from flying their own flags on offices they want to re-open in military-held areas of the […]
Rights group concerned about Sri Lanka audit chief
Mar. 23(AFP) – The Asian Human Rights Commission Thursday said it was “gravely concerned” at public criticism of Sri Lanka’s audit chief who has exposed government corruption including mishandling of tsunami relief aid. The Hong Kong-based rights group in a statement said the organisation had asked President Mahinda Rajapakse to prevent any attempts to undermine […]
Sri Lanka’s People’s Bank gets its credit rating upgraded to A-(sri)
Mar. 22 (LBO) – Sri Lanka’s state-run People’s Bank got its credit rating upgraded to A-(sri) by Fitch Ratings Lanka Ltd, who also revised the bank’s rating outlook to ‘positive’.An A-(sri) long term rating reflects low expectation of credit risk, but the bank is still vulnerable to changes in circumstances or in economic conditions than […]
Sri Lanka’s leisure industry recovers in February
Mar. 22 (LBO) — Sri Lanka’s tsunami-hit tourism industry continued to recover this year, with arrivals for the two months to February rising 40.2 percent to 104,918 visitors, the Tourist Board said Wednesday.The tropical island famed for its golden beaches, lush, tea-growing mountains and historic sites dating back 2,500 years, greeted 52,687 (up 43.8 percent) […]
”s Bank gets its credit rating upgraded to A-(sri)
Mar. 22 (LBO) – Sri Lanka’s state-run People’s Bank got its credit rating upgraded to A-(sri) by Fitch Ratings Lanka Ltd, who also revised the bank’s rating outlook to ‘positive’.An A-(sri) long term rating reflects low expectation of credit risk, but the bank is still vulnerable to changes in circumstances or in economic conditions than […]
‘s leisure industry recovers in February
Mar. 22 (LBO) — Sri Lanka’s tsunami-hit tourism industry continued to recover this year, with arrivals for the two months to February rising 40.2 percent to 104,918 visitors, the Tourist Board said Wednesday.The tropical island famed for its golden beaches, lush, tea-growing mountains and historic sites dating back 2,500 years, greeted 52,687 (up 43.8 percent) […]
Growing Money
Mar 22 (LBO) – Lanka Transformers were given a first subsidy payment on Wednesday for generating electricity from trees, under a new scheme to encourage investment in renewable power. Wood or dendro power producers are being given Rs2.50 a unit, to top up current rates of Rs6.00 that the Ceylon Electricity Board (CEB) pays independent […]