Author: lbostgadmin
” in Sri Lanka: Packer
Oct 18, 2013 (LBO) – A 400 million US dollar high end casino resort in Sri Lanka would employ 2,500 people and ‘redefine’ luxury tourism in the island, Australia’s Crown group has said.The opposition has said it will reverse tax holidays if it comes to power, and impose a 40 percent tax on gaming revenues […]
Allianz Lanka supports Paralympic movement in Sri Lanka
Oct 17, 2013 (LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said it was supporting the Paralympic movement in Sri Lanka. Allianz has a partnership with the International Paralympic Committee since 20006 has tied up with Sri Lanka’s National Federation of Sports for the Disabled (NFSD). Surekha Alles, Allianz Lanka chief executive […]
Maldives heads backs to the polls amid controversy
MALÉ, October 17, 2013 (AFP) – The Maldives returns to the polls on Saturday for another presidential election after a top court annulled last month’s results, deepening concern about political stability in the young democracy.Election officials were working overtime to ready the luxury tourist destination for Saturday, after the Supreme Court last week scrapped the […]
‘s Sampath Bank to sell Rs5.0bn in debt
Oct 17, 2013 (LBO) – Sri Lanka’s Sampath Bank said it planned to sell 5.0 billion rupees of debt listed on the Colombo Stock Exchange. The bank will offer 25 million debentures of 100 rupees each, and another 25 million if the first tranche is oversubscribed. Interest earned on listed debentures is tax free. .
‘s Bank of Ceylon says strong demand for debt offer
Oct 17, 2013 (LBO) – A planned 8.0 billion rupee debt offer by state-run Bank of Ceylon is seeing strong demand with preliminary orders and interest assessed at about 15 billion rupees, officials said. Tier II capital instruments are normally not intended for retailers, but only to institutions who are expected to keep an eye […]
Sri Lanka, US look to boost trade ties
Oct 15, 2013 (LBO) – Sri Lanka and the US, the top buyer of island’s exports has further room to grow, officials had said following a visit by business delegation. Though nationalists are trying to bring curbs, US imports of off-shoring services also raises living standards of residents and makes exports more competitive. Exports (and […]
Portfolio Expansion
Oct 16, 2013 (LBO) – International Finance Corporation, a unit of World Bank said it had invested 136 million US dollars in private firms in Sri Lanka over the past year, doubling its portfolio to 280 million US dollars. It had also invested in Cargills Bank, a start-up. IFC’s invested 25 million US dollars i […]
Sri Lanka opposition says will reverse casino tax holidays
Oct 15, 2013 (LBO) – Sri Lanka stands to lose about 120 billion rupees a year from gaming revenues from planned casinos and taxes will be imposed if the opposition comes to power, a legislator said.John Keells Holdings has not asked for a tax holiday for gaming revenues, he said. De Silva said even if […]
Sri Lanka think tank releases policy report
Oct 15, 2013 (LBO) – Sri Lanka’s Institute of Policy Studies has released its annual ‘State of the Economy’ policy report. This year’s report ‘Sri Lanka’s Transition to a Middle Income Economy.’ The report covers areas of international trade, exports, state investments and spending and other policy issues. A full statement on the report released […]
Efficiency Gains
Oct 15, 2013 (LBO) – Sri Lanka’s Aitken Spence group said efficiency at Fiji’s Suva and Lautoka ports were up 35 percent two months after it took over operations.Minister for public enterprises in Fiji, Aiyaz Sayed-Khaiyum was quoted as saying in the statement that the country was looking forward to incorporating Aitken Spence’s management systems […]
Sri Lanka stocks close 0.16-pct higher, rupee weaker
Oct 15, 2013 (LBO) – Sri Lanka stocks closed 0.16 percent with foreign buying surging, mainly into the rights issue of John Keells Holdings and the rupee weakened, brokers and dealers said. John Keells Hotels closed 30 cents lower at 11.00 rupees. The rupee weakened slightly to 131.05/15 against the US dollar in late trading […]
US trio win Nobel Economics Prize for asset price work
STOCKHOLM, October 14, 2013 (AFP) – US trio Robert Shiller, Eugene Fama and Lars Peter Hansen won the Nobel Economics Prize on Monday for groundbreaking work on spotting trends in markets, the jury said. It was established in 1968 by the Swedish central bank to celebrate its tricentenary, and first awarded in 1969.The other prizes […]