Author: lbostgadmin
Sri Lanka suggests single clearance document for regional trade
July 14, 2012 (LBO) – A single document that harmonises different regulations of South Asian countries for clearing cargo would help boost regional trade, Sri Lanka’s external affairs minister Gamini Lakshman Peiris said. Trade among countries of the South Asian region was far below its potential and simplified procedures were needed to increase volumes, he […]
Sri Lanka Army role in Jaffna minimal: Army chief
July 13, 2012 (LBO) –Sri Lanka Army’s involvement in civilian affairs in the former war zone has become ‘very minimal’ three years after it crushed the separatist Tamil Tigers and helped restore normalcy in the region, a top military officer said. Army chief Lieutenant General Jagath Jayasuriya told reporters that the Army is confined to […]
Securitization
July 13, 2012 (LBO) – Sri Lanka’s Multi Finance Plc, a registered finance company said it had raised 350 million rupees from the sale of asset-backed securities to fund hire purchase loans. The tenor of the securitization was not mentioned by most vehicle purchase loans in Sri Lanka are for four years. Sri Lanka’s interest […]
Offshore Support
July 13, 2012 (LBO) – Colombo Dockyard has delivered the first of a series three vessels to support offshore oil and gas fields for Greatship Global Offshore Services of Singapore. The Multipurpose Platform Supply Vessel (MPSV), delivered Wednesday, is designed by Seatech Solutions International (S) of Singapore, and is the latest new build by the […]
Sri Lanka bond investors can maintain portfolio: Standard Chartered
July 13, 2012 (LBO) – Sri Lankan bonds had a neutral position in a Standard Chartered credit model and investors looking to buy bonds should go for new issues, which were better priced, rather than buy in the secondary market, Standard Chartered Bank said. Sri Lanka’ balance of payments is expected to be in surplus […]
‘s central bank kills liquidity in outright bill sales
July 13, 2012 (LBO) – Sri Lanka’s central bank has sold 2. 1 billion rupees of Treasury bills in its portfolio to yield 10.92 percent Friday, in the second such transaction for the week, dealers said. The rupee strengthened to around 133.83/85 levels in late trading, dealers said. Update/recast On July 11, the Central Bank […]
Press Laws
July 12, 2012 (LBO) – Sri Lanka will bring laws to make registration of news websites with with the state compulsory and charge annual renewal fees, information minister Keheliya Rambukwelle said. Police arrested several journalists and closed down two websites connected to Sri Lanka’s main opposition last month. Rights activists, media freedom organizations, the US […]
Tax Co-ordination
July 12, 2012 (LBO) – Sri Lanka and India will sign an agreement to prevent double taxation and tax avoidance, minister Keheliya Rambukwelle said. Agreements signed between Sri Lanka and other countries provide reduced tax rates on dividends, interest and royalties. Sri Lanka’s cabinet had approved changes to an earlier draft following bilateral negotiations conducted […]
Running Ships
July 12, 2012 (LBO) – Sri Lanka can get into maritime businesses like ship management as it improves its position as a shipping hub in south Asia with the construction of two big deep-water ports, an official said. The island has a lot of potential in supply chain management and logistics from a ship management […]
Sri Lanka stocks steady, rupee weaker
July 12, 2012 (LBO) – Sri Lanka’s stocks closed marginally higher Thursday while the rupee closed weaker from opening, brokers and dealers said. The Colombo All Share Price Index closed up 0.08 percent at 4,872.06 points and the S&P SL20 index of large cap stocks closed 0.17 percent higher at 2,780.34. Turnover was 336 million […]
Sri Lanka LOLC given (SL) A- rating
July 12, 2012 (LBO) – Sri Lanka’s Lanka Orix Leasing Company Plc, has been rated ‘[SL] A-‘ with a stable outlook by ICRA Ltd, an associate of Moody’s Investors Service. “The rating factors the LOLC Group’s long track record of profitable operations, its position as the market leader in the Sri Lankan leasing business market, […]
Sri Lanka holds policy rates, credit slowing, IMF targets met: CB
July 11, 2012 (LBO) – Sri Lanka is holding its key interest rates at which money is injected into the economy at 9.75 percent amid rising inflation, though credit and money supply growth is starting to slow, the Central Bank said. In February energy prices were raised, the exchange partially floated to reduce the need […]