Author: lbostgadmin
Sri Lanka to give incentives for rice export, aquaculture
Nov 21, 2011 (LBO) – The state will give incentives to process rice for export, aquaculture in especially in former war torn areas in the east of the island, president Mahinda Rajapaksa said presenting a budget for 2012. Rajapaksa said funding for improved seed production and agriculture extension services for paddy will be increased. Rice […]
Sri Lanka to distribute unused plantation land among small farmers
Nov 21, 2011 (LBO) – The Sri Lankan government is to take back 37,000 acres of unused land from regional plantations companies and distribute it to small farmers, President Mahinda Rajapaksa said. The lands to be re-distributed will be given small holder families for 30 years. The small farmers will also be given low cost […]
Sri Lanka to cut taxes on vehicles for tourism
Nov 21, 2011 (LBO) – Buses imported for tourism will be freed from value added tax and duties on vehicles imported for airport taxi services will be halved, President Mahinda Rajapaksa told parliament. Tourism is one of the most profitable sectors after a war ended in May 2009. Presenting the 2012 budget, Rajapaksa said airport […]
Sri Lanka stocks end down 0.3-pct
Nov 21, 2011 (LBO) – Sri Lankan shares closed lower Monday with the low turnover bolstered by trades in conglomerate John Keells Holdings, brokers said. The main All Share Price Index fell 0. 34 percent (20.66 points) to 6,119.86, while the more liquid Milanka index rose 0. 15 percent (7.91 points) to close at 5,357.45, […]
Sri Lanka rupee to be depreciated 3-pct: President
Nov 21, 2011 (LBO) – Sri Lanka will depreciate the rupee 3. 0 percent to help export competitiveness, President Mahinda Rajapaksa told parliament in his budget speech for 2012. Central Bank Governor Nivard Cabraal said the rupee will be depreciated from tomorrow The rupee is pegged to the US dollar and traded around 110.20 on […]
Sri Lanka budget to cut deficit, maintain capex
Nov 20, 2011 (LBO) – Sri Lanka’s budget for 2012 to be presented to parliament on Monday will seek to further narrow a deficit, maintain public investment and create an environment to improve productivity, officials have said. According to earlier statements, the 2012 plans to cut the deficit to 6.2 percent of gross domestic product […]
Legal Basis
Nov 20, 2011 (LBO) – A Sri Lankan activist who had petitioned courts to review an expropriation law says recent interpretations given by state spokesmen may mislead citizens whose property was seized. Sri Ameresekere, an accountant who has been involved in several public interest petitions said statements by Sri Lanka’s central bank and information minister […]
Mortgage Profits
Nov 20, 2011 (LBO) – Profits at Sri Lanka’s HDBC Bank, a mortgage lender fell 52 percent to 8. 1 million rupees in the September 2011 quarter from a year earlier, despite better margins, due to lower fee income, interim accounts showed. The firm reported earnings of 1.27 rupees per share for the quarter. It […]
Lessons for Sri Lanka: Vietnam President Sang reveals secrets of FDI success
Nov 19, 2011 (LBO) – Vietnam’s remarkable success of drawing foreign direct investment, even from former foes involved in a bitter civil war, came from a combination of foreign and economic policy, Vietnam President Truong Tan Sang said. France, a former colonial power with which the first Indochina war was fought, has invested 2.9 billion […]
Indian govt, to moot South Asian postal union
NEW DELHI, (AsiaPulse) – The Indian government is likely to discuss the proposal to form South Asian Postal Union, a move that will enhance regional cooperation and can lead to reduction of postal tariffs among SAARC member states. “The proposal to set up South Asian Postal Union (SAPU) is scheduled for discussion in the Cabinet […]
Malaysia sovereign fund to invest in India
MUMBAI, (Asia Pulse) – Khazanah Nasional, the sovereign wealth fund of the Malaysian government, plans to invest in sectors like financial services, infrastructure and energy in India in the near future. “We are looking at sectors like financial services, infrastructure and energy for investment in the near future,” Khazanah Nasional executive director Michael Jude Fernandes […]
Finance Growth
Nov 19, 2011 (LBO) – Profits at Sri Lanka’s Vallibel Finance, rose 157 percent to 60.1 million rupees in the September 2011 quarter from a year earlier, helped by strong loan growth and other income, interim accounts showed. Lost loss provisions rose 42 percent to 2.8 million rupees. Other income rose 195 percent to 25. […]