Author: lbostgadmin
Sri Lankans allowed to buy foreign equity, foreigners to buy private bonds
Nov 23, 2010 (LBO) – Sri Lankan individuals and unlisted firms will be allowed to buy foreign listed stocks for up to 100,000 US dollars a year and listed companies could buy up to 500,000 dollars worth a year, Central Bank Governor Nivard Cabraal said. A central bank that prints money has to allow the […]
Sri Lanka allows electric cars, hybrids duty free
Nov 23, 2010 (LBO) – Sri Lanka has made electric and hybrid cars duty free, while value added tax and rates of depreciation allowed for used cars has also been increased, a budget for 2011 said. The government will also allow state workers and state corporation employees to import cars at a lower duty. A […]
Telecom Taxes
Nov 23, 2010 (LBO) – Sri Lanka has imposed new taxes on telecommunication including a 20 percent tax removing some of the existing ones, a regulatory license fee equal to 2. 0 percent of revenues and has also imposed a new tax on international calls. From July 2011 the minimum call rate of 2. 0 […]
Tele Tax
Nov 23, 2010 (LBO) – A change in telecom taxes in the 2011 budget where a 20 percent flat levy replaced a series of earlier taxes can result in lower bills for users, a telecom analyst said. “So even users of international calls may not be very much affected. ” Before the budget, a series […]
Grave Probe
November 23, 2010 (AFP) – Sri Lanka Tuesday began investigating a claim that Tamil Tiger rebels executed 26 captured government soldiers at the height of fighting between the two sides last year, an official said. Military spokesman Udaya Madawala said forensic experts and police investigators had been sent to the northeastern district of Mullaittivu Monday […]
Nail Claim
AMMAN, November 22, 2010 (AFP) – A Sri Lankan maid who said she had swallowed nails did so to pin the blame on her employer in Jordan and be sent home, recruitment agency officials said in the Jordan Times newspaper on Monday. “We have asserted that the helper™s accusations were false and she had confessed […]
Open Exchange
Nov 23, 2010 (LBO) – Sri Lanka has allowed residents to buy stocks abroad and foreign investors have been allowed to buy into local corporate debt and insurers have been given permission to invest up to 20 percent of their reserves abroad. The exchange control relaxations are in effect from November 22, the government said […]
Bank Rates
Nov 23, 2010 (LBO) – Sri Lankan banks should provide more long-term loans and tax cuts in the government budget for 2011 are meant to encourage longer maturity lending, finance ministry secretary P B Jayasundera said. Key sectors of the economy like tea and rubber, where cultivators must wait several years for the first harvests, […]
Sri Lanka stocks close down 0.9-pct
Nov 23, 2010 (LBO) – Sri Lanka stocks closed down 0.95 percent Tuesday, with low institutional and high-net-worth individual interest shown in the market, brokers said. The All Share Price Index closed at 6,454.18, down 0.95 percent (61.62 points) while the Milanka index of liquid stocks dipped 1. 38 percent (97.55 points) to close at […]
Sri Lankan firms can sell rated debt to foreigners: Central Bank
Nov 23, 2010 (LBO) – Sri Lankan firms can sell corporate debt to foreign buyers provided the securities are rated and not priced over 200 basis points over the benchmark sovereign yields, Central Bank governor Nivard Cabraal said. Sri Lanka has a pegged exchange rate which could result in excess capital flows, if the country […]
Sri Lanka awaits budget for 2011
Nov 22, 2010 (LBO) – Sri Lanka is awaiting a budget for 2011 which will increase total taxes extracted from the people to fund state spending, while there are hopes that excessively taxed sections will get some reductions and the deficit will narrow. The current account deficit has been the key reason for low total […]
Sri Lanka growth for 2010 7.6-pct: Central Bank
Nov 22, 2020 (LBO) – Sri Lanka’s economy is projected to grow 7. 6 percent in 2010 up from 3.5 percent in 2009, helped by the end of a 30-year war, which would be followed by an 8. 0 percent expansion in 2011, the Central Bank said. “All major sectors in the economy are expected […]