Author: lbostgadmin
Sri Lanka mulls IT use in tax reforms
Oct 27, 2010 (LBO) – A report on reforms to Sri Lanka’s complex national and regional taxes has recommended using information technology to make it easier to charge and pay taxes, a statement from the president’s office said. The report by the presidential commission on taxation was handed over to President Mahinda Rajapaksa Tuesday after […]
Sri Lanka eases check points in capital
October 27, 2010 (AFP) – Sri Lanka said Wednesday it would begin dismantling a dozen permanent military check points in the capital which are a legacy of decades of ethnic conflict on the island nation. Two permanent road blocks on the southwestern edge of Colombo will be removed Wednesday and 10 other similar points will […]
137 dead as Indonesia hit by tsunami, volcano
JAKARTA, October 27, 2010 (AFP) – At least 112 people were killed and hundreds remained missing in Indonesia Wednesday after a tsunami triggered by a powerful earthquake smashed into a remote island chain, washing away entire villages. Another 25 people have been killed after the eruption of the country’s most active volcano, as the force […]
Mobile Momentum
Oct 27, 2010 (LBO) – Sri Lankan mobile phone operator Dialog Axiata made a net profit of 1.69 billion rupees in the September 2010 quarter compared with a loss of 439 million rupees a year ago, a stock exchange filing said. Sales rose 16.2 percent to 10.56 billion rupees over the period while administration costs […]
Sri Lanka farmers seen reaping premium from mobile use
Oct 27, 2010 (LBO) – Use of mobile phones has helped Sri Lankan farmers get better prices for their produce and the technology can help reduce poverty, according to a new United Nations study, officials said. “There is an informational dimension to poverty – poor people need lots of information for their livelihoods such as […]
Asset Quality
Oct 27, 2010 (LBO) – Sri Lanka’s Sampath Bank was given an ‘AA’ long term rating with a ‘stable’ outlook and ‘P1’ short term rating, on better risk management which improved asset quality and capital adequacy, RAM Ratings Lanka said. “In 2008, Sampath recruited several experienced personnel to fortify its internal systems and market position,” […]
Sri Lanka stocks close up 0.17-pct
Oct 27, 2010 (LBO) – Sri Lanka’s stocks closed up Wednesday, recovering from a dip in mid-morning trade, brokers said. There were 93 gainers and 88 losers, today. The Colombo All Share Index rose 0. 17 percent (10.84 points) to 6,557.00 points, while the Milanka Index of more liquid stocks dipped 0.23 percent (16.05 points) […]
Sri Lanka to regulate OTC debt
Oct 27, 2010 (LBO) – Sri Lanka will regulate over-the-counter debt securities by specifying disclosure requirements, a regulatory official said, amid warnings that liquid markets and low interest rates were increasing risk taking. “We are very mindful of the need to regulate the unlisted securities market,” director of capital market development at the Securities and […]
Sri Lanka lifts price controls on rice
Oct 26, 2010 (LBO) – Sri Lanka has lifted price controls on rice originally imposed to prevent a sharp price spike caused by low harvests and state controls that prevented imports from coming in to stabilize prices. The government’s information office said the consumer affairs authority has lifted a 70 rupee per kilogram price cap […]
Indian arms race offers prizes for presidential visits
NEW DELHI, October 26, 2010 (AFP) – Arms-hungry India is expected to hand out a raft of military deals worth billions of dollars during an upcoming rush of presidential visits from the United States, France and Russia. The biggest-ticket item is the scheduled signing of an estimated 30 billion-dollar stealth fighter co-production agreement when Russian […]
Arbitration
Oct 26, 2010 (LBO) – Arbitration proceedings of disputed oil derivative contracts between Sri Lanka’s state-run run Ceylon Petroleum Corporation (CPC) and Citibank will start in Singapore on November 01, a top official said. Sri Lanka has disputed oil derivative contracts sold to the CPC by Citibank, Standard Chartered, Deutsche Bank and two Sri Lankan […]
Mercy Plea
October 26, 2010 (AFP) – Sri Lankan President Mahinda Rajapakse has appealed for the king of Saudi Arabia to spare the life of a Sri Lankan housemaid convicted of killing an infant, his office said Tuesday. Rizana Nafeek, who was working in the Middle Eastern country, was found guilty of killing a four-month-old baby boy […]