Author: lbostgadmin
Sri Lanka urged to cut tax breaks
Oct 23, 2009 (LBO) – Sri Lanka should cut down on tax incentives to attract Foreign Direct Investments (FDI) and concentrate on improving the business climate to maximize the benefits of peace, a senior economist said. Despite vast concessions offered to investors Sri Lanka could only muster 900 million dollars in FDI in 2008. Most […]
29 asylum-seekers stopped off Australia: minister
SYDNEY, October 23, 2009 (AFP) – Australian border guards intercepted a boat carrying 29 suspected asylum-seekers off the country’s northwest on Friday, the home minister said, as debate raged over a sharp rise in arrivals. Home Minister Brendan O’Connor said the 29, along with four crew, were stopped near Ashmore Island, off Australia’s northwest coast. […]
Sri Lanka GSP trade deal dropped from EU resolution
Oct 23, 2009 (LBO) – A European Parliament resolution that was critical of Sri Lanka’s human rights record dropped a reference to the GSP Plus trade deal giving duty free access to the island’s exports to European Union markets.The future of the GSP deal is in doubt after a European Commission report earlier in the […]
Sri Lanka at disadvantage in Iraq tea tender
Oct 23, 2009 (LBO) – Iraq has issued a tender for 15 million kilos of packed black tea but Sri Lankan exporters are disadvantaged by high prices of Ceylon teas and payment problems, a broker said. But the deficit is still 42 million kilos compared with the output in 2008. The global tea tea production […]
Sri Lanka not claiming full duty free access to US
Oct 23, 2009 (LBO) – Sri Lankan exporters are not making enough use of duty free access to the United States under its Generalized System of Preferences (GSP) programme, officials said. “It is necessary to educate our exporters about the duty free access to the US,” said Gomi Senadheera, Sri Lanka’s Director-General of Commerce. “There […]
Canada ship migrant wanted on terror charges
OTTAWA, October 22, 2009 (AFP) – One of 76 migrants arrested on a rusted ship off Canada’s Pacific Coast is wanted in Sri Lanka on terror charges, a source close to the investigation said Thursday.The 26-year-old man, whose identity was withheld due to a court-ordered publication ban, is being sought by Sri Lankan authorities who […]
Charity Front
WASHINGTON, October 22, 2009 (AFP) – About 30 victims of attacks by Sri Lanka’s rebel Tamil Tigers filed a suit Thursday against the billionaire head of a US hedge fund facing insider trading charges. The suit alleges that Galleon Group founder Raj Rajaratnam and a family foundation led by his father gave more than five […]
Sri Lanka milk farmers get marketing support
Oct 23, 2009 (LBO) – The US Agency for International Development (USAID) said it has partnered with a unit of the listed Chemical Industries (Colombo) (CIC) to help milk farmers take their product to market and increase incomes. The agency said in a statement it has established a dairy farmer network in Punani, in the […]
Rural Transport
Oct 23, 2009 (LBO) – The Asian Development Bank said it has given financial assistance amounting to 70 million dollars to Sri Lanka for rebuilding roads in two provinces affected by war.The total investment cost of the project in the island’s Eastern and North Central Provinces is 78 million dollars of which eight million will […]
Sri Lankan shares end bad week on high note
Oct 23, 2009 (LBO) – Sri Lankan stocks bounced backed strongly Friday, as retailer’s regained confidence to hold their investments and were upbeat on future company performance, but trading was low, brokers said. The All Share Price Index closed up 2.13 percent (63.75 points) to end at 3,056.62, while the Milaka Index of more liquid […]
‘s high taxes said to encourage illegal economy
Oct 22, 2009 (LBO) – Sri Lanka’s complex tax structure and high rates are working against the government by pushing consumers to move towards the informal economy that doesn’t pay taxes, a senior economist said. “The Central Bank estimates that revenue losses at import entry points due to illegal importation and under valuation of imports […]
Sri Lanka boat people driven by insecurity, jobs
October 22, 2009 (AFP) – Fear of persecution and a lack of jobs at home are driving thousands of Sri Lankans to risk perilous boat rides to developed countries, according to officials and politicians.Two separate boats carrying a total of over 300 illegal immigrants believed to be members of Sri Lanka’s minority Tamil community were […]