Author: lbostgadmin
Sri Lanka tobacco users generate more taxes, sales lower
July 29, 2009 (LBO) – Sri Lanka’s Ceylon Tobacco Company, which is the monopoly legal producer of cigarettes in the country, said profits grew in the June 2009 quarter, even as volumes fell and the government earned more revenue from taxes. The company, a British American Tobacco unit, said in a stock exchange filing that […]
Sri Lanka sees revenue improving with strong tax effort
July 28, 2009 (LBO) – Sri Lanka’s central bank said it expects government revenue collection to improve later this year, despite the downturn in the first few months, through better collection, a new Nation Building Tax and reduced tax holidays.The government is committed to increasing tax revenue by at least two percent of GDP by […]
” over Sri Lankan camps: envoy
July 27, 2009 (AFP) – The United States was “deeply concerned” that tens of thousands of displaced people were still locked inside camps two months after Sri Lanka’s decades-long ethnic war had ended, a US envoy said Monday.Around 300,000 people displaced during the final stages of the war continue to live in temporary shelters run […]
Sri Lanka insurance sector grows in tight conditions
July 28, 2009 (LBO) – Sri Lanka’s life insurance sector grew 13.9 percent taking in gross written premiums of 23.6 billion rupees in 2008, a year that saw high inflation, a report by the industry regulator, Insurance Board of Sri Lanka (IBSL) said. The life insurance sector grew 21.2 percent in 2007, the annual report […]
Million Mark
July 28, 2009 (LBO) – Sri Lanka’s Bharti Airtel has exceeded one million customers and the firm is rolling out its network in the east of the island, following the end of a 30-year war in the island, a top official said.“We have exceeded one million customers in Sri Lanka in 171 days of operations,” […]
Sri Lanka in ADB south Asia tourism project
July 28, 2009 (LBO) – Sri Lanka has been included in an Asian Development Bank funded project to link and promote tourist sites in south Asian countries, especially for eco-tourism and pilgrimage tourism. A report by the ADB said the project was conceived as a linked series of sub-regional tourism investments in the five countries […]
Bank Numbers
July 28, 2009 (LBO) – Sri Lanka’s Seylan Bank said net profit for the June 2009 quarter fell 39 percent to 188 million rupees from a year ago with both interest income and fee income falling and bad loans rising.The bank, part of the Ceylinco group, said in a stock exchange filing that interest income […]
Chinese Deal
July 28, 2009 (LBO) – Sri Lanka’s Central Bank said it has signed an Investment Facilitation Agreement with China Development Bank, considered one of China’s three policy banks that also funds the country’s large infrastructure projects.“Under this agreement, China Development Bank will initially place a US dollar deposit with the Central Bank of Sri Lanka, […]
Sri Lanka rupee may move if IMF forex reserve targets are not met
July 28, 2009 (LBO) – Sri Lanka’s tight peg with the US dollar, which is now backed by complementary monetary policy may move under an International Monetary Fund program if foreign reserve targets are not met, an official said. The 20-month IMF program is underpinned on a flexible exchange rate, and is based on specific […]
Sri Lanka keeps back IMF technical MOU
July 27, 2009 (LBO) – Sri Lanka has not released the technical memorandum of understanding between the government and the International Monetary Fund, taking a step back from the level of transparency established earlier.Sri Lanka’s central bank has published a letter of intent (LOI) and a memorandum of economic and financial policies (MEFP) relating to […]
Sri Lanka IMF supported budget implies tight second half
July 27, 2009 (LBO) – Sri Lanka’s IMF supported budget for 2009 implies a more credible revenue target, maintaining nominal capital expenditure at previous year’s levels in an economy that is inflating less, initial analysis shows.Sri Lanka’s runaway budgets were the underlying reason for the balance of payments crisis last year. IMF said short term […]
Capital Education
July 27, 2009 (LBO) – Management and finance students of Jaffna University will get easy access to Colombo Stock Exchange data, market regulator Securities and Exchange Commission (SEC) said. The qualification starts with a certificate and leads up to a degree. The SEC said the Jaffna University would get a fully equipped capital market information […]