Author: lbostgadmin
Racket Busting
Treasury Secretary Dr. P B Jayasundera says the government is formulating new laws to stop international racketeers from using local financial markets to launder funds collected through illegal means.The new money laundering law would be one of the pieces of draft legislation coming under the financial sector reform cell of the newly created National Committee […]
Tussle With Tuskers
Companies are paying more attention to the effect of their operations on stakeholders besides their owners. Although not regulated, businesses take the environment and other social concerns in to account because they think being accountable to the public is in their long-term interest.The Pelwatte sugar plantation is a popular spot for hungry elephants from the […]
Lanka tea traders say Pakistan’s move to reduce duties on its side by 10 per cent on tea imports is not effective enough to curb smuggling into the Islamic nation.
Lanka tea traders say Pakistan’s move to reduce duties on its side by 10 per cent on tea imports is not effective enough to curb smuggling into the Islamic nation. Lanka tea traders say Pakistan’s move to reduce duties on its side by 10 per cent on tea imports is not effective enough to curb […]
Secure Deal
Senkadagala Finance is coming out with a Rs. 52.4 mn debt paper backed by an A (sri) rating from Fitch Ratings Lanka.The Rs. 52.4 mn issue is part of a larger Rs. 250 mn securitisation deal structured by Capital Alliance, says Senkadagala Managing Director, Lakshman Balasuriya.rn rnThe Leased Backed Trust Certificates (LBTC) will be issued […]
KillerQuest
Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions.Unidentified gunmen failed in a late-night quest this week, to kill the top customs official who is heading the revenue fraud investigation in the import of GoldQuest medallions. […]
Soft Pillow
The government says it is working on US styled Chapter 11 bankruptcy laws to resuscitate ailing firms.The fresh laws will cover sole traders and partnerships, in addition to limited liability companies.rn rnUnveiling its new economic policy, the government says such laws will come under a dedicated agency to speed up the restructuring process.rn rn”Sri Lanka […]
Acting Fast
The Finance Minister has won the Cabinet nod to go ahead to enact five amendments to tax related acts to seal up its revenue lines and increase collection. rnrnThe list of changes like re-imposition of the land tax also includes a change to the tax amnesty act.rn rnThe controversial tax amnesty and delays in implementing […]
Heavy Load
The Treasury says it has forked out Rs. 6 bn todate to subsidise essential items like petroleum, wheat, flour, fertilizer and sugar.The lion share of the subsidies is channeled towards petroleum imports, Treasury Secretary, Dr. P B Jayasundara said.rn rnSri Lanka imports all its oil needs, buying 2.0 mn MT of crude and 1.5 mn […]
Live Injection
The Aitken Spence Group secured an AA (sri) rating for its upcoming Rs. 1 bn five-year unlisted debenture issue from Fitch Ratings Lanka. The group needs the cash to fund its 100 MW power plant in Embilipitya and feed some of its ongoing capital expenditure programmes.rn rnFitch also confirmed an AA (sri) rating for Aitken […]
Rising Expectations
Sri Lankas inflation rate for June shifted up to 3.9 percent on the back of rising prices of essential goods like rice, red onions, potatoes and vegetables.The Census & Statistics Dept said Wednesday that the Colombo Consumers Price Index or CCPI had touched 3,672.8 from 3,598.2 recorded in May this year.rn rnCommenting on the data, […]
Mismatch
Total revenue for the period Jan-Apr fell three percent to Rs. 91.7 bn while overall expenditure jumped 33 percent to Rs. 121.0 bn, the Finance Minister Dr. Sarath Amunugama said Wednesdayrn rnA change in the Value Added Tax (VAT) from 20 percent to 15 percent, saw revenues drop 14 percent to Rs. 36 bn, while […]
Building High
A 22.46 percent larger loan book propped up by lower interest rates and growing demand for homes upped income at Housing Development Finance Corp., Bank (HDFC Bank to Rs. 829.85 million, 31.5 percent over 2002. Chief Executive C A Sarathchandra told Lanka Business Online that a concerted effort to increase the housing stock saw up […]