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‘s Aitken Spence drops deal with Six Senses
Jan 04, 2013, (LBO) – Sri Lanka’s Aitken Spence, said it had dropped plans to build a hotel with Six Senses, an international hotel chain and the Favourite group, a domestic firm.Aitken Spence said in 2010 that is was planning to build a 35 million US dollar resort and spa with beachfront villa on a […]
Starting Fresh
By Ravi Abeysuriya, CFA Jan 04, 2013 (LBO) – When it comes to investing in the stock market in Sri Lanka nowadays the chorus that has regrettably echoed has been Market manipulation and State owned Funds losing Billions of money by investing in the stock market. Market manipulation or creating a False Market’ or one […]
Sri Lanka flood victims get Japan help
Jan 04, 2012 (LBO) – Japan will give 23 million Yen (32 million rupees) worth disaster aid to victims of Sri Lanka’s recent floods and landslides, the embassy of Japan in Colombo said.“The emergency assistance includes tents, plastic sheets and sleeping pads for those affected by the recent floods and landslides,” the embassy of Japan […]
Sri Lanka in US80mn aircraft MRO complex
Jan 04, 2013 (LBO) – Sri Lanka’s state-run SriLankan Airlines will operate an 80 million US dollar aircraft repair and overhauling (MRO) complex at the country’s second international airport in Mattala targeting the Asian market and India.Information minister Keheliya Rambukwelle said cabinet approval has been given to obtain foreign financial assistance for the project. Sri […]
Sri Lanka aims to have best customs office in region: Treasury Secretary
Jan 04, 2013 (LBO) – Sri Lanka is aiming to have the best customs office in the region with the office fully online and three ‘free ports’ in operation, Treasury Secretary P B Jayasundera said. Customs will also facilitate the about a million tourists are year, he said. Sri Lanka’s customs office will have ASYCUDA […]
Sri Lanka seeks budget support loan from IMF: Treasury Secretary
Jan 04, 2013, (LBO) – Sri Lanka is planning to discuss a loan of up to a billion US dollars if the International Monetary Fund is willing to provide budget support, Treasury Secretary P B Jayasundera said.“We are asking IMF to extend budget support,” Jayasundera told reporters in Colombo. “That money cannot go the central […]
Sri Lanka personal income tax now very low: Treasury Secretary
Jan 04, 2012 (LBO) – Sri Lanka’s personal income tax rates are now very low and eligible persons should start paying taxes voluntarily, Treasury Secretary P B Jayasundera said. He said with Sri Lanka is becoming a service economy made up of self-employed and professionals working in legal, healthcare, education or information technology and income […]
Sri Lanka to charge retrospective taxes on converted vehicles
Jan 04, 2012 (LBO) – Sri Lanka is set to charge millions of rupees of taxes on a retrospective basis from owners of pick-up trucks and jeeps who have converted them under existing rules, according to a new cabinet decision.In free countries with strong constitutional guarantees of liberty to citizens, so called ex post facto […]
Sri Lanka to issue coin series to depict districts
Jan 03, 2013 (LBO) – Sri Lanka will issue coins with a face of 10 rupees to depict each district in the country in 2013, the Central Bank has said in a road map for monetary policy. Sri Lanka has 25 administrative districts. Central Bank Governor Nivard Cabraal also said Wednesday a program will be […]
Sri Lanka gilt yields plunge for second straight day, stocks up
Jan 03, 2013 (LBO) – Sri Lanka’s government bond yields plunged over 100 basis points over two days with active trading in four and five year maturities, and stocks closed up, dealers and brokers said. A 5-year bond maturing on 15 August 18 opened at 11.20/25 percent levels, moved to 11.35/45 then buying dropped 10.60/65 […]
Court Decision
Jan 02, 2013 (LBO) – Sri Lanka highest court has declared that a parliamentary committee has no legal authority to determine the guilt of the island’s chief justice in a controversial impeachment process that has drawn widespread condemnation.Sri Lanka Court of Appeal read out the decision of the Supreme Court after the legality of the […]
Full Cover
Jan 03, 2013 (LBO) – Mobitel, a unit of Sri Lanka Telecom is expanding its base stations by 1,800 to 3,500 which will result in 100 percent coverage of the population, the cellular operator said.The firm said it had opened ‘contact centres’ in Mullativu in the north and Sooriywewa in the south creating ICT based […]