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Sri Lankan ship owners win tax relief in budget
Nov 07, 2007 (LBO) – Sri Lanka ship owners won a tax concession in the government’s budget for 2008 presented in parliament Wednesday by president and finance minister Mahinda Rajapakse. . Ship owners registering their vessels under the Sri Lankan flag will be exempt the Port and Airport Development Levy (PAL) and would not be […]
Sri Lanka leader says terrorism must be defeated to achieve peace
Nov 07, 2007 (LBO) – Sri Lankan President Mahinda Rajapakse said Wednesday that Tamil Tiger separatist terrorism has to be defeated in order to achieve peace in the island.Sri Lanka has been left with a weak and unstable economy owing to 25 years of terrorism, poor infrastructure development and inadequate attention to developing the domestic […]
Sri Lanka seeks budget balance between subsidies and development
Nov 07, 2007 (LBO) – Sri Lanka is seeking a balance between subsidies and development in a budget for 2008 to be presented today, as officials said planned capital spending had been sacrificed in 2007. “We are at a time when we need to present long-term answers to the problems of the country,” deputy finance […]
‘s promises more props for agriculture
Nov 07, 2007 (LBO) – Sri Lanka’s domestic agriculture and processing industry was promised sweeping relief by the government including tax waivers and loan write-offs and more cash for subsidized fertilizer, in the 2008 budget. The politically important rice farmers would continue to get any type of fertilizer at 350 rupees per bag while urea […]
Dollar slides to new record low against euro, gold 825 dollars after rate cut
LONDON, Nov 7, 2007 (AFP) – The dollar on Wednesday tumbled to a fresh historic low against the euro, as a Chinese official suggested China may diversify its reserves away from the US unit, analysts said. The greenback was also pressured by the prospect of yet another cut to US interest rates, dealers said. The […]
Australian central bank hikes interest rate
SYDNEY, Nov 7, 2007 (AFP) – Australia’s central bank raised interest rates 0.25 points to an 11-year high of 6.75 percent Wednesday in a move expected to hurt Prime Minister John Howard’s re-election hopes. “Having weighed both the international and domestic information available, the board judged that a further increase in the cash rate was […]
Oil scales new US$97.10 peak in Asian trade
SINGAPORE, Nov 7, 2007 (AFP) – Oil powered to a new all-time trading high in Asian trade Wednesday amid expectations of a decline in US energy reserves ahead of the peak northern hemisphere winter, dealers said. At 9:15 am (0115 GMT), New York’s main contract light sweet crude for December delivery was up 52 cents […]
Heavy fighting in Sri Lanka leaves scores killed and wounded
Nov 7, 2007 (AFP) – Heavy fighting between Sri Lankan troops and Tamil Tiger rebels Wednesday left a large number killed or wounded, both sides said. The government and rebels had agreed to a Norwegian-brokered truce in 2002, but the peace process began to unravel in December 2005. The Liberation Tigers of Tamil Eelam (LTTE) […]
” bonds to get land tax break
Nov 07, 2007 (LBO) – Foreign resident Sri Lankans who will buy a special bond would be allowed to buy land in the country without a penal 100 percent transfer tax, President Mahinda Rajapakse said. The bond to be called ‘Homeland Development Bond’ would have maturities from 1 to 5 years and would be sold […]
Central Rating
Nov 06, 2007 (LBO) – Fitch Ratings Lanka has confirmed Central Finance Company’s (CF) long-term rating of ‘A+ (lka)’ with a ‘stable’ outlook. CF has a 20 percent interest in Nations Trust Bank (‘A (lka)’), a licensed commercial bank. “CF’s rating factors in its strong financial profile and its dominant market position as the second-largest […]
Agri Tour
Nov 06, 2007 (LBO) – Sri Lanka’s Hatton National Bank is sending local farmers to India to study agricultural practices and learn new techniques, officials said. The farmers, who are customers of 12 HNB branches hail from agricultural centres like Dambulla, Trincomalee, Vavuniya, Tissamaharama, Gampaha and Nuwara Eliya. “This is to encourage farmers to be […]
Maldives gives nod to Mauritius Commercial Bank
November 06, 2007 (LBO) — The Mauritius Commercial Bank has become the fifth foreign bank to secure a banking license to operate in the Maldives, the Maldivian Monetary Authority said Tuesday.The bank has been given six months to begin commercial operations in the Atoll nation and open a branch in the capital of Male to […]