Category: Economy and Markets
Sri Lanka’s weak currency slipped to another milestone on Mon., when the Japanese Yen equalised to the rupee
The yen touched base with the rupee on Monday as a balance of payments deficits notches higher and speculation of exchange controls continue to linger in the market.The yen touched base with the rupee on Monday as a balance of payments deficits notches higher and speculation of exchange controls continue to linger in the market. […]
Private sector workers must pay more income tax to keep their company cars.
The government wants private sector workers to compensate for work benefits and has increased the income tax on company maintained cars. The government wants private sector workers to compensate for work benefits and has increased the income tax on company maintained cars. If you’re thinking of asking your boss for a car the next time […]
Central Bank Governor Sunil Mendis says private sector members of the Monetary Board are not pushing to keep real interest rates negative
Central Bank Governor Sunil Mendis says private sector members of the Monetary Board are not pushing to keep real interest rates negative, and Board decisions are taken independently.Central Bank Governor Sunil Mendis says private sector members of the Monetary Board are not pushing to keep real interest rates negative, and Board decisions are taken independently. […]
Sri Lankan government admits it is in a foreign exchange crisis, shackled by a backward looking policy framework which has put reforms and the peace process in a limbo
Sri Lanka’s opposition United National Party warned that by printing money, and keeping interest rates artificially low, while foreign reserves are dwindling, the authorities are rapidly driving the economy towards another serious crisis. Sri Lanka’s opposition United National Party warned that by printing money, and keeping interest rates artificially low, while foreign reserves are dwindling, […]
Buddhist monk pleads for the release of Sri Lankan hostage
Sri Lanka’s influential Buddhist clergy Sunday appealed for the release of a truck driver taken hostage in Iraq, saying the island traditionally has had friendly ties with Baghdad.Sri Lanka’s influential Buddhist clergy Sunday appealed for the release of a truck driver taken hostage in Iraq, saying the island traditionally has had friendly ties with Baghdad. […]
Norway set to launch a new bid to save Sri Lanka peace process
Norway will this week launch yet another bid to save Sri Lanka’s tottering peace process amid fears for the Oslo-brokered ceasefire that went into effect in 2002 after three decades of ethnic bloodshed.Norway will this week launch yet another bid to save Sri Lanka’s tottering peace process amid fears for the Oslo-brokered ceasefire that went […]
Tamil Tigers resist foreign aid pressure amid fresh diplomatic moves
Tamil Tiger rebels have warned foreign aid donors not to interfere in Sri Lanka’s faltering peace bid amid fresh diplomatic moves to salvage the process, a pro-rebel website reported Thursday.Tamil Tiger rebels have warned foreign aid donors not to interfere in Sri Lanka’s faltering peace bid amid fresh diplomatic moves to salvage the process, a […]
Give tax breaks to companies that do good deeds, says local legal eagle
Companies should get tax benefits for spending on good deeds, says legal eagle Justice Mark Fernando.Companies should get tax benefits for spending on good deeds, says legal eagle Justice Mark Fernando. The retired Supreme Court Judge suggests tax benefits for corporate social responsibility (CSR) activities because they reduce the welfare burden on the State. Fernando […]
Norway says Sri Lanka peace hopes dim, offers exit route
Peace broker Norway Thursday said it would ask Sri Lanka’s feuding parties if they wanted to resume talks as Tamil Tiger rebels warned foreign aid donors not to interfere in the faltering peace process.The Norwegian embassy said Foreign Minister Jan Petersen would arrive in the island next week for talks with President Chandrika Kumaratunga and […]
Cashed trapped Treasury is considering a proposal to mandate those who own a car, house, credit card and a mobile phone to open a tax file
Cashed trapped Treasury is considering a proposal to mandate those who own a car, house, credit card and a mobile phone to open a tax file.Cashed trapped Treasury is considering a proposal to mandate those who own a car, house, credit card and a mobile phone to open a tax file. The Ceylon Chamber of […]
Sri Lanka president to visit India
Sri Lankan President Chandrika Kumaratunga will arrive in India Wednesday on her first visit to the northern neighbour since a Congress-led coalition government took office in New Delhi in May. Sri Lankan President Chandrika Kumaratunga will arrive in India Wednesday on her first visit to the northern neighbour since a Congress-led coalition government took office […]
A 38 percent higher fuel bill is burning a hole in the island’s balance of trade
A 38 percent higher fuel bill is burning a hole in the island’s pocket, driving up its trade deficit to US$ 1.46 billion by August, up US$ 586 million from a year ago.The Central Bank on Tuesday said Sri Lanka’s import bill grew 20 percent to US$ 5.05 billion up from US$ 4.22 billion the […]