Category: Economy and Markets
Sri Lanka to develop Trincomalee port city with ADB finance
Feb 08, 2013 (LBO) – Sri Lanka will improve infrastructure in the northeastern port city of Trincomalee with an 85 million US dollar loan from the Asian Development Bank, information minister Keheliya Rambukwelle said.The Integrated Urban Development Project for Trincomalee will improve city infrastructure and encourage private sector investment, he said. The cabinet of ministers […]
Sri Lanka three, six month Treasuries yields drop
Feb 06, 2013 (LBO) – Sri Lanka’s 3-month Treasuries yield dropped 22 basis points to 9.25 percent at Wednesday’s auction but the 12-month yield was flat, data from the state debt office showed. Compared to the auction on the last week of December, the 3-month yield has dropped 75 basis points, the 6-month yield 1.16 […]
Sri Lanka reduces sudden hike in tea export tax
Feb 06, 2013 (LBO) – Sri Lanka’s rulers have reduced a near doubling of an export tax on tea imposed without consultation of the affected parties on a retroactive basis, following protests from the industry.Sri Lanka’s tea industry found late last week that a higher tax on tea exports had been imposed with effect from […]
Sri Lanka and Luxemburg to avoid double taxation
Feb 02, 2013 (LBO) – Sri Lanka and Luxemburg has signed an agreement to avoid double taxation, the island’s embassy in Brussels said.The agreement will help investments in tourism, business process outsourcing and financial services, which have potential, the embassy said. The deal was signed by the head of Sri Lanka’s mission to the European […]
Sri Lanka to rent underground utility ducts
Feb 01, 2013 (LBO) – Sri Lanka will rent space to telecom companies in conduits pre-laid under roads being rebuilt in the capital Colombo under a modernization program, helping prevent damage to the surface, an official said. Seneviratne said authorities have managed to minimize damage to roads recently re-built in Colombo due to utility connections […]
Sri Lanka inflation rises 9.8-pct in Jan 2013
January 31, 2013 (LBO) – Consumer prices in Sri Lanka rose to 9.8 percent in January 2013 from a year earlier accelerating from 9.2 percent a month earlier, official data showed. In January, the Sri Lanka’s Central Bank said it aims to inflate the economy by about 7.0 percent in 2012 based on a monetary […]
Sri Lanka bond yields edge down at auction
Jan 30, 3013 (LBO) – Sri Lanka’s bond yields edged lower at an auction Tuesday where 45 billion rupees of securities were sold, data from the state debt office showed.Market participants said there was foreign interest in the bond. The debt office sold 10.3 billion rupees worth 5- year bonds maturing in June 2018 were […]
‘s Treasuries yields drop at auction
Jan 30, 2013 (LBO) – Sri Lanka’s Treasuries yields dropped at Wednesday’s auction with the 3-month yield dropping as much as 16 basis points to 9.47 percent, data from the state debt office showed.The 6-month yield dropped 13 basis points to 10.28 percent and the 12 month yield dropped 14 basis points to 11.11 percent. […]
Sri Lanka trade press for simpler taxes
Jan 30, 2013 (LBO) – Sri Lankan trade and tax experts have pressed for further simplification of tax systems, saying that it will help generate more businesses, bringing greater tax revenues for the state and reduce disputes.The existing ruling committee on tax disputes has commissioners of the government’s Inland Revenue Department and takes too long […]
Sri Lanka tea exporters protest sudden tax
Jan 30, 2013 (LBO) – Sri Lanka’s tea exporters are protesting an export tax that they have found has come into effect from January 23, where a cess on bulk tea exports is estimated to have almost doubled. “A large number of tea export containers were held up following a sudden revision of the tea […]
Sri Lanka stocks close down 0.9-pct, rupee stronger
Jan 29, 2013 (LBO) – Sri Lanka stocks closed down 0.9 percent Tuesday with retailers and foreign investors taking profits, while the rupee gained with foreign inflows, brokers and dealers said. Over the past few months, companies such as Nestle have seen steep gains, with foreign investor interest also seen, but once prices have risen […]
Sri Lanka mulls rail hauling city waste to limestone pits
Jan 29, 2013 (LBO) – Sri Lanka is mulling a plan to haul solid waste from Sri Lanka’s capital Colombo to open pit limestone mines in the northwest of the island by rail as part of a plan to modernize the fast expanding metropolis, a top official said. Disposing of solid waste in Colombo has […]