Category: Economy and Markets
Sri Lanka beachfront investment next week: Treasury Secy
Nov 24, 2010 (LBO) – Sri Lanka is expecting up to 500 million US dollars of investments on a key beachfront re-development in Colombo with the first project to take off as early as next week, finance ministry secretary P B Jayasundera said. Development of the Galle Face area, Colombo’s most prominent beachfront, is part […]
Sri Lanka wages to rise as unemployment falls: official
Nov 24, 2010 (LBO) – Sri Lankan business should be ready to pay higher wages as unemployment had come down, and youth becoming more educated and eager to find jobs abroad, a top Treasury official said. And better educated youth were seeking jobs abroad. “Also, our labour market is no longer only here,” Jayasundera said. […]
Sri Lanka stocks end up 0.1-pct
Nov 24, 2010 (LBO) – Sri Lankan stocks ended slightly higher Wednesday, shedding some of the morning gains at the close, with some big private deals on selected stocks, brokers said. Another private deal in Colombo Dockyard of a million shares was done at 292 rupees each. The stock closed at 290, up a rupee. […]
Sri Lanka stocks close down 0.9-pct
Nov 23, 2010 (LBO) – Sri Lanka stocks closed down 0.95 percent Tuesday, with low institutional and high-net-worth individual interest shown in the market, brokers said. The All Share Price Index closed at 6,454.18, down 0.95 percent (61.62 points) while the Milanka index of liquid stocks dipped 1. 38 percent (97.55 points) to close at […]
Sri Lankan firms can sell rated debt to foreigners: Central Bank
Nov 23, 2010 (LBO) – Sri Lankan firms can sell corporate debt to foreign buyers provided the securities are rated and not priced over 200 basis points over the benchmark sovereign yields, Central Bank governor Nivard Cabraal said. Sri Lanka has a pegged exchange rate which could result in excess capital flows, if the country […]
Sri Lanka gets most FDI for telecoms in first half 2010
Nov 23, 2010 (LBO) – Sri Lanka has received 208 million US dollars as foreign direct investments in the first half of 2010, with telecoms leading with 85 million US dollars, followed by manufacturing at 56 million US dollars, the Central Bank said. “Of the manufacturing sector, food, beverages and tobacco products; textile, wearing apparel […]
Sri Lankans allowed to buy foreign equity, foreigners to buy private bonds
Nov 23, 2010 (LBO) – Sri Lankan individuals and unlisted firms will be allowed to buy foreign listed stocks for up to 100,000 US dollars a year and listed companies could buy up to 500,000 dollars worth a year, Central Bank Governor Nivard Cabraal said. A central bank that prints money has to allow the […]
Sri Lanka stocks close down 0.7-pct
Nov 22, 2010 (LBO) – Sri Lanka stocks closed down 0. 75 percent Monday, with interest shown by both the institutional and retail traders, brokers said. The All Share Price Index closed at 6,515. 80, down 0.75 percent (49.20 points) while the Milanka index of liquid stocks dipped 0. 53 percent (37.49 points) to close […]
Sri Lanka awaits budget for 2011
Nov 22, 2010 (LBO) – Sri Lanka is awaiting a budget for 2011 which will increase total taxes extracted from the people to fund state spending, while there are hopes that excessively taxed sections will get some reductions and the deficit will narrow. The current account deficit has been the key reason for low total […]
Sri Lanka growth for 2010 7.6-pct: Central Bank
Nov 22, 2020 (LBO) – Sri Lanka’s economy is projected to grow 7. 6 percent in 2010 up from 3.5 percent in 2009, helped by the end of a 30-year war, which would be followed by an 8. 0 percent expansion in 2011, the Central Bank said. “All major sectors in the economy are expected […]
Sri Lanka cuts bank taxes, hikes tax on stock trading
Nov 22, 2010 (LBO) – Sri Lanka has cut a series of taxes on banks in a bid to increase banking activities, but raised a tax on stock trading, President Mahinda Rajapaksa said presenting the budget for 2011 in parliament. A debit tax on withdrawals from banks would be lifted and a so-called financial value […]
Sri Lanka cuts corporate income tax
Nov 22, 2010 (LBO) – Sri Lanka will cut corporate income taxes from 35 to 28 percent except for tobacco and alcohol, while income taxes for casinos, a newly legalized industry will be set at 40 percent, a budget for 2011 said. At present companies and non-governmental organizations are taxed at rates around 30 percent, […]