Category: Economy and Markets
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 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 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 Lanka business costs up due to new forced saving scheme
Nov 22, 2010 (LBO) – Sri Lanka’s business operating costs are to rise with wages expenses rising by 4.0 percent following another state managed forced savings plans being set up, though income taxes have been cut to 28 percent from 35 percent. The budget speech said the state will force employers to transfer the entire […]
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, […]
Sri Lanka to run budget deficit of 6.8-pct of GDP in 2011
Nov 22, 2010 (LBO) – Sri Lanka is planning to run a budget deficit of 433. 7 billion rupees or 6.8 percent of gross domestic product, down from a revised 446. 7 billion rupees or 8.0 percent gap in 2010, a budget presented to parliament said. In 2011 the government is planning to increase tax […]
Sri Lanka ends tax discrimination
Nov 22, 2010 (LBO) – Sri Lanka’s government will raise an employee income tax threshold and end discrimination that exempted state workers from paying tax, President Mahinda Rajapaksa told parliament. The PAYE (pay as your earn) tax threshold is to be raised to 600,000 rupees a year or 50,000 rupees a month, Rajapaksa said in […]