Category: Industry
Tax Ceiling
Apr.12 (LBO) – Sri Lankan banks have asked the government to consider imposing a lower tax on credit card transactions, as the new stamp duty will discourage people from using the formal banking system, an official said. Starting April 4, the government is charging one percent or Rs10 for every Rs1000 spent on a credit […]
Returning Sense
Apr.11 (LBO) – Sri Lanka’s finance ministry says fuel subsidies are placing an unsustainable burden on the exchequer; in a move analysts expect to be a precursor to an upcoming round of retail fuel price hikes. “In 2005, the government had to spend Rs25 billion to sell fuel below cost,” a statement from the Ministry […]
After Test pain, Jayasuriya eyes World Cup glory
Apr.11 (AFP) – Sanath Jayasuriya may have experienced only pain and disappointment in his farewell Test, but he hopes the cricketing gods will smile on him at the World Cup next year.The former Sri Lankan captain says his retirement from Test cricket will help him focus on one-dayers and he will do his best to […]
Indian cricket board suspends former boss Dalmiya
NEW DELHI, Apr.11, 2006 (AFP) – Former world cricket chief Jagmohan Dalmiya was on Tuesday suspended from the Indian board he once ruled on charges of misappropriation of funds.The Board of Control for Cricket in India (BCCI) said in a statement that Dalmiya, 65, would not take part in its activities till a probe into […]
Asian Foray
SINGAPORE, Apr.11 (AFP) – India’s sixth largest private bank, UTI Bank Ltd, opened its first international branch in Singapore Tuesday, marking the first step in plans to stamp its footprint in Asia. “This marks the onset of our international operations, as a response to the growing globalisation of the Indian economy,” said UTI Bank chairman […]
Turbo Charge
Apr.10 (LBO) – The World Bank Monday gave out US$35,000 grant to six projects that will help youth development work in Sri Lanka. -LBO Newsdesk: LBOEmail@ In its second consecutive year, the 2006 Small Grants Programme aims to build capacity and develop management skills among Sri Lankans within the ages of 18-30 years, the bank’s […]
Euro Credit
Apr.07 (LBO) – The European Investment Bank Friday extended a 70 million euro special credit line to Sri Lanka, to help rebuild small and med-sized industries affected by the December tsunami. Tailor made for Sri Lanka, the credit line can finance up to 75 percent of the cost of individual projects, with borrowers given five-years […]
Fishing Expedition
Apr.07 (LBO) – Sri Lanka’s main tax authority plans to net in 40,000 new taxpayers in 2006, its newly appointed head said.Sri Lanka has few taxpayers and attempts to widen the base have met with limited success over the last decade. “For a 19.2 million population a 322,000 tax payers that not enough,” says Commissioner […]
Changing Timetables
Apr.07 (LBO) – Sri Lanka will go back to five and a half hours ahead of Greenwich Mean Time (GMT) from the traditional Sinhala and Tamil New Year of April 14, joining the same time zone as giant neighbour India. Departure and arrival times of flights into and out of Colombo will advance by half […]
Adding Layers
Apr.06 (LBO) – Sri Lanka has sought a US$500 million loan from Saudi Arabia to double its oil refinery capacity, Energy Minister A H M Fowzie said Thursday. State-run Ceylon Petroleum Corporation (CPC) had presented a concept paper to the Saudi government, when a ministerial delegation visited the oil kingdom recently. “We asked for a […]
Second Life
Apr.06 (LBO) — Sri Lanka is going ahead with reviving Pramuka Bank and also setting up an institutional framework to recover debts of Pramuka and other state banks, Treasury Secretary P B Jayasundera said. -Jayantha Kovilagodage: jayantha@Â Pramuka Bank will be revived as the ‘Sri Lanka Savings Bank’ with the necessary legislation due to go […]
Wider Reach
Apr.06 (LBO) – Norway plans to step up financial assistance in Sri Lanka following a request by President Mahinda Rajapakse to raise its profile in the island, peace envoy Erik Solheim said Thursday. Solheim, who is also Norway’s International Development Minister, said that Oslo’s financial assistance to Sri Lanka has so far mainly centered on […]