Category: Industry
‘s murky casino taxes stir controversy
July 19, 2013 (LBO) – Sri Lanka’s main opposition has slammed proposed tax breaks for casinos to be operated by James Packer’s Australia based Crown group and said the plans will be opposed in parliament.De Silva said Macao made 43 billion dollars in gaming with a tax close to 40 percent of casino revenues.Macao however […]
Sri Lanka exports down 1.5-pct, apparel up in May
July 19, 2013 (LBO) – Sri Lanka’s exports fell 1.5 percent to 793.9 million US dollars in May 2013 from a year earlier, but apparel exports rose 2.1 percent to 318.9 million US dollars, official data showed. Agricultural products exports fell 6.8 percent to 197.9 million US dollars in June from a year earlier, rubber […]
Sri Lanka Crown project gets investment nod, tax breaks
July 19, 2013 (LBO) – Sri Lanka’s Lake Leisure Holdings (Pvt) Ltd, a gaming resort joint venture with Australia’s Crown group is being given sweeping tax breaks according to a government notice.Sri Lanka is expecting to boost up market tourists with gaming resorts which analysts say will push up city hotel rates, but other support […]
Sri Lanka John Keells Holdings project gaming tax policy set out
July 19, 2013 (LBO) – Profits from gaming at a large resort to be built by John Keells Holdings in Sri Lanka’s capital Colombo will be charged corporate taxed at “applicable rates”, but rents would be exempt, a government notice said. A similar resort in Colombo, Lake Leisure Holdings, in a joint venture between Australia’s […]
Savings Rating
July 19, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank has been given a ‘BB-‘ international rating by Fitch, ahead of a planned bond sale.“NSB’s ratings reflect Fitch’s expectation of the government of Sri Lanka’s high propensity but moderate ability to provide support to the bank in case of need,” Fitch said. “The state’s […]
Sri Lanka fines cricketer for mid-air antics
COLOMBO, July 18, 2013 (AFP) – Sri Lankan cricket chiefs handed down a fine Thursday of nearly ,000 to a batsman who tried to force open a cabin door of a British Airways flight at 35,000 feet (10,600 metres).Sri Lanka Cricket (SLC) said Ramith Rambukwella had been fined 50 percent of his tour fees after […]
Krrish denies Sri Lanka allegations, says investor confidence shaken
July 18, 2013 (LBO) – India’s Krrish group which is involved a property project in Sri Lanka has denied wrongdoing and said recent media reports had shaken the confidence of investors it was in talks with. Katyal thanked official who advised and supported the group’s entry and asked those raising concerns to “understand the correct […]
Ranking
July 18, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon said it had been ranked as one of the 1,000 top banks in the world by UK-based The Banker Magazine, ahead of other domestic banks. Bank of Ceylon has over 10 million customers and is the largest commercial bank by assets in Sri Lanka. […]
Micro Oversight
July 18, 2013 (LBO) – Sri Lanka will begin regulating micro financing institutions with large entities coming directly under the central bank information minister Keheliya Rambukwelle said.A third category coming under the Commissioner of Co-operative Development and Registrar of Co-operative Societies, Divineguma Department will be exempted from Central Bank regulations. They will come under existing […]
Port Road
July 18, 2013 (LBO) – A 260 million dollar circular highway around Sri Lanka’s Northeastern port city of Trincomalee will be built by a Chinese contractor with financing from the Industrial and Commercial Bank of China, a minister said.Information minister Keheliya Rambukwelle said the cabinet of ministers had awarded the building contract to Hunan Road […]
Sri Lanka scraps T20 cricket tournament
COLOMBO, July 17, 2013 (AFP) – Sri Lanka’s cricket administrators scrapped their Twenty20 league Wednesday after franchise holders defaulted on payments for the tournament and failed to guarantee payments to players, a top official told AFP.Sri Lankan Cricket decided not to go ahead with the Sri Lanka Premier League (SLPL) tournament and sack the seven […]
Sri Lanka mulls scrapping cricket T20 league
July 17, 2013 (AFP) – Sri Lanka’s cricket authorities will decide later Wednesday whether to scrap their Twenty20 league after all franchise holders defaulted on payments for the tournament, officials said.He said the franchise holders had also failed to come up with bank guarantees to underwrite match fees for players.Sri Lanka played its inaugural Twenty20 […]