Category: Industry
Sri Lanka Hemas expects govt to honour power deals
Nov 26, 2010 (LBO) – Hemas Holdings group expects Sri Lanka’s government to honour power purchase agreements with investors who set up private power plants and helped ward off power cuts despite talk of renegotiating them, a senior official said. Hemas chief executive Husein Esufally said private power suppliers had not been officially informed the […]
Sri Lanka gets more Indian aid for coal power plant
Nov 26, 2010 (LBO) – India is giving Sri Lanka a 200 million US dollar soft loan to help its cash-strapped power utility proceed with a joint venture 500 MegaWatt power plant on island’s east coast, a statement said. India is also offering financial support for the equity contribution of the Ceylon Electricity Board (CEB) […]
Rating Strength
Nov 26, 2010 (LBO) – Sri Lanka’s HSBC branch’s ‘AAA(lka)’ long term rating has been confirmed with a ‘stable’ outlook backed by the ‘AA’ rating of Hongkong & Shanghai Banking Corporation Limited, Fitch Ratings Lanka said. By end June, the Sri Lanka branch of HSBC had increased its loan book 6.4 percent after contracting 12.4 […]
Rail Fund
Nov 26, 2010 (LBO) – Sri Lanka and India has inked a deal for a 416 million US dollar credit from India’s export import bank to rebuild railways in the island’s war-torn north, a government statement said. The president’s office said the deal was signed between Nadeem Panketan, managing director of the Indian export import […]
Sri Lanka hydro power firm gains 55-pct on trading debut
Nov 25, 2010 (LBO) – Hydro Power Free Lanka (HPFL) shares began trading on the Colombo bourse at 15.50 rupees, a gain of 55 percent over its initial offer price of 10 rupees, a statement said. The share’s highest price for the day 16 rupees and the lowest 15 with a total volume of 22,208,800 […]
Cable Crisis
Nov 25, 2010 (LBO) – Sri Lanka’s cable TV firms are facing a crippling tax that may put all of them out of business, following the imposition of a new ‘teledrama’ tax that has already hit terrestrial ‘free to air’ channels. Industry officials say the cable TV industry would not be able to survive if […]
Money Trail
Nov 25, 2010 (LBO) – Sri Lanka’s central bank has signed a deal with the central bank in Bangladesh to share financial information in tackling money laundering and terrorist financing, a statement said. “Money laundering and terrorist financing are often internationally connected activities,” the statement said. “Financial intelligence authorities also need to be internationally organized […]
Sri Lanka Kuruwita Textile losses mount
Nov 24, 2010 (LBO) – High cotton prices has sharply increased losses at Sri Lankan fabric supplier Kuruwita Textile Mills, which is part of the Brandix apparel export group, a stock exchange filing said. “Whilst cotton prices are expected to remain high going forward, your company will be working towards achieving more favourable results with […]
Bank Rates
Nov 23, 2010 (LBO) – Sri Lankan banks should provide more long-term loans and tax cuts in the government budget for 2011 are meant to encourage longer maturity lending, finance ministry secretary P B Jayasundera said. Key sectors of the economy like tea and rubber, where cultivators must wait several years for the first harvests, […]
Sri Lanka allows electric cars, hybrids duty free
Nov 23, 2010 (LBO) – Sri Lanka has made electric and hybrid cars duty free, while value added tax and rates of depreciation allowed for used cars has also been increased, a budget for 2011 said. The government will also allow state workers and state corporation employees to import cars at a lower duty. A […]
Telecom Taxes
Nov 23, 2010 (LBO) – Sri Lanka has imposed new taxes on telecommunication including a 20 percent tax removing some of the existing ones, a regulatory license fee equal to 2. 0 percent of revenues and has also imposed a new tax on international calls. From July 2011 the minimum call rate of 2. 0 […]
Tele Tax
Nov 23, 2010 (LBO) – A change in telecom taxes in the 2011 budget where a 20 percent flat levy replaced a series of earlier taxes can result in lower bills for users, a telecom analyst said. “So even users of international calls may not be very much affected. ” Before the budget, a series […]