Category: Industry
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 […]
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 […]
Nail Claim
AMMAN, November 22, 2010 (AFP) – A Sri Lankan maid who said she had swallowed nails did so to pin the blame on her employer in Jordan and be sent home, recruitment agency officials said in the Jordan Times newspaper on Monday. “We have asserted that the helper™s accusations were false and she had confessed […]
Open Exchange
Nov 23, 2010 (LBO) – Sri Lanka has allowed residents to buy stocks abroad and foreign investors have been allowed to buy into local corporate debt and insurers have been given permission to invest up to 20 percent of their reserves abroad. The exchange control relaxations are in effect from November 22, the government said […]
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 […]
Sri Lanka to raise electricity rates in January
Nov 22, 2010 (LBO) – Sri Lanka will raise electricity tariffs by eight percent on general users who consume over 90 units a month in January 2011, President Mahinda Rajapaksa told parliament. The present tariff rate will continue for small businesses, he said during the 2011 budget speech. The government will reduce the tariff by […]
China cricket on five-year learning curve, says coach
GUANGZHOU, November 21, 2010 (AFP) – China coach and former Pakistan international Rashid Khan believes his team will be a powerful force within five years despite a crushing Asian Games defeat to Malaysia on Sunday. In the first ever men’s match played in Chinese soil, Malaysia were too strong for the host nation, racking up […]