Category: Industry
Unstable Policy
Nov 08, 2008 (LBO) – Sri Lanka has defended state manipulation of fuel prices which has de-stabilized the economy, brought high inflation and endangered the country with foreign borrowing, while rejecting formula based pricing. The island scrapped a fuel price adjustment formula in 2004, and printed money to keep prices low, pushing the country into […]
Tele Tax
Nov 07, 2008 (LBO) – Sri Lanka has made a new 10 percent telephone tax technology neutral by extending it from mobile phones to fixed lines as a part of proposals to raise revenue in 2009. The think tank strongly opposed an original state proposal to charge a fixed levy on mobile phones. LirneAsia chief […]
Fuel Costs
Nov 06, 2008 (LBO) – Sri Lankan president Mahinda Rajapaksa said Wednesday the government had slashed retail fuel prices with immediate effect in an effort to bring down transport costs and inflation. “From today, the price of a litre of diesel will be reduced by 30 rupees,” Rajapaksa told parliament when he presented the government’s […]
Sri Lanka govt to buy shares in apparel firm
Nov 06, 2008 (LBO) – Sri Lanka’s government will buy shares in apparel export firms under a support scheme to help them cope with a possible loss of duty free access to European markets, a senior official said. Ajit Dias, chairman of the Joint Apparel Association Forum, an industry umbrella body, said the government has […]
Sri Lanka apparel exporters losing orders, market share
Nov 06, 2008 (LBO) – Sri Lanka’s apparel export industry faces a tough year next year with slowing demand in key markets and the likely loss of GSP+ duty free exports to Europe, a senior official said. “I think we’re heading for somewhat of a crisis next year and the industry is gearing itself for […]
Health Growth
Nov 05, 2008 (LBO) – Sri Lanka™s Nawaloka Hospital’s new eight floor complex developed at a cost of 1.5 billion rupees would increase the hospital’s capacity by 85 rooms to 405 with competition in the sector ratcheting up, officials said. The expansion would widen the total floor area of Nawaloka by 80,000 to 300,000 square […]
Sri Lanka HNB Assurance Sept quarter earnings boosted by tax rebate
Nov 04, 2008 (LBO) – Sri Lanka’s HNB Assurance said net profit for the September quarter rose 90 percent to 23.6 million rupees helped by a 9.7 million rupee tax rebate. Revenue growth for the quarter was up 17 percent to 443 million rupees. Profit before taxation for the September quarter was 13.8 million rupees […]
Bailout Firm
LONDON, November 3, 2008 (AFP) – Finance minister Alistair Darling announced the creation of a new arms-length body Monday that would manage the British government’s investments in three high street banks bailed out last month. Speaking to a Treasury department committee hearing earlier, the finance minister also made clear he expected all British banks — […]
Merchant Look
Nov 04, 2008 (LBO) – The Merchant Bank of Sri Lanka (MBSL) group net profit for the September quarter fell by 26.5 percent to 42.8 million rupees from a year ago as it was affected by sharply higher interest and other costs. Total group income for the September quarter rose 13.9 percent to 409 million […]
Bank Trends
Nov 03, 2008 (LBO) – Sri Lanka’s Nations Trust Bank (NTB) said September quarter net profit fell 15 percent to 136 million rupees from a year ago despite strong growth in net interest income and non-interest income.NTB’s non-interest expenses in the September quarter also rose sharply amid high inflation and rising staff numbers. Personnel costs […]
Maritime Deal
Nov 03, 2008 (LBO) – Sri Lanka’s Hemas group has bought a stake in ship owner and operator Mercantile Shipping Company as part of a strategic thrust into the shipping business. Hemas Holdings said in a stock exchange filing that it invested in a 17 percent stake in Mercantile Shipping Co., which represents 426,223 ordinary […]
Scary Food
Nov 02, 2008 (LBO) – Sri Lanka’s health ministry has released a list products whose import and sale were banned because of fears of contamination by the harmful chemical melamine.The ministry of health care and nutrition officials said they are advising consumers not to consume food items which have tested positive for melamine internationality. These […]