Category:
Petro Gains
Nov 24, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has reached break-even level and made a marginal loss after adjusting for losses on derivatives, finance ministry report said.The CPC had made a 3.8 billion rupee profit in the nine months to September 2013 but made an accounting loss of 3.7 billion rupees after […]
‘s electricity utility turns around
Nov 23, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has turned around with a 17 billion rupee profit up to September 2013 but it was yet to pay down bank borrowings, a finance ministry report said.Ceylon Electricity Board has earned revenues of 142 billion rupees for the nine months and was projected to […]
Sri Lanka opposition slams cronyism in budget, commends restraints
Nov 23, 2013 (LBO) – Sri Lanka’s main opposition United National Party slammed the ‘cronyism’ displayed in some of the tax cuts but said bringing down the deficit amid lower tax revenues deserved recognition.Opposition legislator Harsha de Silva said some of the duty and tax concessions for luxury branded goods and the value added tax […]
Software Growth
Nov 22, 2013 (LBO) – Sri Lanka’s software and knowledge services exports rose 17 percent to 248 million US dollars in the first half of 2013 from a year earlier, an economic report said.In Sri Lanka the sector started to grow especially after a state monopoly overseas telecommunications was ended. “The computer and information services […]
Sri Lankan Airlines lose Rs15.7bn in first half 2013
Nov 22, 2013 (LBO) – State run SriLankan Airlines had lost 15.7 billion rupees (120 million US dollars) in the first half of the 2013 financial year, a finance ministry report said. In the six months to September 2013, the airlines had posted revenues of 54.4 billion rupees and burned up 70 billion rupees in […]
Cricket: Perera, Dilshan fire Sri Lanka to Twenty20 win
PALLEKELE, November 21, 2013 (AFP) – Kusal Perera and Tillakaratne Dilshan hit aggressive half-centuries as hosts Sri Lanka romped to an emphatic eight-wicket win over New Zealand in the second Twenty20 international in Pallekele on Thursday.McCullum smashed 26 off 16 balls with three boundaries, while Ronchi hit three fours and a six. Perera smashed 57 […]
Sri Lanka targets lower deficit in 2014 budget, ups protectionism
Nov 22, 2013 (LBO) – Sri Lanka has slapped a series of new taxes to raise revenue and worsen protectionism setting an ambitious state revenue targets for 2014 with more spending and borrowing outlined outside the budget.But state airlines continued to run losses, needing a 200 million US dollar bailout in 2014. The Urban Development […]
Sri Lanka to raise US$1.5bn through international bonds in 2014
Nov 21, 2013 (LBO) – Sri Lanka is evaluating lead managers to sell international bonds in 2014 who will advise on the timing and mix of the program, Central Bank Governor Nivard Cabraal said. The government planned to build 50,000 high quality houses in estates to replace existing “poor quality” houses, he said. Bids to […]
Budget2014
Nov 21, 2013 (LBO) – Sri Lanka finance companies with subsidiary finance companies as well as banks having subsidiary finance companies will be asked to merge, President Mahinda Rajapaksa said.“¦I propose that any finance company which is a subsidiary company owned by a main company be absorbed by the main company to consolidate their operations,” […]
Sri Lanka gains popularity at Emirates Holidays
Nov 21, 2013 (LBO) – Sri Lanka has become one of the top 10 most popular destinations in after being included in Emirates group’s travel arm, officials said as outbound packages were also launched to customers in the island. The firm was developing more Sri Lanka tours targeted at specific markets. Emirates Holidays set up […]
Sri Lanka to give tax breaks to apartments for professionals
Nov 21, 2013 (LBO) – High income earnings professionals who combine in small groups to build housing complexes for themselves will be given a 50,000 tax deduction a month for mortgage payments, the budget for 2014 said.It will apply to doctors, lawyers, engineers, architects and business executives. Profit tax on banking and financial institutions which […]
Cricket: Sri Lanka to tour Bangladesh in January
DHAKA, November 21, 2013 (AFP) – Sri Lanka will play two Tests, three one-day internationals and two Twenty20 matches on their tour of Bangladesh starting in January, the Bangladesh cricket board announced on Thursday.The two teams last met in Sri Lanka in March this year when the hosts won the two-Test series 1-0 and also […]