Category:
Internet powers international trade: PayPal
SAN FRANCISCO, July 22, 2013 (AFP) – A study released on Monday showed that Internet-powered shopping across national borders has created “modern spice routes” holding wealth for local merchants who tap into the booming trend. Hong Kong, Canada, Australia, Germany, China, Britain and the United States will see a combined total of $105 billion in […]
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July 22, 2013 (LBO) – Sri Lanka’s credit profile has stabilized but external debt and debt servicing costs are rising, Moody’s Investors Services, which has rated the country ‘B1’ said in a credit update.About 73 percent of total spending was current spending, though there were some improvements. Of the current spending 91 percent was for […]
Sri Lanka to curb supermarket expansion
July 22, 2013 (LBO) – Sri Lanka is to curb the expansion of self-service supermarkets, a media report said shortly after new taxes were imposed on privately owned chains.Sri Lanka’s privately owned Hiru radio channel quoting President Mahinda Rajapaksa as saying that small traders and individual sellers were being displaced by supermarkets. “The vegetable lady […]
Indian investment moves marred by steel pullouts
MUMBAI, July 21, 2013 (AFP) – India may be trying to lure foreign investors to revive its ailing economy, but the axing of two mega steel projects underlines obstacles even industry giants face, analysts say. Although industrialisation is championed as a way to pull tens of millions of Indians out of poverty, many farmers complain […]
‘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 […]
Cricket: Sangakkara leads Sri Lanka to 320-5
July 20, 2013 (AFP) – Kumar Sangakkara smashed his highest one-day score of 169 off 137 balls as Sri Lanka piled up 320-5 against South Africa at the Premadasa stadium in Colombo on Saturday. But the inexperience of the depleted touring squad told in the end as the Sri Lankans batted fluently on the slow […]
Riots rock Australian refugee centre on Nauru
SYDNEY, July 20, 2013 (AFP) – Buildings were torched as hundreds of asylum-seekers escaped detention during riots at an Australian refugee facility on Nauru, witnesses said Saturday, following the unveiling of a hardline immigration policy.The programme was ramped up Friday with an announcement that Australia was effectively closed to asylum-seekers arriving by boat in a […]
Sri Lanka forex reserves hurt by gold price fall
July 19, 2013 (LBO) – Sri Lanka’s central bank, an active trader in gold, has seen losses from steep falls in the precious metal in 2013 after making steady profits over several years as prices rose, according to published data. The Fed is now due to step off the gas pedal and the Euro Zone, […]
Sri Lanka foreign reserves drop in May 2013
July 19, 2013 (LBO) – Sri Lanka’s foreign reserves dropped to 6.6 billion US dollars in May from 6.85 billion US dollars in April partly due to due payments to the International Monetary Fund and falling gold prices, the Central Bank said. The Central Bank said it repaid 225.5 million US dollars to the IMF […]
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 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 […]
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 […]