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Sri Lanka trade press for simpler taxes
Jan 30, 2013 (LBO) – Sri Lankan trade and tax experts have pressed for further simplification of tax systems, saying that it will help generate more businesses, bringing greater tax revenues for the state and reduce disputes.The existing ruling committee on tax disputes has commissioners of the government’s Inland Revenue Department and takes too long […]
Sri Lanka stocks close down 0.9-pct, rupee stronger
Jan 29, 2013 (LBO) – Sri Lanka stocks closed down 0.9 percent Tuesday with retailers and foreign investors taking profits, while the rupee gained with foreign inflows, brokers and dealers said. Over the past few months, companies such as Nestle have seen steep gains, with foreign investor interest also seen, but once prices have risen […]
Sri Lanka hotel occupancy rates down
Jan 29, 2013 (LBO) – Occupancy rates at Sri Lanka’s hotels had slipped across star categories in November 2012 from a year earlier, worsening from October despite arrivals going up, official data show. Sri Lanka full year tourist arrivals rose 17.5 percent to 1,005,605 in 2012. The average occupancy rates of hotels tracked by the […]
Resolution
Jan 28, 2013 (AFP) – The US will bring a fresh resolution to the UN Human Rights Council in a bid to force Sri Lanka to deliver on promises to probe its troops for war crimes, top US diplomats announced Monday after talks with Colombo.“The US has decided to sponsor a procedural resolution (against Sri […]
Sri Lanka on fast track to cut flood risk, modernize capital
Jan 29, 2013 (LBO) – Sri Lanka has begun a fast track execution of a 220 million US dollar World Bank funded plan to cut floods, boost drainage as well as create waterfront entertainment areas in a bid to modernize the capital Colombo, officials said.When questioned by reporters officials said a wetland including rich in […]
Sri Lanka mulls rail hauling city waste to limestone pits
Jan 29, 2013 (LBO) – Sri Lanka is mulling a plan to haul solid waste from Sri Lanka’s capital Colombo to open pit limestone mines in the northwest of the island by rail as part of a plan to modernize the fast expanding metropolis, a top official said. Disposing of solid waste in Colombo has […]
Sri Lanka reshuffles cabinet, new ministers appointed
Jan 28, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa has re-shuffled the cabinet appointing 10 new ministers, two project ministers and six deputy ministers, the state information office said. The ministry of petroleum has gone to Anura Yapa, power to Pavithra Wanniarachchi and technology and research to former power minister Champak Ranawaka. Laxman Yapa […]
Debt Protection
Jan 28, 2013 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board may be asked to import fuel directly to protect the main petroleum distributor from mounting unpaid dues, a media report said.A temporary surcharge on electricity was imposed in February 2012 as part of measures to avert a balance of payments crisis partly triggered by […]
Sri Lanka to host South Asia economic policy summit
Jan 28, 2013 (LBO) – Sri Lanka will host the 6th South Asia Economic Summit (SAES), a policy forum that brings together academia, government, civil society and the private sector in the region, each year. “The emerging growth opportunities and challenges for South Asia in the context of changing global economic dynamics will come into […]
Sri Lanka firms find ways to battle tough times
Jan 27, 2013 (LBO) – Sri Lankan firms can ride out tough times by maintaining a lean culture, grabbing opportunities that are present in such periods and becoming more responsive to customer needs, top executives said. “Whether you are in tough times or not, it is important to have a lean culture,” Hilmy Cader, head […]
Sri Lanka Keells hotels net down 22-pct
Jan 26, 2013 (LBO) – Keells Hotels Plc, which has operations in Sri Lanka and the Maldives said net profit for the December 2012 quarter fell 22 percent to 222 million rupees from a year earlier, amid higher interest costs.In the nine months to December Keells Hotels’ Sri Lanka operations lost 117 million rupees, reversing […]
Oil Law
Jan 26, 2013 (LBO) – Sri Lanka will update its petroleum exploration law to bring the rule in line with the latest international practices, information minister Keheliya Rambukwelle said.Amendments to Sri Lanka’s Petroleum Resources Act, No.26 of 2003, have been approved by the cabinet of ministers, he said. The changes proposed by President Mahinda Rajapaksa […]