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Sri Lanka protests rise over sudden tea export tax
Feb 01, 2013 (LBO) – Protests over a sudden export tax slapped on tea intensified with a second industry association joining exporters saying the industry was being progressively decimated by authorities.The Ceylon Tea Traders Association, an apex industry association, said a tax on tea has been virtually doubled “like a bolt from the blue” adding […]
Sea Protectors
January 31, 2013 (LBO) – The Royal Netherlands government has begun using key ports across Sri Lanka as points to disembark groups of marines deployed to protect Dutch marines from piracy attacks in the Indian Ocean. The group of Vessel Protection Detachment (VPD) team, currently protect vessels originating from Suez in Egypt. Most of these […]
Risky Appetite
January 31, 2012 (LBO) – Rising banking system leverage in Asia-Pacific is increasing rating pressure for banks in the region, Fitch Ratings said. Strong credit growth across the region, particularly in China, is driving the region’s credit-to-GDP up towards its 1998-1999 peak. Credit growth in APAC has accelerated since 2007 due to underlying economic growth […]
”’ acquires two aircraft
Jan 31, 2013 (LBO) – A domestic airline unit of Sri Lanka’s John Keells Holdings, has acquired two amphibian Cessna aircraft chairman Susantha Ratnayake told shareholders.The airline which is to operated under the brand ‘Cinnamon Air’ is will commence during this quarter he said. Cinnamon air is expected to have a fleet of three aircraft […]
Sri Lanka inflation rises 9.8-pct in Jan 2013
January 31, 2013 (LBO) – Consumer prices in Sri Lanka rose to 9.8 percent in January 2013 from a year earlier accelerating from 9.2 percent a month earlier, official data showed. In January, the Sri Lanka’s Central Bank said it aims to inflate the economy by about 7.0 percent in 2012 based on a monetary […]
‘s Treasuries yields drop at auction
Jan 30, 2013 (LBO) – Sri Lanka’s Treasuries yields dropped at Wednesday’s auction with the 3-month yield dropping as much as 16 basis points to 9.47 percent, data from the state debt office showed.The 6-month yield dropped 13 basis points to 10.28 percent and the 12 month yield dropped 14 basis points to 11.11 percent. […]
Sri Lanka bond yields edge down at auction
Jan 30, 3013 (LBO) – Sri Lanka’s bond yields edged lower at an auction Tuesday where 45 billion rupees of securities were sold, data from the state debt office showed.Market participants said there was foreign interest in the bond. The debt office sold 10.3 billion rupees worth 5- year bonds maturing in June 2018 were […]
Senator Call
WASHINGTON (AFP) Two US senators on Tuesday renewed calls for an international investigation into potential war crimes in Sri Lanka, accusing Colombo of failing to address legitimate concerns.Senators Patrick Leahy and Bob Casey, prominent voices on foreign policy in President Barack Obama’s Democratic Party, said the island had failed to carry out recommendations from its […]
Margin Matter
Jan 30, 2013 (LBO) – Sri Lankan suppliers of fuel to ships could be pushed out of business if a new tax is implemented, shipping officials and tax experts have warned. The trade has begun lobbying for the withdrawal of the five percent Ports and Airports Development Levy, (PAL) which they say could force them […]
Sri Lanka tea exporters protest sudden tax
Jan 30, 2013 (LBO) – Sri Lanka’s tea exporters are protesting an export tax that they have found has come into effect from January 23, where a cess on bulk tea exports is estimated to have almost doubled. “A large number of tea export containers were held up following a sudden revision of the tea […]
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 […]