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Sri Lanka Army role in Jaffna minimal: Army chief
July 13, 2012 (LBO) –Sri Lanka Army’s involvement in civilian affairs in the former war zone has become ‘very minimal’ three years after it crushed the separatist Tamil Tigers and helped restore normalcy in the region, a top military officer said. Army chief Lieutenant General Jagath Jayasuriya told reporters that the Army is confined to […]
Sri Lanka LOLC given (SL) A- rating
July 12, 2012 (LBO) – Sri Lanka’s Lanka Orix Leasing Company Plc, has been rated ‘[SL] A-‘ with a stable outlook by ICRA Ltd, an associate of Moody’s Investors Service. “The rating factors the LOLC Group’s long track record of profitable operations, its position as the market leader in the Sri Lankan leasing business market, […]
Sri Lanka stocks steady, rupee weaker
July 12, 2012 (LBO) – Sri Lanka’s stocks closed marginally higher Thursday while the rupee closed weaker from opening, brokers and dealers said. The Colombo All Share Price Index closed up 0.08 percent at 4,872.06 points and the S&P SL20 index of large cap stocks closed 0.17 percent higher at 2,780.34. Turnover was 336 million […]
Running Ships
July 12, 2012 (LBO) – Sri Lanka can get into maritime businesses like ship management as it improves its position as a shipping hub in south Asia with the construction of two big deep-water ports, an official said. The island has a lot of potential in supply chain management and logistics from a ship management […]
Tax Co-ordination
July 12, 2012 (LBO) – Sri Lanka and India will sign an agreement to prevent double taxation and tax avoidance, minister Keheliya Rambukwelle said. Agreements signed between Sri Lanka and other countries provide reduced tax rates on dividends, interest and royalties. Sri Lanka’s cabinet had approved changes to an earlier draft following bilateral negotiations conducted […]
Press Laws
July 12, 2012 (LBO) – Sri Lanka will bring laws to make registration of news websites with with the state compulsory and charge annual renewal fees, information minister Keheliya Rambukwelle said. Police arrested several journalists and closed down two websites connected to Sri Lanka’s main opposition last month. Rights activists, media freedom organizations, the US […]
Sri Lanka allows transaction between forex accounts
July 11, 2012 (LBO) – Sri Lankan bank customers holding foreign currency accounts would be able to transfer money among each others’ account with greater freedom in the future the Central Bank said. Holders of non-resident foreign currency (NRFC) accounts would be allowed to transfer money to other NRFC account holders and to resident foreign […]
Sri Lanka Treasuries yields up
July 11, 2012 (LBO) – Sri Lanka’s Treasuries yields rose across maturities at Wednesday’s auction with three months yields gaining most by 14 basis points to 11. 34 percent, data from the state debt office showed. The 6-month yield increased 09 basis points to 12.86 percent and the 6-month yield rose 11 basis points to […]
Human Capital
July 11, 2012 (LBO) – Sri Lanka’s shipping industry will need more trained workers specializing in key areas of the shipping business as the island treads a path to become a regional logistics hub, an industry official said. The new Colombo port is expected to increase annual capacity to 13 million containers from the current […]
Wave Tech
July 11, 2012 (LBO) – A 5.4 kilometre new breakwater at Sri Lanka’s Colombo port is armoured with 20 tonne patented concrete blocks to withstand the worst monsoons in 200 years, an official said. Three new container terminals which are schedule to be built up to 2020 are coming up within a new 375 million […]
Sri Lanka Marriott hotel with East West to open in 2014
July 11, 2012 (LBO) – US based Marriott International said it has signed up with Sri Lanka’s East West Properties Plc, to open a 200-room hotel in Weligma, on the island’s Southern coast in 2014. The 11-storey Weligama Bay Marriott Resort & Spa, will be operated under Marriott’s flagship Marriott Hotels & Resorts brand. “Sri […]
Sri Lanka holds policy rates, credit slowing, IMF targets met: CB
July 11, 2012 (LBO) – Sri Lanka is holding its key interest rates at which money is injected into the economy at 9.75 percent amid rising inflation, though credit and money supply growth is starting to slow, the Central Bank said. In February energy prices were raised, the exchange partially floated to reduce the need […]