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India approves new airport for Mumbai
NEW DELHI, November 22, 2010 (AFP) – India gave the green light on Monday for the construction of a second international airport in the commercial capital Mumbai, a two billion dollar project that was ten years in the making. “Today, formally the environmental clearance has been given to the Navi Mumbai Project,” Environment Minister Jairam […]
Sri Lanka to raise electricity rates in January
Nov 22, 2010 (LBO) – Sri Lanka will raise electricity tariffs by eight percent on general users who consume over 90 units a month in January 2011, President Mahinda Rajapaksa told parliament. The present tariff rate will continue for small businesses, he said during the 2011 budget speech. The government will reduce the tariff by […]
Sri Lanka appoints 90 ministers and deputies
Nov 22, 2010 (LBO) – Sri Lanka’s President Mahinda Rajapaksa has appointed 59 ministers in addition to the prime minister and 31 deputy ministers Tuesday ahead of a budget for 2011 to run the administration during his second term in office. Among the large group of ministers was also a minister for productivity development. Rajapaksa’s […]
Sri Lanka business costs up due to new forced saving scheme
Nov 22, 2010 (LBO) – Sri Lanka’s business operating costs are to rise with wages expenses rising by 4.0 percent following another state managed forced savings plans being set up, though income taxes have been cut to 28 percent from 35 percent. The budget speech said the state will force employers to transfer the entire […]
Sri Lanka ends tax discrimination
Nov 22, 2010 (LBO) – Sri Lanka’s government will raise an employee income tax threshold and end discrimination that exempted state workers from paying tax, President Mahinda Rajapaksa told parliament. The PAYE (pay as your earn) tax threshold is to be raised to 600,000 rupees a year or 50,000 rupees a month, Rajapaksa said in […]
Sri Lanka to run budget deficit of 6.8-pct of GDP in 2011
Nov 22, 2010 (LBO) – Sri Lanka is planning to run a budget deficit of 433. 7 billion rupees or 6.8 percent of gross domestic product, down from a revised 446. 7 billion rupees or 8.0 percent gap in 2010, a budget presented to parliament said. In 2011 the government is planning to increase tax […]
Sri Lanka cuts corporate income tax
Nov 22, 2010 (LBO) – Sri Lanka will cut corporate income taxes from 35 to 28 percent except for tobacco and alcohol, while income taxes for casinos, a newly legalized industry will be set at 40 percent, a budget for 2011 said. At present companies and non-governmental organizations are taxed at rates around 30 percent, […]
Sri Lanka cuts bank taxes, hikes tax on stock trading
Nov 22, 2010 (LBO) – Sri Lanka has cut a series of taxes on banks in a bid to increase banking activities, but raised a tax on stock trading, President Mahinda Rajapaksa said presenting the budget for 2011 in parliament. A debit tax on withdrawals from banks would be lifted and a so-called financial value […]
Sri Lanka growth for 2010 7.6-pct: Central Bank
Nov 22, 2020 (LBO) – Sri Lanka’s economy is projected to grow 7. 6 percent in 2010 up from 3.5 percent in 2009, helped by the end of a 30-year war, which would be followed by an 8. 0 percent expansion in 2011, the Central Bank said. “All major sectors in the economy are expected […]
Sri Lanka awaits budget for 2011
Nov 22, 2010 (LBO) – Sri Lanka is awaiting a budget for 2011 which will increase total taxes extracted from the people to fund state spending, while there are hopes that excessively taxed sections will get some reductions and the deficit will narrow. The current account deficit has been the key reason for low total […]
Piracy Attempt
TOKYO, November 21, 2010 (AFP) – A small, unidentified ship opened fire on a container vessel run by a Japanese logistics firm, in an apparent piracy attack in the Indian Ocean, a report said late Saturday. None of container ship’s 24 crew members, all non-Japanese, was injured in the incident Saturday, Kyodo News reported, quoting […]
China cricket on five-year learning curve, says coach
GUANGZHOU, November 21, 2010 (AFP) – China coach and former Pakistan international Rashid Khan believes his team will be a powerful force within five years despite a crushing Asian Games defeat to Malaysia on Sunday. In the first ever men’s match played in Chinese soil, Malaysia were too strong for the host nation, racking up […]