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Sri Lanka govt seeks more revenue from liquor, cigarettes
Oct 29, 2010 (LBO) – The Sri Lankan government is seeking to increase revenue for its cash-strapped Treasury by jacking up taxes on cigarettes and liquor, days ahead of the presentation of its annual budget, officials said. The tax on cigarettes has been raised by a rupee and that on a litre of 100 percent […]
Sri Lanka settles commercial bank overdrafts, Central Bank credit
Oct 29, 2010 (LBO) – Sri Lanka has settled high cost overdrafts from commercial banks and central bank credit taken to bridge the budget deficit with proceeds of a Euro bond which had contributed to excess reserves in the banking system, officials said. Record excess liquidity in the banking system which topped 80 billion rupees […]
Sri Lanka firm in record asset securitization
Oct 28, 2010 (LBO) – Sri Lanka’s People’s Leasing Company (PLC) has raised 1.4 billion rupees by selling lease-backed securities, which the largest such deal in the country so far its structuring agent, NDB Investment Bank said. PLC has a 24-branch network at and the funds will be used to expand lending and its branch […]
Sri Lanka Treasuries edge up above repo rate
Oct 28, 2010 (LBO) – Sri Lanka’s 6 and 12 month Treasuries yields edged up above the policy ‘repo’ rate at which excess reserves in banks are deposited at the Central Bank, at this week’s auction official data show. The 12-month bill yield rose 15 basis points to 7.37 percent moving higher than the 7.25 […]
Sri Lanka stocks close up 0.2-pct
Oct 28, (LBO) – Sri Lanka’s stocks closed up Thursday, with index heavy stocks recovering lost ground from buying by foreign and high net worth investor buying, brokers said. Dialog Axiata also closed flat today at 12.30 rupees, with 1.6 million shares traded. The Colombo All Share Index rose 0.29 percent (18.74 points) to 6,575.74 […]
Offshore Support
Oct 28, 2010 (LBO) – Sri Lankan shipbuilder Colombo Dockyard has secure contracts for two 78-metre Multipurpose Platform Supply Vessels (MPSVs) for Greatship Global Offshore Services of Singapore, a statement said. The vessels, to support offshore oil and gas fields around the clock, are scheduled for delivery in the fourth quarter of the 2012 financial […]
Personal Liability
Oct 28, 2010 (LBO) – The Sri Lankan government’s top legal officer has suggested making directors of banks personally liable if their firms get into trouble and giving more power to the regulator to act against them. Attorney general Mohan Peiris said laws similar to those in the companies act were needed to cover bank […]
Banking Fellow
Oct 28, 2010 (LBO) – K G D D Dheerasinghe, deputy governor of Sri Lanka’s central bank has been awarded an honorary fellowship of the Institute of Bankers of Sri Lanka for his contribution to developing the financial services industry. The Central Bank said he joined the monetary authority in 1975 and had worked in […]
Indian inmates take jail business online
NEW DELHI, October 28, 2010 (AFP) – Asia’s largest prison, Delhi’s Tihar Jail, has taken its first step into online retailing, offering goods over the Internet made by inmates including murderers and kidnappers. Tihar, notorious for its overcrowding and tough criminals, is home to a bakery which produces 13 kinds of biscuits and a vast […]
Sri Lanka win rain-affected T20 warmup
SYDNEY, October 27, 2010 (AFP) – Sri Lanka tuned up for their Twenty20 and one-day internationals against Australia with a 23-run victory over New South Wales in a rain-affected T20 match in Sydney on Wednesday. The Sri Lankans put on 167-4 off their 20 overs and NSW in reply finished with 99-2 off 14 overs […]
Sri Lanka has too much foreign reserves: CB Governor
Oct 28, 2010 (LBO) – Sri Lanka has higher than ‘optimum’ foreign reserves, Central Bank Governor Nivard Cabraal said as a wide interest rate differential with the island’s anchor currency, official borrowings and International Monetary Fund injections boosted reserves. As long as sterilization continues (rupee injections), economic participants get unlimited ammunition to hit the exchange […]
Sri Lanka LOLC buys into construction firm
Oct 28, 2010 (LBO) – Sri Lanka’s listed LOLC group and Browns Investments, a private firm, have bought into the island’s Sierra group which has interests in construction, cable manufacturing and fertilizer in a 1.6 billion rupee deal. LOLC, a financial firm had earlier also bought a hotel group. The two firms had bought a […]