Category:
Sri Lanka to reform taxes, phase out unequal incentives
June 29, 2010 (LBO) – Sri Lanka has a complex tax structure which is discouraging savings and the government is expecting a comprehensive tax reform plan in August, deputy finance minister Sarath Amunugama said. An interim report from a presidential tax commission has recommended a simplified tax structure which is more equitable and is being […]
Sri Lanka plans 8.0-pct deficit budget for 2010
June 29, 2010 (LBO) – Sri Lanka is planning a budget with a deficit of 8.0 of gross domestic product or 438.3 billion rupees in 2010 compared with 9.9 percent or 476.3 billion rupees in 2009 while there would be a revenue deficit of 2.0 percent or 110.5 billion rupees. The government was planning to […]
Sri Lanka IMF deal extended, US$400mn released
June 29, 2010 (LBO) – The International Monetary Fund has released 407.8 million US dollars to Sri Lanka held back after last year’s budget went off the rails, and extended the deal by a year on the promise of more responsible fiscal management this year. The IMF held back the disbursement of a third tranche […]
Sri Lanka shares end lower, Dankotuwa in demand
June 28, 2010 (LBO) – Sri Lankan stocks closed weaker Monday as investor ardour cooled off, with Dankotuwa Porcelain in demand after it struck a deal saving it from closure, brokers said. “While continuing to see value in select stocks, we feel some of the ‘over-bought’ shares could bring down the sentiment over the short-run. […]
Shipping Link
June 28, 2010 (LBO) – The permanent secretariat of the Asian Shippers’ Council (ASC), the world’s largest shippers’ body, has been located at the Ceylon Chamber of Commerce in Sri Lanka, a statement said. ASC consists of 20 shippers’ councils from 16 countries in the five regions covering Asia and Oceania. Its permanent secretariat was […]
Port City
June 28, 2010 (LBO) – Sri Lanka’s capital Colombo is to be expanded out to sea on reclaimed land with material dredged to build a new port, providing opportunities for businesses and citizens alike, an official said. The Sri Lanka Ports Authority is in charge of the project to create a new ‘port city’, its […]
Guarantee Rate
June 28, 2010 (LBO) – Sri Lanka’s RAM Ratings has given a ‘BBB+’ long term financial enhancement rating to Construction Guarantee Fund (CGF) saying it has state backing though vulnerable to the volatility of the industry and has no re-insurance as yet. Guarantees are given without any collateral, by evaluating the contractors’ capabilities against the […]
Sri Lanka hill country hotels to be refurbished
June 28, 2010 (LBO) – Sri Lanka’s The Kandy Hotels Company plans to refurbish two hotels in the central hill country town of Kandy which is a major tourist attraction, a stock exchange filing said. Many hotels have started or announced plans for refurbishment and upgrades to cater to the anticipated influx of visitors. It […]
Sri Lanka to encourage rubber production for tires
June 28, 2010 (LBO) – Sri Lanka is to encourage small farmers to produce more of a rubber grade suitable for tire manufacture which is in demand, officials said. Plantations industries minister Mahinda Samarasinghe said a policy decision was taken recently aimed at increasing production of the RSS 3 type rubber grade. Although most people […]
Imposed Rule
June 28, 2010 (LBO) – In the past four decades, whenever a political party or alliance secured a substantial majority of seats in parliament, that group of politicians has claimed the right to foist a new constitution on the people of this country. Constitution-making is not the prerogative, or indeed a legitimate function, of a […]
Graft fears as massive cash sums fly out of Kabul: WSJ
KABUL, June 28, 2010 (AFP) – More than three billion dollars in cash has been flown out of Kabul in recent years amid fears that ill-gotten gains from corruption and narcotics are being stashed overseas, a report said Monday. The Wall Street Journal said the cash — more than the Afghan government collects in tax […]
Sri Lanka president defiant over war probe
NEW DELHI, June 28, 2010 (AFP) – Sri Lanka’s president vowed to resist international calls to investigate war crimes allegedly committed during the country’s civil war in an interview published Monday. President Mahinda Rajapakse told the Times of India he did not care about damage to the country’s image as a result of resisting pressure […]