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Sri Lanka tax system, state consumption hurting private investment: analysts
Mar 10, 2010 (LBO) – Sri Lanka’s high income taxes is making local firms weaker against others in developing countries, while a government living beyond its means is eating up long terms funds available for private investment, analysts said. “I’m a firm believer until this country drops the tax rate to 15 percent or 20 […]
Sri Lankans, other minorities growing in Canada
OTTAWA, March 9, 2010 (AFP) – Canada’s ethnic makeup will greatly change in the next 20 years as the number of non-Europeans or “visible minorities” rises to nearly one-third of the population, a government agency said Tuesday. The number of Chinese Canadians is projected to grow also, to around 3. 0 million. But as Chinese […]
Sri Lanka signs up US$290mn in railway, airport loans from China
Mar 10, 2010 (LBO) – Sri Lanka has signed up 290 million US dollars in financing from China’s Exim Bank to build an airport in the south of the island and expand railways, the foreign ministry said. The ‘A9’ is the main highway that links the northern Jaffna peninsular with the South. The highway is […]
Sri Lanka forestry firm share price hit by court action
Mar 09, 2010 (LBO) – Sri Lankan stocks closed 0.68 percent lower Tuesday with forestry firm Touchwood Investments falling sharply after an accounting watchdog said its tree valuation method is being challenged in the Supreme Court, brokers said. The All Share Price Index closed at 3,809.01, down 26.05 points, while the Milanka index of more […]
Support Rating
Mar 09, 2010 (LBO) – Sri Lanka’s Seylan Bank in which state ownership increased to 28 percent following a 1.1 billion rupee capital injection has retained its ‘BBB+(lka)’ with a ‘stable’ outlook, Fitch Ratings said. The bank was able to reverse the deposit run, and reported a net deposit inflow of over 5 billion rupees […]
Sri Lanka tea industry starved of export refunds
Mar 09, 2010 (LBO) – Sri Lanka’s tea industry, a top foreign exchange earner, is still starved of refunds from a government tax on exports, despite rival origins expanding market share, an industry official said. A committee of government and industry officials formed to decide how to allocate the funds raised from the cess on […]
Sri Lanka Amana Takaful starts general insurance in Maldives
March 09, 2010 (LBO) – Sri Lanka’s Amana Takaful Insurance said its Maldivian subsidiary Amana Takaful (Maldives) has got regulatory approval to do general insurance business in the archipelago. The company said in a stock exchange filing that Amana Takaful (Maldives) is a subsidiary of Amana Global which is a fully owned subsidiary of Amana […]
S.Lanka approves emergency ahead of election
March 9, 2010 (AFP) – Sri Lanka’s outgoing parliament Tuesday approved the extension of a state of emergency until after next month’s legislative elections, giving sweeping powers to police and troops. Parliament voted strongly to extend the laws enacted by President Mahinda Rajapakse earlier this month to deal with anti-government elements after the crushing of […]
India pushes Sri Lanka for Tamil reconciliation
March 8, 2010 (AFP) – Indian foreign secretary Nirupama Rao urged Sri Lanka’s leaders to open a new era of stability after the island’s civil war by bringing minority Tamils into mainstream society, officials said Monday. Rao, on a visit to Colombo, told President Mahinda Rajapakse that the defeat of Tamil Tiger separatist rebels last […]
India worked against Sri Lankan president: minister
March 8, 2010 (AFP) – India’s external intelligence agency tried to undermine Sri Lanka’s President Mahinda Rajapakse at polls in January and wanted him defeated, a minister said in an interview published Monday. Nandana Goonathilake, minister of postal services, said the Research and Analysis Wing (RAW), India’s foreign intelligence service, had worked against Rajapakse at […]
Sri Lanka can build more infrastructure with project specific bonds: rating expert
Feb 09, 2010 (LBO) – Sri Lanka should follow Malaysia’s example in selling project specific bonds for infrastructure, which will give confidence that money is not mis-directed and make it easier to tap money for capital investment, a senior financial expert said. The island has under-invested in infrastructure for decades, leaving the country with weak […]
Sri Lanka CB brought inflation down, but concerns rising: opposition
Mar 09, 2010 (LBO) – Sri Lanka central bank has brought inflation down in 2009 with tight monetary policy but excessive government spending is threatening stability, Sri Lanka’s main opposition United National Party has said. “The central bank raised interest rates, withdrew liquidity and kept tight monetary policy,” Harsha de Silva, an economist who has […]