Category:
Sri Lanka call to end tax exemptions for public servants
Dec 18, 2009 (LBO) – The head of Sri Lanka’s top business chamber has called for an end to tax exemptions given to public servants, saying it was unfair by hardworking private sector employees and also eroded government revenue.A discriminatory import duty structure that favours politically powerful local business interests against all consumers in the […]
Sri Lanka stocks hit new high
Dec 18, 2009 (LBO) – Sri Lankan shares closed at an all-time high Friday on strong buying by institutional and retail investors who brokers said appeared to be gaining more confidence in the market.The benchmark Colombo All Share Price Index (ASPI) closed up 1.73 percent (54.35 points) to end at 3,188.82 Monday, while the Milanka […]
Quick Recovery
Dec 18, 2009 (LBO) – The long term rating of People’s Merchant Finance Company has been upgraded from B+ to BBB-, on the strength of its t company Peoples Bank. PMB has also announced a rights issue for which its parent has already pledged support. It intends to raise 250 million rupees to retire its […]
Sri Lanka commodity futures exchange mooted
Dec 18, 2009 (LBO) – Sri Lanka should set up a commodity futures exchange and introduce forward contracts to make farmers more efficient and earn more, a policy advocacy group has suggested.“We must use information communications technology to give farmers information on weather, prices, costs and procurement of inputs.” “The forward sale contract system should […]
Early Warning
Dec 18, 2009 (LBO) – Sri Lanka got a 24.9 million Euro loan from Rabobank of the Netherlands for the second phase of an upgrade to its existing disaster response network, a Finance Ministry statement said. Over 35,000 people were killed in Sri Lanka by the 2004 Indian Ocean tsunami when the island did not […]
Lofty Idea
Dec 18, 2009 (LBO) – Sri Lanka is planning a space project with a British firm in a 150 million US dollar deal that could see a satellite launched into a geo-stationary orbit above the island in 30-months, an official said. The so called Clarke orbit, named after science fiction visionary Arthur C. Clarke is […]
Sri Lanka presidential rivals hand in nominations
December 17, 2009 (AFP) – Sri Lankan President Mahinda Rajapakse and his main rival in elections next month, former army general Sarath Fonseka, handed in their poll nomination papers on Thursday.Rajapakse and Fonseka, both dressed in white national dress, were among 22 candidates whose papers were accepted by the national Election Commission. Rajapakse has called […]
Sri Lanka economy expands 4.2-pct in 3Q: statistics office
Dec 18, 2009 (LBO) – Sri Lanka’s economic growth slowed to 4.2 percent in the third quarter of 2009 from 6.3 percent a year earlier, but was up from 2.1 percent in the second quarter, the government’s statistics office said. “In economic terms we have had a V-shaped recovery,” said deputy statistics director Nalini Kumarasinghe. […]
Sri Lanka war refugee re-settlement gets World Bank aid
Dec 18, 2009 (LBO) – Sri Lanka’s war refugee re-settlement efforts will get World Bank fund to re-build infrastructure and economic activities, in the north and east of the country which has emerged from a three decade long conflict. A 77 million US dollar credit will help 100,000 refugees in the north return to their […]
Sri Lankan stocks close 1.46-pct up, bank stocks make healthy gains
Dec 17, 2009 (LBO) – Sri Lankan shares closed up Thursday, driven by banking and selected high value stocks, while large volume trading on John Keells Holdings (JKH) continued, brokers said. National Development Bank closed at 200.00 rupees, up 8.00 and DFCC Bank closed flat at 155.00 rupees. Celco Dialog Telekom, a unit of Telekom […]
Finance Rating
Dec 17, 2009 (LBO) – RAM Ratings Lanka has confirmed the long term rating of Bartleet Finance Limited at BBB- and its short term rating at P3, but its outlook has been cut to ‘negative’ from ‘stable’. RAM said the outlook cut was due to higher defaults in some loans segments that have pressured the […]
Sri Lanka seen losing status as tea exporter
Dec 17, 2009 (LBO) – China has overtaken Sri Lanka as the world’s second largest tea exporter, and the island is in danger of losing its position as a major export origin, the Sri Lanka Tea Board has warned.But China and Vietnam are understood to have maintained their usual black tea production and enjoyed the […]