Category:
Unstable Policy
Nov 08, 2008 (LBO) – Sri Lanka has defended state manipulation of fuel prices which has de-stabilized the economy, brought high inflation and endangered the country with foreign borrowing, while rejecting formula based pricing. The island scrapped a fuel price adjustment formula in 2004, and printed money to keep prices low, pushing the country into […]
Sri Lanka shares slump
Nov 07, 2008 (LBO) – Sri Lankan shares Friday fell for the second day running after rising on thin volumes for several days with brokers saying small investors lacked the holding power to sustain early gains. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share […]
Tele Tax
Nov 07, 2008 (LBO) – Sri Lanka has made a new 10 percent telephone tax technology neutral by extending it from mobile phones to fixed lines as a part of proposals to raise revenue in 2009. The think tank strongly opposed an original state proposal to charge a fixed levy on mobile phones. LirneAsia chief […]
Sri Lanka troops near Tiger stronghold amidst heavy fighting: military
November 7, 2008 (AFP) – Intense battles gripped Sri Lanka’s northern Wanni region as government forces stepped up pressure on the Tamil rebel political capital, the defence ministry said Friday. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 Scores of rebels were killed and many more wounded […]
Sri Lanka budget cuts taxes, but imposes new one
Nov 07, 2008 (LBO) – Sri Lankan accountants say the proposed cut in Value Added Tax (VAT) in the government’s 2009 budget would not provide much relief as a new tax and higher import duties would make up for the reduction. The budget presented to parliament by President Mahinda Rajapaksa proposed to reduce VAT, the […]
Sri Lanka government to spend Rs200bn for defence in 2009
Nov 06, 2008 (LBO) – Sri Lanka’s government would spend 360 billion for capital expenditure in 2009, and 200 billion for defence, the island’s president and finance minister Mahinda Rajapaksa told parliament. Of late politicians have been trying to put more emphasis on income taxes, instead of indirect taxes where their spending is also captured. […]
Sri Lanka shares fall on profit taking on thin volumes
Nov 06, 2008 (LBO) – Sri Lankan shares slumped Wednesday after several days of gains on thin volumes as investors took profits, with brokers saying the volatility could deter investors. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 The All Share Price Index fell 2.58 percent (50.62 […]
Sri Lanka govt gives incentives to troubled tea trade
Nov 06, 2008 (LBO) – The Sri Lankan government plans to offer several incentives to the tea industry such as lower taxes and subsidised fertiliser, president Mahinda Rajapaksa said. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 The incentives are meant to help the industry […]
Sri Lanka president asks Tigers to respond to peace overtures or be crushed
Nov 06 (2008) – Sri Lankan president Mahinda Rajapaksa called on Tamil Tigers to immediately lay down arms and enter the democratic mainstream and warned that if not they would be crushed militarily.“Terrorism has got to be destroyed,” he told parliament delivering a speech to present the government budget for 2009. The security forces were […]
Sri Lanka apparel exporters losing orders, market share
Nov 06, 2008 (LBO) – Sri Lanka’s apparel export industry faces a tough year next year with slowing demand in key markets and the likely loss of GSP+ duty free exports to Europe, a senior official said. “I think we’re heading for somewhat of a crisis next year and the industry is gearing itself for […]
Sri Lanka govt to buy shares in apparel firm
Nov 06, 2008 (LBO) – Sri Lanka’s government will buy shares in apparel export firms under a support scheme to help them cope with a possible loss of duty free access to European markets, a senior official said. Ajit Dias, chairman of the Joint Apparel Association Forum, an industry umbrella body, said the government has […]
Fuel Costs
Nov 06, 2008 (LBO) – Sri Lankan president Mahinda Rajapaksa said Wednesday the government had slashed retail fuel prices with immediate effect in an effort to bring down transport costs and inflation. “From today, the price of a litre of diesel will be reduced by 30 rupees,” Rajapaksa told parliament when he presented the government’s […]