Tag: Finance

Oct 23, 2009 (LBO) – Sri Lanka should cut down on tax incentives to attract Foreign Direct Investments (FDI) and concentrate on improving the business climate to maximize the benefits of peace, a senior economist said. Despite vast concessions offered to investors Sri Lanka could only muster 900 million dollars in FDI in 2008. Most […]

Oct 22, 2009 (LBO) – Sri Lanka’s complex tax structure and high rates are working against the government by pushing consumers to move towards the informal economy that doesn’t pay taxes, a senior economist said. “The Central Bank estimates that revenue losses at import entry points due to illegal importation and under valuation of imports […]

Oct 21, 2009 (LBO) – Sri Lanka’s exports, which down 6.7 percent in August from a year earlier were showing a steady month on month rise with a recovery seen in the key apparel sector, the Central Bank said. Mineral exports recorded a decline of 30.1 per cent, largely due to lower gem exports. In […]

Oct 20, 2009 (LBO) – A senior Asian Development Bank (ADB) has visited Sri Lanka to discuss support for post-war reconstruction in the island, the bank said in a statement.ADB Director General South Asia Department Kunio Senga visited Sri Lanka during October 13 -15 for talks on ADB support to Sri Lanka, especially for rehabilitation […]

SINGAPORE, October 19, 2009 (AFP) – Singapore is urging local businessmen to explore investment opportunities in Sri Lanka following the defeat of the Tamil separatist insurgency there, a report said here Monday.“Our business community should take an interest in what’s happening, assess the risk and be aware there is a new situation,” Foreign Minister George […]

MERAK, October 17, 2009 (AFP) – A group of more than 250 Sri Lankan asylum seekers whose boat was stopped in Indonesian waters en route to Australia ended their two-day hunger strike on Saturday, officials said.The group — among which it was the 150 men who were on hunger strike — had accepted food late […]

VANCOUVER, October 18, 2009 (AFP) – A ship suspected of carrying 76 illegal migrants was intercepted in the Pacific Ocean off Canada’s west coast, police said Saturday.Authorities including military, police and border agents “identified and secured a vessel displaying the name ‘Ocean Lady’ that was approaching the coast of British Columbia” province, said a statement […]

Oct 17, 2009 (LBO) – The United States has asked Sri Lanka, ranked high for software piracy in Asia, to better enforce intellectual property rights and also lift restrictions on American imports like genetically modified food.Sri Lanka’s Director-General of Commerce Gomi Senadheera acknowledged the US concerns on IP rights and said the government was trying […]

Oct 16, 2009 (LBO) – A four-month mini budget is expected to be presented to parliament in November seeking approval for Sri Lanka’s government to spend 362 billion rupees collected from the people through taxes or borrowed. Sri Lanka has a bloated public sector that does not pay income tax on their salaries and more […]

Oct 16, 2009 (LBO) – American companies are keen to invest in Sri Lanka with the end of the ethnic war to help rebuild the economy and contribute to national reconciliation, government officials from both countries said.Export Development and International Trade Minister Gamini Lakshman Peiris said some of America’s biggest companies had sent representatives to […]

Oct 16, 2009 (LBO) – Sri Lanka is in line to receive 600 to 700 million US dollars in foreign direct investment in 2009 and fresh applications are pouring in after the end of a 30-year civil war, officials said. “We have had discussions with the World Bank officials to see how we can score […]

October 15, 2009 (AFP) – Sri Lanka’s president on Thursday accused international financial institutions of placing too heavy a burden on developing nations by demanding they slash subsidies in exchange for help. President Mahinda Rajapakse told a meeting of the 31-member Asian Cooperation Dialogue in Colombo that elimination of poverty in developing nations “should not […]