Tag: lbo
Sri Lanka signs up US$1.9bn in foreign investments
Dec 03, 2013 (LBO) – Sri Lanka has signed up 105 investment agreements worth 1,942 million US dollars so far in 2013 and 870 million US dollars of foreign direct investments have flowed in by the third quarter, officials said.Investment promotions minister Lakshman Abeywardene said third quarter FDI was up 41 percent from a year […]
Sri Lanka foreign lenders led by China, export credits up
Nov 28, 2013 (LBO) – Sri Lanka has 1.9 billion US dollars of new bilateral and multilateral commitments up to September 2013 led by China with export credit from other countries also showing increases, a finance ministry report showed. The Exim Bank of China has given 283 million US dollars for railway track, 155.4 million […]
US administration fights new Iran sanctions by parliament
WASHINGTON, November 26, 2013 (AFP) – The US administration stepped up its battle Tuesday to thwart moves by lawmakers to tighten sanctions on Iran, warning that would jeopardize tough negotiations on Tehran’s nuclear program.It’s not “an all-at-one-time or .. a spigot that’s turned all the way on. It would be a slow process that obviously […]
Sri Lanka biz chamber recognizes corporate good works
Nov 27, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has announced the winners of its ‘Best Corporate Sustainability Awards’ which encourages firms to get more involved in environmental and social work. Best Corporate Citizen Sustainability Award 2013 Winners- Category A 1. Diesel & Motor Engineering PLC 2. Sampath Bank PLC 3. Aitken Spence […]
Sri Lanka state firms to repay debt, but Treasury guarantees up
Nov 27, 2013 (LBO) – Sri Lanka’s state energy firms are repaying debt to banks with returning profits, but off-budget bank borrowings under Treasury guarantees are continuing to climb, finance ministry data showed.Loss-making state enterprises that borrow for consumption spending using savings of private citizens have been a key reason for lower domestic investments and […]
Sri Lanka bans remembrance of Tamil Tigers
COLOMBO, November 25, 2013 (AFP) – Sri Lanka’s military Monday announced a ban on commemorations of the island’s defeated Tamil Tiger rebels following reports that sections of the ethnic Tamil minority were planning to hold events. The military said any event was banned because the Liberation Tigers of Tamil Eelam (LTTE) was still a proscribed […]
Lubricant Liberties
Nov 26, 2013 (LBO) – Sri Lanka will shortly license more players to sell lubricants in in the island officials said, expanding the freedoms of citizens.At the moment Chevron, Lanka OIC and state-run Ceylon Petroleum Corporation are among the front runners. Those will blending facilities also have an advantage over imported final product sellers. Though […]
Sri Lanka income tax responds strongly to rate reduction
Nov 26, 2013 (LBO) – Sri Lanka’s income tax volumes showed the strongest gain following a cut in the rates, in the middle of an economic downturn the reduced most other collections, a finance ministry report showed. Sri Lanka’s income tax collections rose 14.4 percent to 154.7 billion rupees in the first nine months of […]
Sri Lanka chamber forum with legislators on budget
Nov 26, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce said it is holding a forum with legislators from key political parties set to take part.Sarath Amunugama from the ruling People’s Alliance, Harsha De Silva from the United National Party, Sunil Handunetti from the Janatha Vimukthi Peramuna, and Udaya Gammanpila from the Jathika Hela […]
Sri Lanka budget good for rating: Fitch
Nov 25, 2013 (LBO) – Fitch Ratings said the Sri Lanka’s recent budget would help Sri Lanka’s ‘BB” sovereign rating.Fitch said Sri Lanka has to guard against foreign debt. “The Sri Lankan government also has a significant amount of foreign currency debt,” Fitch said. “At around 33% of GDP this poses a risk to the […]
Petro Gains
Nov 24, 2013 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has reached break-even level and made a marginal loss after adjusting for losses on derivatives, finance ministry report said.The CPC had made a 3.8 billion rupee profit in the nine months to September 2013 but made an accounting loss of 3.7 billion rupees after […]
Sri Lanka opposition slams cronyism in budget, commends restraints
Nov 23, 2013 (LBO) – Sri Lanka’s main opposition United National Party slammed the ‘cronyism’ displayed in some of the tax cuts but said bringing down the deficit amid lower tax revenues deserved recognition.Opposition legislator Harsha de Silva said some of the duty and tax concessions for luxury branded goods and the value added tax […]