Tag: lbo

The Colombo stock market took a plunge as President Chandrika Kumaratunga sacked three key ministers and took over the portfolios of Defence, Interior and Media.Government Spokesman Gayrika Perusinghe told LBO that President Kumaratunga had removed Ministers Thilak Marapana (Defence), John Amaratunga (Interior) and Imthiaz Bakeer Markar (Media) and their respective line bureaucrats with immediate effect.rn […]

The market is climbing up, with analysts seeing investment oppurtunities, urging buyers to return to the market. rn”Fundamentally stocks are trading at attractive levels. There are enough buying oppurtunities and now is the time to enter the market”, says Manager Research at HNB Stockbrokers, Hasitha Premaratne.rn rnBuyers are returning on the back of mostly panic […]

Suspension of parliament, other actions possibly detrimental to peace, says State Department Spokesman on Wednesday.U.S. State Department Deputy Spokesman Adam Ereli expressed concern that President Kumaratungas decision to sack three government ministers, suspend parliament, and deploy troops around the capital “could have a negative effect on the peace process and talks with the Liberation Tigers […]

The state is gunning for a Rs. 9 billion cut in interest costs for 2004, after making a Rs. 4 billion saving in 2003. Deputy Finance Minister Bandula Gunawardene says interest costs for 2003 is estimated at Rs.130 billion, down from over Rs. 134 billion last year.rn rnThe Minister says prudent fiscal management or accelerating […]

The governments budget for next year will give substantial salary hikes for government sector workers while creating new jobs and improving infrastructure.A top minister said that underdeveloped industries would be looked at closely as a means of new employment generation.rn rnThe budget will be presented to parliament on the 12th of this month rn rnSome […]

The Ceylon Chamber of Commerce say the government must introduce lquote group taxation dblquote as an incentive for further investment in Sri Lanka. rnThe Chamber says if a committee goes to work on the framework, scope and regulatory provisions relating to the implementation of Group Taxation, a workable model should be ready for implementation by […]

Maintaining a positive growth trend over the past few months, Sri Lankas export earnings posted a double-digit growth for the first eight months of this year, a momentum that will help achieve better than forecasted year-end growth.The positive sentiment contributed to a rise in exports and a higher import bill in August.However, the trade deficit […]

The Urban Development Authority (UDA) has drawn plans to dispose a number of its property holdings that dont reap a minimum Rs. 1000 monthly rent, under a policy level decision taken to streamline its operations.UDA Chairman, S Amarasekera says the decision will free resources for other development work and generate funds for capital investments.rn rnThe […]

The far-reaching economic partnership agreement Comprehensive Economic Partnership Agreement between India and Sri Lanka will set up a new credit line and an economic cooperation fund of US$ 100 mn each to finance some of the countrys most pressing infrastructure bottlenecks.The economic cooperation agreement submitted to the Prime Ministers by two teams of top bureaucrats […]

MIGA, the World Banks insurance arm, says it is entertaining 12 proposal from foreign investors, to fund projects worth over US$ 1 bn in Sri Lanka.ldblquote There is tremendous investor appetite since the ceasefire started and the economy is growing faster. There is lot of interest for infrastructure projects, so inquiries have come our way […]

Finance Minister K N Choksy told parliament on Wednesday that the government hopes to spend Rs. 352.7 bn in 2004 for development work.rnrnrnrnrnrnrnNew Page 1rnrnrnrnrn Ofrnthis, Rs. 209.1 bn will be spent on recurrent expenses to maintain publicrnservices and Rs. 143.6 bn on capital expenses.rn Capitalrnexpenditure on foreign funded projects will be raised to Rs. […]

Aid disbursements for this year from the top three lending institutions to Sri Lanka endash the ADB, the World Bank and JBIC, is expected to reach US$ 1 bn.ldblquote This is as against normal disbursements of US$ 650 mn dblquote , World Bank Country Director Peter Harrold told journalists on Thursday.rn rnldblquote It is through […]