Tag: Sri Lanka
UN resolution on Sri Lanka adopted after vote
Mar 22, 2013 (LBO) – A UN resolution on Sri Lanka brought by the US passed with 25 votes for 13 against and 8 abstentions with India also voting for after failing to move last minute changes, reports said. Argentina, Austria, Benin, Brazil, Chile, Costa Rica, Côte d’Ivoire, Czech Republic, Estonia, Germany, Guatemala, India, Ireland, […]
Tank Tug
May 21, 2013 (LBO) – Sri Lanka will negotiate with Lanka IOC, a unit of Indian Oil Corporation. to take back unused oil tanks it had been given in the Eastern port of Trincomalee, Minister Keheliya Rambukwelle said. Sri Lanka recently expropriated several privatized businesses through controversial legislation. Update II “If they are not using, […]
Sri Lanka to see focus change in future Japan aid
Mar 20, 2013 (LBO) – Japan may gradually shift its aid to Sri Lanka from basic infrastructure to areas such as disaster management, health and education and per capita income rises in the future, officials said.Japanese aid has been concentrated so far in providing basic infrastructure including roads and bridges, but Sri Lanka’s per capita […]
Sri Lanka to start residency scheme for foreign nationals
Mar 20, 2013 (LBO) – Sri Lanka will introduce a residency scheme for foreign nationals who want to work or start businesses in the island as part of a revamp of a dual citizenship scheme, defence secretary Gothabya Rajapaksa said.He said the draft laws to change Sri Lanka’s dual citizenship process are with the legal […]
Sri Lanka planned land rights legislation queried
Mar 19, 2013 (LBO) – A law to apparently improve people’s absolute property rights while another declared policy is aimed at taking away existing liberties has raised queries whether the moves are intended to benefit interest persons, a legislator has said. Under feudal rule, land was mostly owned by the king. Citizens held and used […]
India calls off defence talks with Sri Lanka: report
Mar 18, 2013 (LBO) – India has called off annual defence talks with Sri Lanka scheduled to have been held on March 25 amid protests from Tamil parties, a media report said.The Press Trust of India, a news agency, said no reason was given for cancelling the Secretary-level talks and no new dates have been […]
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Mar 16, 2013 (LBO) – Retaining the confidence of external portfolio investors in key to maintaining stability in the exchange rate and balance of payments, Mood’s Investors Services has said. In 2012 central bank also transferred its year-end profit to the Treasury not as rupee liquidity but as a book entry against maturing Treasuries, again […]
Sri Lanka offers tax-free zone at new airport
MATTALA, Sri Lanka (AFP) – Sri Lanka is turning its newest international airport opening Monday into a tax-free zone to attract aviation-related industries, a top official said.Mattala was initially planned as an expansion of the small Wirawila military airstrip, but Wickremasuriya said they shifted the location 25 kilometres (16 miles) away to ensure no disruption […]
Sri Lanka casino tax cut under fire
Mar 16, 2013 (LBO) – A proposal to lift a series of taxes from casinos and impose only a five percent tax has drawn fire from Sri Lanka’s main opposition, as basic goods including foods are taxed at much higher rates.Such firms get income tax holidays, relief from economic services charge, port and airport levy […]
Sri Lanka legislative change would promote fiscal irresponsibility: legislator
Mar 15, 2013 (LBO) – Proposed changes to law aimed at restraining excessive spending by Sri Lanka’s rulers will promote fiscal irresponsibility and also understate the actual budget deficit, a legislator has warned. Disclosures made under the fiscal responsibility law showed that 83 billion rupees in new guarantees or about 1.1 percent of GDP had […]
Sri Lanka GDP grew 6.4-pct in 2012: census dept
Mar 15, 2013 (LBO) – Sri Lanka’s gross domestic product grew 6.4 percent in 2012, slowing from 8.2 percent in 2011, with industry growing 10.3 percent, agriculture 5.8 percent and services 4.6 percent, the state statistics office said.In the December quarter the economy was estimated to have grown 6.3 percent from a year earlier, against […]
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Mar 13, 2013 (LBO) – Sri Lanka is facing higher external pressure due to lack on a program with the International Monetary Fund and also slower growth, Moody’s Investors Service, a rating agency said.“Although the government will likely continue to make gradual progress in reducing its deficit, the debt burden will remain high,” Moody’s said. […]