Category: Economy and Markets
Sri Lanka lifts tax surcharge from personal incomes
April 12, 2008 (LBO) – Sri Lanka has lifted a surcharge on personal income tax from February 2008, but it would remain in place for companies, the government said Saturday. The government said by public advertisement that a ‘social responsibility levy’ charged from personal income taxes would be withdrawn. Sri Lanka charged a one percent […]
Cooling inflation in Sri Lanka and Vietnam a priority rather than growth: IMF
April 12, 2008 (LBO) – Though some Asian nations are worried about slower growth in the wake of financial turmoil in the US, countries like Sri Lanka and Vietnam should focus on inflation, a top IMF official said. “I would say Vietnam is a case, inflation is running close to 20 percent. They need to […]
Sri Lanka budget off target, real revenues fall in 2007
April 10, 2008 (LBO) – Sri Lanka’s state revenues were sharply lower than budgeted and current expenditure soared in 2007 while taxes slipped in real terms, newly released government data showed. The government’s total revenues were off target by 34.7 billion with only 565 billion rupees out of the 599.8 billion rupees flowing into government […]
Sri Lankan shares end firmer
April 10, 2008 (LBO) – Sri Lankan stocks closed slightly firmer Thursday but ended the shortened trading week on a weaker note despite a big deal that sent turnover soaring, brokers said.The All Share Price Index ended up 7.66 points at 2,614.63 while the more liquid Milanka was up 5.84 points at 3,275.74, Thursday. Turnover […]
‘s Central Bank says IMF inflation study is wrong
April 09, 2008 (LBO) – Sri Lanka’s central bank has strongly disputed findings in an International Monetary Fund study, which went against official claims that the island’s record high inflation was mostly caused by foreign factors. The research study came amid calls for fundamental monetary reform in the island. In March inflation hit 23.8 percent […]
Sri Lanka stock market turnover soars on hotel deal
April 09, 2008 (LBO) – The sale of a controlling stake in Ceylon Continental hotel pushed up turnover in Sri Lanka stock market to over 1.3 billion rupees although the market closed lower Wednesday. The benchmark All Share Price Index lost 10.77 points or 0.41 percent to end at 2,606.97 while the more liquid Milanka […]
Sri Lanka asks World Bank to fund highway to Jaffna
April 08, 2008 (LBO) – Sri Lanka has asked the World Bank to fund a highway to the northern Jaffna peninsular, which is now cut off from the rest of the island by a stretch of land held by Tamil Tiger guerrillas, a top official said. The A-9 highway starts from Kandy in the central […]
” mentality: President Rajapakse
April 08, 2008 (LBO) – Sri Lankans should stop thinking themselves as being ‘poor’ and develop a mentality that they are stakeholders with some means in taking the country forward, President Mahinda Rajapakse said. In 2007 Sri Lanka’s economy expanded by an estimated 6.8 percent against 7.7 percent a year earlier. “We have two big […]
Sri Lanka to protest IMF inflation research: Central Bank
April 08, 2008 (LBO) – Sri Lanka’s central bank said it was protesting to the International Monetary Fund (IMF) after a research study said only a quarter of the country’s inflation in recent years could be explained by external factors. “And I will make that comment very strongly when I go to IMF next week […]
Sri Lanka CPC builds up forex reserve: central bank
April 08, 2008 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation has been building up a foreign exchange reserve to meet its payments in a bid to prevent pressure on forex market, top Central Bank officials said.“Our forex market is small, so when CPC goes to the market it can move the exchange rate,” Central […]
Commodity bubble may burst warns IMF, what will happen to Sri Lanka tea
April 07, 2008 (LBO) – The International Monetary Fund has warned that the current commodity bubble, perhaps the biggest in four decades, which has sent oil, metals and food prices zooming may burst soon as a global credit bubble unwinds rapidly. . A crumbling commodity bubble, while lowering oil and imported food prices could reduce […]
Sri Lanka high inflation threatens recent gains in poverty, inequality
April 05, 2008 (LBO) – Lower average inflation and a temporary halt in an internal conflict have lowered Sri Lanka’s poverty levels by 2006, government statistics showed, amid warnings that rising prices may reverse the gains. The number of people below the official poverty line fell to 15 percent from nearly 22.7 percent in 2002, […]