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Sri Lanka revenue jumps over 20pc on excise, vehicle tax COLOMBO: Sri Lanka's government revenues jumped by more than a fifth in the first seven months of this year, data showed on Thursday, as the new government sought to improve tax collection and cracked down on corruption. The data were released ahead of a parliamentary election on Monday in which the United National Party-led minority government formed in January is seeking a strengthened mandate.Sri Lanka does not usually release interim figures, but the data showed that total tax revenues had risen from January through July by 20.5 percent, year on year, to 646.2 billion rupees ($4.8 billion). Revenues from excise tax jumped over 123 percent to 251.6 billion rupees, 73 percent of the full-year target. "The reason for this increase is due to the crackdown on smuggled tobacco products and distilleries, along with distribution networks which were earlier flirting with tax authorities and cashing in on their political patronage," said ...

German power giant RWE in red in Q2 FRANKFURT: RWE, Germany's number two power supplier, said Thursday that it posted a loss in the second quarter of the current year and was sticking to its forecast of a drop in full-year profits. RWE said in a statement that it booked a net loss of 424 million euros ($471 million) in the period from April to June, compared with a net profit of 29 million euros a year earlier.Second-quarter sales fell by 3.4 percent ...
German industry giant ThyssenKrupp on track to meet targets FRANKFURT: German heavy industry giant ThyssenKrupp said Thursday it is confident of meeting its full-year profit targets after a "positive" performance in the third quarter and during the first nine months. ThyssenKrupp, which runs its business year from October to September, said in a statement that it was "on track to meet its targets for the 2014/2015 fiscal year."The executive board expected a "clear improvement" in both underlying and net profit, it said. "The full-year ...
Australia's Fairfax Media full-year profit falls 63pc SYDNEY: Australian media company Fairfax reported a 62.9 percent drop in full-year profits Thursday, but shareholders welcomed the consensus-beating result amid the challenges facing news organisations in the digital age.Net profit plunged to Aus$83.17 million (US$61.49 million) from a year ago said Fairfax, which owns newspapers, radio and digital interests across Australia.But revenue fell only 5.35 percent to Aus$1.87 billion, beating the forecast of Aus$1.82 billion from analysts surveyed by Bloomberg News.Underlying revenue -- excluding ...
Singtel Q1 net profit up 13pc on strong regional earnings SINGAPORE: Southeast Asian telecom giant Singapore Telecom said Thursday its first-quarter profit rose 13 percent from a year earlier, boosted by a one-time gain from its Indian business and strong earnings from regional associates.Net profit in the three months to June came in at Sg$942 million ($676 million), Singtel said in a filing to the Singapore Exchange, while group revenue rose 1.5 percent to Sg$4.21 billion.Profit at Southeast Asia's biggest telecom operator by revenue was ...
Nestle first half profit slips on strong Swiss franc ZURICH: Swiss food giant Nestle announced Thursday slightly lower first half profits compared to last year, with the strong Swiss franc and Maggi instant noodles recall in India undercutting robust sales.The maker of Nespresso and KitKat chocolate bars reported profits of 4.1 billion Swiss francs (4.1 billion euros, $4.5 billion) for the first six months of the year, 2.5 percent lower than during the same period in 2014.The dip was attributed largely to the high ...
China's Lenovo to cut over 3,000 jobs as net profit halves HONG KONG: Chinese computer giant Lenovo said Thursday it would cut more than 3,000 jobs as net profit for its first quarter fell by more than 50 percent.The world's biggest personal computer maker also saw revenues miss analysts' forecasts in what chairman and CEO Yuanqing Yang described as the "toughest market environment in recent years".Net profit dropped 51 percent to $105 million for the first three months to June 30 -- which the firm takes ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln