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Unified In Confusion
Attempts to merge key government revenue generating agencies have slowed down with little agreement on the structure.rn rnA committee appointed by the Finance Ministry to merge revenue agencies, was trying to determine if the proposed revenue authority should be run by public servants or by experts hired from the private sector. rn rnThe government in […]
Love From India
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 […]
Big Game
The telecom regulatory policy will make shift from size control, to sub sector dominance management, under a new draft legislation.The new asymmetric telecom regulation policy will have the telco watchdog barking orders at dominant operators, identified to be so when they pass pre-defined boundaries, impose entry restrictions or is a threat to near free market […]
Expensive Retirement
The Treasury plans to seek parliamentary approval shortly, to raise the governments Rs. 316 bn total borrowing limit by around Rs. 50 bn.Of the fresh issues, Rs. 33.4 bn will come from converting expensive Rupee Loans, which carry a call option, into low cost long-term bonds.rn rnMostly held by captive sources like the state pension […]
Safe House
The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.The state provident fund has lent Rs.250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.rn rnTo be eligible for the lquote Viyana housing loan scheme, […]
Study Buddy
The Food & Agriculture Organisation (FAO) has asked Sri Lanka to join India or Kenya, if it plans to study the unique variances between tea growing elevations. Sri Lanka called on the FAO to fund the research project at the Inter-Governmental Group (IGG) meeting on tea earlier this year. Tea industry officials say FAO has […]
Grand Slam
Hotel Services Ltd., the owners of the Continental Hotel in downtown Colombo, has won US$ 2.5 mn from an arbitration case initiated by Intercontinental Hotels Corp of USA.Hotel Services sought legal recourse on four counts through the International Court of Arbitration of the International Chamber of Commerce, after the US hotel chain cancelled its 30-year […]
Billing Options
Sri Lanka Telecom launched its new US$ 20 mn billing system on Wednesday, with ambitious plans to spin it off into a separate revenue generating business unit.Officials say once the system is fully in place, they will consider other commercial applications that can be added on and also tap its customer database.rn rnSome potential commercial […]
Snakes & Ladders
The hotly debated deal, to partially privatise 13 cluster bus companies, will hit the road within the next few weeks, with the governments privatisation arm scouting for fresh investors.The move comes after the controversial British consortium IBIS, called off its bid to buy a 39 percent stake in six cluster bus companies.rn rnThe six companies […]
Undertaker Shifts Gear
Jayaratne VIP Services (Private) Limited this week launched its upmarket service with a two-page colour advertisement announcing the “prestigious” send-off with pomp and pageantry.rn rnThe dead would be driven in one of the worlds safest cars, a brand-new Volvo, while the bereaved can ride in a smaller Volvo S-80. rn rnThe custom-built black Volvo hearse, […]