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Little Tease
The government confirmed plans to sell a further stake in Sri Lanka Telecom and is presently exploring various exit options.ldblquote The government of Sri Lanka has by an official communique informed the board of directors of SLT that they were contemplating a further divestment of the shares held in SLT,” SLT CEO, Shuhei Anan said […]
Mega Interest
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 […]
Interest Push
Policy makers could slap on a windfall tax on commercial banks if they dont narrow their interest rate spread within six weeks. Prof. G.L Peiris told reporters on Thursday that commercial banks are slow to comply with the governments strategy to achieve single digit lending rates.rn rnIn addition, Prof. Peiris says the wide interest rate […]
Calling Home
Lanka Bell on Thursday signed up with Net2Phone Global Services of US, to offer international calls at bargain rates to key destinations.Net2Phone routes calls over the Internet, unlike conventional traffic, which goes through undersea cables.rn rnAlso referred to as Voice Over Internet Protocol or VOIP, the system offers international voice traffic at virtually a fraction […]
Falling, Falling
The Central Bank cut its key short-term rates on Thursday, signalling that the economy was getting stronger.rnrnThe bank lowered its overnight repurchase rate (repo rate) by 50 basis points to 7.0 percent.rn rnThe reverse repurchase rate (reverse repo) was cut by 100 basis points to 8.50 percent, the bank said in a statement following its […]
Little Teaser
Singapores Changi Airport has shown interest in actively participate in developing and managing Sri Lankas airports.The Board of Investments said in a statement that Changi Airport Chairman Boon Swan Foo had expressed his sentiments during a meeting with BOI Chairman Arjunna Mahendra on Wednesday.rn rnFoo had shown interest in Sri Lankas airport expansion programme and […]
Second Tier
Coping with expansion needs, software engineering service provider, Virtusa is extending its Colombo base into the World Trade Centre. CEO Cris Canekeratne says, the WTCs size would allow Virtusa to scale up its operations in Colombo, along with access to ready to use infrastructure, including internet bandwidth.rn rnMonies to expand into the WTC will be […]
Debt Call
Pan Asia Bank is coming out with an unlisted Rs. 400 mn debenture, to raise funds to boost its capital.The five-year issue is priced at floating rate of three percent above the six-months treasury bill rate. Six-month treasury notes are currently trading at 7.17 percent in the secondary market.rn rnThe bank said Tuesday that the […]
Hambantota Crossroads
Canadian consultants studying the Hambantota Port project have come up with a US$ 1,700 mn three-phased development plan as being feasible.Southern Development Minister Ananda Kularatne said the cost also includes US$ 240 mn for a breakwater and dredging. rn rnMinister Kularatne says government steering committee is now examining the report prepared by the Canadian firm […]
Air Support
Private operators who want to build an Airport in Southern Sri Lanka are asking the government to arrange loan facilities to part fund it, Southern Development Minister Ananda Kularatne said.The Airport & Aviation Services Ltd (AASL), a state owned firm that owns and operates Katunayake International Airport has just concluded a feasibility study, which has […]