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SLT will not renew NTT
SLT announced that the management agreement that was in force since August 1997 will not be renewed after it expires on August 5. rnrnThe SLT board decision to terminate the agreement had been take as far back as February. NTT communications acquired a 35 percent stake in SLT in 1997. The company also took over […]
Exports Award
There will be more focus on value added exporters. rnrnAwards will be given for Traditional Agriculture, Non-traditional agriculture, value added tea, industry, gems and jewellery and service providers to exporters, like government departments.rn
Price Hiccups
Though GST was charged at 12.5 per cent and NSL at a nominal rate of 6.5 per cent the effective rate was around 21 per cent. rnrnUnder VAT the highest rate is only 20 per cent. rnrnThe finance minister is calling on the business community not to raise prices without cause. rnrnldblquote You should consider […]
Hello There
The telecom sector will see sweeping reforms shortly including the liberalisation of international gateway as well as access to new entrants to both fixed and mobile services to improve coverage in rural areas, officials at the Policy Development Ministry said.
Exp.Aug05
Sri Lanka Telecom quote s (SLT) Japanese partner Nippon Telephone & Telegraph Co. has asked its employees to leave Sri Lanka this weekend, after failing to negotiate a fresh deal with the government.rn rnNTT quote s management contract with SLT expires on August 5, after the government informed the Japanese partners in February of its […]
Home Loans
State-run housing giant, the Housing Development Finance Corp.(HDFC) is hunting for more cash to meet is Rs.2.0 bn loan disbursement requirement.rn rnChief Executive, C A Sarathchandra says the current economic revival has created a big appetite for low and middle-income houses. rnrnWith the corporation quote s loan disbursements, presently averaging around 1,000 per month, HDFC […]
Green Money
Assistant to the Governor, W A Wijewardene says Cabinet approval has been sought to raise the five-year issue, which will form of the government quote s Rs.350 bn borrowing programme. rnThe funds could either via a syndicated loan or a medium term note. The government will also not seek a sovereign rating for the issue. […]
Extended Debt
Superintendent Public Debt, Dharma Dheerasinghe told journalists that the bank hopes to offer around Rs.5 bn at the initial issue. rnrnThe issue is targeted at captive sources like pension, EPF, ETF and insurance funds. rnrnThe 12-year issue will carry yearly interest rates, unlike the present half yearly rates. ldblquote Our discussions with the captive sources […]
Southern Tip
Tuesday quote s auction saw yields for two, three and four years come under the hammer. rnrnThe bank offered and accepted Rs. 2.000 bn two-year notes carrying a 12.50 percent coupon. The issue was oversubscribed with bids amounting to Rs. 9.350 bn. The weighted average yield slipped 148 basis points to 14.16 percent (with tax). […]
Short Change
Treasury officials say that given the exemptions in the revised bill, initial estimates for the first year will have to be marked down. rnrnA slight drop to Rs. 2 bn is expected, Inland Revenue officials said, but any significant effect of the exemptions is likely to be seen once payment flows start at the end […]