7th Nov
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ATTN: MR: CHANDIMA UDABAGE RUNDOWN THE STATE OF BUSINESS – 7th NOV, 2007 BUDGET SPEECH
VTR
NILANTHA
BUDGET 2
VTR
CHAMINDA
BUDGET PROPOSALS
VTR
NILANTHA
MP’S
VTR
RIYAD
BUDGET COMMENTS
VTR
RAVI
ADD STATE OF BUSINESS BRIDGE ADD DEALING ROOM BRIDGE VIJAYA @ SAMPATH BREAK 2 – ADD STATE OF BUSINESS BRIDGE STOCK CURRENCY
CARDS CARDS
LINE UP EDITOR ANCHOR
ANOUK/NISHANI DAKSHITHA
01:62
HEADLINES 1. 2008 BUDGET AIMS AT REVENUE SURPLUS UNACHIEVED IN LAST THREE DECADES, AND 2. EXPERTS DISPLAY MIXED REACTIONS TO THE NEW BUDGET PROPOSALS 1.SLUG:BUDGET SPEECH – VTR PRESIDENT MAHINDA RAJAPAKSA DELIVERED BUDGET SPEECH AT THE PARLIAMENT TODAY.
HIS
THIRD
IN HIS SPEECH – THE PRESIDENT SAID THAT THE NORTHEAST CONFLICT THAT HAS EXISTED FOR THE PAST 25 YEARS HAS IMPACTED THE COUNTRY’S ECONOMY ADVERSELY. HE SAID THE GOVERNMENT HAS NO ALTERNATIVE BUT TO COMPLETELY ERADICATE TERRORISM TO CREATE THE ENVIRONMENT FOR A POLITICAL SOLUTION. ROLL VTR 2.SLUG:BUDGET 2–VTR THE GOVERNMENT PLANS TO REDUCE THE BUDGET DEFICIT TO 7 PERCENT OF GDP DURING NEXT YEAR AND INCREASE REVENUE WITH INTENTIONS ALSO TO ACHIEVE A REVENUE SURPLUS. ACCORDING TO THE 2008 BUDGET SPEECH, THE ESTIMATED BUDGET DEFICIT FOR NEXT YEAR IS ENTIRELY ON ACCOUNT OF CAPITAL EXPENDITURE. PRESIDENT MAHINDA RAJAPAKSHE SAID HIS GOVERNMENT EXPECTS A REVENUE SURPLUS OF 38 BILLION RUPEES IN 2008, WHICH IF ACHIEVED, WILL CHANGE THE PRACTICE OF FINANCING DAY TO DAY EXPENDITURE FROM BORROWINGS. THIS WOULD RESULT IN BORROWINGS BEING USED ONLY FOR CAPITAL EXPENDITURE.
ROLL VTR 3.SLUG:BUDGET PROPOSALS – VTR NOW WE TAKE A LOOK AT SOME OF THE PROPOSALS THAT WERE MENTIONED IN THE BUDGET TABLED BY PRESIDENT MAHINDA RAJAPAKSA TODAY. ROLL VTR 4.SLUG:MP’S OUR CAMERAS MANAGED TO CATCH THE TRADITIONAL POST BUDGET TEA PARTY HOSTED BY THE FINANCE MINISTER, WHERE MP’S SHARED THEIR VIEWS WITH US ON THE JUST CONCLUDED 2008 NATIONAL BUDGET. MEMBERS OF PARLIAMENT FROM THE MAIN OPPOSITION UNITED NATIONAL PARTY WERE THE NOTABLE ABSENTEES AT THE GATHERING. PARTY SECRETARY THISSA ATTHANAYAKE SAID THEY DECIDED TO DO SO, AS THEY DID NOT VIEW THE “LATEST BUDGET PROPOSALS” AS HELPING TO DEVELOP THE NATION. ATTHANAYAKE ADDED THAT THE 2008 BUDGET ALSO DOES NOT SPECIFY HOW THE GOVERNMENT PLANS TO CONTAIN THE “RISING COST OF LIVING”, BRING IN INVESTMENTS AND GENERATE EMPLOYMENT. THEREFORE HE SAID THE AGAINST THIS BUDGET.
UNP
HAS
DECIDED
TO
VOTE
VOICE CUTS 5.SLUG:BUDGET COMMENTS–VTR WE ALSO RECEIVED COMMENTS FROM TAX EXPERTS AND ANALYSTS ON THE THIRD READING OF THE BUDGET 2008.
ROLL VTR BREAK WIJAY FROM SAMPATH BANK JOINS US TO GIVE US AN OVERVIEW OF TREASURY OPERATIONS FOR THIS WEEK. BREAK STOX THE MARKET SAW LOW ACTIVITY TODAY. TRADING WAS MAINLY DRIVEN BY RETAILERS WHILE BOTH INDICES ENDED MARGINALLY HIGH. A BLOCK OF 19.98 MILLION SHARES ALONG WITH ANOTHER 168,000 SHARES OF DIALOG CHANGED HANDS AT 23 AND A HALF. 420,000 SHARES OF AGALAWATTE ALSO MOVED AT 24 RUPEES. THE VOLUMES LIST FOR THE DAY WAS TOPPED BY DIALOG WHICH TRADED 22 MILLION SHARES. CEYLINCO SEYLAN DEVELOPMENT WAS NEXT IN LINE FOLLOWED BY VALLIBEL. DIALOG ALSO CONTRIBUTED THE MAJOR SHARE TO TURN OVER OF 518 MILLION RUPEES WHILE NDB AND CEYLON LEATHER FOLLOWED WITH 17 MILLION AND 15 MILLION RUPEES RESPECTIVELY. FOREIGN BUYING FOR THE DAY RECORDED A FIGURE OF 562 MILLION RUPEES WHILE FOREIGN SALES WAS TAGGED AT 481 MILLION. CARD 1 THE ALL SHARE WAS UP BY 3.57 POINTS TO END AT 2,623.7 WHILE THE MILANKA ENDED 8.16 POINTS HIGHER AT 3,534.26 TURN OVER WAS AT 694.9 MILLION RUPEES. CARD 2 THE DAY’S GAINERS WERE BROWNS AND E-CHANNELING. CARD 3
LED
BY
HORANA,
KAHAWATTE,
AEC,
REGNIS, ELPITIYA, BOGAWANTALAWA, TOPPED THE DAY’S LOSERS LIST.
TANGERINE
AND
TESS
AGRO
FOREX RATES CARD 4 CARD 5
SEGMENT: DATE: REPORTER: SLUG:
MAIN 07/11/07 NK BUDGET SPEECH – VTR
PRESIDENT MAHINDA RAJAPAKSA DELIVERED SPEECH AT THE PARLIAMENT TODAY.
HIS
THIRD
IN HIS SPEECH – THE PRESIDENT SAID THAT THE CONFLICT THAT HAS EXISTED FOR THE PAST 25 IMPACTED THE COUNTRY’S ECONOMY ADVERSELY.
BUDGET
NORTH-EAST YEARS HAS
HE SAID THE GOVERNMENT HAS NO ALTERNATIVE BUT TO COMPLETELY ERADICATE TERRORISM TO CREATE AN ENVIRONMENT FOR A POLITICAL SOLUTION. ROLL VTR ‘BUDGET SPEECH’ IN: OUT:
VOICE OVER – BUDGET SPEECH SUBTITLES IN MY PREVIOUS BUDGET SPEECHES I EXPLAINED THE NEED FOR A MEDIUM TERM FRAMEWORK TO BE ABLE TO BRING DOWN THE BUDGET DEFICIT AND THE PUBLIC DEBT IN A SYSTEMATIC MANNER. THIS PROCESS HAS ENABLED US TO REDUCE THE BUDGET DEFICIT WHICH WAS AT 8.2% OF GDP IN 2004 TO 7.2% THIS YEAR. IT IS EXPECTED THAT PUBLIC DEBT WHICH WAS 105% OF GDP IN 2004 COULD BE REDUCED TO 90% THIS YEAR. + THE IMPORT COST OF OIL, WHEAT FLOUR, MILK POWDER AND OTHER FOOD ITEMS HAS INCREASED FROM US$ 2000 MILLION IN 2004 TO US$ 3500 MILLION. SECURITY RELATED EXPENDITURE TO COUNTER TERRORISM AND PROTECT PUBLIC LIFE AND PROPERTY HAS INCREASED FROM 63 BILLION TO 117 BILLION RUPEES. THE PROGRESS MADE IN THE NATIONAL SECURITY FRONT, AND THE NATIONAL PRIORITY THAT HAS BEEN ACCORDED TO PROTECT OUR MOTHERLAND SHOULD NOT BE COMPROMISED TO ANY CHALLENGE. MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS WHICH HAVE BEEN COMMENCED IN THE COUNTRY SHOULD BE COMPLETED WITHIN THE NEXT TWO TO THREE YEARS. PRIORITY SHOULD BE GIVEN TO EXTEND RELIEF TO THE LOW INCOME GROUPS TO ADDRESS THEIR COST-OF-LIVING CONCERNS. THE REAWAKENING OF LOCAL ENTREPRENEURS AND IMPROVEMENTS OF LOCAL PRODUCTS NEEDS TO BE FURTHER STRENGTHENED. THIS BUDGET IS PREPARED WITH EMPHASIS ON THESE 4 PRIORITIES. Ends/
SEGMENT: DATE: REPORTER: SLUG:
MAIN 07 / 11 / 2007 CHAMINDA BUDGET 2008 – 2 – VTR
THE GOVERNMENT PLANS TO REDUCE THE BUDGET DEFICIT TO 7 PERCENT OF GDP DURING NEXT YEAR AND INCREASE REVENUE WITH INTENTIONS ALSO TO ACHIEVE A REVENUE SURPLUS. ACCORDING TO THE 2008 BUDGET SPEECH, THE ESTIMATED BUDGET DEFICIT FOR NEXT YEAR IS ENTIRELY ON ACCOUNT OF CAPITAL EXPENDITURE. PRESIDENT MAHINDA RAJAPAKSHE SAID HIS GOVERNMENT EXPECTS A REVENUE SURPLUS OF 38 BILLION RUPEES IN 2008, WHICH IF ACHIEVED, WILL CHANGE THE PATTERN OF FINANCING DAY TO DAY EXPENDITURE FROM BORROWINGS. THIS WOULD RESULT IN BORROWINGS BEING USED ONLY FOR CAPITAL EXPENDITURE.
ROLL VTR
VOICE OVER – BUDGET 2008 – 2 – CHAMINDA – 07 / 11 CARD 1 DURING THE YEAR 2008 THE GOVERNMENT AIMS TO BRING IN REVENUE OF 750.74 BILLION RUPEES A RISE OF 145.43 BILLION FROM 2007. THIS IS AN INCREASE OF 24 PERCENT FROM LAST YEAR. THE MAJOR REVENUE COMPONENT WILL BE DERIVED FROM TAXATION ACCOUNTING FOR 677.32 BILLION RUPEES WITH INDIRECT TAXES CONTRIBUTING A THUMPING 441.22 BILLION RUPEES. CARD 2 GOVERNMENT EXPENDITURE FOR NEXT YEAR IS PROJECTED AT 1044.18 BILLION RUPEES, AN INCREASE OF 21 PERCENT OR 182.23 BILLION FROM 2007. RECURRENT EXPENDITURE IS EXPECTED TO HIT 712.88 BILLION WHILE PUBLIC INVESTMENT IS ESTIMATED AT 335.67 BILLION RUPEES. MAJOR SPENDING WILL BE ON PERSONAL EMOLUMENTS ACCOUNTING FOR 233.39 BILLION RUPEES WHILE INTEREST PAYMENTS WILL RUN UP TO 209.83 BILLION RUPEES. 159.22 BILLION RUPEES WILL BE SPENT ON SUBSIDIES AND TRANSFERS. SPENDING ON OTHER GOODS AND SERVICES WILL BE 110.46 BILLION RUPEES. CARD 3 THE BUDGET DEFICIT STANDS AT 293.44 BILLION RUPEES WHILE THE DEFICIT WILL BE FUNDED VIA FOREIGN FINANCING AMOUNTING TO 138.64 BILLION RUPEES AND 154.8 BILLION RUPEES OF DOMESTIC FINANCING. ENDS.
SEGMENT: DATE: REPORTER: EDITOR: SLUG:
MAIN 07TH NOVEMBER 2007 RIYAD R. ANOUK T. BUDGET 2008
OUR CAMERAS MANAGED TO CATCH THE TRADITIONAL POST BUDGET TEA PARTY HOSTED BY THE FINANCE MINISTER, WHERE MP’S SHARED THEIR VIEWS WITH US ON THE JUST CONCLUDED 2008 NATIONAL BUDGET. MEMBERS OF PARLIAMENT FROM THE MAIN OPPOSITION UNITED NATIONAL PARTY WERE THE NOTABLE ABSENTEES AT THE GATHERING. PARTY SECRETARY THISSA ATTHANAYAKE SAID THEY DECIDED TO DO SO, AS THEY DID NOT VIEW THE “LATEST BUDGET PROPOSALS” AS HELPING TO DEVELOP THE NATION. ATTHANAYAKE ADDED THAT THE 2008 BUDGET ALSO DOES NOT SPECIFY HOW THE GOVERNMENT PLANS TO CONTAIN THE “RISING COST OF LIVING”, BRING IN INVESTMENTS AND GENERATE EMPLOYMENT. THEREFORE HE SAID THE UNP HAS DECIDED TO VOTE AGAINST THIS BUDGET. VOICE CUTS
SEGMENT: DATE: REPORTER: SLUG:
CORPORATE 07 / 11 RAVI BUDGET COMMENTS – VTR
WE ALSO RECEIVED COMMENTS FROM TAX EXPERTS AND ANALYSTS ON THE THIRD READING OF THE BUDGET 2008. ROLL VTR N. R. Gajendran - Tax Consultant Partner- Gajma & Co Amal Sanderatne CEO / Director Frontier Research
SEGMENT: DATE: REPORTER: SLUG:
MAIN 07/11/07 NK BUDGET PROPOSALS – VTR
NOW WE TAKE A LOOK AT SOME OF THE PROPOSALS THAT WERE MENTIONED IN THE BUDGET TABLED BY PRESIDENT MAHINDA RAJAPAKSA TODAY.
ROLL VTR VAT on petrol to be reduced from 15% to 5% Rs. 650Mn allocated to set up budget shops Rs. 50 per kg is imposed on textile imports Ships purchased & registered under SL flag will be exempted from port & airport Dev. levy Economic service charge on sale of liquor & motor vehicles up by 0.5%. Surcharge on import duty will be increased to 15 percent Passport renewal fee to be increased All key development projects will be exempted from VAT Rs. 2500 COL allowance for public servants from January 2008
VOICE OVER – BUDGET PROPOSALS PRESIDENT RAJAPAKSA SAID THAT THE PRICES OF FUEL WILL NOT BE REVISED ALTHOUGH THEY HAVE REVISED IN THE WORLD MARKET. FROM JANUARY 2008, THE GOVERNMENT PLANS TO REDUCE THE VAT ON PETROL TO 5% FROM THE EXISTING 15%. IF THE PRICES STILL CONTINUE TO INCREASE THE GOVERNMENT PLANS TO REMOVE THE EXCISE TAX ON PETROL AS WELL. MEANWHILE, 650 MILLION RUPEES HAVE BEEN ALLOCATED TO SET UP BUDGET SHOPS IN POPULATED AREAS. TO ENCOURAGE THE DOMESTIC TEXTILE INDUSTRY, A CESS OF 50 RUPEES PER KILO GRAM IS PROPOSED TO BE IMPOSED ON TEXTILES IMPORTS FOR DOMESTIC CONSUMPTION. IMPORTATION OF YARN HAS ALSO BEEN EXEMPTED FROM VAT. IF A SHIP IS PURCHASED TO BE REGISTERED UNDER THE SRI LANKAN FLAG, IT WILL BE EXEMPTED FROM THE PORT AND AIRPORT DEVELOPMENT LEVY. THE ECONOMIC SERVICE CHARGE ON THE SALE OF LIQUOR AND MOTOR VEHICLES HAS BEEN INCREASED BY 0.5%. THROUGH THIS, THE GOVERNMENT PLANS TO RAISE 400 MILLION RUPEES. THE GOVERNMENT PLANS TO RAISE AN ADDITIONAL 9,400 MILLION RUPEES BY AMENDING THE EXCISE DUTY ON MOTOR VEHICLES AND NON ESSENTIAL IMPORTS, BY INCREASING IMPORT AND EXPORT LICENSE FEES, BY INCREASING THE SURCHARGE ON IMPORT DUTY TO 15 PERCENT AND BY REVISING THE CESS ON IMPORTS WHICH HAVE LOCAL SUBSTITUTIONS. A FURTHER REVENUE OF 4,700 MILLION RUPEES IS ALSO HOPED TO BE RAISED BY INCREASING THE PROVINCIAL INFRASTRUCTURE DEVELOPMENT LEVY, BY INCREASING THE TELECOMMUNICATION LICENSE FEES AND BY EXTENDING THE 10 PERCENT TAX LEVIED ON MOBILES TO WIRELESS PHONES. THE FEE FOR THE RENEWAL OF A PASSPORT WILL BE INCREASED TO RAISE AN ADDITIONAL 250 MILLION RUPEES. ALL KEY DEVELOPMENT PROJECTS WILL BE EXEMPTED FROM VAT AND THE SERVICE PROVIDERS WILL BE ENTITLED TO CLAIM THEIR INPUT. TAXING ON PUBLIC SERVANTS SALARIES AND ALLOWANCES WILL BE SIMPLIFIED.
ALL PUBLIC SERVANTS WILL GET A COST OF LIVING ALLOWANCE OF 2500 RUPEES FROM JANUARY 2008 AND 2875 RUPEES FROM JULY NEXT YEAR. THE COST OF LIVING ALLOWANCE TO PENSIONERS WILL ALSO BE INCREASED. ENDS/
STOX THE MARKET SAW LOW ACTIVITY TODAY. TRADING WAS MAINLY DRIVEN BY RETAILERS WHILE BOTH INDICES ENDED MARGINALLY HIGH. A BLOCK OF 19.98 MILLION SHARES ALONG WITH ANOTHER 168,000 SHARES OF DIALOG CHANGED HANDS AT 23 AND A HALF. 420,000 SHARES OF AGALAWATTE ALSO MOVED AT 24 RUPEES. THE VOLUMES LIST FOR THE DAY WAS TOPPED BY DIALOG WHICH TRADED 22 MILLION SHARES. CEYLINCO SEYLAN DEVELOPMENT WAS NEXT IN LINE FOLLOWED BY VALLIBEL. DIALOG ALSO CONTRIBUTED THE MAJOR SHARE TO TURN OVER OF 518 MILLION RUPEES WHILE NDB AND CEYLON LEATHER FOLLOWED WITH 17 MILLION AND 15 MILLION RUPEES RESPECTIVELY. FOREIGN BUYING FOR THE DAY RECORDED A FIGURE OF 562 MILLION RUPEES WHILE FOREIGN SALES WAS TAGGED AT 481 MILLION. CARD 1 THE ALL SHARE WAS UP BY 3.57 POINTS TO END AT 2,623.7 WHILE THE MILANKA ENDED 8.16 POINTS HIGHER AT 3,534.26 TURN OVER WAS AT 694.9 MILLION RUPEES. CARD 2 THE DAY’S GAINERS WERE BROWNS AND E-CHANNELING
LED
BY
HORANA,
KAHAWATTE,
AEC,
CARD 3 WHILE REGNIS, ELPITIYA, BOGAWANTALAWA, TANGERINE AND TESS AGRO TOPPED THE DAY’S LOSERS LIST. FOREX RATES CARD 4 CARD 5
Dr. Sarath Amunugama Cabinet Minister Investment Promotion Bandula Gunawardane Cabinet Minister Trade Bimal Ratnayake Member of Parliament JVP
VTR
NILANTHA
BUDGET 2
VTR
CHAMINDA
BUDGET PROPOSALS
VTR
NILANTHA
MP’S
VTR
RIYAD
BUDGET COMMENTS
VTR
RAVI
ADD STATE OF BUSINESS BRIDGE ADD DEALING ROOM BRIDGE VIJAYA @ SAMPATH BREAK 2 – ADD STATE OF BUSINESS BRIDGE STOCK CURRENCY
CARDS CARDS
LINE UP EDITOR ANCHOR
ANOUK/NISHANI DAKSHITHA
01:62
HEADLINES 1. 2008 BUDGET AIMS AT REVENUE SURPLUS UNACHIEVED IN LAST THREE DECADES, AND 2. EXPERTS DISPLAY MIXED REACTIONS TO THE NEW BUDGET PROPOSALS 1.SLUG:BUDGET SPEECH – VTR PRESIDENT MAHINDA RAJAPAKSA DELIVERED BUDGET SPEECH AT THE PARLIAMENT TODAY.
HIS
THIRD
IN HIS SPEECH – THE PRESIDENT SAID THAT THE NORTHEAST CONFLICT THAT HAS EXISTED FOR THE PAST 25 YEARS HAS IMPACTED THE COUNTRY’S ECONOMY ADVERSELY. HE SAID THE GOVERNMENT HAS NO ALTERNATIVE BUT TO COMPLETELY ERADICATE TERRORISM TO CREATE THE ENVIRONMENT FOR A POLITICAL SOLUTION. ROLL VTR 2.SLUG:BUDGET 2–VTR THE GOVERNMENT PLANS TO REDUCE THE BUDGET DEFICIT TO 7 PERCENT OF GDP DURING NEXT YEAR AND INCREASE REVENUE WITH INTENTIONS ALSO TO ACHIEVE A REVENUE SURPLUS. ACCORDING TO THE 2008 BUDGET SPEECH, THE ESTIMATED BUDGET DEFICIT FOR NEXT YEAR IS ENTIRELY ON ACCOUNT OF CAPITAL EXPENDITURE. PRESIDENT MAHINDA RAJAPAKSHE SAID HIS GOVERNMENT EXPECTS A REVENUE SURPLUS OF 38 BILLION RUPEES IN 2008, WHICH IF ACHIEVED, WILL CHANGE THE PRACTICE OF FINANCING DAY TO DAY EXPENDITURE FROM BORROWINGS. THIS WOULD RESULT IN BORROWINGS BEING USED ONLY FOR CAPITAL EXPENDITURE.
ROLL VTR 3.SLUG:BUDGET PROPOSALS – VTR NOW WE TAKE A LOOK AT SOME OF THE PROPOSALS THAT WERE MENTIONED IN THE BUDGET TABLED BY PRESIDENT MAHINDA RAJAPAKSA TODAY. ROLL VTR 4.SLUG:MP’S OUR CAMERAS MANAGED TO CATCH THE TRADITIONAL POST BUDGET TEA PARTY HOSTED BY THE FINANCE MINISTER, WHERE MP’S SHARED THEIR VIEWS WITH US ON THE JUST CONCLUDED 2008 NATIONAL BUDGET. MEMBERS OF PARLIAMENT FROM THE MAIN OPPOSITION UNITED NATIONAL PARTY WERE THE NOTABLE ABSENTEES AT THE GATHERING. PARTY SECRETARY THISSA ATTHANAYAKE SAID THEY DECIDED TO DO SO, AS THEY DID NOT VIEW THE “LATEST BUDGET PROPOSALS” AS HELPING TO DEVELOP THE NATION. ATTHANAYAKE ADDED THAT THE 2008 BUDGET ALSO DOES NOT SPECIFY HOW THE GOVERNMENT PLANS TO CONTAIN THE “RISING COST OF LIVING”, BRING IN INVESTMENTS AND GENERATE EMPLOYMENT. THEREFORE HE SAID THE AGAINST THIS BUDGET.
UNP
HAS
DECIDED
TO
VOTE
VOICE CUTS 5.SLUG:BUDGET COMMENTS–VTR WE ALSO RECEIVED COMMENTS FROM TAX EXPERTS AND ANALYSTS ON THE THIRD READING OF THE BUDGET 2008.
ROLL VTR BREAK WIJAY FROM SAMPATH BANK JOINS US TO GIVE US AN OVERVIEW OF TREASURY OPERATIONS FOR THIS WEEK. BREAK STOX THE MARKET SAW LOW ACTIVITY TODAY. TRADING WAS MAINLY DRIVEN BY RETAILERS WHILE BOTH INDICES ENDED MARGINALLY HIGH. A BLOCK OF 19.98 MILLION SHARES ALONG WITH ANOTHER 168,000 SHARES OF DIALOG CHANGED HANDS AT 23 AND A HALF. 420,000 SHARES OF AGALAWATTE ALSO MOVED AT 24 RUPEES. THE VOLUMES LIST FOR THE DAY WAS TOPPED BY DIALOG WHICH TRADED 22 MILLION SHARES. CEYLINCO SEYLAN DEVELOPMENT WAS NEXT IN LINE FOLLOWED BY VALLIBEL. DIALOG ALSO CONTRIBUTED THE MAJOR SHARE TO TURN OVER OF 518 MILLION RUPEES WHILE NDB AND CEYLON LEATHER FOLLOWED WITH 17 MILLION AND 15 MILLION RUPEES RESPECTIVELY. FOREIGN BUYING FOR THE DAY RECORDED A FIGURE OF 562 MILLION RUPEES WHILE FOREIGN SALES WAS TAGGED AT 481 MILLION. CARD 1 THE ALL SHARE WAS UP BY 3.57 POINTS TO END AT 2,623.7 WHILE THE MILANKA ENDED 8.16 POINTS HIGHER AT 3,534.26 TURN OVER WAS AT 694.9 MILLION RUPEES. CARD 2 THE DAY’S GAINERS WERE BROWNS AND E-CHANNELING. CARD 3
LED
BY
HORANA,
KAHAWATTE,
AEC,
REGNIS, ELPITIYA, BOGAWANTALAWA, TOPPED THE DAY’S LOSERS LIST.
TANGERINE
AND
TESS
AGRO
FOREX RATES CARD 4 CARD 5
SEGMENT: DATE: REPORTER: SLUG:
MAIN 07/11/07 NK BUDGET SPEECH – VTR
PRESIDENT MAHINDA RAJAPAKSA DELIVERED SPEECH AT THE PARLIAMENT TODAY.
HIS
THIRD
IN HIS SPEECH – THE PRESIDENT SAID THAT THE CONFLICT THAT HAS EXISTED FOR THE PAST 25 IMPACTED THE COUNTRY’S ECONOMY ADVERSELY.
BUDGET
NORTH-EAST YEARS HAS
HE SAID THE GOVERNMENT HAS NO ALTERNATIVE BUT TO COMPLETELY ERADICATE TERRORISM TO CREATE AN ENVIRONMENT FOR A POLITICAL SOLUTION. ROLL VTR ‘BUDGET SPEECH’ IN: OUT:
VOICE OVER – BUDGET SPEECH SUBTITLES IN MY PREVIOUS BUDGET SPEECHES I EXPLAINED THE NEED FOR A MEDIUM TERM FRAMEWORK TO BE ABLE TO BRING DOWN THE BUDGET DEFICIT AND THE PUBLIC DEBT IN A SYSTEMATIC MANNER. THIS PROCESS HAS ENABLED US TO REDUCE THE BUDGET DEFICIT WHICH WAS AT 8.2% OF GDP IN 2004 TO 7.2% THIS YEAR. IT IS EXPECTED THAT PUBLIC DEBT WHICH WAS 105% OF GDP IN 2004 COULD BE REDUCED TO 90% THIS YEAR. + THE IMPORT COST OF OIL, WHEAT FLOUR, MILK POWDER AND OTHER FOOD ITEMS HAS INCREASED FROM US$ 2000 MILLION IN 2004 TO US$ 3500 MILLION. SECURITY RELATED EXPENDITURE TO COUNTER TERRORISM AND PROTECT PUBLIC LIFE AND PROPERTY HAS INCREASED FROM 63 BILLION TO 117 BILLION RUPEES. THE PROGRESS MADE IN THE NATIONAL SECURITY FRONT, AND THE NATIONAL PRIORITY THAT HAS BEEN ACCORDED TO PROTECT OUR MOTHERLAND SHOULD NOT BE COMPROMISED TO ANY CHALLENGE. MAJOR INFRASTRUCTURE DEVELOPMENT PROJECTS WHICH HAVE BEEN COMMENCED IN THE COUNTRY SHOULD BE COMPLETED WITHIN THE NEXT TWO TO THREE YEARS. PRIORITY SHOULD BE GIVEN TO EXTEND RELIEF TO THE LOW INCOME GROUPS TO ADDRESS THEIR COST-OF-LIVING CONCERNS. THE REAWAKENING OF LOCAL ENTREPRENEURS AND IMPROVEMENTS OF LOCAL PRODUCTS NEEDS TO BE FURTHER STRENGTHENED. THIS BUDGET IS PREPARED WITH EMPHASIS ON THESE 4 PRIORITIES. Ends/
SEGMENT: DATE: REPORTER: SLUG:
MAIN 07 / 11 / 2007 CHAMINDA BUDGET 2008 – 2 – VTR
THE GOVERNMENT PLANS TO REDUCE THE BUDGET DEFICIT TO 7 PERCENT OF GDP DURING NEXT YEAR AND INCREASE REVENUE WITH INTENTIONS ALSO TO ACHIEVE A REVENUE SURPLUS. ACCORDING TO THE 2008 BUDGET SPEECH, THE ESTIMATED BUDGET DEFICIT FOR NEXT YEAR IS ENTIRELY ON ACCOUNT OF CAPITAL EXPENDITURE. PRESIDENT MAHINDA RAJAPAKSHE SAID HIS GOVERNMENT EXPECTS A REVENUE SURPLUS OF 38 BILLION RUPEES IN 2008, WHICH IF ACHIEVED, WILL CHANGE THE PATTERN OF FINANCING DAY TO DAY EXPENDITURE FROM BORROWINGS. THIS WOULD RESULT IN BORROWINGS BEING USED ONLY FOR CAPITAL EXPENDITURE.
ROLL VTR
VOICE OVER – BUDGET 2008 – 2 – CHAMINDA – 07 / 11 CARD 1 DURING THE YEAR 2008 THE GOVERNMENT AIMS TO BRING IN REVENUE OF 750.74 BILLION RUPEES A RISE OF 145.43 BILLION FROM 2007. THIS IS AN INCREASE OF 24 PERCENT FROM LAST YEAR. THE MAJOR REVENUE COMPONENT WILL BE DERIVED FROM TAXATION ACCOUNTING FOR 677.32 BILLION RUPEES WITH INDIRECT TAXES CONTRIBUTING A THUMPING 441.22 BILLION RUPEES. CARD 2 GOVERNMENT EXPENDITURE FOR NEXT YEAR IS PROJECTED AT 1044.18 BILLION RUPEES, AN INCREASE OF 21 PERCENT OR 182.23 BILLION FROM 2007. RECURRENT EXPENDITURE IS EXPECTED TO HIT 712.88 BILLION WHILE PUBLIC INVESTMENT IS ESTIMATED AT 335.67 BILLION RUPEES. MAJOR SPENDING WILL BE ON PERSONAL EMOLUMENTS ACCOUNTING FOR 233.39 BILLION RUPEES WHILE INTEREST PAYMENTS WILL RUN UP TO 209.83 BILLION RUPEES. 159.22 BILLION RUPEES WILL BE SPENT ON SUBSIDIES AND TRANSFERS. SPENDING ON OTHER GOODS AND SERVICES WILL BE 110.46 BILLION RUPEES. CARD 3 THE BUDGET DEFICIT STANDS AT 293.44 BILLION RUPEES WHILE THE DEFICIT WILL BE FUNDED VIA FOREIGN FINANCING AMOUNTING TO 138.64 BILLION RUPEES AND 154.8 BILLION RUPEES OF DOMESTIC FINANCING. ENDS.
SEGMENT: DATE: REPORTER: EDITOR: SLUG:
MAIN 07TH NOVEMBER 2007 RIYAD R. ANOUK T. BUDGET 2008
OUR CAMERAS MANAGED TO CATCH THE TRADITIONAL POST BUDGET TEA PARTY HOSTED BY THE FINANCE MINISTER, WHERE MP’S SHARED THEIR VIEWS WITH US ON THE JUST CONCLUDED 2008 NATIONAL BUDGET. MEMBERS OF PARLIAMENT FROM THE MAIN OPPOSITION UNITED NATIONAL PARTY WERE THE NOTABLE ABSENTEES AT THE GATHERING. PARTY SECRETARY THISSA ATTHANAYAKE SAID THEY DECIDED TO DO SO, AS THEY DID NOT VIEW THE “LATEST BUDGET PROPOSALS” AS HELPING TO DEVELOP THE NATION. ATTHANAYAKE ADDED THAT THE 2008 BUDGET ALSO DOES NOT SPECIFY HOW THE GOVERNMENT PLANS TO CONTAIN THE “RISING COST OF LIVING”, BRING IN INVESTMENTS AND GENERATE EMPLOYMENT. THEREFORE HE SAID THE UNP HAS DECIDED TO VOTE AGAINST THIS BUDGET. VOICE CUTS
SEGMENT: DATE: REPORTER: SLUG:
CORPORATE 07 / 11 RAVI BUDGET COMMENTS – VTR
WE ALSO RECEIVED COMMENTS FROM TAX EXPERTS AND ANALYSTS ON THE THIRD READING OF THE BUDGET 2008. ROLL VTR N. R. Gajendran - Tax Consultant Partner- Gajma & Co Amal Sanderatne CEO / Director Frontier Research
SEGMENT: DATE: REPORTER: SLUG:
MAIN 07/11/07 NK BUDGET PROPOSALS – VTR
NOW WE TAKE A LOOK AT SOME OF THE PROPOSALS THAT WERE MENTIONED IN THE BUDGET TABLED BY PRESIDENT MAHINDA RAJAPAKSA TODAY.
ROLL VTR VAT on petrol to be reduced from 15% to 5% Rs. 650Mn allocated to set up budget shops Rs. 50 per kg is imposed on textile imports Ships purchased & registered under SL flag will be exempted from port & airport Dev. levy Economic service charge on sale of liquor & motor vehicles up by 0.5%. Surcharge on import duty will be increased to 15 percent Passport renewal fee to be increased All key development projects will be exempted from VAT Rs. 2500 COL allowance for public servants from January 2008
VOICE OVER – BUDGET PROPOSALS PRESIDENT RAJAPAKSA SAID THAT THE PRICES OF FUEL WILL NOT BE REVISED ALTHOUGH THEY HAVE REVISED IN THE WORLD MARKET. FROM JANUARY 2008, THE GOVERNMENT PLANS TO REDUCE THE VAT ON PETROL TO 5% FROM THE EXISTING 15%. IF THE PRICES STILL CONTINUE TO INCREASE THE GOVERNMENT PLANS TO REMOVE THE EXCISE TAX ON PETROL AS WELL. MEANWHILE, 650 MILLION RUPEES HAVE BEEN ALLOCATED TO SET UP BUDGET SHOPS IN POPULATED AREAS. TO ENCOURAGE THE DOMESTIC TEXTILE INDUSTRY, A CESS OF 50 RUPEES PER KILO GRAM IS PROPOSED TO BE IMPOSED ON TEXTILES IMPORTS FOR DOMESTIC CONSUMPTION. IMPORTATION OF YARN HAS ALSO BEEN EXEMPTED FROM VAT. IF A SHIP IS PURCHASED TO BE REGISTERED UNDER THE SRI LANKAN FLAG, IT WILL BE EXEMPTED FROM THE PORT AND AIRPORT DEVELOPMENT LEVY. THE ECONOMIC SERVICE CHARGE ON THE SALE OF LIQUOR AND MOTOR VEHICLES HAS BEEN INCREASED BY 0.5%. THROUGH THIS, THE GOVERNMENT PLANS TO RAISE 400 MILLION RUPEES. THE GOVERNMENT PLANS TO RAISE AN ADDITIONAL 9,400 MILLION RUPEES BY AMENDING THE EXCISE DUTY ON MOTOR VEHICLES AND NON ESSENTIAL IMPORTS, BY INCREASING IMPORT AND EXPORT LICENSE FEES, BY INCREASING THE SURCHARGE ON IMPORT DUTY TO 15 PERCENT AND BY REVISING THE CESS ON IMPORTS WHICH HAVE LOCAL SUBSTITUTIONS. A FURTHER REVENUE OF 4,700 MILLION RUPEES IS ALSO HOPED TO BE RAISED BY INCREASING THE PROVINCIAL INFRASTRUCTURE DEVELOPMENT LEVY, BY INCREASING THE TELECOMMUNICATION LICENSE FEES AND BY EXTENDING THE 10 PERCENT TAX LEVIED ON MOBILES TO WIRELESS PHONES. THE FEE FOR THE RENEWAL OF A PASSPORT WILL BE INCREASED TO RAISE AN ADDITIONAL 250 MILLION RUPEES. ALL KEY DEVELOPMENT PROJECTS WILL BE EXEMPTED FROM VAT AND THE SERVICE PROVIDERS WILL BE ENTITLED TO CLAIM THEIR INPUT. TAXING ON PUBLIC SERVANTS SALARIES AND ALLOWANCES WILL BE SIMPLIFIED.
ALL PUBLIC SERVANTS WILL GET A COST OF LIVING ALLOWANCE OF 2500 RUPEES FROM JANUARY 2008 AND 2875 RUPEES FROM JULY NEXT YEAR. THE COST OF LIVING ALLOWANCE TO PENSIONERS WILL ALSO BE INCREASED. ENDS/
STOX THE MARKET SAW LOW ACTIVITY TODAY. TRADING WAS MAINLY DRIVEN BY RETAILERS WHILE BOTH INDICES ENDED MARGINALLY HIGH. A BLOCK OF 19.98 MILLION SHARES ALONG WITH ANOTHER 168,000 SHARES OF DIALOG CHANGED HANDS AT 23 AND A HALF. 420,000 SHARES OF AGALAWATTE ALSO MOVED AT 24 RUPEES. THE VOLUMES LIST FOR THE DAY WAS TOPPED BY DIALOG WHICH TRADED 22 MILLION SHARES. CEYLINCO SEYLAN DEVELOPMENT WAS NEXT IN LINE FOLLOWED BY VALLIBEL. DIALOG ALSO CONTRIBUTED THE MAJOR SHARE TO TURN OVER OF 518 MILLION RUPEES WHILE NDB AND CEYLON LEATHER FOLLOWED WITH 17 MILLION AND 15 MILLION RUPEES RESPECTIVELY. FOREIGN BUYING FOR THE DAY RECORDED A FIGURE OF 562 MILLION RUPEES WHILE FOREIGN SALES WAS TAGGED AT 481 MILLION. CARD 1 THE ALL SHARE WAS UP BY 3.57 POINTS TO END AT 2,623.7 WHILE THE MILANKA ENDED 8.16 POINTS HIGHER AT 3,534.26 TURN OVER WAS AT 694.9 MILLION RUPEES. CARD 2 THE DAY’S GAINERS WERE BROWNS AND E-CHANNELING
LED
BY
HORANA,
KAHAWATTE,
AEC,
CARD 3 WHILE REGNIS, ELPITIYA, BOGAWANTALAWA, TANGERINE AND TESS AGRO TOPPED THE DAY’S LOSERS LIST. FOREX RATES CARD 4 CARD 5
Dr. Sarath Amunugama Cabinet Minister Investment Promotion Bandula Gunawardane Cabinet Minister Trade Bimal Ratnayake Member of Parliament JVP
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