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Signals Up
The ADB expects Sri Lanka will clock in a 5 percent growth in 2003, building on the back of renewed economic stability and a global recovery in the second half of the year. rnldblquote This performance builds on the progress the Government has made in achieving short-run macroeconomic stability in 2002 dblquote , the Bank […]
New Brooms
The government plans to shortly amend laws to allow consolidation in the banking sector as well as laws to form a debt recovery agency.The Banking Act is being amended to include provisions for takeovers and mergers.rn rnldblquote The amendments are before the Finance Minister now and we expect them (laws) to go to parliament sometime […]
Clean Break
The Sampath Bank led consortia is expected to infuse Rs. 700 mn into the under capitalised Union Bank.Union Bank shareholders gave their approval to raise the authorise capital by another billion rupees to Rs. 2 bn, issue special class of shares and increase the size of its board.rn rnSampath Bank and the Chinkara group are […]
Shelter For Old
Parliament on Wednesday passed amendments to the state pension funds, paving the way for a new contributory style retirement scheme for public sector employees.The Employees Provident Fund Act was amended to allow a new pension scheme for public sector employees to start off from January 1.rn rnUnder the amendments, new recruits to the public cadre […]
Repositioning Lanka
Sri Lankas top accounting body will discuss ways to reposition the country at its annual conference in May.Under the theme of lquote Repositioning Sri Lanka Globally endash Leading a Paradigm Change, the two-day CIMA conference starting May 29, will bring together over 400 participants. rn rnThe ceremonial inauguration will take place on May 29 at […]
Centennial Wins
Washington based Centennial Group has been handpicked as fund managers for the new Infrastructure and Corporate Restructuring Fund that is to take off by April this year.The proposed fund will provide long term equity capital for select infrastructure projects, with a limited amount of financing to restructure viable corporations.rn rnMooted under the 2002 budget, the […]
Booking Profits
Chairman Lal Nanayakkara says the turnaround has come from higher recoveries in its bad loan portfolio and profits from its investment portfolio.rn rnIn 2001, the bank recorded an impressive Rs. 345.29 bn profit reversing a loss of Rs. 1.77 bn in 2000 after providing Rs.821.75 mn for loan losses and Rs. 25.68 mn for the […]
Revving Up
A newly set up Indo-Sri Lanka joint venture, plans to lure ladies to hop on and popularise motorbikes in Sri Lanka.United Motors Lanka Ltd (UML) on Tuesday tied up with Indias TVS Group to form a 50:50 joint venture to sell motorbikes and motor spares.rn rnUML hopes to infuse around Rs. 100 mn into the […]
Growing Up
DFCC Bank on Tuesday reported a 36 percent growth in its group net profits to Rs. 826 mn from Rs. 605 mn for the nine months ending Dec.31, 2002.Revenues during the period slipped 2.5 percent to Rs. 3,030 mn from Rs. 3,107 mn reported in 2001. rn rnThe development financial institutions bottomline was benefited largely […]
Cup That Cheers
New apex body for the tea industry, the Tea Association of Sri Lanka (TASL) officially got off ground Tuesday, mapping out plans to set the industry standard for tea. The TASL will steer through all strategy and policy development for the sector acting also as a catalyst for product development and research Through promotion and […]