Category: Banking and Finance

The Asian Development Bank has asked Sri Lanka to step up the momentum of tsunami reconstruction and said it was awaiting agreement between Tamil Tiger rebels and the government over relief distribution.The Asian Development Bank has asked Sri Lanka to step up the momentum of tsunami reconstruction and said it was awaiting agreement between Tamil […]

LIC Lanka says Sri Lanka’s low income workforce could be covered by a group insurance policy partially funded by the government.LIC Lanka says Sri Lanka’s low income workforce could be covered by a group insurance policy partially funded by the government. The insurer’s board of directors have agreed to pitch the idea to the government, […]

HSBC Bank picked up Rs. 400 mn worth of leased backed paper, locking returns for up to four-years.HSBC Bank picked up Rs. 400 mn worth of leased backed paper, locking returns for up to four-years. People’s Leasing Co. issued the lease-backed securities in the form of a direct loan as a cost effective method to […]

Reconstruction of tsunami-hit infrastructure and homes along Sri Lanka’s ravaged coast has been delayed because pledged donor aid is only trickling in and relief agencies are still discussing plans, the government says.Reconstruction of tsunami-hit infrastructure and homes along Sri Lanka’s ravaged coast has been delayed because pledged donor aid is only trickling in and relief […]

Stiff political opposition stops Sri Lanka’s key local body from raising taxes by four percent, for the first time in 15 years.Stiff political opposition stops Sri Lanka’s key local body from raising taxes by four percent, for the first time in 15 years. The Western Provincial Council – which controls over 50 percent of Sri […]

Merchant Bank of Sri Lanka is believed to be in serious talks with India’s SBI Capital Markets Ltd to expand its corporate banking activity.Merchant Bank of Sri Lanka is believed to be in serious talks with India’s SBI Capital Markets Ltd to expand its corporate banking activity. MBSL has been on a roll over the […]

Japan is finalising a US$ 100 mn tsunami soft loan for Sri Lanka’s reconstruction work, expected to come through by mid next month.Japan is finalising a US$ 100 mn tsunami soft loan for Sri Lanka’s reconstruction work, expected to come through by mid next month. The soft loan will be over and above US$ 80 […]

Sri Lanka has received a total of Rs.9.8 bn (Rs. 9812.5 mn) in tsunami aid as at March 10, from governments, non-state agencies and others as private, foreign and local donations, the Central Bank said.Sri Lanka has received a total of Rs. 9.8 bn (Rs. 9812.5 mn) in tsunami aid as at March 10, from […]

Consumer goods retailer Singer (Sri Lanka) Ltd plans to switch some of its expensive short-term debt with a Rs.400 mn four-year debenture issue in April.As at end 2004, Singer’s long-term debt stock stood at Rs. 1.3 bn, but the company is keen to lock in inexpensive funds taking advantage of present low interest rates. Short […]

The Central Bank on Wednesday said it will actively absorb liquidity from the financial markets to curb inflation in the coming months.The Central Bank on Wednesday said it will actively absorb liquidity from the financial markets to curb inflation in the coming months. The bank however left its key short term interest rate unchanged for […]

Sri Lanka’s nine provincial councils will raise business turnover tax from one percent to five percent on “non-essential” commodities from April 1 to bolster their own revenue.Sri Lanka’s nine provincial councils will raise business turnover tax from one percent to five percent on “non-essential” commodities from April 1 to bolster their own revenue. The list […]

The Finance Minister says improving financial reporting standards will reduce the strain on the government budget The Finance Minister says improving financial reporting standards will reduce the strain on the government budget Better financial reporting according to the minister will make it possible for justifying restructuring of institutions making losses like the CEB, which is […]