Category: Banking and Finance

The United States is sending around 1,500 marines, 20 helicopters and US$ 2.6 mn in emergency aid to help tsunami hit Sri Lanka get back on its feet. The United States is sending around 1,500 marines, 20 helicopters and US$ 2.6 mn in emergency aid to help tsunami hit Sri Lanka get back on its […]

Sri Lanka picked up a US$ 100 mn cheque from the World Bank on Friday to provide emergency relief to people struck by the Sunday’s deadly tsunami. Sri Lanka picked up a US$ 100 mn cheque from the World Bank on Friday to provide emergency relief to people struck by the Sunday’s deadly tsunami. The […]

Faced with a staggering US$ 1 bn reconstruction bill, Sri Lankan government is floating a diaspora fund, to reach out expatriates willing to help out in rebuilding the tsunami stricken Southern and Eastern coastal belts. Faced with a staggering US$ 1 bn reconstruction bill, Sri Lankan government is floating a diaspora fund, to reach out […]

Putting Sri Lanka together again after Sunday’s tsunami will cost US$ 1 bn says the island’s President Chandrika Kumaratunga.Putting Sri Lanka together again after Sunday’s tsunami will cost US$ 1 bn says the island’s President Chandrika Kumaratunga. “The reconstruction process will cost around hundred billion rupees,” says Kumaratunga told journalists after a visit to the […]

Tsunami hit Sri Lanka’s top donors led by the World Bank plans to roll out emergency recovery credit facilities together with a quick donors meeting to assess the damage caused by killer waves last Sunday. Tsunami hit Sri Lanka’s top donors led by the World Bank plans to roll out emergency recovery credit facilities together […]

The Asian Development Bank said it will re-allocate existing funds of up to US$ 25 mn so that urgent aid can be rolled out quickly to disaster hit areas.The Asian Development Bank said it will re-allocate existing funds of up to US$ 25 mn so that urgent aid can be rolled out quickly to disaster […]

Tsunami-hit Sri Lanka has claimed over 20,000 lives, with the insurance industry receiving claims for over Rs.5 bn so far. Tsunami-hit Sri Lanka has claimed over 20,000 lives, with the insurance industry receiving claims for over Rs. 5 bn so far. While the economic losses are expected to be enormous, the insurance losses arising from […]

The Boxing Day tsunami strike on the Sri Lankan coastline is expected to wipe off the bottomlines of local insurance companies, with the industry waiting for clarifications from international re-insurers before settling claims.The Boxing Day tsunami strike on the Sri Lankan coastline is expected to wipe off the bottomlines of local insurance companies, with the […]

Sri Lanka’s interbank markets are quoting clean money at 9 and repo at 8.125 after market opened for trading.Sri Lanka’s interbank markets are quoting clean money at 9 and repo at 8.125 after market opened for trading. The foreign exchange markets yet to become active but officials say the Central Bank is ready to provide […]

Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning.Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning. The shares were issued at Rs 27, giving massive capital gains to subscribers of the LIOC IPO. Meanwhile, […]

For the first time in history the market capitalization of the Colombo Stock Exchange (CSE) went over Rs 400 bn on Wednesday. For the first time in history the market capitalization of the Colombo Stock Exchange (CSE) went over Rs 400 bn on Wednesday. The market moved up by Rs 24.5 bn, or 6.5 percent, […]

Customs, Excise and Inland Revenue departments are going on an intensive fitness regime next year to beef up tax collection.Customs, Excise and Inland Revenue departments are going on an intensive fitness regime next year to beef up tax collection. “We will strengthen the revenue collection bodies starting with the Inland Revenue and subsequently Customs and […]