Category: Banking and Finance

Sampath Bank has started using image clearing technology to process cheques even before Sri Lanka’s national cheque clearing centre, Lanka Clear is ready to move into cheque truncation. Sampath Bank has started using image clearing technology to process cheques even before Sri Lanka’s national cheque clearing centre, Lanka Clear is ready to move into cheque […]

The plantation companies want the government to bring down the Economic Service Charge (ESC) from one percent to 0.5 percent for the plantation industry. The plantation companies want the government to bring down the Economic Service Charge (ESC) from one percent to 0.5 percent for the plantation industry. Double Edge   The extended deadline to […]

Sri Lanka’s slow moving donor funded projects, will be fast tracked through a high powered cabinet subcommittee chaired by the President, Cabinet Spokesman said Thursday. Sri Lanka’s slow moving donor funded projects, will be fast tracked through a high powered cabinet subcommittee chaired by the President, Cabinet Spokesman said Thursday. Sri Lanka is expecting some […]

Any new levies that the Sri Lankan government proposes for its 2005 budget shouldn’t be applied retroactively, as such a policy will erode foreign investor confidence, a tax expert warned Monday.Any new levies that the Sri Lankan government proposes for its 2005 budget shouldn’t be applied retroactively, as such a policy will erode foreign investor […]

The odds for star-spangled Sri Lankans to strike it rich in a game of chance just got better, with a third lottery operator now active in the market The odds for star-spangled Sri Lankans to strike it rich in a game of chance just got better, with a third lottery operator now active in the […]

Loss making state entities face the axe under a revised mandate for the Public Enterprises Reform Commission (PERC), now in the last stages of finalisation. Loss making state entities face the axe under a revised mandate for the Public Enterprises Reform Commission (PERC), now in the last stages of finalisation. Strategic Enterprises Reform Commission (SEMA) […]

An enhanced retirement plan incorporating greater flexibility and additional benefits, has been launched by Ceylinco Life.An enhanced retirement plan incorporating greater flexibility and additional benefits, has been launched by Ceylinco Life. Among the key features of the Ceylinco Retirement Account (CRA) is its flexibility to adapt to individual customer requirements. Each customer is given the […]

Vanik Inc. is in talks with a foreign investor to restructure its balance sheet and fend off bankruptcy proceedings to recover Rs. 4.4 bn in debt. Vanik Inc. is in talks with a foreign investor to restructure its balance sheet and fend off bankruptcy proceedings to recover Rs. 4.4 bn in debt. The ailing merchant […]

The government has reapplied for a US$ 60 mn loan from the Asian Development Bank (ADB) to restructure national revenue collection.The government has reapplied for a US$ 60 mn loan from the Asian Development Bank (ADB) to restructure national revenue collection. “We (government and ADB) have agreed on a basic outline and we hope to […]

Pramuka Bank got a short breathing space on Friday when the Appeal Court issued a stay order against the decision to liquidate the bank.Pramuka Bank got a short breathing space on Friday when the Appeal Court issued a stay order against the decision to liquidate the bank. The next Court hearing is set for November. […]

Treasury bond auctions on Thursday for three and four year bonds bring in over Rs 4 bn each. Treasury bond auctions on Thursday for three and four year bonds bring in over Rs 4 bn each. At the Treasury bond auctions held on Thursday bonds maturing in 2007 and 2008 were offered to the market. […]

The Trustee of Vanik debenture holders told the Colombo Stock Exchange on Thursday that it would support an application to windup the company.The Trustee of Vanik debenture holders told the Colombo Stock Exchange on Thursday that it would support an application to windup the company. Thursday’s statement follows an application on October 11 to the […]