Category: Banking and Finance

The Mahapola Trust Fund will test its luck at the lotteries game again, with a court injunction against its partnership with US lotteries operator GTECH Holdings withdrawn in August. The Mahapola Trust Fund will test its luck at the lotteries game again, with a court injunction against its partnership with US lotteries operator GTECH Holdings […]

Ceylinco Insurance says it is in talks with Hayleys AIG to acquire its life insurance business in Sri Lanka.Ceylinco Insurance says it is in talks with Hayleys AIG to acquire its life insurance business in Sri Lanka. Hayleys AIG, which has over 6,000 life policyholders at present, plans to concentrate on general insurance in the […]

Local financial sector, dominated by banks, has been growing at a healthy pace for decades.Local financial sector, dominated by banks, has been growing at a healthy pace for decades. Over the last five years banks with their access to cheap deposits have also made in-roads to specialized areas in the financial sector like leasing. The […]

The government is expected to give its verdict on People’s Bank’s restructuring proposal in three-weeks time detailing capital injection plans.The government is expected to give its verdict on People’s Bank’s restructuring proposal in three-weeks time detailing capital injection plans. The technically insolvent bank is asking to issue long-term convertible bonds to meet Central Bank’s minimum […]

President Chandrika Kumaratunga says pyramid style network marketing schemes have drained over US$ 50 mn from the country and warned tough action against government officials who promote them.President Chandrika Kumaratunga says pyramid style network marketing schemes have drained over US$ 50 mn from the country and warned tough action against government officials who promote them. […]

Mutual fund industry is re-submitting a proposal to government for investor tax breaks to set up retirement savings plans here. Mutual fund industry is re-submitting a proposal to government for investor tax breaks to set up retirement savings plans here. The proposal is also backed by the securities regulator, the SEC. Industry wants the government […]

Reporting a company’s financial performance is facing new challenges as investors demand more information about how the business is likely to perform in the future. Reporting a company’s financial performance is facing new challenges as investors demand more information about how the business is likely to perform in the future. Traditional accounting mostly looks at […]

Hatton National Bank says its shares are under-priced by the market.Hatton National Bank says its shares are under-priced by the market. This week it called an analysts conference to show that its shares are worth more than the levels reflected in the current prices. This has led to speculation that the bank could be heading […]

People’s Bank is likely to get a government capital injection via a convertible bond issue.People’s Bank is likely to get a government capital injection via a convertible bond issue. With private capital ruled out due to the policy of the current government, the Strategic Enterprise Management Agency (SEMA) has to look for other means to […]

The Department of Exchange control has imposed heavy penalties on violators of exchange control regulations.The Department of Exchange control has imposed heavy penalties on violators of exchange control regulations. The persons are believed to have helped send dollar abroad for third parties to participate in the controversial Gold Quest network marketing scheme. The highest fine […]

Conglomerate John Keells Holdings (JKH) regained its triple A status following two-year break, after clocking in impressive earnings and boosting its share capital.Conglomerate John Keells Holdings (JKH) regained its triple A status following two-year break, after clocking in impressive earnings and boosting its share capital. The premier bluechip has diversified interest in tourism, real estate, […]

Forty two year old leasing specialist Industrial Finance Ltd is coming out with a rights issue to up capital.Forty two year old leasing specialist Industrial Finance Ltd is coming out with a rights issue to up capital. The privately held company’s core capital stands at Rs.40 mn – just Rs. 10 mn short of Central […]