Category: Banking and Finance

Ceylinco Life has ended fiscal year 2003 achieving its declared goal of crossing the three billion rupee mark in premium income.In results released this week, the company said premium income had grown 29 per cent to Rs.3.042 bn in the year ended December 31, 2003.rn rnThis performance was made possible by a 51 per cent […]

The Treasury last issued the letter on March 13 2003, with the hope of finding fresh investors and to allow the bank to continue its normal banking operations.rn rnSince a top-level restructuring team was brought in over two-years ago, the bank has been able to cut its Rs. 6 bn negative networth to Rs. 2 […]

Working towards meeting a mid year target to launch Sri Lankas second online lottery, the Aitken Spence endash Getch Corp., partnership will invest Rs. 1.2 bn through the Board of Investment in their local operation.Aitken Spence Getch., will provide turnkey lottery management services including the installation, operation, and maintenance of the online and instant central […]

The state is looking at absorbing up to about 25 percent or as much as half the cost of laying rain guards for rubber trees on smallholder estates this year. Laying the plastic skirt-like rain guards over the areas to be tapped protects it in heavy rainfall areas like the Ratnapura and the Kalutara districts.Increasing […]

South East Asian Central Bankers will meet in Sri Lanka this week for its annual sessions and discuss matters of mutual importance.The Sri Lankan Central Bank is one of the founding members of SEACEN (South East Asian Central Banks), which has grown over the years to 12 members and six observers.rn rnThe SEACEN centre in […]

DFCC Bank saw a 16 percent rise in net profits for the nine months ending Dec. 2003, largely aided by falling interest rates and revenues from its associated companies.The development financial institution said group post-tax profits topped Rs. 933 mn from Rs. 801 mn reported in 2002.rn rnProfits from the banks own operations grew 69 […]

Leasing companies and private bus operators met on Wednesday under the direction of the National Treasury to sort out an administrative mess up of the newly introduced VAT on lease rentals of passenger coaches. rn rnThe Treasury directed leasing companies to set off any VAT payments made by bus operators – on lease rentals signed […]

A sophisticated yet low cost real time on-line money transfer facility has been launched by Commercial Bank of Ceylon, enabling Sri Lankan expatriates to make instant money transfers from many countries. This new money transfer facility, branded ldblquote ComBank e-Exchange dblquote , provides for instant money transfers via a number of reputed financial institutions in […]

The United States will float its new foreign aid agency – Millennium Challenge Corporation, in May this year, offering conditional aid for 60 of the poorest countries. Potential candidates will be announced in May, but future aid will be tied to good governance, economic freedom and anti-terrorism efforts.rn rnThe Millennium Challenge Account (MCA) will broadly, […]

Sri Lankas long-awaited sovereign rating has fallen victim to the ongoing political drama, with authorities opting to put the brakes on the issue once again.After toying with the idea for years, the government gave the greenlight late last year, to seek a country rating from at least two international rating agencies endash Standard & Poors […]

Plans to set up a common financial watchdog to regulate all deposit taking institutions, moved another step with international donors coming forward to fund the required legislation.Work on drafting the laws will start in April and a draft bill is due in Sept. for public consultation.rn rnldblquote The IMF and the World Bank has agreed […]

Succumbing to heavy lobbying from the leasing industry, the Finance Minister on Tuesday allowed certain bus owners to be exempted from paying 15 percent value added tax.Prior to January 1, all lease rentals in relation to public passenger transport buses (with 28 or more seats), were exempted from VAT.rn rnldblquote That same law should apply […]