Category: Banking and Finance

Ceylinco Life, has achieved record-breaking results in the first nine months of 2003, with a healthy 32 percent growth in premium income.The firm said this week, that premium income had reached Rs.2.24 bn as at September 30, 2003, reflecting a substantial 32 percent growth over the corresponding period last year.rn rnThis was made possible by […]

The Mahapola Trust Fund is matching numbers with US lottery solutions provider, GTECH to spin off its own sweepstakes operation next year.Betting Rs. 400 mn on the operation, the Fund will get full ownership and a minimum Rs.500 mn retutn on investments, its Director General, Shamila Perera told Lanka Business Online. rnrnFor its part, GETCH […]

Attempts through the budget to force leasing companies to pay tax could make leasing unattractive and uncompetitive according to the industry.Government in its budget 2004 announced that leased assets would be taxed at their market value when being transferred to the lessee or the party obtaining the lease.rn rnLeasing industry says taxing transfers will result […]

The UNF administration looks set go ahead with the tax on share trading profits, with the same determination, it is implementing unpopular reforms against less privileged classes in the country.Pampered equity investors who have been protected from taxation for more than two decades howled in protest at the 15 percent tax proposed by Finance K […]

Eagle Insurance says its net profits have soared 55 percent for the first nine months of this year, despite stiff competition in the local arena.Group net profits for the period under review touched Rs. 145 mn, as against Rs. 94 mn reported during the same period 2002.rn rnThe bulls come back to the bourse, prudent […]

All pensioners are in for a New Year bonus, with a ten percent hike in pensions from January 1 2004, the Government announced in its budget on Wednesday.rn ldblquote This is the largest increase granted to pensioners during the past ten years. This increase will cost the Government Rs.2.5 bn dblquote , Finance Minister Choksy […]

Central Bank cut its 2004 GDP growth forecast to six percent from an earlier 6.5 per cent after factoring in current uncertainties in the peace process and the political front.Projections for 2004 however, still remain above the 2003 economic growth target of 5.5 per cent.rn rnThe Central Bank said if the political spat found a […]

The upcoming Exchange Management Act adds muscle to the Finance Minister, and puts stiff financial penalties on wilful defaulters.Currently in gazette form pending parliamentary approval, the law allows locals to take out up to Rs.10,000 when leaving the country.rn rnSri Lankans are now legally allowed to hold foreign exchange in overseas bank accounts, without disclosing […]

Sri Lanka is in the top three alongside Thailand and the Maldives as a tourist hotspot for long-haul travel, but still needs a vital mix of peace, competitive rates and new infrastructure to give it that edge. Right up until last year, an average 300,000 tourists visited the island.This year numbers were expected to reach […]

Commercial Bank of Ceylon Ltd., has recorded a pre-tax profit (before the special Value Added Tax on Profit) of Rs 1.6 billion for the nine months ended September 30, a growth of Rs. 276.5 million or 20.9 per cent over the corresponding period last year.The special Value Added Tax calculated on the basis of 10 […]

The countrys top multilateral donors warned that economic and political stability are key to get aid following.Sri Lankas top multilateral and bilateral donors have warned that promised record aid flows could fall sharply unless the government stuck to the peace process and carried out key economic reforms.rn rnLenders to the country pledged a mammoth US$ […]

A cultural similarity in the insurance market was a big draw when Life Insurance Corporation of India re-entered the local market.The companys earlier operations were taken over by the government with nationalization of the industry in the sixties.rn rnThe company also had a lot of money left locally to service its existing customers after nationalization, […]