Category: Banking and Finance

Submissions for technical proposals closed on Tuesday evening, but only six parties had responded for the third stage, sources close to the deal said Wednesday.rn rnThe six parties are believed to be, Janashakthi Insurance, DFCC Bank/Commercial Bank, Eagle Insurance with their principals Zurich, Asia Capital/Asian Alliance Insurance and CT Smith Stockbrokers representing a consortium.rn rnEarlier […]

The package could be followed by a grant up to US$ 20 million to set up the authority somewhere next year.rn rnGovernment revenue collections consistently fall short of targets due to problems with tax collection.rn rnThe ADB says the Revenue Authority, a merged entity between Inland Revenue, customs, and excise departments, would be better equipped […]

Eagle Insurance, which is offering online insurance cover for international trade says the new service will speed up transactions.

Hundreds of Employees Trust Fund (ETF) members come to its offices at Narahenpita to collect their dues. And the queue is always long. They are however easy customers to please.rn rnUnlike bank customers, they can quote t shift their money even if they are unhappy about the returns or level of service. rn rnAnd in […]

The US$ 50,000 grant, extended through the Asian Development Bank (ADB), will finance a study to set up an autonomous authority to streamline revenue collection and tax administration.rn rnInefficiencies in revenue collection, as well as widespread tax evasion are an established fact, with state revenues on the decline in the past few years.rn rnThe national […]

Managing Director Nihal Jayawardene says the company was studying the proposals and would consider accepting one of them shortly.rn rnMeanwhile, reliable sources say the bank is holding an accumulated loss of Rs. 260 million with an average monthly loss of over Rs.5 million. rn rnAt Rs. 260 million, the bank quote s accumulated loss has […]

Former CEO Hydery Rehmanjee presently serving on the director board was reappointed to the seat, a company release says.rn rnWikramanayake joined UAL as Deputy CEO in April 1999 when he returned to the country after a 19 year stint in a Bermuda based international bank. A year later he succeeded Rehmanjee to the chair. rn

Central Bank is seeking more flexibility to cut commercial bank quote s statutory reserve ratios in the future and also pay interest on reserves if it reaches extraordinary levels.rn rnIn a soon to be introduced amendment to the Monetary Law Act, the current floor levels for reserves will be taken off giving Central Bank discretion […]

The downgrading comes on the top of a planned medium term debenture by the group as exclusively reported by LBR recently.rn rnFitch says that the rating cut comes in the wake of higher leverage levels due to acquisitions.rn rnJKH group recently acquired a ninety percent stake in the bunkering Lanka marine services company.rn rnThe group […]

Insurance companies are now starting to segment the market to provide targeted products to customers.rn rnEagle insurance recently launched a car insurance scheme targeted at the luxury car segment.rn rnThe company says niche market insurance products can be very profitable for insurers. rn rnldblquote We found that we have nearly 250,000 cars in Sri Lanka […]

Mr. Sumanasara, like most contributors to the mandatory provident fund, he has no idea how much the ETF makes by investing his contribution.rn rnThe interest they pay annually has fluctuated between 7 to 14 percent over the last five years. Members however have little information on the actual return of the fund.A large part of […]

ldblquote e-Marine quote allows Eagle quote s customers to access their marine insurance documents over the internet, discarding the need for the movement of paper documents.rn rnEagle Insurance officials believe anywhere access of the policy would streamline documentation and save time for the shipping industry. rn rnHowever, only customers with an open cover agreement with […]