Category: Banking and Finance

The solution combines IT hardware from IBM, accounting software from Golden Key and telecommunication services of SLT to give companies a ready to use accounting solution simply by logging on to a secure server.rn rnCompany offices say solution will reduce client side cost as they would not have to invest in hardware and expensive software […]

The bank is also planning to raise Rs.1 bn to its Tier II capital ratio through a debt instrument or preference shares, to improve its total capital ratio to 11 percent from current 9.53 percent. rnldblquote We have been through hard times, but never like this before dblquote , HNB quote s Managing Director Rienzie […]

On the cards are a higher ownership limits on foreign stakes in financial services including banks and insurance companies. rnPresently, foreign ownership is limited to 49 percent in Finance services, 90 percent in insurance companies and 60 percent in banks. rnCentral Bank Governor A S Jayawardene said they were discussing various possibilities, lquote but the […]

The government presently runs a two-tier tax system where provincial councils charges a 1 percent Turnover Tax (TT) while the Inland Revenue charges a 12.5 percent Goods & Service Tax (GST). rnrnThe chamber is proposing the government broadbase GST to cover all activities ranging from production distribution chain right through to the consumer and eliminate […]

ldblquote The request will be made to the Secretary Treasury, shortly.Our auditors PWC [PricewaterhouseCoopers] has informed us that a provision would be needed to cover the exposure in the absence of a government guarantee dblquote , the source said. rnrnThe state utility has stopped paying the capital element of the repayments, but continues to service […]

ldblquote Sri Lanka quote s cash reserve requirement should be reduced to at least 5 percent from the current 10 percent.We have one of the highest cash reserve requirements in the world, which significantly increases the intermediation cost in the financial sector dblquote , notes Mangala Boyagoda CEO Standard Chartered Bank and a key figure […]

ldblquote The aim is to make economic crime, uneconomic for the perpetuator and make him go elsewhere for his activities dblquote , says Prof. Barry Rider addressing a forum on Money Laundering organised by the Securities & Exchange Commission. rnrnHe called for proactive policing strategies and increased use of state intelligence resources to continuously monitor […]

The Council quote s former Chairman Rohan Masakorala told Lanka Business Online that it appears that the London underwriters were dragging their feet on the issue, despite favourable recommendations from the independent foreign security auditors. rnrnldblquote We asked the Minister to lead a delegation to at least waive the surcharge on Colombo and Galle. At […]

Referring to our recent story on JKH, Fitch says: ldblquote The report gives the impression that the meeting between JKH management and FRL analysts was related to impending rating decision with regard to the ldblquote Rating Watch quote currently placed on the company quote s SLAAA rating.Although lquote Rating Watch quote does indicate the possibility […]

Group turnover grew 21.6 percent or Rs. 553 mn to Rs. 3.1 bn during the period under review. rnrnHowever, the bank quote s net interest income during the third quarter has been lower than the second quarter, due to the sharp reduction in market interest rates. rnrnThe bank says a fall in market rates resulted […]

The company said Singapore based Stamford Press (Pvt) Ltd has shown an interest to acquire Lake House Bookshop quote s assets. rnldblquote Stamford Press has submitted an offer and the Board of Directors are finalising the negotiations, dblquote Lake House said in a statement to the Colombo Stock Exchange today. rnLake House Investments has been […]

Takaful is a mutual assurance service based on Islamic finance principles.rnInvestments of the insurance funds are placed in non-interest bearing instruments such as bullions, financing or equities that are permissible in Islam. rnAmana presently has a partnership with Takaful Malaysia, which is a formally regulated company in Malaysia. rnrnThough Amana Takaful was recognised under a […]