Category: Banking and Finance

One of the key problems that hamper agriculture these days is price volatility.Primary agricultural markets have traditionally been volatile, with problems sometimes getting out of hand by ad hoc government policies. Attempts to restore price stability with guaranteed price increases have seen limited success.rnrnWith crashing markets spelling ruins for many farmers, the Central Bank initiated […]

Fitch Ratings Lanka quote s CEO is flying out on a rescue mission to try and salvage an impending divorce from its US partner Fitch IBCA.

The bank has already expressed intentions to the top management of two Colombo based commercial banks, Citibank quote s CEO Kapila Jayawardena told Lanka Business Online in an interview today. rnrnldblquote We are not interested in acquiring a branch network. It is more in terms of a portfolio purchase to expand our local corporate base […]

Fitch IBCA, the US partner of the local rating agency Fitch Ratings Lanka Ltd (FRL) plans to pull the rug under its Sri Lankan operations.

A sweeping set of tax reforms, including ban of all cash transactions over Rs.100,000, aimed at improving government revenue, are expected to be proposed by the Ceylon Chamber Of Commerce (CCC) to Treasury Secretary Charitha Ratwatte today. rnrn

ldblquote Everything has been sorted out.We are starting work tomorrow dblquote , a member of restructuring management team told Lanka Business Online. rnrnThe 13-member restructuring management team returned to work today, for the first time since union activists unceremoniously ousted them on December 28. rnrnThey attended Nanayakkara quote s takeover ceremony this morning and were […]

The ministry last week announced a six-month moratorium on parate executions but stopped short from adjusting the provisioning requirements of all banks. rnrnldblquote This is the first and the last time we are appealing to all banks, dblquote Deputy Finance Minister, Bandula Gunawardene told reporters. rnrnldblquote We don quote t want to damage the lending […]

Ratwatte condemned the Ceylon Bank Employees Union (CBEU) protests against the restructuring management team, calling it an ldblquote uncivilised act not suited for professional bankers.“ rnrnHe further said reforms at People quote s Bank would continue regardless of party politics since the financial viability of the bank depends on them. rnrnldblquote This protest is totally […]

ldblquote Improving our interest cost structure by encouraging more current account deposits, is not the main objective of the promotion. Through the years the use of cheques by retail and business customers have become stagnant, due to lack of promotions, HNB Deputy General Manager, Dulip Daluwatte told Lanka Business Online. rnrnHNB being the largest private […]

Parate executions or the foreclosure on default loans by banks, would not cover micro enterprises whose borrowings are less than Rs.1 mn as at March 31. rnrnEntrepreneurs whose borrowing does not exceed Rs. 500,000 as at March 31 are also eligible for the package under the government quote s 100-day programme. rnrnDeputy Finance Minister, Bandula […]

ldblquote We have been out of our offices since December 28.Despite top-level government intervention, the environment is still not conducive for us to return to work dblquote , he said. The agitation was initiated by ruling party UNP trade union endash Jathika Sevaka Sangamaya (JSS), but senior UNP quote s intervened to avoid damage to […]

Earlier ABN Amro has been able to constantly maintain an impressive ROE of nearly 30 percent on profit after tax around Rs.150 mn. High ROE quote s are a common feature among foreign banks that cater to a niche market in Sri Lanka. Due to high restructuring expenses following the takeover, the figure is expected […]