Category: Industry

Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning.Shares of Lanka IOC(LIOC) closed at Rs 47 after opening at a high of Rs 54 in the morning. The shares were issued at Rs 27, giving massive capital gains to subscribers of the LIOC IPO. Meanwhile, […]

For the first time in history the market capitalization of the Colombo Stock Exchange (CSE) went over Rs 400 bn on Wednesday. For the first time in history the market capitalization of the Colombo Stock Exchange (CSE) went over Rs 400 bn on Wednesday. The market moved up by Rs 24.5 bn, or 6.5 percent, […]

Customs, Excise and Inland Revenue departments are going on an intensive fitness regime next year to beef up tax collection.Customs, Excise and Inland Revenue departments are going on an intensive fitness regime next year to beef up tax collection. “We will strengthen the revenue collection bodies starting with the Inland Revenue and subsequently Customs and […]

Sampath Bank is infusing over Rs.75 mn to float a specialised leasing unit, to capitalise on the growing trend for operating leases.Sampath Bank is infusing over Rs. 75 mn to float a specialised leasing unit, to capitalise on the growing trend for operating leases. The yet-to-be-named company will start operations early next year, with Sampath […]

Moving in with the paperless world, Sri Lanka will introduce a computer images based cheque clearances system to speed up transactions, by August 2005. “We are hoping to get the image based clearance system fully operational by August 2005,” said Justin Wickramasinghe, CEO of Sri Lanka’s cheque clearing house LankaClear (Pvt) Ltd, on Tuesday. The […]

Sri Lankan authorities are tightening scrutiny on export inflows as the country battles an exchange crisis brought about by falling capital flows and rising imports.Sri Lankan authorities are tightening scrutiny on export inflows as the country battles an exchange crisis brought about by falling capital flows and rising imports. The Department of Exchange Control, an […]

The Treasury is planning to issue a fresh US$ 100 mn of commercial bonds next year while giving up on cheaper program loans from lenders.The Treasury is planning to issue a fresh US$ 100 mn of commercial bonds next year while giving up on cheaper program loans from lenders. The government has already issued US$ […]

Tax changes proposed in Budget-2005 will go before Parliament early next year, says the Treasury.Tax changes proposed in Budget-2005 will go before Parliament early next year, says the Treasury. “We will get the changes to the indirect taxes approved by January 31, 2005 and income tax changes by March 31, 2005,” said Treasury secretary, P […]

The Asian Development Bank stepped in on Monday to bail out debt riddled Peoples’ Bank, with a Rs.4.5 bn loan package. The Asian Development Bank stepped in on Monday to bail out debt riddled Peoples’ Bank, with a Rs. 4.5 bn loan package. “We will get Rs 2.0 bn in the last quarter of 2005, […]