Category: Industry
Rest Assured
Monies for the fund will come on quarterly basis from a 0.2 percent cess on Life Funds and 0.4 percent cess on premium incomes of the General Funds, Insurance Board of Sri Lanka Director General, Dr.Dayanath Jayasuriya said Friday. rnrnPremium incomes for 2001 stood at Rs. 16,858 mn or a 1.2 percent of GDP. Premiums […]
Dozen Inquiries
Up to 90 percent of SLIC is up for grabs with the government keen to get a reputed investor to manage the life and general insurance giant. rnThe Potential investors would get management control with a possible option to buy the ten percent stake held by the employees. rnThe formal sale process is expected to […]
Spring Cleaning
Ministry efforts to set up an office of pension reform are already moving ahead, with a tripartite advisory committee to address all stakeholder issues.rn rnThe joint structure of government, employers and worker unions will thrash out concerns regarding retirement benefits and what is seen as a changing government role in the country quote s retirement […]
First Lap
Around 17 prospective investors have expressed interest to take a controlling stake in state insurance giant Sri Lanka Insurance Corp (SLIC).rn rnUp to 90 percent of SLIC is up for grabs and the government is keen to get a reputed investor to manage the life and general insurance business. rnrnPotential investors would get the management […]
Less Heavy
Deutsche Bank Tuesday reported a 59 percent drop in post tax profits after shedding its personal banking portfolio.
Out With MICE
rnThe decision was taken at the largest trade show on MICE tourism endash the European Incentive Business Travel Meeting (EIBTM) at which Sri Lanka participates each year.rn rnldblquote The objective in creating the definition is to encourage each meetings industry association to use a consistent message to stimulate better overall industry recognition dblquote , a […]
Surfs Up
On Friday the shareholders of Associated Hotels Co. Ltd., agreed to sell the beach front property as funds for development was not forthcoming. rn rnCompany Spokesperson Kumar Mallimarachchi told Lanka Business Online that shareholders were unable to pump in additional funds to upgrade the hotel to compete with neighbouring star class hotels. rn rnldblquote Some […]
Golden Abode
The Central Bank has allowed commercial banks to issue dollar denominated housing loans to migrant workers and NRFC holders.rn rnrnOver 180,000 Lankans seek employment overseas annually and remit around US$ 1 bn worth of foreign exchange every year. rnrnldblquote The concession to migrant workers is expected to create a boom in the housing market and […]
Pied Piper
With a definite shift eastward of high spending MICE tourists, aggravated by 9/11, Sri Lanka is redoubling its efforts to offer more than sun, surf and sand.National carrier SriLankan Airlines has joined an industry effort to boost MICE tourist arrivals by 15.00 percent from last years 12.68 percent of arrivals, by the end of this […]
Picking Up
However, the bank quote s net profits picked up 34 percent to Rs. 174.67 mn in 2002, as against Rs. 129.98 mn in the corresponding period, HNB said Wednesday. rnrnSri Lanka quote s largest private bank saw its group revenues fall 7 percent to Rs. 5.66 bn from Rs. 5.94 bn during the period under […]
Can We Do It?
The access road proper will hopefully be completed before the end of the year. rnrnAt the moment it is a stretch of loosely packed mud. rnrnThe previous government reportedly ran out of money to build the access road after initially going along with a proposal of Sri Lanka quote s top software firm, Millennium IT, […]
Rural Shelter
The Ceylinco group plans to channel an Indian line of credit to the rural sector.