Banking and Finance

Fresh Look

May 25, 2006 (LBO) – The Hayleys Group said Thursday that Nirmala Gihan Wickremeratne, Deputy Chairman, will succeed Rajan Yatawara as Chairman of the …

Dormant Money

May 25, 2006 (LBO) – Sri Lanka is looking at the possibility of taking over the dormant accounts and property deposited in commercial and specialised …

Steady Progress

May 24, 2006 (LBO) – People's Bank, Sri Lanka's second-largest state bank in terms of assets, said group net profits for the three-months to March 31 …

Step Pyramid

May 24, 2006 (LBO) – Authorities in Sri Lanka are stepping up a campaign against pyramid schemes, after learning that promoters were targeting school …

Tech Glitch

May 23 (LBO) – Local commercial banks with a backlog of un-cleared cheques say the operational glitch will be sorted out by the end of this week. …

Getting Co-operation

May 22, 2006 (LBO) – More than 25 co-operative societies have responded positively to the government's call to revamp their banking units, Commissioner …

Good Windfall

May 18, 2006 (LBO) – Sri Lanka's NDB Bank Thursday reported a 585 percent jump in first quarter profits boosted by capital gains from the partial equity …

Disappointing Year

May 17, 2006 (LBO) – Sri Lanka's Hayleys Ltd Wednesday reported a 24 percent drop in net profits for the financial year ended March 31, due to higher …

Modest Growth

May 10 (LBO) - Union Assurance Ltd. posted a strong first quarter with profit after tax of Rs34 million as at March this year, over Rs37 million for the same …

Safe-Keeping

May 08 (LBO) - Investors in government securities are being asked to register online with the Central Bank for regular, updated information on their …

Commercial Gain

Foreign exchange profits and book gains in investments has boosted profits of Commercial Bank in the first quarter of 2005. online pharmacy …

Low Value

May 2 (LBO) -- A lower than expected valuation of prime commercial property belonging to Sathosa may delay its sale to a state bank, a top official said. …

Waiting Game

Apr. 26 (Dow Jones)--A suicide attack in the Sri Lankan capital and airstrikes in the east of the country aren't worrying foreign investors, and the government …

Close Circuit

Apr. 26 (LBO) – Sri Lanka has started a financial intelligence unit to track foreign exchange dealings in excess of 5,000 dollars, treasury secretary P B …

Quit Notice

Apr.20 (LBO) – Sri Lanka's State Banks & Development Minister Wijedasa Rajapakse Thursday resigned his ministry ending a short stint which was surrounded …

Agonizing Wait

Apr.18 (LBO) – Sri Lankan banks have asked for extra time to implement a tax on credit card transactions, as the new stamp duty law is riddled with …

Falling Short

WASHINGTON, Apr. 14 (AFP) - Rising fuel and materials prices and skilled labor shortages are expected to push reconstruction costs for the deadly December 2004 …

Tax Ceiling

Apr.12 (LBO) – Sri Lankan banks have asked the government to consider imposing a lower tax on credit card transactions, as the new stamp duty will …

Asian Foray

SINGAPORE, Apr.11 (AFP) - India's sixth largest private bank, UTI Bank Ltd, opened its first international branch in Singapore Tuesday, marking the first step …

Turbo Charge

Apr.10 (LBO) – The World Bank Monday gave out US$35,000 grant to six projects that will help youth development work in Sri Lanka. -LBO Newsdesk: …