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The world-renowned Islamic Finance News (IFN) Roadshow will hit the shores of Sri Lanka this September, bringing together the country’s Islamic finance industry and its key regulatory stakeholders to one forum to discuss the issues, challenges and potential of the industry. Having pioneered the concept of Islamic banking in Sri Lanka, Amana Bank has partnered ...
Announces interim dividend; maintains highest dividend yield in categoryJanashakthi Insurance PLC recorded another strong performance at the half year in 2012 and has announced a dividend of Rs. 1 per share. The company raises the bar in its dividend yield and continues to maintain the highest stated capital structure. The dividend improves on the previous ...
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently recognised 20 top companies as Strategic Level training partners at a special ceremony held at the institute’s Colombo 7 premises. The 20 companies representing the non-public practice sector hailed from diverse areas including banking, textiles, telecommunication, insurance, tourism and plantation, giving the instit...
IFC, a member of the World Bank Group, this week hosted an advanced trade finance seminar in Colombo to train bankers from Sri Lanka and Maldives on using sophisticated trade finance products, the better to serve small entrepreneurs engaged in international trade.
Approves $ 15 m loan to DFCC Vardhana Bank for relending for home purchase or rehabilitation in post-conflict and tsunami-hit areas Sri Lankans living in post-conflict and tsunami-hit areas will soon have better access to badly-needed housing loans, after the Asian Development Bank (ADB) approved a $ 15 million (nearly Rs. 2 billion) loan to ...
As a preferred Bank for the Small and Medium Enterprises sector, Union Bank of Colombo PLC (UBC), for the fourth consecutive year pledged its supported to the National Chamber of Exporters (NCE) by becoming the principal sponsor for the Export of Business and Professional Services category in the 20th NCE annual awards which recognizes the ...
Placed amidst of wave of opportunity, today Sri Lanka is poised for exponential growth and sustainable economic development. In this context of emerging national prosperity, exports irrefutably play a pivotal role in driving the much anticipated economic progress. Exports are the main foreign exchange earners for the country and present many prospects for growth and ...
The latest beneficiaries of Commercial Bank’s flagship CSR initiative to enhance IT education in Sri Lanka are the inmates of the Welikada prison. The Bank donated computers, UPS units, speakers and computer tables and chairs to the prison on a request made by its Superintendent, Gamini Jayasinghe. Arrangements have been made for computer classes to ...
Sampath Bank, celebrating its 25th anniversary, recently concluded its popular series of educational seminars for Year five scholarship students, held for the third consecutive year, providing them with the opportunity to expand their knowledge and simultaneously win some great prizes. Sampath Pubudu and Sapiri Children’s Savings Accounts holders, as well as non-account holders, were equally...
The world renowned Islamic Finance News (IFN) Roadshow will hit the shores of Sri Lanka this September, bringing together the country’s Islamic Finance industry and its key regulatory stakeholders to one forum to discuss the issues, challenges and potential of the industry.
Retailers-driven ‘small caps’ dominated the Colombo Bourse yesterday, whilst most blue chips and conservative investors were less active as the capital market prepared to adjust under a new regime at the SEC. Perhaps finding it difficult to comprehend whether the new appointments to the Securities and Exchange Commission (SEC) were good or bad, stock market ...
UNP MP Dr. Harsha de Silva yesterday issued the following statement on the new appointments to the Securities and Exchange Commission (SEC): Is the Government’s message to go ahead and engage in fraud at the CSE without worrying about getting caught? If the Minister of Finance was genuinely concerned in re-establishing a fair and equitable ...
Fitch Ratings Lanka has assigned Singer (Sri Lanka) PLC’s (Singer) proposed three-year senior unsecured redeemable debentures of up to Rs. 1 billion a National Long-Term rating of ‘A(lka)’. The Outlook is Stable. The rating reflects Singer’s market position as one of Sri Lanka’s largest consumer durables retailers, as well as its established franchise and extensive .....
IFC, a member of the World Bank Group, this week hosted an advanced trade finance seminar in Colombo to train bankers from Sri Lanka and Maldives on using sophisticated trade finance products, the better to serve small entrepreneurs engaged in international trade. The five-day training program, sponsored by the government of Japan, helps bankers identify ...
RAM Ratings Lanka has reaffirmed Sanasa Development Bank (SDB) PLC’s respective long- and short-term financial institution ratings of BBB and P3. Concurrently, the outlook on the long-term rating has been revised from stable to positive. The revision reflects the Bank’s demonstrated ability to maintain its asset quality indicators over the past few years despite catering ...
The annual flagship event of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the Annual Report Awards 2012 will be powered by leading credit rating agency, RAM Ratings Lanka (LTD). Held for the 48th consecutive year, the awards competition is a benchmark event which promotes transparency, corporate governance and accountability among organisations ...
THE cost of living is a daily state of being, rather than a condensed number for the masses. However, the latest August data depicts dangerous signs for the Government as it heads towards elections. On Tuesday President Mahinda Rajapaksa was seen visiting the drought-hit regions ahead of his campaign trail in the three provinces that ...
24th August 2012 Dr. P. B. Jayasundera, Secretary to the Treasury, Ministry of Finance & Planning The Secretariat, Colombo 1. Dear Dr. Jayasundera, Establishment of a Financial Services Authority and a Banking and Finance Commission I suggest for your consideration that you duly evaluate the long-term national economic benefits of enhancing effective fiscal management capability ...
DFCC Vardhana Bank (DVB) continues to uphold its status as one of Sri Lankaandrsquo;s fastest growing banks. Fitch Ratings Lanka re-affirmed the bankandrsquo;s national long-term rating of andlsquo;AA-(lka)andrsquo; (stable outlook) with DVBandrsquo;s subordinated debentures also rated at andlsquo;A+(lka)andrsquo;.
PUC Commission to make Final Decision on Tariffs on the 14th Of September By Devin Jayasundera The Public Utilities Commission (PUC) had its annual Public Consultation regarding the Non-Conventional Renewable Energy Tariffs for 2012/2013 amidst the presence of its major stakeholders yesterday. According to PUC Director General Damitha Kumarasinghe this progressive step was taken ...
The rebound in the Colombo stock market gathered further momentum yesterday, with retailers remaining and those with improved sentiments reinvesting gains from mid-day profit taking. The latter was evident as the market originally rose sharply with ASI up 0.8% and MPI by 1.1% and thereafter slowed down before gaining upwards once again. Throughout the day, ...
The European Union yesterday announced it would provide Sri Lanka a grant amounting to approximately Rs. 9 billion (EUR 60) million under the European Union support to the District Development program spanning over 2012-2017. The latest support was disclosed by Head of the Delegation of the EU in Sri Lanka Bernard Savage when he met ...
Commissioners given freedom to decide future course with regard to DG post Dr. Jayasundera says top professionals picked to give leadership to a sound capital market growth Priyantha and Sujeewa served as Commissioners under Indrani Sugathadasa as well Opposition and certain market segments decry choice of men given their conflicting roles By Nisthar Cassim Likely ...
The Sri Lanka Premier League’s Uva Next franchise has paid its players their outstanding fees, having delayed their initial payments for over two weeks. Uva Next owner Tushar Bedi said the players received their payments late last week after the Reserve Bank of India released the money to the franchise. He said the delay had ...
The Sri Lanka Institute of Marketing (SLIM) together with the Bucks University featured the 2012 award winners from Singapore of global business associations and chief marketing officers under the theme ‘Is The Party Over?’ at Galadari Hotel, where a select audience of 200 business and marketers attended the event. Some of the key points discussed ...
Achievements so far The authorities have achieved significant success in reducing the budget deficit from 9.8% of GDP in 2009 to 6.8% in 2011. The bold measures introduced in February/March 2012 to increase fuel and electricity prices, passing on higher global costs, have gone a long way towards reducing the off-balance sheet losses of 2% ...
What is Enterprise Resource Planning? Enterprise Resource Planning (ERP) systems integrate internal and external management information across an entire organisation, embracing finance/accounting, manufacturing, sales, HR and service, customer relationship management, etc. ERP systems automate this activity with an integrated software application. The purpose of ERP is to facilitate the flow of in...
A MOU was signed between The National Chamber of Commerce of Sri Lanka (NCCSL) and the Sri Lanka Bangladesh Chamber of Commerce of Industry (SLBCCI) after the visit of ten member delegation headed by of NCCSL President Asoka Hettigoda to Bangladesh. Hettigoda is seen here addressing SLBCCI meeting at Hotel Royal Park, Dhaka From left: ...
MBSL Savings Bank, a subsidiary of Merchant Bank of Sri Lanka (MBSL) continued its burst of expansion activity with the bankandrsquo;s relocation of its Kottawa Extension Office to no. 262/2A High-level Road.
Sri Lanka’s total outstanding government debt stood at Rs.5902.2 billion as at end of May 2012, against Rs.4800.9 billion reported during the same period of 2011, the latest data released by the Central Bank showed.