DFCC Bank PLC and DFCC Vardhana Bank PLC have made an application to the Central Bank of Sri Lanka seeking provisional approval for a merger. This follows a decision by the Boards of Directors that it would be in the best interests of the shareholders and other stakeholders of both banks to amalgamate DFCC and…
The Supreme Court has issued an Interim Relief Order temporarily suspending the Gazette notification issued by President Maithripala Sirisena cancelling the long term lease on an extent of land for the proposed Sampur Heavy Industry Zone in Trincomalee, which is considered the largest investment project in Sri Lanka. The Interim Order was issued by a…
The new government is preparing to offer the contract for the multipurpose transport hub and city proposed by the earlier government to be constructed at Makumbura in Kottawa funded by the Japan International Cooperation Agency (JICA), to Sierra Construction (Pvt) Ltd which has submitted the lowest quotation. Cabinet has approved the proposal in this regard…
By W.A Wijewardena Central Bank making losses in two consecutive years There is an ominously dangerous Trojan horse that has been placed in the Central Bank by its previous administration led by the so called Monetary Board which still continues in perpetual succession. That horse is the mounting losses it has made consecutively for two…
A group of high officials from Sri Lanka’s civil aviation sector met Emirates Airline’s incumbent Chairman and Chief Executive Officer Tim Clark in Dubai recently for consultations to develop the island’s aviation services and its allied industries, said very reliable sources. The main objective of this meeting was to draw up a policy to develop…
Colombo shares ended the activities on negative note on Thursday for the second consecutive session amid political uncertainty on investor sentiments and profit taking. However the market turnover recorded an 8-month high of LKR 5.3bn driven by hefty crossings recorded in Ceylinco Insurance during the session. Benchmark All Share Price index slipped 8.18 index points…
Mayor of the City of London, Alderman Alan Yarrow, is to lead a business delegation to Sri Lanka (17-19 May) as part of efforts to make sure London and the UK remain the regional partner of choice when it comes to financial and professional services. The Mayor, acting as ambassador for the UK’s financial and…
Following the Finance Minister’s assurance yesterday that the Central Bank of Sri Lanka would repay the bankrupt Golden Key Credit Card Company depositors, 2.1 million shares of Ceylinco Insurance Limited were traded through the Colombo Stock Exchange today (14 May). Each share has been traded at Rs. 1,602 and the value traded is over Rs….
Though Sri Lanka’s Islamic Banking and Finance (IBF) industry has a small assets base, it shows strong growth, as revealed on 13 May in Colombo. “In 2014, the Lankan IBF sector has grown by a strong 42% from 2013’s total assets. That is, 2013’s Rs 35 billion IBF assets have increased to Rs 50 Bn…
The Central Bank of Sri Lanka (CBSL) will take the responsibility of repaying the moneys deposited with the bankrupt, CBSL-unsupervised Golden Key Credit Card Company which belonged to Lalith Kotelawala, said Finance Minister Ravi Karunanayake. The Finance Minister gave this assurance following discussions with a group of Golden Key Credit Card Company depositors who had…
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