‘Mergers will create a vibrant financial sector’
Consolidation of banks and financial institutions
will help create a vibrant financial sector in the country, a senior
banker told a panel discussion on ‘The way Forward on the Proposed
Consolidation of Financial Institutions’ last week. However, he said
meeting the deadline to submit a plan and completing the process of
consolidation was an uphill task for companies planning to merge.
 Full Story
Ceylinco Shriram repays 84% of depositors
Ceylinco Shriram has settled dues of 84.5
percent of the investments of 4,928 depositors amounting to Rs 2.6
billion. Five instalments have been completed up to October 22,
2013, and included a payment of Rs. 1.1 million per depositor or 60%
of the deposit outstanding whichever is lower.
Full Story
Inflation remains at single digit
The effectiveness of policy measures in place
was visible as the economy showed signs of further improvement with
interest rates adjusting downwards albeit with a lag, and private
sector credit picking up during the last quarter of 2013.
Full Story
SME sector tax compliance vital for economic growth
Large business organisations that represent less
than 20 percent of the corporates contribute 80 percent of the tax
revenue of the country and tax compliance of the SME sector needs to
improve for Sri Lanka to achieve higher economic growth and other
targets, Commissioner General of Inland Revenue (IRD), Mallika
Samarasekara told a seminar on SME Taxation in Kandy last week.
Full Story
Rs. 838 million IPO:
Alumex to set up powder coating plant
Alumex Limited, a subsidiary of the Hayleys
Group plans to go for a Rs. 838 million Initial Public Offering
(IPO) to set up a powder coating plant and be eligible for the tax
benefit offered by the Government for entities obtaining a listing
on the CSE before March 31, 2014.
Full Story |
