Financial ServicesUK lawmakers to probe how big banks are run
LONDON (Reuters): British lawmakers will probe how to improve the way big banks are run and set top pay after past attempts to strengthen corporate governance have had mixed results in constraining bonuses or controlling excessive risk taking.
ADB says loan fund for poor nations may reach $12 b
MANILA, (Reuters): The Asian Development Bank (ADB) said on Friday funding for its concessional loan facility for low-income countries may increase by about 6% to around $12 billion despite economic and fiscal constraints faced by donor countries.
Historic Anuradhapura joins Softlogic Finance network
Financial arm of thriving group Softlogic Holdings, Softlogic Finance PLC opened its latest branch in the epicentre of Sri Lanka’s cultural triangle, Anuradhapura. Softlogic Finance takes operations to Anuradhapura city with its third branch opening for the year 2012.
Fitch rates People’s Leasing’s Rs. 500m CP at ‘F1’
Fitch Ratings Lanka has assigned People’s Leasing Company Plc’s (PLC, ‘A+(lka)’/Stable) proposed commercial paper (CP) issue of up to LKR500m a ‘F1(lka)’ National Short-Term rating. This issue enhances the previous LKR1bn issuance which was rated ‘F1(lka)’ on 23 March 2012, taking the total issuance to LKR1.5bn.
This new issue will be utilised to finance PLC’s working capital and lending. The enhanced issue will increase PLC’s CP-funded assets to about 9% based on 31 March 2012 assets, compared with 7% as at end-December 2011.
Big isn’t bad, US banks tell Fed
WASHINGTON (Reuters): The largest US banks are accusing the Federal Reserve of attempting to misuse its new regulatory powers to shrink financial giants under the misguided belief that “big is bad.”
Lobbying groups representing the big banks are pushing back against a set of proposed rules the Fed issued in December to more closely scrutinise the firms and rein in their risk taking after the 2007-2009 financial crisis.
People’s Merchant begins a new chapter
Peoples Merchant PLC yesterday marked the transformation of the company’s’ strengths gained over a period of three decades into a licensed Finance company under the Finance Business Act No.42 of 2011 with a launch ceremony held at their head office at Navam Mawatha.
HDFC Bank holds New Year lucky draw
HDFC Bank held its New Year lucky draw which was organised for the first time at the Bank’s Head office recently. HDFC Chairman Siromi Wickramasinghe was the Chief Guest at the draw and HDFC Acting CEO/GM S.
Nations Leasing taps more biz with new brand campaign
Nations Leasing, the leasing arm of Nations Trust Bank PLC (NTB), recently launched a new advertising campaign across various media.
Indian Rupee could hit 56 to the dollar: UBS
Reuters Market Eye: UBS says rupee could hit 56 to the dollar, which would mark a record low. UBS cites prospect of slowing flows on the back of India’s “severe” deficit drag, the need to “repair” the country’s balance sheet and regulatory ambiguity that has reached a “crisis point.”
Dollar dips on Fed comments, shares firmer
LONDON (Reuters): Global shares edged higher and the dollar hit a three-week low against a basket of currencies on Thursday after the Federal Reserve reaffirmed its willingness to help if the US economy weakened, though it raised its growth outlook slightly.
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