Nobel Prize economist warns of US stock market bubble

Published : 12:00 am  December 6, 2013  |  Category: Financial Services  |  Leave a Comment  |  188 views  |  

REUTERS: An American who won this year’s Nobel Prize for economics believes sharp rises in equity and property prices could lead to a dangerous financial bubble and may end badly, he told a German magazine. Robert Shiller, who won the esteemed award with two other Americans for research into market prices and asset bubbles, pinpointed the US stock market and Brazilian property market as areas of concern. “I am not yet sounding the alarm. But in many countries stock exchanges are at a high level and prices have risen sharply in some property markets,” Shiller told Sunday’s Der Spiegel magazine. “That could end badly,” he said. “I am most worried about the boom in the US stock market.... 

Eastman Narangoda takes the helm of George Steuart Finance PLC

Published : 12:00 am  December 5, 2013  |  Category: Financial Services  |  Leave a Comment  |  853 views  |  

Signifying a milestone in the history of the company, veteran banker Eastman Narangoda assumed office as Chairman of George Steuart Finance PLC. To mark this momentous occasion, a pirith chanting ceremony was organised at the company’s head quarters located at Station Road, Colpetty. Speaking on the occasion Narangoda expressed his optimism about the company and its ability to transform in the near future, into a strong and vibrant financial  solutions provider, setting an example to the industry which is faced with great challenges in the modern world. Established in 2004 as a dedicated leasing company named Asia Commerce Ltd., the company became a leasing and finance company in 2005. In... 

New CEO at Swarnamahal Financial Services

Published : 12:00 am  December 5, 2013  |  Category: Financial Services  |  1 Comment  |  1 views  |  

Swarnamahal Financial Services Plc yesterday announced the appointment of W.M.D. Sanjaya Fernando as the company’s new Chief Executive Officer. The appointment with effect from 15 November is following the resignation of S.M. Ganegoda as CEO though he will remain on the Board of Swarnamahal Financial Services as a Non Executive Director. Fernando counts for nine years experience in the field of banking of which five years in UK banking sector. He holds a MBA from the University of Wales Institute, Cardiff, a Post Graduate Diploma in Business Management from the London School of Commerce, London and a Diploma in Information Technology from the Australian College for Business and Technology.  Read More →

Amana Bank for new wave of growth with IPO

Published : 12:00 am  December 5, 2013  |  Category: Financial Services  |  1 Comment  |  968 views  |  

Amana Bank entered the financial services sector in 2011 as the pioneering islamic bank promoting an alternative method of financing. Flaunting its unique value proposition, since inception the bank has been determined to be the leader in the Islamic finance sphere and has ensured that it maintains this status. Amana Bank’s hunger for growth has pushed the institution implement a number of measures to ensure its efforts are geared towards the direction of its expansion. The most recent announcment by the bank in this regard is the Initial Public Offering (IPO) that will be opened on 11 December 2013. Amana Bank Managing Director/CEO Faizal Salieh shared with the Daily FT the relevance and... 

Abans Rs. 2 debenture up for grabs from today

Published : 12:00 am  December 5, 2013  |  Category: Financial Services  |  Leave a Comment  |  1 views  |  

The Colombo Stock Exchange (CSE) has approved in principle an application submitted by Abans Ltd., for the listing of its debentures on the debt securities main board of the CSE, to raise Rs.2 billion. Abans Ltd., is offering 10 million Senior Rated Unsecured, Subordinated, Redeemable Debentures at an issue price of Rs.100 each with an option to issue a further equal amount in the event of the initial offer is oversubscribed. Investing public can subscribe to the debenture issue from today whilst its official opening is on 13 December 2013. Financial advisors and managers to the issue are York Street Partners Ltd., and Capital Alliance Partners Ltd.  Read More →

Lanka ORIX Finance introduces epic product extensions and benefits via Speed Draft

Published : 12:00 am  December 5, 2013  |  Category: Financial Services  |  1 Comment  |  1 views  |  

Financial powerhouse, Lanka ORIX Finance PLC (LOFC) understanding the immediate, short-term cash needs of consumers has introduced an innovative and revolutionary range of product extensions and epic benefits via the Speed Draft finance facility, which are aimed at fulfilling people’s specific finance needs. This one-of-a-kind speedy finance facility allows individual customers and businesses to purchase goods for shop and import finance business, for home renovations and constructions, to purchase land or agri-equipment and to further educational needs. Speaking about this unique finance solution, LOFC Chairman Kapila Jayawardena said: “Speed Draft is a finance solution similar to an overdraft... 

Nations Trust Bank opens 70th branch at Karapitiya with 365 day banking

Published : 12:00 am  December 4, 2013  |  Category: Financial Services  |  Leave a Comment  |  803 views  |  

Continuing the rapid expansion drive, Nations Trust Bank opened their newest branch in Karapitiya, widening their branch network to seventy (70) locations. At present the bank operates three branches in the Galle district offering customer convenience with 365 day banking and extended banking hours.   The new branch is located at No. 241, Hirimbura Road, Karapitiya with an ambience that is friendly and convenient and offers a range of innovative products and services. With the entry to this market, Nations Trust Bank will fulfil the diverse financial needs of this township that is exposed to a traditional agricultural economy. The growth planned in this area will open numerous entrepreneurial... 

Sri Lanka stocks end steady; investors watch interest rates

Published : 12:00 am  December 4, 2013  |  Category: Financial Services  |  Leave a Comment  |  538 views  |  

Reuters: The Bourse ended steady on Tuesday as losses in diversified stocks offset gains in shares of food and beverage companies for a second day, while investors watched earnings and interest rates for direction. The main stock index dropped 0.02%, or 0.98 points, to 5,773.12. The market had hit a 10-week low on Wednesday. Confidence factor is not there and investors are still waiting for directions on interest rates and earnings, a stockbroker said. There is speculation that interest rates will go further down. The market has been in a falling trend after September-quarter earnings pointed to slower growth. Investors are worried that fresh taxes announced in the Budget last week could hit... 

Seylan Bank conducts seminars for trade clients

Published : 12:00 am  December 4, 2013  |  Category: Financial Services  |  Leave a Comment  |  590 views  |  

Seylan Bank’s International Department conducted a trade seminar at Jetwing Lighthouse, Galle on 27 August 2013 for their trade clients of Ambalangoda, Akurassa, Beliatta, Galle, Hambantota, Koggala, Kalutara, Matara and Tissamaharama branches. Another seminar was held at Ranmal Holiday Resort, Moratuwa on 24 October 2013. The branches covered under this program were Attidiya, Boralesgamuwa, Bandaragama, Dehiwala, Kalubowila, Mount Lavinia, Moratuwa, Horana, Panadura, Piliyandala, Sarikkamulla, and Soysapura. ‘Latest developments affecting the international trade transactions’, ‘Conservation of quality through proper packaging’ and ‘Marine insurance, your freedom to trade’ were... 

Robust inflows persist: CB

Published : 12:00 am  December 4, 2013  |  Category: Financial Services  |  Leave a Comment  |  586 views  |  

The Central Bank yesterday listed the degree of robust inflows to the country, reaffirming their continuity. Following are some of the highlights: Earnings from tourism in the services account of the BOP Tourist arrivals grew at a rate of 27.9%, year-on-year to 102,805 in October 2013. Accordingly, tourist arrivals during the first 10 months of the year amounted to 904,015 recording a year-on-year growth of 16.8%. Earnings from tourism recorded a year-on-year growth of 26% during the first 10 months of 2013 to $996.2 million, compared to the cumulative earning of $790.5 million during the corresponding period of 2012. The top five sources of tourist arrivals in October 2013 were India, UK, Middle... 

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