Secondary market bond yields edge up once again

Published : 4:12 am  June 28, 2013  |  Category: Financial Services  |  Leave a Comment  |  425 views  |  

By Wealth Trust Securities Selling interest in secondary bond markets saw yields edge up once again yesterday with the two liquid five year maturities (i.e. 1 April 2018 and 15 August 2018) continuing to dominate activity. Its yields were seen increasing intraday by 18 basis points (bp) and 15 bp respectively from lows of 11.22% and 11.32% to highs of 11.42% and 11.47%. In addition, a limited amount of activity was witnessed on the eight year maturity within the range of 11.55% to 11.60%. However in contrast to the secondary bond markets, yields on secondary market bills dipped mainly on the 364 day maturity as it was seen changing hands within the range of 11.60% to 11.64%. In money markets... 

DFCC Bank shines at ADFIAP Awards 2013

Published : 1:52 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  702 views  |  

DFCC bagged three awards at the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Awards Ceremony held in Mongolia recently. ADFIAP Awards are keenly contested by 131 member institutions in 45 countries. DFCC Bank has been a founder member of the association and has been winning awards every year for its outstanding project work. This year DFCC received awards for ‘The most outstanding local economic development project’, ‘The best annual report’ and ‘The best website’. The award for ‘The most outstanding local economic development project’ was won for DFCC’s active role in supporting the Annai Sea Food Processing Factory; a state-of-the-art... 

MMBL ties-up with Bimputh Finance to strengthen the Western Union money transfer network in interior areas

Published : 1:51 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  846 views  |  

Bimputh Finance PLC joins with MMBL Money Transfer to offer Western Union money transfer services through their network of 15 branches located in Colombo, Negombo, Panadura, Jaffna, Puttalam, Batticaloa, Sevanagala, Dehiyathakandiya, Siyamb-alanduwa, Monaragala, Padiyathalawa, Uhana, Pottuvil, Mahaoya, and Ampara. MMBL Money Transfer  Ltd., a joint venture between Aitken Spence PLC and Mercantile Merchant Bank Ltd., is one of Sri Lanka’s leading international money transfer providers offering Sri Lankans access to Western Union money transfer services and connecting to a global network of more than 489,000 Western Union agent locations in over 200 countries and territories. Serving Sri Lankans... 

Ceybank ice cream Dansela

Published : 1:50 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  553 views  |  

Ceybank Asset Management held an ice cream Dansela on 25 June in front of their office at Ward Place, where large crowds gathered and 5,000 ice cream cones were distributed from 12.30 p.m. to 3.00 p.m. with the participation of Ceybank Chairman K. L. Hewage and staff.  Read More →

Janashakthi partners Future Minds Higher Education and Career Exhibition

Published : 1:48 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  596 views  |  

Leading Insurer, Janashakthi partnered the 8th Future Minds exposition in a bid to encourage future leaders of the country to choose a solid education path. The Future Minds higher educational exhibition enables school leavers and students to choose a best suited higher educational option. Minister of Fisheries and Aquatic Resources Development Dr. Rajitha Senaratne ceremoniously declared opened this year’s exposition. This time Future Minds 2013 is being held in Colombo, Kandy and Galle. Janashakthi Managing Director Prakash Schaffter said: “Future Minds is the most dynamic education exhibition in Sri Lanka, which provides a platform for both educational institutes and students. As a company... 

Hong Kong-based credit rating agency launched to challenge ‘Big Three’

Published : 1:48 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  314 views  |  

Hong Kong (CNN): A new credit rating agency backed by Chinese, Russian and American firms has launched recently in Hong Kong, with a mission to displace the “Big Three” Western firms at the heart of the international ratings system. The joint venture, the Universal Credit Rating Group (UCRG), says it intends to reform the current international credit rating regime, creating the initial framework for a new system by 2020, with the ability to provide credit risk information on all the world’s economies by 2025. Beijing-based Dagong Global Credit Rating, Russia’s RusRating and U.S.-based agency Egan-Jones Ratings are behind the project, which they consider part of a necessary overhaul of... 

BOC launches Mega Wasi Season 2 with total prizes of Rs. 84 m

Published : 1:48 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,243 views  |  

The Bank of Ceylon, Sri Lanka’s No. 1 bank is renowned for inculcating the savings habit among Sri Lankans, by promoting and maintaining their savings. Further, the bank duly rewards such account holders who are indirectly partnering in national development. BOC Mega Wasi Season 2 is offering gifts worth Rs. 84 Million with more than 4,250 gifts to be offered through three lucky draws throughout the period. Account holders with a minimum balance of Rs. 10,000 for a continuous period of four months are qualified to enter the BOC Mega Wasi Season 2. Those who maintain Rs. 10,000 and multiples in their savings accounts (Normal Savings, Ran Kekulu, 14+, 18+, Kantha Ran Ginum, Senior Citizens, Ran... 

Reduction in Statutory Reserve Requirement turns bond markets bullish

Published : 1:47 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  567 views  |  

By Wealth Trust Securities The reduction in the Statu-tory Reserve Requirement (SRR) for all commercial banks in Sri Lanka by 200 basis points yesterday saw bond markets turn bullish as yields dipped across the board considerably. The reduction in the SRR rate is expected to add around Rs. 50 to Rs. 60 billion into money markets from the 1 July 2013 onwards. The reduction in secondary market bond yields was further supported by the drop in weighted averages (WAvg) at yesterday’s weekly Treasury bill auction. The 364-day bill reflected the sharpest decline of 19 basis points (bp) to 10.66% while the 182-day bill dipped by 10 basis points to 9.70%. However the 91-day bill WAvg continued to hold... 

The real lessons of Rajaratnam’s downfall

Published : 1:45 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  525 views  |  

The story of Raj Rajaratnam is much more than a simple case of money and greed, says Anita Raghavan, veteran financial journalist and author of the new book ‘The Billionaire’s Apprentice.’ Following are excerpts of the interview the Reuters TV program ‘The Exchange’ with Rob Cox did with Anita Raghavan:   Q: About Raj Rajaratnam – tell me what he did wrong. We know that he is the Galleon Group founder. He seems to be the building character in the book? A: Raj is this street fighting brash who is a hedge fund trader. He grew the Galleon hedge fund group from nothing to a seven billion dollar behemoth. Along the way, he basically took a few liberties that got some insider secrets... 

StanChart says on track to meet full year earnings forecasts

Published : 1:42 am  June 27, 2013  |  Category: Financial Services  |  Leave a Comment  |  196 views  |  

REUTERS: Standard Chartered said on Wednesday it was comfortable with analysts’ forecasts for its full year operating profit, after growth accelerated in the second quarter. Chief Executive Peter Sands said the bank had performed well despite persistent global economic turbulence, with second quarter growth up on the previous quarter and the same period the year before. “Growth has remained resilient across our footprint markets of Asia, Africa and the Middle East with high levels of client activity. We continue to see good momentum across a wide range of products and services,” Chief Executive Peter Sands said. Analysts expect the bank to make pre-tax profit of about $ 8 billion this year,... 

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