Bond funds worldwide suffer $1.6 b outflow: BofA

Published : 12:00 am  August 6, 2013  |  Category: Financial Services  |  Leave a Comment  |  627 views  |  

REUTERS: Bond funds worldwide suffered outflows of $1.6 billion in the latest week as investors awaited signs from the Federal Reserve regarding its bond-buying stimulus, data from a Bank of America Merrill Lynch Global Research report showed Friday. The outflows from bond funds in the week ended 31 July came after investors gave $4.4 billion to the funds the previous week, the report showed, also citing data from fund-tracker EPFR Global. Over the week, investors awaited Wednesday’s statement from the Federal Open Market Committee regarding the pace of its $85 billion in monthly purchases of Treasuries and agency mortgages. Investors fear a further rise in interest rates if the Fed cuts its... 

Fitch: Huge growth potential for Asian reinsurance

Published : 12:00 am  August 6, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,212 views  |  

Fitch Ratings says that the robust development of insurance in Asia, coupled with the region’s low contribution to global reinsurance premiums written and strong economic growth, underlines huge growth potential for reinsurance. In a special report published yesterday, Fitch says many Asian markets have low insurance penetration, in particular the untapped Chinese and Indonesian markets. Although Asia has been affected by an increase in the frequency and severity of natural catastrophes in recent years, there have been fewer events since 2011. Premium rates for regional reinsurance policies renewed during 2012-2013 have reached a plateau, except for some marginal rate increases for selected... 

HSBC revenue hit by emerging market slowdown

Published : 12:00 am  August 6, 2013  |  Category: Financial Services  |  Leave a Comment  |  709 views  |  

 H1 pretax up 10% to $14.1 b vs $14.6 b forecast Profit rises on cost cuts, fall in losses from bad loans Revenue falls 12% as emerging markets slow Expects to sell more US loan portfolios in H2 LONDON (Reuters): HSBC Holdings Plc, Europe’s biggest bank, posted slower than expected earnings growth and a 12% drop in revenue, reflecting a slowdown in growth in emerging markets and sending its shares lower. Profit rose 10% in the first half of the year as HSBC’s three-year cost-cutting plan started to pay off, but this fell short of forecasts after a steeper than expected drop in revenue. “For all the worthy progress in terms of strategic repositioning … weak revenues driven by anaemic... 

Bond markets inactive ahead of weekly T-bill auction

Published : 12:00 am  August 6, 2013  |  Category: Financial Services  |  Leave a Comment  |  295 views  |  

By Wealth Trust Securities Activity in secondary bond markets were sluggish yesterday ahead of today’s weekly Treasury bill auction where only the 364-day bill will be on offer for a second consecutive week for an amount of Rs. 12 billion. At last week’s auction, the weighted average on the 364-day bill dipped by four basis points to 10.52% as the amount accepted doubled the offered amount of Rs. 12 billion. The 364-day bills in secondary markets were seen quoted at levels of 10.50/54 prior to the auction. A very limited amount on the liquid two five year maturities (i.e. 1.7.2018 and 15.8.2018) were seen changing hands yesterday within the range of 11.25% to 11.27% and 11.34% to 11.36% respectively... 

Standard & Poor’s to discuss funding opportunities for Sri Lanka’s issuers

Published : 10:55 pm  August 5, 2013  |  Category: Financial Services  |  2 Comments  |  675 views  |  

Sri Lankan issuers have significant opportunities to improve the diversification of their funding sources, says Standard & Poor’s Ratings Services. This topic and current credit trends for Sri Lankan issuers will be discussed at a seminar hosted by Standard & Poor’s on 16 August. Surinder Kathpalia, Managing Director, Standard & Poor’s Ratings Services, says that more can be done to improve capital market financing in Sri Lanka. “Currently, the corporate debt market in Sri Lanka is very small relative to the Government debt market as well as the equity market. The Securities and Exchange Commission (SEC) of Sri Lanka has outlined a capital market development roadmap which... 

HNB Assurance brand recognised at 4th CMO Asia Awards in Singapore

Published : 12:00 am  August 5, 2013  |  Category: Financial Services  |  Leave a Comment  |  823 views  |  

Award winner for Excellence in Branding and Marketing in Banking, Financial Services and Insurance sectorHNB Assurance was honoured with the prestigious award for brand excellence at the fourth CMO Asia Awards for Excellence in Branding and Marketing, held recently at Pan Pacific Hotel in Singapore. The award ceremony heralded various marketing efforts and was hosted by the World Brand Congress. HNB Assurance being amongst the winners of iconic brands around the Asia Pacific region is  an outstanding achievement to the brand proposition and was judged by an independent jury comprising senior and accomplished professionals from marketing, branding, and advertising. The CMO (Chief Marketing Officer)... 

China loosens grip on life insurance interest rates

Published : 12:00 am  August 5, 2013  |  Category: Financial Services  |  Leave a Comment  |  859 views  |  

Reuters: China’s insurance regulator has loosened the cap on interest rates offered on life insurance policies, marking another incremental step towards liberalising interest rates throughout the financial system. The People’s Bank of China removed controls on bank lending rates last month in a long-awaited move that signaled Beijing’s determination to push on with market-oriented reforms even as economic growth slows. The upper limit of 2.5% on pre-determined rates for standard life insurance products will be eliminated, according to a notice published on Friday on the website of the China Insurance Regulatory Commission. The 2.5% cap will remain in effect for dividend-type and universal-type... 

SEC grants scholarships to undergraduates to enhance financial literacy

Published : 12:00 am  August 5, 2013  |  Category: Financial Services  |  3 Comments  |  852 views  |  

The Securities and Exchange Commission of Sri Lanka (SEC) is tasked with the dual mandate of regulating and developing the capital market of Sri Lanka. In its endeavour to develop the capital market SEC is committed to improving the financial literacy among various segments of society as well as industry participants. Accordingly, the SEC has decided to award 56 scholarships to 14 State universities (four scholarships for each university) for the Investment Analysis Training Program conducted by Amba Research Lanka Ltd. These scholarships will provide equal opportunities to high-performing final-year university students to advance their knowledge base and develop their skill set, via proper training,... 

Sri Lanka’s non-banking sector shines at Global Sustainable Finance Awards 2013 in Germany

Published : 12:00 am  August 5, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,345 views  |  

Alliance Finance recognised for their efforts in sustainabilityAlliance Finance Company’s entry EzyTaxi (gas converted three-wheelers) earned the Merit Certificate in the ‘Best Innovation in Sustainable Financial Products and Services’ category at the recently-concluded Global Sustainable Finance Awards in Germany. The awards presentation is part of the Global Sustainable Finance Conference 2013, which was held on 4 and 5 July 2013 in Karlsruhe, a renowned green Germany. Organised by the European Organization for Sustainable Development (an initiative of the European Union) together with the Association of Development Financing institutions in Asia and the Pacific (ADFIAP) and endorsed... 

Bank of Ceylon celebrates 74th anniversary

Published : 12:00 am  August 5, 2013  |  Category: Financial Services  |  Leave a Comment  |  562 views  |  

Bank of Ceylon last week celebrated its 74th anniversary with a series of ceremonies. Here the senior management led by Chairman Razik Zarook PC and General Manager  D.M. Gunasekara officiate at some of the ceremonies at the BOC Head Office in Colombo – Pix by Lasantha Kumara      Read More →

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