Decline of rupee, Bourse persists

Published : 12:14 am  July 17, 2013  |  Category: Financial Services  |  Leave a Comment  |  617 views  |  

The rupee weakened Tuesday to a near 10-month low early on Tuesday due to importer demand for dollars and there was no Central Bank intervention, currency dealers said. The rupee was quoted at 131.35/45 to the dollar at 0505 GMT, its weakest level since 27 September and down from Monday’s close of 131.20/131.25, dealers said. “We haven’t seen any exporters in the market, not even a call from the exporters. There was some dollar demand from importers,” said a currency dealer. Currency traders said the rupee remained under pressure even though a Central Bank Deputy Governor, Ananda Silva, on Monday said this should ease with expected inflows into Government securities. Dealers said the... 

Amãna Takaful adjudged best Islamic financial services provider in Sri Lanka

Published : 12:13 am  July 17, 2013  |  Category: Financial Services  |  Leave a Comment  |  895 views  |  

The International Finance Magazine (IFM), headquartered in London, awarded composite insurer Amãna Takaful PLC the title of ‘Best Islamic Financial Services Provider’ in Sri Lanka. Following the announcement of financial services award winners in Australia and Germany, the IFM Awards also honoured and recognised achievers in the Sri Lankan financial services industry. The IFM Awards celebrates excellence in its purest form as an event that recognises and honours individuals and organisations in the international finance industry that make a significant difference and adds value. The award is one that heralds the highest standards of innovation and performance. IFM spotlights those who make... 

RBI takes steps to curb rupee decline

Published : 12:12 am  July 17, 2013  |  Category: Financial Services  |  Leave a Comment  |  522 views  |  

Reuters: The Reserve Bank of India (RBI) announced measures late on Monday to curb the rupee’s decline by tightening liquidity and making it costlier for banks to access funds from the central bank. The RBI raised the Marginal Standing Facility (MSF) rate and Bank Rate each by 200 basis points to 10.25 percent, capped the amount up to which banks can borrow or lend under its daily liquidity window and announced a sale of government securities through an open market operation. The RBI said total funds available under its repo window will be capped at 1% of banks’ deposits – roughly 750 billion rupees – from Wednesday. It announced a 120 billion rupee sale of government bonds for Thursday. The... 

Asian Finance adds more to product portfolio

Published : 12:12 am  July 17, 2013  |  Category: Financial Services  |  Leave a Comment  |  689 views  |  

Asian Finance Ltd., with a proud history of 29 years in business, is a licensed finance company by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011. Following a tie-up with Seylan Bank, Asian Finance launched its co-branded credit card recently. This was a key step taken by the company in their aggressive expansion plan as they are the one of the first to offer credit cards to its customers in the industry. The CEO of Asian Finance stated: “We are pleased to announce the co-branded credit card of the company as a new addition to its basket of products. Our aim is to be a one-stop shop for all our customers’ financial solutions and we invite... 

Piramal Glass posts Rs. 1.2 b revenue, Rs. 358 m PAT in FY141Q

Published : 12:12 am  July 17, 2013  |  Category: Business  |  Leave a Comment  |  1,192 views  |  

Piramal Glass Ceylon PLC has concluded the 1st quarter of FY2014 with Rs. 1,223 million in revenue and Rs. 358 million in PAT, which included the profit from the sale of their Ratmalana land of Rs. 297 million. The sales of glass products during the first three months of FY14 was Rs. 1,223 million, which was 6% less than that of  the same period last year, i.e. Rs. 1,292 million. The domestic sale stood at Rs. 916 million as against Rs. 932 of the similar quarter of the previous year. The sales were mainly affected by the low demand in the liquor and aerated water segment. The export market sale stood at Rs. 307 million and saw a decrease of 15% as against the Rs. 360 million received in the... 

DFCC and DVB annual reports win gold

Published : 12:11 am  July 17, 2013  |  Category: Financial Services  |  Leave a Comment  |  628 views  |  

DFCC Bank and DFCC Vardhana Bank won Gold for their respective annual reports at the Vision Awards 2012 organised by the League of American Communications Professionals (LACP) in Florida USA. The banks’ annual reports for 2012/13 secured the positions in their respective competition classes from amongst 6000 entries, comprising submissions from over two dozen countries and 800 entities around the world. The DFCC Bank’s annual report based on the theme ‘Developmental by Design’ emphasised DFCC’s development banking role which is likened to spices that add flavour to a wide menu of universal banking products and services under one roof. The opening page noted “Imagine banking without... 

CIMA Education Executive Director Dr. Noel Tagoe visits Sri Lanka

Published : 12:11 am  July 17, 2013  |  Category: Business  |  1 Comment  |  774 views  |  

The Executive Director of CIMA Education Dr. Noel Tagoe will be in Sri Lanka this week. During his brief visit, Dr. Tagoe will address the top CFOs and HR heads in Sri Lanka to give them first hand understanding as to how the CIMA syllabus will remain relevant to business in the future. He oversees the formulation and implementation of CIMA’s research strategy, the development of CIMA’s qualifications and related assessment. Dr. Tagoe was previously Head of Research and Development at CIMA. In its quest to be relevant to business, CIMA revises its curriculum on an ongoing basis every five years, based on the employer feedback. The process for the revision in 2015 is now concluded and CIMA... 

Indian CEO Forum to strengthen bilateral relationship with Lanka

Published : 12:10 am  July 17, 2013  |  Category: Special Report  |  Leave a Comment  |  15,102 views  |  
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By Cheranka Mendis Trade ties between Sri Lanka and India which date back to over 2,500 years are expected to be strengthened with the latest venture undertaken by Indian corporates in Sri Lanka. With the launch of Indian CEO Forum on Friday – a platform for CEOs of Indian companies operating in Sri Lanka to interact and share knowledge and expertise while encouraging more investors to set up shop here – the bilateral relationship enjoyed by the countries is likely to improve and prosper in the coming years. The countries will now aim to expand bilateral trade to the tune of US$ 10 billion within the next three years from the current US$ 5 billion while the FDI flows from India are likely... 

SAPRI lecture today on development prospects for Sri Lanka

Published : 12:10 am  July 17, 2013  |  Category: Business  |  Leave a Comment  |  563 views  |  

A lecture on ‘Development prospects for Middle Income Sri Lanka: Challenges and Opportunities’ by former Director of the Commonwealth Secretariat Economic Division Dr. Indrajit Coomaraswamy, will be held today at 6:00 p.m. at the Committee Room D of the BMICH. It is organised by the South Asia Policy and Research Institute (SAPRI). The event will be moderated by former Assistant Governor of the Central Bank Dr. Anila Dias Bandaranaike.  Read More →

CB Chief in US to brief investors; tells WSJ rate cut possible in September or October

Published : 12:08 am  July 17, 2013  |  Category: Front Page  |  1 Comment  |  1,086 views  |  
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Wall Street Journal: Sri Lanka’s Central Bank might cut short-term interest rates again in September or October if inflation continues to fall as expected, bank Governor Ajith Nivard Cabraal said Monday. “If we feel very confident with the events of the next few months, then we would feel a little more inclined to relax further,” Cabraal said in an exclusive interview with The Wall Street Journal. “It will be a decision that will be taken around September, October; then we will really give it a careful look,” he added. For the time being, though, Cabraal said monetary policy is likely on hold. The Sri Lankan Central Bank reduced its target short-term borrowing rate in December from...