Japan stocks eye 2013 peak as dollar breaks above 101 yen

Published : 12:00 am  November 23, 2013  |  Category: International  |  Leave a Comment  |  642 views  |  
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REUTERS: Japanese stocks scaled six-month peaks on Friday as the yen took a spill, while other Asian markets lagged as investors resigned themselves to an inevitable slowdown in US stimulus. Tokyo’s Nikkei rallied more than 1% but succumbed to profit-taking late in the session to finish 0.1% higher. Still, it is up nearly 10% over the last two weeks, setting the stage for a re-test of its 2013 peak at 15,942. European shares were seen starting modestly higher with financial bookmakers expecting major European indices to open up as much as 0.5%. The Nikkei and the yen have been dancing in counter-step for months, with every rally in the share index a signal for speculators to dump the yen. A... 

Fitch affirms Senkadagala Finance at BBB+

Published : 7:06 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  841 views  |  

Fitch Ratings Lanka has affirmed Sri Lanka-based Senkadagala Finance Company PLC’s (SFC) National Long-Term Rating at ‘BBB+(lka)’ with a Stable Outlook. The agency also affirmed the rating on SFC’s outstanding senior unsecured redeemable debentures at ‘BBB+(lka)’ and assigned an expected rating of ‘BBB(lka)(EXP)’ to its proposed subordinated debenture of up to Rs. 1.25 b. The proposed debenture issue is expected to have a tenor of five years, with a fixed-rate coupon. The issue will help improve the company’s Tier 2 capital position, and reduce its interest-rate risk. The final rating is subject to the receipt of final documentation conforming to information already received. Key... 

Flexi FD, a Sri Lankan first from Seylan Bank

Published : 7:06 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,005 views  |  

Customers choose their deposit periods with real FD rates Seylan Bank gives new life and meaning to the traditional concept of fixed deposits with the launch of its newest product, Seylan Flexi FD. This is a new and revolutionary savings instrument which is primarily aimed at those who wish to have supreme flexibility in deciding on their period of investment while gaining higher returns. With a minimum 31-day deposit requirement of Rs. 100,000, Seylan Flexi FD gives investors the unique flexibility of choosing their deposit periods ranging from any time period up to a maximum of one year. The interest rate will vary, based on a rate card depending on the time period of the investment and is... 

Janashakthi Insurance launches ‘Full Option Rewards’ scheme

Published : 7:05 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  1,044 views  |  

Janashakthi Insurance has launched a program tailored to its most loyal customers, offering them a host of benefits including discounts on motor spare parts, vehicle inspections, hospitality services and automotive batteries. The Janashakthi ‘Full Option Rewards’ scheme is available for all Full Option comprehensive policyholders, who can produce their Full Option card at merchant outlets in order to benefit from the scheme. The established merchant partners which have tied up with Janashakthi Insurance for the tailor-made scheme include AIRT Vehicle Inspection Service, Aitken Spence Hotels, Arabian Motors, Doctor Auto, DSL, Exide, Mal-Key Rent-A-Car, Metropolitan, Moto Link, Motor Magazine,... 

DFCC Vardhana Bank launches ‘Global Traveller’s Card’

Published : 7:05 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  985 views  |  

DFCC Vardhana Bank (DVB) the fastest growing commercial bank in Sri Lanka announced the launch of a unique “stored value” card, the ‘Global Traveller’s Card’ the hassle free alternative to traveller’s cheques (TCs) and foreign currency used by travellers. Speaking of the Global Traveller’s Card, DFCC Vardhana Bank CEO Lakshman Silva stated: “Globalisation has made travel increasingly important, whether it be for business, leisure, education or to visit ones loved ones. We at DVB recognised that our customers needed a safe, simple and easy alternate to carrying their cash when travelling abroad. That’s why we decided to issue the Global Traveller’s Card, a unique yet very practical... 

Nigeria launches digital platform for OTC bond, forex, money trade

Published : 7:04 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  979 views  |  

Reuters: Nigeria launched a digital platform recently for over the counter trading of bonds, money market instruments and foreign exchange in a move the central bank said would deepen capital markets and aid infrastructure financing in Africa’s second biggest economy. The Financial Markets Dealers Quotations (FMDQ) aims to replace the current telephone dealing system, as well as helping the central bank better regulate Nigeria’s growing debt and money markets and provide data services. No one will be required to use it, but proponents expect a quick uptake. Although T-bills, interbank lending and even forex will be tradable on it, its main function will be to boost the longer term bond market,... 

Signs of foreign buying fatigue emerge in India

Published : 7:04 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  641 views  |  

Reuters Market Eye : After pumping in around $6 billion in Indian cash shares since late August, foreign institutional investors (FIIs) are slowing their pace of purchases. FIIs bought shares worth 800 million rupees on Wednesday, compared with more than 10 billion rupees each on Monday and Tuesday. Some traders also cited heavy basket selling by foreign investors in the Nifty, meaning sales of entire batches of shares by investors in the last half hour of trading on Wednesday. Overseas investors also sold stock futures worth 6.5 billion Indian rupees over the previous two sessions as per regulatory and exchange data.  Read More →

Fed tapering unease, ECB rate talk rattle investors

Published : 7:04 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  487 views  |  

Reuters: Speculation over the U.S. policy outlook and weaker-than-expected data from major economies sent world equities lower on Thursday and pushed the dollar past 100 yen though it fell against the euro. The euro rebounded when the head of the European Central Bank, Mario Draghi, moved to quell growing talk that it was considering an unprecedented policy of making banks pay to deposit cash overnight in a bid to boost economic activity. The euro had come under pressure after an unsourced report on Wednesday said the ECB may consider cutting the deposit rate into negative territory. That shift in perceptions caused a big spike in U.S. bonds yields, boosting demand for the dollar which hit a... 

Secondary market bond yields increase marginally in thin trade

Published : 7:03 am  November 22, 2013  |  Category: Financial Services  |  Leave a Comment  |  453 views  |  

By Wealth Trust Securities Activity in secondary bond markets was mainly witnessed in morning hours of trading yesterday ahead of yesterday’s annual budget reading. Yields were seen increasing on the back of thin volumes due to most market participants adopting a wait and see approach, mainly on the 01.04.16, 01.01.17 and the liquid two 2018’s (i.e. 01.04.2018 and 15.08.2018) maturities to daily highs of 10.42%, 10.84%, 11.16% and 11.30% respectively against its previous day’s closing levels of 10.35/40, 10.77/80, 11.08/10 and 11.20/22. However, buying interest at these highs saw yields dip once again to settle at levels 10.40/45, 10.82/86, 11.12/14 and 11.24/28 towards the latter part... 

UNP on Budget 2014

Published : 7:02 am  November 22, 2013  |  Category: TOP STORY  |  1 Comment  |  1,539 views  |  

By Ashwin Hemmathagama Our Lobby Correspondent Tissa Attanayake The Budget deficit has been narrowed by cutting down school uniforms and the fertilizer subsidy. These promises are unrealistic. The reload tax and the supermarket taxes are pushing the public from the frying pan to the fire. This is nothing more than a CHOGM tax. Knowing what is going to happen we kept away from the Budget speech. Ravi Karunanayake This is a Budget that will further promulgate Government inefficiency and bankruptcy. There are no benefits extended from Budget 2014. It is nothing more than a plan that continues to rip you off. The Government lacks clear vision and direction leading to a debt crisis. All in all there...