ECB says bank health test to strengthen confidence

Published : 12:00 am  October 24, 2013  |  Category: Financial Services  |  Leave a Comment  |  519 views  |  

Reuters: The European Central Bank vowed on Wednesday to submit the euro zone’s top banks to a comprehensive batch of tests next year, staking its credibility on a review that is crucial to rebuilding confidence in the sector. Setting out its plans to scrutinize 128 top euro zone lenders, the ECB said the exercise aimed to improve transparency in the sector, to identify and implement “corrective action” where needed and to build confidence in banks. “A single comprehensive assessment, uniformly applied to all significant banks, accounting for about 85 percent of the euro area banking system, is an important step forward for Europe and for the future of the euro area economy,” ECB President... 

Proven Kiwi examples for the land of the Lions!

Published : 12:00 am  October 24, 2013  |  Category: Other Sectors  |  Leave a Comment  |  854 views  |  

 Former Finance Minister of New Zealand Ruth Richardson shares key insights to good governance, macro-economic management and sustainable growth thatSri Lanka can emulate in its quest to become a vibrant emerging nation   Taking a country through a phase of reform is easier said than done. As tough as the process may be, former Finance Minister of New Zealand Ruth Richardson was determined to ensure that reforms did take place in her country so it could reap their benefits in the future. Known for her strong pursuit of free-market economic reforms, Richardson’s efforts helped New Zealand grow and become efficient, with the country being ranked third in the World Bank/IFC Ease of Doing... 

DFCC Annual Report clinches Grand Award for ‘Best of Sri Lanka’

Published : 12:00 am  October 24, 2013  |  Category: Financial Services  |  Leave a Comment  |  2,885 views  |  

At the World’s largest annual report competition held in New York, USA recently, DFCC Bank’s annual report received six awards; a Gold, Silver, three Bronzes and one Honours award, whilst topping it all off with the Grand Award for the Best of Country Report. The 27th International ARC awards 2013 this year received a record 2,260 entries from 34 countries whilst over 50 reports from almost all top companies in Sri Lanka had been entered. Popularly dubbed the Academy Awards of the annual report world, the ARCs are appreciated for their independence, integrity and international perspective and is considered perhaps the most prestigious of annual report competitions the world over. DFCC Bank’s... 

HSBC fails to win regulatory approval for sale of Pakistan unit

Published : 12:00 am  October 24, 2013  |  Category: Financial Services  |  Leave a Comment  |  1 views  |  

REUTERS: HSBC Holdings PLC has failed to win regulatory approval from the State Bank of Pakistan for the sale of its business in the country, the UK-based lender said. HSBC will now explore alternative options for its banking business in Pakistan, it said in a Hong Kong Stock Exchange filing on Wednesday. HSBC subsidiary HSBC Bank Middle East Ltd. had been trying to sell the Pakistan business to JS Bank Ltd. as part of a global retreat from countries where it lacked scale or struggled to make a profit. The bank had announced in April last year that it was in talks to sell the Pakistan unit, which had just 10 branches.  Read More →

Franklin Templeton to launch India’s first Europe-focused fund

Published : 12:00 am  October 24, 2013  |  Category: Financial Services  |  Leave a Comment  |  384 views  |  

REUTERS: Franklin Templeton plans to launch India’s first Europe-focused mutual fund, an executive at the asset manager said on Wednesday, as the fund house looks to beef up its overseas portfolio. The plans are still at an early stage, said Franklin Templeton Investments Director Global Research and Analytics K. Jaya Prakash. The product would consist of a fund that would feed into one or more of the global asset manager’s pool of Europe-focused funds, he added. “Typically, before launching a product we have some discussions with our partners on what is the best strategy. Depending on the discussion over the next quarter or so, we will be able to file something with the regulator,” Prakash... 

Bigger and better INFOTEL 2013 kicks off today

Published : 12:00 am  October 24, 2013  |  Category: IT / Telecom  |  Leave a Comment  |  726 views  |  

The popular Sri Lankan ICT exposition INFOTEL 2013, organised by The Federation of Information Technology Industry Sri Lanka (FITIS), will be inaugurated today at the Sri Lanka Exhibition and Convention Centre (SLECC) concurrently with the World Summit Awards organised by Information and Communication Technology Agency of Sri Lanka (ICTA). According to Organising Committee Chairman, Sala Enterprises Managing Director Chinthaka Wijewickrema, the rapidly advancing technology makes lives easier by influencing every aspect of Sri Lankans regardless of the social status, gender, livelihood or the age. “With this in mind the FITIS has appropriately themed this year’s INFOTEL as ‘Enhancing Lives’. Being... 

Greg Young now CEO of Oman’s second largest telco

Published : 12:00 am  October 24, 2013  |  Category: IT / Telecom  |  Leave a Comment  |  895 views  |  

DUBAI (Reuters): Nawras, Oman’s No. 2 telecom operator, has appointed Greg Young as Chief Executive with immediate effect on Wednesday, replacing veteran CEO Ross Cormack. Young was formerly CEO of Sri Lanka Telecom, according to a Nawras statement to the Oman Bourse. Nawras posted an 11.1% rise in third-quarter profit shortly before it announced Young’s appointment, which may mark a turnaround in the company’s performance after it reported falling profits in the preceding six quarters. Nawras, which ended Oman Telecommunication Co’s (Omantel) monopoly in 2005, is majority-owned by Qatar’s Ooredoo. Cormack will continue to work for the group, the statement said.  Read More →

Omega Global to introduce dengue solution awareness

Published : 12:00 am  October 24, 2013  |  Category: Healthcare  |  Leave a Comment  |  4,092 views  |  

By Sarah Hannan As part of their corporate social responsibility projects, Teleview is collaborating with Omega Global, Bartleet and BPO Connect to introduce a bio-scientific method to eradicate dengue mosquitoes in the Colombo Municipality region. A media briefing was held at The Kingsbury Hotel in Colombo on Tuesday, with the participation of Omega Global Ltd. Managing Director Manik Suriaaratchi and Oxford University’s Dr. Kevin Gorman and Oxitec Technology Ltd. representatives participated. Dengue needs no formal introduction in Sri Lanka – much research has been carried out and many methods have been tested over the past years. The EU funded ‘Dengue Tools’ are designed to mitigate... 

Colombo’s latest hotspot Liberty Arcade introduces novel concepts

Published : 12:00 am  October 24, 2013  |  Category: Other Sectors  |  Leave a Comment  |  1,978 views  |  

A well known landmark in the heart of Colpetty has now been transformed into an international style shopping centre on par with some of the best malls in the world. Liberty Arcade, which is an extension to Sri Lanka’s first ever international standard shopping mall Liberty Plaza, promises to be a haven for avid shoppers, while also serving as a trendy hangout spot with many entertainment activities for Colombo’s growing urban population. The arcade introduces many novel concepts to locals, while featuring typical shopping mall requirements. Consisting of three floors, the Liberty Arcade has opened its doors to many international retail and food chains, while providing exclusive shopping space... 

combank duo meet sir wolfensohn

Published : 12:00 am  October 24, 2013  |  Category: Financial Services  |  Leave a Comment  |  1 views  |  

Commercial Bank of Ceylon Chairman Dinesh Weerakkody and CEO Ravi Dias pictured with Sir James D. Wolfensohn; Co-Chair of Bretton Woods Committee and the ninth President of the World Bank Group (1995-2005) at the 2013 Bretton Woods Committee International Council Meeting at the Willard Intercontinental Hotel in Washington DC    Read More →