Financial Services

Ronald C. Perera, President’s Counsel, reappointed Chairman of Bank of Ceylon

Views - 63 Friday, 15 February 2019 00:00

Ronald C. Perera, President’s Counsel, has been reappointed as Chairman, Bank of Ceylon by Minister of Finance and Mass Media Mangala Samaraweera. He assumed office on Thursday 14 February. Perera was the Chairman of Bank of Ceylon from 28 January

Secondary bond market yields remain mostly unchanged

Views - 71 Friday, 15 February 2019 00:00

By Wealth Trust Securities The secondary bond market closing yields remained mostly unchanged yesterday as the liquid maturities of 01.08.26 and two 2027’s (i.e. 15.01.27 and 15.06.27) were seen changing hands at levels of 11.35% to 11.39% and 11.4

Chips falling into place for an Asian equity rally

Views - 28 Friday, 15 February 2019 00:00

Emerging Markets (EMs) are off to a flying start this year. Latin American and Eastern European stock markets are up more than 10% year-to-date, significantly outperforming their US and other Developed Market counterparts. However, Asian markets have

EU adds Saudi Arabia to dirty-money blacklist, upsets UK and US

Views - 37 Friday, 15 February 2019 00:00

STRASBOURG (Reuters): The European Commission added Saudi Arabia, Panama and four US territories to a blacklist of nations it considers a threat because of lax controls on terrorism financing and money laundering, the EU executive said on Wednesday.

Bulls advance on most Asian currencies as trade talks brew optimism: Reuters poll

Views - 13 Friday, 15 February 2019 00:00

Reuters: Bullish positions on most Asian currencies strengthened over the past few weeks, a Reuters poll showed, reflecting newfound optimism that the United States and China would settle their long-drawn trade spat. Long bets on the Chinese yuan, Si

European shares, oil at three-month highs but no love for euro

Views - 18 Friday, 15 February 2019 00:00

London (Reuters): Optimism about US-China trade talks and bumper earnings lifted European shares to a three-month high on Thursday, though news that Germany only dodged recession by the narrowest of margins left the euro feeling unloved. Markets were

Rupee ends lower on high dollar demand from importers; stocks steady

Views - 113 Friday, 15 February 2019 00:00

REUTERS: Sri Lanka’s rupee ended a tad weaker on Thursday led by higher importer dollar demand, market sources said. The stock market closed steady in dull trade, but foreign investors bought into the island nation’s risky assets for the second s

DFCC Bank creates history by becoming 1st Sri Lankan bank certified for Visa’s QR Payment Solution

Views - 155 Thursday, 14 February 2019 02:20

DFCC Bank created history by becoming the first bank in Sri Lanka to be certified for Visa’s QR Payment Solution. A ceremony was held recently at the DFCC Bank to mark this achievement in the presence of senior management of DFCC Bank and Visa. The

CDB breaks new ground with launch of CDB Mastercard Credit Cards

Views - 50 Thursday, 14 February 2019 02:16

With its constant quest to improve the bar of customer service excellence through innovative and accessible product and service offerings, Citizens Development Business Finance PLC (CDB) launched its newest product, CDB Credit Cards, into its expansi

364 day bill weighted average increases for first time in eight weeks

Views - 90 Thursday, 14 February 2019 02:09

The 364 day bill weighted average at yesterday’s Treasury bill auction increased for the first time in eight weeks by 03 basis points to 10.72%. Interestingly the total offered amount of Rs. 21 billion was accepted only on the 364 day maturity once

New Directors elected to CSE Board

Views - 268 Thursday, 14 February 2019 02:08

The Colombo Stock Exchange (CSE) announced the appointment of Dimuthu Sanjaya Abeyesekera and Murtaza Jafferjee as Directors of the CSE Board with effect from 1 February. Abeyesekera serves as Director/CEO of Asha Phillip Securities Ltd., which is af

Rupee ends weaker; CSE steady

Views - 60 Thursday, 14 February 2019 02:05

Reuters: Sri Lanka’s rupee ended a tad weaker on Wednesday, as importer dollar demand surpassed the exporter greenback sales, market sources said. The stock market closed steady in dull trade with foreign investors buying into the island nation’

Seylan Bank expands to Godakawela

Views - 36 Wednesday, 13 February 2019 00:00

Seylan Bank strengthened its island-wide presence with the establishment of a new branch in the Godakawela area recently. The new branch will fulfil the diverse needs of both retail and corporate customers by providing tailor made financial solutions

BOC Paranthan and Vaddukoddai branches in Northern Province shift to new locations

Views - 35 Wednesday, 13 February 2019 00:00

The Bank of Ceylon’s Paranthan and Vaddukoddai branches situated in the Northern Province were relocated at their new premises recently to add convenience to customers in the area. BOC Paranthan was ceremoniously opened by the bank’s Deputy Gener

Fairfirst Insurance to offer most comprehensive online payment gateway in industry

Views - 169 Wednesday, 13 February 2019 00:00

Fairfirst Insurance recently signed a Memorandum of Understanding with the internet payment gateway PayHere. Approved by the Central Bank of Sri Lanka, PayHere enables businesses to conveniently accept online payments from customers irrespective of w

Siyapatha Finance opens new branch in Piliyandala

Views - 35 Wednesday, 13 February 2019 00:00

Siyapatha Finance PLC celebrated the dawn of 2019 with the opening of a brand new branch in Piliyandala. This marks the 31st branch in the leading financial organisation’s island-wide network. The new branch is located at No. 88 along the Moratuwa

FriMi presents Lanka Bell monthly bills in real-time

Views - 36 Wednesday, 13 February 2019 00:00

FriMi, Sri Lanka’s first ever digital bank, mobile wallet and payment system all wrapped up in one single app powered by Nations Trust Bank has joined hands with Lanka Bell to provide customers a convenient and a trouble-free bill settlement option

Amãna Bank relocates Oddamavadi branch

Views - 27 Wednesday, 13 February 2019 00:00

Amãna Bank recently relocated its Oddamavadi branch to a more modern banking premise located at No. 93, Main Street, Oddamavadi thereby providing an enhanced banking experience to its customers. The new premise was declared open by the bank’s Chi

Fitch revises NDB’s outlook to negative from stable; rates Basel III Sub-Debt ‘A (EXP)’

Views - 88 Wednesday, 13 February 2019 00:00

Fitch Ratings has revised the Outlook on National Development Bank PLC’s (NDB) National Long-Term Rating to Negative from Stable, and has affirmed the National Long-Term Rating at A+ (lka). At the same time, Fitch has assigned the Bank’s proposed

Bond yields increase ahead of weekly bill auction

Views - 73 Wednesday, 13 February 2019 00:00

The secondary bond market reactivated itself yesterday as yields were seen increasing across the yield curve on the back of foreign and local selling interest. The yields on the medium term liquid maturities of 01.08.26 and 15.06.27 were seen increas

Citi sees strong growth in banking clients along Asian trade corridors for 2019

Views - 62 Wednesday, 13 February 2019 00:00

Citi is targeting 25% growth in revenues from client work in intra-Asia trade corridors in 2019. This comes after the bank reported strong growth in these corridors in 2018. Citi’s client growth will mainly come through a series of key trade corrid

HNB among Asia’s Greatest Brands and Leaders 2018

Views - 825 Tuesday, 12 February 2019 00:00

Adding to their tally of awards in 2018, Sri Lanka’s largest private sector Bank HNB and its Chief Executive Officer (CEO) and Managing Director Jonathan Alles were recognised as Asia’s Greatest Brands and Leaders 2018. The awardees were selected

Bond market at a complete standstill

Views - 105 Tuesday, 12 February 2019 00:00

Activity in the secondary bond market was at a complete standstill yesterday with no trades taking place. The 24 January 2020 Treasury bill was the sole transaction as it changed hands at 10.68%. The total secondary market Treasury bond/bill transac

Rupee ends higher as exporters, foreign banks sell dollar

Views - 84 Tuesday, 12 February 2019 00:00

REUTERS: Sri Lanka’s rupee ended a tad higher on Monday, as exporters and foreign banks sold dollars, amid government securities’ purchase by foreign investors, market sources said. The stock market, however, closed slightly weaker, while foreig

‘Gini Poli’ for savings deposits with Pan Asia Champion Saver Account

Views - 71 Tuesday, 12 February 2019 00:00

Champion Saver sets itself apart from other products by offering depositors the best of both worlds – the freedom to withdraw any number of times from their savings account, while enjoying a high interest rate.

Mastercard offers cashback rewards on bill payments made to CEB

Views - 42 Tuesday, 12 February 2019 00:00

Mastercard announced a strategic partnership with the Ceylon Electricity Board (CEB) as part of its efforts to promote the adoption of electronic payments in Sri Lanka. Mastercard is offering a cashback reward of Rs. 100 on each bill payment over Rs.

People’s Bank launches People’s WiZCredit digital loan services to simplify personal loans

Views - 81 Tuesday, 12 February 2019 00:00

People’s Bank is poised to revolutionise and simplify the processing of personal loans with the launch of the Retail Loan Origination System (RLOS) – People’s WizCredit. It is the newest addition to their digital omini channel, under the well-k

Paradigm shift of tax and financial accounting for leases requires more focus by decision makers

Views - 62 Monday, 11 February 2019 00:39

The recent workshop on ‘Leases – Demystifying tax and accounting issue’ conducted by KPMG Academy held at the Movenpick Hotel, Colombo highlighted the point that strategic decision makers are called upon to wear their thinking hats and evaluate

ADB, AFD commit to providing $ 5b in cofinancing

Views - 57 Monday, 11 February 2019 00:38

MANILA, PHILIPPINES: The Asian Development Bank (ADB) and Agence Française de Développement (AFD) on Friday agreed to increase their cofinancing commitment from $ 3 billion in the past three years to $ 5 billion in the next three years, allowing th

GAFM recognises ‘Introduction to Fintech’ of University of Hong Kong

Views - 38 Monday, 11 February 2019 00:36

Global Academy of Finance and Management (GAFM), recognises ‘Introduction to Fintech’ designed by the University of Hong Kong (HKU) for its certification, ‘Certified Fintech Professional’. HKU is the territory’s oldest institute of higher l

Today's Columnists

MMDA, ACJU, politicians and women

Saturday, 16 February 2019

It is 10 years since Justice Saleem Marsoof (JSM) and his committee was appointed to review and make recommendations to reform the Muslim Marriage and Divorce Act (MMDA), passed originally in 1951 and amended in 1954, 1955, 1965 and 1969 before becom

President Trump looked for the failed idea of a wall

Saturday, 16 February 2019

The talks over the “Wall of Trump” between the US-Mexico Border Security broke down with Congressional leaders over the weekend. After the renewed call for a wall at his second State of the Union, President Donald Trump attended a political rally

‘The Man Who Would Be King’: Remembering Anura Bandaranaike on his 70th birth anniversary

Friday, 15 February 2019

‘The Man Who Would Be King’ is the title of a long tale written by Rudyard Kipling in 1888. This very popular story was made into a successful film starring Sean Connery, Michael Caine and Christopher Plummer by the well-known director John Husto

Of pseudo-democrats, discipline and the coming death of liberty?

Friday, 15 February 2019

I despair of our politicos and would-be politicians. Not that they are not all honourable men. From the honourable prime minister to the former defence secretary discharging his duty honourably after premature retirement! But that honour often dresse

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