Financial Services

Cargills Bank says it is CBSL compliant

Views - 110 Wednesday, 1 January 2020 00:00

With reference to a recent news item on certain banks being non-compliant in adhering to the Monetary Law Act Order No. 02 of 2019 on ‘Enhancing Efficiency of the Transmission of Recent Policy Decisions to Rupee Denominated Market Lending Rates,’

Global stocks end 2019 close to record highs

Views - 20 Wednesday, 1 January 2020 00:00

London (Reuters) Global equities drifted on Tuesday while the dollar ended 2019 on a subdued note following a buoyant year of stock market gains, driven in recent weeks by hopes of an imminent US-China trade deal. MSCI’s global share index was trea

New CSE mobile app launched to offer investors greater access to market information

Views - 80 Wednesday, 1 January 2020 00:00

An updated version of the official mobile application launched by the Colombo Stock Exchange (CSE) is now available for download for Android and IOS users. The updated app features a modern interface and aims to offer users greater access to informat

Bond market closes year on bullish note

Views - 68 Wednesday, 1 January 2020 00:00

By Wealth Trust Securities The secondary bond market was seen closing the year 2019 on a bullish note as yields decreased further on the back of continued buying interest. The yields on the liquid 2023’s (i.e. 15.03.23, 15.07.23 & 15.12.23) and 202

Ceylinco Life crowned ‘Best Life Insurer in Sri Lanka’ by World Finance for 6th year

Views - 31 Wednesday, 1 January 2020 00:00

Ceylinco Life was declared the ‘Best Life Insurer in Sri Lanka’ for the sixth consecutive time at the ‘World Finance Global Insurance Awards’ that recognised companies that tread the fine line between prudence and profitability in an innovati

SDB bank secures capital injection of $ 8 m to cap off successful year

Views - 55 Wednesday, 1 January 2020 00:00

SDB bank completed a Tier 2 capital investment from the Belgian Investment Company for Developing countries (BIO) recently. Effected via a debt capital instrument amounting to $ 8 million; the investment is expected to further strengthen the bank’s

Pan Asia Bank and LOLC Life Assurance to offer bancassurance

Views - 60 Wednesday, 1 January 2020 00:00

Pan Asia Bank recently signed an arrangement with LOLC Life Assurance Limited to offer its customers across Sri Lanka, a wide range of insurance products. As part of this strategic tie-up, insurance Officers from LOLC Life Assurance Company will work

Kanrich Finance Vavuniya branch commences gold loan services at new premises

Views - 32 Wednesday, 1 January 2020 00:00

Kanrich Finance Ltd. has a spectacular existence spanning over 48 years in the Sri Lankan finance sector. It has offered many customised and trusted financial solutions for its devoted clientele over four decades. Ensuring to serve its customers in a

MBSL MIDCAP Index reveals composition for 2020

Views - 55 Wednesday, 1 January 2020 00:00

Proven stock market index brand over 20 years In a pioneering move, Merchant Bank of Sri Lanka & Finance PLC (MBSL) constructed a stock market index, the ‘MBSL MIDCAP Index,’ which measures the aggregate price level and price movements of medium

Bonds yields decrease marginally

Views - 63 Tuesday, 31 December 2019 00:57

By Wealth Trust Securities The start of the trading week saw secondary market bond yields decrease marginally, with moderate volumes changing hands. Buying interest of the 15.07.23 and two 2024s (i.e. 15.06.24 and 15.09.24) resulted in their yields

Sarvodaya Development Finance and MegaPay partnership to offer Pay&Go doorstep service

Views - 206 Tuesday, 31 December 2019 00:52

Sarvodaya Development Finance (SDF), a licensed finance company approved by the Central Bank of Sri Lanka, has entered into an agreement with MegaPay Ltd. Under this partnership, SDF will deploy Point Of Sales (POS) machines provided by Pay&Go, a pro

Cargills Bank and Mastercard recognise top performers at ‘Excellence Awards’

Views - 209 Tuesday, 31 December 2019 00:50

Cargills Bank and Mastercard recently concluded the jointly organised ‘Excellence Awards – Cards 2019’ together with a knowledge sharing forum at Hilton Colombo. The event was held under the patronage of Cargills Bank CEO/MD Rajendra Theagaraj

World stocks hold onto gains, dollar under pressure

Views - 23 Tuesday, 31 December 2019 00:49

LONDON (Reuters): World stocks clung to recent gains on Monday following healthy advances in Asia on hopes for a US-China trade deal, a more optimistic growth outlook and a softer dollar, while the euro climbed to a 4-1/2 month high. Yet European sto

ICRA Lanka reaffirms issuer rating of [SL]A- for Construction Guarantee Fund

Views - 33 Tuesday, 31 December 2019 00:27

ICRA Lanka Ltd., subsidiary of ICRA Ltd., group company of Moody’s Investors Service, has reaffirmed the Issuer rating of [SL]A- (pronounced SLA minus1) with stable outlook for Construction Guarantee Fund (‘CGF’/‘the Fund’). ICRA Lanka reaf

Tax Reforms: Case of PAYE

Views - 162 Tuesday, 31 December 2019 00:24

By Dr. Sirimewan Dharmaratne Out of all recent tax reforms, probably the most contentious is the abolition of PAYE. PAYE is the most ubiquitous tax regime in world due to several salient features. From the taxpayer’s perspective it takes away the

Tax clearance certificate forbids genuine CTRA holders in remitting legitimate wealth

Views - 50 Tuesday, 31 December 2019 00:22

By Sunil Thenabadu Sri Lankan foreign exchange racketeers are gesticulating to sneak through any loopholes in the Exchange Control regulations to conquer in order to pilfer foreign currencies in massive quantities. Central Bank Exchange Controller Un

Challenge of disruptive change – together towards tomorrow

Views - 89 Monday, 30 December 2019 01:48

The 31st Anniversary Convention of the Association of Professional Bankers – Sri Lanka was held at the Grand Ballroom, Hilton Colombo on 8 and 9 October with the participation of senior bankers from all the banks in the country. Central Bank of Sri

Association of Professional Bankers Sri Lanka (APB)

Views - 47 Monday, 30 December 2019 01:46

In early 1988, a group of enthusiastic senior bankers saw the need to form an association to promote professionalism in the industry, for a forum to meet and discuss topics relating to the banking industry and also to help upcoming bankers to broaden

Bond market yields fluctuate during the week

Views - 86 Monday, 30 December 2019 01:41

The secondary bond market was active during the short trading week ending 27 December, with yields initially decreasing prior to the monetary policy announcement and increasing once again thereafter. The Central Bank of Sri Lanka continued to keep

ComBank closes 2019 with 865 ATMs, and 268th branch in Madampe

Views - 26 Monday, 30 December 2019 01:40

The Commercial Bank of Ceylon, the private bank with the largest branch and ATM network operation in the country, recently opened a branch in Madampe in the Puttalam District, bringing its branch count in Sri Lanka to 268 and its ATM count to 865 ter

Beauty of learning by rote

Views - 30 Monday, 30 December 2019 01:38

By S.P.U.S. Wickramasinghe This note refers to the experiences that I underwent at three commercial banks – two in Sri Lanka, one a so-called privately owned (2008 or so), another owned by the state (2019), and the third in London in 1976. On the

Amãna Bank opens Self Banking Centre at Maligawatte

Views - 22 Monday, 30 December 2019 01:38

Amãna Bank recently opened its 16th Self Banking Centre at Maligawatte under the patronage of its Head of Human Resources Farhan Refai alongside customers and staff of the Bank. The Self Banking Centre currently facilitates 24x7 customer deposits th

India’s financial system stable despite weakening economic growth, says RBI

Views - 23 Monday, 30 December 2019 01:37

MUMBAI (Reuters): India’s financial system remains stable even after economic growth plummeted to a six-year low, the Reserve Bank of India (RBI) said on Friday. “Reviving the twin engines of consumption and investment while being vigilant about

Emerging market stocks were laggards in the past decade

Views - 37 Friday, 27 December 2019 00:00

Reuters: Despite a strong start to this decade in 2010, emerging market stocks underperformed developed market peers and were weighed down by events such as the Chinese market sell-off, debt crises in Turkey and Argentina and the Sino-US trade war. M

Asian markets up in post-Christmas trade

Views - 20 Friday, 27 December 2019 00:00

HONG KONG (AFP): Asian equities inched up on Thursday in subdued trading, holding the gains recently spurred by the US-China trade thaw. Following the Christmas lull across world markets, eyes are now on US unemployment data due later in the day, and

Gold rises above $1,500 level as investors await trade deal signing

Views - 35 Friday, 27 December 2019 00:00

Reuters: Gold prices rose above the key $1,500 per ounce level on Thursday to hit their highest in nearly two months, as uncertainty around the signing of a trade deal between the United States and China boosted safe-haven flows into the metal. Spot

Christmas cheer as CSE gains on Boxing Day

Views - 48 Friday, 27 December 2019 00:00

The Colombo stock market opened on a positive note post-Christmas holiday with both indices up on improved turnover though there was net foreign outflow. Acuity Stockbrokers said the Bourse ended on a positive note as the ASPI increased by 0.55% or

Sri Lanka Insurance awarded at National Business Excellence Awards 2019

Views - 33 Friday, 27 December 2019 00:00

Sri Lanka’s insurance giant Sri Lanka Insurance was recognised and awarded for business excellence at the 16th edition of the National Business Excellence Awards organised by the National Chamber of Commerce. The annual initiative National Business

People’s Leasing yet again bags two awards at 55th CA Sri Lanka Annual Report Awards

Views - 30 Friday, 27 December 2019 00:00

People’s Leasing, award winning financial solution provider in the non-bank financial institutions sector, yet again bagged two awards at the 55th CA Sri Lanka Annual Report Awards. Annual Report 2018/19 of the Company secured the Bronze Award in

Bonds yields nosedive ahead of monetary policy announcement

Views - 53 Friday, 27 December 2019 00:00

By Wealth Trust Securities The downward movement in secondary market bond yields intensified yesterday on the back of aggressive local buying interest. The yields on the liquid 2024’s (i.e. 15.03.24, 15.06.24 & 15.09.24) and 2026’s (i.e. 01.06.26

Today's Columnists

Forensic Audits part of bond scam cover-up

Saturday, 25 January 2020

From the time the bond scam was carried out by the Ranil Wickremesinghe administration, that administration under the guidance of the former Prime Minister had been avoiding the law by regularly bringing up various distractions so that the true natur

Halting mega projects is untimely; Govt. can explore other options

Friday, 24 January 2020

In a Sunday newspaper on 5 January a news item titled ‘Mega projects on hold until August budget,’ ‘Drop in revenue after tax reductions prevents spending on major constructions,’ was not a development-friendly headline. It may be accurate o

Is any further expenditure on the Port City a waste of money?

Friday, 24 January 2020

Erase from the mind all that you have read and heard about it. Then take a blank piece of paper, draw an irregular circle, and draw a line to divide it into two. On the bottom half write 300 acres. That is our Port City! To get the size into a proper

Foundations of incivility

Friday, 24 January 2020

The lack of advanced political consciousness and democratic discipline can be considered as one of the main reasons for the crisis and the failure that Sri Lanka is facing. This can be considered a situation that has prevailed since independence. Sri

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