Financial Services

MBSL partners with Hubpoint to empower entrepreneurs

Views - 337 Monday, 3 September 2018 00:00

Merchant Bank of Sri Lanka & Finance PLC (a subsidiary of Bank of Ceylon), has signed up with Hubpoint to sponsor office spaces for entrepreneurs.

Bond market gathers momentum during week

Views - 92 Monday, 3 September 2018 00:00

The bond market opened the week ending 31 August on a bearish note, but reversed to a positive note towards the latter part of the week on the back of local and foreign buying interest as yields dipped across the yield curve.

Sri Lanka Insurance pays one of the highest fishing boat claims in insurance history

Views - 90 Friday, 31 August 2018 00:10

Sri Lanka Insurance paid the highest recorded claim for a fishing boat ever, Rs. 29 m, to the insured W.P.M.R.D.R. Fernando, owner of the fishing boat IMUL A 844 CHW. Built in 2018, the fishing boat had been completely destroyed after it caught fire

Bond market yields remain mostly unchanged

Views - 78 Friday, 31 August 2018 00:05

The secondary bond market yields remained mostly unchanged yesterday with activity witnessed on the 2021 maturities (i.e. 01.03.21, 01.05.21, 15.10.21 and 15.12.21), 15.03.23 and the two 2028 maturities (i.e. 15.03.28 and 01.09.28) at levels of 9.53%

Shares rebound from 17-mth closing low

Views - 105 Thursday, 30 August 2018 00:00

Reuters: Shares rebounded on Wednesday, from their lowest close in 17 months, boosted by local media reports citing the Central Bank Governor that the main State-owned pension fund will return to the equity market. The Employees’ Provident Fund, w

Rupee hits record low for seventh session

Views - 109 Thursday, 30 August 2018 00:00

Reuters: The rupee hit an all-time low for a seventh straight session on Wednesday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said. The rupee, which hit a fresh record low of 161.43 early in the trade, closed

Mixed developments in Balance of Payments

Views - 86 Thursday, 30 August 2018 00:00

The country’s Balance of Payments (BOP) had mixed developments in June according to the Central Bank. It said this week the financial account of the BOP was supported by the fifth tranche of the Extended Fund Facility of the International Monetary

Richard Pieris Finance stands tall at SLIM NASCO Awards 2018

Views - 92 Thursday, 30 August 2018 00:00

Richard Pieris Finance Ltd., the only financial company owned by the diversified conglomerate Richard Pieris Group and proprietor of the household brand Arpico, clinched two awards at the SLIM NASCO Awards 2018 held recently. Richard Pieris Finance L

364-day bill average yield decreases once again

Views - 63 Thursday, 30 August 2018 00:00

By Wealth Trust Securities The weighted average yield of the 364 day bill at yesterday’s weekly Treasury bill auction decreased once again with the total bids to offer ratio increasing to 2.97:1. The 364 day maturity  recorded a 01 basis point dro

Kanrich Finance Batticaloa branch relocated

Views - 29 Thursday, 30 August 2018 00:00

To serve its customers better and in its continuous attempts to deliver an ultra-modern and unique service experience, Kanrich Finance Batticaloa has been relocated to its ultra-modern premises at No. 439/441, Trincomalee Road, Batticaloa. These ren

HNB launches new priority and digital banking centres in Kurunegala

Views - 176 Thursday, 30 August 2018 00:00

Sri Lanka’s most customer-friendly bank, HNB PLC announced the continued expansion of its extensive Customer Centre network with the launch of a new, fully-automated, Electronic Banking Centre together with a new Priority Circle branch at its Kurun

Importance of budgeting and forecasting highlighted at inaugural Acclivity Training seminar

Views - 20 Thursday, 30 August 2018 00:00

Acclivity Training conducted its inaugural seminar on Budgeting and Forecasting for Non-Finance Managers on Wednesday 1 August at Renuka City Hotel. The seminar was inaugurated by GAC shipping Managing Director Mahesh Kurukulasuriya, who emphasised t

KPMG hosts 17th Audit Committee Forum

Views - 191 Thursday, 30 August 2018 00:00

With the amendments to the Corporate Governance Code in Sri Lanka, focused, yet flexible agendas – exercising judgement about what does and, does not belong on the audit committee’s agenda, and when to take deep dives – will be more critical. T

CSE issues rules for sponsors of entities to be listed on Empower Board in Alternate Market Segment

Views - 236 Thursday, 30 August 2018 00:00

The Colombo Stock Exchange recently issued rules relating to sponsorsof entities to be listed on the Empower Board in the Alternate Market Segment. Empower Board is the CSE’s newest listing platform which is dedicated for SMEs who are seeking for f

Development banking: Back to square one!

Views - 246 Thursday, 30 August 2018 00:00

The news itemwhich appeared on Sri Lankan newspaperstitled ‘A new Development Finance Corporation to be launched soon: Prime Minister,’ prompted me to write this article. I was surprised to see this news and felt some sort of mental discomfort wh

Bond yields decrease marginally ahead of weekly bill auction

Views - 78 Wednesday, 29 August 2018 00:00

The secondary bond market yields decreased marginally yesterday, on the back of average volumes, consisting mainly

HNB’s leadership in digital dividends issuance business

Views - 255 Wednesday, 29 August 2018 00:00

HNB strengthens its market leadership in the corporate cash management business, with several of the country’s corporates

Pan Asia Bank relocates its Negombo branch

Views - 58 Wednesday, 29 August 2018 00:00

Pan Asia Bank ceremonially opened its Negombo branch at its new location on 27 August at No. 199, St. Joseph’s Street, Negombo.

Amãna Bank continues partnership with FACETS 2018 as Official Banker

Views - 28 Wednesday, 29 August 2018 00:00

Amãna Bank has joined hands for the second consecutive year with the Sri Lanka Gem and Jewellery Association to be

SDB Bank receives ‘Fastest Growing MSME Bank in Sri Lanka’ award

Views - 78 Wednesday, 29 August 2018 00:00

SDB bank once again being recognised for its invaluable contribution towards the upliftment and development of the MSME sector

Compensation payment to CIFL depositors begins

Views - 63 Wednesday, 29 August 2018 00:00

The Monetary Board cancelled the licence issued to Central Investment and Finance Plc (CIFL) with effect from 5 March 2018 in accordance with Section 37(3) of the Finance Business Act.

Bi-annual payment of fees to CDS

Views - 42 Wednesday, 29 August 2018 00:00

The Colombo Stock Exchange has amended the Rule 11.5 contained in Section 11 of the Listing Rules to facilitate the bi-annual

Cargills Bank half yearly performance reflects higher business volumes and increased profitability

Views - 153 Tuesday, 28 August 2018 00:00

Cargills Bank has recorded a post-tax profit of Rs. 70.8 m, reflecting an improvement of 15% for 1H of 2018 compared to 1H of 2017. Although the impairment charges and operating expenses have significantly increased compared to the 1H of 2017, the i

EY reports: Insurers in for major changes in 2021

Views - 213 Tuesday, 28 August 2018 00:00

After a very long journey, (approximately 20 years) the International Accounting Standards Board (IASB) issued IFRS 17 ‘Insurance Contracts’. Come 1 January 2021 insurance companies will have to apply the new standard, which will ultimately chang

Catastrophes cause global economic losses of $ 36 b in 1H

Views - 29 Tuesday, 28 August 2018 00:00

According to Swiss Re Institute’s preliminary sigma estimates, global economic losses from natural catastrophes and man-made disasters in the first half of 2018 were $ 36 billion. This figure is well below the ten-year average of $ 125 billion in

In it to win it

Views - 263 Tuesday, 28 August 2018 00:00

It is a little over a year since the ‘IFRS 17 Standard on Insurance Contracts’was published and the clock began ticking towards implementation in 2021. Many insurers have selected the option to implement IFRS 9 at the same time. Two quarters into

Commercial Bank named Sri Lanka’s Most Respected Bank for 14th year running

Views - 24 Tuesday, 28 August 2018 00:00

The Commercial Bank of Ceylon has been reaffirmed the most respected bank in Sri Lanka for the 14th year running and the fourth most respected corporate entity in the country in the 2018 rankings of the Most Respected Entities in Sri Lanka compiled b

Activity in secondary bond market moderates

Views - 67 Tuesday, 28 August 2018 00:00

By Wealth Trust Securities Activity in the secondary bond market moderated yesterday, with limited trades of the 15.11.18 and 2019 maturities (i.e. 01.07.19 and 15.09.19) taking place at levels of 8.12% and 9.00% to 9.06% respectively. Furthermore,

Asian shares rise after Powell speech, stronger yuan lifts China

Views - 22 Tuesday, 28 August 2018 00:00

SHANGHAI (Reuters): Asian shares rose on Monday, taking heart from comments by the Federal Reserve chairman that drove Wall Street to record highs on Friday, and as a tweak to the way China’s central bank manages its currency boosted the yuan and s

Union Bank Credit Cards debut

Views - 771 Tuesday, 28 August 2018 00:00

Union Bank yesterday launched a comprehensive portfolio of Credit Cards, powered with Visa payWave, adding greater versatility and vibrancy to its Retail Banking product offering. The introduction of contactless Credit Cards signifies and endorses U

Today's Columnists

In the desert of Tamil films, actor Sivaji Ganesan was an oasis

Saturday, 22 September 2018

‘Indian Film,’ first published in 1963 and co-authored by former Columbia University Professor Erik Barnouw and his student Dr. Subrahmanyam Krishnaswamy, is considered a seminal study of the evolution and growth of Indian cinema. The book is cit

Imran may turn blind eye to blasphemy law and persecution of Ahmadiyyas

Saturday, 22 September 2018

There are clear signs that Pakistan’s freshly minted Prime Minister, Imran Khan, will make a sincere effort to reduce corruption and maladministration in the domestic sphere. In foreign affairs he is likely to make a brave attempt to mend fences wi

The rate of exchange, capital flight and the Central Bank

Friday, 21 September 2018

The Central Bank (CBSL) exists for the sole purpose of price stability. Its controls on the financial system and monetary policy exist to maintain price stability. As put forth many times by the Governor, the failing of the CBSL to control inflation

Red flag over the Sri Lankan Navy

Friday, 21 September 2018

Shocking story Rusiripala, a former banker in Sri Lanka, who has taken to writing in Daily FT, is perturbed by the red flag I have raised (Daily FT article 18 September) over the shocking charge that our Navy had operated a ransom gang that had abduc

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