Financial Services

International remittances and poverty reduction

Views - 27 Thursday, 21 September 2017 00:00

International remittances represent the second most important source of external funding for developing countries after foreign direct investment (FDI). The World Bank (2014) estimates that international remittances to developing countries reached $4

Why are interest rates high?

Views - 501 Thursday, 21 September 2017 00:00

The general public is concerned about the high level of interest rates prevailing in the recent past. Interest rates influences the day-to-day life of ordinary people as it is the benchmark for all economic decisions.

Fitch says Singer rating unaffected; Hayleys’ balance sheet will be stretched significantly

Views - 58 Thursday, 21 September 2017 00:00

Fitch Ratings said yesterday Hayleys PLC’s acquisition of a controlling stake in Singer (Sri Lanka) PLC (Singer, A-(lka)/Stable) is neutral for Singer’s rating.

COMBANK innovates with ‘FastPay,’ new mobile payment option

Views - 68 Thursday, 21 September 2017 00:00

The Commercial Bank of Ceylon has launched its own mobile payment option, enabling account holders to make instant cash-less transactions via the bank’s existing mobile banking app, through a simple and innovative mobile payment option.

Bourse gains to over 5-week closing high on foreign buying

Views - 50 Thursday, 21 September 2017 00:00

Reuters: Shares gained for a fifth straight session on Wednesday to hit a more than five-week closing high as foreign investors bought into blue-chips, boosting sentiment.

Rupee ends firmer, exporters sell dollar

Views - 41 Thursday, 21 September 2017 00:00

Reuters: The rupee ended firmer on Wednesday as dollar selling by exporters surpassed mild demand for the greenback from importers, dealers said.

Govt. considers listing of major state firms

Views - 337 Thursday, 21 September 2017 00:00

Reuters: Sri Lanka is considering listing two state-owned banks and an insurance company next year, by selling stakes of at least 10% in each, government, regulatory and exchange officials told Reuters on Wednesday. Bank of Ceylon, the largest lender

Asian Confederation of Asian Credit Unions forum begins in Colombo

Views - 15 Thursday, 21 September 2017 00:00

The annual forum of the Association of Asian Confederation of Asian Credit Unions (ACCU), hosted by the SANASA Federation of Sri Lanka (Federation of Thrift and Credit Co-operative Societies Ltd. in Sri Lanka), began yesterday with Prime Minister Ran

182 day bill average breaks 9.00% psychological level for first time in 79 weeks

Views - 66 Thursday, 21 September 2017 00:00

The downward trend in weighted averages at the weekly Treasury bill auctions continued for a third consecutive week yesterday.

SEC hosts IOSCO’s key meetings in Colombo

Views - 33 Thursday, 21 September 2017 00:00

The International Organisation of Securities Commissions (IOSCO) Growth and Emerging Market Committee (GEM) meeting and the Asia Pacific Regional Committee (APRC) meeting kicked off in Colombo yesterday hosted by the Securities and Exchange Commissio

Bourse marks 4-week closing high on foreign buying

Views - 49 Wednesday, 20 September 2017 00:00

Reuters: Shares gained for a fourth straight session on Tuesday to mark a four-week closing high on foreign buying in blue-chips.

World Federation of Exchanges CEO visits CSE

Views - 49 Wednesday, 20 September 2017 00:00

Making her first visit to the Colombo Stock Exchange (CSE), World Federation of Exchanges (WFE) Chief Executive Officer Nandini Sukumar commended the special relationship between the two organisations and stressed

Asian shares slip as investors await Fed meeting for rate clues

Views - 18 Wednesday, 20 September 2017 00:00

TOKYO (Reuters): Asian shares slipped on Tuesday, hobbled by uncertainty as traders awaited a Federal Reserve meeting for clues on US monetary policy, though sentiment was supported by record highs on Wall Street.

Fitch rates LB Finance PLC’s senior and subordinated debt

Views - 54 Wednesday, 20 September 2017 00:00

Fitch Ratings has assigned LB Finance PLC’s (LB; A-(lka)/Stable) proposed senior unsecured and subordinated debentures expected National Long-Term Ratings of ‘A-(lka)(EXP)’ and ‘BBB+(lka)(EXP)’ respectively.

Fitch rates Sampath Bank’s Basel III Sub Debt ‘A (EXP)’

Views - 44 Wednesday, 20 September 2017 00:00

Fitch Ratings has assigned Sampath Bank PLC’s (A+(lka)/Negative) proposed Basel III compliant subordinated debentures an expected National Long-Term Rating of ‘A(lka)(EXP)’.

Fitch Affirms Alliance Finance at BB+; withdraws ratings

Views - 36 Wednesday, 20 September 2017 00:00

Fitch Ratings has affirmed Alliance Finance Company Plc’s (AFC) National Long-term Rating and the ratings on its outstanding senior unsecured debentures at ‘BB+(lka)’.

Google launches digital payments service in India

Views - 32 Wednesday, 20 September 2017 00:00

NEW DELHI (Reuters): Alphabet Inc’s Google on Monday launched a localized payments app for India as it tries to gain a foothold in the country’s rapidly-growing digital payments space.

Combank enhances corporate website with assistive technology for differently-abled persons

Views - 25 Wednesday, 20 September 2017 00:00

The Commercial Bank of Ceylon has broken new ground in enhancing access for differently-abled persons by enriching its corporate website with special assistive technologies for users with visual disabilities, hearing impairments, physical disabilitie

Rupee falls on dollar demand from banks

Views - 37 Wednesday, 20 September 2017 00:00

Reuters: The rupee ended weaker on Tuesday as dollar demand from banks and importers surpassed selling of the greenback by exporters, dealers said.

Pan Asia Bank promotes 13.1% A.E.R. on 4-month FD

Views - 39 Wednesday, 20 September 2017 00:00

Pan Asia Bank has come out with a short-term fixed deposit promotion which offers a higher rate of interest on four-month fixed deposits where customers get the opportunity of receiving 13.1% annual effective rate on their fixed deposits (nominal rat

Secondary market bond yields decrease ahead of weekly bill auction

Views - 54 Wednesday, 20 September 2017 00:00

Secondary bond market yields were seen decreasing once again yesterday on the back of local buying interest mainly on the liquid maturities of 01.08.26 and 15.05.30 from its opening highs of 10.15% and 10.65% respectively to lows of 10.10% and 10.50%

Farshad Cader first Lankan to win ‘Cambridge Islamic Finance Leadership’ Award

Views - 330 Tuesday, 19 September 2017 00:51

Senior Sri Lankan banker Farshad Cader, who currently works for Kuwait Finance House (KFH) as a Senior Manager/Head of Financial Institutions, was the first Sri Lankan to receive the ‘Cambridge Islamic Finance Leadership Award’, which was present

KPMG hosts 13th Audit Committee Forum to sharpen focus

Views - 220 Tuesday, 19 September 2017 00:51

Is everything under control? The key question is, as audit committee members around the world, did they express their top challenges and concerns. KPMG’s 2017 Global Pulse Survey highlights that despite audit committees, by and large continue to ex

MBSL awarded Asia’s Best Employer Brand 2017

Views - 29 Tuesday, 19 September 2017 00:50

SDB Negombo branch refurbished

Views - 16 Tuesday, 19 September 2017 00:49

SDB Negombo branch was refurbished and re-opened at the same location on 8 September, with the objective of providing more efficient and friendly service to its customers with more sophisticated facilities.

Seylan Bank opens 166th branch in Kandana

Views - 30 Tuesday, 19 September 2017 00:46

Strengthening its vision to offer ultimate banking solutions to the people of Sri Lanka, Seylan Bank opened a fully-fledged branch in Kandana, expanding the bank’s footprint to 166 branches island-wide. The branch was ceremoniously opened on 15 Sep

Less foreign borrowing, longer bonds offset rise in emerging debt levels: BIS

Views - 24 Tuesday, 19 September 2017 00:27

LONDON (Reuters): A large-scale shift towards domestically issued and longer-dated bonds in emerging markets has helped build resilience to external shocks despite the increase in overall debt levels, the Bank for International Settlements said.

Asian credit unions body to adopt SANASA model for expansion

Views - 46 Tuesday, 19 September 2017 00:27

The Association of Asian Confederation of Credit Unions (ACCU) President Dr. Chul-sang Moon yesterday said his organisation expected to adopt Sri Lanka’s SANASA credit society model as a leading example to expand its credit union movement to uplift

Stock market gains to 3-week closing high as blue chips gain

Views - 33 Tuesday, 19 September 2017 00:26

Colombo (Reuters): Shares rose for a third straight session on Monday and ended at a three-week closing high as investors picked up diversified and telecom shares, brokers said.

Secondary market bond yields increase marginally

Views - 57 Tuesday, 19 September 2017 00:26

In the secondary bond market yesterday, yields were seen increasing marginally once again mainly on the liquid 01.08.25 and 01.08.26 maturities to intraday day highs of 10.40% and 10.25% respectively and closed the day at 10.25/35 and 10.20/30 agains

Today's Columnists

Sustainable tourism – New profit for businesses

Tuesday, 26 September 2017

World Tourism Day has been celebrated since 1980 on 27 September, the day in which the Statutes of the World Tourism Organization (UNWTO) entered into force.

Do economic sanctions matter to Iran?

Tuesday, 26 September 2017

Economic sanctions are not a new phenomenon to Iran. It has been 38 years since the Iranian revolution (1979) took place. Since then, the United States, European Union and some other countries have been imposing

It is an uphill task for the Govt. to attain the envisaged targets

Monday, 25 September 2017

In Part 1 of the article series on the Government’s Vision 2025 published last week, it was pointed out that the present vision document was just the fourth of such visions pronounced by the Government during the last two year period.

Women for tourism

Monday, 25 September 2017

Tourism is one of the world’s largest and fastest growing industries. In many countries it acts as an engine for development through foreign exchange earnings and the creation of direct and indirect employment.

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