Financial Services

Parallel shift upward of the yield curve once again

Views - 85 Monday, 11 February 2019 00:35

The secondary market bond yields were seen increasing during the shortened trading week ending 8 February on the back of profit-taking along with selling interest amidst a slowdown in foreign buying interest towards the latter part of the week. Yield

Mobitel broadens country’s electronic payments landscape by introducing mCashQR

Views - 43 Monday, 11 February 2019 00:34

In an effort to drive digital and financial inclusivity, Mobitel recently launched mCashQR, as an additional component to its mCash mobile app. By using a Quick Response (QR) code, users can make transactions with greater speed, ease and convenience.

A controlling mindset and limited ambition hinder flow of private equity to local businesses

Views - 46 Monday, 11 February 2019 00:34

Dr.Rasitha Wickramasinghe of STAX Colombo discusses private equity (PE), due diligence and challenges faced by Sri Lankan corporates in attracting PE funding.

SEC charges person before Magistrate’s Court for failing to appear when summoned

Views - 77 Friday, 8 February 2019 00:00

The Securities and Exchange Commission of Sri Lanka (SEC) said yesterday it has charged Vidanalage Juvenal Aruna Melan Soysa at Fort Magistrate’s Court on 25 January, for not appearing before the SEC when he was summoned to record a statement with

People’s Bank opens Union Place Digital Unit

Views - 50 Friday, 8 February 2019 00:00

The Digital Unit of People’s Bank’s Union Place branch was declared open yesterday by People’s Bank CEO/General Manager N. Vasantha Kumar. Customers can apply for digital personal loans and obtain approval at the new Digital Unit with the help

Allianz Life launches special pension scheme for professional drivers

Views - 51 Friday, 8 February 2019 00:00

Allianz Life Insurance Lanka Ltd., an innovative insurance provider in Sri Lanka, recently launched a specialised pension scheme to empower all self-employed professional drivers of the nation. This special product is the first of its kind in Sri Lan

Speed Credit now in Kandy

Views - 53 Friday, 8 February 2019 00:00

Speed Credit, a leading financial institution, which extends micro finance facilities to rural and semi urban sectors, opened its newest branch in Kandy recently. Launched in 2016 as a member of Speed Group of Companies, Speed Credit is gradually exp

Orient Finance relocates head office to facilitate enhanced customer convenience

Views - 51 Friday, 8 February 2019 00:00

Orient Finance, a leading provider of unique financial solutions in Sri Lanka, relocated its head office to a more convenient location at No. 61, Dharmapala Mawatha, Colombo 7 to deliver a streamlined customer experience to the company’s fast growi

Secondary market bond yields increase further

Views - 61 Friday, 8 February 2019 00:00

The secondary bond market yields were seen increasing further yesterday on the back of continued selling interest. The yields on the liquid maturities of 01.08.21, two 2027’s (15.01.27 & 15.06.27) and 01.09.28 were seen hitting intraday highs of 10

Asian equities receive biggest foreign inflows in a year in January

Views - 46 Friday, 8 February 2019 00:00

Reuters: Foreigners were net buyers of Asian shares in January, data from seven exchanges showed, on hopes the US Federal Reserve would go slow with its monetary tightening measures this year and the trade talks would unwind some tariffs, bolstering

Indian Rupee the ‘whipping boy’, but to dodge record low: Reuters poll

Views - 31 Friday, 8 February 2019 00:00

BENGALURU (Reuters): The Indian rupee is set to underperform against the dollar again this year, weighed down by uncertainty ahead of a national election in May, but is unlikely to retest life-time lows, a Reuters poll showed. After reversing some of

India unexpectedly cuts key rate, changes stance to neutral

Views - 26 Friday, 8 February 2019 00:00

MUMBAI (Reuters): India’s central bank on Thursday unexpectedly lowered interest rates and, as anticipated, shifted its stance to “neutral” to boost a slowing economy after a sharp slide in the inflation rate. The cut is welcome news for Prime

Fed gives banks more stress test information, unveils 2019 scenarios

Views - 26 Friday, 8 February 2019 00:00

WASHINGTON (Reuters): The Federal Reserve moved on Tuesday to make its stress testing of large banks more transparent, providing financial firms significantly more information about how their portfolios would perform under potential economic shocks.

CIMA conducts workshop on indirect taxes on financial services

Views - 13 Friday, 8 February 2019 00:00

CIMA conducted a comprehensive and educative workshop on the indirect taxes imposed on financial services at the CIMA Auditorium on 25 January. A detailed presentation analysing the application of Value Added Tax (VAT), Nation Building Tax (NBT), De

KPMG hosts 18th Audit Committee Forum

Views - 132 Friday, 8 February 2019 00:00

A seasoned audit committee chair once remarked that every new appointee to the board should do time on the audit committee, as it provides such a comprehensive and all-encompassing view of the business and the challenges and risks faced by the compa

Bank of China’s $300 m loan to Sri Lanka faces delay: Govt. officials

Views - 139 Thursday, 7 February 2019 01:06

REUTERS: A $300 million loan offered by Bank of China to Sri Lanka is facing delays, Government officials familiar with the negotiation told Reuters. The Indian Ocean island nation, a key battleground in the tussle for influence in South Asia betwee

364 day bill weighted average remains unchanged

Views - 71 Thursday, 7 February 2019 01:06

The 364 day bill weighted average was seen holding steady at 10.69% at its weekly Treasury bill auction conducted yesterday following six consecutive weeks of decreases. Similarly, the 182 day bill weighted average remained steady at 9.87%, which was

Acting Chairman for BOC, People’s Bank

Views - 74 Thursday, 7 February 2019 01:05

The Finance Ministry yesterday announced that Senior Deputy Secretary to Treasury A.R. Desapriya has been appointed as Acting Chairman of the Bank of Ceylon and Deputy Treasury Secretary A.M.P.M.B. Atapattu has been appointed as Acting Chairman of Pe

HNB announces landmark partnership with CyberSource

Views - 438 Thursday, 7 February 2019 00:58

HNB yesterday announced a landmark new partnership with Visa to launch its globally-renowned integrated ecommerce payment management service, CyberSource, across the bank’s entire merchant network. Through the new partnership, HNB will offer its me

DFCC Bank launches value-added corporate credit card in partnership with Visa

Views - 112 Thursday, 7 February 2019 00:53

DFCC Bank in partnership with Visa hosted its corporate clientele at the launch of its DFCC Visa corporate credit card on 23 January at the Hilton Colombo. The exciting launch was celebrated in the presence of almost 200 attendees, consisting of the

Central Bank on ensuring safety of payment card transactions

Views - 118 Thursday, 7 February 2019 00:51

Central Bank yesterday issued the following statement on ensuring safety of payment card transactions: Payment cards provide customers the convenience of withdrawing cash through Automated Teller Machine (ATM) network and transacting through merchant

KPMG Academy organises seminar on Trust Law on 13 February

Views - 67 Thursday, 7 February 2019 00:51

The Trust Amendment Act No. 6 of 2018 provides a definition for “express trust”. It means a trust that is created by the author of the trust generally in the form of an instrument in writing with certainty indicating the intention of the trust, b

Bank of Ceylon wins ‘Best Presented Annual Report’ at SAARC Anniversary Awardsby SAFA

Views - 19 Thursday, 7 February 2019 00:48

The Bank of Ceylon’s ‘ABC of BOC’ Annual Report for 2017 was recognised as the Winner of the Best Presented Annual Report Award in the Public Sector Banking Institution Category at the South Asian Federation Accountants (SAFA) Awards Ceremony h

Seylan Trade Services launches Priority Counter for trade clients

Views - 26 Thursday, 7 February 2019 00:46

Enhancing its services to offer a comprehensive banking experience, Seylan Bank Trade Services has pioneered the concept of priority banking by establishing a Priority Counter for its trade clients. Offered to selected clients based on the volumes r

Bond yields remain mostly unchanged ahead of weekly bill auction

Views - 82 Wednesday, 6 February 2019 00:00

The secondary bond market yields remained mostly unchanged yesterday on the back of moderate volumes changing hands, ahead of today’s weekly Treasury bill auction. Trades were witnessed on the maturities of two 2021s (i.e. 01.08.21 and 15.12.21),

People’s Bank celebrates independence with gifts for children born during the week

Views - 23 Wednesday, 6 February 2019 00:00

Commemorating the country’s 71st National Day, the head office and all People’s Bank branches organised Independence Day celebrations island wide. The National Day celebration at the People’s Bank head office was held under the patronage of Peo

NDB Wealth marks Independence Day 2019

Views - 94 Wednesday, 6 February 2019 00:00

Expert financial planner NDB Wealth marked Sri Lanka’s 71st Independence Day on 4 February 2019. “To mark Sri Lanka’s 71st Independence Day, take some very good advice that has withstood the test of time from famed military strategist and autho

Rupee ends 1% weaker on importer dollar demand

Views - 77 Wednesday, 6 February 2019 00:00

Reuters: The rupee ended 1% weaker on Tuesday, due to dollar demand as importers purchased the greenback after the local currency gained nearly 3% last week. The rupee closed at 178.20/50 per dollar, compared with Friday’s close of 176.60/177.00,

CDB’s innovation mindset wins big at SLT ZERO ONE Awards

Views - 26 Wednesday, 6 February 2019 00:00

Asserting its presence as a leading disruptor in the financial industry with its pioneering technological innovations, Citizens Development Business Finance PLC (CDB) gained impressive kudos at the SLT Zero One Awards held recently, bagging the Best

Bond market turns bullish during the week

Views - 192 Tuesday, 5 February 2019 01:01

The secondary bond market turned bullish during the week ending 1 February as yields were seen deceasing on the back of continued foreign buying and renewed local buying interest, reversing an upward trend witnessed during the previous week.

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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