Financial Services

Shares steady at 17-month high on tax-cut optimism; Rupee slips

Views - 40 Tuesday, 3 December 2019 00:00

Reuters: Shares closed nearly unchanged yesterday, steadying at a 17-month high hit in the previous session, as positive sentiment surrounding tax cuts by the country’s new Government continued to cheer investors, while the rupee ended weaker.

People’s Bank drives digitalisation with landmark 300th digital branch

Views - 63 Monday, 2 December 2019 00:11

The People’s Bank is internationally recognised for its commitment to digitalisation, receiving awards for ‘Best Digital Informative Program’ from the Asian Banker, one of the most prestigious awards program in the industry, for two consecutive

Global funds raise stock allocations at the expense of cash

Views - 21 Monday, 2 December 2019 00:10

BENGALURU (Reuters): Global funds recommended switching cash back into equities in November as stocks worldwide rose to near record highs despite a lack of clarity over how, when, or if a truce will be called on the damaging US-China trade war, a Reu

G20 watchdog says tougher bank rules have not crimped lending

Views - 19 Monday, 2 December 2019 00:08

LONDON (Reuters): Tougher bank capital requirements since the financial crisis have not crimped lending to small companies, a report from global regulators said on Friday. The findings are unlikely to stop what central bankers see as a growing pushba

Acclivity speaks on what is next in Annual Reporting

Views - 39 Monday, 2 December 2019 00:07

Professionals in finance and other corporate fields are to gather at the CIMA auditorium, Colombo, on Monday 9 December from 2.00 p.m to 5.00 p.m, to discuss advances in annual reporting and how to report information in a manner that is meaningful to

Sarvodaya Development Finance paves road to success for entrepreneurs

Views - 34 Monday, 2 December 2019 00:06

In keeping with its strong legacy of supporting grassroots entrepreneurs across Sri Lanka, Sarvodaya Development Finance (SDF) has continued to shine the light on the country’s entrepreneurs as it celebrated the Global Entrepreneurship Week (GEW).

EY to conduct training program on operational risk management

Views - 344 Monday, 2 December 2019 00:00

Ernst & Young (EY) Sri Lanka will be hosting a training program on operational risk management (ORM) in an attempt to educate and equip the financial sector with ground-breaking techniques on proactive risk management. The program will be held on 5

Perry Savundranayagam appointed ACI Asia President

Views - 28 Monday, 2 December 2019 00:00

HSBC Sri Lanka Director Perry Savundranayagam was appointed Asia President of the Paris-based global financial markets professionals’ body ACI. ACI Financial Markets Association (ACI) is a leading global trade association representing the interests

CA Sri Lanka members appointed to international and regional accounting bodies

Views - 51 Monday, 2 December 2019 00:00

Three members of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), Nishan Fernando, Sanjaya Bandara and Ajith Ratnayake have been appointed to top international and regional accounting bodies to offer their expertise in helping deve

Industry leaders comment on SME Board of CSE

Views - 195 Monday, 2 December 2019 00:00

The Empower SME Board of the Colombo Stock Exchange is a crucial medium when it comes to helping smaller companies attract investment, and also for investors looking to invest in companies that are in their earlier stages. The Colombo Stock Exchange

Upward parallel shift of the yield curve

Views - 78 Monday, 2 December 2019 00:00

The Central Bank of Sri Lanka continued to keep the policy rates steady at 7.00% and 8.00% at its seventh monetary policy announcement for the year 2019, released on Friday 29 November. The aggressive selling interest during the week ending 29 Novemb

Samurai bond to be delayed

Views - 52 Monday, 2 December 2019 00:00

Issuance of the $500 million Samurai bond is likely to be delayed after the Government decided to review the debt financing program that was put in place by the former administration.

Bond yields fluctuate ahead of monetary policy announcement 

Views - 93 Friday, 29 November 2019 00:00

The secondary bond market yields were seen fluctuating yesterday on the back of moderate activity with yields decreasing during the first half of the day and increasing during the second half of the day ahead of the much anticipated monitory policy a

CFA Society Sri Lanka welcomes new charterholders to financial industry

Views - 240 Friday, 29 November 2019 00:00

CFA Society Sri Lanka (CFASL) the local member society of CFA Institute, the global association of investment professionals that sets the highest standards of ethics, education, and professional excellence, announced that 20 local investment professi

AIA first life insurer in Sri Lanka to introduce Robotic Process Automation

Views - 1009 Friday, 29 November 2019 00:00

AIA Insurance, a leader in pensions, health and life insurance in Sri Lanka has partnered with POTENZA Ltd., the premier Business Technology and Robotic Process Automation Company in Sri Lanka for automation of business processes through Robotic Proc

HSBC swaps paper records for blockchain to track $20 b worth of assets

Views - 32 Friday, 29 November 2019 00:00

London (Reuters): HSBC aims to shift $20 billion worth of assets to a new blockchain-based custody platform by March, in one of the biggest deployments yet of the widely-hyped but still unproven technology by a global bank. The platform, known as Dig

Orient Finance appoints K.M.M. Jabir as new CEO

Views - 90 Friday, 29 November 2019 00:00

Orient Finance recently announced the appointment of an industry veteran, K.M.M. Jabir as its CEO, in a move that consolidates its position as a leader in the financial services industry. Widely respected as an industry veteran and a senior finance s

ComBank partners One Galle Face Mall to facilitate payment solutions for merchants

Views - 54 Friday, 29 November 2019 00:00

Merchants at One Galle Face Mall, Colombo’s first international and most prestigious retail development, can now benefit from Sri Lanka’s first-ever Android-based payment acceptance solution, powered by Commercial Bank of Ceylon. With one multi-

364-day bill weighted average increases

Views - 94 Thursday, 28 November 2019 03:14

By Wealth Trust Securities The market favourite 364-day bill weighted average was seen increasing once again at its weekly auction held yesterday, reversing the steep dip it witnessed during the previous week. It recorded an increase of seven basis

HDFC Bank becomes signatory to SLBA’s Sustainable Banking Principles

Views - 50 Thursday, 28 November 2019 03:13

HDFC Bank becomes a signatory to the Sustainable Banking Principles (SBP) launched by the Sri Lanka Banks’ Association (SLBA), aiming to harness banking industry contribution towards realisation of the Sustainable Sri Lanka Vision 2025. The pionee

AIA announces Lee Yuan Siong as Group Chief Executive/President from 1 June 2020

Views - 43 Thursday, 28 November 2019 03:11

AIA Group Ltd. announced yesterday that its Group Chief Executive and President, Ng Keng Hooi, has informed the Board of Directors of the Company of his intention to retire from his executive positions with the Company and its subsidiaries effective

Stock market rebounds; rupee firmer

Views - 119 Thursday, 28 November 2019 03:10

Reuters: Shares ended higher on Wednesday, helped by gains in beverage and banking shares, while the rupee ended firmer on hopes of tax cuts by the new Government. After the market closed, Cabinet Spokesman Bandula Gunawardena said the Government has

Charles Schwab to buy TD Ameritrade in $26-billion blockbuster brokerage deal

Views - 26 Thursday, 28 November 2019 03:10

Reuters: Charles Schwab Corp agreed on Monday to buy TD Ameritrade Holding Corp in an all-stock deal valued at $ 26 billion, creating a brokerage giant in a market that has been ravaged by price wars. The acquisition will shake up the retail brokerag

Rajitha Jayasuriya joins CAL Holdings Board

Views - 161 Wednesday, 27 November 2019 08:21

CAL Holdings Ltd., a leading investment bank, recently announced that Rajitha Jayasuriya had joined the CAL Holdings Board as Non-Executive Independent Director.

Bond yields continue to increase ahead of weekly bills auction

Views - 67 Wednesday, 27 November 2019 08:20

The secondary bond market yields were seen increasing further yesterday for a fourth consecutive day on the back of sustained selling interest.

NDBIB rings in success through Rs. 2.8 b IPO in Maldives

Views - 113 Wednesday, 27 November 2019 08:05

NDB Investment Bank (NDBIB), acting as the Sole Financial Advisor and Manager, successfully completed the Initial Public Offering (IPO) of Maldives Islamic Bank Plc (MIB), the only fully-fledged Islamic Bank in the archipelago. MIB’s IPO, while ra

Best practices adopted – Non-Banking Financial Industry

Views - 364 Wednesday, 27 November 2019 08:01

Having read my article dated 14 November under the titled ‘Unmatchable dynamics of the Non-Banking Financial Industry,’ one of my fellow commission members of the National Science & Technology Commission (NASTEC) Dr. Janaka Ratnasiri, who is one

Digital banks require data-driven capabilities for profitable growth

Views - 186 Wednesday, 27 November 2019 07:59

New research from Oracle identifies key lessons digital banks in Asia need to heed to deliver better banking. The report ‘Beyond Digital – Data-Driven Strategies to Grow, Scale and Profit’ uncovers important areas for digital banks to consider

KPMG backs resurgent SL

Views - 143 Wednesday, 27 November 2019 00:00

When KPMG, one of the world’s leading tax, audit and advisory firms, held its 18th Middle-Eastern and South Asian (MESA) Partners’ Conference in Colombo earlier this month (6-7 November), it was a show of trust. Trust in its convictions, and trus

Asia shares bounce, hope for best on US-China trade

Views - 35 Tuesday, 26 November 2019 00:00

SYDNEY (Reuters): Asian shares made guarded gains on Monday as investors braced for another week of likely conflicting commentary on the Sino-US trade dispute, while the outperformance of recent US economic data gave the dollar a leg up on its peers.

Today's Columnists

Peace, business and prosperity

Saturday, 7 December 2019

Every nation, every community and each individual is facing the social and political impact along with the impact of violence. Interpersonal violence results in medical, policing and judicial costs immediately after the violent incident occurs and it

‘Data is the new oil’: An introduction to the proposed Data Protection Act

Friday, 6 December 2019

Data protection is not a concept we, in Sri Lanka, are familiar with. Globally, the laws surrounding data protection have been around for about 20 years. And we are only just about getting started. The proposed ‘Data Protection Act’ (hereinafter

Education: An integral part of entrepreneurship development

Friday, 6 December 2019

Governments across the world have recognised the importance of State intervention to encourage private sector innovation towards strengthening entrepreneurships in order to capitalise on comparative and competitive advantages. The main pillar of entr

Moving away from an insular mindset concerning the tea export business

Friday, 6 December 2019

Sri Lanka mainly produces Orthodox teas as opposed to CTC teas which are largely used in producing tea bags. We are ahead of others in the former category but unfortunately way behind on the latter due to our closed and insular policies. Assuming an

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