Financial Services

Net foreign outflow tops Rs. 20 b mark

Views - 59 Thursday, 13 December 2018 00:11

NDB Securities yesterday revealed that year to date net foreign outflow from the Colombo stock market crossed the Rs. 20 billion mark though the Bourse ended on the up. Last year the market finished with a net inflow of Rs. 17.7 billion. NDB Securit

Rupee ends lower as foreign sell-off continues

Views - 65 Thursday, 13 December 2018 00:11

Reuters: The Sri Lankan rupee ended weaker on Wednesday, as foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on sentiment ahead of a key ruling by the island nation’s Supreme Court. The ruling, exp

Plans for new investor at People’s Merchant Bank nearing finalisation

Views - 41 Thursday, 13 December 2018 00:10

Efforts to bring in a new investor with capital for the People’s Merchant Bank PLC is nearing finalisation, the company said this week. The new unnamed proposed investor and the company, along with parent companies People’s Bank and People’s Le

57% of Dunamis shareholding accept Janashakthi voluntary offer

Views - 58 Thursday, 13 December 2018 00:10

Nearly 57% shareholding of Dunamis Capital PLC has accepted the voluntary offer from related party Janashakthi PLC., for Rs. 2.56 billion. Prior to the offer, Janashakthi held 41.14% or 50.59 million shares in Dunamis and when the offer at Rs. 36.60

182 day bill weighted average yield continues to increase

Views - 57 Thursday, 13 December 2018 00:10

The weighted average yield of the 182 day bill continued its increasing trend at yesterday’s weekly bill auction, recording a 02 basis point rise to 10.03%. Interestingly, the weighted average yield of the 364 day bill too increased by 04 basis poi

Dollar up for a third day as yields rise

Views - 18 Thursday, 13 December 2018 00:00

LONDON (Reuters): The dollar rose for a third consecutive day on Wednesday as US Treasury yields rose before a Federal Reserve meeting where it is widely expected to raise interest rates for the fourth time this year. US interest rates may be nearing

Asian stocks cheered by Trump trade talk; sterling plagued by politics

Views - 15 Thursday, 13 December 2018 00:00

SYDNEY (Reuters): Asian stock markets rallied on Wednesday as US President Donald trump sounded upbeat about a trade deal with China, while sterling struggled with the risk of an imminent party coup against British Prime Minister Theresa May. In an i

DFCC Bank extends branch footprint to Godakawela

Views - 23 Thursday, 13 December 2018 00:00

DFCC Bank has empowered the community of Godakawela by opening a new branch recently, to enrich the lives of the community in the area. The Godakawela branch was declared open by DFCC Bank CEO Lakshman Silva, senior management and branch staff, alon

Seylan Bank makes headway in Business Today’s Top 30 rankings

Views - 13 Thursday, 13 December 2018 00:00

Seylan Bank PLC received honours as one of Sri Lanka’s best performing corporate entities at the Business Today’s Top 30 Awards 2017-18, held at the Shangri-La hotel, Colombo recently.

Union Assurance receives multiple accolades at National Business Excellence Awards 2018

Views - 17 Thursday, 13 December 2018 00:00

Union Assurance (UA) won three prestigious awards at the recently concluded National Business Awards 2018 organised by the National Chamber of Commerce in Sri Lanka.

HSBC insights to shifting supply chains and capitalising on the US-China trade war

Views - 55 Wednesday, 12 December 2018 00:00

Sri Lanka may be in the midst of arguably the most precarious political malaise in its history, but if a new HSBC report is to go by, the outlook for the Asian region as a whole is rather more positive.  Among the key takeaways from the Hong Kong-ba

Indian Central Bank Head quits after months of government pressure

Views - 36 Wednesday, 12 December 2018 00:00

MUMBAI (Reuters): The Governor of the Reserve Bank of India, Urjit Patel, resigned suddenly on Monday, following months of pressure from Prime Minister Narendra Modi’s government that is threatening the independence of the central bank, sending the

India names Shaktikanta Das as next RBI governor

Views - 12 Wednesday, 12 December 2018 00:00

Reuters: India’s government named Shaktikanta Das as the next governor of the Reserve Bank of India on Tuesday, replacing Urjit Patel who resigned abruptly on Monday. Das, a former secretary at India’s Department of Economic Affairs, was appointe

ComBank Annual Report Best in Banking sector for 14th year

Views - 22 Wednesday, 12 December 2018 00:00

The Commercial Bank of Ceylon PLC was reaffirmed the best among Sri Lanka’s banks for financial disclosure for a consistent 14th year, winning the Gold in the Banking Institutions category at the 2018 CA Sri Lanka Annual Report Awards. The bank a

HNB wins two Silver Awards at CA Sri Lanka Annual Report Awards 2018

Views - 75 Wednesday, 12 December 2018 00:00

Sri Lanka’s largest retail sector bank HNB PLC continued to receive recognition for its commitment to optimised financial reporting, winning two awards at the recently concluded CA Sri Lanka’s 54th Annual Report Awards. Taking place at the Shangr

NDB recognised at CA Sri Lanka Annual Report Awards

Views - 30 Wednesday, 12 December 2018 00:00

NDB’s 2017 Annual Report themed ‘Take a Closer Look’ was recognised with the Bronze Award at the CA Sri Lanka Annual Reports Awards 2018, which was held at Shangri-La Hotel, Colombo under the patronage of the Governor of Central Bank Dr. Indraj

NSB and Mastercard thank cardholders with Singapore air tickets

Views - 43 Wednesday, 12 December 2018 00:00

National Savings Bank (NSB) and Mastercard gave away two return air tickets to Singapore to M.F. Arshoff, the first winner of their two-month long debit card promotion. The winner was chosen based on the amount of point of sale transactions made with

Sampath Bank ranked among SL’s Top Ten Corporate Citizens

Views - 40 Wednesday, 12 December 2018 00:00

Sampath Bank was recognised as one of Sri Lanka’s Top Ten Corporate Citizens of the year at the Best Corporate Citizen Sustainability Award 2018 held at the Cinnamon Grand, Colombo recently. The Bank was also adjudged the joint winner of the catego

Asia shares near 3-week lows, sterling struggles on Brexit woes

Views - 8 Wednesday, 12 December 2018 00:00

Sydney (Reuters): Chinese shares pulled ahead on Tuesday after Beijing confirmed it was still in trade talks with the United States, though sentiment remained fragile in Asia as the pound wallowed near 20-month lows on deepening political turmoil ove

Gihan Cooray appointed Chairman of Nations Trust Bank

Views - 215 Wednesday, 12 December 2018 00:00

Nations Trust Bank PLC has announced the appointment of Gihan Cooray as Chairman of the Board of Directors, with effect from 1 December. Cooray takes over as Chairman following the retirement of Krishan Balendra who stepped down after having served t

Bank of Ceylon launches World MasterCard to offer world class benefits

Views - 33 Wednesday, 12 December 2018 00:00

Together with MasterCard International, the country’s No.1 bank, Bank of Ceylon jointly launched the World MasterCard themed ‘Be the Master of your Journey’. The ceremony took place at the Bank of Ceylon Head Office Colombo with the participat

Bond yields increase marginally ahead of weekly bill auction

Views - 54 Wednesday, 12 December 2018 00:00

The secondary bond market yields increased marginally yesterday, with the liquid maturities consisting of the two 2021’s (i.e. 01.03.21 and 01.08.21) and 15.06.27 hitting highs of 11.50%, 11.55% and 12.00% respectively against its previous day’s

Boosting regional synergies for growth

Views - 263 Tuesday, 11 December 2018 01:10

South Asia, despite being the least integrated region in the world, has the potential to tap strong trade and development with the right policies and proper implementation, experts said yesterday. Delivering the inaugural address at the 30th Annivers

SL’s SEC work on World Investor Week gets IOSCO spotlight

Views - 77 Tuesday, 11 December 2018 00:57

World Investor Week (WIW) is a week-long, global campaign promoted by The International Organisation of Securities Commissions (IOSCO) to raise awareness about the importance of investor education and protection and highlight the various initiatives

ComBank celebrates 10 years of remittance services in Oman

Views - 16 Tuesday, 11 December 2018 00:56

The Commercial Bank of Ceylon recently commemorated the milestone of 10 years of remittance services to Sri Lanka from Oman, by hosting the management and employees of Exchange Houses and the Bank’s premier customers in the Sultanate to an event in

People’s Bank takes centre-stage at National Business Excellence Awards 2018

Views - 27 Tuesday, 11 December 2018 00:51

Going from strength to strength in its journey of excellence, People’s Bank was bestowed with two prominent awards at the prestigious National Business Excellence Awards 2018 held on 5 December at the Hilton Colombo. The bank was awarded the prest

HNB brings home 7 awards at CCC Best Corporate Citizen Awards 2018

Views - 154 Tuesday, 11 December 2018 00:51

Sri Lanka’s premier retail bank, Hatton National Bank PLC, (HNB) set new benchmarks across the Sri Lankan corporate sector having been presented with a total of seven awards at the recently concluded Ceylon Chamber of Commerce (CCC) Best Corporate

Global stocks extend slump as global growth worries mount

Views - 15 Tuesday, 11 December 2018 00:50

TOKYO (Reuters): Global stocks extended their slump on Monday, with US equity futures and Asian shares sliding on worries over slowing growth and fears that a fresh flare-up in tensions between Washington and Beijing could quash chances of a trade de

Activity in the secondary bond market moderates

Views - 61 Tuesday, 11 December 2018 00:50

Activity in the secondary bond market moderated once again yesterday as the sentiment turned bearish due to a ‘wait and see policy’ adopted by most market participants. Limited trades were witnessed of the 15.09.19 and 01.05.21 maturities at leve

Dollar slides as US job data dents Fed tightening outlook; yuan on back foot

Views - 20 Tuesday, 11 December 2018 00:49

TOKYO (Reuters): The dollar slid almost half a per cent against the euro and the yen on Monday after soft US payrolls data fueled speculation that the Federal Reserve may stop raising interest rates after a highly likely move next week. The Chinese y

Today's Columnists

Tweaking the New Inland Revenue Act (Part II)

Tuesday, 18 December 2018

In the backdrop where the recent amendment to the country’s supreme law is called in question, it may be appropriate to recall that the passage of the new Inland Revenue (IR) Act through Parliament was far more controversial. Nevertheless, the new

Advancing gender parity in Sri Lanka

Tuesday, 18 December 2018

Asia-Pacific today is a true engine of growth in the world—a region that has barely tapped its potential to develop, invest, and innovate. But as the region speeds ahead, the dynamics of its workforce, one that was predominantly male in the past, i

Things to do in a Democracy when you’re dead…

Tuesday, 18 December 2018

In yesterday’s column, I argued a case for not impeaching the chief executive of the coup that has left our country situation in ruins. At the end of a pitched battle between the forces of unconstitutional ambition on one hand and democratic resist

What’s next after the Supreme Court decision?

Tuesday, 18 December 2018

Last Thursday, just before the courts closed for Christmas holidays, the Supreme Court, sticking strictly to a legalistic path, put an end to the controversial issue of defining the powers of President Maithripala Sirisena, leaving the nation to wres

Columnists More