Columnists,Opinion and Issues,Financial Services

Should weak financial institutions be allowed to exit?

Views - 463 Wednesday, 15 August 2018 00:10

Recently there were protests by depositors of several distressed finance companies in the country. Angry protesters gathered in front of the relevant entities and Government buildings, demanding redress.

Janashakthi Life delivers steady growth through 1H 2018

Views - 56 Tuesday, 14 August 2018 00:28

Leading Sri Lankan Life Insurer Janashakthi Insurance (Janashakthi) reported a 6% year on year (YoY) growth in Gross Written Premium (GWP) for the six months ended 30 June, ending the period under review with premiums of Rs. 1.445 billion. Continuing

Gold hits 17-month low as investors seek refuge in dollar

Views - 64 Tuesday, 14 August 2018 00:27

LONDON (Reuters) - Gold prices sank below $1,200 per ounce for the first time in 17 months on Monday, losing out to U.S. Treasuries and a stronger dollar as investors sought refuge from a financial market rout triggered by a crashing Turkish lira. In

Former central bank governor: Yuan’s internationalisation is progressing

Views - 25 Tuesday, 14 August 2018 00:27

SHANGHAI (Reuters): The internationalisation of the renminbi has made progress, Zhou Xiaochuan, former Governor of China’s Central Bank, said on Saturday. “The internationalisation of the renminbi is not a linear progress. It will move faster whe

National Chamber seminar on ‘Empower’, new listing platform for SMEs

Views - 20 Tuesday, 14 August 2018 00:26

The National Chamber of Commerce, in collaboration with the Colombo Stock Exchange and Securities and Exchange Commission will conduct a seminar on 21 August from 3.00 p.m. to 5.00 p.m. at the Chamber Auditorium, 450 D R Wijewardene Mawatha, Colombo

Fitch revises Bimputh Finance’s Outlook to Negative

Views - 50 Tuesday, 14 August 2018 00:26

Fitch Ratings Lanka has revised the Outlook on the National Long-Term Rating of Bimputh Finance PLC (Bimputh) to Negative from Stable. At the same time, the agency has affirmed the National Long-Term Rating at ‘BB(lka)’. The Outlook revision ref

People’s Bank clarifies reports on funding MTD Walkers Group

Views - 95 Tuesday, 14 August 2018 00:12

During the past few days various news agencies and media published news reports regarding financial facilities granted by People’s Bank to MTD Walkers PLC and Walkers Group of Companies. Some of these reports stated that these financial facilities

Fitch affirms Abans Finance at ‘BB+’; Outlook stable

Views - 26 Tuesday, 14 August 2018 00:00

Fitch Ratings Lanka has affirmed Abans Finance PLC’s national long-term rating at ‘BB+ (lka)’. The outlook is stable. Key rating drivers The affirmation reflects Fitch’s view that support would be forthcoming from parent Abans PLC (BBB+(lka

Fitch assigns Ideal Finance’s ‘B+’ rating; Outlook Stable

Views - 20 Tuesday, 14 August 2018 00:00

Fitch Ratings Lanka has published Ideal Finance Ltd.’s National Long-Term Rating at ‘B+(lka)’ with a Stable Outlook. Key rating drivers Ideal Finance’s rating reflects its small and developing franchise and limited operating history. The ra

CSE ends marginally lower

Views - 38 Tuesday, 14 August 2018 00:00

Reuters: Sri Lankan shares edged lower for a second straight session yesterday, led by market heavyweight John Keells Holdings, as the absence of any positive triggers dampened appetite for the island nation’s risky assets. The Colombo stock index

Rupee erases early losses to end flat

Views - 31 Tuesday, 14 August 2018 00:00

Reuters: The rupee hit a near-record low yesterday as weakness in emerging market currencies weighed, but later recovered to end the day flat, dealers said. The rupee, which hit an intraday low of 160.15 per dollar, ended at 160.00/10, unchanged from

Sriyan Cooray joins NDB Board as Director

Views - 515 Tuesday, 14 August 2018 00:00

NDB recently appointed Sriyan Cooray to the Board of Directors of National Development Bank PLC with effect from 10August. An accomplished banker with 28 years of experience at HSBC, Sri Lanka, Cooray has served in a wide range of areas ranging from

Positive momentum in primary bond market continues

Views - 57 Tuesday, 14 August 2018 00:00

By Wealth Trust Securities The weighted average yields at yesterday’s Treasury bond auction were seen decreasing considerably, in comparison to previously recorded average yields of similar maturities. The four-year and 11-month maturity of 15.07.2

Premier award in Asia for People’s Bank Digitisation Drive

Views - 49 Monday, 13 August 2018 00:11

Having embarked on a vision to become the Most Digitised Bank in Sri Lanka by 2020 embedded in its Strategic Business Plan unveiled in 2015, People’s Bank’s dynamic journey to meet its objectives gained it the accolade of The Best Digitisation In

Sri Lanka Insurance embarks on strategic plan, selects MTI

Views - 329 Monday, 13 August 2018 00:10

Sri Lanka’s pioneer insurance provider, Sri Lanka Insurance Corporation (SLIC) has selected MTI Consulting to develop SLIC’s three-year strategic plan that is to be aligned with fast-tracked branch expansions and modernisation of its operations.

Indian Rupee to trade near record low over coming year; trade anxiety weighs: Reuters poll

Views - 29 Monday, 13 August 2018 00:06

BENGALURU (Reuters): India’s battered rupee will trade in a tight range in the coming year but not far from its historic low, hampered by higher oil prices and as trade tensions hurt emerging markets, a Reuters poll found.

Ceylinco General Insurance announces Rs. 1 m cover for serious illness for all policyholders

Views - 61 Monday, 13 August 2018 00:03

Announcing yet another unique benefit for all its policyholders, Ceylinco General Insurance is offering a cover of up to Rs. one million that will reimburse medical costs incurred in the treatment of serious illnesses, including heart disease, cancer

CSE’s depository arm CDS expands service offering

Views - 35 Monday, 13 August 2018 00:02

Central Depository Systems Ltd. (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE), has announced an expansion of its service offering, with the introduction of corporate action services and registrar services for companies listed on

Parallel downward shift of yield curve for second consecutive week

Views - 73 Monday, 13 August 2018 00:00

The downward trend in secondary market bond and bill yields previously witnessed continued during the week ending 10 August as well. The market favoured maturities of 01.03.21, 15.03.23 and 01.08.24 decreased to weekly lows of 9.47%, 9.77% and 9.85%

HNB General Insurance celebrates excellence

Views - 45 Friday, 10 August 2018 00:10

HNB General Insurance Ltd. (HNBGI), the fully-owned subsidiary of HNB Assurance PLC (HNBA), held its fourth Annual Sales Convention recently at The Kingsbury, Colombo. The event was attended by HNBA Group Chairperson Rose Cooray as Chief Guest togeth

Commercial Bank opens branch No. 262 in Pitigala

Views - 27 Friday, 10 August 2018 00:10

The Commercial Bank of Ceylon has strengthened its presence in the south of Sri Lanka even further, with the opening of a branch at Pitigala in the Galle District. The bank’s 262nd branch in Sri Lanka, the new branch is

CSE’s depository arm CDS capitalising on technology to diversify business

Views - 31 Friday, 10 August 2018 00:10

Central Depository Systems Ltd. (CDS), a fully-owned subsidiary of the Colombo Stock Exchange (CSE) is announcing a number of new offerings focused on raising the bar in the services offered to its stakeholders. In this in-depth interview, CDS Head N

Seylan Bank opens 2 new ATMs at Sethsiripaya and Kotugoda

Views - 13 Friday, 10 August 2018 00:10

Expanding its automated channels to offer convenient banking services, Seylan Bank opened two new ATMs at Sethsiripaya and Kotugoda recently. With these establishments, the bank has increased its total number of ATMs to 208 units, covering crucial pa

Pan Asia Bank ups after-tax profit by 33% to Rs. 819 m in 1H

Views - 46 Friday, 10 August 2018 00:10

The fastest growing Sri Lankan commercial bank, Pan Asia Banking Corporation Plc, has reported its best ever profit, recorded in the first half of 2018, anchored by solid growth in new loans, prudent margin and asset-liability management. For the s

CSE extends gains, foreign investors buy into John Keells

Views - 45 Friday, 10 August 2018 00:10

Reuters - Sri Lankan shares rose for a second straight session on Thursday and posted their highest close in more than two weeks, as foreign investors continued to buy into market heavyweight John Keells Holdings after recent selloff.

Rupee edges down on importer dollar demand

Views - 45 Friday, 10 August 2018 00:10

Reuters: The rupee closed marginally weaker on Thursday on importer dollar demand, while dealers expect the local currency to stabilise around the current level in the short term. The rupee, which hit an intraday lo

Association of Professional Bankers felicitates Combank’s new Managing Director S. Renganathan

Views - 24 Friday, 10 August 2018 00:10

The newly appointed Managing Director of Commercial Bank of Ceylon Sivakrishnarajah Renganathan was recently felicitated by the Association of Professional Bankers Sri Lanka (APB) for reaching a top leadership position in banking.

China stock rally steadies nerves, Russian rouble hammered

Views - 15 Friday, 10 August 2018 00:10

SYDNEY (Reuters): Asian share markets found support yesterday as a rally in Chinese stocks helped offset the latest escalation in the Sino-US trade war, while Russia’s rouble tumbled as the United States slapped fres

Bond market remains active as positive momentum continues

Views - 47 Friday, 10 August 2018 00:10

The secondary bond market remained active yesterday with the liquid maturities of 01.07.19, 01.03.21, 15.03.23 and 01.08.24 trading within the range of 9.02% to 9.05%, 9.47% to 9.50%, 9.77% to 9.80%, and 9.85% to 9.92%, respectively. Furthermore, act

Association of Professional Bankers Sri Lanka held its Bank Coordinators Forum and Fellowship on 26

Views - 81 Thursday, 9 August 2018 01:03

Standing from left: Rajaratnam Naguleswaran (DFCC Bank PLC), Dinuke Priyantha Wijesinghe (Union Bank of Colombo PLC), Vijaya Vidyasagara (Hatton National Bank PLC), Indika Kudagamage (National Development Bank PLC), Mangala Karunaratne (Seylan Bank P

Today's Columnists

Singapore miracle – How SL could benefit from trade with Singapore

Monday, 20 August 2018

According to a media report released by President’s Media Division, a committee of experts has been appointed by the President to examine and report on ‘the practical impact and use of the proposed officer policy guidelines and recommendations on

High NPAs in SME sector: Who is responsible?

Monday, 20 August 2018

Non-Performing Assets (NPAs) of the banking sector have been increasing in the recent past. Gross NPA ratio reached about 3.3% as at end of May2018 recording an increase of about 0.8% over the past five months.

DMK Chief “Kalaignar” Karunanidhi excelled as a Tamil film script writer

Saturday, 18 August 2018

Muttuvel Karunanidhi, known to the Tamil-speaking world as “Kalaignar” (artiste), passed away at the age of 94 in Chennai on 7 August. Karunanidhi had been Chief Minister of India’s Tamil Nadu state for a total of 19 years. He was Chief Ministe

Bangladesh could be a happy hunting ground for Lankan entrepreneurs

Saturday, 18 August 2018

Bangladesh has traditionally been hospitable to Sri Lankan entrepreneurs and fortunately, the traditional friendliness has not given way to arrogance with the country’s growing prosperity. This was acknowledged at a meeting of Sri Lankan entreprene

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