Financial Services

Emerging market currencies to bounce back from trade war jitters: Poll

Views - 32 Friday, 9 August 2019 00:00

JOHANNESBURG/BENGALURU (Reuters): Battered emerging market currencies will eventually bounce back from their beating in the past week on worries about the US-led trade war, but risks remain for currencies of commodity exporters inextricably linked to

Short tenure yields decrease marginally ahead of bond auctions

Views - 66 Friday, 9 August 2019 00:00

By Wealth Trust Securities The short tenure bond yields were seen dipping marginally yesterday on the back of buying interest ahead of today Treasury bond auctions. The 2021 maturities (i.e. 01.05.21, 15.10.21 & 15.12.21), 01.10.22, 15.06.24, 01.08.2

Bank of Ceylon celebrates 80th anniversary on a grand scale at BOC Tower

Views - 49 Friday, 9 August 2019 00:00

The Bank of Ceylon celebrated its 80th anniversary at its Head Office – the iconic BOC Tower – on 1 August, beginning with a ceremony involving all four religions to invoke blessings on the bank. The ceremony took place at the first floor of the

Weekly averages continue to tumble

Views - 105 Thursday, 8 August 2019 00:08

By Wealth Trust Securities All three weighted averages continued to decrease at yesterday’s weekly Treasury bill auction for a seventh consecutive week, with the total offered amount of Rs. 18.5 billion being fully subscribed. The 91-day and 364-da

Indian Rupee forecast to bounce back from recent drubbing: Reuters poll

Views - 34 Thursday, 8 August 2019 00:07

BENGALURU (Reuters): India’s rupee will recoup this year’s losses against the dollar over the coming 12 months, according to market strategists polled by Reuters, who said the issuance of sovereign bonds in foreign currencies may help prop it up.

Union Bank website wins gold at dotCOMM awards 2019

Views - 306 Thursday, 8 August 2019 00:05

Union Bank website was awarded the Gold winner under the Finance Category at the dotCOMM Awards 2019 based in USA. Assistant Vice President Marketing Thishani Dissanayake stated, “We are delighted to share our achievement, which furt

India’s central bank makes unconventional rate cut in bid to spur growth

Views - 47 Thursday, 8 August 2019 00:03

MUMBAI (Reuters): The Reserve Bank of India (RBI) on Wednesday cut its benchmark interest rates for a fourth straight meeting, and by slightly more than expected, highlighting the depth of its concern about economic growth that’s slid to its slowes

Fairfirst Insurance recognised as Best Consumer Brand and Employer Brand for 2nd consecutive year

Views - 66 Thursday, 8 August 2019 00:02

Fairfirst Insurance Ltd. was awarded with the prestigious Sri Lanka’s Best Brand and Best Employer Awards recently held at the Taj Samudra, Colombo. Endorsed by global professional platforms, CMO and CHRO Asia, seeks to recognise and award professi

Allianz delivers solid half-year performance in Asia

Views - 25 Thursday, 8 August 2019 00:02

Allianz announced this week solid half year performance in Asia. It said total operating profit for the region up 28% to EUR 260 million, with total revenues down 6% to EUR 3.2 billion, Life & Health operating profit increased by 42% to EUR 205 milli

Shares, rupee snap falling trend

Views - 52 Thursday, 8 August 2019 00:01

Reuters: Sri Lankan shares closed firmer on Wednesday, snapping six straight sessions of losses and recovering from a near two-week closing low in the previous session, as investors bought beaten-down stocks. The rupee ended slightly stronger as expo

High-security locks for government and banks hacked by researcher

Views - 40 Thursday, 8 August 2019 00:00

SAN FRANCISCO (Reuters): Hackers could crack open high-security electronic locks by monitoring their power, allowing thieves to steal cash in automated teller machines, narcotics in pharmacies and government secrets, according to research to be prese

Asian stocks turn lower on lingering trade war fears, yuan slips

Views - 20 Thursday, 8 August 2019 00:00

TOKYO/HONG KONG (Reuters): Shares in Asia fell for an eighth straight session on Wednesday on lingering worries over the escalating US-China trade war, but losses and nerves were soothed somewhat by White House assurances that it wants to press ahead

First batch of students awarded Advanced Diploma in Financial Markets by CSE

Views - 76 Thursday, 8 August 2019 00:00

The first batch of students that completed the Advanced Diploma in Financial Markets (ADFM) awarded by the Colombo Stock Exchange (CSE) were recognised at a ceremony held recently. The event marks a milestone in CSE’s efforts to foster financial li

Stock market posts near 2-week closing low; rupee extends losses

Views - 68 Wednesday, 7 August 2019 00:00

Reuters: Sri Lankan shares fell for the sixth straight session on Tuesday and closed at their lowest in nearly two weeks as investors sold banking and diversified stocks, while the rupee ended weaker due to importer dollar demand. The benchmark stoc

Bond yields increase further ahead of weekly bills auction 

Views - 66 Wednesday, 7 August 2019 00:00

Secondary market bond yields were seen increasing further yesterday ahead of today’s weekly Treasury bill auction. Selling interest saw yields on the maturities of two 2021’s (i.e. 01.08.21 & 15.10.21), 15.07.23, two 2024’s (i.e. 15.03.24 & 15.

Fitch affirms NITF at ‘AA-’; Outlook Stable

Views - 34 Wednesday, 7 August 2019 00:00

Fitch Ratings Lanka has affirmed the National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength (IFS) rating at ‘AA-(lka)’. The Outlook is Stable. The affirmation reflects NITF’s ‘Favourable’ business profile, meanin

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

Views - 46 Wednesday, 7 August 2019 00:00

Fitch Ratings Lanka has affirmed Ideal Finance Ltd.’s National Long-Term Rating at ‘B+(lka)’ with a Stable Outlook. Key rating drivers Ideal’s National Long-Term rating reflects its high-risk appetite, with significant exposure to the more-vu

NDB expands ATM/CRM network to over 150 locations around the island

Views - 47 Wednesday, 7 August 2019 00:00

NDB ceremoniously opened five more Cash Recycle Machines (CRMs) in Ganemulla, Kandy, Attidiya, Kadawatha and Rajagiriya in a bid to expand its automated delivery channels. Accordingly, the total number of onsite ATMs have increased to 89 with 22 CRMs

Upay payment app powered by SDB bank

Views - 64 Wednesday, 7 August 2019 00:00

UPay, Sri Lanka’s payment platform, enables one to register multiple bank accounts and multiple cards securely for payments, which makes this truly ‘Sri Lanka’s payment app’. SDB bank expects this new venture to pay dividends by enabling the

Most Asian currencies stem further losses as yuan pulls off lows

Views - 19 Wednesday, 7 August 2019 00:00

Reuters: Most Asian currencies regained some of their footing on Tuesday, as signs Beijing is keen to stem the yuan’s slide soothed markets unnerved by the Trump administration’s labelling of China as a currency manipulator. People’s Bank of Ch

The journey of NDB’s project financing

Views - 62 Wednesday, 7 August 2019 00:00

For four decades, NDB Bank’s Project Finance unit has been its forte since its inception as a development bank. In addition to the bank’s various project financing endeavours, NDB is also strong in financing renewable energy generation projects i

Saudi allows two firms to test computerised investment advice

Views - 22 Wednesday, 7 August 2019 00:00

Dubai (Reuters): Saudi Arabia’s capital market regulator on Tuesday approved two companies to test using robo-advisory services, or computer-generated advice for investors, as part of moves by the Arab world’s biggest economy to encourage the use

China media says US ‘destroying international order’, after currency-manipulator branding

Views - 44 Wednesday, 7 August 2019 00:00

SHANGHAI/BEIJING (Reuters): China’s official Communist Party newspaper said on Tuesday that the United States was “deliberately destroying international order”, a day after Washington branded Beijing a currency manipulator in a rapidly escalati

Commercial Credit re-locates branches in Ambalantota, Kegalle and Wellawaya

Views - 35 Tuesday, 6 August 2019 01:06

Commercial Credit and Finance PLC, one of Sri Lanka’s leading financial services organisations, recently made its presence stronger across the country with the re-location of four of its existing branches in Ambalantota, Kegalle and Wellawaya. Conv

Performance of the insurance industry Q1, 2019

Views - 202 Tuesday, 6 August 2019 01:06

Gross Written Premium The insurance industry was able to achieve a growth of 5.70% in terms of overall Gross Written Premium (GWP), during the first quarter of 2019, recording an increase of Rs. 2,504 million when compared to the same period in the y

Apple Card will not allow purchase of cryptocurrencies

Views - 29 Tuesday, 6 August 2019 01:05

Reuters: The Apple Inc. credit card being launched with Goldman Sachs Group Inc. will not allow the purchase of cryptocurrencies with the card, according to a customer agreement posted to Goldman’s website on Friday. The Apple Card customer agreeme

Arthavida Intermediary star employees recognised with awards

Views - 21 Tuesday, 6 August 2019 01:05

Arthavida Intermediary Ltd. (AIL), which is a leader in the micro finance sector in Sri Lanka, honoured its employees, branches and community facilitators at the River Green Resort in Panadura on 27 July with the participation of Arthavida Founder Sa

HSBC axes CEO Flint in shock shift to speed up strategy

Views - 54 Tuesday, 6 August 2019 01:00

Hong Kong/London (Reuters): HSBC ousted John Flint as chief executive after just 18 months in a shock move the chairman of Europe’s biggest bank said was needed to speed up progress on priority areas such as the turnaround of its US business. The C

People’s Leasing ranked ‘Best Non-Bank Finance Company’ brand in Brand Finance Index 2019

Views - 61 Tuesday, 6 August 2019 01:00

People’s Leasing, the leading non-bank finance company in Sri Lanka, was ranked as the ‘Best Non-Bank Finance Company’ in Sri Lanka in the Brand Finance Index 2019 for the second consecutive year and was also ranked as the ‘Most Loved Brand

Secondary market bond yields edge up marginally

Views - 67 Tuesday, 6 August 2019 00:59

By Wealth Trust Securities Secondary market bond yields increased marginally at the start of the week, with moderate volumes changing hands. Selling interest consisting mainly of the liquid maturities such as the 15.10.21 and 15.07.23 resulted in the

Today's Columnists

Religion is a problem in Sri Lanka; can it be a solution?

Saturday, 17 August 2019

Generally, it is expected that religion should be a solution to a problem. Ironically in Sri Lanka religion is the problem. Therefore, what would be the solution? When religion becomes a problem of a country....

Orthodoxy and change: A perennial Muslim issue

Saturday, 17 August 2019

Whether Muslims live as minorities in non-Muslim countries or as majorities in a total of fifty seven countries, the clash of orthodoxy with modern challenges is a perennial issue that bedevils progress on several fronts in these communities.

Making the MCC Compact work for Sri Lanka

Friday, 16 August 2019

It is a sign of these political times that even an apolitical issue like a foreign aid program becomes a hot topic in Sri Lanka. In April 2019, the Board of Directors of the Millennium Challenge Corporation (MCC) approved a compact program for Sri La

Sri Lanka needs a president hungry for success, not power

Friday, 16 August 2019

The late John F. Kennedy described politics as a “noble adventure, an adventure in which one joins hands with the masses for the service of man”. Not that the Kennedys didn’t play “politricks” in their heyday. But playing “politricks” w

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