Financial Services,News

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

Views - 78 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 - 17 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 - 28 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 - 158 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 - 16 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 - 65 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 - 25 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

Bond market continues bull run

Views - 98 Monday, 10 December 2018 01:45

The bullish run which commenced in the secondary bond market the previous week was seen continuing during the week ending 7 December as well, driven by considerable local buying outweighing foreign selling for a second consecutive week, leading to a

KPMG presentation on intricacies of tax on financial services

Views - 37 Monday, 10 December 2018 01:42

Financial services is one of the tax industries burned with various taxes. Other than Income Tax at the rate of 28%, there are many vibrant indirect taxes that apply to financial services. The presentation will enlighten the audience on the indirect

People’s Bank opens new Self-Banking Unit in Uva-Paranagama

Views - 17 Monday, 10 December 2018 01:41

A new People’s Bank Self-Banking Unit (CDM/ATM/Kiosk) was recently declared opened at the People’s Bank Uva-Paranagama Branch. The Self-Banking Unit is complete with Automatic Teller Machines (ATM), Cash Deposit Machines (CDM), and a kiosk to ma

NDB wins Banking Sector National Business Excellence Award 2018

Views - 110 Monday, 10 December 2018 01:40

National Development Bank PLC emerged Winner under the banking sector at the National Business Excellence Awards 2018, hosted by the National Chamber of Commerce, Sri Lanka (NCCSL) in addition to emerging as the Runner-Up for Excellence in Corporate

Fairfirst Insurance only general insurer to win Business Excellence Awards 2018

Views - 28 Monday, 10 December 2018 01:39

Fairfirst Insurance won the title of Runners Up in the Insurance category at the recently concluded Business Excellence Awards organised by the National Chamber of Commerce. Now in its 15th year, the awards have come to be recognised as one of the m

HDFC Bank partners Ceylinco Life Insurance for Loan Protection Insurance to customers

Views - 40 Monday, 10 December 2018 01:38

HDFC Bank recently signed an MOU with Ceylinco Life Insurance Limited for the provision of Loan Protection Insurance cover for the Bank’s loan customers. The Bank’s loan customers and their loved ones will greatly benefit from this value-added fe

Fitch sees Indian rupee weakening to 75 against dollar by end-2019

Views - 24 Monday, 10 December 2018 00:00

REUTERS: Fitch Ratings said on Thursday it expects the Indian currency to weaken to 75 rupees against the dollar by the end of next year on a widening current account deficit and tighter global financing conditions. Despite a few recent advances, th

Sterling’s fate hangs on Brexit, UK growth to be weak: Reuters polls

Views - 19 Monday, 10 December 2018 00:00

LONDON (Reuters): Sterling’s near-term fate hangs on whether British Prime Minister Theresa May manages to get her Brexit withdrawal deal through Parliament, according to Reuters polls that also found economic growth will be weak. May faces deep op

Dollar’s unrivalled surge this year will reverse in 2019: Reuters poll

Views - 57 Monday, 10 December 2018 00:00

(Reuters): The dollar, which has enjoyed an unrivalled surge against its peers this year, will be undermined in 2019 on increasing concerns about slowing US economic growth, a Reuters poll of foreign exchange strategists showed. While the greenback i

Setting the stage for an equity market rebound

Views - 14 Monday, 10 December 2018 00:00

By all counts, Hong Kong and China stocks have had a roller-coaster year in 2018. The Hang Seng index, after rallying in January to a record high above 33,000, pulled back more than 25% to just above 24,500-level as US-China trade tensions escalated

Secondary market bond yields continue to decrease

Views - 86 Friday, 7 December 2018 00:00

The yields in the secondary bond market maintained its decreasing trend across the yield curve yesterday as well, with continuous local buying and an increase in activity. The liquid maturities of 01.08.21, 15.05.23 and 15.06.27 were seen dipping to

Financial experts shed light on increased financial literacy in SL

Views - 298 Friday, 7 December 2018 00:00

Top financial experts on Wednesday said that financial inclusion not only entails providing affordable access to financial services and products, but it also requires the need for increasing financial literacy and awareness to ensure that people can

Visa, Mastercard offer to cap tourist card fees to end EU probe

Views - 44 Friday, 7 December 2018 00:00

BRUSSELS (Reuters): Visa and Mastercard have offered to cap the fees charged on card payments made by tourists in the European Union to stave off fines and end an EU antitrust investigation.

Commercial Credit among Business Today’s Top 30

Views - 42 Friday, 7 December 2018 00:00

Commercial Credit & Finance PLC, one of the leading financial services organisations in Sri Lanka, was the recipient of the prestigious Business Today Top 30 Award for the year 2017/2018. The Company which has shown a steady performance and excelled

People’s Bank triumphs at National Business Excellence Awards

Views - 36 Friday, 7 December 2018 00:00

People’s Bank once again proved it was the bank dedicated to the people of the country by being awarded the Gold Award for National Business Excellence at the National Business Excellence Awards – 2018, organised by the National Chamber of Comme

182-day bill average yield tops 10% for first time in 16 months

Views - 97 Thursday, 6 December 2018 00:58

The 182-day bill weighted average yield, at yesterday’s weekly Treasury bill auction, increased above 10%, for the first time in 16 months, while the yield of the 364-day maturity remained unchanged at 11.20%, reversing a downward trend witnessed o

Compensation for The Standard Credit and Finance depositors: CB

Views - 92 Thursday, 6 December 2018 00:57

The Central Bank yesterday notified depositors of Standard Credit and Finance to submit duly completed claim forms to receive compensation under the deposit insurance regulations. The licence issued to The Standard Credit and Finance Ltd. (TSCFL)

Rupee, stocks end lower as foreign sell-off continues

Views - 67 Thursday, 6 December 2018 00:57

REUTERS: The rupee closed weaker on Wednesday, hit by concerns over a lingering political crisis, as banks bought dollars to facilitate foreign capital outflows from rupee-denominated assets. Credit rating agencies Fitch, and Standard & Poor’s dow

Fitch downgrades Lankan financial institutions on Sovereign downgrade

Views - 94 Thursday, 6 December 2018 00:56

Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: - National Savings Bank (NSB) to

Need for microinsurance regulation in Sri Lanka highlighted in new ICMIF and IPS report

Views - 68 Thursday, 6 December 2018 00:52

Manchester, UK: Sri Lanka needs proper regulation for microinsurance to enable this sector to grow, according to a new report produced by the International Cooperative and Mutual Insurance Federation (ICMIF) and the Institute of Policy Studies of Sri

SLIC Suba Pathum 2018 second awarding ceremony in Matara

Views - 22 Thursday, 6 December 2018 00:50

The second event of the 2018 Suba Pathum awarding ceremony was successfully held at Baudhdha Vidyalaya Matara on 14 November, to be followed by another 16 regional awarding ceremonies island-wide. SLIC Suba Pathum Scholarship Scheme, initiated with t

SL hosts key events of Southeast Asian central bank Governors

Views - 73 Thursday, 6 December 2018 00:45

The Central Bank of Sri Lanka hosted the 54th SEACEN Governors’ Conference/High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors in Colombo from 29 November to 2 December. These events were attended by Governors and delegates of

CLC Islamic Finance wins big at 3rd Islamic Finance Forum for South Asia Awards

Views - 66 Thursday, 6 December 2018 00:44

Commercial Leasing & Finance PLC’s (CLC) Islamic Business Division took home three Gold awards at the 3rd Islamic Finance Forum for South Asia (IFFSA) Awards 2018. As a result of dedication and commitment to the Islamic banking and finance sector,

Today's Columnists

Fruits, flowers and futile triumphalism at Galle Face?

Wednesday, 19 December 2018

Every morning, I play voyeur and watch that nice neighbourhood uncle pluck flowers to pooja-fy his guardian deities. He is quite religious about it. And industrious to boot. The problem, of course, is that he doesn’t restrict himself to his garden.

Will Kyaukpyu overtake Gwadar and Hambantota?

Wednesday, 19 December 2018

China last month signed a $1.3 billion contract for Myanmar’s Kyaukpyu port project. The figures doing rounds in media in the run up to this port deal were as high as $7.9 billion which had ignited enormous curiosities. The Chinese had been negoti

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

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

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