Financial Services

Bond market activity picks up as yields edge up ahead of weekly auction

Views - 74 Wednesday, 5 September 2018 00:00

Liquidity drops to one-and-half-month low By Wealth Trust Securities Activity in the secondary bond market picked up yesterday as yields were seen increasing marginally on the back of local and foreign selling interest. The yields of the maturitie

Pan Asia Bank and Chamber of Commerce organise SME workshop on ‘Legal Environment of Business’

Views - 35 Wednesday, 5 September 2018 00:00

Pan Asia Bank together with the Chamber of Commerce Sri Lanka jointly organised an SME workshop for customers of Colombo outer region in order to educate them on legal aspects of business with special emphasis on ‘Industrial Law’. This was a one

ADB unveils first scorecard to boost access to trade finance

Views - 26 Wednesday, 5 September 2018 00:00

The Asian Development Bank (ADB) yesterday launched the Trade Finance Scorecard – Regulation and Market Feedback, a new tool to address market gaps stemming from the unintended consequences of global measures to fight money-laundering and terrorism

MSCI to launch tradeable index with Saudi exchange in Q4

Views - 11 Wednesday, 5 September 2018 00:00

DUBAI (Reuters): Global index provider MSCI said on Tuesday it had signed an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year in a move that could spur the growth of derivatives and exchange-tra

MBSL offers customers total financial service solutions

Views - 45 Wednesday, 5 September 2018 00:00

The Merchant Bank of Sri Lanka & Finance PLC has now provided its customers the opportunity of obtaining total financial solutions under one roof. MBSL Chairman Dr. Sujeewa Lokuhewa said: “Now we have provided the opportunity for our customers to o

SBI Sri Lanka opens its 3rd ATM

Views - 50 Wednesday, 5 September 2018 00:00

State Bank of India opened its third ATM as part of its expansion of retail footprint in Sri Lanka at Kandy branch on 29 August. The location of the ATM is adjacent to the Temple of the Tooth Relic at 15/1 Temple Road, Kandy. Assistant High Commissi

Secondary bond market activity moderates

Views - 63 Tuesday, 4 September 2018 00:26

By Wealth Trust Securities The activity in the secondary bond market moderated yesterday with only the maturities of 15.07.23 and 01.09.28 changing hands at levels of 9.91% and 10.25%, respectively. The total secondary market Treasury bond/bill tran

Asia Pacific sovereigns face rising external challenges: Fitch

Views - 26 Tuesday, 4 September 2018 00:26

The external environment facing Asia-Pacific economies is becoming more difficult, but is unlikely as yet to have a significant impact on sovereign credit profiles, says Fitch Ratings. Rising US interest rates and increasing global risk aversion tow

MBSL empowers Small and Medium Enterprises

Views - 39 Tuesday, 4 September 2018 00:25

Merchant Bank of Sri Lanka & Finance PLC (MBSL) plans to conduct a series of seminars directed towards strengthening the country’s Small and Medium Enterprises (SME) sector, the first of which will be held on 12 September at the Lakshman Kadirgamar

New Independent Non-Executive Director at LB Finance

Views - 143 Tuesday, 4 September 2018 00:25

LB Finance PLC has announced the appointment of Ashwini Natesan as an Independent Non-Executive Director with effect from 1 September. She is a qualified legal practitioner from India. She specialises in technology, media and telecommunications (TMT)

NDB Mobile Banking paves the way to digitisation

Views - 60 Tuesday, 4 September 2018 00:23

Digitisation of banking is taking the industry by storm, and today’s busy customers are looking for faster, cheaper, more accessible and convenient ways of performing their day to day banking functions. Customers do not have the time for waiting i

Nations Trust Bank provides insights to investors through investor webinar

Views - 148 Tuesday, 4 September 2018 00:23

The Nations Trust Bank Investor Forum Webinar is held to provide the investment community with a holistic, comprehensive understanding of the bank’s financial performance, general operations, future plans and status of the strategic initiatives. S

KPMG views IFRS 17 as not ‘just’ an accounting challenge for general insurance

Views - 190 Tuesday, 4 September 2018 00:00

The International Accounting Standards Board (IASB) has published the new accounting standard for insurance contracts, IFRS 17, which comes into effect from 1 January 2021. As the new standard requires prior-year comparative reporting, companies have

Ernst & Young demystifies IFRS 17

Views - 632 Tuesday, 4 September 2018 00:00

Ernst & Young (EY) Sri Lanka hosted its clients to a forum on sharing insights on the practical implementation of IFRS 17 – Insurance contracts, an accounting standard that has caused quite an uproar in the Sri Lankan market. IFRS 17 will be effect

Australia wants to ban life insurance cold calls as inquiry looms

Views - 44 Monday, 3 September 2018 00:00

Sydney (Reuters): An Australian regulator said it wants to ban life insurers from outbound telephone sales that pressure customers into buying unwanted policies, giving a peek at practices to be scrutinised next month at a powerful inquiry into indus

AIA Insurance and NDB continue to deepen partnership in Bancassurance

Views - 66 Monday, 3 September 2018 00:00

AIA Insurance and National Development Bank (NDB) launched a program to offer specialised insurance solutions to the bank’s corporate customers, as they moved towards strengthening their long-standing Bancassurance partnership.

Allianz Lanka launches ‘Suwasahana’ and ‘Corporate Pension’ plans

Views - 59 Monday, 3 September 2018 00:00

Allianz Lanka recently announced the launch of two new unique products that will create greater value for their customers.

Union Assurance emerges as Most Trusted Life Insurance Brand in Asia

Views - 29 Monday, 3 September 2018 00:00

Union Assurance (UA) emerged winners as the ‘Most Trusted Life Insurance Company in Asia’ at the Asia’s Most Trusted Brand Awards 2018 which was held on 26 August at Hotel Grand Hyatt in Bangkok.

Softlogic Life Premier Health Benefit to cover up to Rs. 50 m a year

Views - 106 Monday, 3 September 2018 00:00

By Divya Thotawatte Softlogic Life recently unveiled its latest insurance product ‘Softlogic Life Premier Health Benefit’, which is Sri Lanka’s largest health insurance rider benefit to date, offering a cover up to Rs. 50 million a year.

Gihan Cooray appointed new NTB Chairman

Views - 123 Monday, 3 September 2018 00:00

Gihan Cooray has been appointed as the Chairman of Nations Trust Bank (NTB), effective from 1 December.

ComBank’s ex-MD joins DFCC Board

Views - 74 Monday, 3 September 2018 00:00

Former Managing Director of Commercial Bank PLC J. Durairatnam has been appointed to the Board of DFCC Bank PLC.

MBSL partners with Hubpoint to empower entrepreneurs

Views - 337 Monday, 3 September 2018 00:00

Merchant Bank of Sri Lanka & Finance PLC (a subsidiary of Bank of Ceylon), has signed up with Hubpoint to sponsor office spaces for entrepreneurs.

Bond market gathers momentum during week

Views - 91 Monday, 3 September 2018 00:00

The bond market opened the week ending 31 August on a bearish note, but reversed to a positive note towards the latter part of the week on the back of local and foreign buying interest as yields dipped across the yield curve.

Sri Lanka Insurance pays one of the highest fishing boat claims in insurance history

Views - 90 Friday, 31 August 2018 00:10

Sri Lanka Insurance paid the highest recorded claim for a fishing boat ever, Rs. 29 m, to the insured W.P.M.R.D.R. Fernando, owner of the fishing boat IMUL A 844 CHW. Built in 2018, the fishing boat had been completely destroyed after it caught fire

Bond market yields remain mostly unchanged

Views - 76 Friday, 31 August 2018 00:05

The secondary bond market yields remained mostly unchanged yesterday with activity witnessed on the 2021 maturities (i.e. 01.03.21, 01.05.21, 15.10.21 and 15.12.21), 15.03.23 and the two 2028 maturities (i.e. 15.03.28 and 01.09.28) at levels of 9.53%

Shares rebound from 17-mth closing low

Views - 105 Thursday, 30 August 2018 00:00

Reuters: Shares rebounded on Wednesday, from their lowest close in 17 months, boosted by local media reports citing the Central Bank Governor that the main State-owned pension fund will return to the equity market. The Employees’ Provident Fund, w

Rupee hits record low for seventh session

Views - 109 Thursday, 30 August 2018 00:00

Reuters: The rupee hit an all-time low for a seventh straight session on Wednesday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said. The rupee, which hit a fresh record low of 161.43 early in the trade, closed

Mixed developments in Balance of Payments

Views - 86 Thursday, 30 August 2018 00:00

The country’s Balance of Payments (BOP) had mixed developments in June according to the Central Bank. It said this week the financial account of the BOP was supported by the fifth tranche of the Extended Fund Facility of the International Monetary

Richard Pieris Finance stands tall at SLIM NASCO Awards 2018

Views - 92 Thursday, 30 August 2018 00:00

Richard Pieris Finance Ltd., the only financial company owned by the diversified conglomerate Richard Pieris Group and proprietor of the household brand Arpico, clinched two awards at the SLIM NASCO Awards 2018 held recently. Richard Pieris Finance L

364-day bill average yield decreases once again

Views - 62 Thursday, 30 August 2018 00:00

By Wealth Trust Securities The weighted average yield of the 364 day bill at yesterday’s weekly Treasury bill auction decreased once again with the total bids to offer ratio increasing to 2.97:1. The 364 day maturity  recorded a 01 basis point dro

Today's Columnists

STEAMing STEM – Moving from horoscopes to telescopes!

Thursday, 20 September 2018

Walking into an inventors’ exhibition should give one an experience similar to an immersion into the future. The world change with inventions and inventors lead the change. The creativity displayed is an indicator of the creativity of the society f

There is smoke in the eyes of those who do not want to see!

Thursday, 20 September 2018

Shyamon Jayasinghe, a former citizen of Sri Lanka, now living in Victoria, Australia, writing to Daily FT in a Guest Column article has given an old college try at the President of Sri Lanka by announcing about a cloaked portentous writing on the wal

Modi celebrates birthday whilst making India strong – Lesson for SL

Thursday, 20 September 2018

The Indian Prime Minister celebrated his birthday earlier this week in the backdrop of India growing at a blistering performance of 7.1%. The January-March quarter saw the highest GDP growth in the last seven quarters with India becoming the sixth la

Maximum Residue Level: Dilemma of agricultural product exporters in Sri Lanka

Wednesday, 19 September 2018

Due to increased emphasis on consumer health, majority of developed countries such as EU, Japan and the US insist on MRL testing of food items which has to be done by the exporter. The Codex Alimentarius Commission which is an inter-governmental bod

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