Financial Services

US sanctions: SWIFT network suspends Iran banks

Views - 26 Tuesday, 6 November 2018 00:10

Brussels (AFP): The SWIFT banking network, the backbone for international monetary transfers, said Monday it has suspended several Iranian banks from its service, after the United States re-imposed nuclear sanctions on Tehran. “In keeping with our


People’s Leasing introduces ‘Senehasa Yaalu’ gift scheme in addition to Senehasa children’s account

Views - 15 Tuesday, 6 November 2018 00:10

People’s Leasing & Finance PLC is the leading non-bank finance company in Sri Lanka. PLC’s ‘Senehasen Ithurum’ CSR program is coupled with the ‘Senehasa’ minor savings account with an annual interest of 8%, being the highest annual intere


Bond yields fluctuate once again

Views - 49 Tuesday, 6 November 2018 00:00

The secondary bond market yields fluctuated once again yesterday as yields were seen decreasing during morning hours of trading before bouncing back mid-day while activity faded off towards the latter part of the day. Yields on the 01.03.21 and the t


Investors slam brakes on stocks rally as trade, Fed worries dominate

Views - 21 Tuesday, 6 November 2018 00:00

London (Reuters): World stocks slipped on Monday, halting a four-day recovery rally as anxiety surrounding global trade conditions and rising US interest rates dampened risk appetite. European shares managed to reverse losses in choppy trade as inves


Capital-needy Sinhaputhra Finance talking to potential investors

Views - 139 Monday, 5 November 2018 00:00

Sinhaputhra Finance PLC is talking to prospective investors to infuse much-needed capital. The company in a stock market filing said the Board of Directors is currently negotiating with a few potential investors through a professional investment ban


Bank of Ceylon only bank to win 3 gold awards for 2017 Annual Report at Int’l ARC Awards 2018

Views - 61 Monday, 5 November 2018 00:00

The Bank of Ceylon’s 2017 Annual Report ‘ABC of BOC’ won three Gold Awards at the 32nd annual celebration of the world’s best annual reports – International ARC Awards 2018 held recently in Germany organised by the Mercomm Inc. USA as the M


MBSL awaits regulator nod for cash infusion to insurance subsidiary

Views - 54 Monday, 5 November 2018 00:00

Merchant Bank of Sri Lanka and Finance PLC (MBSL) is awaiting the approval from the insurance regulator to complete the Rs. 500 million capital infusion to its subsidiary. MBSL said its shareholders and those of MBSL Insurance Ltd. have approved the


Chandula to present ‘Corporate Social Sustainability through Impact Investing’ at 35th ABA meeting

Views - 53 Monday, 5 November 2018 00:00

The 35th Annual Asian Bankers Association (ABA) meeting and conference ‘Banking in Asia the Next Frontier’ will be held from 15 to 16 November, in Kurumba, Maldives. ABA the largest Asian commercial banking network with over 200 commercial banks


Bond market yields fluctuate amidst uncertainties

Views - 62 Monday, 5 November 2018 00:00

Foreign selling continues for 9th consecutive week By Wealth Trust Securities The secondary bond market yields were seen see sawing during the week ending 2 November, increasing during the start of the week, dipping mid-week and increasing towards


Alliance Finance preserves investment grade credit rating

Views - 73 Monday, 5 November 2018 00:00

Alliance Finance Company PLC (AFC) has been able to preserve its investment grade credit rating of BBB- from ICRA Lanka Ltd (ICRA) despite the extremely challenging macroeconomic conditions. AFC is the third oldest finance company in Sri Lanka with


MBSL holds seminar on Currency Outlook and Forecast

Views - 42 Monday, 5 November 2018 00:00

The seminar ‘Currency Outlook and Forecast’, which was organised by the Merchant Bank of Sri Lanka and Finance Plc (MBSL), successfully concluded at the auditorium of the Lakshman Kadirgamar Institute of International Relations and Strategic Stud


New Tax Appellate Procedure dissected

Views - 95 Monday, 5 November 2018 00:00

The KPMG forum on Strategic Overview of Tax Dispute Resolution held on 25 October at the Movenpick Hotel witnessed many intriguing facts on the Tax Appellate Procedure being unravelled. One such issue discussed in detail at the event was whether the


Asia starts new month up on strong Wall Street after brutal Oct.

Views - 35 Friday, 2 November 2018 00:00

TOKYO (Reuters): Asian stocks rose on Thursday as bruised investor sentiment got some relief from another robust Wall Street session, while the pound rallied on a report Britain has secured a deal that would give its financial services firms continue


A tough road ahead for India’s battered rupee: Reuters poll

Views - 31 Friday, 2 November 2018 00:00

BENGALURU (Reuters): There will be little respite for the bruised Indian rupee over the coming year, depressed by an escalating US-China trade war and rising domestic political risks ahead of a general election, a Reuters poll showed. Investors have


DFCC performs creditably despite headwinds

Views - 58 Friday, 2 November 2018 00:00

The DFCC Group yesterday announced a Profit Before Tax of Rs. 4,036 million and Profit After Tax of Rs. 2,693 million for the nine months ended 30 September 2018 as compared to Rs. 4,377 million and Rs. 3,391 million respectively in the comparative p


Nations Trust Bank records resilient performance

Views - 174 Friday, 2 November 2018 00:00

The Bank closed the nine months ending 30 September 2018 with a post-tax profit of Rs. 2,918 million with standing multiple challenges as witnessed across the industry with increasing non-performing loans, tightening of liquidity and moderating credi


Sampath Slipless Banking awarded top honours at NBQSA 2018

Views - 45 Friday, 2 November 2018 00:00

Sampath Slipless Banking, the pioneering solution developed by Sampath Bank PLC together with PayMedia Ltd., was recognised in the Sustainability and Environmental Technology category at the 20th National Best Quality ICT Awards (NBQSA) held recently


Jetwing Symphony posts 286% EBIT growth in 2Q

Views - 36 Friday, 2 November 2018 00:00

Jetwing Symphony PLC (JETS), the investment arm of Jetwing, has recorded a revenue of Rs. 520 million for the quarter ended 30 September 2018. Revenue for the first half of FY19 reached Rs. 819 million, an increase of 26% compared to the correspondi


Amãna Bank’s 9-month PAT grows by 61%

Views - 42 Friday, 2 November 2018 00:00

Amãna Bank continued its strong profit momentum for the year, as its Profit After Tax for the nine months ending 30 September grew significantly by 61% YoY to reach Rs. 429.9 million from Rs. 266.8 million recorded a year ago. The Profit Before Tax


Bond yields continue to decline

Views - 60 Friday, 2 November 2018 00:00

By Wealth Trust Securities The secondary bond market remained active yesterday as yields continued to decrease on the back of buying interest amidst continued foreign selling. Yields on the liquid maturities of 15.09.19, 01.05.20, three 2021’s (i.e


All bids at the weekly bill auction rejected once again

Views - 79 Thursday, 1 November 2018 01:09

By Wealth Trust Securities All bids received for yesterday’s weekly Treasury bill auction were rejected once again following three consecutive successful weeks as market participants were seen demanding higher yields. Furthermore, the bids received


StanChart beats forecasts with 31% third-quarter profit jump

Views - 22 Thursday, 1 November 2018 01:08

Hong Kong/London (Reuters): Standard Chartered reported on Wednesday a better than expected 31.3% rise in quarterly profit before tax, as the British lender attempts to bring down stubbornly high costs and boost flatlining revenues. The bank posted a


New Finance and Economic Affairs Secy. assumes duties

Views - 45 Thursday, 1 November 2018 01:08

S.R. Attygalle, was yesterday appointed as the Finance and Economic Affairs Ministry Secretary and Treasury Secretary by President Maithripala Sirisena. He assumed duties yesterday. Attygalle was serving on release from the Central Bank of Sri Lanka


SL ready to repay $ 1.5 b bonds in 2019: CB

Views - 98 Thursday, 1 November 2018 01:08

The Central Bank has already made arrangements to repay international bonds worth $ 1.5 billion maturing in January and April 2019, the Public Debt Department of the monetary authority said yesterday. The Government has been issuing International So


ICRA Lanka assigns B- rating for TKS Finance

Views - 68 Thursday, 1 November 2018 01:07

ICRA Lanka Ltd., subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has assigned the issuer rating of [SL] B- (Pronounced SL B minus) with a stable outlook to TKS Finance Ltd. Rationale The rating considers TKS’s modest sc


Birthday blues for bitcoin as investors face year-on-year loss

Views - 30 Thursday, 1 November 2018 01:07

LONDON (Reuters): Bitcoin was heading toward a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzie


Pan Asia Bank tops Rs. 1 b profit after tax milestone for 9 months

Views - 45 Thursday, 1 November 2018 00:43

Pan Asia Banking Corporation PLC, one of the fastest growing Sri Lankan commercial banks, yesterday reported its best-ever profit recorded for a nine month stretch anchored by solid growth in new loans, prudent margin and asset-liability management.


Asia stocks rise after grim October, set for worst month since 2011

Views - 15 Thursday, 1 November 2018 00:41

Tokyo/Shanghai (Reuters): Asian stocks were set to end the month up from 20-month lows on Wednesday amid pledges by China to support its domestic markets, but sentiment was fragile after equity markets bled trillions of dollars in a grim October. A c


NDB posts record profitability for Q3 2018

Views - 107 Wednesday, 31 October 2018 00:00

National Development Bank Plc (NDB) posted impressive financial performance for the nine months ended 30 September 2018, with record profit after tax [PAT] of Rs. 4 billion.


Bank of Ceylon once again bags overall winner award, wins trophies galore at Technovation 2018

Views - 40 Wednesday, 31 October 2018 00:00

Bank of Ceylon bagged six awards including the overall Winner Gold Award for ‘Excellence in Interbank Payments’ at the Sri Lanka’s second successful payment technology innovation awards ceremony organised by LankaPay’s Technovation Awards 201


Today's Columnists

Greening China and BRI: Chinese legal framework for sustainable environment protection

Tuesday, 20 November 2018

The concept and scope of greening the belt and road The Greening BRI is to add the ‘greening’ notion along with the ‘BRI’. Building a ‘Greening BRI’ means adhering to the concept of green development, balanced development, harmony betwee


Political evil paralysing Parliament

Tuesday, 20 November 2018

Our politics has arrived at a point when we must insist on recognising the niceties of human nastiness. Organised horror in Parliament is either trivialised or ignored by most of mainstream media print and electronic. What unfolded in Parliament las


10 theses on Sri Lanka’s existential crisis: Roots, dynamics, dimensions

Tuesday, 20 November 2018

1.The crisis has deep national, social and psychological roots. Our island contains two consciousnesses or two types of consciousness, two competing states of mind. Contrary to myth, the periphery of our island has the longest uninterrupted colonial


Make toilets and safe sanitation services accessible to all

Tuesday, 20 November 2018

All people everywhere should have access to safe sanitation services, including hygienic toilets that are connected to quality sewage systems. For many people across the WHO South-East Asia Region, as across the world, access to these services never


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