Financial Services

Apple Card will not allow purchase of cryptocurrencies

Views - 30 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 - 23 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 - 55 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 - 62 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

Bank of Ceylon Gampaha relocates on 80th anniversary

Views - 32 Monday, 5 August 2019 00:00

The Bank of Ceylon reached another milestone on its 80th anniversary when it relocated its Gampaha branch to new premises. The Chief Guest at the occasion was Speaker of the Parliament Karu Jayasuriya. Gampaha Municipal Council Mayor Eranga Senanaya

AIA Gold Plus: a new breed of financial advisors

Views - 45 Monday, 5 August 2019 00:00

AIA Sri Lanka, the leading life and health insurer launched their Gold Plus initiative, intended at recognizing their highest performing Wealth Planners. AIA Gold Plus seeks to identify, recognize and reward the best of the best of financial adviser

‘Pathfinder Money’ opens currency changing service in Colombo 3

Views - 58 Monday, 5 August 2019 00:00

MMBL-Pathfinder Group has formally launched ‘Pathfinder Money’, a Central Bank-approved money changing service, to buy and sell foreign currencies at No. 330, Galle Road, Colombo 3. The ‘Pathfinder Money’ network will be expanded to strategic

Parallel shift downwards of yield curve

Views - 101 Monday, 5 August 2019 00:00

The sharp reduction on the 364 day bill weighted average, reduction in CCPI inflation numbers for the month of July coupled with the Fed policy rate reduction along with the drop in US Treasury yields led to secondary market bond yields dipping durin

Standard Chartered transforms domestic custody transactions with Ceylinco Life Insurance

Views - 168 Monday, 5 August 2019 00:00

Standard Chartered has announced that its global internet banking platform, Straight2Bank, facilitated the migration of Ceylinco Life’s Custody transactions to a fully-automated platform. Following the successful integration, the platform was inaug

Blockchain launches cryptocurrency exchange with trades at high speed

Views - 94 Friday, 2 August 2019 00:00

Reuters: Blockchain, one of the world’s largest digital currency wallet companies, announced on Tuesday the launch of a cryptocurrency exchange called The PIT that aims to execute trades in microseconds for retail and institutional investors. After

StanChart warns of trade war, rate risks after profit tops estimates

Views - 60 Friday, 2 August 2019 00:00

Hong Kong/London (Reuters): Standard Chartered PLC flagged the tit-for-tat tariff war between China and the United States and an easing monetary policy cycle as potential risks for the Asia-focused lender, even as it managed to exceed first-half prof

Asian shares stumble, dollar firms as Fed dampens bets on more rate cuts

Views - 42 Friday, 2 August 2019 00:00

SYDNEY (Reuters): Asian shares fell to six-week lows on Thursday while the dollar jumped to two-year highs as the US Federal Reserve poured cold water on market expectations of a lengthy easing cycle following a 25 basis-point rate cut. MSCI’s broa

Fed cuts interest rates, signals it may not need to do more

Views - 68 Friday, 2 August 2019 00:00

WASHINGTON (Reuters): The Federal Reserve cut interest rates on Wednesday, but the head of the US central bank said the move might not be the start of a lengthy campaign to shore up the economy against risks including global weakness. Fed Chairman Je

SDB Bank wins three prestigious awards at Asian Banking and Finance Awards 2019

Views - 42 Friday, 2 August 2019 00:00

SDB Bank emerged victorious with three outstanding awards at the recently concluded Asian Banking and Finance Awards 2019 held at the Shangri-La Singapore. The event, annually organised by the Asian Banking and Finance Magazine, is among the larges

NTB announces ‘20 Weeks of Rewards’ for business customers in celebration of 20th anniversary

Views - 37 Friday, 2 August 2019 00:00

Nations Trust Bank is currently celebrating its 20th anniversary. To mark this major milestone, the Bank is offering its business customers a special 20% bonus on Nations Business Rewards through the recently launched ‘20 Weeks of Rewards’ progra

Fairfirst protects more than 25,000 Dambadiva pilgrimage travellers

Views - 33 Friday, 2 August 2019 00:00

Nearly 50,000 Sri Lankans travel every year to India and Nepal for the hugely popular Dambadiva pilgrimage. Venerated by Buddhists the world over, pilgrims have continued to visit Dambadiva for centuries. Known to be a fairly demanding and tiresome j

Union Assurance expands its services across Jaffna and Bandarawela regions with new outlook

Views - 26 Friday, 2 August 2019 00:00

Celebrating over 30 years of excellence, Union Assurance (UA) continues to invest in people, products and processes to become a true partner in success for all stakeholders. Delivering the best for its customers and providing a quality and standard s

Sampath Bank promotes children’s savings account

Views - 54 Friday, 2 August 2019 00:00

With an aim to promote saving among the young generation, Sampath Bank has introduced a new gift voucher scheme called ‘One to One’. These gift vouchers will benefit the new and existing account holders of Sampath Bank’s children’s savings ac

ComBank launches ‘Yasasa’ savings account exclusively for pensioners

Views - 37 Friday, 2 August 2019 00:00

The Commercial Bank of Ceylon has launched a savings account exclusively for government pensioners and their widows or widowers, to facilitate access to a host of special benefits the Bank provides to this segment. The ‘Yasasa Pensioners’ Savings

Sri Lanka shares end near 1-week low on selling in banks; rupee weaker

Views - 59 Friday, 2 August 2019 00:00

Reuters: Sri Lankan shares fell for a third straight session on Thursday to near one-week low, dragged down by banking and diversified shares, while the rupee ended weaker due to importer dollar demand. The country’s benchmark stock index closed 0.

Sri Lanka’s first peer-to-peer lending platform Helios secures second round funding from JKH

Views - 750 Friday, 2 August 2019 00:00

Helios P2P – Sri Lanka’s first peer-to-peer lending platform – secured its second round of funding from the John Keells X Accelerator. which is the corporate accelerator of John Keells Holdings PLC. Helios P2P which was the winner of the 2017

SEC, CSE and FITIS engage tech companies on capital raising opportunities

Views - 143 Friday, 2 August 2019 00:00

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission continued the drive to raise awareness on accessing funding through public markets among potential issuers by organising an exclusive forum for the membership

Treasury helps HDFC Bank meet minimum capital requirement

Views - 56 Friday, 2 August 2019 00:00

The General Treasury of the Government has helped the Housing Development Finance Corporation Bank (HDFC) to meet the regulatory minimum core capital requirement of Rs. 5 billion. The Bank said it contributed Rs. 250 million from internally generated

Momentum in secondary bond market turns positive

Views - 68 Friday, 2 August 2019 00:00

By Wealth Trust Securities The fresh month commenced on a positive note as renewed buying interest across the yield curve saw secondary market bond yields decline yesterday. The yields on the liquid maturities of 2021’s (i.e. 01.03.21, 01.05.21, 01

364 day bill weighted average dips sharply to over 41-month low

Views - 93 Thursday, 1 August 2019 04:59

By Wealth Trust Securities The weighted average yield of the 364 day bill decreased sharply by 17 basis points to an over 3 year and 5 month low of 8.21% at yesterday’s weekly bill auction, while the weighted average yields of the 91 day and 182 da

DFCC maintains a steady course despite turbulence

Views - 84 Thursday, 1 August 2019 04:57

DFCC Bank yesterday said it has managed to maintain steady course in its financial performance and operations despite turbulent environment in the second quarter and first half ended on 30 June 2019. In a statement DFCC said the core business of the

Keen to positively impact Sri Lanka’s capital market development: CFA Institute President

Views - 82 Thursday, 1 August 2019 04:54

Chartered Financial Analyst (CFA) Institute President Paul Smith, who is currently visiting Sri Lanka, yesterday expressed enthusiasm to help formulate plans for capital market development. “We are in many ways a research-driven organisation. We be

A quarter-century of excellence: HNB crowned No.1 bank in LMD’s Club 100

Views - 160 Thursday, 1 August 2019 04:53

Recognising a legacy of consistent product innovation, service excellence and banking beyond transactions, HNB PLC has been ranked as the first among all Sri Lankan banks, over the last 25 years and been a part of the elite list of companies that com

‘Bankers to the Nation,’ Bank of Ceylon celebrates 80th anniversary

Views - 60 Thursday, 1 August 2019 00:01

Sri Lanka’s No. 1 bank, Bank of Ceylon, is geared to celebrate its eight decades of dominance in the banking industry on 1 August. With the heritage that explicitly showcases the commitment to the nation, the Bank of Ceylon is considered to be amo

Today's Columnists

We need to challenge climate change doubters before it is too late

Friday, 23 August 2019

Imagine a London where the entire subterranean region is engulfed with dirty water. Crammed train carriages that once barrelled along 249 miles of track transporting busy office workers, builders, teachers, civil servants, cleaners and students now r

The Provincial Council Elections – The charade goes on

Friday, 23 August 2019

Originally the SLPP was keen to hold the Provincial Council Elections (PCE) immediately after the Local Government Election results as they felt the PCE would go in their favour. PCE were held under the Proportional Representation system. The relevan

The presidency and the dilemma of the Presidential Election

Friday, 23 August 2019

J.R. Jayewardene created a presidential system not because the parliamentary system of governance that preceded it had failed. He wanted to take over all the powers of the State and assume the status of ancient kings who ruled the country in the past

Enough power in the presidency for the right person

Friday, 23 August 2019

The presidency has not much power some say, but I would say there is plenty for the right person. By intention or otherwise, our Constitution leaves the presidency to be defined by the person occupying the chair. Maithripala Sirisena (MS) showed us t

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