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Reuters: Asian shares jumped and the euro surged more than 1 percent on Friday after European leaders agreed that euro zone banks could be recapitalised without adding to government debt, soothing fears over growing credit strains in Italy and Spain. As the dollar retreated on the back of the euro’s sharp rebound, dollar-based oil, copper ...
Sri Lanka are determined to prevent a Pakistan resurgence as they seek their first Test series win in three years when the second match starts in Colombo on Saturday. The hosts will start as firm favourites at the Sinhalese Sports Club (SSC) after thumping Pakistan by 209 runs with a day to spare in ...
Commemorating their 25thandnbsp;anniversary, the staff and stakeholders of Sampath Bank PLC conducted various religious activities across the island.
NDB recorded yet another andlsquo;firstandrsquo; in the banking industry by becoming the first bank to secure ISO certification for its Corporate Banking division. The certification, which is not commonly granted to the services industry, affirms that the services offered by NDB Corporate Banking gratify international standards of quality for such banking services and procedures.
A solution for loss-making SOEs? In the USA, a new corporate entity referred to as a Benefit Corporation (B-Corp) has been brought into being. The states of Maryland, New Jersey, Virginia, California and Vermont have legislation which permits companies to combine the profit motive with the purpose of making a positive impact on society and ...
Calls for Govt. to table details of investments in listed securities from January 2010 to April 2012 Says the two funds and Central Bank come under Finance Ministry and accountable to Parliament In a strong move, Opposition Leader Ranil Wickremesinghe yesterday urged the Government to table in Parliament full details of all investments in listed ...
Reuters: The U.S. Federal Reserve on Wednesday delivered another round of monetary stimulus and said it was ready to do even more to help an increasingly fragile U.S. economic recovery. The central bank expanded its “Operation Twist” by $267 billion, meaning it will sell that amount of short-term securities to buy longer-term ones to keep ...
WOKE up as usual to a nursery rhyme. The Bread Man, who blares the same old tune over a megaphone every day, runs two jobs; one of waking up Sri Lanka, a job coercively collared from the rooster and the other selling bread and buns. The ice cream man comes later on in the day, ...
Market’s value up Rs. 23 b, ASI back again in 5,000-points level The Colombo stock market produced a confident rebound yesterday driven by high net worth investors as well as institutions picking up low valued opportunities. The market’s value rose by Rs. 23 billion, slightly lower than Friday’s gain of Rs. 26 billion. The rise ...
Reuters: Brent crude steadied around $96 a barrel on Tuesday, staying close to 16-month lows hit in the prior session, as Spain’s rising borrowing cost showed Europe is nowhere near resolving its debt crisis that has hurt the outlook for fuel demand. Oil, along with other commodities, fell on Monday after an initial rally fueled ...
The global financial crisis of 2008/09 has not sent migrant workers streaming back home, despite worsening employment prospects and anti-immigration rhetoric in some destination countries, says a new book on migration and remittances, published by the World Bank last week. In fact, migrants may have mitigated some of the pain of the crisis as they ...
CANBERRA (Reuters): Australia will create the largest network of marine parks in the world, protecting waters covering an area as large as India while banning oil and gas exploration and limiting commercial fishing in some of the most sensitive areas. Australia’s marine reserves will increase from 27 to 60 under the new scheme, covering more ...
Positive macro news and rumoured overhauling of SEC among other State entities trigger buying spree; some analysts insist rebound is due to attractive pricingThe Colombo Bourse on Friday shot up by over 100 points before losing some momentum, with the earlier development being linked by some analysts to positive macro news and a rumoured overhauling ...
HOUSTON, Texas (AFP): Financier and cricket mogul Allen Stanford was sentenced to 110 years in jail for a $7 billion Ponzi scheme, closing the book on the flamboyant ex-tycoon’s stunning fall from grace. “This is one of the most egregious frauds ever presented to a trial jury in federal court,” Judge David Hittner said in ...
Reuters: Authorities in the world’s major economies are preparing for a possible market storm or public panic after cliffhanger Greek elections this weekend, officials said on Thursday, should radical leftists win and cast doubt on the nation’s future in the euro zone . Britain announced on Thursday it would flood its banking system with cash ...
RIO+20 is the next focus point for the world and as President Mahinda Rajapaksa takes Sri Lanka’s concerns to this international forum, it is perhaps time for a larger discussion on its importance to a developing country as well as the world at large. Twenty years ago, it was mostly people who were displaced by ...
The Commercial Bankandrsquo;s status as a leading service provider to the business community has been reiterated by the United Kingdomandrsquo;s authoritative andlsquo;Trade Financeandrsquo; magazine, which has adjudged the Bank the andlsquo;Best Sri Lankan Trade Bankandrsquo; for 2012.
Risk management in financial services has gained core attention in the aftermath of the global financial crisis. The entire economic landscape of the international financial market changed during this period Central Bank Deputy Governor, Ananda Silva said.
Reuters: Commodities from oil to copper and Asian shares tumbled on Friday, while risk aversion lifted the dollar, after Federal Reserve Chairman Ben Bernanke disappointed investors looking for a clear signal of further U.S. monetary stimulus. The reaction to Bernanke’s congressional testimony, which left uncertainty over the Fed’s policy decision at its June 19-20 meeting, ...
DFCC Bank and DFCC Vardhana Bank launched their new website and the Annual Report for 2011/2012 on Wednesday (6 June) at the Galle Face Hotel.
DFCC Bank (DFCC) and DFCC Vardhana Bank (DVB) consolidated and integrated their presence on the information superhighway into one location through the launch of their new website www.dfcc.lk. With a view to delivering seamless banking services through a convenient, easy to navigate portal, the Banking Group hopes to meet the financial needs of the cyber ...
Sampath Bank PLC Chief Manager andndash; Deposits and Remittances Rohana Dissanayake and Manager Network Services Centre Halin Hettigoda were in a jubilant mood along with their team members when Ceylon FT met them recently.
Reuters: Oil prices near $100 a barrel are still a threat to a slowing global economy that is likely to consume less fuel than the International Energy Agency (IEA) had forecast, the IEA’s executive director said on Tuesday. Brent crude this week dropped to a 16-month low below $96 a barrel before recovering to around ...
The NSB/TFC deal and the General Recent events in Sri Lanka have reconfirmed that though seemingly power may be unlimited, there are in reality constraints which limit the options those in power have. As proof of this fundamental reality, the first event is the purchase by the National Savings Bank (NSB), a State-owned entity, whose ...
The Central Bank on Saturday issued a statement to set the record right in respect of the news item that appeared in some newspapers on 28 and 29 May 2012 under the caption ‘An amount of Rs. 3,450 million recovered by the Commissioner of Labour through legal action has not been credited to member accounts’. ...
In the wake of the recent Taprobane Securities scandal, which involved a recent share transaction to the tune of Rs 390 million, the purchase of MBSL Savings Bank by Navara Capital which is said to be worth Rs 562 million is to be scrapped.
WASHINGTON/LONDON (Reuters): The world’s economic outlook darkened on Friday as reports showed U.S. employment growth slowing sharply, Chinese factory output barely growing and European manufacturing falling deeper into malaise. In a shock that sent global equity markets into a dive, the U.S. economy added just 69,000 jobs in May, less than half what analysts expected ...
HNB, the second largest listed private sector Licensed Commercial Bank (LCB), accounts for a total asset base of Rsandnbsp;andnbsp; 419.3 billion as of 31 March 2012.
The World Bank funded US$ 100 million (Rs 13.2 billion) project to transform school education to prepare the country towards a knowledge hub was launched on 13 May in partnership with the Ministry of Education at Cinnamon Grand hotel, Colombo 3.
The SANASA movement has in its heart a philosophy of cooperation and community support. It acts as an independent movement and can trace back its roots to credit societies formed over 100 years ago.andnbsp;