Union Bank gears for growth
The recent significant investment and backing of a global investment
giant TPG, places Union Bank among the top five private commercial banks
in Sri Lanka in terms of market capitalisation.
Rapidly evolving to face a new world of opportunities and growth, the
Bank has made a distinctive change to its brand visibility and unveiled
a new look to its Head office on January 1.
The new design is an integral part of the Bank's brand building
initiatives and a customer-centric banking experience.
Blackberry shares soar 30%
A report that Korean smartphone giant Samsung had offered to buy
struggling rival Blackberry for US $7.5 billion (£4.92 billion) saw the
Canadian firm's shares rise 30% in US trade.Executives from both firms
met last week to discuss a potential deal. Blackberry's share price
surge was the firm's biggest gain in about a decade.
Samsung said in an email it could "confirm media reports of the
acquisition are groundless". The Canadian's firm's shares later
retreated in late trade in the US on Wednesday.
In December, Blackberry reported a larger-than-expected drop in
revenue during the third quarter.
India cuts interest rates
India's Central Bank made a surprise move on Thursday to cut its
interest rate to 7.75%, thanks to lower-than-expected inflation.
The benchmark interest rate, or the level at which the Reserve Bank
of India (RBI) lends to commercial banks, had been kept at 8% since
The move came ahead of the bank's regular meeting next month and
analysts said it paved the way for further cuts.
The bank said in a statement the rate would be cut immediately.
Commemorative coin to mark Pope's visit
The Central Bank of Sri Lanka issued a commemorative silver coin with
a face value of Rs. 500 to mark the visit of Pope Francis to Sri Lanka.
The coin was presented to Pope Francis and to President Maithripala
Sirisena at the Presidential Secretariat in Colombo on Tuesday. The
details of the design and specifications of the coin can be found in the
Central Bank website.