Business Today Sri Lanka - August 2023

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Last month’s news of two systemically important financial institutions, Deutsche Bank and Credit Suisse, 19th-century titans in banking, being fined by the US Federal Reserve Board and the UK Prudential Regulatory Authority has become a wake-up call to urge a review of corporate governance and risk management strategies.
President Ranil Wickremesinghe, on his maiden official visit to India after assuming Presidency, conveyed a resolute commitment to strengthen the bilateral ties between India and Sri Lanka.
Lesetja Kganyago, Governor of the Reserve Bank of South Africa, addressing the tenth annual Michel Camdessus Central Banking Lecture 2023 organized by the International Monetary Fund, spoke at length on how emerging markets could leverage the benefits of capital flows for sustainable growth by listing out a set of best practices to optimize results.
Gautam Adani, Chairman, Adani Group called on Bangladesh Prime Minister Sheikh Hasina in Dhaka following the full load commencement of power supply to Bangladesh from the Group’s Ultra Super-Critical Thermal Power Plant in Godda, India.
That the merger of HDFC Bank with its parent company, Housing Development Finance Corporation Limited, is setting records and catapulting India’s financial institutions into the global top hundred leagues is a cause for celebration for an economy of the size of India, the Poseidon sailing into the vast ocean of economic prosperity.