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Post by NIRMALSG on Sat May 25, 2019 5:17 am

JKH FY19 pre-tax profit down 33% to Rs. 18.6 b

Premier blue chip John Keells Holdings (JKH) has achieved a pre-tax profit of Rs. 18.6 billion in FY19, down by 33% from the previous year.

Post-tax profit was down 30% to Rs. 16.2 billion. Net profit attributable to equity holders of parent was lower by 27% to Rs. 15.2 billion.

The dip is due to JKH in the previous FY18 having several extraordinary items as well as a strong fourth quarter as against the current year’s.

JKH’s recurring pre-tax profit for FY19 was Rs. 18.4 billion. Group revenue was up 12% in FY19 to Rs. 135.4 billion.

JKH said South Asia Gateway Terminals (SAGT), the Group’s Ports and Shipping business, maintained its growth momentum with a volume growth of 11%. The Frozen Confectionery business recorded a volume growth of 10%, despite difficult market conditions, driven by the Impulse segment and the expansion of its product portfolio, post the commissioning of the new factory.

The Beverage business displayed signs of recovery and is expected to witness growth in volumes following price reductions, post the introduction of a threshold on the sugar tax.

The Supermarket business continued to gain market share. The ‘Keells’ brand was launched in October 2018 with the completion of a refit and rebranding across all outlets. The outlet roll-out continued beyond the Western Province.

The City Hotels sector maintained its fair share in the five-star hotel category despite a sharp increase in room supply and political volatility during the latter part of 2018. The newly reconstructed ‘Cinnamon Hakuraa Huraa Maldives’ and ‘Cinnamon Bentota Beach’ will commence operations in December.

The ‘Tri-Zen’ residential development project is witnessing strong momentum in sales with 200 units sold. Revenue recognition will commence from the June quarter onwards.

The construction of ‘Cinnamon Life’ is continuing with encouraging momentum with the residential apartments and office tower slated for handover from March 2020 onwards.

Financial Services was impacted by mark-to-market losses at Union Assurance PLC (UA) due to a decline in the stock market. UA’s profits in 2017/18 included a one-off surplus of Rs. 3.38 billion. Nations Trust Bank (NTB) recorded a double-digit growth in both deposits and advances, although profitability was impacted by introduction of the Debt Repayment Levy and higher impairment charges due to the elevated credit risk stemming from subdued economic performance and the implementation of SLFRS 9.

In the fourth quarter pre-tax profit dipped sharply by 58% to Rs. 5.3 billion and post-tax profit by 68% to Rs. 3.6 billion with bottom line down 68% to Rs. 3.1 billion.

The blue chip said the underlying recurring operating performance of all industry groups, with the exception of Leisure and Financial Services, improved against the previous year. The Consumer Foods and Retail industry groups witnessed growth in profits on the back of improved consumer demand.

Consumer Foods witnessed growth on account of a better performance in the Frozen Confectionery business driven by a 21% growth in volumes, and improved profitability in the Beverage business on account of higher margins.

Retail performance was driven by strong revenue growth in the Supermarket business supported by new outlets and a reasonable pick up in same store sales to 4.5%.

The decline in Group PBT by 58% to Rs. 5.38 billion was mainly due to the one-off surplus and optimal surplus transfer recorded in 2017/18 by the Life Insurance business, Union Assurance PLC (UA), which cumulatively amounted to Rs.7.02 billion. The annual life insurance surplus recorded by UA amounted to Rs. 1.10 billion in 2018/19. Profits of UA were further impacted by mark-to-market losses on its equity investment portfolio due to a decline in the stock market.

Leisure was impacted by lower occupancies in the City Hotels sector due to the increase in room inventory within Colombo and the closure of ‘Cinnamon Hakuraa Huraa Maldives’ for the reconstruction of a new hotel.

Performance of Property was impacted due to 2017/18, including a one-off revenue recognition at Rajawella Holdings Ltd. on the sale of leasehold rights and lower fair value gains on investment property in 2018/19 in comparison to 2017/18.

The performance for the quarter also included an exchange loss at the Holding Company as a result of the appreciation of the rupee, in comparison to an exchange gain recorded in the fourth quarter of 2017/18.
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Post by NIRMALSG on Wed May 29, 2019 5:06 am

Central Bank rate cut “inevitable”

* First Capital Research says probability rate at 95%
* Sluggish growth, Easter Sunday attacks, improved macro fundamentals seen as key reasons
* Rate cut also likely given alarming deceleration of private sector credit
* Predicts economic recovery will take at least one year, downgrades growth to less than 3%


First Capital Research yesterday said there is a 95% probability for a policy rate cut when the Central Bank announces its latest monetary policy stance on Friday.

Releasing its policy expectations, First Capital said a rate cut was “inevitable,” given slowing growth and the impact of the Easter Sunday attacks.

“We are of the view that policy intervention is inevitable to revive the overly sluggish economy and credit growth. Despite the Road Map towards a single policy rate, we believe a rate cut in both SLFR and SDFR is more appropriate, considering the severity of the situation. However, in the case of a 75bps or a 100bps rate cut consideration, though remote, Central Bank may consider a lower cut for SDFR,” the report said.

First Capital Research pointed out that the Monetary Board had previously observed that the continuation of the monetary policy stance was appropriate but had hinted at possible monetary easing. This has since been reinforced by statements from the Government calling for banks to reduce interest rates.

Macroeconomic fundamentals have also steadily improved creating space for a policy rate cut.

The Central Bank maintaining foreign reserve position above $7.0 billion ($7.2 billion by end April 2019) is noteworthy considering the major outflows in April 2019. The International Monetary Fund (IMF) approved the 6th tranche of $164.1 million while granting a one year extension until June 2020, providing a cushion to country’s economy to recover from the recent attacks, pointed out First Capital Research.

“Falling below the Central Bank credit growth projection of 13.5%, private sector credit growth decelerated at an alarming rate to record an YTD growth of 0.5% during the first quarter leading to a contraction in financial sector asset base,” it added.

The Sri Lankan rupee continued to strengthen to close at 176.24 on 22 May, supported by foreign remittance conversions and foreign inflows during the festive seasons. However, REER continued to remain undervalued at 94.74 in March 2019.

A sustained positive liquidity position was created after the lapse of six months resulting from multiple Statutory Reserve Ratio (SRR) cuts and the Government making long delayed payments, providing the ability for the Central Bank to discontinue daily reverse repo auctions and term reverse repo auctions.

“The Easter Sunday attacks are expected to have a detrimental impact on the economy, possibly further slowing down the sluggish economy. We expect the recovery would require at least one year period forcing a downward revision to our 2019 GDP growth projection to below 3% from previous 4.3%.”
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Post by NIRMALSG on Fri May 31, 2019 6:44 pm

Sri Lanka Central Bank cuts SDFR and SLFR by 50 basis points

May 31, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 30 May 2019, has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 percent and 8.50 percent, respectively.

The Central Bank said the Board arrived at this decision following a careful analysis of current and expected developments in the domestic economy and the financial market as well as the global economy, with the broad aim of stabilising inflation at mid-single digit levels in the medium term to enable the economy to reach its potential.

At the last review of the monetary policy stance, the Central Bank provided forward guidance of a possible policy relaxation, if the current trends in the global financial markets, trade balance, and credit growth continue.

“These trends have continued, and in addition, the economy has been affected by the Easter Sunday attacks and its adverse spillover effects on related sectors,” the Central Bank said.

“Along with the developments in the domestic financial markets so far during the year, the monetary policy decision to reduce policy interest rates is expected to induce a swift and sizable reduction in market lending rates.”

Monetary Policy Decision: Policy rates reduced and SRR unchanged
Standing Deposit Facility Rate (SDFR) – 7.50%
Standing Lending Facility Rate (SLFR) – 8.50%
Statutory Reserve Ratio (SRR) – 5.00%

The release of the next regular statement on monetary policy will be on 12 July 2019.
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Post by ruwan326 on Sat Jun 01, 2019 6:51 am

Stock markets slump as trade war tensions spike
Jun 01, 2019 


AFP- Global stocks tumbled Friday, with investors fleeing equities for safe-haven assets following the latest salvos on international trade.
 
With US President Donald Trump announcing new tariffs on all Mexican imports and China warning it would create a list of "unreliable" foreign companies, investors piled into low-risk assets, sending the yield on 10-year German government bonds to a record low.
 
German Bunds hit minus 0.213 percent in the secondary market, breaking the previous record of minus 0.205 percent set in July 2016, while the 10-year US Treasury note fell further, stoking additional investor angst.
 
The yen, another safe-haven investment, shot higher, pressuring Tokyo's main stocks index, which plunged 1.6 percent. 
As trade tensions escalated, US indices shed more than one percent in a bitter conclusion to a bruising May, the first month of 2019 with losses.
 
European stocks also ended solidly lower, while oil prices fell hard.
Trump's latest tariff move amounted to "another log on the fire of global risk aversion," analyst Joseph Manimbo of Western Union Business Solutions said in a client note.
 
"The news heightened fears of aggressive trade policy slowing growth in the US and globally, sending stocks and oil markets swooning, and investors ducking for cover in safer currencies like the yen, Swiss franc and greenback."
 
- Auto shares dented -
 
Trump's announcement late Thursday of a five percent tariff on all goods from Mexico starting June 10, which will quickly ramp up to 25 percent, was aimed at forcing the country to stem a flow of migrants from Central America crossing the southern US border.
 
Trump had only recently kick-started the process of ratifying a new North American trade pact by removing all tariffs on aluminum and steel, but he has now put the accord at risk, according to experts and key US lawmakers.
 
Carmakers were among the hardest hit by Trump's announcement, with shares in Mazda plummeting 7.1 percent, Nissan tumbling 5.3 percent, Renault shedding 4.3 percent and Volkswagen losing 2.8 percent.
 
General Motors slumped 4.3 percent and Fiat Chrysler sank 5.8 percent, while auto suppliers such as Delphi and Lear were also battered by the announcement.
Trump's action comes amid a protracted trade war between the United States and China.
The tariff hike on $200 billion in Chinese goods earlier this month "may already be undermining foreign demand," analyst Julian Evans-Pritchard of consultancy Capital Economics wrote in a research note.
China is retaliating by raising tariffs on $60 billion worth of US goods on Saturday, while official data Friday showed the Asian economic giant's manufacturing activity contracted more than expected in May.
Beijing also announced Friday that it would release a list of "unreliable" foreign companies and individuals, striking back after the United States targeted telecom giant Huawei in their escalating trade war.
 
- Key figures around 2050 GMT -
 
New York - Dow: DOWN 1.4 percent at 24,815.04 (close) 
New York - S&P 500: DOWN 1.3 percent at 2,752.06 (close) 
New York - Nasdaq: DOWN 1.5 percent at 7,453.15 (close)
London - FTSE 100: DOWN 0.8 percent at 7,161.71 (close)
Frankfurt - DAX 30: DOWN 1.5 percent at 11,726.84 (close)
 
Paris - CAC 40: DOWN 0.8 percent at 5,207.63 (close)
EURO STOXX 50: DOWN 1.1 percent at 3,280.43 (close)  
Tokyo - Nikkei 225: DOWN 1.6 percent at 20,601.19 (close)
Hong Kong - Hang Seng: DOWN 0.8 percent at 26,901.09 (close) 
Shanghai - Composite: DOWN 0.2 percent at 2,898.70 (close)
 
Euro/dollar: UP at $1.1167 from $1.1129 at 2100 GMT
Pound/dollar: UP at $1.2629 from $1.2608 
Dollar/yen: DOWN at 108.35 yen from 109.62 yen 
Oil - Brent Crude: DOWN $2.38 at $64.49 per barrel
Oil - West Texas Intermediate: DOWN $3.09 at $53.50 per barrel

https://economynext.com/Stock_markets_slump_as_trade_war_tensions_spike-3-14638-11.html
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Post by NIRMALSG on Mon Jun 03, 2019 4:44 am

Good move by the Com Bank at least it will help to businesses to move on from after the Easter Sunday attacks.

ComBank slashes rates for ‘Biz Loans’ to encourage SME sector


Commercial Bank of Ceylon has announced a reduction of interest rates relating toits ‘Biz Loans’ with a view tofurther supporting the small and medium businesses of
the country.

The bank said loans of up to Rs 250 million are on offer from 13 percent per annum to members of the Bank’s ‘Biz Club’ as well as for new Small and Medium Enterprises (SMEs) under this reduced rate.


The rate reduction was implementednot only to assist entrepreneurs affected by macroeconomic challenges but also to recognise the longstanding, loyal banking relationship that SME customers have with the bank, thereby consolidating the bank’s position as the preferred bank for SMEs
in Sri Lanka, the bank said.

Commercial Bank is one of the highest lenders to the SME sector in Sri Lanka and will offer even more competitive interest rates and tailor-made repayment programmes to benefit the SME segment in future, the bank added.


Key features of Commercial Bank’s ‘Biz Loans’ include repayment periods of up to five years along with a suitable grace period depending on the cash flow of the borrower,competitive interest rates, the non-requirement of project reports for select facilities, customised credit limits to suit applicants’ requirements, and access to workshops and seminars designed to enhance SME-related awareness and knowledge.

Commenting on the reduction of interest rates applicable to these loans Commercial Bank’s Managing Director and CEO S. Renganathan said, “We recognise the invaluable contribution of SMEs to the national economy and have always been focused on helpingthem grow. Today’s SMEs can be tomorrow’s large corporations, and as such, deserve all the support they can get under the present challenging conditions. With the reduction of the interest rates, the Bank hopes to stimulate and encourage more enterprises and to be a part of many more success stories in the years ahead.”


Loans can be appliedfor to start new businesses or acquire businesses, for investments on fixed assets and working capital requirements of manufacturing and service oriented businesses, for business expansions, infrastructure development, business diversification, and import and export activities. The Commercial Bank launched its ‘Biz Club’ in 2017 with the objective of providing SMEs with extensive networking opportunities, support beyond lending and a range of other benefits including special bank concessions and a personalised VISA debit card. Members also receive economic updates and alerts on new business developments via email and SMS and free registration for online banking facilities.

Additionally, Biz Club members are entitled to free financial advisory services and invitations to exclusive business seminars which are beneficial to the development of
their businesses.
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Post by ruwan326 on Wed Jun 05, 2019 8:12 pm

CBSL Hunts for Other Avenues to Invest Funds of EPF

June, 4, 2019



The Central Bank of Sri Lanka recently announced that they are currently looking at other avenues to invest the funds of the Employees' Provident Fund (EPF) as the opportunities to invest in the government security market diminish.

According to the Central Bank the EPF which stood at Rs.2 trillion, grows at a rate of Rs.300 billion per annum.

“The government’s borrowing requirement is coming down, so we have to find avenues for investing the EPF funds. Clearly, the stock market is one such avenue” Central Bank Governor Dr. Indrajit Coomaraswamy said.

Speaking further Dr. Coomaraswamy stated that in terms of process and procedures of the EPF there is an Investment committee to undertake investment decisions, which is being monitored by an Investment Oversight Committee, led by a deputy governor and two assistant governors.

“Additionally, security procedures such as CCTV, voice recordings have been introduced in order monitor, in terms of investment activities,” governor added.

Moreover, to increase the transparency of the fund, the Bank stated that investment operations, which include stock market operations, would be published on the EPF website on a quarterly basis.

http://bizenglish.adaderana.lk/cbsl-...-funds-of-epf/
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Post by nihal123 on Thu Jun 06, 2019 2:14 pm

හැරී ජයවර්ධන ජෝන් කීල්ස් බලය වැඩි කර ගනී. මාස 03 කදී කොටස් මිලියන 11.8 ක් අරන්


June, 5, 2019


Thread for News on CSE and SL Economy  - Page 13 Harry-Jayawardene1

ප්‍රකෝටිපති ව්‍යාපාරික හැරී ජයර්ධන මහතා සභාපතිත්වය දරන මෙල්ස්ටොකෝප් පීඑල්සී, මෙරට ලැයිස්තුගත විශාලතම විවිධාංගීකරණය කරන ලද සමාගම් සමූහය වන ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි කොටස් හිමිකාරීත්වය මේ වන වට සමාගමේ සමස්ත කොටස් ප්‍රාග්ධනයෙන් 9.8% ක් දක්වා වැඩි කර ගෙන තිබේ.
ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි නවතම මූල්‍ය වාර්තාවලට අනුව 2019 මාර්තු 31 දින වන විට මෙල්ස්ටාකෝප් පීඑල්සී සතුව තිබෙන ජෝන් කීල්ස් කොටස් ප්‍රමාණය 128,572,406 කි. මෙය සමාගමේ කොටස් ප්‍රාග්ධනයෙන් 9.8% ක් ලෙසින් සටහන්ව තිබේ.
2018 දෙසැම්බර් 31 වන විට මෙල්ස්ටාකෝප් පීඑල්සී සතුව පැවති ජෝන් කීල්ස් කොටස් ප්‍රමාණය 116,776,852 ක්වූ අතර එය 8.4% ක අගයයකි. මේ අනුව 2019 මාර්තු 31 න් අවසන් කාර්තුව තුළ දී හැරී ජයවර්ධන මහතා පාලක කොටස් අයිතිය දරන මෙල්ස්ටාකෝප් පීඑල්සී විසින් මිල දී ගෙන ඇති නව ජෝන් කීල්ස් හෝල්ඩිංග්ස් කොටස් ප්‍රමාණය 11,795,554 කි.
මෙල්ස්ටාකෝප් පීඑල්සී, ජෝන් කීල්ස් හෝල්ඩිංග්ස් කොටස් හිමිකරුවන්ගේ ලැයිස්තුවේ තුන්වැනි තැන පසුවේ. මෙම ලැයිස්තුවේ පළමු තැන මෙරට තවත් දැවැන්ත ආයෝජක චරිතයක් වන සෝලි කැප්ටන් මහතා සතුවන අතර ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි කොටස් 152,991,389 ක් හෙවත් 11.6% ක් ඔහු සතුව පවතී. එසේම ඔහුගේ පුතණුවන් වන රූසි කැප්ටන් මහතා ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී කොටස්කරුවන්ගේ ලැයිස්තුවේ 8 වැනි ස්ථානයේ සිටින පුද්ගලයා වේ. ඔහු සතුව ඇති කොටස් ප්‍රමාණය 26,950,930 ක් හෙවත් මුළු කොටස් ප්‍රමාණයෙන් 2% ක් නියෝජනය කරනු ලබයි.
ජෝන් කීල්ස් හෝල්ඩිංග්ස් හි දෙවැනියට විශාලතම කොටස් හිමියා වන්නේ මැලේසියානු රාජ්‍ය ආයෝජන හස්තයක් වන Broga Hill Investment Ltd අරමුදලයි. ඔවුන් සතුව තිබෙන ජෝන් කීල්ස් කොටස් අයිතිය 10.8% කි.
පහත දැක්වෙන්නේ ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි විශාලතම කොටස්කරුවන් 20 දෙනාගේ ලැයිස්තුවයි.
Thread for News on CSE and SL Economy  - Page 13 JKH-Top-20
http://biz.adaderana.lk/%e0%b7%84%e0%b7%90%e0%b6%bb%e0%b7%93-%e0%b6%a2%e0%b6%ba%e0%b7%80%e0%b6%bb%e0%b7%8a%e0%b6%b0%e0%b6%b1-%e0%b6%a2%e0%b7%9d%e0%b6%b1%e0%b7%8a-%e0%b6%9a%e0%b7%93%e0%b6%bd%e0%b7%8a%e0%b7%83%e0%b7%8a/
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Post by NIRMALSG on Sat Jun 08, 2019 5:47 am

Sri Lanka in talks for investments from global logistics firms


Thread for News on CSE and SL Economy  - Page 13 Hambantota_port_wide_lg

ECONOMYNEXT- Sri Lanka is having talks with some of the world’s biggest logistics firms like Germany’s DB Schenker and Switzerland’s Kuehne & Nagel to try to get them to invest in the island, a senior port official said.

Kavan Ratnayake, chairman of Sri Lanka Ports Authority, said logistics was a key part of the newly developed national ports master plan which will help attract investors, needed to expand and modernise the sector.

Minister of Ports & Shipping Sagala Ratnayake held talks with top European-based global logistics firms during a visit to Germany this week.

“The Minister was in Munich with representatives from 26 logistics companies. He’s talking to world-class companies like DB Schenker and Kuehne & Nagel to try to get them to invest here,” Ratnayake said.

Germany's DB Schenker, the transport and logistics division of the Deutsche Bahn Group, already has a partnership with Aitken Spence group through which it is represented in Sri Lanka and the Maldive Islands.

Swiss freight-forwarding group Kuehne & Nagel International, whose sea freight is the largest part of the business, has offices in Colombo and Katunayake, where the international airport is located.

Sri Lanka is trying to attract global logistics firms to set up headquarters and operations in the island which has newly developed port and airport infrastructure that remains underutilised.
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Post by ruwan326 on Sun Jun 09, 2019 12:58 pm

Govt. defends EPF return to markets
8 June 2019 

JVP argues Govt. should reveal returns on specific investments to reassure public

The Government yesterday sought to reassure lawmakers on the new measures that have been taken to secure Employees Provident Fund (EPF) investments in the Colombo stock market, and insisted that the fund will not be misused. 

The Government also pointed out money in the EPF carries a State guarantee.

Leader of the House Lakshman Kiriella, responding to JVP MP Anura Kumara Dissanayake’s question on Government plans to invest EPF money in the stock market again, held the decision-making is the responsibility of the Central Bank of Sri Lanka.

“The responsibility of the Trust is held with the Monetary Board of the Central Bank of Sri Lanka in accordance with clause 5 (1) e of the Employees’ Provident Fund Act No 15 of 1958. So, the Monetary Board holds the responsibility of the investments and the returns,” said Kiriella, rejecting any political involvement in the decision.

“The EPF takes part in the Primary Auctions and winning competitive bids, in order to fulfil the Government’s monetary requirements. Therefore, 95% of the investment basket of the EPF includes government securities. The decision-makers who take the decision to invest do not provide such information to third parties. The reinvestment basket of the EPF gets updated every three months and gets published on the website,” he added.

According to Minister Kiriella, the CBSL is carrying out a forensic audit on concerns raised in the report submitted by the Presidential Commission to investigate into questionable bond transactions, and the findings will be made available soon.

Highlighting the EPF’s profitability by investing in selected options, the Minister said: “In 1998, the return on investment was Rs. 9.27 million, in 1999 it was Rs. 43.55 million, and was Rs. 82.53 million in 2000. In 2001 the RoI was Rs. 114.4 million. The RoI was Rs. 236 million, Rs. 706 million, Rs. 438 million, Rs. 912 million, Rs. 439 million, Rs. 224 million, Rs. 347 million, Rs. 1663 million, Rs. 2678 million, Rs. 3016 million, Rs. 5598 million, Rs. 4065 million, Rs. 4714 million, Rs. 2993 million, and Rs. 3894 million in 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, and 2018 respectively.”

However, MP Dissanayake rejected the Government explanation on the EPF re-investment options. “During the past, by investing EPF money in the stock market, controversial investors made money. EPF money was invested in failed companies. There is enough evidence on the use of EPF money to make money for controversial investors. By investing EPF money, the capital losses are incurred. It is better if the Government can show the investment and the Return on Investment (RoI) as a percentage,” said MP Dissanayake. 


http://www.ft.lk/front-page/Govt--defends-EPF-return-to-markets/44-679633
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Thread for News on CSE and SL Economy  - Page 13 Empty Re: Thread for News on CSE and SL Economy

Post by nihal123 on Mon Jun 10, 2019 8:41 pm


අද මධ්‍යම රාත්‍රියේ සිට ඔක්ටේන් 92 වර්ගයේ පෙට්‍රල් ලීටරයක මිල රු. 3කින් ඉහළට


දිනුක් හේවාවිතාරණ


2019-06-10

මිල සූත්‍රය යටතේ මිළ සංශෝධනයට ලක් කරන ඉන්ධන වර්ග 4න් 3කම මිළ මෙවර වැඩි නොකිරීමට රජය තීරණය කර තිබෙනවා. එහෙත් ඔක්ටේන් 92 වර්ගයේ පෙට්‍රල් ලීටරයක මිළ රුපියල් 03කින් වැඩිවන අතර ඒ අනුව එහි ලීටරයක සිල්ලර මිළ රුපියල් 138 වේ.
පසුගිය මාර්තු මස සිට ලෝක වෙළඳ පොලේ ඉන්ධන මිළ වැඩිවූවද උත්සව සමය හේතුවෙන් පාරිභෝගික ජනතාවට සහන සළසනු සඳහා දේශීය වෙළඳ පොලේ ඉන්ධන මිල වැඩි කිරීමක් සිදු නොකළ බවයි මුදල් අමාත්‍යංශය සඳහන් කළේ.  
මේ දිනවල ජාත්‍යන්තර වෙළඳපොලේ තෙල්මිළ අඩුවීමේ ප්‍රවනතාවයක් පෙනෙන්නට තිබෙන අතර ඒ අනුව එම මෙම තත්ත්වය දිගින් දිගටම පැවැතිය හොත්   එහි වාසිය පාරිභෝගික ජනතාවට ලබා දීමට කටයුතු කරන බවයි මුදල් අමාත්‍යංශය වැඩිදුරටත් සඳහන් කර සිටින්නේ.
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Post by nuwanmja on Tue Jun 11, 2019 3:14 pm

nihal123 wrote:

හැරී ජයවර්ධන ජෝන් කීල්ස් බලය වැඩි කර ගනී. මාස 03 කදී කොටස් මිලියන 11.8 ක් අරන්



June, 5, 2019


Thread for News on CSE and SL Economy  - Page 13 Harry-Jayawardene1

ප්‍රකෝටිපති ව්‍යාපාරික හැරී ජයර්ධන මහතා සභාපතිත්වය දරන මෙල්ස්ටොකෝප් පීඑල්සී, මෙරට ලැයිස්තුගත විශාලතම විවිධාංගීකරණය කරන ලද සමාගම් සමූහය වන ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි කොටස් හිමිකාරීත්වය මේ වන වට සමාගමේ සමස්ත කොටස් ප්‍රාග්ධනයෙන් 9.8% ක් දක්වා වැඩි කර ගෙන තිබේ.
ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි නවතම මූල්‍ය වාර්තාවලට අනුව 2019 මාර්තු 31 දින වන විට මෙල්ස්ටාකෝප් පීඑල්සී සතුව තිබෙන ජෝන් කීල්ස් කොටස් ප්‍රමාණය 128,572,406 කි. මෙය සමාගමේ කොටස් ප්‍රාග්ධනයෙන් 9.8% ක් ලෙසින් සටහන්ව තිබේ.
2018 දෙසැම්බර් 31 වන විට මෙල්ස්ටාකෝප් පීඑල්සී සතුව පැවති ජෝන් කීල්ස් කොටස් ප්‍රමාණය 116,776,852 ක්වූ අතර එය 8.4% ක අගයයකි. මේ අනුව 2019 මාර්තු 31 න් අවසන් කාර්තුව තුළ දී හැරී ජයවර්ධන මහතා පාලක කොටස් අයිතිය දරන මෙල්ස්ටාකෝප් පීඑල්සී විසින් මිල දී ගෙන ඇති නව ජෝන් කීල්ස් හෝල්ඩිංග්ස් කොටස් ප්‍රමාණය 11,795,554 කි.
මෙල්ස්ටාකෝප් පීඑල්සී, ජෝන් කීල්ස් හෝල්ඩිංග්ස් කොටස් හිමිකරුවන්ගේ ලැයිස්තුවේ තුන්වැනි තැන පසුවේ. මෙම ලැයිස්තුවේ පළමු තැන මෙරට තවත් දැවැන්ත ආයෝජක චරිතයක් වන සෝලි කැප්ටන් මහතා සතුවන අතර ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි කොටස් 152,991,389 ක් හෙවත් 11.6% ක් ඔහු සතුව පවතී. එසේම ඔහුගේ පුතණුවන් වන රූසි කැප්ටන් මහතා ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී කොටස්කරුවන්ගේ ලැයිස්තුවේ 8 වැනි ස්ථානයේ සිටින පුද්ගලයා වේ. ඔහු සතුව ඇති කොටස් ප්‍රමාණය 26,950,930 ක් හෙවත් මුළු කොටස් ප්‍රමාණයෙන් 2% ක් නියෝජනය කරනු ලබයි.
ජෝන් කීල්ස් හෝල්ඩිංග්ස් හි දෙවැනියට විශාලතම කොටස් හිමියා වන්නේ මැලේසියානු රාජ්‍ය ආයෝජන හස්තයක් වන Broga Hill Investment Ltd අරමුදලයි. ඔවුන් සතුව තිබෙන ජෝන් කීල්ස් කොටස් අයිතිය 10.8% කි.
පහත දැක්වෙන්නේ ජෝන් කීල්ස් හෝල්ඩිංග්ස් පීඑල්සී හි විශාලතම කොටස්කරුවන් 20 දෙනාගේ ලැයිස්තුවයි.
Thread for News on CSE and SL Economy  - Page 13 JKH-Top-20
http://biz.adaderana.lk/%e0%b7%84%e0%b7%90%e0%b6%bb%e0%b7%93-%e0%b6%a2%e0%b6%ba%e0%b7%80%e0%b6%bb%e0%b7%8a%e0%b6%b0%e0%b6%b1-%e0%b6%a2%e0%b7%9d%e0%b6%b1%e0%b7%8a-%e0%b6%9a%e0%b7%93%e0%b6%bd%e0%b7%8a%e0%b7%83%e0%b7%8a/

experts what are pros and cons if HJ become director in JKH...As i know if someone owns 10% of shares he can become director.

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Post by ruwan326 on Tue Jun 11, 2019 9:11 pm

CSE an absolute buying opportunity: CB Chief

11 June 2019


Central Bank Governor Dr. Indrajit Coomaraswamy yesterday told foreign institutional investors that the Colombo stock market is an “absolute buying opportunity.”

Addressing the fourth CT CLSA Asia Frontier Forum which kicked off yesterday, the Governor said “macroeconomic fundamentals are good” though in recent months there has been net foreign outflow.

It was pointed out that the reduction in policy rates by 50 basis points recently was a boost for investment in listed equities.

He also said global investor community and financial markets have adjusted post-Easter Sunday setback.

He revealed that as of 18 April the rupee had appreciated by 4.6% and as of 7 June, the appreciation remained at 3.6%. “There is a fair degree of stability,” he added. The Central Bank had bought on a net basis $ 128 million from the market as part of building non-debt reserves.

The Governor said that since 21 April, there had been six Treasury Bill issuances and yields have come down whilst the country also saw the largest ever Bond auction worth Rs. 120 billion. In terms of Sri Lanka’s International Sovereign Bonds (ISBs) the yields have more or less remained intact, he said adding that markets are still favourable to Sri Lanka.

“Investors know that Sri Lanka will do whatever to honour its external payments,” he added.

Despite challenges and travel advisories, FII delegates from Africa, Asia and Europe will join over 20 institutional fund managers from Sri Lanka to access 19 top tier Sri Lankan corporates and six leading corporates from Bangladesh and Pakistan at the forum this year

http://www.ft.lk/front-page/CSE-an-a...hief/44-679790
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Post by NIRMALSG on Wed Jun 12, 2019 5:21 am


India shows Sri Lanka love in the air


ECONOMYNEXT - Air India will resume a third additional daily flight on the Delhi-Colombo route from July 15 to stand in solidarity with a terror-struck Sri Lanka, an Indian minister has said.

"Honouring the spirit of friendship & mutual cooperation between India & Sri Lanka, & to express solidarity with the people of the island nation, I am delighted to announce the resumption of additional Air India flight between New Delhi & Colombo from 15th July 2019," Indian Civil Aviation Minister Hardeep Singh Puri said in a twitter.com message.

Indian Prime Minister Narendra Modi visited Sri Lanka on Sunday and made an unscheduled stop at the St Anthony's Church, one of the bombed locations.

The Indian national carrier had stopped operating the third additional daily flight in early May due to low demand, after the Easter Sunday attacks which killed 258 persons including 11 Indian nationals, an airline official in Colombo said.

Tourist arrivals to Sri Lanka in May fell 70 percent from a year earlier as 37 countries imposed travel bans on Sri Lanka.

India was one of the first countries to revise its travel ban on Sri Lanka in late-May.

Sri Lanka's largest tourism market is India, accounting for 18.2 percent of the island's 2.3 million tourist arrivals in 2018.

However, Air India brings less traffic, bringing just 2.7 percent tourists to Sri Lanka in 2017. (Colombo, 11 June, 2019)
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Post by ruwan326 on Wed Jun 12, 2019 8:30 am

Thank you Nirmal. Keep up the good work.
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Post by ruwan326 on Wed Jun 12, 2019 8:32 am

Tundra Fonder reps in town to appraise CSE investments

11 June 2019 


The officials of Sweden-based global asset management company, Tundra Fonder are currently in Sri Lanka for a brief assessment of its Sri Lankan equity market investments, following the Easter Sunday attacks on April 21.

“Tundra currently in #SriLanka for meeting with our portfolio companies. Sad but important time to go to see the short-term effect and if any impact on longer-term outlook,” Tundra Fonder’s official Twitter account said. 

Tundra Fonder’s Tundra Sustainable Frontier Fund has investments in a number of Sri Lankan companies on the Colombo Stock Exchange. 
The fund has 12 percent of its assets invested in Sri Lankan stocks, which they said were marginally affected by the terrifying attacks that occurred on April 21.

http://www.dailymirror.lk/business-news/Tundra-Fonder-reps-in-town-to-appraise-CSE-investments/273-169065
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Post by ruwan326 on Wed Jun 12, 2019 8:58 pm

Sri Lanka stocks end at near 1-month high on local buying; rupee gains
June, 12, 2019

Thread for News on CSE and SL Economy  - Page 13 CSE-456

Sri Lankan shares ended firmer for the third straight session on Tuesday to hit a near one-month closing high on local buying, even as foreign investors continued to pull out funds from equities, while the rupee ended slightly stronger. ** The benchmark stock index ended 0.23% firmer on at 5,335.29, its highest close since May 9. It fell 0.24% last week and declined 11.9% this year so far. The index had hit its lowest level since May 17 last Thursday. ** The central bank cut its key interest rates on May 31 to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.

** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, junior finance minister Eran Wickremeratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. ** The government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the central bank governor said last month at its monetary policy meet. ** Tuesday’s stock market turnover was 411.7 million Sri Lankan rupees ($2.33 million), its highest since May 28 but below this year’s daily average of about 529.9 million rupees. Last year’s daily average was 834 million rupees. ** Foreign investors sold a net 183.1 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 5.71 billion rupees. ** The rupee ended at 176.30/60 per dollar, compared with Friday’s close of 176.40/50, Refinitiv data showed. ** Analysts expect the rupee to weaken further as money flows out of stocks and government securities. ** The rupee fell 0.03% last week but is up 3.57% for the year. Exporters had converted dollars as investor confidence stabilised after a $1 billion sovereign bond was repaid in mid-January. ** The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. ** Foreign investors sold a net 3.5 billion rupees worth of government securities in the week that ended on June 4, extending the island nation’s net foreign outflow to 21.9 billion rupees so far this year, central bank data showed.

http://bizenglish.adaderana.lk/sri-lanka-stocks-end-at-near-1-month-high-on-local-buying-rupee-gains/
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Post by ruwan326 on Thu Jun 13, 2019 8:29 pm

Sri Lanka stocks close 0.16-pct higher

Jun 13, 2019

Colombo’s stock market closed 0.16 percent higher Thursday with buying seen in Distilleries Company of Sri Lanka, Commercial Leasing and Finance and Ceylon Beverage Holdings, provisional data showed.

Colombo's All Share closed 8.63 points higher at 5,384.36 and the S&P SL20 of more liquid stocks was down 0.05 percent or 1.21 points to 2,503.60.

The market turnover was 235.5 million rupees with 61 stocks gaining and 52 declining.

Distilleries Company of Sri Lanka gained 60 cents to 15.60 rupees a share, Commercial Leasing and Finance PLC was up 30 cents at 2.90 rupees a share and Ceylon Beverage Holdings PLC ended90.50 rupees higher at 848.60 rupees, contributing most to the ASPI gain.


https://economynext.com/Sri_Lanka_st...3-14790-3.html
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Post by NIRMALSG on Fri Jun 14, 2019 6:59 pm

More French Firms to Invest In Sri Lanka, Says Sri Lanka’s Ambassador to France


Speaking exclusive to Ada Derana first at 9, Sri Lanka's Ambassador to France B.K. Athauda noted that revival of the tourism sector in the aftermath of the Easter Sunday attacks is not a responsibility that should merely lie with Sri Lanka bureaucrats.

Ambassador Athauda notes that, the whole country including diplomats have a major role to play by lending their support to revive the tourism sector and Sri Lanka should start investing more money for tourism promotion activities and should start working close with more airlines.

Meanwhile highlighting upon, Sri Lanka-France Economic Relationship, Ambassador Athauda noted that there would be a stronger French business presence in Sri Lanka during the coming years.

“With France specifically we are working on agriculture sector, power and energy, culture, technology, logistics and transportation. So these are very large big project, so the economic relationship between France and Sri Lanka will go to a very high level from a very low level from before and we have done the basic foundation for these things. In the next year you will see many French business presence in Sri Lanka.” He noted.

“We already have Michelin Tire Manufactures moving in to Sri Lanka in a very big way and now this transport hub. With the Megapolis we are working very big projects. Hopefully we can do some Energy sector. We are working with Sri Lankan ministers, and the Sri Lankan leaders and the French companies. So we have a very deep and good relationship with French business world now.” He added.

Speaking further Ambassador Athauda noted that, a bridge should be created for Sri Lankans residing in France to enter and do business with Sri Lanka.

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Post by ruwan326 on Sat Jun 15, 2019 7:44 am

Stocks snap 5-day rally on foreign outflows; rupee falls
15 June 2019

Shares snapped a five-day rally to end a tad weaker on Friday, slipping from a near six-week high hit in the last session, as foreign fund outflows from equities continued, while the rupee fell on persistent dollar demand from importers. 

The benchmark stock index ended 0.07% weaker at 5,383.72, edging down from its highest close since 3 May hit on Thursday. But it rose 1.61% for the week. The bourse fell 11.05% this year so far. 

The Central Bank cut its key interest rates on 31 May to support a faltering economy as overall business and consumer confidence slumped following deadly bomb attacks in April.  Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the bombings, Junior Finance Minister Eran Wickramaratne told Reuters last month. A Reuters poll has forecast growth to slump to its lowest in nearly two decades this year. 



The Government’s pension fund has resumed investing in risky assets as the stock market is “extremely undervalued at the moment and is considered a good time to go in”, the Central Bank Governor said last month at its monetary policy meet. 

Friday’s stock market turnover was Rs. 1.14 billion ($6.45 million), more than twice this year’s daily average of about Rs. 530.3 million. Last year’s daily average was Rs. 834 million. Foreign investors sold a net Rs. 61.4 million worth of shares on Friday extending the net foreign outflow for the past five days to Rs. 388.4 million. The year-to-date net foreign outflow was at Rs. 5.91 billion. 

The rupee ended at 176.70/90 per dollar, compared with Thursday’s close of 176.60/70, market sources said. Analysts expect the rupee to weaken further as money flows out of stocks and Government securities. 

The rupee fell 0.14% for the week but is up 3.34% for the year. Exporters had converted dollars as investors’ confidence stabilised after a $ 1 billion sovereign bond was repaid in mid-January. The rupee dropped 16% in 2018 and was one of the worst-performing currencies in Asia. 

Foreign investors bought a net Rs. 311 million worth of Government securities in the week ended 12 June, but the island nation’s net foreign outflow was at Rs. 21.6 billion so far this year, Central Bank data showed.

http://www.ft.lk/front-page/Stocks-snap-5-day-rally-on-foreign--outflows--rupee-falls/44-680020
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Post by ruwan326 on Tue Jun 18, 2019 7:57 am


Senthilverl Drives Sri Lanka Stock Market Turnover to hit Rs.2 billion


June, 17, 2019


Sri Lanka's stock market turnover reached Rs.2.18 billion by the end of the day, amidst high net worth investor Dr. T. Senthilverl was reaching his portfolio ownership to his company Senthilverl Holdings (Pvt) Ltd, trading data showed.

The highest turnover so far for this year was reported Rs.3.3 billion rupees on February 11.

Dr. T. Senthilverl who is a leading shareholder of several listed companies in the country, was seen moving his personal shares to a private company named Senthilverl Holdings (Pvt) Ltd.

Issuing a disclosure statement to the Colombo Stock Exchange (CSE) today (17) Pan Asian Power PLC noted that, Last Friday Dr. T. Senthilverl has transferred 100 million of his shares held in his personal Seylan Bank margin account, at the price of Rs.3 each , to the holding company account.

Hence, some of the biggest crossings were also observed today (17) in Sanasa Development Bank and C. W. Mackie, Samson International, Asia Asset Finance, Colombo Fort Land & Building, Laxapana Batteries and Sunshine Holdings.

The crossings were done at market prices.

http://bizenglish.adaderana.lk/senth...-rs-2-billion/

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Post by NIRMALSG on Wed Jun 19, 2019 7:02 pm

5G roll out set to attract more tech investments to Sri Lanka: IFS


Sri Lanka will draw more tech firms to the country with the roll out of 5G technology, which would enhance the value proposition of the country as an emerging IT Hub, Sweden-based leading enterprise software solution provider, IFS said.


“Sri Lanka has been fast on the uptake of 5G and it has also been faster in developing its IT eco system with universities and other stakeholders. Hence, I believe more tech firms will come to Sri Lanka following us,” IFS Chief Digital and Information Officer (CDIO), Sal Laher said.


He was speaking to Mirror Business on the sidelines of the IFS’ inaugural Techtalk in Colombo yesterday.


The two leading celcos in the country, Dialog Axiata and Mobitel are preparing to roll out 5G services to corporates initially by next year.


Laher emphasised that 5G will be a game-changer for Sri Lanka as it will enhance the latency and the speed while its greater capacity would to accommodate large number of IOT devices ensuring exchange of information among these devices.

“4G was all about internet connectivity, but 5G is the whole package. As 5G allows millions of devices to connect at the same speed, it will make transactions faster at a low latency,” he elaborated.


IFS plans to develop products for its customers with 5G when it is launched in Sri Lanka, which would bring benefits to their customers as well as to end consumers. Laher noted that tech industry, media and banking & insurance industries in particular stand to gain from the roll out of 5G services in Sri Lanka.


He pointed out that Sri Lanka is ahead of India in its value proposition as a potential offshore hub for tech firms. “When the tech investors look at markets, they look at India which has been a good offshore market. However, in terms infrastructure and investments, there are quite a lot going on in Sri Lanka. There are so many perspectives which makes Sri Lanka a good location,” he stressed.


Laher believes that Sri Lanka could potentially lead the Asia Pacific region in tech, banking and media industries, further supported by developments such as Colombo International Financial City.


IFS, which has been operating in Sri Lanka since 1997, has one third of its workforce employed in Sri Lanka catering to its global clientele exceeding
100 organizations.


IFS specialises in offering Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM) and Field Service Management (FSM) solutions.


IFS Sri Lankan office plans to recruit 300 more local tech graduates increasing its workforce to 1, 600 in Sri Lanka this year to expand their research and development, customer support and consultative operations teams. Further, IFS would also increase its IT offshore resources at the Sri Lankan unit.


Laher noted that IFS didn’t experience any disruptions in their operations in Sri Lanka due to recent Easter Sunday attacks.


“We were worried about our staff and their families and friends in the aftermath of these attacks. We were glad to know that they were safe. However, we had no material impact as the employees were able to work from home through remote access,” he said.


IFS is also confident of its compliance with the country’s proposed cyber security legislation, as the company is already in compliance with more intensive cyber security laws and data protection laws globally.


IFS also has a strong customer base in Sri Lanka exceeding 100 corporates, which include MAS and Singer Sri Lanka.


http://www.dailymirror.lk/business-news/5G-roll-out-set-to-attract-more-tech-investments-to-Sri-Lanka:-IFS/273-169585
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Post by NIRMALSG on Sun Jun 23, 2019 8:52 pm

CICT voted best container terminal in Asia (under four million TEUs category)

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Jun 21, 2019 (LBO) – The CMPort managed Colombo International Container Terminal (CICT), the only deep water terminal in the Port of Colombo, has been voted the best container terminal in Asia in the under four million TEUs category at the prestigious asian freight, logistics and supply chain (AFLAS) awards hosted and presented by asia cargo news.

This is the third consecutive year that CICT has won this award intended to honour organisations for demonstrating leadership as well as consistency in service quality, innovation, customer-relationship management and reliability.

The awards ceremony was held at the Asia Society Hong Kong Center, Hong Kong, following a nomination and voting process that allowed more than 15,000 readers of Asia Cargo News and e-news subscribers to first determine the leading companies in the market, and then select the winners, making the results the opinion of service users rather than a panel of judges.

To win the award in its category, CICT had to compete with the top eight shortlisted terminals nominated on the basis of criteria that were laid down by the publication and face a technical evaluation.The evaluation process included asking readers of Asia Cargo News open-ended questions to nominate their preferred container terminals in 48 categories.

Nominees had to adhere to criteria standards encompassing higher operational productivity, efficient turnaround of trucks delivering and picking up containers; provision of suitable container shipping-related infrastructure; cost competitiveness, customer service level and customer satisfaction; timely and adequate investment in new facilities to meet future demand; innovative operating environment, facilitation of ancillary services and ease of doing business activities; and effective and easy-to-use IT systems.

The other three terminals among the top four in the Under 4 million TEUs category were DaChan Bay Terminals (China), Jakarta International Container Terminal (Indonesia), and Laem Chabang International Terminal (Thailand).

Commenting on CICT winning this award for the third consecutive year, the company’s CEO Jack Huang said: “The award is a testament to CICT’s dedication to consistent delivery of high levels of service to the global shipping lines that use our terminal. It is through their votes that we have once again been bestowed this honour, and we pledge to maintain and exceed their expectations in the future. The commitment to excellence by members of ‘Team CICT’ warrants special mention, as it is their hard work that ultimately culminates in our achievements.”

The 2019 AFLAS Awards ceremony that was held in Hong Kong was attended by leading service providers including air and shipping lines; airports and seaports; logistics, third party logistics providers and other associated supply chain industry professionals representing every region and continent in the world.
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Post by NIRMALSG on Sun Jun 30, 2019 4:16 pm

Strategic digital investments shaping the future of productivity at Hayleys Plantations



The perennial challenge that any plantation economy faces is a simple one: how do we improve productivity while keeping our costs under control. Since our plantation industry was first established over 150 years ago, it has seen many transformations – from the end of colonial rule through nationalization and into the present day. In that time, the challenges that have been faced have often been cyclical in nature and that is because in agriculture, there are no quick fixes to most problems.

Indeed, it is often the case that when the Sri Lankan plantation sector is brought up in public discussions, it is often purely in terms of the challenges which our industry faces, with little or not enough attention being focused on actual problem solving. Particularly at a time when emergent technologies are carving out entirely new fields like precision agriculture, this feels like a missed opportunity.

Precision agriculture is defined by the advent of new technologies, that collect and leverage huge amounts of data; generating massive amounts of revenue for relatively nothing. Precision agriculture makes a farmer’s field operations altogether more efficient, by driving insights and productivity.

Globally, agriculture and plantation economies are all – almost without exception – facing the same set of challenges, namely maintaining and enhancing productivity in the face of lower availability of land. Some of the most interesting developments in agriculture are now taking place in this field and the solutions that have been emerging has focused on minimizing crop wastage and getting the maximum out of current resources.

New innovations in big data analytics, as well as simulation, visualization and stronger technical and scientific knowledge, are amplifying opportunities to grow their business not only in terms of revenue and sales, but also in terms of organizational health and efficiency.

Precision solutions can only come from precise data

Without luck, it is impossible to arrive at a solution when you are working with imperfect information. This is part of the underlying rationale that prompted Hayleys Plantations to invest over Rs. 70 million towards the development of our real-time weighing system.

The wider principle at play is that the capture and integration of key data, allows for Management to take informed decisions based on accurate information as to conditions on each estate, and in this manner, help to enhance yields and ensure that each point in our production process is monitored.

At this point in our journey, we have only just begun to scratch the surface of what an emphasis on strategic technological interventions is capable of. However, if we were to distill the lessons we have learned having developed, implemented, and refined our Real Time Weighing system for our tea sector into a single axiom, it would be this: ‘if you can measure it, you can improve it’.

For an industry like tea that is steeped in over 150 years of history, this has been a task that is easier said than done.

Solving grassroots problems

Since the tea industry was first established, everywhere in the world, the most common practice was for tea harvesters to finish a session of work, and then bring their harvest to a collection point where it would be manually weighed using rudimentary analogue scales, following which entries were made by estate staff in the field.

This is of course still the case in many ways to this day – and not just in Sri Lanka, but all over the world. As technology progressed, the very real problem of gathering data on daily harvests and relaying that information from the hills of Nuwara Eliya and plains of Galle down to Headquarters in Colombo, and through to the rest of the value chain was eased by the introduction of computers and the internet.

Nevertheless, these field lists would have to be manually entered into a computer terminal and only then transmitted. When scaled across the entirety of our 60 award winning estates managed under Talawakele Tea Estates PLC, Kelani Valley Plantations PLC and Horana Plantations PLC – this proved to be a still daunting task, and would naturally result in inevitable delays in the daily analysis of performance across each estate, and each worker.

Moreover, there was another serious problem created by this system. It eroded trust between field supervisors and tea harvesters when it came to the weighing, and therefore the valuation of their daily work. While the management had enforced strict policies against tampering with daily tallies, the problem persisted.

This is where our decision to apply new thinking to old problems eventually led to the development of what promises to be a solution that is cost effective and scalable for the entire Sri Lankan plantation sector, and which may hold the key to improved productivity and improved labour relations, and which Hayleys Plantations is proud to have pioneered.

A solution that was only simple on the surface

Today, every tea harvester working for Hayleys Plantations is provided with a personalized NFC-enabled ID card; a pioneering first in the Sri Lankan industry. Each of these cards is utilized to store the information on individual employees’ daily tea harvest, the results of which are weighed on digital scales that are linked directly to a common cloud-based real-time online platform developed internally at Hayleys Plantations and accessible by management through specially designed digital tablets distributed among estate and senior corporate management.

By providing employees and management alike with accurate, reliable data on daily performance that is updated in real-time, we have created a tamper-proof system for measuring the output of our employees. This enables them to trust that they are being compensated fairly according to the effort they put in, and generally the response has been extremely positive.

Because employees at every level are rewarded for strong performances, we are able to incentivize our best workers and reward them for their efforts, leading to a highly motivated, and driven workforce. The success of these initiatives is amply demonstrated by the high yields, and overall performance of our plantations sector that place Hayleys Plantations at forefront of our domestic industry, and a recognized regional leader as well.

These efforts were further emphasized by the performance of Hayleys tea harvesters who won the 1st, 2nd and 3rd places at the first ever Sri Lanka Tea Board ‘Best Tea Harvester’ all-island competition held to celebrate 150 years of Ceylon Tea, including district level winners; an initiative which Hayleys Plantations is now continuing for its own employees. All of this is part of a productivity-focused culture that we are working to organically embed into every facet of our operations, from the field to the factory, and the board-room.

Information is the currency on which this system is powered. Through the integration of digitized systems from the field level of operations upwards, we have not only been able to gain visibility into individual employee performance, but also share that information within the organization and use it as the basis on which to encourage each of our employees to work to their full potential, and be rewarded accordingly.

This enables Hayleys Plantations to maintain some of the lowest employee attrition and absenteeism rates while driving some of the highest output per employee in the industry.

Setting a global example

In the often cutting analysis which is levelled at the Sri Lankan RPC sector, it is often forgotten that many of the same problems which we face are also encountered in other tea producing nations as well. Hence the solutions that we develop today have immense potential to be scalable, not just across the domestic industry, but globally as well.

We believe that Sri Lankan RPCs despite all the challenges they face today, can still overcome the systemic flaws in our operations through the same kind of focused problem solving that brought about the development of our Real Time Weighing System. In this manner we hope to not only continue to make the world’s finest tea, but also become a testing bed for innovation and radical solutions to age old problems.

Over the recent past, this spirit of dynamism has resulted in Hayleys Plantations gaining greater local and international exposure for its pioneering efforts as evidenced by the continuous flow of accolades to our company in recognition of finely balanced approach to Human Resource Management. These have included the Great HR Practices Award from the Institute of Personnel Management (IPM) at the National HR Conference in 2018 and the Gold Award for Excellence in HR Management in 2016, as well as being declared winners of the South Asian Business Excellence Awards for Best HR Practices for organizational development in 2017. Hayleys Plantations was also adjudged winners of the Global HRM Awards 2017 and in 2018 as the Best HR Organization to work for and winners of the Asia Pacific HRM Awards for the past two years running. We believe these are examples that must be amplified and emulated moving forward.

~ By Hayleys Plantations Managing Director Dr. Roshan Rajadurai
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Post by NIRMALSG on Wed Jul 03, 2019 5:08 am

World Bank classifies Sri Lanka as upper-middle income country under new revision


Jul 02, 2019 (LBO) – Sri Lanka has moved up to the upper-middle income category from lower-middle income category under the World Bank’s new country classification by income level.

As of July 1, 2019, under the new revision, Sri Lanka’s Gross National Income (GNI) per capita is 4,060 US dollars, up from 3,840 dollars reported a year earlier.

In March this year, the World Bank reported that it recognizes Sri Lanka as a lower middle-income country with a GDP per capita of 4,073 US dollars (2017).

The World Bank classifies the world’s economies into four income groups — high, upper-middle, lower-middle, and low.

They base this assignment on Gross National Income (GNI) per capita (current US$) calculated using the Atlas method. The classification is updated each year on July 1st.

The classification of countries is determined by two factors:

A country’s GNI per capita, which can change with economic growth, inflation, exchange rates, and population. Revisions to national accounts methods and data can also influence GNI per capita.
Classification threshold: The thresholds are adjusted for inflation annually using the SDR deflator.
Until last year (Fiscal Year 2019), the income classifications had an analytical purpose and did not influence the World Bank’s lending terms.

However, since the last fiscal year, the high-income threshold is also a determining factor for lending rates.

Surcharges are applied for lending rates of countries which have been categorized as high income for two consecutive years.
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Post by NIRMALSG on Wed Jul 03, 2019 6:41 pm

Many good news coming towards the market hope this momentum continue.

Sri Lanka hotel stocks rise as tourism recovers faster than expected, rupee gains


ECONOMYNEXT - Sri Lanka's rupee opened strong at 175.95/10 against the US dollar in the spot market on Wednesday while bond yields were steady and the stocks opened 0.22 percent higher, brokers and dealers said.

The rupee closed at 176.30/40 against the greenback on Tuesday.

In equities, Colombo's All Share Price Index (ASPI) gained 12.06 points to 5,403.27 and the S&P SL20 index of more liquid stocks was 0.45 percent, or 11.43 points up at 2,536.18, in the first-half hour of trade.

Market turnover was 139 million rupees with 38 stocks gaining and 15 declining.

Asian Hotels and Properties PLC was up 3.60 rupees at 40.00 rupees a share, John Keells Holdings PLC gained 1.00 rupee to 142.50 rupees a share and Trans Asia Hotels PLC was 2.80 rupees up at 76.50 rupees a share, contributing to ASPI gain.

Asian Hotels and Properties and Trans Asia Hotels are subsidiaries of the John Keells Group, which operates the country's largest hotel and travel business.

The hotels and travel index was up 1.04 percent on Wednesday morning, the second highest gain after the construction and engineering index which was up 1.44 percent.

The state said that tourist arrivals to Sri Lanka are recovering faster than expected after the Easter Sunday attack.

In the government securities market, bond yields were stable in dull trade ahead of the weekly bill auction, as investors adopted a wait-and-see stance, dealers said.

Sri Lanka's debt office is offering a 23 billion rupees auction, split into 7.5 billion rupees in 3-month bills, 3.5 billion rupees in 6-month maturity and 12 billion rupees in 12-months bills.

The World Bank this week upgraded Sri Lanka to upper-middle income country from a lower-middle income country under its latest income classification for the 2020 fiscal year.

Dealers said that more investors may buy rupee bonds in the long run due to the World Bank's move.

However, investors are also weighing the risks from political instability in the run up to elections and the security in the country, dealers said.

A bond maturing on 15.10.2021 was quoted at 9.20/30 percent, steady from 9.20/28 percent at Tuesday's close.

A bond maturing on 15.03.2023 was quoted at 9.70/80 percent, steady from 9.70/78 percent.

A bond maturing on 15.6.2024 was quoted unchanged at 9.85/90 percent.

A bond maturing on 01.08.2026 was quoted at 10.10/18 percent, steady from 10.10/20 percent.

A bond maturing on 15.01.2027 was quoted at 10.15/25 percent, easing from 10.17/25 percent.

A 10-year bond maturing on 01.05.2029 was quoted at 10.32/37 percent, edging up from 10.30/35 percent.

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