Stocks at 2-week high; foreign inflow hits 1-year high

Share purchases in Sri Lankan insurer Asian Alliance Insurance PLC boosted stocks to a two-week high yesterday, with foreign inflows coming close to a one-year high.

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Financial Action Task Force recognizes SL’S compliance status

The Financial Action Task Force (FATF), the global policy/standard setter on anti-money laundering (AML) and countering the financing of terrorism (CFT), with 36 member countries and regional organisations, has determined that Sri Lanka is a country that is compliant with its standards, at its meeting recently.

Lanka could cut carbon emissions by 19% via green power

Sri Lanka could slash its greenhouse gas (GHG) emissions by 19 percent of projected levels in 2020 at little or no long-term cost using an array of green power options, a new study from the Asian Development Bank (ADB) showed.

H’tota Port turnover target feasible: SLPA

The Magampura Mahinda Rajapaksa Port is expected to generate turnover of up to Rs. 3.5 billion by the end of this year, according to Chairman Sri Lanka Ports Authority, Dr. Priyath Bandu Wickrama.

Chevron’s new plant to add more capacity

Sri Lanka’s largest lubricant industry player Chevron Lubricant Lanka PLC’s (LLUB) new blending plant that is under construction, is expected to produce 20 to 25 percent more lubricants in addition to the firm’s present capacity, a top official of the company said.

Rishad clears tea barriers in Iraq

A detained consignment of more than 100 Ceylon tea containers valued at US $ 13 million has started arriving to the Iraqi market following bilateral trade actions by Iraqi and Sri Lankan governments.

Citizens say biggest concern is ‘economy’

The state of Sri Lanka’s economy has become the clear major concern for citizens between the ages of 20 and 45 over the next six months, according to the results of a poll conducted by Nielsen Sri Lanka.

Impending plantation worker wage hike threatens industry viability- Kelany Valley Chairman

The impending wage negotiations for plantation sector workers which are expected by mid-2013, coupled with recently imposed cess on exports of bulk tea, which led to much controversy, are expected to have a negative impact on the tea sector, which managed to show a slight improvement in 2012, according to a head of a leading plantation company.

Stocks fall to 2-month low; rupee ends steady

Sri Lankan stocks fell to a two-month low yesterday led by large caps with local retail investor sentiment hit by both political and economic concerns, but foreign buying boosted turnover.

Performance-based wages for plantation workers

As the current two-year collective agreement lapses this month, negotiations for another wage increase in the plantation sector are expected to begin soon.

Sri Lanka tourism: Stronger growth in informal sector?

There is no doubt that the overall tourist arrivals to Sri Lanka have shown year-on-year (YOY) growth in the past few years. Almost all hotels are returning healthy revenue, occupancy and profitability figures.

Making Hambantota Port an integrated hub for shipping in Indian Ocean

The Port of Hambantota, also known as ‘Magampura’ is situated about 19 nautical miles north of the key shipping route between the Malacca Strait and the Suez Canal, which links Asia and Europe. An estimated 36,000 ships including 4500 oil tankers use this route annually.

Three more capital market road shows in the pipeline

Following the conclusion of the capital market road show in Mumbai in February which drew over 150 foreign fund managers, the Colombo Stock Exchange (CSE) is currently planning three more road shows in major commercial hubs in the Asian region.

Nestlé Lanka records strong growth amid economic challenges

Full year net profit at Rs.2.9bn; quarter profits at Rs.949mn Recorded highest annual intake of local fresh milk, bringing the company’s total contribution to the rural economy to Rs.4 billion in 2012 Sri Lanka’s Nutrition, Health and Wellness company, Nestlé Lanka PLC, posted a revenue of Rs.7.2 billion for the last quarter of the year.

FTZ apparel sector picking up - Trade unions

Free trade zone trade unions warned of dire consequences for apparel sector workers if the government continues deviating investor attention to other sectors.

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Last week, we ended the first part of our series ‘From crisis to sustenance’. We spoke about seven new ways to tackle the tough decisions in today’s high pressure business environment and deliver the results your company needs for sustained growth.

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CEB projects Rs.94bn loss this year

The Ceylon Electricity Board (CEB) has projected an operational loss of Rs.94 billion for the year 2013, which should be ultimately financed by the country’s Treasury, a Colombo-based think tank noted.

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Consumer electronics imports decline in 2012- Analysis

Growth in imports of consumer electronics and home appliances in terms of both volume and value slowed down over 2012, as compared with unprecedented high levels of imports in 2011, according to a statistical analysis by the Ceylon Chamber of Commerce (CCC).

400 listed companies by 2016 - SEC Chairman

The Colombo Stock Exchange (CSE) is expected to see the number of listed companies rising to at least 400 by 2016 from the existing 287.

CPC and CEB: We will all tumble down without reforms

The Pathfinder Foundation (PF) welcomes the recent adjustment in fuel prices and the anticipated further reforms in the power and energy sector. It has advocated institutional changes, competitive industry structures and PPPs as in the case of the telecom sector.

Mixed forecast for Lankan sovereign debt performance

The announcement of the failure to agree on a new follow-up funding package by the International Monetary Fund (IMF) has led to a slide in investor sentiments and country’s sovereign bond prices from 1 to 1.25 points, according to a US banking giant.

CTC goes to Supreme Court to overturn CA ruling

The Ceylon Tobacco Company (CTC) has filed documents with the Supreme Court of Sri Lanka seeking to overturn the decision of the Court of Appeal to reject a stay order on new government regulations with regards to the labelling of cigarettes in the country.

Economy to rebound; average inflation to hit 8.8% - Report

Economic growth will rebound to 7.2% whilst inflation will remain in the high-single digits by the end of 2013, according to a report from CT Smith Stockbrokers (Pvt) Ltd (CTS).

Fully cost-based pricing possible only by 2017: Expert

A fully cost reflective electricity pricing formula in Sri Lanka can only be possible by 2017, following the expected breaking even of the electricity sector in 2016 , a leading energy sector consultant said told a recent forum.

SKM Lanka relaunched as Serendib Stockbrokers

SKM Lanka Holdings (Private) Limited, a subsidiary of Pakistan’s ArifHabib Group, was re-branded as Serendib Stockbrokers (Pvt) Ltd recently.The re-branding of Serendib, which followed the direct takeover of the management of the company by the ArifHabib Group in April last year, is part of a new marketing drive targeting increased foreign investment, particularly from the Group’s existing international clients.

Remittance-dependent Lanka has ignored migrant worker rights: IMADR Chief

A majority of participants in an open forum called for restrictions on migration to countries which do not have strong bi-lateral agreements with Sri Lanka with regards to the safety and protection of rights of Sri Lankan migrant workers.

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