Business
CSE on the uptick despite October’s inflation hike
By Hiran H.Senewiratne
CSE activities were bullish and positive yesterday despite Sri Lanka’s nationwide inflation in October 2021, determined under the National Consumer Price Index (NCPI), rising to 8.3 from 6.2 per cent recorded in September, stock market analysts said.
The Department of Census and Statistics released their report, where NCPI for all items for the month of October 2021 increased to 150.6 from 147.5 during the previous month. The inflation for the month of October 2021 was mainly due to the higher price levels prevailing in both food and non-food groups.
Further, LOLC Holdings off the floor Rs 41 billion transactions that occurred when LOLC Holdings last week completed the transfer of the shares of three finance companies to LOLC Ceylon Holdings Ltd. (LOCH) gave some impetus to the stock market, analysts said.
Amid those developments, substantial gains were recorded in LOLC Holdings, Bogala Graphite, ACL Cables, Kelani Cables, Watawala Plantations and Central Industries. Both indices moved upwards. The All- Share Price Index went up by 111.36 points and S and P SL20 rose by 57.62 points. Turnover stood at Rs 6.6 billion with two crossings. Those crossings were reported in LOLC Holdings, where 140,000 shares crossed to the tune of Rs 115 million, its shares traded at Rs 811 and Browns Investments 150,000 shares crossed to the tune of Rs 30.6 million, its shares traded at Rs 204.
In the retail market top seven companies that mainly contributed to the turnover were, LOLC Holdings Rs 807 million (968,000 shares traded), Browns Investments Rs 601 million (52.8 million shares traded), LOLC Finance Rs 546 million (20.1 million shares traded),Bogala Graphite Rs 536 million (four million shares traded), Expolanka Holdings Rs 513 million (2.2 million shares traded), ACL Cables Rs 278 million (3.3 million shares traded) and Sierra Cables Rs 211 million (14.7 million shares traded). During the day LOLC gained by 16.4 or Rs 126 per share. Its share price moved to Rs 907 from Rs 768.
During the day the stock market witnessed a price appreciation in the capital goods sector. Bogala Graphite share prices appreciated by 24 percent or Rs 27.75. Its share price moved to Rs 144.25 from Rs 116.25, ACL Cables share price moved 11 per cent or Rs 8.50. Its share price moved to Rs 86.60 from Rs 78.10, Central Finance recorded a Rs 20 or 11 per cent gain. Its share price shot up to Rs 203.75 from Rs 183.75 and Kelani Cable’s shares appreciated by Rs 74 or 25 per cent. Its share price started trading at Rs 300 and at the end of the day it shot up to Rs 374.
Further, plantation sector counters also made significant gains in their prices. Main gainers were Agalawatta Plantation, whose share price appreciated by Rs 2.90 or eight per cent. Its shares started trading at Rs 37.30 and at the end of the day they shot up to Rs 40.70 and Watawala Plantations share price appreciated by Rs 9.80 or 10 per cent. Its share price shot up to Rs 109.50 from Rs 99.70. During the day 216 million share volumes changed hands in 4800 transactions.
Further, Sarvodaya Development Finance oversubscribed their share issue on the first day itself.
Yesterday, the US dollar was quoted at Rs 202.41, which was the controlled price of the Central Bank.
By Ifham Nizam
In a landmark move towards a sustainable energy future, Sri Lanka launched the Green Energy Acceleration Plan 2025-2030 at the Cinnamon Life Hotel in Colombo. The five-year initiative, spearheaded by the Ministry of Energy, aims to transform the nation into a renewable energy powerhouse through strategic investments in solar, wind and hydropower.
The event, held under the patronage of Prime Minister Dr. Harini Amarasuriya, brought together key stakeholders, including Energy Minister Kumara Jayakody, Deputy Ministers Eranga Weeraratne and Janith Ruwan Kodithuwakku, Secretary to the Ministry of Energy Professor Udayanga Hemapala and CEB chairman Dr. Tilak Siyabalapitiya.
Addressing the gathering, Prime Minister Dr. Amarasuriya emphasized that the initiative is not merely a policy document but a transformative roadmap for Sri Lanka’s energy sector.
“We are not just here to launch this project; we are here to transform our country into an energy powerhouse for the future. The Green Energy Acceleration Plan will expand renewable energy production and provide affordable electricity to all Sri Lankans, she stated.
The plan prioritizes reducing electricity demand, lowering costs and modernizing the energy sector through digital innovations and advanced energy storage technologies. A key aspect of the initiative is reforming energy regulations to promote efficiency and sustainability.
The government has outlined three critical focus areas for the energy sector overhaul:
Affordable & Reliable Renewable Energy – Expanding solar, wind and hydropower while minimizing carbon emissions.
Public Awareness & Digital Transformation – Educating citizens on the importance of renewable energy and modern technologies.
Advanced Energy Conversion Methods – Modernizing the sector with innovative energy solutions aligned with global advancement.
The Prime Minister stressed the importance of local and international partnerships to successfully implement the plan. She urged all stakeholders—including policymakers, investors and industry experts—to collaborate in achieving energy security and economic resilience.
With the Green Energy Acceleration Plan 2025-2030, Sri Lanka takes a decisive step towards energy independence, reducing reliance on fossil fuels and positioning itself as a regional leader in clean energy innovation.
This ambitious initiative marks a turning point in Sri Lanka’s energy landscape, setting the stage for a greener, more sustainable future for all.
President Donald Trump is moving forward with 25% tariffs on goods imported from Canada and Mexico into the US, saying that time had run out to reach a deal.
US stock markets sank in response to the measures, which have been threatened since earlier this year and are due to go into effect on Tuesday.
An additional 10% tariff on Chinese imports is also expected to come into force, leaving all three of America’s top three trade partners facing significantly higher trade barriers than just a few weeks ago.
“No room left for Mexico or for Canada,” Trump said at the White House on Monday. “The tariffs, you know, they’re all set. They go into effect tomorrow.”
Trump threatened to impose the tariffs – which is a tax that is added to a product when it enters a country – on Canada, Mexico and China in response to what he says is the unacceptable flow of illegal drugs and undocumented migrants into the US.
He had already imposed a 10% tariff on Chinese exports to the US last month, meaning goods from the country now face a levy of at least 20%.
All three countries have said they will retaliate against the US in response to the tariffs, raising the prospect of a widening trade war.
Canada’s Foreign Minister Melanie Joly said the tariffs are “an existential threat to us” with “thousands of jobs in Canada at stake”.
She said Canadian officials have had “constructive conversations” with the Trump administration to try to avert the 25% levies but warned “we are ready with counter tariffs”.
Trump has long maintained that tariffs are a useful tool to correct trade imbalances and protect US manufacturing.
He has largely dismissed concerns that the measures risk economic damage in the US, despite the close ties, especially in North America, where businesses have enjoyed decades of free trade.
“What they’ll have to do is build their car plants, frankly, and other things, in the United States, in which case they have no tariffs,” he added.
The three major indexes in the US sank after Trump’s comments. The Dow Jones Industrial Average ended the day down 1.4%, the S&P 500 sank 1.75% and the Nasdaq fell 2.6%.
Officials from Canada and Mexico had been in Washington in recent days, trying to avoid the tariffs.
Mexico’s president, Claudia Sheinbaum, appeared to send a message to Trump earlier on Monday when she said at a public event in the city of Colima that “Mexico has to be respected”. “Co-operation and co-ordination, yes, subordination, never.”
Canadian Prime Minister Justin Trudeau said on Sunday, from a summit on Ukraine in London, that Canada was “not an issue” as a source of illegal fentanyl in the US.
Only 1% of fentanyl seized in the US is thought to come from Canada, according to US data.
The Canada Border Services Agency (CBSA) says it has been “surging” its efforts to tackle fentanyl crossing into the US.
Canada has repeatedly said tariffs will harm both economies but added that it will defend itself if they happen.
Last month, it prepared a list of $30bn (£23.6bn) worth of American goods it said it would levy in response to US tariffs. Items on that list included everyday goods like pasta, clothing and perfume.
Canadian Internal Trade Minister Anita Anand met officials in Washington in recent days and said over the weekend there will be a response.
“We are steady at the wheel. We are prepared for any eventuality, but we will at every turn defend our country’s economy,” she told CBC News.
China’s state-run Global Times newspaper said that Beijing had prepared countermeasures, which would probably target US agricultural and food products.
President Trump has also announced a 25% charge on all steel and aluminium imports, which is meant to come into effect on 12 March.
In addition, he has threatened to impose custom “reciprocal” tariffs on individual countries, as well as 25% tariffs on the European Union.
[BBC]
The Italian embassy in Colombo celebrated Italian Design Day and The Days of Italian Fashion in the World by hosting Brenda Bellei Bizzi, the CEO of WHITE Milano, a renowned fashion tradeshow held during Milan Fashion Week. She collaborated with Colombo Fashion Week Summer 2025 in its 22nd edition presenting Sicilian designer Cettina Bucca’s Spring/Summer 2025 collection at CFW. Brenda Bellei Bizzi was appointed Ambassador for Italian Design in Sri Lanka in the 2025 edition of Italian Design Day.
Focusing on contemporary women’s wear design, WHITE became a significant platform for promoting emerging designers and sustainable fashion practices at CFW this year. Brenda’s discussions integrate well with the ethos of circularity in fashion, creating a fashion ecosystem that provides support for designers to enter the global fashion industry. Additionally, her discussions with fashion and design students at the College of Fashion & Design and fashion designers about opportunities at WHITE added momentum to their journey into the world of fashion on the global ramp.
Delighted to bring the unparalleled expertise of Brenda Bellei Bizzi to Sri Lanka, Ambassador for Italy in Sri Lanka Damiano Francovigh said, “Fashion and Italy are inextricably linked and having Brenda Bellei Bizzi with us to celebrate Italian Design Day and the launch of The Days of Italian Fashion in the World in Sri Lanka augments that premise. As the ambassador for Sri Lanka in the 2025 edition of the Italian Design Day, Brenda Bellei Bizzi’s collaboration with Colombo Fashion Week allowed us to showcase Italian fashion in this beautiful country.”
Prevailing showery condition over the island is expected to be reduced from today (04).
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