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Influential speakers to the fore

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An impressive line-up of leading global and local experts in policy, business and financial markets are set to join Sri Lanka’s leading independent investment banking and wealth management firm, Asia Securities, at their upcoming 4th Annual Sri Lanka Investment Conference to share their insights. Titled 2021: The Investors’ Dilemma, this year’s conference to be delivered virtually, will take place in three individual sessions, from 15-17th of December. It will explore the outlook for the economic rebound and financial markets in the coming year.

Nobel Laureate Professor Muhammad Yunus, world-renowned as the father of both social business and microcredit and founder of Grameen Bank, will be tuning in from Bangladesh for day 2 of the conference. The recipient of the 2006 Nobel Prize for peace will share his thoughts on taking a creative approach to rejuvenate low and middle-income countries in a post-pandemic world. For his constant innovation and enterprise, the Fortune Magazine named Professor Yunus in March 2012 as “One of the greatest entrepreneurs of our time.” He is one of only seven individuals to have received the Nobel Peace Prize, the United States Presidential Medal of Freedom and the United States Congressional Gold Medal.

On the same day, Jonathan Wilmot, Head of Macro Research at independent global advisory firm Aletheia Capital, Founder of WilmotML, and former Global Strategist at leading investment bank, Credit Suisse will take the stage to share his global market outlook for 2021. In his presentation, Mr. Wilmot will draw on his track record of predicting economic recoveries well ahead of market consensus, to discuss the market forces at play and how investors can capture the investment opportunities that arise. The Oxford-educated Mr. Wilmot has over 40 years’ experience analysing financial markets, including over thirty years with Credit Suisse as Chief Global Strategist for the Investment Bank and Head of Macro Investment in the UK Asset Management Business. Through his company WilmotML, he is combining world class macro research with advanced machine learning (ML) and AI technologies.

Mattias Martinsson, Founding Partner and Chief Investment Officer of Tundra Fonder AB, a Swedish-based investment fund will discuss challenges and opportunities in investing in frontier markets on day 3. Having begun his career as an analyst and advisor in Russian equities at Hagströmer & Qviberg in 1996, Mr. Martinsson has long been an investor in the Sri Lankan stock market. He founded Tundra in 2011 as a specialist boutique asset manager, focussing on Frontier Markets and smaller Emerging Markets. Among Tundra’s early initiatives was to set up a specific research initiative for Environmental, Social & Governance analysis. Its detailed ESG-analysis of its portfolio companies remains a particular trademark for the company.

Dumith Fernando, Chairman of Asia Securities said “We have worked hard to channel the best of international expertise to investors in Sri Lanka. The overseas-based experts are of particular relevance at this year’s conference as the challenges and opportunities for markets in 2021 are closely related to global happenings.”

Asia Securities is a leading investment firm in Sri Lanka providing Investment Banking, Research, Equities, and Wealth Management services to local and international corporate, institutional, and individual clients. Day 1 and Day 2 are open to the public by prior registration. Day 3 is open to clients only, with limited space for the public. For all registrations, please email sabeeha@asiasecurities.lk.



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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

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The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

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USD 40.84m pipeline to secure aviation fuel supplies to BIA

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By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

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CSE activity up, turnover weak at Rs. 1.4 billion

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By Hiran H Senewiratne 

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well.  In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.

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