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A ‘Super September’ for CSE as turnover tops Rs. 3 billion yet again

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By Hiran H.Senewiratne 

The CSE gathered more momentum yesterday with over Rs. 3  billion turnover yet again and both indices rose in what some brokers hail as ‘Super September’, stock market analysts said.

The market was strong and steady and was driven by mainly retail investors. The banking sector appeared to be more attractive which was dull for a couple of weeks. It was witnessed that banking stocks appreciated by more than Rs. 4 or more and this gave a big boost to the S and P SL20 index which rose by three percent. All Share Price Index was up by 81.44 points and  S and P SL20 rose 77.92 points. 

Along with the Rs. 3.4 billion turnover one crossing took place, which was reported from Melstacorp. It is said that 893,000 shares belonging to Melstacorp crossed to the tune of Rs. 31.2 million and its share price traded at Rs. 35.

In the retail market top five companies that mainly contributed to the day’s turnover were;  Hayleys Fabrics Rs. 271 million (12.9 million shares traded), Tokyo Cement (Non Voting) Rs. 270 million (six million shares traded), Tokyo Cement (Voting) Rs. 254 million (4.7 million shares traded), Melstacorp Rs. 200.7 million  (5.8 million shares traded) and Commercial Bank Rs. 174 million (2.2 million shares traded). During the day, 146 million share volumes changed hands in 27512 transactions.

There was a 17 percent  unusual price appreciation witnessed in Hayleys Fabrics during the day. According to stock brokers there was no reason for the price appreciation for  Hayleys Fabrics, which started trading at Rs. 18.90 and at the end of the day it moved up to Rs. 22.10.  

High net worth and institutional investor participation was noted in Hatton National Bank, Ceylon Cold Stores, Melstacorp and John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Tokyo Cement Company and ACL Cables, while retail interest was noted in Lanka IOC, Hayleys Fabrics and Renuka Agri Foods. 

Turnover increased by 10.2 percent  relative to the previous day, while the crossings amounted to 15.0 percent of the day’s total turnover.



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Google goes nuclear to power AI data centres

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The agreement with Kairos Power aims to bring the first nuclear reactor online by 2030 [BBC]

Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres.

The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035.

The companies did not give any details about how much the deal is worth or where the plants will be built.

Technology firms are increasingly turning to nuclear sources of energy to supply the electricity used by huge data centres that drive AI.

“The grid needs new electricity sources to support AI technologies,” said Michael Terell, senior director for energy and climate at Google.

“This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone.”

Last month, Microsoft reached a deal to start operations at the Three Mile Island energy plant, the site of America’s worst nuclear accident in 1979.

In March, Amazon said it would buy a nuclear-powered data centre in the state of Pennsylvania.

Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions while becoming more energy intensive.

However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste.

[BBC]

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SL has very limited policy tools to provide relief and boost output recovery – IPS Executive Director

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By Ifham Nizam

Sri Lanka’s economy, hit by a series of crises, including a foreign currency shortage, fuel and food scarcities and a sharp decline in government revenues, is struggling to emerge from the turmoil. Besides, it has very limited policy tools to provide relief and boost output recovery, Institute of Policy Studies (IPS) Executive Director, Dr. Dushni Weerakoon said.

Speaking at the recent launch of the IPS report, ‘Sri Lanka: State of the Economy 2024’, on the theme, “Economic Scars of Multiple Crises: From Data to Policy,” Weerakoon said the report provides a deep analysis of the country’s recovery efforts and the policy choices that will shape its future.

Some100 representatives of the government, private sector and civil society gathered at the launch to discuss Sri Lanka’s fragile economic recovery, dissect the root causes of its persistent challenges and to debate potential solutions.

While the country is on a path to recovery, it is a delicate one, Weerakoon said.

Weerakoon stressed the need for “marginal changes” in tax and spending policies to address deep-rooted inequalities. These adjustments, she suggested, are the most prudent means to improve living standards in a nation that continues to reel from economic shocks. ‘The State of the Economy 2024’ report underscores the importance of refining policy strategies to ensure that they are both effective and equitable, without derailing the country’s fragile recovery process, she said.

‘The IPS report brought attention to one of the most controversial issues in Sri Lanka’s post-crisis economic recovery: taxation. VAT hikes and the removal of exemptions have disproportionately impacted the country’s poorest, further widening the socio-economic divide, the IPS head explained.

IPS Research Economist, Priyanka Jayawardena said that households in the lowest income decile spend about 10% of their income on VAT, compared to only 6% among higher-income groups.

The findings also show that while direct taxes, such as PAYE and PIT, are progressive—meaning they tax the wealthy more heavily—Sri Lanka is still plagued by high levels of tax evasion. In 2023, less than one-third of the estimated Rs. 131 billion payable in personal income tax was actually collected.

According to Dr. Pulasthi Amerasinghe, Research Economist at IPS, the Aswesuma welfare program adopts more stringent eligibility criteria, making it a more targeted approach to social welfare. Around 54% of former Samurdhi beneficiaries qualify for Aswesuma, reflecting the programme’s improved focus on deprivation indicators across 22 criteria.

However, despite the programme’s refined targeting mechanisms, there remain serious concerns about those left behind. As Dr. Amerasinghe noted, nearly 40% of food-insecure households, a group particularly vulnerable in times of economic crisis, were found to be ineligible under the Aswesuma criteria.

IPS Director of Research, Dr. Nisha Arunatilake, revealed troubling statistics from the Labour Force Survey: 65% of young Sri Lankans aged 20-24 not being engaged in any form of education. This means that a significant portion of the country’s youth is entering the labour market with low or outdated skills, which undermines their ability to compete in an increasingly digital global economy.

Adding to this is the decline in high-skilled employment, which dropped from 23% in 2018 to 20% in 2023. Emigration of skilled workers, drawn by better wages abroad, has resulted in a shortage of professionals in critical sectors, such as, engineering, IT and management.

Suresh Ranasinghe, IPS Research Officer, highlighted this “brain drain” as a significant factor driving down managerial positions in Sri Lanka, which have halved over the past five years. The consequences of this are far-reaching: as skilled talent leaves, the country’s labor market struggles to meet the demands of modern industries, thereby stifling productivity and innovation.

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HelpAge Sri Lanka invites support for its “Gift of Sight” campaign

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In a world where every act of kindness can spark hope, HelpAge Sri Lanka (HASL) is inviting both corporates and individuals to support its “Gift of Sight” campaign. This initiative presents a unique opportunity to transform the lives of disadvantaged senior citizens across the country through the invaluable gift of restored vision.

“Every act of kindness, every gesture of compassion, can make a profound difference in the lives of our elderly. Our mission is not just about restoring sight; it’s about restoring dignity and independence to those who have given so much to our society,” said Tilak de Zoysa, Chairman of HelpAge Sri Lanka. “We invite everyone to join us in this mission and give the extraordinary gift of sight.”

The “Gift of Sight” campaign aims to raise funds for 2,000 cataract surgeries, a crucial need as over 500,000 seniors in Sri Lanka are at risk of vision loss due to cataracts. Samantha Liyanawaduge, Executive Director of HASL, emphasized the importance of this campaign: “A single cataract surgery costs Rs. 20,000 and a contribution of Rs. 400,000 can fund 20 surgeries in just one day, transforming lives in profound ways. “

Tharika Goonathilake, Head of Community Relations at HelpAge Sri Lanka, expressed gratitude for the generosity of past sponsors and extended an invitation to new partners. “. Your contribution can be a meaningful gift—whether for a birthday, anniversary, or in memory of a loved one—that changes a life forever. In a world where we celebrate milestones and honour memories, why not give the gift of vision?”

She added that by participating in the ‘Gift of Sight’ campaign, corporates and individuals not only restore sight but also bring joy and hope to elderly individuals. “This initiative allows donors to meet beneficiaries at the HelpAge Eye Hospital, witness the profound impact of their contributions, and celebrate the gift of compassion together.”

For those looking to make a meaningful impact, whether as a corporate partner or in Honor of a loved one, the “Gift of Sight” campaign offers an opportunity to spread compassion and kindness. For partnership opportunities or to contribute to this transformative cause, please contact Tharika Goonathilake at +94773130280 or via email at tharika@helpage.lk.

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