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AIMGSL hosts first CEOs’ Breakfast Forum: Setting Sights on EU Markets

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The Association of International Marketing Graduates in Sri Lanka (AIMGSL) hosted the first AIMG CEOs’ Breakfast Forum on February 02, 2022, at Earls Court, Cinnamon Lakeside Colombo, welcoming the Ambassador of the European Union to Sri Lanka and the Maldives – Denis Chaibi as the keynote speaker, and CEO, Dilmah Tea – Dilhan Fernando, and CEO, Brandix Apparel Solutions Limited – Rajiv Malalasekera as guest speakers at the forum.

The event welcomed over 100 participants with the presence of Ambassadors of Australia and France for a knowledge sharing session on the topic of ‘Setting Sights on EU Markets’, where Denis Chaibi shared in-depth knowledge and insights into the new rules and regulations of the EU Markets, what support the EU can extend to Sri Lanka particularly with regard to support in technology and machinery for relevant businesses, such as fisheries, the importance of Renewable Energy, how SME exporters can improve exports to the EU and what imports can benefit Sri Lanka from the EU.

In his welcome address, Chairman, Association of International Marketing Graduates in Sri Lanka – Sujith Silva stated: “On behalf of the Association of International Marketing Graduates, I extend a warm welcome to all of you. It is a great pleasure to have all of you with us. This is a key opportunity for corporate CEOs and marketers to gain keen insights into foreign markets as you look to expand beyond Sri Lanka’s shores. The aim of this programme is to further enlighten our members and industry leaders on potential opportunities for growth that will not only benefit each individual and brand but also aid in the upliftment of Sri Lanka’s economy. I wish you all a meaningful and enriching programme.”

Speaking at the event, keynote speaker – Ambassador of the European Union to Sri Lanka and the Maldives Denis Chaibi commented “The point I would like to focus on is the risk factor when setting sights on the EU market and the importance of risk analysis before you even start to market your product. This by far may be your most crucial step. As we all know, the EU massively regulates their trade, policies, etc, more so than any other territory or nation. The EU is an environment comprised of so many moving pieces that strict regulation is integral to its survival. This is due to the Philosophical-Legal construct of the systems, where the EU prepares to preemptively pan for envisioned scenarios, as opposed to waiting for market changes or present situations. How is this done? Well, we have 30,000 officials based in Brussels, whose core job is to assess and regulate so as to support the EU market and strengthen it. A prime example is with Cyber Environments/ Markets which posed and still poses a lot of challenges for many markets – but the EU was the first one to come up with solutions for this and to manage the expectations and regulate the market so both can grow together. These regulations then trickle down and create a knock-on effect on the entities and nations that do business with the EU. For example with ‘The EU Strategy for Sustainable Textiles’, which was part of the ‘EU Circular Economy Action Plan in 2020 – there are three [03] new requirements on packaging and packaging waste, which means that for the textile industry, you need data on how you’re going to source your components as well as what happens to this once it is sold.



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Sri Lanka’s economic confidence index plummets

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‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.

Key findings of the survey:

Government approval rating drops from 10% to 3%

The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.

The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.

1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.

2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.

3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.

Implementation of “Mood of

the Nation”

The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.

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Decline in share market in the wake of rate hike reports

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By Hiran H.Senewiratne

CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.

“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.

Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.

Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.

The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.

Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.

Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.

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Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’

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In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.

The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.

With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision

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