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China and U.S. agree to push forward trade, investment ties

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Stocks rose across Asian markets after the news

The Chinese and US commerce ministers agreed to push forward trade and investment links in their first call since the start of the Joe Biden administration.

Chinese Commerce Minister Wang Wentao and his counterpart Gina Raimondo “agreed to promote the healthy development of pragmatic cooperation in trade and investment”, in a phone call yesterday. The two “exchanged views frankly and pragmatically on relevant issues and mutual concerns”, according to a Chinese government statement.

The two nations are slowly resuming official contact after the January change of administration in the United States. Some parts of US policy towards China are becoming clearer, but it’s still not publicly clear what the US plans to do with the ‘Phase One’ trade deal signed last year or tariffs on Chinese goods.

The call was the third between senior officials in recent weeks, after Vice-Premier Liu He spoke with US Trade Representative Katherine Tai and Treasury Secretary Janet Yellen. The US Commerce Department did not respond to a request for more details on the call.

Stocks rose across Asian markets and the region’s currencies posted modest gains versus the dollar after the news. The CSI 300 Index gained about 1.1 per cent in the morning trading session.

China last week stated that normal communications between the two countries have started, according to Commerce Ministry Spokesman Gao Feng. The two sides have agreed to pragmatically solve some issues for producers and consumers, and promote healthy, stable economic and trade ties, he said.

However, US statements on the relationship with China aren’t so positive.

The trade relationship with China has “significant imbalance” and the Biden administration is committed to levelling it, Ms Tai said on the weekend before a meeting of Asia-Pacific trade ministers. There are parts of the United States-China relationship “that are unhealthy and have over time been damaging in some very important ways to the US economy”, she said.

“I won’t get overly excited” about the call, said Alvin Tan, head of Asia currency strategy at RBC Capital Markets LLC. “It’s positive in the sense that both countries are stepping up” economic and trade communication, but no game-changing decisions or announcements have come out, he said.

Ms Tai will talk with her Taiwanese counterpart soon, the Wall Street Journal reported earlier. The two sides will soon discuss “some kind of framework agreement,” Secretary of State Anthony Blinken said earlier this week.

However, China opposes any official contact between the US and Taiwan, which it regards as part of its territory, and any negotiations or discussions will inevitably be linked with US-China relations, and could increase the tensions between the two.

– Beijing (Bloomberg)



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ICC’s Oceanfront Galle completed on time amidst Covid-19 restrictions

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Oceanfront Galle structure constructions have been completed on time, amidst the restrictions imposed by the authorities to contain COVID 19 pandemic. Nevertheless, ICC has taken initiatives to apply for COC in the beginning of June 2021.

The home owners and potential investors were invited to inspect on the construction progress of Oceanfront condominiums in Galle while experiencing the beautiful sunset by the Galle coast. ICC has conceptualized OFC Galle to have a view of the clear ocean from all possible angles featuring a fully equipped gym, a double floored spa and “Sunset” restaurant with beautiful views of the ocean.

Allowing investors to seamlessly enjoy the returns of OFC, ICC has introduced an all-inclusive rental management system which offers end-to-end solutions.

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Major-value stocks decline,three companies prop up ASPI

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By Hiran H.Senewiratne

Stock trading activities in the Colombo Stock Exchange(CSE) was subdued throughout yesterday as all major value-stocks declined in prices. Three companies; namely LOLC Development Finance (NIFL) Carsons and Bukit Darah kept the All Share Price Index positive, stock market analysts said.

Hence both indices showed mixed reactions. All Share Price Index was up by 16.98 points up and S&P SL20 down by 40.86 points. Turnover stood at Rs 1.94 billion with a single crossing. The crossing took place in HNB (Non Voting), which crossed 330,000 shares to the tune of Rs 36.3 million and its share price traded at Rs 110.

In the retail market top five companies that mainly contributed to the turnover were Expolanka Rs 247 million (4.9 million shares traded), Bukit Darah Rs 156.7 million (450,500 shares traded), LOLC Rs 145.5 million (365,000 shares traded), Browns Investments Rs 128.5 million (21 million shares traded) and HNB (Non Voting) Rs 109.3 million (993,000 shares traded).

When Bukit Darah share price appreciated by 25 percent or Rs 51.25 from its initial trading price of Rs 279.50 to Rs 355, its holding company Carson Plc  share price also appreciated in parallel to its. Carsons Plc share price appreciated by 18 percent or Rs 52. Its share price started trading at Rs 293 and at the end of the day it shot upto Rs 345.

Further, NIFL being a low float company its share price increased by 25 percent or Rs 51.25. Its share price started trading at Rs 205 and at the end of the day it moved to Rs 256.25. These companies positively contributed 75 points to the All Share Price Index. Carsons contributed 28 points, Bukit Darah 28 points and NIFL 19 points to the All Share Price Index.

NIFL or LOLC Development Finance Company  has emerged as the most valuable finance company in terms of market capitalization. During the last seven sessions it’s share price appreciated by 261 percent or 3.6 times. The share price staryed trading at Rs 71 seven days ago and today it has moved up to Rs 256.25.

 

 

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People’s Bank Dankotuwa branch moves to new premises

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Opening of the People’s Bank Dankotuwa Branch at the new location which offers added convenience to its customers

 

People’s Bank Dankotuwa Branch moved to a new location recently. The opening ceremony of the new premises was attended by People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku.

The new spacious premises offers added convenience to customers along with a full range of services backed by the latest digital banking technology.

People’s Bank Deputy General Manager (Recoveries) Lionel Galagedara, Regional Manager(Puttalam) K.A.A.S Peiris, Assistant Regional Manager S.A.M.L Sirimanne, Dankotuwa Branch Manager D.M Liyanage, customers, also participated at the event.

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