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CSE in positive mode in spite of GSP+ concession under review

Published

3 years ago

2021/09/30

By Hiran H.Senewiratne

The Colombo Stock Exchange (CSE) on the previous day set a new benchmark and due to that investors remained bullish yesterday for the third consecutive day with robust turnover though some profit-taking was evident.

However, CSE yesterday did not negatively react to Tamil National Alliance (TNA) MP M A Sumanthiran’s comment to a website that it was his belief that the European parliament has already decided to withdraw access to the Generalised Scheme of Preferences Plus (GSP+) concession as per a resolution passed in June this year, market analysts said.

Sri Lanka is at risk of losing access to a European trade concession worth over 500 million US dollars by April 2022 if the government does not take drastic measures to address human rights concerns, an opposition lawmaker said. This would happen if the government makes some dramatic changes to address human rights issues, the country is likely to lose GSP+ in April next year,” he said. Further, stock market investors are now adopting cautious stance till the Central Bank Governor Ajith Nivard Cabraal announces a short term road map for the development of the capital market, stock market analysts said.

Amid those developments both indices moved upwards. All Share Price Index up 102.1 points and S and P SL20 up by 67.1 points. Turnover stood at Rs 5.9 billion with three crossings. Those crossings were reported in Browns and Company, which crossed 800,000 shares to the tune of Rs 160 million and its share price traded at Rs 200, JKH one million shares crossed for Rs 141 million and its share price traded at Rs 141, TJ Lanka 500,000 shares crossed for Rs 21.5 million and its share price traded at Rs 43.

In the retail market top five companies that mainly contributed to the turnover were Browns Investments Rs 1.4 billion (137 million shares traded), Expolanka Rs 1.18 billion (six million shares traded), LOLC Holdings Rs 729 million (1.2 million shares traded), JKH Rs 466 million (3.2 million shares traded) and Royal Ceramic Rs 204 million (4.4 million shares traded). During the day 238 million share volume changed hands in 35000 transactions.

It said high net worth and institutional investor participation was noted in Browns Investments, Hayleys and JKH. Mixed interest was observed in LOLC Holdings, Commercial Leasing & Finance and Royal Ceramics whilst retail interest was noted in Lanka Orix Finance, Galadari Hotels and Expolanka Holdings. The US Dollar traded at Rs 199.75 and the US dollar has been settled at a maximum rate of Rs 202 with the controlling mechanism adopted by the Central Bank of Sri Lanka.

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Our government has reaffirmed its commitment to breaking barriers that limit women’s full participation in the economy, recognizing their vital role in national development. – Dr. Harini Amarasuriya

Published

9 hours ago

2025/03/15

Priyan

“Women play a pivotal role in Sri Lanka’s economic and social development. Yet, despite their immense contribution, structural barriers continue to limit their full participation in the economy. Our government is committed to breaking these barriers by fostering an inclusive economic environment where women can thrive as business leaders, entrepreneurs, and exporters.” Said Prime Minister Dr. Harini Amarasuriya

The Prime Minister made this statement while addressing the launching the She Trades Sri Lanka Hub funded by the UK’s She Trades Commonwealth+ Program held at Galle face Hotel in Colombo on March 14 organized by the Sri Lanka Export Development Board (EDB) and the International Trade Centre (ITC).

While addressing the audience, the Prime minister stated, the government has reaffirmed its commitment to breaking barriers that limit women’s full participation in the economy, recognizing their vital role in national development. Emphasizing gender-inclusive policies, financial inclusion, and access to global markets, authorities are prioritizing support for women-led businesses in key sectors such as ICT, agribusiness, and engineering.

A new initiative will establish 200 women-led cooperatives, fostering supportive environments for female entrepreneurs. Additionally, efforts to strengthen childcare, elderly care, and disability services aim to reduce the burdens that limit women’s economic participation.

A dedicated platform has been launched to provide women entrepreneurs with knowledge, networking, and international trade opportunities. Strengthening public-private partnerships and expanding global market access are key strategies to create an inclusive and sustainable trade ecosystem.

By equipping women with the necessary skills, financial resources, and digital trade access, the government aims to ensure that women entrepreneurs become key drivers of economic growth, aligning with broader policies for inclusive and sustainable development.

The event was attended by Ms. Pamela Coke-Hamilton, Executive Director of the International Trade Center, His Excellency Andrew Patrick, British High Commissioner to Sri Lanka, Officials from the International Trade Center and the British High Commission in Sri Lanka, Chairman of the Export Development Board Mr. Mangala Wijesinghe and Officials from Export Development Board and International Trade Centre and woman Entrepreneurs.

(Prime Minister’s Media Division)

News

Batalanda Commission report tabled … finally

Published

15 hours ago

2025/03/15

Thilina Walpola

by Saman Indrajith

TheBatalanda Presidential Co-mission report was tabled in Parliament yesterday (14) by the Leader of the House and Transport Minister, Bimal Ratnayake.

Minister Ratnayake announced that the government has decided to forward the report to the Attorney General for legal advice. Additionally, a Presidential Committee will be appointed to provide guidance and recommendations on how to proceed with the findings of the report.

Ratnayake said that the Cabinet-of-Ministers, along with President Anura Kumara Dissanayake, has made a policy decision to take necessary action in response to the report. He reassured the public that steps are being taken to ensure that such a dark chapter in the country’s history is never repeated.

Minister Ratnayake said that a two-day debate on the Batalanda Commission report will be scheduled in Parliament at an appropriate time, allowing for a detailed discussion on the report’s findings and recommendations.

The report, which will be printed in all three official languages—Sinhala, Tamil, and English—will be made available to the public in the near future. Ratnayake confirmed that printed copies would be provided to Members of Parliament, as well as the general public, for review.

The Leader of the House revealed that there are 28 evidence volumes associated with the Commission’s work, which will be submitted to Parliament at a later date for further scrutiny.

Ratnayake said that as the entire country is concerned about the findings of the Batalanda Commission, the government’s commitment to addressing the issues raised, and preventing future atrocities, stands clear. The next steps, including legal action and policy recommendations, will be shaped by expert advice and informed parliamentary discussions, he said.

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COPE finds fake documents submitted for emergency procurement of drugs

Published

15 hours ago

2025/03/15

Thilina Walpola

The Parliamentary watchdog Committee on Public Enterprises (COPE) has found that there were fake documents regarding the importing of medicines under the emergency procurement system in 2022 and 2023.

This was revealed during a COPE meeting held at Parliament probing the transactions of the National Medicine Regulatory Authority (NMRA).

NMRA CEO Saveen Semage told the Committee that several fake documents have been found due to the lack of registration of medicines.

Stating that six such fake documents were found last year alone, Saveen Semage said he had recorded statements regarding each of the documents with the Financial Crimes Investigation Division.

He revealed that, however, no investigations have been conducted yet into the incidents.

“We have documents with confessions from a woman accepting that fake documents had been made. However, a statement has not even been recorded from that woman yet,” he said.

Meanwhile, COPE member MP Asitha Niroshana Egoda Vithana also revealed that the highest number of waive-off registrations (WOR) for medicines had been obtained in 2022 and 2023.

He said 656 waive-off registrations (WOR) had been obtained in 2022 and 261 in 2023, adding that this proves that discrepancies have taken place during the emergency procurement of medicines during these periods.

Furthermore, Deputy Director General of the Medical Supplies Division of the Health Ministry, Dr. G. Wijesuriya, said discussions are underway on allowing the State Pharmaceutical Corporation (SPC) to directly import essential medicines.He pointed out that it was essential to take a policy decision in this regard as a solution to mitigate such discrepancies.