Business

Dilemmas for investors despite IMF assurances on debt restructuring

Published

3 weeks ago

2023/05/17

By Hiran H.Senewiratne

The CSE began trading on a negative note yesterday despite IMF assurances that it would not interfere with internal debt restructuring affairs but urged the government, instead, to work on a strategic plan for structural reforms. This has created some dilemmas for investors, market analysts observed.

The share market edged down in mid-day trade on the basis of a- wait- and- see approach by investors, amid the above developments, market analysts said.

Consequently, both indices moved downwards with unsatisfactory investor participation. The All- Share Price Index went down by 77.81 points and the S and P SL20 declined by 23.77 points.

Turnover stood at Rs 945 million with two crossings. Those crossings were reported in HNB, which crossed 1.15 million shares to the tune of Rs 136 million; its shares traded at Rs 118 and JKH 664,000 shares crossed to the tune of Rs 92.8 million, its shares traded at Rs 139.50.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs126.8 million (908,000 shares traded), Commercial Bank Rs 80.4 million (1.38 million shares traded), Lanka IOC Rs 48.9 million (352,000 shares traded), Expolanka Holdings Rs 45.1 million (308,000 shares traded), Browns Investments Rs 23.8 million (4.5 million shares traded), HNB Rs 23.5 million (194,000 shares traded) and Melstacorp Rs 32.3 million (412,000 shares traded), During the day 32.6 million share volumes changed hands in 11000 transactions.

The market broke the psychological level of 8,900 in share volumes as investors await more information from the government as the IMF has said they are not involved in domestic debt restructuring, analysts said.

Yesterday, the Central Bank announced that the rupee appreciated further against the US dollar. Accordingly, the buying rate was Rs. 305.43 and the selling rate Rs 318.79.

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Business

Oil prices rise as Saudi Arabia pledges output cuts – Opec+

Published

8 hours ago

2023/06/5

Priyan

(picture BBC)

Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.

Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.

Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.

In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.

The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.

Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.

Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.

(BBC)

Business

Manpower services agency wins accolades for its contribution to foreign employment sector

Published

11 hours ago

2023/06/5

Thilina Walpola

Siraj Cafoor, Managing Director of Siraj Manpower Services receives the award

Its MD says. ‘go abroad only if you can work hard’

Siraj Manpower Services, one of Sri Lanka’s leading foreign employment agencies, was honoured with the Three-Star Award at the ‘Golden Awards’ 2023, organised by the Sri Lanka Bureau of Foreign Employment (SLBFE). This award ceremony was organised to honour foreign employment agencies that have made a significant contribution to the development of the foreign employment sector, which is a major source of foreign exchange for Sri Lanka. Siraj Cafoor, Managing Director of Siraj Manpower Services, was presented with the award at the award ceremony which was held at the BMICH in Colombo under the patronage of Minister of Foreign Employment and Labour Manusha Nanayakkara.

Having been established in 2002, Siraj Manpower Services (www.sirajmanpower.lk) has earned a reputation in the field of foreign employment by winning the trust of customers for more than 20 years. It has been offering job opportunities in the Middle East countries such as Kuwait, Qatar, Dubai and Saudi Arabia, and Malaysia as housekeepers, drivers, sanitation workers, labourers and also jobs related to the apparel industry. All these workers are entitled to approved salary scales certified by the SLBFE.

“We always stand for the safety of workers who go abroad through our organisation. We work to solve the problems that arise in relation to the contracts that the workers have entered into. I must mention something special to those who go abroad for employment. That is, you should keep in mind that you go abroad only to work. Go abroad only if you can work hard. You have to remember that you are going abroad to earn some more money and achieve the advancement of your family.” said Siraj Cafoor.

Business

Direct flights between Istanbul and Katunayake to commence from August

Published

11 hours ago

2023/06/5

Thilina Walpola

A special discussion between Turkish Ambassador – Demet Sekercioglu and Minister of Ports, Shipping and Aviation – Nimal Siripala de Silva took place last week at the ministry office. The aim of the discussion was to seek authorization to commence direct flights from the Turkish Capital Istanbul to Katunayake, Sri Lanka. The Chief of Turkish Airlines’ South Asia Office Fathi Bozkurt was also present during the discussion.

Currently, Turkish Airlines connects with Sri Lanka through a route that includes a stopover in the Maldives, resulting in an additional travel time of one and a half hours. The delay caused by this routing is not favored by travelers, as emphasized by the Ambassador.

The Chief of Turkish Airlines requested for time and space to be allocated in order to initiate direct flights between Istanbul and Katunaike, thus providing convenience for Turkish tourists and travelers who prefer visit Sri Lanka.

The Minister announced that the request would be forwarded to the Director General of the Civil Aviation Authority of Sri Lanka and the Airport and Aviation Services (Sri Lanka) (Private) Limited. The aim is to establish direct flights between Istanbul and Katunayake starting from August this year.

Turkish Airlines, a renowned airline with a fleet of over 100 aircraft, offers flights connecting Europe’s Vancouver and New York. The Chief of Turkish Airlines said that the new service would not only benefit European travelers but also encourage them to travel to Sri Lanka.