Business
Hayleys Group drives bullish market
By Hiran H.Senewiratne
CSE activities were positive and bullish throughout the day and they were mainly driven by the Hayleys Group headed by Dhammika Perera, which saw a subdivision of all 14 listed Hayleys companies’ shares to enhance the Group’s market capitalisation, stock market analysts said.
It is said that Hayleys share prices appreciated by 32 percent or Rs. 187.50. Its shares started trading at Rs. 577.50 and at the end of the day they moved to Rs. 764. Dipped Products’ shares moved up by 31 percent or Rs. 138. Its shares started trading at Rs. 441 and at the end of the day they moved up to Rs. 579. This sub division would not increase the stated capital of any company, but would increase the liquidity of the shares as the number of existing shares increases. Confirming this, all these companies recorded huge price increases yesterday.
LOLC share prices appreciated by 24 percent or Rs. 56. Its shares started trading at Rs. 232 and at the end of the day they moved to Rs. 282.
Amid those developments both indices moved upwards. All Share Price Index went up by 246.60 points and S and P SL20 went up by 100.38 points. It is said that the All Share Price Index surpassed 8000 points for the first time in history, which closed at 8.184 points at the end of trading. Meanwhile, the S&P SL20 index, which includes the 20 largest and most liquid stocks also increased by 100.38 points (3.24%) to close at 3,196.73.
Turnover stood at Rs. 14.2 billion with ten crossings. Those crossings were reported in Sampath Bank, which crossed 3.1 million shares to the tune of Rs. 526 million and its shares traded at Rs. 170, HNB (Non Voting) 1.4 million shares crossed for Rs. 172 million its shares traded at Rs. 118, Dipped Products 292,000 shares crossed for Rs. 160.7 million and its shares traded at Rs. 550, CIC two million shares crossed for Rs. 137 million, its shares traded at Rs. 68. Meanwhile, DFCC’s 825,000 shares crossed for Rs. 61 million, its shares trading at Rs. 74, JKH 300,000 shares crossed for Rs. 35 million, its shares traded at Rs. 160, Aitken Spence 500,000 shares crossed for Rs. 35 million, its shares fetching Rs. 70, Tokyo (Non Voting) 3.56 million shares crossed for Rs. 27.3 million, its shares traded at Rs. 76.80, HNB Assurance 400,000 shares crossed for Rs. 24 million, its shares traded at Rs. 60 and Vallibel One 420,000 shares crossed for Rs. 20 million, its shares trading at Rs. 48.
In the retail market top five contributors to the turnover were, Dipped Products Rs. 1.8 billion (3.2 million shares traded), Hayleys Rs. 1.3 billion (1.8 million shares traded), Vallibel One Rs. 856 million (15.3 million shares traded), LOLC Rs. 797 million (three million shares traded) and JKH Rs.0.7 million (3.7 million shares traded). During the day 377.7 million share volumes changed hands in 66574 transactions.
Sri Lanka’s rupee was quoted around 197.50/198.50 to the US dollar in the one-month forwards market on Thursday while bond yields were steady, dealers said. Rupee last closed around 196.00/198.00 in the spot-next market on Wednesday against the greenback. The Central Bank’s indicative spot rate was 194.7980 on January 19, up from 193.6458.
Business
Sri Lankan leaders urged to balance historical wisdom with modern innovation
By Ifham Nizam
Prof. Patrick Mendis, a Sri Lankan-born U.S. diplomat and presidential advisor to the U.S. Department of Defense issued a call to action for Sri Lanka’s leaders, urging them to adopt a pragmatic vision that balances historical wisdom with modern innovation.
Speaking on the topic, `The Power of Geopolitics and Its Implications for Sri Lanka’s National Development’, at a seminar organized by the National Chamber of Commerce last Friday, he said: “Commerce and connectivity have always been the lifeblood of nations. Sri Lanka must harness its strategic position and unique assets to chart a path of sustainable growth and prosperity.”
Mendis provided to the audience at the National Chamber Auditorium deep insights into how global political dynamics shape Sri Lanka’s economic and strategic future.
Drawing from his extensive experience across over 140 countries, Mendis highlighted key opportunities and challenges facing the nation. The event served as a vital platform for engaging discussions among policymakers, academics and industry leaders.
Professor Mendis of the University of Warsaw drew connections between history, trade, and modern geopolitics. His analysis highlighted how nations leverage their geographic and economic strengths to navigate global power dynamics. He outlined the opportunities and challenges for Sri Lanka amidst the shifting tides of international trade and diplomacy.
Opening with a historical lens, Mendis emphasized the role of commerce in shaping global alliances. Quoting Thomas Jefferson, he reiterated the timeless motto: “Commerce with all nations, alliance with none.” This principle, rooted in America’s founding vision, underscores the idea that peaceful trade can serve as a cornerstone for national prosperity. Jefferson’s vision for “practicable water communication across the continent for commerce” resonates even today as countries explore trade routes that minimize conflict while maximizing economic benefits.
Mendis also reflected on historical instances of Sri Lanka’s strategic connectivity. From King Bhatika Abhaya’s diplomatic exchanges with Rome and China in the Anuradhapura Kingdom to the maritime strategies of Parakramabahu I during the Polonnaruwa era, Sri Lanka has long been a hub for trade and cultural exchange. Such historical precedents underscore the island’s potential as a pivotal player in contemporary global trade.
Transitioning to modern geopolitics, Mendis focused on China’s Belt and Road Initiative (BRI). He described it as a transformative project aimed at fostering “a peaceful world built on trade.” By connecting Asia, Europe, and Africa through infrastructure investments, China seeks to rejuvenate the historical Silk Road and assert its economic dominance. For Sri Lanka, this presents both opportunities and challenges.
Sri Lanka’s strategic position in the Indian Ocean has made it a critical node in China’s maritime ambitions. Mendis referred to Sri Lanka as China’s “unsinkable aircraft carrier,” highlighting major investments like the Hambantota Port and Colombo Port City. While these projects promise economic growth, they also raise concerns about sovereignty and debt dependency.
Mendis likened China’s approach to a modern “MIDLIFE Strategy,” where military, intelligence, diplomacy, legal, identity, financial, and economic tools are employed to win battles without war. For example, Chinese survey missions in the Indian Ocean, ostensibly for fiber-optic cable laying and resource mapping, underline its dual-use strategy, blending commercial and strategic interests.
In the face of growing U.S.-China competition, Professor Mendis urged Sri Lanka to adopt a pragmatic and balanced approach. He discussed the implications of key U.S.-India agreements, including the General Security of Military Information Agreement (GSOMIA) and the Basic Exchange and Cooperation Agreement (BECA). These alignments, aimed at enhancing defense cooperation, have significant implications for the Indo-Pacific and Sri Lanka’s positioning.
Quoting Winston Churchill, Mendis reminded the audience: “We have no lasting friends, no lasting enemies, only lasting interests.” He emphasized that Sri Lanka must prioritize its national interests over allegiances, ensuring sustainable development while avoiding entanglements in power rivalries.
Mendis urged businesses to focus on sectors where Sri Lanka holds a comparative advantage, such as tourism, agriculture, and technology. By capitalizing on its rich cultural heritage and skilled workforce, the nation can attract investments that align with sustainable development goals.
Business
Customer service to new heights with Digitalized Contact Centre for Union Bank
Marking a significant milestone in the advancement of digital customer service in the banking sector, Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC., announces the implementation of a state-of-the-art, cloud-based contact centre solution for Union Bank of Colombo PLC. The cloud-hosted platform offers a unified communication solution that integrates voice, video, unified messaging, VoIP, and automated call flows, reinstating the existing outmoded contact centre system at Union Bank.
Union Bank as part of its digital transformation agenda continues to leverage technology for growth and the upgrade of its existing contact centre infrastructure to a more advanced, scalable, and compliant solution is yet another step towards enhancing customer experience. With the new cloud-based system, the bank aims to improve customer engagement and streamline operations, while adhering to central bank regulations and compliance requirements.
“We are excited to collaborate with Dialog Enterprise to elevate our customer service capabilities,” stated Malinda Perera, Vice President – Head of Cards, Asset Products, Service Quality & Contact Centre of Union Bank. “Our decision to move to a cloud-based contact centre was driven by our commitment to enhance customer engagement and operational efficiency. The new system will allow us to offer more personalized service through various channels, including voice, chat, and social media, ensuring that we can meet our customers’ needs wherever they are. Additionally, the platform’s robust security features will help us comply with regulatory standards, protecting our customers’ data and maintaining their trust,” he explained further.
The new cloud-hosted contact centre will enable Union Bank to achieve greater scalability, reduce operational costs, and increase flexibility for its workforce. With features such as integrated CRM, real-time wallboards, reporting tools, and mobile applications, the solution ensures that agents can provide exceptional customer service from any location, whether working remotely or from the office.
“We are thrilled to present this latest communication interface for Union Bank,” exclaimed Navin Pieris, Group Chief Officer of Dialog Enterprise. “As pioneers in bringing the latest technology to the country, our goal is to provide local enterprises with access to world-class digital solutions at affordable prices. The cloud-based contact centre we are implementing for Union Bank will enhance their operational efficiency while also significantly improving the customer experience through a more responsive, multi-channel communication platform,” he pointed out.
Business
United Kingdom tea importers visit Sri Lankan tea producers, exploring trade opportunities
A delegation of experts and specialists from the UK tea industry is in Sri Lanka this week to strengthen connections with the country’s specialty tea producers and explore business opportunities.
The trade mission – organized under the UK Government- funded Trade Partnerships (UKTP) programme and implemented by the International Trade Centre and– will connect 12 UK tea companies with specialty tea producers and processors across Sri Lanka’s low, mid and upcountry regions, to explore the unique flavours and variations influenced by diverse climatic conditions.
Buyers will experience firsthand the artisanal tea harvesting methods and the distinctive processing techniques used to craft premium, curated teas. They will also gain insights into the environmental, ethical and social practices of each tea producer.
‘This trade mission provides a valuable opportunity for United Kingdom tea buyers to directly engage with high-quality Sri Lankan tea producers. By fostering these direct connections, we aim to strengthen trade relationships and contribute to the sustainable growth of both the United Kingdom and Sri Lankan tea sectors,’ said Jarmila Sarda, UKTP programme manager.
A tea reception hosted by the British High Commission in Colombo will provide a platform for UK buyers and Sri Lankan stakeholders, including the Ceylon Artisanal Tea Association (CATA), to engage, exchange ideas and expand their networks.
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