Business

Russian-Ukrainian crisis likely to affect multiple sectors in Sri Lanka

Published

1 year ago

2022/03/1

By Hiran H.Senewiratne

The effect on the CSE from the Russia-Ukraine crisis still cannot be commented on. But the CSE performed well yesterday to a satisfactory level even with the current external and internal uncertainties, CSE’s Head of Marketing Niroshan Wijesundera said.

“Since Ukrainian and Russian delegations will likely meet on the border between Ukraine and Belarus for peace talks, it will create some hope on this situation. If not it will affect many sectors, such as tourism, oil and gas, plantation sectors, such as tea and many more sectors, Wijesundera told the Island Financial Review.

He said that yesterday CSE produced a strong rebound with indices gaining but the bourse could be negatively impacted it if the tense situation continues. It is said that the US $ one billion Indian loan for Sri Lanka created a positive sentiment in spite of insufficient efforts to revive the situation.

Amid those developments, the CSE market started its trading on a positive note but did not continue that momentum. However, in the latter part of the day huge buying interest was noted in Expolanka Holdings, which automatically turned the market towards positive territory. As a result, indices at the CSE recorded significant gains yesterday with the All -Share Price Index increasing by 470.04 points (4.23 per cent) to 11577.94, while the S and P SL20 increased by 204.40 points (5.46 per cent) to 3946.73. Turnover stood at Rs 4.3 billion sans a single crossing.

In the retail market, the top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs one billion (3.7 million shares traded), Browns Investments Rs 330 million (27.5 million shares traded), LOLC Finance Rs 281 million (2.2 million shares traded), Commercial Leasing and Finance Rs 262 million (5.5 million shares traded), LOLC Finance Rs 213 million (225,000 shares traded), Royal Ceramic Rs 211 million (3.6 million shares traded) and Softlogic Life Insurance Rs 147 million (1.4 million shares traded). During the day 212 million share volumes changed hands in 41000 transactions.

It is said High net worth and institutional investor participation was noted in Commercial Bank, Access Engineering and Sampath Bank. Mixed interest was observed in Expolanka Holdings, Commercial Leasing & Finance and LOLC Holdings, while retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing. During the day Expolanka, which experienced heavy buying interest, contributed 67 points to the All- Share Price Index, while LOLC Finance contributed 54 points.

Yesterday, the US dollar was quoted at Rs 201.05, which was the controlled price of the Central Bank. The actual rate in the floating market would be more than Rs 250 per dollar. However, Sri Lanka’s rupee has sharply appreciated to Rs 2.36 to the Russian ruble from Rs 2.66 earlier in the week.

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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.