Business
SEC, CSE, and CFA Society Sri Lanka to spread awareness on Green Bonds
Green bonds can help to achieve the goal of a low-carbon world, and cumulative issuances have already reached USD 1 trillion. As the market for green bonds continues to grow, investors need to understand how these instruments differ from traditional bonds.Keeping the above in mind, the Securities and Exchange Commission (SEC), the Colombo Stock Exchange (CSE), and the CFA Society Sri Lanka collaborate to host a Webinar on “Demystifying Green Bonds” to be held on Wednesday, 30th November 2022 from 3.30 pm to 5 pm in Sri Lankan time.
Chinthaka Mendis, Director General, SEC, “this webinar will help the participants to understand the concept of green bonds, green bonds framework in other markets, how one can distinguish between a listed green bond from that of a conventional bonds and case studies from different countries. The webinar will also address the proposed green bond framework and the way forward for the Sri Lankan market.
Rajeeva Bandaranaike, CEO of CSE noted that the topic is very timely as green bonds are an important development because they are a financial innovation designed to facilitate sustainable investing for institutional investors and this will help to progress in the Sri Lankan capital market with new financial instruments”
Aruna Perera, President of CFA Society Sri Lanka stated that the proliferation of Green Bonds will help in financing eco-friendly projects and technology, as well as attracting foreign investments due to the significant growth in the sustainable energy sector globally and this conversation is highly relevant.
Sandeep Bhattacharya, Advisor for Climate change at GIZ will make a presentation on the theme of “Demystifying Green Bonds”. He works at enabling the flow of finance for assets that promote the reduction of greenhouse gas emissions or the greater adaptation of climate-friendly policies. His notable assignments include co-designing and executing training workshops and other related events in collaboration with UNDP and CFA Society among others, publishing many relevant reports, on, designing a roadmap for green bonds to Indian Municipalities in an assignment with PWC and working to originate and also close transactions in India, Bangladesh, Nepal, and Sri Lanka. These efforts have also resulted in publishing opinion pieces and articles, in various reputed Indian and international business newspapers, websites, and magazines.
Hiran Mendis, Capital Market & Financial Consultant, and Ms. Nilupa Perera, Senior Vice President- Trading Operations, Market Surveillance & Corporate Affairs, CSE are the panelists whilst Travis Gomez, CFA, Director / Secretary, CFA Society Sri Lanka will moderate the sessionJoin the discussion to understand the key concepts in green bonds and how Sri Lanka’s capital market is being equipped to produce new financing products.
Business
ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka
The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.
The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.
“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”
Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.
Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.
Business
USD 40.84m pipeline to secure aviation fuel supplies to BIA
By Ifham Nizam
The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.
Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.
‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.
The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.
The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.
Business
CSE activity up, turnover weak at Rs. 1.4 billion
By Hiran H Senewiratne
Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.
Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.
In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.
The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.
Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.
Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.
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