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‘Sri Lanka@100’ platform launched to boost economic prosperity through growth of mid-sized firms

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Sri Lanka@100, a private sector-led initiative focused on the growth of mid-market enterprises – funded by the U.S. government’s international development agency, USAID, and administered by Stax – was launched yesterday at the Galle Face Hotel. Gracing the occasion were Alaina B. Teplitz, U.S. ambassador to Sri Lanka and the Maldives, and Tharaka Balasuriya, State Minister of Regional Cooperation.

Stax Managing Director and Co-Founder of SL@100, Dr. Kumudu Gunasekara, in his welcome address, emphasized that the purpose of the initiative is to enable Sri Lanka to become a high-income country within 100 years of independence (by 2048) — with equitable and inclusive growth fueled by the value creation of mid-market firms. The platform will, in particular, support businesses in underserved segments.

Explaining the rationale behind setting up this platform, Dr. Gunasekara said, “While we may have been born in a developing country, we don’t have to continue to live in one. We are incredibly resilient as a people, as a nation. Our SME owners and entrepreneurs have weathered many storms to stay afloat. This platform is about helping them to now really powerfully steam ahead with ambitious growth plans, and about taking Sri Lanka’s development to the next level.”

Ambassador Teplitz echoed this commitment to economic development driven by the private sector. She noted that U.S. companies have invested over $300 million in Sri Lanka over the past several decades, and expressed hope that this platform would generate more opportunities for mutually beneficial trade and investments between the two countries. “You – the entrepreneurs, the business and government leaders expanding the impact and profitability of medium-sized businesses – are the engine that will power Sri Lanka’s prosperity, and the United States is investing in your drive and potential,” said ambassador Teplitz.

State Minister for Regional Cooperation, Tharaka Balasuriya, too expressed similar sentiments on the importance of supporting medium-scale businesses that have the power to recharge Sri Lanka’s economy. “Programmes such as Sri Lanka@100 help businesses fulfill their potential in an increasingly competitive environment, and will play a large part in the economy’s post-covid recovery,” he stated.

Sri Lanka@100 is now accepting applications from mid-sized firms that are seeking support for rapid growth. You can find the eligibility criteria, application process, and deadlines on the SL@100 website (www.srilanka100.lk) and via Facebook (srilanka.at.100) or LinkedIn (srilanka100) . If your organization is interested in joining the SL@100 ecosystem, you can find out more by calling +94-771-638-128, between 9 a.m. to 5 p.m. on weekdays.



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Newly developed Sathosa Motors Service Complex to service all vehicle brands

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Sathosa Motors PLC and its new state-of-the-art vehicle service complex, is now serving not just Isuzu but also any brand of vehicle.

Pioneering automotive specialist, Sathosa Motors is the sole authorized agent for the world-renowned Isuzu brand, but the newly developed service complex will now undertake all kinds of services required for any brand of vehicle.

 The internationally trained specialists are ready to serve you at the Sathosa Motors Service Complex now on weekdays from 8.00 am to 5.00 pm and on Saturday from 8.00 am to 1.00 pm at No 25, Vauxhall Street, Colombo 02.

Sathosa Motors PLC guarantees its customers reliable and convenient service and will undertake vehicle inspections, periodic maintenance, body and under carriage washing, interior cleaning and beautification, engine tuning, error diagnosis, accident repairs, air condition repairs, and many more at a highly affordable rate.

In addition, genuine spare parts, as well as lubricants and industrial services are available at discounted prices at the Service Complex.

Sathosa Motors PLC aims to provide high quality services at all times and all services are carried out strictly under health guidelines due to the prevailing COVID-19 pandemic situation.

Sathosa Motors announces that it has decided to keep all branches of the Sathosa Motors service network open to continue to serve its customers.

 

(Sathosa Motors)

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CSE trading bullish despite rupee hitting historic low against dollar

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By Hiran H.Senewiratne 

CSE trading activities were bullish despite Sri Lanka’s rupee registering a historic slump against the US dollar   at 202/205 to the one month dollar in mid morning trade yesterday, after opening at around 200/203.The stock market moved up, though, anticipating March quarterly results to be exceptional. This is expected to be particularly true of the Hayleys Group and Expolanka. Accordingly, investors seem to be re-entering the market after January, stock market analysts said.

Further, approval of the US $ 500 million Chinese loan and the fact that the Port City Bill has been tabled in parliament have lifted investor sentiment in a significant direction of the stock market, market analysts said. Amid those developments, both indices moved upwards, especially the All Share Price Index went up by 1.22 percent. The All Share Price Index rose by 92.35 points and S and P SL20 went up by 19.21 points. Turnover stood at Rs. 4.72 billion with four crossings. 

Those crossings were reported in JKH, which crossed 922,000 shares to the tune of Rs. 137.8 million, its shares traded at Rs. 149.25, Commercial Bank 950,000 shares crossed for Rs. 82.7 million, its shares traded at Rs. 87, HNB 155,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 132 and Ceylon Cold Stores 33,500 shares crossed for Rs. 20.1 million, its shares fetching Rs. 600.

In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 793.6 million (123.1 million shares traded), LOLC Rs. 463.4 million (1.32 million shares traded), Royal Ceramic Rs. 442 million (1.2 million shares traded), Hayleys Rs. 442 million (five million shares traded), Dipped Products Rs. 372.3 million (6.2 million shares traded). During the day 197.3 million share volumes changed hands in 30480 transactions. 

The market was quite bullish from the beginning and LOLC Group companies led the market. It is said that LOLC contributed 25.5 points to the All Share Price Index. Browns Investments 9.8 points and Vallibel One contributed 8 points to the All Share Price Price Index while Commercial Leasing contributed six points.    

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‘Embark on that long-awaited getaway with Emirates and enjoy special fares’

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Emirates is launching seasonal fares that enable aspiring globetrotters to plan exciting adventures around the world as well as for students preparing to travel overseas. With Emirates’ generous booking policies, customers have the option to lock in these special fares and extend ticket validity for up to three years, enjoying greater flexibility and confidence when planning travel during unprecedented times.

Travellers in Sri Lanka can look forward to flight deals on all routes in Emirates’ global network, with return fares starting at only Rs 68,700 in Economy Class or Rs 257,500 in Business Class. These special seasonal fares are available for bookings made from 13 to 26 April 2021, and are valid for travel between 16 April and 30 September 2021*.

Featured destinations and starting Economy Class fares include: US$ 342 (about Rs 68,700 at current exchange rates) to Dubai, US$ 654 (about Rs 131,300) to Milan, US$ 644 (about Rs 129,300) to Paris, US$ 1,117 (about Rs 224,200) to New York, US$ 1,303 (about Rs 261,500) to Toronto and US$ 966 (about Rs 193,900) to Nairobi.

Special Business Class fares start at US$ 1,283 (approximately Rs 257,500) to Dubai, from US$ 3,127 (about Rs 627,600) to Milan, US$ 2,860 (about Rs 574,000) to Paris, US$ 3,618 (about Rs 726,100) to New York, US$ 3,654 (about Rs 733,300) to Toronto and US$ 2,179 (about Rs 437,300) to Nairobi. All fares in Rupees are subject to the rate of exchange on the day of purchase.

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