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Trading at CSE: Expolanka Holdings generates 19% of total turnover



By Hiran H.Senewiratne

Stock trading at the Colombo Stock Exchange (CSE) rebounded yesterday on fresh buying of sound mid-caps and better corporate earnings, after a sharp dip of over 4 percent on Wednesday.

Notably, trading in Expolanka Holdings Plc. amounted to 19% of total turnover.

The market was bullish in the morning and moved up by 8 points and later it started declining with the increase of Covid-19 positive cases and speculation that a lockdown could be clamped on the City of Colombo.

The Bourse ended on a positive note as the ASPI increased by 8.24 points , while the S&P SL20 Index also increased by 5.12 points. The turnover stood at Rs 1.74 billion with two crossings. Those crossings reported in Lion Brewery, which crossed 593,000 shares to the tune of Rs 323.2 million and its share price was Rs 545 and Amana Takaful Insurance 11.3 million shares crossed for Rs 97.4 million and its share traded at Rs 8.60. 

In the retail market top five contributors to the turnover were Expolanka Rs 324 million –17.9 million shares traded — amounting to 19% of total turnover, while Tokyo Cement (Non Voting) Rs 84.9 million (1.6 million shares traded), RIL Properties Rs 72 million (9.7 million shares traded), Piramal Glass Rs 70.3 million (9.7 million shares traded) and Commercial Bank Rs 57.1 million (700,000 shares) traded. During the day 105 million share volume changed hands in 17418 transactions.

Materials sector was the top contributor to the market turnover (due to Tokyo Cement Company non-voting and voting), whilst the sector index gained 2.87 percent . The share price of Tokyo Cement Company non-voting gained Rs. 1.50 (2.97%) to close at Rs. 52.00. The share price of Tokyo Cement Company recorded a gain of Rs. 1.50 (2.54 percent ) to close at Rs. 60.60.Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), whilst the sector index increased by 4.63 percent . The share price of Expolanka Holdings increased by Rs. 0.80 (4.65 percent ) to close at Rs. 18.00.

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Elon Musk launches profane attack on X advertisers




In a profanity-laced outburst, Elon Musk has slammed advertisers that have left X, warning they will kill the social media platform.

At an event in New York, he accused companies that have joined an ad boycott of the site formerly known as Twitter of trying to blackmail him.Some firms have paused advertising on X amid concerns over antisemitism, including a post from Musk himself.

“Go [expletive] yourself,” the billionaire said in an interview.

The Tesla and SpaceX boss apologised on Wednesday for that post, saying it might be the “dumbest” thing he has ever shared online.

But it was his response to a question about an advertising boycott by companies including Disney, Apple and Comcast that caused a stir at the gathering of leaders from the worlds of business, politics and culture. “I don’t want them to advertise,”  Musk said at the New York Times’ DealBook Summit. “If someone is going to blackmail me with advertising or money go [expletive] yourself.

Go. [Expletive]. Yourself. Is that clear? Hey Bob, if you’re in the audience, that’s how I feel.”

He was apparently referring to Disney chief executive Bob Iger, who spoke at the summit earlier in the day.

In the room with Musk was Linda Yaccarino, X’s chief executive, who has been charged with trying to bring back advertisers to the platform.Musk also said that advertisers could kill X. “What this advertising boycott is going to do is it’s going to kill the company,” he said. “The whole world will know those advertisers killed the company, and we will document it in great detail,” he added.

Ms Yaccarino has since reposted what she called his “candid interview”, adding her perspective on advertising that “X is standing at a unique and amazing intersection of Free Speech and Main Street — and the X community is powerful and is here to welcome you”.

Musk has been on a visit to Israel after he last month appeared to personally back an antisemitic conspiracy theory. “I’m sorry for that tweet… it might be literally the worst and dumbest post that I’ve ever done,” he said on Wednesday. The boycott isn’t just to do with that post, though.

Many advertisers had already decided to spend their dollars elsewhere.


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ILO together with EFC launches pilot project to address employee grievances at the workplace



EFC's team of trainers visited the selected companies and engaged in discussions with their management

Five companies volunteer to participate in the project

By Sanath Nanayakkare

Grievance handling in Human Resource Management (HRM) refers to the process by which employee complaints, concerns, or disputes are formally addressed and resolved. The goal is to provide a structured channel for employees to express their concerns or report issues they are facing in the workplace for the benefit of the company, the management and the employees.

True to those values, the International Labour Organization (ILO) recently invited the Employers’ Federation of Ceylon (EFC) to initiate a pilot project to launch Grievance Handling Guidelines that were formulated through several workshops conducted in 2019 in consultation with ILO constituents.

Giriulla Mills Ltd, HNB Assurance Ltd, HNB General Insurance Ltd, Cambio Software Engineering and Taj Bentota Resort and Spa, volunteered to participate in this project. They represented the manufacturing, finance, IT, and hospitality sectors respectively. The pilot project was formally launched on 20th September 2022.

EFC’s team of trainers visited these selected companies and engaged in discussions with their management to gain insights into their existing employee grievance handling systems.

They also gathered feedback from employees to assess their satisfaction with present grievance mechanisms. Based on the findings, EFC team developed customised grievance handling policies aligned with each organisation’s culture and specific requirements of each company to ensure practical implementation of the same.

All these grievance policies were designed in adherence to the Guidelines on Grievance Handling which were established for Sri Lanka in 2019 through workshops conducted by the ILO.

Following the development of these policies, four training sessions were conducted for the management teams of the participating companies. During these training sessions, the policies were presented in detail. The sessions also aimed to provide a comprehensive understanding of what constitutes employee grievances, the importance of addressing them promptly and the potential consequences if grievances are left unattended.

In addition to policy dissemination, the training sessions also focused on equipping managers with the necessary skills to effectively handle employee grievances. This included discussions on communication strategies, conflict resolution techniques, and the importance of empathy and active listening when addressing employee concerns.

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Rage Coffee forays into Sri Lanka market



The brand has secured investment from Virat Kohli

Rage Coffee, an internationally acclaimed coffee brand, was launched in Sri Lanka recently.

Originating in 2018 from the visionary mind of Bharat Sethi, Rage Coffee emerged to address the dearth of high-quality artisanal coffee in the Indian market. It fills the void with a unique plant-based, vitamin-enriched coffee selection.

A notable milestone for Rage Coffee was securing investment from Virat Kohli during its initial seed round. Kohli, known for his discerning brand choices, not only invested but also became the official brand ambassador, accentuating the brand’s quality.

Sourcing beans from Ethiopia and India, Rage crystallizes them, preserving a distinct nutty and earthy flavor profile. The brand’s proprietary blend, boasting 100% plant-based ingredients, eliminates harmful waste elements found in other leading coffees, prioritizing nutritional value. Each serving packs an impressive 120mg of caffeine, offering a superior boost to kickstart one’s day compared to standard brands.

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