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Saturday April 20th, 2024

Sri Lanka Export Development Board chief Subasinghe steps down

ECONOMNYNEXT – Chairman of Sri Lanka’s Export Development Board Prabash Subasinghe, who gave leadership to the agency amid a Coronavirus pandemic, said he is stepping down after completing one year to focus on his own businesses.

“My one year is finished and I am stepping down to focus on my own business and I think EDB had a great year,” Subasinghe told EconomyNext.

Subasinghe is himself an exporter and runs Global Rubber Industrries, a material handling tyre maker and a seafood firm.

“We were able to create a sense of urgency around exports and make it a national priority while helping the exporters to restart their businesses from April to May.”

“We made strong connections in with our exporters and in foreign markets so I think the EDB did a fantastic job so I leave with my head held high.”

Sri Lanka’s exports plunged in the second quarter as the country was locked down, and the EDB was a key player in helping the manufacturing sector back to work.

Sri Lanka’s export firms are either linked to the Board of Investment of Sri Lanka or are registered with the EDB.

Last week Susanthe Ratnayake, Chairman of the Board of Investment, who was a former Chairman of Sri Lanka’s John Keells Holdings, also stepped down after completing one year in the job. (Colombo/Dec03/2020)

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  1. Saman Srilal says:

    Why these big gentlemen are leaving when really needed their services to the country. Could be issues from Leadership or any other. There are plenty of work to be done with the budget proposal came. A lot to do…. To the country…. SME Sector need these type of Gentlemen…. Please share your reasons leaving these big positions.

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  1. Saman Srilal says:

    Why these big gentlemen are leaving when really needed their services to the country. Could be issues from Leadership or any other. There are plenty of work to be done with the budget proposal came. A lot to do…. To the country…. SME Sector need these type of Gentlemen…. Please share your reasons leaving these big positions.

Sri Lanka discussing giving extra land, water for Chinese oil refinery

ECONOMYNEXT – Sri Lanka is in discussions with China’s Sinopec to give extra land and assure water supplies after the company decided to expand the capacity of a planned oil refinery in Hambantota, Energy Minister Kanchana Wijesekera said.

“There are concerns on how the water supply is going to be provided for the refinery,” Minister Wijesekera told reporters Friday.

The refinery will need more land and also revise conditions in a Board of Investment agreement, he said.

Read more
Sinopec to double capacity of new refinery in Sri Lanka’s Hambantota

Recommendations and decisions from Sri Lanka’s side had already been sent and Sinopec is expected to revert back in May.

“We are hoping to sign the agreement once everyone has agreed,” Wijesekara said.

The principle agreements are expected to be signed by June, he said.

The refinery could sell up to 10 percent of its output in the domestic market.

“There is no commitment by the government to purchase anything,” Minister Wijesekera said. (Colombo/Apr19/2024)

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Sri Lanka rupee closes weaker at 302.00/50 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 302.00/50 to the US dollar in the spot forex market on Friday, down from 301.50/302.00 a day earlier, dealers said.

There was increased demand for dollars after the central bank bought 715 million dollars from forex markets. In the previous two months it was buying on average about 200 million US dollars, leaving market participants and bank in a ‘oversold’ position.

There were some official dollars sales Friday dealers said.

READ Sri Lanka rupee quoted wide to US dollar as peg inconsistencies flare up

Bond yields were broadly steady.

A bond maturing on 15.12.2026 closed at 11.30/40 percent down from 11.35/40 percent.

A bond maturing on 15.09.2027 closed at 11.95/12.05 percent up from 11.90/12.05 percent.

A bond maturing on 15.12.2028 closed stable at 12.15/25 percent.

A bond maturing on 15.09.2029 closed stable at 12.30/40 percent.

A bond maturing on 01.10.2032 closed stable at 12.40/50 percent. (Colombo/Apr19/2024)

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Sri Lanka stocks close down, banks trade down

ECONOMYNEXT – The Colombo Stock Exchange closed down on Friday, data on its site showed.

The broader All Share Index closed down 0.38 percent, or 44.80 points, at 11,753; while the S&P SL20 Index closed down 0.53 percent, or 18.46 points, at 3,456.

Turnover was at 1.4 billion. The diversified financials (Rs366mn) and banks (Rs266mn) sectors continued to see selling pressure.

“This was possibly due to uncertainty around the bond discussions,” market participants said.

With the exception of Sampath Bank Plc (up at 77.50) all other banks traded down in the day. Commercial Bank of Ceylon Plc was down at 104.50, Hatton National Bank Plc was down at 188.50, and DFCC Bank Plc was down at 77.00.

LOLC Finance Plc saw the most trades and closed up at 6.40. Another LOLC company, Browns Investments Plc, also saw high traded volumes and closed up at 5.60.

Softlogic Capital Plc was up at 7.00, and Softlogic Holdings Plc was up at 11.20. A trading suspension imposed on SHL.N0000 was lifted effective today as the company submitted the annual report for the year ended 31st March 2023.

However, shares of the Company will remain in the Watch List “due to Qualified Audit Opinion and Emphasis of matter on going concern in the Independent Auditor’s Report in the Audited Financial Statements for the year ended 31st March 2022.”

Dialog Axiata Plc, which announced its merger with Bharti Airtel Thursday, saw its share price close up at 11.90.

“There was some traction on index heavyweights,” market participants pointed out.

Top contributors to the APSI included Aitken Spence Plc (up at 134.50), Ceylon Tobacco Company Plc (up at 1,245.25, and Lion Brewery (Ceylon) Plc (up at 1,048.50).

There was a net foreign inflow of 5 million. (Colombo/Apr19/2024)

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