Markets

Sri Lanka shares close down, one million in turnover

Thursday November 16, 2023 5:57 pm

ECONOMYNEXT – The Colombo Stock Exchange closed down on Thursday, CSE data showed. Turnover was at 1 million.

The All Share Price Index was down 0.57 percent, or 61.57 points, at 10,662.08.

The S&P SL20 index was down 0.49 percent, or 14.98 points, at 3,011.74.

John Keells Holdings Plc (down at 189.75) announced that it had “decided to terminate the captioned GDR Program, owning to the relatively low number of Global Depositary Receipts (“GDR”) in issue and given that they are not a significant contributor to facilitating trading in Company securities, the termination of which would not have an impact on the Company with GDR holders having the option to convert to ordinary shares in the Company.”

LOLC Holdings PLC (up at 375.00) “decided to issue Fifty Million (50,000,000) Listed Rated Unsecured Senior Redeemable Debentures, with an option to issue up to a further Thirty Million (30,000,000) of said Debentures at the discretion of the Company in the event of an over subscription of the initial Issue.”

The top five positive contributors to the ASPI were Ceylinco Insurance Plc (up at 2,450.00), Citizens Development Business Finance Plc (up at 204.50), Lion Brewery (Ceylon) Plc (up at 938.75), Expolanka Holdings Plc (up at 132.00), and Dialog Axiata Plc (up at 9.30).

Lion Brewery on Wednesday announced a first interim dividend of Rs.31.00 per ordinary share for the financial year ending 31st march 2024.

Major contributors to the day’s turnover were shares in the diversified financials industry (218mn), food, beverage and tobacco Industry (203mn), banks industry group (188mn), and utilities industry (131mn)

There was a net foreign outflow of 119 million. (Colombo/Nov16/2023)

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Education

Sri Lanka UGC wants to boost number of IT-related degrees

Apsara Rodrigo

Saturday December 2, 2023 4:49 pm

By Apsara Rodrigo

Saturday December 2, 2023 4:49 pm

ECONOMYNEXT – Sri Lanka’s University Grants Commission is of the view to boost the number of Information Technology (IT) related degrees in state universities with an aim to pave the way for a digital economy.

Sri Lanka’shigher education system has been producing more graduates in Arts stream while the degrees in highly demanded IT and other engineering services are being looked at only now.

“We do have a high demand for engineering, science, AI, computer and electronical engineering

studies,” Chairman of University Grants Commission, Sampath Amaratunga, told reporters at aa media briefing on Friday

“However, while avoiding neglecting the humanities, we should develop new IT skills.”

Amaratunga confirmed that a student who studied in any stream could obtain an IT degree, including students who studied in the arts stream.

The UGC data show that out of 18,490 engineering technology stream students who sat for their Advanced Levels (A/L) in 2022, 10634 were eligible for university.

“Even streams like agriculture should be encouraged to use technology,” Amaratunga said. (Colombo/Dec 2/2023)

Climate Change

Sri Lanka leader inaugurates Climate Justice Forum at COP28 in Dubai

Shihar Aneez

Saturday December 2, 2023 4:25 pm

By Shihar Aneez

Saturday December 2, 2023 4:25 pm

ECONOMYNEXT – Sri Lanka President Ranil Wickremesinghe launched Climate Justice Forum (CJF) at the ongoing 2023 United Nations Climate Change Conference (COP28) held in Dubai in a move to gather support for vulnerable nations hit by climate-change led disasters.

This year’s climate summit held in Dubai’s EXPO2020 features a raft of issues for countries working to find common ground in tackling climate change, including whether to phase out fossil fuels and how to finance the energy transition in developing countries.

Wickremesinghe inaugurated the Climate Justice Forum at COP28 on Saturday and emphasized the critical importance of addressing climate issues with a sense of justice and equity.

The President had been in talks with many nations vulnerable to climate change disasters including African and South American countries to get their support for the CJF.

The move is to compel advanced and developed countries to look into the poor nations hit by the climate changes and help them to get over economic and debt burdens by either investing more in green energy initiatives or writing off debts to ease financial pressure.

Sri Lanka, which is now facing an unprecedented economic crisis, has seen increasing losses and damages, both human lives and physical properties due to climate change-led disasters like floods, drought, and earth slips.

In his speech at the COP28 forum, Wickremesinghe on Friday said the Climate Justice Forum will provide a platform for constructive and proactive engagements. (Dubai/Dec 2/2023)

Economy

Sri Lanka IMF review goes to executive board on December 12

Saturday December 2, 2023 2:38 pm

ECONOMYNEXT – The first review of Sri Lanka’s International Monetary Fund program is scheduled to go the lender’s Executive Board for consideration on December 12.

Sri Lanka officials were expecting the review to be completed in December as soon as official creditors gave their assurances.

According to the notice Sri Lanka had missed one performance criterion and has requested modifications.

Sri Lanka has outperformed on a number of quantity targets including inflation. In addition to quantity PCs there was also one non-accumulation of arrears.

There would also be re-phasing of access. The review was originally expected around September with another review based on December data, leading to September and March disbursements.