Tuesday, February 11, 2014

Alumex comes with Rs. 839 m IPO

Hayleys Plc subsidiary Alumex Ltd., has announced a Rs. 839 million Initial Public Offering as part of listing on the Colombo Stock Exchange.
The Colombo Stock Exchange (CSE) has approved in principle an application submitted by Alumex Ltd., for the listing of 59.9 million ordinary voting shares (comprising of an Offer for Subscription tranche of 17.9 million shares and an Offer for Sale tranche of 42 million shares) at Rs.14.00 per share.
The date of the opening of the subscription list is 6 March whilst the investing public can subscribe from 18 February.

Monday, February 10, 2014

Kadapila - Asia-Pacific needs nearly 13,000 new planes by 2032: Boeing

SINGAPORE, February 10, 2014 (AFP) - The Asia-Pacific will require almost 13,000 new airplanes worth $1.9 trillion over the next 20 years, Boeing said Monday, as booming wealth in the region fuels demand for air travel.
Ahead of the Singapore Airshow, the US plane maker said 12,820 extra aircraft would be needed by 2032 and that in the same period the region would account for 36 percent of global commercial deliveries for both passenger and freight.

Sunday, February 9, 2014

Outsourcing -let professionals handle your problem


Outsourcing
let professionals handle your problem







Obama says relationship with Putin not icy despite ‘tough guy’ stance

Reuters: Russian President Vladimir Putin may seek to look like the tough guy in joint appearances with President Barack Obama, but Obama said in an interview that he and Putin have a pragmatic and respectful relationship.
“I wouldn’t call it icy,” Obama said in an interview with NBC host Bob Costas taped on Thursday as part of coverage of the Winter Olympics in Sochi, Russia. “He does have a public style where he likes to sit back and look a little bored during the course of joint interviews. My sense is that’s part of his shtick back home politically as wanting to look like the tough guy,” Obama said in the interview, set to air on Friday evening.
“U.S. politicians have a different style. We tend to smile once in a while,” Obama said in excerpts of the interview released by NBC.

Big local names step up buying foreign blocks at Bourse

  • Captains invests Rs. 2.2 b more in JKH as Janus sells down; EPF, ETF too joins on the buying side of JKH
  • Indra Silva invests Rs. 400 m in increasing stake in COMBank as Franklin Templeton Investment Funds sells; EPF, Ravi Thambiayah, Yaseen collect COMBank quantities
  • EPF ups stake in Dialog with Rs. 322 m buying as Morgan Stanley fund sells
  • Foreign net selling tops Rs. 3 b last week as part of emerging market sell-off but new funds accumulate blue chips
The Colombo stock market last week saw heavy foreign selling in tandem with other emerging markets, but big local names stepped in to accelerate their buying, reflecting renewed confidence.
Foreign investors ended the week in a net selling position of Rs. 3.06 billion and brought the year-to-date net outflow to over Rs. 2 billion.
This was a reversal or appears to be a temporary setback when compared record inflows enjoyed in 2012 and 2013.
Top blue chip JKH saw net foreign selling of Rs. 2 billion followed by Commercial Bank (Rs. 676 million) and Dialog (Rs. 541 million). Most of the foreign selling was from funds focusing on emerging markets as they had a rocky week overall.
Despite selling by longstanding foreign funds, several new funds were active on the buying side, collecting available quantities of JKH, Commercial and Distilleries among others.
Janus figured in JKH selling over Rs. 2 billion on Thursday whilst the blocks were acquired by Sohli Captain, who is the largest shareholder in the top blue chip. Thursday saw 10.75 million JKH shares change hands for Rs. 2.46 billion.
The Captains controlled around a 17% stake in JKH by end 2013. Janus held a 7.8% stake or 77 million shares.

Kottawa-Kaduwela Expressway to open in March

Economic Development Minister Basil Rajapaksa on Saturday inspected the 11km long Kottawa-Kaduwela Expressway scheduled to be opened next month.
It is a section of the Outer Circular Highway (OCH) located in the Colombo Metropolitan Region and passes through Colombo and Gampaha Districts. This highway runs around 20 km away from the city centre of Colombo, connecting radial routes and has a total length of 29.2 km.
The northern end of the highway is located at Kerawalapitiya on the Colombo-Katunayake Expressway.
The southern end is located in Kottawa on the Colombo-Ratnapura-Wellawaya-Batticaloa (A004) road where the Southern Expressway meets OCH.

Saturday, February 8, 2014

Cricket: ICC passes controversial revamp despite protests

SINGAPORE, February 8, 2014 (AFP) - Cricket's world body Saturday passed a wide-ranging and controversial shake-up of its governance and structure despite strident protests that it gives too much power to the "Big Three" of India, England and Australia.
The dominant trio seemed to be the big winners after the proposals were approved by the necessary eight out of 10 full members at a hastily convened International Cricket Council (ICC) board meeting in Singapore. Sri Lanka, Pakistan and South Africa had all opposed the revamp when it was debated last month, but South Africa's Chris Nenzani voted in favour at Saturday's meeting. Sri Lanka and Pakistan abstained.
In the revamped ICC, India -- which contributes 80 percent of global revenues -- and fellow powerhouses England and Australia will have permanent seats on a new, five-member executive committee.

Maruti stops model that revolutionized India's roads

Maruti stops model that revolutionized India's roads
09 Feb, 2014 06:48:38
NEW DELHI, February 8, 2014 (AFP) - India's Maruti Suzuki said Saturday it had halted production of its iconic first small car, the Maruti 800, which revolutionised road transport for millions of Indians.
The boxy, four-seater hatchback -- the first car ever owned by many Indian middle class families -- first rolled off the production line in 1983 and 2.9 million have been sold since, the company said. "We have stopped the M-800 (Maruti 800) production," C.V. Raman, executive director of Maruti Suzuki told reporters at India's premier auto fair in the New Delhi suburb of Greater Noida.
The decision to phase out the Maruti 800, hailed as a triumph of small-car engineering when launched, was taken in 2010.

Pope agrees to Sri Lanka trip, honours Korean martyrs

VATICAN CITY, February 8, 2014 (AFP) - Pope Francis on Saturday turned his focus to Asia, announcing a possible trip to Sri Lanka and approving the beatification of 124 Korean martyrs.
The beatification ceremony for Paul Yun Ji-chung and his 123 fellow martyrs -- who were killed for their Catholic beliefs between 1791 and 1888 -- will take place in South Korea on August 15, the Vatican said in a statement.

When the going gets tough, the tough get going



When the going gets tough, the tough get going. As Napoleon Hill said, “Within every problem or setback lies the seed of an equal or greater opportunity or benefit.”

Friday, February 7, 2014

Aitken Spence Sri lanka reports robust growth in 3Q

Leading conglomerate Aitken Spence PLC recorded a strong performance in the third quarter, interim results to the Colombo Stock Exchange (CSE) released on Friday revealed.
The blue-chip’s financial results for the three months ended 31 December 2013 saw Profit Before Tax surging by 47% to Rs. 1.58 billion and Profit After Tax surged by 53% to Rs.1.38 billion, while profit attributable to shareholders rose by 54% to Rs. 1.1 billion.
The diversified group’s nine-month results revealed profit-before-tax rising by 10% to Rs. 3.5 billion and profit-after-tax increasing by almost 10% to Rs. 2.9 billion, while profit attributable to shareholders was up by 11.2% to Rs. 2.3 billion, while earnings per share increased by 11.2% to Rs. 5.68 billion.

Thursday, February 6, 2014

Nation Lanka Finance strikes Rs. 1.4 b equity deal with GEM

In a major breakthrough for continued success, Nation Lanka Finance Plc said it has entered into an agreement for Rs. 1.4 billion in equity (shares and warrantswith the Global Emerging Markets Group (GEM).
The agreement is with GEM Global Yield Fund LLC SCS, an investment fund of GEM, which is an alternative investment group that handles a diverse set of invest vehicles across the world.

Tuesday, February 4, 2014

Money market rates drop to over 10-year lows as liquidity surges to 3-year high

By Wealth Trust Securities
As anticipated, liquidity in money markets surged to a three-year high of Rs. 107.16 billion yesterday following a Rs. 53.7 b bond maturity which fell due on 1 February 2014.
In line with this and the non-collateralisation of CBSL’s Standing Deposit Rate (SDR) of 6.50% for excess funds deposited by market participants with effect from February saw interbank call money and Repo rates dip as much as 60 basis points (bp) and 27 bp respectively to average 6.86% and 6.41% (Levels last seen in August 2003) against its last week’s closing weighted averages (WAvgs) of 7.46% and 6.68%.
This in turn saw continuous demand at the shorter end of the yield curve from durations ranging from one month bills to 18 month bonds.

Microsoft names Indian Nadella as new CEO; Gates steps down as Chairman

SEATTLE, Feb 4 (Reuters) – Microsoft Corp named company veteran Satya Nadella as its next chief executive officer on Tuesday, ending a longer-than-expected search for a new leader after Steve Ballmer announced his intention to retire in August. Nadella is only the third CEO in Microsoft’s 39-year history, following co-founder Bill Gates and Ballmer. Microsoft also said John Thompson, lead independent director, would succeed Gates as chairman.


Thursday, January 30, 2014

Obama vows to flex presidential powers; declares 2014 a "Year of action"

  • Seeking to energise his sagging second term, the President announced executive actions in his State of the Union to help the long-term unemployed find work
  • President Obama’s address served as the opening salvo in a midterm election fight for control of Congress that will quickly consume Washington’s attention




AP: WASHINGTON: Seeking to energise his sluggish second term, President Barack Obama vowed Tuesday night, in his State of the Union address, to sidestep Congress “whenever and wherever” necessary to narrow economic disparities between rich and poor. He unveiled an array of modest executive actions to increase the minimum wage for federal contract workers and make it easier for millions of low-income Americans to save for retirement.
“America does not stand still and neither do I,” Obama declared in his prime-time address before a joint session of Congress and millions of Americans watching on television.
Draped in presidential grandeur, Obama’s address served as the opening salvo in a midterm election fight for control of Congress that will quickly consume Washington’s attention. Democrats, seeking to cast Republicans as uncaring about the middle class, have urged Obama to focus on economic mobility and the gap between the wealthy and poor. His emphasis on executive actions was greeted with shouts of “Do it!” from many members of his party.
Declaring 2014 a “year of action,” Obama also sought to convince an increasingly sceptical public that he still wields power in Washington even if he can’t crack through the divisions in Congress.
Burned by a series of legislative failures in 2013, White House aides say they’re now redefining success not by what Obama can jam through Congress but by what actions he can take on his own.
Indeed, Obama’s proposals for action by lawmakers were slim and largely focused on old ideas that have gained little traction over the past year. He pressed Congress to revive a stalled immigration overhaul, pass an across-the-board increase in the federal minimum wage and expand access to early childhood education — all ideas that gained little traction after he proposed them last year. The President’s one new legislation proposal calls for expanding an income tax credit for workers without children.
Republicans, who saw their own approval ratings fall further in 2013, have also picked up the refrain of income inequality in recent months, though they have cast the widening gap between rich and poor as a symptom of Obama’s economic policies.
“Republicans have plans to close the gap, plans that focus on jobs first without more spending, government bailouts and red tape,” said Rep. Cathy McMorris Rodgers, R-Wash., in the Republicans’ televised response to the President’s speech.