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Sri Lanka Newspapers Saturday 21/04/2012

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CSE.SAS

CSE.SAS
Global Moderator

April 20, 2012 (LBO) - Sri Lankan tea prices rose again at this week's auction after rising in the previous sale but remain below last year's levels in US dollar terms after a sharp rupee depreciation.

"Medium and low grown teas have shown a growth year-on-year in rupee terms," Forbes & Walker tea brokers said.

"High grown prices remain below the corresponding sale prices of 2011. Although we have seen a growth year-on-year in rupee terms, we remain below the corresponding prices of 2011 in US dollar terms."

The weekly auction average for the last sale of 396.54 rupees a kilo (3.06 US dollars) for the second consecutive week was higher than the corresponding sale average of 2011 of 373.27 rupees (3.35 dollars), the brokers said.

The average for teas grown at medium elevations of 358.36 rupees a kilo (2.27 dollars) was up 4.72 rupees compared with 353.64 rupees (3.18 dollars) in 2011.

"Low growns too totalling 418.72 rupees a kilo (3.23 dollars) show a significant gain of 37.78 rupees vis-a-vis 380.94 rupees (3.42 dollars) of 2011," the brokers said in a report.

However, the auction average price for high grown teas of 357.70 rupees (2.76 dollars) was 8.42 rupees lower than the 366.12 rupee average (3.79 dollars) the year before.

The rupee has sunk to 125-130 levels against the US dollar after the government devalued the currency in November 2011 and then allowed a partial free float in February 2012 to stave off a balance of payments crisis.
http://lbo.lk/fullstory.php?nid=1978526438

2Sri Lanka Newspapers Saturday 21/04/2012 Empty Sri Lanka Newspapers Saturday 21/04/2012 Fri Apr 20, 2012 11:47 pm

CSE.SAS

CSE.SAS
Global Moderator

Market slumps after Thursday’s rally
Up in early trading, loses steam later

The Colombo bourse slumped yesterday after Thursday’s rally with the All Share Price Index down 61.59 points (1.12%) and the Milanka declining less sharply by 16.23 points (0.33%) with 91 gainers outpaced by 107 losers on a turnover of Rs.622 million, up from the previous day’s Rs.359.4 million.

"It looked as though Thursday’s rally would continue when the market opened with the All Share gaining 30 to 40 points rising to 100 by mid-day," a broker said. "Thereafter the market lost steam and closed in negative territory."

Yesterday’s trades included three crossings with a million NDB changing hands at Rs.124, 340,000 Distilleries crossed at Rs.144 and 2 million Overseas Realty crossed at Rs.14.

Market heavyweight JKH lost 50 cents to close at Rs.206 on over 0.2 million shares done between Rs.206 and Rs.207.

Commercial Bank continued to show volume gaining a rupee to close at Rs.85 on over 0.2 million shares done between Rs.103.60 and Rs.106 while Swarnamahal Financial Services also saw over 1.5 million shares traded closing flat at Rs.8.60.

Apart from the crossings, NDB saw over 0.1 million shares done on the trading floor at the level of Rs.124 closing 80 cents down at Rs.124.10 while Overseas Realty too saw nearly 1.1 million shares traded on the floor between Rs.13.60 and Rs.14.30 closing 10 cents up at Rs.13.90.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=49986

CSE.SAS

CSE.SAS
Global Moderator

National carrier SriLankan Airlines and budget airline Mihin Air sustained losses in 2011, the Central Bank 2011 Annual Report showed.

"The revenue of SriLankan Airlines increased by 16.3 percent to Rs. 78.9 billion, while the operating expenditure increased by 32.2 percent to Rs. 98 billion resulting in an operating loss of Rs. 19.1 billion. High fuel prices and lower yields due to increased competition contributed to the increase in operating expenditure of the airline," the bank said.

"Meanwhile, Mihin Lanka recorded an operating loss of Rs. 455 million in 2011 compared to the operating loss of Rs. 788 million incurred in 2010," it said.

"SriLankan Airlines continued its fleet modernization programme during 2011 and acquired three brand new A320 aircrafts and commenced its business class refurbishment programme. The demand for domestic air travel is expected to increase with improvement in tourism activities.

"The Bandaranaiake International Airport (BIA) at Katunayake handled 6.1 million passengers including transit passengers during 2011, recording an increase of 17 per cent compared to 2010. The total number of passenger aircraft movements handled by the BIA increased to 43,454 indicating a growth of 27 per cent. Total air cargo handling increased only marginally during 2011. BIA’s passenger handling reached the designated capacity of 6 million passengers in 2011. The BIA modernisation programme is expected to enhance its passenger handling capacity significantly.

"The construction work of Phase I of the Mattala International Airport is expected to be completed by end 2012. Several leading international airlines have expressed their interest to operate at the second international airport of the country.

"Under Phase II of the BIA expansion project, the passenger handling capacity will be doubled to 12 million passengers per annum. Upon completion, BIA will be equipped with elevated roadways and roads, a new pier with 8 gates, a remote apron and taxiways.

"Sri Lanka has the potential to emerge as an aviation hub in the region. The second phase of the BIA modernisation project and the expected completion of the second international airport at Mattala in 2012 would reinvigorate the aviation industry to serve the growing number of tourists visiting the country. The growth in the air transportation is expected to create a demand for aircraft maintenance, repairs, re-building, bunkering and catering services which would provide an opportunity for development of an efficient aviation industry in the country.

"Sri Lanka has been striving to meet the international standards of the aviation industry and adopt recommended practices with a view to emerge as an aviation hub in the region. Furthermore, Sri Lanka has taken steps to develop domestic airports at Ampara, Koggala, China-Bay, Jaffna and Ratmalana. These will then be developed as "City Airports" aimed at developing the market for charter flights and private jet operations," the Central Bank said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=49985

CSE.SAS

CSE.SAS
Global Moderator

* ILO, World Bank launch report on global financial and economic crisis:

The International Labour Organization (ILO) and the World Bank (WB) released a joint report and new online data tool with the first comprehensive stocktaking of countries’ jobs-related policy responses to the recent global financial and economic crisis.

A follow-up to a request from leaders at the 2009 G20 Pittsburgh Summit, the report Inventory of Policy Responses to the Financial and Economic Crisis, demonstrates how governments across the globe and of all income levels used labor market interventions to limit the economic and social impacts of the crisis and spur employment, household income, and economic growth, and reduce poverty. This new online data tool provides a detailed track record of policies enacted during the height of the financial crisis (2008-2010), and implications for the design of policies to address future economic downturns.

"For the first time, policymakers now have access to data on what other countries did during these turbulent times, in order to better understand what works best to create jobs and reduce poverty in the wake of crises," said Tamar Manuelyan Atinc, World Bank Vice President for Human Development. "These findings affirm the Bank’s new Social Protection and Labour Strategy’s focus on promoting resilience, equity, and opportunity for the world’s poorest and most vulnerable people."

"The ILO has joined forces with the World Bank to create a database unprecedented in its scope and size on crisis response measures taken by both developed and developing countries following the framework of the ILO’s Global Jobs Pact," said Jose Manuel Salazar-Xirinachs, International Labour Organization Executive Director for Employment. "Policy makers and researchers worldwide will be able to use this database to analyze policies and draw further lessons which continue to be highly relevant today as the jobs crisis persists."

The report reveals that in most of the 55 low-income and middle-income and 22 high-income countries surveyed, unlike previous crises, there was considerable government intervention to mitigate the impacts of the downturn. Not only did a majority of effected countries use expansionary fiscal and monetary policies to stimulate the economy, they also directly intervened to protect or create employment, preserve skills and facilitate the matching between job-seekers and employers, and protect the incomes of the unemployed and vulnerable groups. In many cases, social dialogue helped guide the policy response. This was critical, for instance, when implementing work-sharing arrangements.

But there are questions about how well prepared countries were to respond to the economic crisis, particularly developing countries. Many countries, for instance, did not have significantsocial security programs that could be scaled up during the crisis. In addition, across the board, the coverage of social insurance programs was low. Policies such as the increase in the level and duration of unemployment benefits, for example, were helpful, but in some cases, might have only benefited formal sector workers. Active labour market programs such as employment services,training, and wage subsidies, were also commonly used, but there are many lessons as to how their design and implementation can be improved. Finally, many countries lacked surveys or administrative data to track the impacts of the crisis on labour markets and workers.

The report recommends that countries focus on: Improving the coordination between macro and sectoral policies, Expanding the coverage of social insurance to all workers, Integrating and strengthening safety nets, Rethinking the design of active labor market programs including those used to stimulate labor demand, Investing in labor market information systems, Promoting social dialogue and Increasing vigilance to avoid violations of rights at work.
(AP)
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=49984

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Fri Apr 20, 2012 2:26pm IST
* Rupee unmoved; market wary of c.bank comments

* Cenbank expects $574 mln inflow within a month

* State bank intervenes in FX market on Friday-dealers (Adds details)


By Shihar Aneez

COLOMBO, April 20 (Reuters) - Sri Lanka's central bank said on Friday that despite heavy depreciation pressure on the rupee , there was no need to intervene in the market as the country would see $574 million of inflows within a month.

On Friday, the currency was trading near its record low of 131.60 per dollar, hit on March 19 due to importer demand and the market has been expecting further depreciation when the central bank stops its dollar supply to meet oil bills from the next month.

"We don't need to intervene as there will be enough inflows. The country will see $574 million inflow within a month," Central Bank Governor Ajith Nivard Cabraal told Reuters from Washington where he is attending IMF/World Bank Spring Meetings.

The central bank was compelled to allow flexibility in the rupee exchange rate after blowing more than $2.6 billion of its reserves to stave off depreciation, resulting in a $1 billion deficit it Sri Lanka's balance-of-payments last year.

The International Monetary Fund withheld a loan tranche of a $2.6 billion loan since September after the central bank failed to allow flexibility despite repeated requests from the global lender. It disbursed the tranche after the central bank's policy change in the exchange rate.

"We have stopped intervening and we have said we will stop intervening in the oil (import) bills as well from the next month. It does not necessarily mean that we won't intervene (ever again). But since there are inflows, I don't think we need to intervene," Cabraal said.

He said a $74 million inflow will be realised for a tourism investment project from India's ITC Ltd conglomerate.

Sri Lanka's state-owned Bank of Ceylon plans to sell a $500 million bond and the tenure is likely to be five years with the inflows from the proceeds expected in May, a source close to the deal told Reuters on Friday.

Three currency dealers on Friday said a state bank intervened to prevent the rupee from falling beyond 130.60, though trade was thin.

The rupee hardly moved despite Cabraal's comments.

"The market does not believe stories now and we need to see real inflows," said a currency dealer on condition of anonymity. "If the inflows come, then of course, the rupee will turn around."

The currency has depreciated 12.2 percent since the central bank stopped defending it on Feb. 9 after repeatedly saying there will not be any depreciation in 2012 after a 3 percent devaluation on Nov. 21., (Reporting by Shihar Aneez; Editing by Jacqueline Wong)

http://in.reuters.com/article/2012/04/20/srilanka-rupee-intervention-idINL3E8FK3EZ20120420?rpc=401&feedType=RSS&feedName=domesticNews&rpc=401

sriranga

sriranga
Co-Admin

"We have stopped intervening and we have said we will stop intervening in the oil (import) bills as well from the next month. It does not necessarily mean that we won't intervene (ever again). But since there are inflows, I don't think we need to intervene," Cabraal said.
Tricky Answer to make us look like idiots.

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Apr 20, Colombo: Sri Lanka government has considered establishing tourist resorts in close proximity to picturesque reservoirs in the island.

Minister of Irrigation and Water Resources Management deleted Siripala de Silva has said that already 75 such reservoirs have been selected for setting up resorts.

Sri Lanka already operates sea plane services to some of the scenic water reservoirs in the country.

Irrigation Department owns large lands around these reservoirs and there is a problem of encroachment as well.

The Minister has said that the private sector participation would also be sought for the establishment of resorts.

Measures have been taken to get the cabinet and parliamentary approval for the development project, the Minister has added.
http://www.colombopage.com/archive_12/Apr20_1334904878CH.php

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