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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Losing GSP+: Petty political revenge or Sri Lanka's economy?

Losing GSP+: Petty political revenge or Sri Lanka's economy?

+8
Galeon
samaritan
J-CAT
dayandacool
ColomboCSE
MoneyLover
Wickyz
ADVENTUS
12 posters

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ADVENTUS


Moderator
Moderator

Gotabhaya's actions will likely result in A GREAT disaster. 

https://www.ft.lk/news/EU-Parliament-Resolution-throws-down-the-gauntlet-on-GSP/56-719095#.YMLvqmxSEQA.twitter

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Wickyz


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

GSP +
Gsp +

මම තමයි හොදටම කරේ

මීට
නන්දසේන ගෝටබය

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ADVENTUS


Moderator
Moderator

Wickyz wrote:GSP +
Gsp  +

මම තමයි හොදටම කරේ

මීට
නන්දසේන  ගෝටබය
ජනාධිපති මේ අවුරුද්දේ වත් ඉල්ලා අස්නොවුනහොත් මේ රට වලපල්ලට යනවා.

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MoneyLover

MoneyLover
Manager - Equity Analytics
Manager - Equity Analytics

ADVENTUS wrote:
https://www.ft.lk/news/EU-Parliament-Resolution-throws-down-the-gauntlet-on-GSP/56-719095#.YMLvqmxSEQA.twitter

I think it's time to discuss the implication (not whos fault) of this to CSE/Listed companies, objectively.

glad likes this post

ColomboCSE


Manager - Equity Analytics
Manager - Equity Analytics

TJ ටිකක් තිබුන විකුණලා දැම්ම නිව්ස් එකක් දැක්ක ගමන්.

ColomboCSE


Manager - Equity Analytics
Manager - Equity Analytics

ගිය පාර GSP+ නැති උනාම ගොඩක් export කොම්පැනි වලට කෙල උනා. මේ පාර මම හිතන්නේ නැ ගියපාර තරම් කොම්පැනි  වලට බලපානවා. මොකද GSP+ මතම යැපෙන කොම්පැනි දැන් නැ නේද? මොකද කට්ටිය ගේ අදහස්.

ADVENTUS dislikes this post

dayandacool

dayandacool
Moderator
Moderator

ColomboCSE wrote:ගිය පාර GSP+ නැති උනාම ගොඩක් export කොම්පැනි වලට කෙල උනා. මේ පාර මම හිතන්නේ නැ ගියපාර තරම් කොම්පැනි  වලට බලපානවා. මොකද GSP+ මතම යැපෙන කොම්පැනි දැන් නැ නේද? මොකද කට්ටිය ගේ අදහස්.

Know the facts please. You sound more like Nandasena.

SL's largest trade partners as at 2017 was US + EU

US= 24.47%
EU= 13.94% (mainly UK and Germany)

Total is staggering 38.41%   Shocked Shocked Shocked

https://wits.worldbank.org/CountryProfile/en/Country/LKA/Year/2017/TradeFlow/EXPIMP/Partner/by-country#:~:text=In%202017%2C%20Sri%20Lanka%20major,Arab%20Emirates%2C%20Singapore%20and%20Japan.

samaritan likes this post

J-CAT

J-CAT
Senior Equity Analytic
Senior Equity Analytic

dayandacool wrote:
ColomboCSE wrote:ගිය පාර GSP+ නැති උනාම ගොඩක් export කොම්පැනි වලට කෙල උනා. මේ පාර මම හිතන්නේ නැ ගියපාර තරම් කොම්පැනි  වලට බලපානවා. මොකද GSP+ මතම යැපෙන කොම්පැනි දැන් නැ නේද? මොකද කට්ටිය ගේ අදහස්.

Know the facts please. You sound more like Nandasena.

SL's largest trade partners as at 2017 was US + EU

US= 24.47%
EU= 13.94% (mainly UK and Germany)

Total is staggering 38.41%   Shocked Shocked Shocked

https://wits.worldbank.org/CountryProfile/en/Country/LKA/Year/2017/TradeFlow/EXPIMP/Partner/by-country#:~:text=In%202017%2C%20Sri%20Lanka%20major,Arab%20Emirates%2C%20Singapore%20and%20Japan.
Well said, Sri Lankan companies may not depended on CST+ now, But those countries receiving GST+ concessions have comparatively price advantage over Sri Lankan goods and service in EU countries.

after hearing politicians heroism speeches, without knowing the reality, they think themselves as heroes

samaritan


Moderator
Moderator

Pakistan too faced a similar dilemma a little over a month ago and the facility is under review but no conclusive decision has been arrived as yet.


https://www.geo.tv/latest/348033-eu-parliament-wants-pakistans-gsp-plus-status-reviewed


GSP+ facility is extended to developing countries subject to compliance with 27 human rights conventions and progress is monitored on a periodic basis.
EU's resolution is based on the presumption that there was lack of progress in certain areas of concern in relation to PTA and detention of certain individuals under this act.


In my opinion our rulers diplomacy is now subject to an acid test, but the facility will not be withdrawn abruptly or overnight as what we can see in Pakistan's case especially in the midst of a pandemic.


Let's see how the govt is going to resolve the issue and make the anticipated quantum leap of the nation's economy a reality.

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dayandacool

dayandacool
Moderator
Moderator

samaritan wrote:Pakistan too faced a similar dilemma a little over a month ago and the facility is under review but no conclusive decision has been arrived as yet.


https://www.geo.tv/latest/348033-eu-parliament-wants-pakistans-gsp-plus-status-reviewed


GSP+ facility is extended to developing countries subject to compliance with 27 human rights conventions and progress is monitored on a periodic basis.
EU's resolution is based on the presumption that there was lack of progress in certain areas of concern in relation to PTA and detention of certain individuals under this act.


In my opinion our rulers diplomacy is now subject to an acid test, but the facility will not be withdrawn abruptly or overnight as what we can see in Pakistan's case especially in the midst of a pandemic.


Let's see how the govt is going to resolve the issue and make the anticipated quantum leap of the nation's economy a reality.

Dinesh G as a politician is an experienced and a savvy person. May be the most deserving after honorable late Lakshman K. (I don't say honorable to politicians. but he deserves it) DG needs to be proactive. Otherwise it's a bad blow to the country.

It's a fact that Western countries are acting against us due to many reasons. But that doesn't give our politicians the right to make it a reason to fail internationally on a regular basis. Diplomacy is not everyone's cup of tea.  Shocked It seems clear that it's at least not Rajapaksas cup of tea.!!! Last time they made Sajin V made mockery out of our foreign services. It seems the present lot too doesn't have a proper policy other than a happy go lucky one.

We live in 21st century. Foreign services should have seen this coming miles away. They should instead reacting to such threats, have recognized and been proactive to make sure such legislations against the country doesn't live to see the light of day. Shocked Shocked Shocked

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Wickyz


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

https://youtu.be/Yj8XEP_dxhA

Wickyz likes this post

ColomboCSE


Manager - Equity Analytics
Manager - Equity Analytics

dayandacool wrote:Know the facts please. You sound more like Nandasena.

SL's largest trade partners as at 2017 was US + EU

US= 24.47%
EU= 13.94% (mainly UK and Germany)

Total is staggering 38.41%   Shocked Shocked Shocked

https://wits.worldbank.org/CountryProfile/en/Country/LKA/Year/2017/TradeFlow/EXPIMP/Partner/by-country#:~:text=In%202017%2C%20Sri%20Lanka%20major,Arab%20Emirates%2C%20Singapore%20and%20Japan.

Mr. dayandacool no please don't compare me as Gov. supporter( buiyyo  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f600 ) i`m not like that. Actually I want to know the real impact about this as investor,

We lost this in 2010 and it really damage SL apparel and more.. I don't want to explain more, we all know how many companies closed due to that in 2010. only few companies manage it  

Again SL have this GSP+ in 2017, if we compare 2017 to now 2021, we don't have much companies like 2004 to 2010 really damage this like old days. B'cos the companies now they know how to manage this without GSP+(MAS,Brandix,Hayleys)


2017 to now, we don't have new companies first time face this issue.


But of'cos old companies  will affect this again with their profit, SL will reduced foreign currency.


my point is if we compare 2010 and 2021 we haven't that much damage GSP+.


main damage is, the way Gov. is managing SL.

dayandacool likes this post

ADVENTUS


Moderator
Moderator

ColomboCSE wrote:
dayandacool wrote:Know the facts please. You sound more like Nandasena.

SL's largest trade partners as at 2017 was US + EU

US= 24.47%
EU= 13.94% (mainly UK and Germany)

Total is staggering 38.41%   Shocked Shocked Shocked

https://wits.worldbank.org/CountryProfile/en/Country/LKA/Year/2017/TradeFlow/EXPIMP/Partner/by-country#:~:text=In%202017%2C%20Sri%20Lanka%20major,Arab%20Emirates%2C%20Singapore%20and%20Japan.

Mr. dayandacool no please don't compare me as Gov. supporter( buiyyo  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f600 ) i`m not like that. Actually I want to know the real impact about this as investor,

We lost this in 2010 and it really damage SL apparel and more.. I don't want to explain more, we all know how many companies closed due to that in 2010. only few companies manage it  

Again SL have this GSP+ in 2017, if we compare 2017 to now 2021, we don't have much companies like 2004 to 2010 really damage this like old days. B'cos the companies now they know how to manage this without GSP+(MAS,Brandix,Hayleys)


2017 to now, we don't have new companies first time face this issue.


But of'cos old companies  will affect this again with their profit, SL will reduced foreign currency.


my point is if we compare 2010 and 2021 we haven't that much damage GSP+.


main damage is, the way Gov. is managing SL.

The problem here is that the government thinks CSE  = a countries economy. 

A very sad situation.

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Galeon


Stock Analytic
Stock Analytic

If we look at the apparel industry, GSP + is helping exports to EU countries. Let's not forget our main apparel market is US and UK. UK too is no longer in EU. Hence impact of any removal of GSP + to apparel will be minimal this time. 

Also even the products SL export to EU at the moment need to meet certain criteria in order to qualify for GSP+. It is not that all apparel exports to EU is qualifying for GSP +. One main criteria is that fabric need to be from Sri Lanka or EU.

If we look at the top 5 brands that Sri Lanka exports to (this is abt 80% of the apparel exports out of SL) does not go under GSP +.

madukp


Expert
Expert

This is a somewhat controversial issue, and we don't need to be panic at all. The fact, we don’t have many listed companies that are exposed to EU Markets. Gov main fault is not focusing on building up an independent economy and keep following EU, US markets. No country should have an ethical right to demand over other countries sovereignty, low and independence. EU is been a cheep political junkies always push countries using their authority using their trading power. The main reason behind this is Srilankan favoritism to China, nothing else. Been said that SL should see build up good relationships with all over the world, not limiting to a country or two. Meanwhile, our experts should focus on build up their business without depending 3rd party other factors, like GSP+. HAYL group faced this issue before also when the bans applied during 2010. With the experience of 2010- 2017, Hopefully, the HAYL group may come up with solid backup plans as of now. Similarly, other companies also might have their own recovery plans. Anyway, we can ignore the impact on the listed garments. Garments like TJL may be heavily impacted by this.

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PROPRITER

PROPRITER
Equity Analytic
Equity Analytic

I think this would affect the share price of TJl & MGT mainly.

Wickyz


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

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dayandacool

dayandacool
Moderator
Moderator

We are Sri Lankans first and Investors second. GSP + isn't only about apparel exports. Sectors like Agriculture and Fisheries will have an impact. May be the brunt of losing GSP + will have minimum impact to listed companies, but the repercussions will be felt by the entire country.

J-CAT and ADVENTUS like this post

Wickyz


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f  Losing GSP+: Petty political revenge or Sri Lanka's economy?  1f44f

RajapaksaDON


Senior Equity Analytic
Senior Equity Analytic

Hardly any effect for companies producing goods for the local market. - Tokyo, CIND, RCL,LWL,ACL,APLA-

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics

madukp wrote:This is a somewhat controversial issue, and we don't need to be panic at all. The fact, we don’t have many listed companies that are exposed to EU Markets.  Gov main fault is not focusing on building up an independent economy and keep following EU, US markets. No country should have an ethical right to demand over other countries sovereignty, low and independence. EU is been a cheep political junkies always push countries using their authority using their trading power. The main reason behind this is Srilankan favoritism to China, nothing else. Been said that SL should see build up good relationships with all over the world, not limiting to a country or two. Meanwhile, our experts should focus on build up their business without depending 3rd party other factors, like GSP+. HAYL group faced this issue before also when the bans applied during 2010. With the experience of 2010- 2017, Hopefully, the HAYL group may come up with solid backup plans as of now. Similarly, other companies also might have their own recovery plans. Anyway, we can ignore the impact on the listed garments. Garments like TJL may be heavily impacted by this.

Exactly.100 ,%agreed

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Wickyz


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Court of Appeal grants bail to Shani Abeysekara
Wed, Jun 16, 2021, 10:48 am SL Time, ColomboPage News Desk, Sri Lanka.


June 16, Colombo: The Court of Appeal granted bail to former Director of the Criminal Investigations Department (CID) SSP Shani Abeysekara and Sub Inspector Sugath Mendis of the Embilipitiya Police who were remanded by the Gampaha Magistrate's Court.

The Court of Appeal informed the Gampaha High Court to release SSP Shani Abeysekara and SI Mendis accordingly.

Shani Abeysekara was remanded by the Gampaha Magistrate's Court on a charge of fabricating evidence in a case filed against a group of suspects including former DIG Vass Gunawardena.

He filed a petition in the Gampaha High Court seeking his release on bail. The Gampaha High Court which heard the petition rejected Shani Abeysekara’s request for bail.

Accordingly, Shani Abeysekara filed the revision petition in the Court of Appeal requesting that the decision of the Gampaha High Court be reversed and that he be released on bail.

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Wickyz


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Wickyz wrote:Court of Appeal grants bail to Shani Abeysekara
Wed, Jun 16, 2021, 10:48 am SL Time, ColomboPage News Desk, Sri Lanka.


June 16, Colombo: The Court of Appeal granted bail to former Director of the Criminal Investigations Department (CID) SSP Shani Abeysekara and Sub Inspector Sugath Mendis of the Embilipitiya Police who were remanded by the Gampaha Magistrate's Court.

The Court of Appeal informed the Gampaha High Court to release SSP Shani Abeysekara and SI Mendis accordingly.

Shani Abeysekara was remanded by the Gampaha Magistrate's Court on a charge of fabricating evidence in a case filed against a group of suspects including former DIG Vass Gunawardena.

He filed a petition in the Gampaha High Court seeking his release on bail. The Gampaha High Court which heard the petition rejected Shani Abeysekara’s request for bail.

Accordingly, Shani Abeysekara filed the revision petition in the Court of Appeal requesting that the decision of the Gampaha High Court be reversed and that he be released on bail.





Thanks European Union

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samaritan


Moderator
Moderator

Response to Resolution adopted by European Parliament Government in process of revisiting provisions of PTA


https://www.dailymirror.lk/front_page/Response-to-Resolution-adopted-by-European-Parliament-Government-in-process-of-revisiting-provisions-of-PTA/238-214098

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ADVENTUS


Moderator
Moderator

samaritan wrote:Response to Resolution adopted by European Parliament Government in process of revisiting provisions of PTA


https://www.dailymirror.lk/front_page/Response-to-Resolution-adopted-by-European-Parliament-Government-in-process-of-revisiting-provisions-of-PTA/238-214098

GOVT. has succumbed to the pressure EU:
http://www.colombopage.com/archive_21A/Jun16_1623820680CH.php

Attorney G. hasn't objected, and court of appeal has given Inspector Shani Abeysekara bail. 

The Rajapakse's will continue to fail. Be aware.

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