16/10/2014 Dhammika via Hayleys effects another takeover with Alufab buy Business leader and ace acquirer Dhammika Perera yesterday effected another takeover via Hayleys Plc, buying 61% stake in Alufab Plc for Rs. 168 million. The diversified blue chip with interest in aluminium manufacturing paid above market Rs. 23 per share for the stake amounting to 7.318 million. Alufab closed the day at Rs. 23.70, up by Rs. 4.70 or 25% topping the gained list with 9.78 million shares traded. Swedish-based shareholders Chairman Johan Claesson and Director Victor Press were the main sellers in the deal structured by Adl Cpaital Ltd.-.Daily Ft US-SL trade talks conclude in Colombo Talks under the Sri Lanka and US Trade and Investment Framework Agreement (TIFA) concluded yesterday in Colombo, reiterating the commitment to foster greater bilateral economic engagement. “The US-Sri Lanka Trade and Investment Framework Agreement (TIFA) is the premier dialogue for managing bilateral trade and investment relationship between both countries. This relationship amounts to $ 3 b” said Michael Delaney, the visiting Assistant United States Trade Representative for Central and South Asia yesterday in Colombo.- Daily Ft Get balance over Bill, biz tells Govt. The country’s premier private sector group Ceylon Chamber of Commerce yesterday called on the Government to ensure “balanced and appropriate amendments” to the proposed Land bill in the national interest. In a statement, the Chamber said it appreciates the fact that land is an extremely scarce resource, especially in a small island such as Sri Lanka and it needs to be prudently and productively utilised for the overall wellbeing and benefit of the nation.- Daily Ft Rajitha says will comply with EU to resolve the fish export ban Following the European Commission decision to impose a ban on Sri Lanka’s fish exports to the European Union bloc, Sri Lanka said the country would comply with the international standards of fishing. The Minister of Fisheries and Aquatic Resources Rajitha Senaratne said that he would take steps to settle the issues with the European Union. The European Commission Tuesday proposed to ban imports of fisheries products from Sri Lanka, the second biggest exporter to the bloc, due to Sri Lanka’s failure to demonstrate that it sufficiently addressed illegal, unreported and unregulated (IUU) fishing. -Daily Ft EXIM Bank Malaysia impressed by Sri Lanka’s economic performance and Vision 2020 Following positive discussions with local authorities, EXIM Bank Malaysia President Adissadikin Bin Ali and Head of Banking Nor Shahmir Bin Nor Shahid ended an official visit to Sri Lanka with a press conference yesterday. Joined by High Commissioner of Malaysia in Sri Lanka Azmi Zainuddin, the EXIM Bank representatives announced the bank’s expansion plans in Sri Lanka observing several conducive market factors. The representatives noted that Sri Lanka’s above average economic growth of 7%, together with prudent policy efforts at all levels in recent years, has placed its economy on much firmer ground. It has found world attention with a growth story that remains an inspiration to the South East Asian trading block. – Daily Ft Asian Stocks Head to Six-Month Low; Bonds Rise, Oil Drops Asian stocks slid toward a six-month low and average bond yields for the biggest developed economies fell to a record on concerns that global growth is at risk. Crude oil extended declines as South Korea’s won led emerging-market currencies higher. The MSCI Asia Pacific Index sank 1.1 percent by 10:47 a.m. in Tokyo, as every major Asian benchmark gauge retreated. Japan’s Topix index dropped 1.9 percent. Standard & Poor’s 500 Index futuresadded 0.2 percent after the U.S. gauge fell to a six-month low. - Bloomberg Citigroup Sees $1.1 Trillion Stimulus From Oil Plunge The lowest oil price in four years will provide stimulus of as much as $1.1 trillion to global economies by lowering the cost of fuels and other commodities, according to Citigroup Inc. Brent, the world’s most active crude contract, closed at $83.78 a barrel in London yesterday. That’s more than 20 percent below its average for the past three years, amounting to savings of about $1.8 billion a day based on current output, Citigroup estimates. Savings will climb to $1.1 trillion annually as the slide cuts costs of other commodities, leaving consumers and companies with extra cash to spend and bolstering growth, according to Ed Morse, the bank’s head of global commodities research in New York.-Bloomberg Sign up for LOLC Securities Research to see more lolcsecurities/research-2/
Posted on: Thu, 16 Oct 2014 05:18:21 +0000
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