Amal’s Daily News Update

Frontier has a a curated email news product, which helps a reader ‘fly through’ all key local news. It started off as an internal daily news update within Frontier, known as ‘Amal’s Daily News Update’ , as early version of which is displayed here. This covered only a few main sources and was very much less comprehensive than what we have now.
cid:image002.png@01CF47F7.146B8A40
Customized News Summary                                                                                              9-May-14
 
Essential – A category
 
Politics
 
Provincial council elections are important: TNS Lanka countrywide poll in LMD
The May issue of LMD reports on a nationwide survey carried out by TNS Lanka on the public’s perceptions of local elections, with the recently-concluded provincial council elections under the microscope.
“In the latest LMD-TNS Lanka survey, nearly seven out of 10 respondents confirm a belief that local provincial council elections are very important, with only 20% failing to accept this premise while another 11% are simply ‘unsure’ as to whether it is a worthwhile endeavour,” the pioneering business magazine reports.
http://www.ft.lk/wp-content/uploads/2014/05/BUP_DFT_DFT-1_02-LRG.jpg


Required (Y/ N)?                                               Ranking? (A/B)

 
Economics
 
WB supports urban services improvement with $ 147 m support
The World Bank said yesterday it approved a credit of $147 million to help rehabilitate basic urban services and improve liveability in two major cities beyond Colombo – Kandy and Galle city regions.
The project seeks to produce a more spatially balanced distribution of economic opportunities, while at the same time reducing congestion in the capital and improving overall liveability.
These improvements will enhance liveability for local residents and reduce congestion for commuters employed in the city. The project will also reduce flooding in Galle and create more public spaces to improve the quality of life for residents.

Required (Y/ N)?                                               Ranking? (A/B)

India’s Adfactors PR expands to Sri Lanka
Adfactors PR, an India based public relations firm that has a strong focus in financial and corporate communications has set up an office in Sri Lanka.
“As a multi-speciality firm with expertise in sectors such as banking and financial services, infrastructure, transportation, energy and natural resources, we will be able to provide expert counsel to Sri Lankan, Indian and multinational businesses operating in this beautiful island nation.”

Required (Y/ N)?                                               Ranking? (A/B)

Stocks
 
Bourse rise to near 11-month closing high
Stocks rose on Thursday to a near 11-month closing high as foreign inflows and a lower interest rate regime helped boost sentiment, but the lack of credit growth has raised concerns over earnings of listed companies, stockbrokers said.
“We see retail investors coming into the market due to the current lower interest rates and activating their inactive accounts,” a stockbroker said on condition of anonymity.
“But lower credit growth has raised questions over growth and earnings. Still the consumer spending is low and that is why we don’t see companies borrowing and expanding.”
Some traders are speculating about another reduction in the Central Bank’s key interest rates if credit growth remains sluggish.

Required (Y/ N)?                                               Ranking? (A/B)

 
Esssential for Anlaysts
 
CPC in JV with Malaysian firm for Rs. 1 b lubricant plant
Ceylon Petroleum Corporation (CPC) is to form a joint venture with Malaysia’s Hyrax Oil to set up a lubricant blending plant with an investment of $ 9 million.
The venture will cater to the growing local market as well as to the export market. A proposal to this effect submitted by Petroleum Industries Minister Anura Priyadharshana Yapa was approved by Cabinet this week.

Required (Y/ N)?                                               Ranking? (A/B)

 
Dipped Products Group remains resilient in face of difficult year
The Hayleys Group subsidiary, Dipped Products, has recorded a consolidated turnover of Rs. 23 b in the financial year ending 31 March 2014.
In a statement the Company said despite numerous challenges encountered during the year – including the forced closure of the latex glove manufacturing factory at Rathupaswala, since 30 July 2013 – DPL sustained its revenue base with a marginal 2.4% decline in turnover.
Group Profit Before Tax (PBT) for the reporting period declined by 29% to Rs. 1.5 b, in comparison with Rs. 2.2 b in the previous financial year. Contribution to PBT from the Hand Protection sector was Rs. 910 m, compared to Rs. 1.3 b in 2012/13, thus recording a decline of 32%.
The reduction is directly attributable to the losses in production at Rathupaswala manufacturing facility. Contribution from Plantations to PBT witnessed a reduction of 20%, declining from Rs. 928 m in the previous financial year to Rs. 747 m during the reporting period, due largely to the combined effects of adverse weather and wage increase.
Group Profit After Tax (PAT) declined by 35% to Rs. 1.2 b down from Rs.1.8 b in the previous financial year.

Required (Y/ N)?                                               Ranking? (A/B)

 
SLT floats property management subsidiary to realise full value
SLT floated this new subsidiary to focus on property management in order to streamline and maximise the utilisation of the group’s extensive property portfolio scattered island wide, including in all the main cities in Sri Lanka.
The main focus of SLT PML is to develop SLT’s own properties through joint ventures and partnerships. The company will also look at opportunities available to lease/hire its facilities/venues to different parties for different purposes such as trainings, seminars, workshops, recreational purposes as well as for other business activities. The company website www.sltproperty.lk enables all interested parties easy access to view its wide range of services.
Given the growing demand for property in Sri Lanka, it was strongly felt that such unutilised or under-utilised lands could ideally be channelled towards more lucrative avenues that would not only enhance the value of the property, but also have a positive impact on the SLT Group’s bottom line.

Required (Y/ N)?                                               Ranking? (A/B)

 
Talawakelle Plantations, Sri Lanka March net down 60-pct
Profits at Sri Lanka’s Talawakelle Plantations Plc, fell 60 percent to 34 million rupees in the March 2014 quarter from a year earlier as margins on tea estates declined and hydro power revenues fell, interim accounts showed.
Revenues rose 2 percent to 1.0 billion rupees in the March quarter from a year earlier and cost of sales rose at a faster 11 percent to 899 million rupees sending gross profits plunging 40 percent to 105 million rupees.

Required (Y/ N)?                                               Ranking? (A/B)

 
Useful – B category
 
Politics
 
‘Terrorism took away all the rights of young people; we are restoring all of them’: President tweets
“Terrorism took away all the rights of young people. We are restoring all of them,” stated President Mahinda Rajapaksa participating in a Twitter Q & A session yesterday.
Commenting on steps taken by the Government to get youth involved in the decision making process, he tweeted: “Youth Parliament is one. When I make the country’s budget, I consult youth and women. My Government has a large number of young MPs. Also, there are many in other elected political bodies.”

Required (Y/ N)?                                               Ranking? (A/B)

 
Economics
 
Secondary bond market activity moderates as liquidity dries up
The surplus liquidity in money markets on an overnight basis remained low at Rs. 4.87 billion yesterday from its one month low of Rs. 2.24 billion recorded on Wednesday while the total amount was deposited at CBSL’s Standing Deposit Facility Rate (SDFR) of 6.50% as the Open Market Operations (OMO) department of Central Bank continued to refrain from conducting any OMO auctions for a third consecutive day. This led to overnight call money and repo rates increasing further to average at 6.95% and 6.61% respectively.

Required (Y/ N)?                                               Ranking? (A/B)

Social
 
Sri Lanka Vs. Ireland 2nd ODI – results
cid:image003.png@01CF6B54.4FA51EC0
 

Required (Y/ N)?                                               Ranking? (A/B)

 
Mothers day activities & deals
 
 

Required (Y/ N)?                                               Ranking? (A/B)

 
Findmyfare and American Express partners to reward Cardmembers with super savings
 
Enjoy a holiday in your favourite resort without hesitation or check into the best business hotel in the world, American Express and findmyfare have partnered to offer a fantastic promotion to American Express Cardmembers from 01st to 30th May 2014.
This latest promotion offers a 20% savings on all your international hotel reservations made on findmyfare .com using your American Express Card. The offer is valid for all international accommodation options available on the website.

Required (Y/ N)?                                               Ranking? (A/B)

 

Got something to say? Go for it!