November 18, 2014 Morning News Roundup Bourse draws highest-ever foreign inflows In a year that has proved to be record-breaking, the Colombo Stock Exchange has reached yet another milestone in 2014 by recording its highest-ever inflow of foreign investment into the equity secondary market. Foreign purchases in 2014 as at 14 November was Rs. 95,083.8 million, surpassing the previous highest foreign purchases of Rs. 92,425.5 million recorded in 2010. The CSE in association with the Securities and Exchange Commission (SEC) initiated a strategy to attract foreign investors to the market over the past two years. -Daily Ft Packer faces a new set of hurdles in SL James Packer’s Crown group faces a new set of hurdles in his quest to open a $US400 ($457) million casino in Sri Lanka after threats by the country’s president that new gaming levies will be imposed should he win the upcoming January elections, the Age news agency reported. Sri Lankan President, Mahinda Rajapaksa announced new funding measures in his latest budget. This includes a $100 entrance fee and a 10 per cent gaming levy on three proposed casino resorts, including one venture that includes Mr Packer’s Crown Ltd.- Ada Derana Telco investments would be high in 2015 Fitch Ratings in a new report said Sri Lankan telcos would see high investment requirements in 2015 as they seek to expand networks and acquire additional spectrum. Revenue growth is likely to remain low with consolidation on the cards. Most South and South-East Asian telcos will face a generally challenging environment in 2015, although our sector outlooks will remain broadly stable. Free cash flow (FCF) will be minimal or negative due to high capex; profit margins will decline on competition; and revenue growth will be limited to low-to-mid single digit percentages as fast-growing data services offset declines in traditional voice and SMS revenues, Fitch said.- Ceylon Today Bourse at more than 43-month high Stocks rose for a fifth straight session on Monday to 43-month highs, led by beverage and telecom shares a day ahead of the Central Bank’s monetary policy announcement, when it is expected to hold rates. Continued foreign buying, low interest rates and hopes for better earnings from companies helped boost investor sentiment. Sri Lanka’s main stock index rose 0.31%, or 22.91 points, to 7,524.00, its highest closing level since 18 April 2011.-Daily Ft Auditor General’s special disclosure on EPF investments in CSE The Employees Provident Fund (EPF) has released its 2012 annual report where the Auditor General has made a special disclosure of the Fund’s investments and their income. Auditor General H.A.S. Samaraweera’s annexure to this report states by 16 December 2013 the EPF had incurred a loss of Rs. 14.4 billion from its investments of Rs. 50.7 billion in 64 companies listed at the Colombo Stock Exchange. Meanwhile, up to the same date the investments of Rs. 17.8 billion in 22 listed companies have increased by around Rs. 04 billion.- Ada Derana Asian Stocks Rise as Abe Poised to Add Stimulus, Call Election Asian stocks rose as investors await a decision by Japanese Prime Minister Shinzo Abe to put off a sales-tax increase, add stimulus and call an election, after data yesterday showed the economy entered recession. The MSCI Asia Pacific Index (MXAP) gained 0.4 percent to 140.29 as of 9:00 a.m. in Tokyo, after slumping by the most in more than a month yesterday. Abe’s administration will announce the plans for the levy and polls today, according to the Yomiuri newspaper.-Bloomberg Japan Seeks to Strengthen 2015 Growth After Recession Hit With Japan’s slump into its fourth recession since 2008 threatening the failure of the Abenomics reflation program, Prime Minister Shinzo Abe’s administration is taking steps to shore up growth for the coming year. Economy Minister Akira Amari told reporters yesterday in Tokyo there’s a high chance of a stimulus package. Etsuro Honda, an adviser to Abe, said a 3 trillion yen ($26 billion) program was appropriate and should go toward measures that directly help households, such as child care support.-Bloomberg
Posted on: Tue, 18 Nov 2014 02:43:52 +0000
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