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BOI issues Letter of ... Page 3 www.island.lk Thursday 05th June, 2008 Bourse dips sharply JVP reiterates its opposition but turnover drummed up by JKH, Greig & Pan Asia to CEPA with India The Colombo bourse ing the offer period. dipped sharply yesterday on Much of yesterday’s by Saman Indrajith sector between and promised allocations for the Sri tutions or privatizing them. a turnover of Rs.201.3 mil- turnover came from JKH the two coun- Lankan goods were not allowed. The market access offered by lion, up from Rs.187.9 mil- where 0.4 million shares The JVP yesterday registered its tries are at an Examples are Pepper, vanaspathi, the CEPA is above the commit- lion the previous day, with were done between Rs.114.25 opposition to the proposed advanced stage, copper products, desiccated coconut ments stipulated in the General the All Share Price Index and Rs.114.75 losing 50 cents Comprehensive Economic and it is expect- etc. Now India pushes us to a CEPA Agreement on Trade in Services losing 28.74 points (1.14%) to close at Rs.114.50 generat- Partnership Agreement (CEPA) ed by the Indian promising enhanced access. We do (GATS) under the WTO, he said. and the Milanka dropping ing Rs.46.5 million turnover. between India and Sri Lanka. side that it may not think the Government is absurd “We have information that 53.79 points (1.77%). Environmental Resources “This agreement would achieve be concluded by enough to fall into a worse trap more than 10 rounds of talks in “The market was weak (Walker & Greig) on which nothing for us Sri Lankans but only the end of this twice,” he said. this regard had been held. Former with stock like JKH, SLT there is a lot of retail play create a market place for Indian month. If this India is lobbying to upgrade the Minister Jeyaraj Fernandopulle and Dialog slipping,” a bro- saw over 0.8 million shares entrepreneurs. We know that talks happens, the FTA to a CEPA covering services too opposed the signing of this ker said. These declines, done between Rs.35.25 and are on to hurry up finalizing the Free Trade and investments. If Sri Lanka opens agreement and pledged in a parlia- though slight, dragged down Rs.37.75 gaining a rupee to agreement and a background to Agreement up its services sector for the Indian mentary advisory committee that the indices. close at Rs.35.75. facilitate Indian businessmen is Wasantha (FTA) that businessmen then the local busi- Sri Lanka should never enter into SSP Corporate Services, ``There was a lot of retail takeing shape. Samarasinghe became opera- nessmen would lose their enterpris- the CEPA proposed by the acting for Global activity in this stock,’’ a bro- Already 1000 acres of land in tional in March 2000 will be upgrad- es. Thereafter, local professionals Indians,” MP Samarasinghe said. Telecommunications ker said. Trincomalee district had been allo- ed to a CEPA and may be signed by will lose their market to Indian pro- MP Samarasinghe said that he Holdings which bought out Pan Asia Banking cated to build two power plants to August this year. fessionals like doctors, lawyers or had already demanded of NTT from Sri Lanka Corporation, where an serve Indians. Entering into this Provision in the proposed agree- architects. If an Indian firm opens a Minister of Export Development Telecom, in a Stock investor is believed accumu- agreement will allow India to gobble ment would open up the Sri Lankan branch in Sri Lanka, Indian profes- and International Trade Prof G.L. Exchange filing said that it lating the stock, saw 1.7 mil- up our economy in a few years,” services sector for Indian profession- sionals could join it. Peiris, who represented Sri Lanka had acquired approximately lion shares done between JVP MP Wasantha Samarasinghe als. Indian professionals could capi- in the talks in connection with the 45% of SLT at the close of Rs.11.75 and Rs.12.25 gaining told The Island Financial Review This agreement on enhanced talize on the contemporary need in CEPA with Indian representatives, its mandatory offer on June 50 cents to close at Rs.13. yesterday. market access for service sectors the Sri Lankan service market, he to forward all the details and a 2. Elephant Lite too saw The CEPA is nothing but a trap between India and Sri Lanka has said adding that local service market complete report on current situa- The total number of offer activity with nearly a mil- and the JVP demands that the been brought up by India. “We have has many opportunities since a tion of the discussions to the JVP. shares accepted was approxi- lion shares done between Government does not fall for it, oth- serious reservations against the way strong majority of Lankan popula- “This issue in all its implica- mately 82.3 million (4.56%). Rs.9.25 and Rs.10 gaining 25 erwise the country would become an the India capitalized on the FTA. It tion (41.2%) earns less than two US tions must be fully discussed at all Prior to the commencement cents to close at Rs.9.25. economic colony of India, he said. had served the interests of Indian dollars a day.The Lankan govern- social levels, otherwise blindly of the offer, GTH had 35.19% C.W. Mackie & Company Talks between Sri Lankan and businessmen. ment too has gradually shifted from entering into an agreement with of the company and a fur- announced a first and final Indian officials for an agreement on Our businessmen could not even providing services to the masses India would create numerous criti- ther 5.22% was acquired dur- dividend of 75 cents a share. enhanced market access for services enter the Indian market. “Planned through either shutting down insti- cal consequences,” he said. Fitch Affirms CCC urges Media Minister’s Commercial Leasing’s Food for people highest priority intervention to protect journalists Rating; removes from not gas guzzling vehicles - President The Ceylon Chamber of nel. Threats and violence Rating Watch Evolving Commerce (CCC) has called directed at journalists,includ- Fitch Ratings Lanka has today affirmed President Mahinda Rajapaksa political in nature.” on the Minister of Mass ing abductions and Commercial Leasing Company PLC’s (CLC) ‘A- yesterday said land that could be “We opened our doors so wide to “The International economic Media and Information to murder,unfortunately feature (lka)’ (A minus(lka)) National Long-term rating used for food production shouldn’t the global market forces, that while pressures of that time coupled intervene and bring an early with increasing regularity in and simultaneously removed it from Rating be used for bio-fuel whatever the we reaped several of the benefits of with some domestic political com- end to the brutual attacks on the news. Watch Evolving on which it was placed on 16 commercial attraction may be. globalization, we failed to protect pulsions made us as a country, journalists,so that the gov- The recent abduction and May 2008. The Outlook is Stable. Addressing the UN Food Summit several of our national interests, - in shift our focus of development and ernments stated commit- despicable assault of a particular,those relating to our food in Rome, the President said that concern, away from the rural ment to press freedom can respected Editor of a recog- CLC’s rating and the resolution of the RWE security - from the negative impact reflects improvements to the asset quality in its food for the people should have the of the global market.The earlier economy and rural society, away continue in word as well as nized newspaper,is yet anoth- lease-and-hire-purchase portfolio (in contrast to highest priority, and not the run- development goal of self reliance in form agriculture and food produc- in deed. er example of this growing the deteriorating trend witnessed during the ning of gas-guzzling vehicles. food which we had almost reached, tion to manufacture, commerce While condemning the threat. agency’s last review), its good profitability, sound He urged the international and in some years even exceeded, and services; away from a concern crude attempts at violating Assurances of the con- capitalisation, and its good brand franchise within community to set up a global Food was severely weakened as my for the dignity and well being of press freedom,the CCC duct of investigations by the local non-bank financial institutions (NBFI). Crisis Fund that would have con- country gradually opened even the those who produce the food for our implored that democratic itself will not win back confi- CLC’s rating also derives comfort from the tributions from all countries and production and supply of our food people to a concern for those who principles relating to respon- dence unless such investiga- implied support deemed to be available from its from large business organizations, requirements to the free play of came to the cities and towns to be sible coverage by the media tions lead to the apprehension main shareholder Lanka Orix Leasing Company financial institutions, arms manu- global and domestic market forces.” engaged in non-farm employ- are respected.It also urged of culprits. PLC (LOLC, ‘A(lka)’/Stable). The resolution of the facturers and philanthropists. ment.” the law enforcement agen- Alternatively, at worst, it RWE also factors in a possible further increase to In addition to such a fund, “We opened our doors so wide cies, and the IGP, in particu- will be seen as a ploy or a LOLC’s shareholding in CLC, post the mandatory there should be Regional Food developing countries, is affected to global market forces, that while lar,to expeditiously act on facade to deflect the shock offer which is expected to be completed within Security Funds drawing the finan- by all of these factors - namely - we reaped several of the benefits complaints made on such and horror of the initial the next two months.

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