ART TV News | State of Business | 17.08.2021

ART TV News | State of Business | 17.08.2021

[Music] over good evening annabelle welcome to the business on art television i’m michelin ali and let’s have a look at the headlines first 13 articles of finance bills should be amended supreme court decides other than the sugar and ethanol we also produce fertilizer sugar corporation saves news in detail the verdict by the supreme court over the controversial finance amendment bill was informed the parliament by speaker mahinda yapabe-vardhana this morning accordingly supreme court has ruled that 13 articles of the controversial finance amendment bill recently submitted by the minister of financed parliament are unconstitutional according to the supreme court verdict 13 articles of the finance amendment bill are need to be amended if the government plans it to be made along with a simple majority the speaker said that the decision of the supreme court states that article 17 should be removed entirely and amendments should be made to other articles a position mps alleged that those convicted under the money laundering act will gain legitimacy from the controversial bill former jvpnp sunil hadunetti and several other have filed the petitions before the supreme court seeking an order that the finance amendment bill introduced by finance minister basil rajpaksha is unconstitutional the petition sought an order requiring the bill to be passed by a two-thirds majority and a referendum to become law schools foreign foreign foreign plantation minister dr ramesh paterna said that plantation sector has earned an income of 3 billion u.s dollars last year and it will be increased by 7 percent by end of this year minister dr patrina made these observations addressing a function to lay the foundation’s tone to a carbonic fertilizer factory within the premises of sugar corporation seven aguila yesterday foreign industrial units of the sri lanka sugar corporation will produce at least 10 percent of the country’s fertilizer requirement state minister vakumra gave this assurance joining in the foundation laying ceremony attended by sugar corporation chairman janaka nivalachandra and its ceo gaminy rasputra langkawi senior foreign foreign [Music] [Music] foreign [Music] stay tuned for mornings right after this commercial break [Music] foreign [Music] 10 to 10 sponsored by [Music] foreign [Music] foreign [Music] welcome back after the break the country’s manufacturing and services sector expanded in july according to the purchasing managers index compiled by the central bank central bank reported explaining that it was mainly attributable to the increases observed in new orders production employment and stock of purchases sub-indices manufacturing pmi increased for the july 2021 recording an index value of 57.8 with an increase of 7.4 index points compared to june 2021. the significant increases in new orders production employment and stock of purchases sub-indices particularly in the manufacture of textile and varying april and food and beverage sectors have mainly contributed to the considerable improvement in the pmi some respondents in those sectors highlighted that they received high export orders especially from the europe with the gradual normalization of economic activities and they resumed new recruitments with the expectation of future demand and following the progress of the koi 19 vaccination program meanwhile the stock of purchases sub index increased in line with expansion in new orders and production while the supply’s delivery time continued to lengthen in july 2021. many respondents stressed that delays in the opening of letters of credit and delays in settlement of foreign payments affect adversely the supply chain of importing raw materials this has caused disturbances for their production schedules the manufacturers caution that the uncertainty over the rapid spread of kovid 19 virus would hamper the manufacturing activities in the country accordingly overall expectations for manufacturing activities the next three months deteriorated significantly compared to the previous month yet remained above the neutral threshold the global manufacturer pmi recorded a value of 55.4 in july 2021 with a decrease of 0.1 index points from 2021. manufacturing pmis of usa and india increased at a higher rate while those of europe uk and china increased at a slower rate meanwhile russia indicated a further deterioration in manufacturing pmi in july 2021. signaling further expansion of services activities services pmi increased further to an index value of 55.7 in july 2021. this increase was driven by the increases in new businesses business activity backlogs of work and expectations for activity new businesses increased in july 2021 compared to june 2021 with the improvements observed in financial services insurance transportation telecommunication and real estate sub-sectors business activities across most of the sub-sectors increased in july in line with the relaxation of the travel restrictions accordingly financial services subsector reported a huge improvement during the month transportation sub-sector also saw a considerable progress with growth observed in passenger transportation and freight volumes further human health insurance and telecommunications sub-sectors also improved during the month meanwhile wholesale and retail trade and other personal activities sub-sectors also reported positive developments owing to a commencement of business operations and recovery in demand following the gradual normalization of economic activities employment continued to fall at a slower pace as retirements and resignations exceeded the number of recruitments carried out during the month expectations for business activities for the next three months continue to increase in july with the gradual normalization of economic activities however expectations of some respondents were rather pessimistic as per the fast spread of the third wave of covet 19 import restrictions delays in opening of letters of credit and increase of input costs global services pmi posted 56.3 in july 2021 down from 57.5 in june 2021 though signaling a further expansion of global service activities services pmis of usa china and uk indicated that their services sectors expanded in july 2021 compared to the previous month while that of india and japan indicated a deterioration [Music] trading at columbus stock exchange ended on a positive note today the asha price index gained 197.24 points to close at 8134.52 and sn psl20 gained 56.67 points to close at 3033.98 the turnover was 2.9 billion rupees and over 158 million shares were traded up next are forex rates [Music] and that’s all news for today see you tomorrow at state of business at the usual time until then take care and good night [Music] [Music] a
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ART TV News | State of Business | 17.08.2021

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