Corporate

Ceylinco Maldives announces 70% interim dividend

The Maldives subsidiary of Ceylinco Insurance PLC recently announced an interim dividend of 70% for its share holders for the year 2009, seen as a tremendous achievement at a time of global recession. Commenting on the results, Ajith Gunawardena, Deputy Chairman of Ceylinco Insurance Co (Pvt) Ltd said that he was extremely pleased with the success. Against a backdrop of worldwide recession that has seen companies struggle for survival, the outstanding results announced by Maldives Ceylinco Insurance Co reflects the company’s significant performance and commitment to customer satisfaction,’ he said.

Gunawardena, further stated that the majority shares of the Maldives subsidiary is owned by Ceylinco Insurance PLC; since inception, the company has been performing well with exceptional achievements on record. The company commenced operations when Ceylinco Insurance Co (Pvt) Ltd was granted registration by the Maldivian Trade Ministry to operate as an established company in the Republic of Maldives. With its Addu (Hitadaoo) branch, it became the first insurer in the Maldives to open a branch office. Today, it maintains one of the best run insurance companies in the islands. Ceylinco Insurance PLC has been able to sustain a high level of achievement here at home in Sri Lanka as well, even during the economic downturn. `We see this achievement as a crowning moment for the entire insurance industry in Sri Lanka for it is as a Sri Lankan company that we were able to record such results’ Gunawardena said in conclusion.

Ganegoda appointed to Hayleys Board

Hayleys PLC has appointed Sarath Ganegoda to its Board as an Executive Director with effect from 24th September 2009.

A Fellow of the Institute of Chartered Accountants of Sri Lanka (ICASL) and a Member of the Institute of Certified Management Accountants of Australia, Mr. Ganegoda will function as Finance Director of the Group, the blue chip said.

Ganegoda, who holds an MBA from the Postgraduate Institute of Management of the University of Sri Jayawardenepura worked for Hayleys Group between 1987 and 2002 , Hayleys PLC and Diesel & Motor Engineering PLC (DIMO), in the position of Executive Director of the latter.

He subsequently held several senior management positions in private sector entities in Sri Lanka and overseas before rejoining Hayleys in March 2007 as the Head of the Group’s Strategic Business Development Unit. A multinational conglomerate whose Sri Lankan origins date back to 1878, Hayleys PLC has been thrice adjudged the country’s best corporate citizen. Rated a Business-to-Business (B2B) Superbrand among Sri Lanka’s diversified conglomerates, the Group employs more than 35,000 people, and accounts for 2.6 per cent of Sri Lanka’s export income.

Emerging markets set to lead global economic recovery

HSBC, the world’s leading international emerging markets bank, today launched the largest survey of emerging markets economic data - the HSBC Emerging Markets Index (EMI) - which suggests emerging markets are likely to lead the global economic recovery.

Compiled with data from over 5,000 purchasing managers from companies in 13 countries, the HSBC EMI is a powerful indicator of the economic and business health of the world’s emerging and fast growing markets. This new index shows that emerging markets output in Q3 recorded a robust rise and that forward indicators point to further improvement in Q4.

Stephen Green, Group Chairman of HSBC Holdings plc, said: As the world’s economic centre of gravity shifts from West to East, the economic strength of emerging markets will play an increasingly central role in the development of financial markets and international relations.

The HSBC Emerging Markets Index provides a unique snapshot of the economic heartbeat of emerging markets. HSBC, which serves over 100 million customers in 86 countries and territories, was founded in Hong Kong and Shanghai in 1865.

It is the world’s largest international emerging markets bank.

It is the leading international bank in China, the largest international bank in Asia and the Middle East and has more than 4,000 offices across Latin America. Michael Geoghegan, Group Chief Executive of HSBC Holdings plc, said: ‘It makes perfect sense for HSBC to create this powerful economic indicator.

As I travel through Asia, Latin America and the Middle East this month, it is clear to me that these economies have real dynamism and momentum today compared to some misfiring economies in the West.

The first ever HSBC Emerging Markets Index shows that emerging markets continue to power the growth in the global economy. The HSBC EMI surged from 50.7 in Q2 to 55.3 in Q3, signalling the strongest quarterly increase in emerging market manufacturing and service output since Q2 of last year.

The index has rebounded sharply from an all-time low of 43.8 recorded in the final quarter of last year and 44.3 in Q1. Any reading below 50 indicates a contraction of output during the quarter while readings above 50 signal expansion.

Stephen King, HSBC’s Chief Economist, said: “Although the US remains the most important trading partner for many emerging nations, its relative importance is declining. We now expect emerging nations to see economic growth of 6.0% next year while the developed world will expand by only 1.8%.” Peter Wong, Executive Director for Hong Kong and Mainland China, The Hongkong and Shanghai Banking Corporation Limited, said: Mainland China, closely followed by India, saw the fastest growth in new orders in manufacturing and services in Q3.

Both economies also led service sector expansion and are confident about demand in Q4.

These are clear signs that emerging Asia is recovering and is set to drive world economic activity in the years ahead.

The HSBC EMI is calculated using the long-established and highly credible PMI data produced by global financial information services company Markit. HSBC recently announced a partnership with Markit.