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A prominent delegation of 30 members of China National Garment Association (CNGA), led by Executive Vice President of XIE QING and Ningbo Garment Association Vice president and Secretary General MAO YIHUA met the Chairman/ CEO, EDB, Executive Director, BOI, and members of JAAF on the 9th of May 2024.  The CNGA is a leading industry association with over 1400 major members and covers most of the original apparel brands in China. The primary objective of this high-level delegation was to bolster existing trade relations and explore fresh avenues of collaboration and invest in the Sri Lankan apparel industry.

During their stay in Sri Lanka, the delegation actively participated in a series of pivotal engagements, including business-to-business (B2B) meetings, insightful factory visits, and constructive dialogues with key governmental institutions. These interactions were strategically designed to enhance mutual understanding, facilitate knowledge sharing, and lay the groundwork for investment opportunities and mutually advantageous partnership.

Central to their visit was a business session held at the EDB premises, during which the delegation had the opportunity to engage directly with 12 leading apparel companies in Sri Lanka. The B2B meetings provided a conducive environment for fostering direct dialogue and exploring potential synergies between the Chinese representatives and their Sri Lankan counterparts.

EDB Chief Dr. Kingsley Bernard warmly welcomed the delegation, underscoring the importance of such exchanges in strengthening bilateral ties and fostering economic growth. Further engagements were held with prominent individuals and institutions in Sri Lanka’s economic sector, highlighting the commitment of both sides to deepen cooperation and explore new avenues of cooperation.

The post Prominent Chinese garment delegation explores business opportunities with Sri Lanka appeared first on Adaderana Biz English | Sri Lanka Business News.

Singapore is the top Asian city for work according to survey

Seeking job opportunities overseas is a common practice around the world, and Singapore is no exception, with three in five Singaporeans willing to move abroad for work — according to a recent report by Boston Consulting Group (BCG), The Network, and The Stepstone Group.

While some Singaporeans dream of working abroad, Singapore appears as a preferred work destination for foreign workers.

The Decoding Global Talent 2024 report revealed that the nation-state is the top Asian city to work in.

Singapore additionally ranks 8th in the list of preferred work destinations globally.

The main factors leading to Singapore’s ranking in the top 10 are job opportunities, quality of life, cost of living, and safety.

Singapore ranks 8th among preferred work destinations since 2020

In a media release seen by MS News, the recent study surveyed 150,000 workforce respondents from over 180 countries.

Its results stated that English-speaking countries such as Australia, the US, Canada, and the UK are the top work destinations where workforce respondents would want to move for work.

Singapore claims the 8th place and has consistently maintained the ranking since 2020.

As for the top 10 cities, Singapore surpasses Tokyo and stays at 7th spot.

Ahead of the nation-state are the following cities: Berlin, New York, Abu Dhabi, Dubai, Amsterdam, and London.

Singapore is, however, ranked as the top Asian city to move to for work.

Participants who chose Singapore cited reasons such as the abundance of job opportunities, quality of life, security, safety, and the cost of living.

Inbound talents hail from neighbouring countries

Many aspiring professionals looking to relocate to Singapore come from neighbouring countries like Malaysia, Thailand, Indonesia, the Philippines, and Hong Kong, said the report.

About 30% of Malaysian respondents prefer Singapore as a prime working destination.

Workers from countries with larger populations such as China and India also desire to work in Singapore even though they are further away.

Professionals interested in working in Singapore mostly prefer roles in Marketing, Media, Digital, Data Science, and AI.

They are also attracted by Business Management, Engineering, and Research and Laboratory work due to broader career opportunities.

Singaporeans are willing to move abroad for job opportunities

On the other hand, 64% of Singapore respondents are open to working overseas, with Australia being the top destination, followed by China and Japan.

Among this group of respondents willing to relocate, young Singaporeans show a high mobility rate of 72%, which is comparable to the Southeast Asia (SEA) average of 70% and the global average of 73%.

Source: Kit Suman on Unsplash

The report further reveals that the majority of Singaporeans interested in working abroad prefer short-term assignments because they aim to return home after accomplishing their goals overseas.

According to the study, workers moving abroad expect employers’ assistance with housing, visa and work permits, relocation, and language support.

Similarly, Singaporeans seeking opportunities abroad also emphasize the need for substantial employer support, especially in housing, relocation, and visa assistance, to ease the transition to a new culture.

Also read: 61% of Singaporeans polled want to live abroad, Australia & Malaysia most ideal countries to migrate to

61% of Singaporeans polled want to live abroad, Australia & Malaysia most ideal countries to migrate to

Have news you must share? Get in touch with us via email at [email protected].

Featured image adapted from Unsplash for illustration purposes only.

The post S’pore is the top Asian city to work in, job-seekers drawn to quality of opportunities: Report appeared first on Must Share News – Independent News For Singaporeans.

Financial Performance

Sampath Bank posted a profit before tax (PBT) of Rs 6.2 billion and a profit after tax (PAT) of Rs 3.4 billion for the three months ended 31st March 2024, notwithstanding an exchange loss of Rs 4.3 billion due to the appreciation of the LKR against the USD by Rs 23.70. These figures signify growth rates of 39.1% and 27.8% respectively, in comparison to the financial results reported in the first quarter of 2023. The Sampath Group also reported PBT and PAT figures of Rs 6.9 billion and Rs 3.8 billion respectively, reflecting growth rates of 38.0% and 26.0%.

 

Key Highlights for the Period Ended 31st March 2024:

• A significant increase of 27.8% in the Bank’s PAT, reaching Rs 3.4 billion.
• 7% growth in Net Interest Income (NII).
• 1% decrease in net fee and commission income due to decreased trade-related operations.
• An exchange loss of Rs 4.3 billion due to the appreciation of LKR against USD by Rs 23.70.
• 8% decline in impairment charges.
• Robust LKR deposit growth of Rs 68 billion.
• Tier 1 and Total Capital Adequacy Ratios stood at 15.18% and 18.22% respectively, as of 31st March 2024, comfortably above regulatory minimum requirements.

Fund Based Income

During the period, Net Interest Income (NII) reached Rs 20.5 billion, marking a growth of 12.7% compared to Rs 18.1 billion recorded in the corresponding period of the previous year. This increase in NII primarily stemmed from a reduction in interest expenses which outpaced the decrease in interest income. The Bank’s prudent asset and liability management strategies played a pivotal role in driving the notable growth of NII, especially amid declining interest rates. Additionally, the Net Interest Margin (NIM) witnessed an increase, rising from 5.16% as of 31st December 2023, to 5.24% as of the reporting date.

Non-Fund Based Income

In 1Q 2024, the Bank experienced a significant 75.3% decrease in its total non-fund-based income, declining from Rs 2.8 billion reported in the corresponding period of last year to Rs 0.7 billion in the current period. Net fee and commission income recorded a 17.1% decrease compared to 1Q 2023, primarily due to reduced income from trade-related activities. The decline was driven by several factors including lower commission rates for import-related transactions, decreased trade volumes, and the appreciation of LKR against the USD. However, fees generated from credit, electronic channels, cards, and remittance-related activities showed growth compared to the same period last year.

The Bank reported a net trading loss of Rs 4.5 billion in 1Q 2024 whereas there was a gain of Rs 1.7 billion recognised in the previous period. This was primarily due to revaluation losses incurred on forward exchange contracts. The Bank managed to mitigate the impact of this loss through realised exchange gains reported under net other operating income as opposed to the loss of Rs 4.5 billion recorded in 1Q 2023. Consequently, the Bank’s net exchange loss from foreign exchange operations for the period under review amounted to Rs 4.3 billion, compared to the Rs 2.9 billion loss reported in the corresponding period of the previous year.

Impairment Charge

In the first quarter of 2024, the Bank reported a total impairment charge of Rs 4.4 billion, a 36.8% decrease compared to the charge for the comparative period in the previous year. Of this total, Rs 2.4 billion was attributed to loans and advances (1Q 2023: Rs 6.2 billion), while Rs 0.9 billion related to other financial instruments (1Q 2023: Rs 0.4 billion). In addition, an impairment charge of Rs 1.1 billion was recorded for commitments and contingencies (1Q 2023: Rs 0.4 billion).

Impairment Charge on Loans and Advances

The Bank witnessed a 61.5% reduction in the impairment charge against loans and advances. This decrease can be attributed to the effectiveness of the Bank’s prudent provisioning policies implemented in previous years and the revival of economic activities resulting in enhanced credit quality of customers. During the first quarter of 2024, the Bank conducted a thorough assessment of individually significant customers (ISL) and made tailored provisions in the Financial Statements, accounting for the specific risk factors associated with them. During this period, the Bank observed a reversal in collective impairment indicating an encouraging trend in economic activity and resulting enhancements in customer credit quality. The Bank maintained allowances for overlays for segments with elevated credit risk in line with year-end 2023 practices with most overlays persisting throughout 1Q 2024. Furthermore, the basic impairment models used for collective impairment in 2023 remained unchanged, ensuring sufficient buffers to mitigate potential future credit risks.

Impairment Charge on other Financial Instruments

The Bank recorded a net impairment charge of Rs 0.9 billion against other financial instruments during 1Q 2024 primarily due to the recognition of an additional charge against Sri Lanka International Sovereign Bonds (SLISB).

Operating Expenses

In the reporting period, operating expenses saw a 7.0% increase compared to the first quarter of 2023. The increase in personnel costs by 16.4% was primarily driven by the annual salary increments. As a result, the Bank’s cost-to-income ratio increased by 230 basis points, from 37.7% in 1Q 2023 to 40.0% in 1Q 2024. The negative impact on the cost-to-income ratio can be attributed to both numerator and denominator factors: an uptick in operating expenses during the period as well as a decrease in revenue due to exchange losses.

Taxation

The Bank’s total effective tax rate rose to 59.7% in the first quarter of 2024 from 57.0% reported in the corresponding period in 2023.

Key Ratios

The Return on Average Shareholders’ Equity (after tax) was 9.04% as of 31st March 2024, down from 12.65% reported as of 31st December 2023. Similarly, the Return on Average Assets (before tax) stood at 1.59% as of 31st March 2024, compared to 2.12% reported at the end of 2023.

Capital and Liquidity

Throughout the review period, Sampath Bank maintained all its capital ratios comfortably above regulatory minimum requirements. As of 31st March 2024, the Bank’s CET 1, Tier 1, and total capital ratios were at 15.18%, 15.18%, and 18.22%, respectively, compared to 16.35%, 16.35%, and 19.56% recorded at the end of 2023. The change in capital ratios during the reporting period can be attributed to two primary factors: a decrease in capital resulting from the distribution of retained earnings to pay a cash dividend of Rs 6.9 billion and an increase in risk-weighted assets stemming from loan growth during the period.

Assets

The Bank’s asset base grew by 5.8% (annualised growth of 23.3%) from Rs 1.54 trillion as of 31st December 2023 to Rs 1.63 trillion as of 31st March 2024. This expansion was driven by increased investment in Government debt securities and growth in the loan book. Investments in LKR T-bills and T-bonds collectively increased by Rs 78 billion, while investments in US Treasuries rose by Rs 28 billion (USD 98 million) during the period under review. Furthermore, total gross loans also increased by Rs 18 billion, from Rs 877 billion as of 31st December 2023 to Rs 895 billion at the end of the reporting period. LKR-denominated loans increased by Rs 20 billion, while foreign currency loans declined by Rs 2 billion due to the appreciation of LKR against the USD during the period.

Liabilities

Total liabilities grew by 6.5% (annualised growth of 26.1%), primarily driven by the expansion of the Bank’s deposit base, which increased from Rs 1,264.5 billion at the end of 2023 to Rs 1,331.2 billion as of 31st March 2024. As of the reporting date, the Bank’s CASA ratio stood at 33.6%, reflecting a slight improvement compared to 33.4% at the end of the previous year. The Bank redeemed debentures issued in 2019, amounting to Rs 7.0 billion, upon maturity during February 2024.

Dividend

At the Annual General Meeting held on 28th March 2024, the shareholders of Sampath Bank approved a first and final Cash Dividend of Rs 5.85 per share for the financial year 2023. In the 1Q 2024 Financial Statements, the Bank made a provision of Rs 6.9 billion to facilitate the payment of the approved final dividend to its shareholders. This performance demonstrates Sampath Bank’s resilience and strategic effectiveness amidst a challenging economic environment. The Bank remains committed to driving sustainable growth and delivering value to its shareholders.

The post Sampath Bank Posts Steady Results for the First Quarter of 2024 appeared first on Adaderana Biz English | Sri Lanka Business News.

Lawrence Wong sworn in as Prime Minister of Singapore on 15 May

Singapore’s Finance Minister Lawrence Wong was sworn in as the fourth Prime Minister (PM) of Singapore on Wednesday (15 May).

During the ceremony, Mr Wong took an oath of office, with President Tharman Shanmugaratnam and Chief Justice Sundaresh Menon witnessing the formalities.

Back in April 2024, the outgoing PM Lee Hsien Loong confirmed that he would be handing over the reigns to Mr Wong the following month — two years after he first named the latter as the leader of the People’s Action Party (PAP) fourth generation, or 4G, team.

Lawrence Wong sworn in as 4th Prime Minister of Singapore

On Wednesday (15 May), Mr Wong officially started his tenure as the fourth Prime Minister of the Republic of Singapore.

The swearing-in ceremony saw the attendance of his wife, Loo Tze Lui, as well as outgoing PM Lee Hsien Loong and Singapore’s ministers, among other notable guests.

Source: CNA on YouTube

Singapore’s President Tharman Shanmugaratnam and Chief Justice Sundaresh Menon presided over the ceremony, where Mr Wong took the Oath for due execution of Office of Prime Minister.

The oath saw Mr Wong pledging to faithfully discharge his duties to the best of his abilities without fear or favour, bear true faith and allegiance to the Republic of Singapore, and that he would preserve, protect and defend the Constitution of the Republic of Singapore.

Additionally, Mr Wong’s Cabinet of ministers also took the Oath for due execution of Office of Minister at the ceremony. Most notably, Gan Kim Yong, who retains the portfolio of the Minister for Trade and Industry, has been promoted to Deputy Prime Minister (DPM).

First PM to be born after Singapore gained independence in 1965

Subsequently, Mr Wong addressed the people of Singapore in his first speech in the role.

He started his speech by saying that he is deeply honoured to be sworn in as the Prime Minister of Singapore.

Mr Wong promised that he and his team will do their utmost to serve Singapore and Singaporeans.

Noting that he is the first PM to be born after independence, just like most of his 4G colleagues, Mr Wong said: “My generation’s story is the story of independent Singapore.”

“Our lives are testimony to the values that forged our nation — incorruptability, meritocracy, multiracialism, justice, and equality. These principles are deeply ingrained in us.”

Though these 4G leaders understand the “vital importance of good leadership, political stability, and long-term planning”, Mr Wong noted that they will lead in their own way.

He also praised the now-Senior Minister Mr Lee, emphasising that Mr Lee’s devotion and selflessness is “exceptional”.

Lawrence Wong promises to serve Singapore with all his heart as Prime Minister

Looking forward, Mr Wong next highlighted the importance of “bracing ourselves” to face new realities of geopolitical tension, protectionism, and rampant nationalism.

“As a small country, we cannot escape these powerful cross-currents,” he added.

The new PM then spoke about his team’s guiding ethos of finding common ground “in an atmosphere of mutual respect and trust” despite Singapore’s diversity.

“This is how we will continue to evolve and strengthen our Singapore identity,” he said.

Mr Wong evoked Singapore’s management of the Covid-19 pandemic as an example of Singapore’s unity steering the country through hard times: “We responded effectively to the pandemic because we trust one another.”

Source: CNA on YouTube

Towards the end of his address, Mr Wong iterated: “Many have said that Singapore won’t make it. Yet, time and time again, we have proved the doubters wrong — and we will do so again.”

As Singaporeans, we all know what it means to exceed expectations, to go beyond what others think we are capable of, or even what we ourselves thought we could do. When the going gets tough, we do not crumble. We press on with faith in our fellow citizens and in Singapore’s future.

He promises to bring this same spirit to his new role, vowing to serve Singapore “with all his heart”.

‘He will be his own person’: President of Singapore says of new PM

In his opening speech at the start of the ceremony, Mr Tharman thanked Mr Lee for dedicating his life to the service of Singapore.

Source: CNA on YouTube

He highlighted Mr Lee’s achievements throughout his tenure as PM, such as steering the country out of the Covid-19 pandemic, and the repeal of Section 377A from the Penal Code.

Mr Tharman said the outgoing PM delivered on his promise to be a “Prime Minister for all Singaporeans and to leave no one behind”. He noted:

Today, Singapore has a transformed economy, with good jobs in every sector, and substantially higher incomes across the workforce. We have a more inclusive society, from assuring every child a good start in life to affording our seniors a greater peace of mind.

With the appointment of Mr Wong, Mr Lee’s service as PM is now complete, said the President, adding that this is yet another smooth and orderly transition of leadership in Singapore’s history.

Mr Tharman expressed his full confidence in Mr Wong and his ability to lead the nation.

He will be his own person, with his own approach to building consensus and finding the best way forward for the country. And he will no doubt do so to his own rhythm and beat.

Lee Hsien Loong announced leadership handover back in April

Previously, Mr Lee announced he would be handing over the reigns to Mr Wong in a statement on 15 April.

PM Lee to step down on 15 May, will hand over the reins to DPM Lawrence Wong before polls

At the time, Mr Wong said on Facebook that he will “accept this responsibility with humility and a deep sense of duty”.

Mr Wong’s swearing-in ceremony comes ahead of the next General Election in Singapore, which is expected to be called by November 2025.

Have news you must share? Get in touch with us via email at [email protected].

Featured image adapted from CNA on YouTube. 

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