Sri Lankan stocks closed 0.1 percent lower Tuesday as retailers took profits from mid and low cap stocks, despite banks making gains, brokers said. The All Share Price Index closed at 4,606.69, down 6.07 points, while the Milanka index of more liquid stocks rose 0.27 percent (13.95 points) to close at 5,271.03. Turnover was 1.67 billion rupees, according to stock exchange provisional figures.
At the end trading there were 74 gainers and 93 losers, while foreign investors bought 188.6 million rupees of share and sold 132.2 million resulting in a net foreign inflow of 54.4 million rupees, brokers said.
“The market is currently showing signs of a correction,” Rakshitha Perera, research manager at Bartleet Mallory Stockbrokers said.
“Over the last two weeks the market has moved almost 6.0 percent so a market correction in our view is quite possible.”
Commercial Bank closed at 283.00 rupees, up 5.25 with 100,000 shares changing hands in a privately negotiated off-the-floor deal at 280.00 rupees per share.
In another private deal 250,000 Nations Trust Bank shares changed hands at 50.50 rupees per share. It closed at 50.50 rupees, up 1.25, brokers said.
Hatton National Bank closed at 299.75 rupees, up 3.75; Sampath Bank closed at 340.00 rupees, down 4.75 and Seylan Bank 73.00 rupees, up 2.25.
DFCC Bank closed at 274.75 rupees, up 1.00, and National Development Bank closed at 252.75 rupees, up 25 cents.
Retail investors took profits from small and midcap stocks, while diversified stocks also took a breather, brokers said.
Arpico Finance Company closed at 70.00 rupees, down 3.75, Bairaha Farms closed at 71.00 rupees, down 1.25, Cargo Boat Development Company closed at 99.00 rupees, down 3.25, Ceylon Theatres closed at 100.25 rupees, down 2.50 and First Capital Holdings closed at 20.25 rupees, down 25 cents.
Conglomerates, Aitken Spence closed flat at 1,600.00 rupees, Hayleys closed at 314.00 rupees, down 1.00, Hemas Holdings closed at 174.75 rupees, down 3.75 and John Keells Holdings closed at 203.00 rupees, down 1.00.
Dialog Telekom, a celco closed flat at 9.00 rupees, and Sri Lanka Telecom, a fixed line operator closed at 38.25 rupees, up 25 cents.
Wednesday, June 16, 2010
Monday, June 14, 2010
Colombo Stock Market Weekly Review.
Heavy interest in Banking & Diversified Holding sector drove the indices to new highs. ASI gained 203.13 to close the week at 4561.33 while MPI gained 213.82 points to close at 5182.16. Total equity turnover for the week amounted to Rs 13.13 billion rupees with an average daily turnover of Rs 2.62 billion. Total market capitalization stood at 1.486 trillion rupees, up by Rs 67.59 billion.
During the week Hatton National Bank Plc was up by 21 rupees to close at Rs 292.75 while DFCC Bank gained 15.25 to end the week at Rs 265.25. Commercial Bank was up by 13.25 to close at Rs 280.00. National Development Bank was up by 14.75 to close at Rs 247.00.
On Friday Carson Cumberbatch Group has announced a restructuring plan on their plantation assets in other countries. Carson Cumberbatch Plc has incorporated a wholly owned subsidiary to hold plantation assets. The name of that newly registered company is Goodhope Asia Holdings Ltd (GAHL) & it was registered in Singapore. Carson Group has announced improved results for the last financial year. Most of Carson Group stocks gained sharply on Friday.
In Hotels & Travels sector Trans Asia Hotel was up by 39 rupees to close at Rs 262.50 while Asian Hotels & Properties Plc closed at Rs 167.00, up 21.50.
Retailers may shift their investment trend from high valued stocks to low valued stocks (Midcap stocks) in coming days.
Foreigners were net sellers during the week with Rs 2.46 billion purchases & Rs 3.49 billion sales.
During the week Hatton National Bank Plc was up by 21 rupees to close at Rs 292.75 while DFCC Bank gained 15.25 to end the week at Rs 265.25. Commercial Bank was up by 13.25 to close at Rs 280.00. National Development Bank was up by 14.75 to close at Rs 247.00.
On Friday Carson Cumberbatch Group has announced a restructuring plan on their plantation assets in other countries. Carson Cumberbatch Plc has incorporated a wholly owned subsidiary to hold plantation assets. The name of that newly registered company is Goodhope Asia Holdings Ltd (GAHL) & it was registered in Singapore. Carson Group has announced improved results for the last financial year. Most of Carson Group stocks gained sharply on Friday.
In Hotels & Travels sector Trans Asia Hotel was up by 39 rupees to close at Rs 262.50 while Asian Hotels & Properties Plc closed at Rs 167.00, up 21.50.
Retailers may shift their investment trend from high valued stocks to low valued stocks (Midcap stocks) in coming days.
Foreigners were net sellers during the week with Rs 2.46 billion purchases & Rs 3.49 billion sales.
Sri Lanka to sell US$275mn in bonds
June 14, 2010 (LBO) - Sri Lanka is rolling over 275 million US dollars in two and three-year government bonds which pay a 6-month month floating rate coupon, the government's debt office said.
The government is offering 175 million US dollars of 2-year bonds and 100 million US dollars of 3-year bonds for subscription starting Monday.
The issue is closing on June 18, with the date of settlement set for June 30.
A 275 million US dollar tranche of 2-year bonds are maturing this month and the government is extending the tenure of a part of it by selling 3-year bonds, an official said.
The bonds called 'Sri Lanka Development Bonds' have a ready market among domestic buyers including banks that have access to foreign exchange and come with attractive tax benefits.
The minimum subscription is 100,000 US dollars.
In March 2010, the government sold 45 million US dollars in 2-year bonds at 380 basis points above the 6-month London interbank offered rate.
At the same time it sold another 55 million US dollars in 3-year bonds at 395 basis points above 6-month Libor.
Only 92 million US dollars in bonds out of a total of 100 million was sold through an auction and the balance was sold through a 'placement' in the March sale.
The government is offering 175 million US dollars of 2-year bonds and 100 million US dollars of 3-year bonds for subscription starting Monday.
The issue is closing on June 18, with the date of settlement set for June 30.
A 275 million US dollar tranche of 2-year bonds are maturing this month and the government is extending the tenure of a part of it by selling 3-year bonds, an official said.
The bonds called 'Sri Lanka Development Bonds' have a ready market among domestic buyers including banks that have access to foreign exchange and come with attractive tax benefits.
The minimum subscription is 100,000 US dollars.
In March 2010, the government sold 45 million US dollars in 2-year bonds at 380 basis points above the 6-month London interbank offered rate.
At the same time it sold another 55 million US dollars in 3-year bonds at 395 basis points above 6-month Libor.
Only 92 million US dollars in bonds out of a total of 100 million was sold through an auction and the balance was sold through a 'placement' in the March sale.
Sri Lanka Indian Bank unit's March net up 32.4-pct
June 14, 2010 (LBO) –Indian Bank's March quarter profits rose 32.4 percent to 296.3 million rupees on lower operating costs and reversals on provisions, while net interest margins shrank from lower interest income and dud loans rose, its accounts showed.
In the March 2010 quarter, the Sri Lankan unit of Indian Bank said interest income was down almost 21 percent to 777.1 million rupees, while interest expenses fell 44 percent to 206.3 million, resulting in a net interest income of 570.8 million rupees, down 6.8 percent.
Foreign exchange income rose 40.5 percent to 15.2 million rupees, while other incomes which are usually made up of fee based services fell 21.1 percent to 27.5 million rupees.
Operational expenses such as wages, premises rent and depreciation costs fell 13 percent to 116.7 million rupees.
In the March quarter there was a reversal on a provision of 21.6 million rupees, while in the same quarter last year the Indian Bank had made a provision of 55.1 million rupees, its accounts showed.
Tax costs were down 6.0 percent to 140.4 million rupees.
Indian Bank's net loan book had shrunk 30.8 percent to 3.78 billion rupees.
Performing loans were down 30.7 percent to 3.78 billion rupees, while non-performing loans had also fallen 15 percent to 152 million rupees.
Deposits were up 3.9 percent to 712.4 million rupees, while gross assets were up 6.0 percent to 10.66 billion rupees, its accounts showed.
In the March 2010 quarter, the Sri Lankan unit of Indian Bank said interest income was down almost 21 percent to 777.1 million rupees, while interest expenses fell 44 percent to 206.3 million, resulting in a net interest income of 570.8 million rupees, down 6.8 percent.
Foreign exchange income rose 40.5 percent to 15.2 million rupees, while other incomes which are usually made up of fee based services fell 21.1 percent to 27.5 million rupees.
Operational expenses such as wages, premises rent and depreciation costs fell 13 percent to 116.7 million rupees.
In the March quarter there was a reversal on a provision of 21.6 million rupees, while in the same quarter last year the Indian Bank had made a provision of 55.1 million rupees, its accounts showed.
Tax costs were down 6.0 percent to 140.4 million rupees.
Indian Bank's net loan book had shrunk 30.8 percent to 3.78 billion rupees.
Performing loans were down 30.7 percent to 3.78 billion rupees, while non-performing loans had also fallen 15 percent to 152 million rupees.
Deposits were up 3.9 percent to 712.4 million rupees, while gross assets were up 6.0 percent to 10.66 billion rupees, its accounts showed.
Sri Lanka 'green' apparel plant seen as global model
June 14, 2010 (LBO) - The United Nations Industrial Development Organization (UNIDO) has recommended as a global model an environmentally friendly apparel plant owned by Sri Lanka's Brandix Group, a statement said.
Visiting UNIDO Director General Dr. Kandeh Yumkella toured the facility in Seeduwa, north of Colombo, last week.
"I am pleased to recommend this factory as an example of sustainable production to manufacturers across industries and geographical boundaries,” the Brandix statement quoted him as saying.
The 130,000 square-foot Brandix Eco Centre is the group’s lead manufacturing plant for Marks & Spencer.
It has been rated 'Platinum' under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System of the US Green Building Council for its low energy consumption, water conservation, solid waste management and low carbon emissions.
The factory has achieved a reduction of carbon emissions by 60 percent, an energy saving of 46 percent, a reduction of water consumption of 63 percent and zero solid waste to landfill.
The Brandix Group’s initiatives to reduce greenhouse gas emissions at manufacturing locations is on course to reduce the entire group’s carbon footprint by 17 percent by December 2010, the statement said.
The group’s target is to reduce its carbon footprint by 30 percent over the next two years.
It has 27 business units in Sri Lanka, India and Bangladesh and supplies some of the world’s leading apparel brands, including Gap, Victoria’s Secret, Abercrombie & Fitch, NEXT, Lands’ End, Old Navy and Tommy Hilfiger.
Visiting UNIDO Director General Dr. Kandeh Yumkella toured the facility in Seeduwa, north of Colombo, last week.
"I am pleased to recommend this factory as an example of sustainable production to manufacturers across industries and geographical boundaries,” the Brandix statement quoted him as saying.
The 130,000 square-foot Brandix Eco Centre is the group’s lead manufacturing plant for Marks & Spencer.
It has been rated 'Platinum' under the Leadership in Energy and Environmental Design (LEED) Green Building Rating System of the US Green Building Council for its low energy consumption, water conservation, solid waste management and low carbon emissions.
The factory has achieved a reduction of carbon emissions by 60 percent, an energy saving of 46 percent, a reduction of water consumption of 63 percent and zero solid waste to landfill.
The Brandix Group’s initiatives to reduce greenhouse gas emissions at manufacturing locations is on course to reduce the entire group’s carbon footprint by 17 percent by December 2010, the statement said.
The group’s target is to reduce its carbon footprint by 30 percent over the next two years.
It has 27 business units in Sri Lanka, India and Bangladesh and supplies some of the world’s leading apparel brands, including Gap, Victoria’s Secret, Abercrombie & Fitch, NEXT, Lands’ End, Old Navy and Tommy Hilfiger.
Saturday, June 5, 2010
Colombo Stocks continues to rise as Banking Stocks getting heavy demand.
Colombo Stocks continues to rise as Banking Stocks getting heavy demand.
The bench mark Colombo All Share Index was up by 31.90 points to close at 4332.39 while Milanka Index gained 68.70 to close the day at 4918.64. Turnover was 3.67 billion rupees.
Investors are speculating on possible tax cut on heavily taxed Banking Industry after recent import tax cut. Commercial Bank of Ceylon Plc (COMB) was leading the Banking rally with Rs 12.50 gain to close at Rs 267.00 while Hatton National Bank gained twelve rupees to close at Rs 272.00. DFCC Bank closed at Rs 247.75, up 9.50. National Development Bank was up by 8.75 to close at Rs 228.50 while Sampath Bank managed to close at Rs 310.25, up 11.50.
AVIVA NDB Insurance Plc has added Rs 15.25 to its value to close at Rs 225.25. Singer Sri Lanka Plc was up by 13.75 to end the day at Rs 128.75.
Total of 86 companies made gains today while 62 companies lost their market prices. Over 2.5 million shares of Confifi Hotel Holdings Plc traded today but closed 14.75 lower at Rs 210.00. The US Based lubricant Company Chevron Lubricants Lanka Plc lost 5.25 to close at Rs 159.50.
Foreigners were continued to be net buyers with purchases of Rs 513.2 million & sales of Rs 288.1 million.
Brokers feel that demand for banking stocks will continues as investors speculates on the sector.
The bench mark Colombo All Share Index was up by 31.90 points to close at 4332.39 while Milanka Index gained 68.70 to close the day at 4918.64. Turnover was 3.67 billion rupees.
Investors are speculating on possible tax cut on heavily taxed Banking Industry after recent import tax cut. Commercial Bank of Ceylon Plc (COMB) was leading the Banking rally with Rs 12.50 gain to close at Rs 267.00 while Hatton National Bank gained twelve rupees to close at Rs 272.00. DFCC Bank closed at Rs 247.75, up 9.50. National Development Bank was up by 8.75 to close at Rs 228.50 while Sampath Bank managed to close at Rs 310.25, up 11.50.
AVIVA NDB Insurance Plc has added Rs 15.25 to its value to close at Rs 225.25. Singer Sri Lanka Plc was up by 13.75 to end the day at Rs 128.75.
Total of 86 companies made gains today while 62 companies lost their market prices. Over 2.5 million shares of Confifi Hotel Holdings Plc traded today but closed 14.75 lower at Rs 210.00. The US Based lubricant Company Chevron Lubricants Lanka Plc lost 5.25 to close at Rs 159.50.
Foreigners were continued to be net buyers with purchases of Rs 513.2 million & sales of Rs 288.1 million.
Brokers feel that demand for banking stocks will continues as investors speculates on the sector.
Thursday, June 3, 2010
Banking stocks dominated the today’s trading.
Banking stocks dominated the today’s trading.
With the large transaction in Commercial Bank of Ceylon Plc (COMB) other banking stocks too got the investor attention. CSE turnover was boosted to massive 9.55 billion rupees mainly due to COMB deal. ASI was up by 41.59 points to close at 4300.39 while MPI managed to close 71.56 points higher at 4849.94.
COMB closed at Rs 254.50, up 5.25 while DFCC Bank closed at Rs 238.25, up 29.75. Hatton National Bank (HNB) was up by 9.75 to end the day at Rs 260.00. Nation Trust Bank gained four rupees to close at Rs 42.00 while National Development Bank closed at Rs 219.75, up 3.75.
Investor interest in Motor sector still going on due to yesterday’s import tax cut on vehicles. Lanka Ashok Leyland was up by hundred rupees to close at Rs 1325.00 while Diesel & Motor Engineering (DIMO) closed at Rs 605.75, up fifty five rupees. United Motors Lanka Plc the Mitsubishi vehicle importer also added eight rupees to close at Rs 143.75.
Listed consumer electronic item importers also benefited from the tax cut. ABANS Electricals Plc was up by 5.25 to close at Rs 199.75. Singer Sri Lanka Plc closed at Rs 115.00, 19.75.
Total of 86 stocks recorded gains today while 55 stocks lost their value. Foreigners were net buyers with huge margin as they purchased stocks valued Rs 6.21 billion rupees & sold stocks valued Rs 1.74 billion. According to the brokers the COMB stake was acquired by a foreign investor.
With the large transaction in Commercial Bank of Ceylon Plc (COMB) other banking stocks too got the investor attention. CSE turnover was boosted to massive 9.55 billion rupees mainly due to COMB deal. ASI was up by 41.59 points to close at 4300.39 while MPI managed to close 71.56 points higher at 4849.94.
COMB closed at Rs 254.50, up 5.25 while DFCC Bank closed at Rs 238.25, up 29.75. Hatton National Bank (HNB) was up by 9.75 to end the day at Rs 260.00. Nation Trust Bank gained four rupees to close at Rs 42.00 while National Development Bank closed at Rs 219.75, up 3.75.
Investor interest in Motor sector still going on due to yesterday’s import tax cut on vehicles. Lanka Ashok Leyland was up by hundred rupees to close at Rs 1325.00 while Diesel & Motor Engineering (DIMO) closed at Rs 605.75, up fifty five rupees. United Motors Lanka Plc the Mitsubishi vehicle importer also added eight rupees to close at Rs 143.75.
Listed consumer electronic item importers also benefited from the tax cut. ABANS Electricals Plc was up by 5.25 to close at Rs 199.75. Singer Sri Lanka Plc closed at Rs 115.00, 19.75.
Total of 86 stocks recorded gains today while 55 stocks lost their value. Foreigners were net buyers with huge margin as they purchased stocks valued Rs 6.21 billion rupees & sold stocks valued Rs 1.74 billion. According to the brokers the COMB stake was acquired by a foreign investor.
Tuesday, June 1, 2010
Sri Lanka LMF in rights issue to fund new plant
Sri Lanka LMF in rights issue to fund new plant
June 01, 2010 (LBO) - Sri Lanka's Lanka Milk Foods (LMF) plans to make a one for three rights issue to raise funds to meet the costs of its new milk plant, a stock exchange filing said.
LMF, a milk powder packer which is part of Distilleries group, said it will issue 9,999,500 ordinary shares at 70 rupees each subject to approval from the stock exchange and shareholders.
It said its board of directors decided to call for further investments from shareholders through the rights issue to meet the costs of its new plant set up by subsidiary Ambewela Products in Nuwara Eliya in the central hills.
"The total cost of buildings, plant and machinery and other accessories that LMF had to meet was well over a billion rupees," the statement said.
The new milk processing factory which has a capacity of 9.5 million litres of cow milk began production in April and produces flavoured milk packs, cheese and yoghurt.
It also has a milking parlour, an automated feed mill and cow shed for 300 milking cows.
LMF operates two farms producing cow milk that is processed, packed and sold under the 'Ambewela Fresh Milk' brand.
June 01, 2010 (LBO) - Sri Lanka's Lanka Milk Foods (LMF) plans to make a one for three rights issue to raise funds to meet the costs of its new milk plant, a stock exchange filing said.
LMF, a milk powder packer which is part of Distilleries group, said it will issue 9,999,500 ordinary shares at 70 rupees each subject to approval from the stock exchange and shareholders.
It said its board of directors decided to call for further investments from shareholders through the rights issue to meet the costs of its new plant set up by subsidiary Ambewela Products in Nuwara Eliya in the central hills.
"The total cost of buildings, plant and machinery and other accessories that LMF had to meet was well over a billion rupees," the statement said.
The new milk processing factory which has a capacity of 9.5 million litres of cow milk began production in April and produces flavoured milk packs, cheese and yoghurt.
It also has a milking parlour, an automated feed mill and cow shed for 300 milking cows.
LMF operates two farms producing cow milk that is processed, packed and sold under the 'Ambewela Fresh Milk' brand.
Sri Lanka John Keells hotel in upgrade investment deal
Sri Lanka John Keells hotel in upgrade investment deal
May 03, 2010 (LBO) - Habarana Lodge has signed a deal with the Board of Investment to invest 2.5 million US dollars to re-furbish and upgrade its hotel in north-central Sri Lanka, the investment promotion agency said.
The 140-room Cinnamon Lodge Hotel at Habarana, part of the John Keells group hotel chain, will be upgraded to a five-star rated hotel, the BOI statement said.
"The hotel is expected to attract more guests with the boom in the tourism industry."
BOI approval for projects enables companies to be entitled to incentives like tax breaks and duty free import of equipment and raw materials.
Sri Lanka's tourist industry has revived with a sharp upturn in arrivals following the end of the 30-year ethnic war last May.
The BOI statement also said it signed another deal with Emmaus Industries for a venture to manufacture ladies footwear for the export market to be supplied to well known brands in the European Union and USA.
The joint venture between Italy and Sri Lanka represents an investment of over 650,000 US dollars, the BOI said.
The manufacturing plant established in the industrial estate in Dankotuwa, north of Colombo, is expected to provide employment for a work force of 220.
May 03, 2010 (LBO) - Habarana Lodge has signed a deal with the Board of Investment to invest 2.5 million US dollars to re-furbish and upgrade its hotel in north-central Sri Lanka, the investment promotion agency said.
The 140-room Cinnamon Lodge Hotel at Habarana, part of the John Keells group hotel chain, will be upgraded to a five-star rated hotel, the BOI statement said.
"The hotel is expected to attract more guests with the boom in the tourism industry."
BOI approval for projects enables companies to be entitled to incentives like tax breaks and duty free import of equipment and raw materials.
Sri Lanka's tourist industry has revived with a sharp upturn in arrivals following the end of the 30-year ethnic war last May.
The BOI statement also said it signed another deal with Emmaus Industries for a venture to manufacture ladies footwear for the export market to be supplied to well known brands in the European Union and USA.
The joint venture between Italy and Sri Lanka represents an investment of over 650,000 US dollars, the BOI said.
The manufacturing plant established in the industrial estate in Dankotuwa, north of Colombo, is expected to provide employment for a work force of 220.
Buffett to testify before financial crisis panel
EW YORK (AP) -- Billionaire investor Warren Buffett and the CEO of credit rating agency Moody's Corp. are scheduled to face questions Wednesday from a bipartisan panel probing the roots the financial crisis.
The congressionally chartered Financial Crisis Inquiry Commission subpoenaed Buffett to appear at the New York hearing on the credibility of credit ratings and the investments made based on those ratings.
Rating agencies like Moody's, Standard & Poor's and Fitch Ratings have been criticized for giving unrealistically high ratings to complex investments backed by risky mortgages and other assets. When homeowners started defaulting on their mortgages, the rating agencies downgraded billions of dollars of investments at once. That helped spark the financial crisis.
Buffett will appear alongside Moody's Corp. CEO Raymond McDaniel. Berkshire Hathaway, which Buffett leads as chairman and CEO, is Moody's largest shareholder.
Despite his company's stake in Moody's, Buffett himself has said he never relies on credit ratings when making investment decisions because he makes his own judgments on companies.
The FCIC issued its first subpoena in April to Moody's Corp., saying the company failed to provide documents it requested. FCIC chairman Phil Angelides said the company started to comply with the request after receiving the subpoena.
At Wednesday's hearing, the panel will probe how the agencies decide on their ratings, how those ratings contributed to the financial crisis and whether the agencies' business model is partly to blame.
One transaction that could come up is a Goldman Sachs deal called Abacus, a complex mortgage-related investment that later plunged in value. Both Moody's and Standard & Poor's gave the Abacus deal a AAA rating, the safest rating they offer.
The government has filed civil fraud charges against Goldman, alleging it failed to tell investors that one of its clients, hedge fund Paulson & Co., was betting against the securities.
Credit rating agencies came under fire in April from the Senate Permanent Subcommittee on Investigations, which is also probing the causes of the financial crisis. The panel's chairman, Sen. Carl Levin, said the Senate's regulatory overhaul should curb the industry's inherent conflicts of interest that allow rating agencies to be paid by the banks whose investments they rate.
Banks generally want higher ratings to make the securities they offer more attractive to investors, and former executives have acknowledged that competition within the industry often led the agencies' analysts to rate high-risk securities as safe.
To tackle the conflict of interest problem, the Senate's version of the financial overhaul would end banks' ability to choose the agencies that rate their investments. An independent board, appointed by regulators, would choose the rating firms.
But critics of that plan point out that the agencies would still be paid by the banks whose products they rate. That means the ratings could be influenced by those banks.
Others have questioned whether regulators -- who themselves missed warning signs leading to the crisis -- should choose which agencies rate which financial products.
The FCIC will also hear testimony from several former Moody's executives at Wednesday's hearing.
The FCIC is a bipartisan group created by Congress to examine a range of issues surrounding the financial crisis. It is structured like the group that investigated the terrorist attacks of Sept. 11, 2001.
The congressionally chartered Financial Crisis Inquiry Commission subpoenaed Buffett to appear at the New York hearing on the credibility of credit ratings and the investments made based on those ratings.
Rating agencies like Moody's, Standard & Poor's and Fitch Ratings have been criticized for giving unrealistically high ratings to complex investments backed by risky mortgages and other assets. When homeowners started defaulting on their mortgages, the rating agencies downgraded billions of dollars of investments at once. That helped spark the financial crisis.
Buffett will appear alongside Moody's Corp. CEO Raymond McDaniel. Berkshire Hathaway, which Buffett leads as chairman and CEO, is Moody's largest shareholder.
Despite his company's stake in Moody's, Buffett himself has said he never relies on credit ratings when making investment decisions because he makes his own judgments on companies.
The FCIC issued its first subpoena in April to Moody's Corp., saying the company failed to provide documents it requested. FCIC chairman Phil Angelides said the company started to comply with the request after receiving the subpoena.
At Wednesday's hearing, the panel will probe how the agencies decide on their ratings, how those ratings contributed to the financial crisis and whether the agencies' business model is partly to blame.
One transaction that could come up is a Goldman Sachs deal called Abacus, a complex mortgage-related investment that later plunged in value. Both Moody's and Standard & Poor's gave the Abacus deal a AAA rating, the safest rating they offer.
The government has filed civil fraud charges against Goldman, alleging it failed to tell investors that one of its clients, hedge fund Paulson & Co., was betting against the securities.
Credit rating agencies came under fire in April from the Senate Permanent Subcommittee on Investigations, which is also probing the causes of the financial crisis. The panel's chairman, Sen. Carl Levin, said the Senate's regulatory overhaul should curb the industry's inherent conflicts of interest that allow rating agencies to be paid by the banks whose investments they rate.
Banks generally want higher ratings to make the securities they offer more attractive to investors, and former executives have acknowledged that competition within the industry often led the agencies' analysts to rate high-risk securities as safe.
To tackle the conflict of interest problem, the Senate's version of the financial overhaul would end banks' ability to choose the agencies that rate their investments. An independent board, appointed by regulators, would choose the rating firms.
But critics of that plan point out that the agencies would still be paid by the banks whose products they rate. That means the ratings could be influenced by those banks.
Others have questioned whether regulators -- who themselves missed warning signs leading to the crisis -- should choose which agencies rate which financial products.
The FCIC will also hear testimony from several former Moody's executives at Wednesday's hearing.
The FCIC is a bipartisan group created by Congress to examine a range of issues surrounding the financial crisis. It is structured like the group that investigated the terrorist attacks of Sept. 11, 2001.
Sri Lanka new stockbrokers shape up
Sri Lanka new stockbrokers shape up
May 30, 2010 (LBO) - Several firms which have been given the nod to trade as brokers in Sri Lanka's Colombo Stock Exchange are completing final procedures to get a license, the firms and reports said.
Last week listed Richard Pieris and Company made a formal disclosure to the stock exchange saying it had made an application and CSE has given it provisional approval and it was submitting requested documentation to get license from the regulator.
The first disclosure however came from India, when India Infolines disclosed that it had been given provisional approval from the Colombo Stock Exchange.
Sri Lanka's The Sunday Times newspaper quoted state-run Bank of Ceylon Chairman Gamini Wickremesinghe that it has also received preliminary approval and was incorporating a brokering firm which it wanted to list at a later date.
The Bank of Ceylon group already has a stake in Lanka Securities, a full member of the Colombo Stock Exchange through its subsidiary, Merchant Bank of Sri Lanka.
The newspaper, quoting an un-named source said Sri Lanka's Mackwoods group and Commercial Bank of Ceylon, were also inline to get a stockbrokering licenses.
May 30, 2010 (LBO) - Several firms which have been given the nod to trade as brokers in Sri Lanka's Colombo Stock Exchange are completing final procedures to get a license, the firms and reports said.
Last week listed Richard Pieris and Company made a formal disclosure to the stock exchange saying it had made an application and CSE has given it provisional approval and it was submitting requested documentation to get license from the regulator.
The first disclosure however came from India, when India Infolines disclosed that it had been given provisional approval from the Colombo Stock Exchange.
Sri Lanka's The Sunday Times newspaper quoted state-run Bank of Ceylon Chairman Gamini Wickremesinghe that it has also received preliminary approval and was incorporating a brokering firm which it wanted to list at a later date.
The Bank of Ceylon group already has a stake in Lanka Securities, a full member of the Colombo Stock Exchange through its subsidiary, Merchant Bank of Sri Lanka.
The newspaper, quoting an un-named source said Sri Lanka's Mackwoods group and Commercial Bank of Ceylon, were also inline to get a stockbrokering licenses.
Apple's Jobs says iPad idea came before iPhone
Apple's Jobs says iPad idea came before iPhone
Apple CEO Steve Jobs says the idea for iPad came before the iPhone
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On Wednesday June 2, 2010, 1:02 am
RANCHO PALOS VERDES, Calif. (AP) -- Apple Inc. CEO Steve Jobs shared a secret with is audience at a technology conference outside Los Angeles Tuesday: The idea for the iPad came before the iPhone.
The idea to ditch the keyboard for what Jobs calls a multi-touch display came about in the early 2000s, although the company was working on a telephone at the time, he said. That's when a prototype came to him that used the device's now-famous scrolling mechanism.
"I thought, 'My God we can build a phone out of this,'" Jobs said at The Wall Street Journal's "D: All Things Digital" conference in Rancho Palos Verdes.
But the tablet product was put on the shelf, the iPhone went into development for several years before making its debut in 2007, and Apple started selling the iPad tablet computer in April.
Although he acknowledged the popularity of the iPhone has caused network troubles at carrier AT&T, Jobs said the problems would have happened to any wireless phone company with that many iPhone and iPad users.
He said many places in the U.S. will have much better reception by the end of the summer. He did not rule out having the iPhone operate on other carriers in the future.
Ahead of a major developers conference scheduled to begin June 7 in San Francisco, Jobs was characteristically tightlipped Tuesday about what, if any, new features would be on new iPhone models.
As for the iPad's stunning popularity, Jobs said the device was beginning to erode the usefulness of the personal computer.
"We like to talk about the post PC era," he said. "I think we're embarked on that. Is it the iPad? Who knows? Will it happen next year or five years from now or seven years? Who knows?"
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Apple CEO Steve Jobs says the idea for iPad came before the iPhone
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On Wednesday June 2, 2010, 1:02 am
RANCHO PALOS VERDES, Calif. (AP) -- Apple Inc. CEO Steve Jobs shared a secret with is audience at a technology conference outside Los Angeles Tuesday: The idea for the iPad came before the iPhone.
The idea to ditch the keyboard for what Jobs calls a multi-touch display came about in the early 2000s, although the company was working on a telephone at the time, he said. That's when a prototype came to him that used the device's now-famous scrolling mechanism.
"I thought, 'My God we can build a phone out of this,'" Jobs said at The Wall Street Journal's "D: All Things Digital" conference in Rancho Palos Verdes.
But the tablet product was put on the shelf, the iPhone went into development for several years before making its debut in 2007, and Apple started selling the iPad tablet computer in April.
Although he acknowledged the popularity of the iPhone has caused network troubles at carrier AT&T, Jobs said the problems would have happened to any wireless phone company with that many iPhone and iPad users.
He said many places in the U.S. will have much better reception by the end of the summer. He did not rule out having the iPhone operate on other carriers in the future.
Ahead of a major developers conference scheduled to begin June 7 in San Francisco, Jobs was characteristically tightlipped Tuesday about what, if any, new features would be on new iPhone models.
As for the iPad's stunning popularity, Jobs said the device was beginning to erode the usefulness of the personal computer.
"We like to talk about the post PC era," he said. "I think we're embarked on that. Is it the iPad? Who knows? Will it happen next year or five years from now or seven years? Who knows?"
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Sri Lanka tractor plant considered by China
june 01, 2010 (LBO) - A visiting Chinese business delegation is considering setting up a tractor assembly plant in Sri Lanka to meet the demand for the machines from the island's farmers, the investment promotion agency said.
A six-member delegation from Chengdu City, in China's Sichuan Province, held talks with the Board of Investment to explore areas of economic co-operation and investment, the BOI said in a statement.
The delegation included senior Chinese officials in the agriculture machinery and health sectors.
"The Chinese delegation's main interest was to look at the possibility of starting an assembly plant for two-wheel and four-wheel tractors, a developed industry of Chengdu," it said.
"It is estimated that Sri Lanka's annual demand is for 3,500 four-wheel and 5-6,000 two-wheel tractors."
The BOI briefed the Chinese visitors on Sri Lanka's economic climate and the Board's incentives and facilitation.
The BOI provides tax holidays and enables investors to get other incentives like duty free imports of raw material and machinery.
Also present at the meeting was Nihal Wadugodapitiya, Managing Director of the Jinasena Group, a big manufacturer of agricultural machinery.
A six-member delegation from Chengdu City, in China's Sichuan Province, held talks with the Board of Investment to explore areas of economic co-operation and investment, the BOI said in a statement.
The delegation included senior Chinese officials in the agriculture machinery and health sectors.
"The Chinese delegation's main interest was to look at the possibility of starting an assembly plant for two-wheel and four-wheel tractors, a developed industry of Chengdu," it said.
"It is estimated that Sri Lanka's annual demand is for 3,500 four-wheel and 5-6,000 two-wheel tractors."
The BOI briefed the Chinese visitors on Sri Lanka's economic climate and the Board's incentives and facilitation.
The BOI provides tax holidays and enables investors to get other incentives like duty free imports of raw material and machinery.
Also present at the meeting was Nihal Wadugodapitiya, Managing Director of the Jinasena Group, a big manufacturer of agricultural machinery.
Sri Lanka motor stocks rise on import duty cut
Sri Lanka motor stocks rise on import duty cut
June 01, 2010 (LBO) – Sri Lankan stocks recovered Tuesday, as investors bought motor and consumer products firms on news of import tax cuts on vehicles and electronic goods, despite some retail profit-taking on selected stocks, brokers said.
The All Share Price Index closed at 4,258.80, up 21.64 points, while the Milanka index of more liquid stocks rose 0.44 percent (20.98 points) to close at 4,778.38.
Turnover was 1.18 billion rupees, according to stock exchange provisional figures.
Retail investors booked profits from mid and small cap stocks but got bullish in late afternoon trade after news the Treasury had slashed import taxes on motor vehicles and electronic goods, brokers said.
"The shares of listed motor vehicle importers rose ahead of the reduction on vehicle import duty," said Nikita Tissera of SC Securities.
"We did see some profit-taking despite the rise in indices due to the rise in share prices of vehicle importers."
United Motors Lanka was the day's highest gainer, closing at 135.75 rupees, up 30.25 or almost 29 percent.
Diesel & Motor Engineering, the third highest gainer, closed at 550.75, up 105 rupees or 24 percent, Sathosa Motors closed at 152.50, up 15.50 or 11 percent and Colonial Motors closed at 116.50, up nine rupees or eight percent.
Shares of Autodrome closed at 570, up 35.25 or seven percent.
Singer Sri Lanka closed at 95.25, up 5.25 or six percent and Abans Electricals closed at 194.50, up 9.50 or five percent.
ACL Plastics closed at 112.00 rupees, down 3.00, Amana Takaful closed at 29.25 rupees, down 1.00, Arpico Finance Company closed at 70.00 rupees down 1.50, Asiri Central Hospitals closed at 125.00 rupees, down 2.25 and Ceylon Hospitals closed at 72.50 rupees, down 3.25.
Chemanex closed at 133.00 rupees, down 2.50, Chemical Industries (Colombo) closed at 70.25 rupees, down 1.00, Colombo Pharmacies closed at 450.00 rupees, down 4.00, Confifi Hotel Holdings closed at 220.50 rupees, down 25.50 and NAMAL Acuity Fund closed at 67.00 rupees, down 4.25.
Aitken Spence closed flat at 1,552.00 rupees, Hayleys closed at 303.75 rupees, down 1.25, Hemas Holdings closed at 151.50 rupees, up 50 cents and John Keells Holdings closed at 186.00 rupees, up 2.25.
June 01, 2010 (LBO) – Sri Lankan stocks recovered Tuesday, as investors bought motor and consumer products firms on news of import tax cuts on vehicles and electronic goods, despite some retail profit-taking on selected stocks, brokers said.
The All Share Price Index closed at 4,258.80, up 21.64 points, while the Milanka index of more liquid stocks rose 0.44 percent (20.98 points) to close at 4,778.38.
Turnover was 1.18 billion rupees, according to stock exchange provisional figures.
Retail investors booked profits from mid and small cap stocks but got bullish in late afternoon trade after news the Treasury had slashed import taxes on motor vehicles and electronic goods, brokers said.
"The shares of listed motor vehicle importers rose ahead of the reduction on vehicle import duty," said Nikita Tissera of SC Securities.
"We did see some profit-taking despite the rise in indices due to the rise in share prices of vehicle importers."
United Motors Lanka was the day's highest gainer, closing at 135.75 rupees, up 30.25 or almost 29 percent.
Diesel & Motor Engineering, the third highest gainer, closed at 550.75, up 105 rupees or 24 percent, Sathosa Motors closed at 152.50, up 15.50 or 11 percent and Colonial Motors closed at 116.50, up nine rupees or eight percent.
Shares of Autodrome closed at 570, up 35.25 or seven percent.
Singer Sri Lanka closed at 95.25, up 5.25 or six percent and Abans Electricals closed at 194.50, up 9.50 or five percent.
ACL Plastics closed at 112.00 rupees, down 3.00, Amana Takaful closed at 29.25 rupees, down 1.00, Arpico Finance Company closed at 70.00 rupees down 1.50, Asiri Central Hospitals closed at 125.00 rupees, down 2.25 and Ceylon Hospitals closed at 72.50 rupees, down 3.25.
Chemanex closed at 133.00 rupees, down 2.50, Chemical Industries (Colombo) closed at 70.25 rupees, down 1.00, Colombo Pharmacies closed at 450.00 rupees, down 4.00, Confifi Hotel Holdings closed at 220.50 rupees, down 25.50 and NAMAL Acuity Fund closed at 67.00 rupees, down 4.25.
Aitken Spence closed flat at 1,552.00 rupees, Hayleys closed at 303.75 rupees, down 1.25, Hemas Holdings closed at 151.50 rupees, up 50 cents and John Keells Holdings closed at 186.00 rupees, up 2.25.
Sri Lanka slashes vehicles import duty; lifts import surcharge
Sri Lanka slashes vehicles import duty; lifts import surcharge
June 01, 2010 (LBO) - Sri Lanka has slashed an import excise duty on vehicles by 50 percent amid a pick up in the economy and demand for vehicles, lifted a general 15 percent surcharge on all imports and slashed duties on electronic items, an official said.
With effect from today a car such as an Indian-made Maruti which had attracted excise duties of up to 183 percent of its value will now be charged a duty of 90 percent, Sri Lanka's director general of fiscal policy S R Attygala said.
Cars attracted over 300 percent in excise duties, import duties, value added taxes, port and airport development levies and national security levies.
The government expects more revenue from car imports which plummeted last year amid high taxes.
Attygala said with a pick up in the economy there was a demand for vehicles including the tourist industry.
The government has also lifted a 15 percent surcharge on all imported items.
Several import duty bands had also been adjusted. Current bands of 0, 6, 16, and 28 percent have been revised to 0, 05, 15 and 30 percent.
But Attygala said with the removal of the 15 percent surcharge there was a reduction even in the 30 percent band as earlier a 33 percent was paid with the surcharge.
Meanwhile taxes on items such as watches and cameras have been brought down to 10 percent to encourage retail trade especially targeting foreigners, he said.
Sri Lanka is expecting a surge in tourist arrivals and like in many East Asian nations including Thailand and Singapore wants to attract visitors simply for shopping.
In Sri Lanka prices of wearing apparel are already considered attractive.
June 01, 2010 (LBO) - Sri Lanka has slashed an import excise duty on vehicles by 50 percent amid a pick up in the economy and demand for vehicles, lifted a general 15 percent surcharge on all imports and slashed duties on electronic items, an official said.
With effect from today a car such as an Indian-made Maruti which had attracted excise duties of up to 183 percent of its value will now be charged a duty of 90 percent, Sri Lanka's director general of fiscal policy S R Attygala said.
Cars attracted over 300 percent in excise duties, import duties, value added taxes, port and airport development levies and national security levies.
The government expects more revenue from car imports which plummeted last year amid high taxes.
Attygala said with a pick up in the economy there was a demand for vehicles including the tourist industry.
The government has also lifted a 15 percent surcharge on all imported items.
Several import duty bands had also been adjusted. Current bands of 0, 6, 16, and 28 percent have been revised to 0, 05, 15 and 30 percent.
But Attygala said with the removal of the 15 percent surcharge there was a reduction even in the 30 percent band as earlier a 33 percent was paid with the surcharge.
Meanwhile taxes on items such as watches and cameras have been brought down to 10 percent to encourage retail trade especially targeting foreigners, he said.
Sri Lanka is expecting a surge in tourist arrivals and like in many East Asian nations including Thailand and Singapore wants to attract visitors simply for shopping.
In Sri Lanka prices of wearing apparel are already considered attractive.
Sri Lanka Commercial Bank 9.8-pct voting stock sold to foreign buyer
Sri Lanka Commercial Bank 9.8-pct voting stock sold to foreign buyer
June 02, 2010 (LBO) - A 9.8 percent slice of Sri Lanka's Commercial Bank of Ceylon was sold by 30 percent shareholder DFCC Bank to a foreign buyer for 5.8 billion rupees, brokers said.
The Colombo Stock Exchange halted trading in DFCC Bank stock soon after the trade pending an announcement from the bank.
DFCC owns 30 percent of Commercial Bank.
The 9.988 percent stake in Commercial Bank falls short of the 10 percent regulatory limit on bank shareholding set by the regulator.
June 02, 2010 (LBO) - A 9.8 percent slice of Sri Lanka's Commercial Bank of Ceylon was sold by 30 percent shareholder DFCC Bank to a foreign buyer for 5.8 billion rupees, brokers said.
The Colombo Stock Exchange halted trading in DFCC Bank stock soon after the trade pending an announcement from the bank.
DFCC owns 30 percent of Commercial Bank.
The 9.988 percent stake in Commercial Bank falls short of the 10 percent regulatory limit on bank shareholding set by the regulator.
Sri Lanka's stock market to get new listings
Feb 27, 2009 (LBO) – Sri Lanka's tiny equity market is set to expand with four companies having submitted listing applications, a senior official at the Securities and Exchange Commission (SEC) said.
This includes South Asian Textile Mills Limited which has confirmed an Initial Public Offering (IPO) within the next two months.
"Apart from South Asian Textiles three more companies will be listing at the Colombo Stock Exchange (CSE)," said Channa de Silva, director general, SEC.
"Two companies are in the manufacturing business and the one is in power generation."
Singaporean-owned South Asian Textile Mills will offer more than 25 percent of equity to the public in the IPO, de Silva said.
"The total estimated value of South Asian Textile Mills is approximately two billion rupees."
"The public will be offered about 600 million rupees at the IPO."
South Asian Textiles' manufacturing facility is based at the Pugoda industrial estate in Pugoda, north of Colombo.
This is the second textiles company that will get listed on the Colombo bourse, after Hayleys MGT Knitting Mills.
"So this is a positive sentiment. We hope the new listings will boost the market and provide much needed liquidity," said de Silva.
"Even though times are tough, this initiative will encourage other companies to list at the exchange."
At present there are 235 companies listed on the CSE.
This includes South Asian Textile Mills Limited which has confirmed an Initial Public Offering (IPO) within the next two months.
"Apart from South Asian Textiles three more companies will be listing at the Colombo Stock Exchange (CSE)," said Channa de Silva, director general, SEC.
"Two companies are in the manufacturing business and the one is in power generation."
Singaporean-owned South Asian Textile Mills will offer more than 25 percent of equity to the public in the IPO, de Silva said.
"The total estimated value of South Asian Textile Mills is approximately two billion rupees."
"The public will be offered about 600 million rupees at the IPO."
South Asian Textiles' manufacturing facility is based at the Pugoda industrial estate in Pugoda, north of Colombo.
This is the second textiles company that will get listed on the Colombo bourse, after Hayleys MGT Knitting Mills.
"So this is a positive sentiment. We hope the new listings will boost the market and provide much needed liquidity," said de Silva.
"Even though times are tough, this initiative will encourage other companies to list at the exchange."
At present there are 235 companies listed on the CSE.
Sri Lanka Share market recovered from yesterday’s losses with the announcement of better earnings from JKH.
Sri Lanka Share market recovered from yesterday’s losses with the announcement of better earnings from JKH.
Stock Market summary -Tuesday 1st June 2010.
John Keells Holdings Plc (JKH) group has announced Rs 5.55 billion profit (after tax & minority interest) for the financial year ended 31st March 2010, up from Rs 4.96 billion last year. Investor sentiment was accelerated by the announcement of tax cut on vehicle imports. JKH was closed at Rs 186.00, up 2.25 while United Motors gained 30.25 or 28.67% to close at Rs 135.75.00.
Colombo All Share price index closed at 4258.80, up 21.64 while more liquid Milanka index closed 20.98 points higher at 4778.38. Today’s equity turnover amounted to Rs 1.18 billion.
Diesel & Motor Engineering Plc was up by massive Rs 105.00 to end the day at Rs 550.75. Abans Electrical Plc which is an electronic consumer goods importer gained 9.50 to close at 194.50. Sathosa Motors Plc the Isuzu vehicle importer also up by 15.50 to close at Rs 152.50.
There were 77 gainers & 63 losers for the day. Confifi Hotel Holdings & Renuka City Hotel Plc was among the major losers for the day. Confifi Hotel lost 25.50 to close at Rs 220.50 while Renuka City Hotel Plc was dipped by Rs 18.75 to close at Rs 235.00.
Posted by INVESTMENT ADVISOR at 6:06 PM 0 comments
Labels: CSE Daily Stock Market Report
Stock Market summary -Tuesday 1st June 2010.
John Keells Holdings Plc (JKH) group has announced Rs 5.55 billion profit (after tax & minority interest) for the financial year ended 31st March 2010, up from Rs 4.96 billion last year. Investor sentiment was accelerated by the announcement of tax cut on vehicle imports. JKH was closed at Rs 186.00, up 2.25 while United Motors gained 30.25 or 28.67% to close at Rs 135.75.00.
Colombo All Share price index closed at 4258.80, up 21.64 while more liquid Milanka index closed 20.98 points higher at 4778.38. Today’s equity turnover amounted to Rs 1.18 billion.
Diesel & Motor Engineering Plc was up by massive Rs 105.00 to end the day at Rs 550.75. Abans Electrical Plc which is an electronic consumer goods importer gained 9.50 to close at 194.50. Sathosa Motors Plc the Isuzu vehicle importer also up by 15.50 to close at Rs 152.50.
There were 77 gainers & 63 losers for the day. Confifi Hotel Holdings & Renuka City Hotel Plc was among the major losers for the day. Confifi Hotel lost 25.50 to close at Rs 220.50 while Renuka City Hotel Plc was dipped by Rs 18.75 to close at Rs 235.00.
Posted by INVESTMENT ADVISOR at 6:06 PM 0 comments
Labels: CSE Daily Stock Market Report
nissan sunny B11
The B11s were the first front-wheel-drive Sunnys—predating the same shift to front-wheel drive by their main Toyota Corolla rival—and were exported to the United States as the Nissan Sentra from the 1982 model year onwards.
The B11 series was regarded as one of Nissan's most modern ranges at the time, and was the first to abandon the Datsun name formally (though a small 'Datsun' still appeared on boot lids for the first two years). The wagon was known in its home market as the Nissan Sunny California. It was launched in late 1981 and continued into 1985.
The B11 was the first Mexico-market Sunny to be named Tsuru.
A further spin-off from the Sunny line was the (Japanese: Nissan Laurel Spirit), which was essentially a rebadged Sunny sedan designed to capitalize on the premium image of the larger Laurel line.
Yet another spin-off from the Sunny line was the "Nissan Sunny Maxima", which was sold only in limited numbers in the United Kingdom, and was totally unrelated to the "Bluebird Maxima", which was simply just sold as the "Maxima" in the United States, and continues to be its own model spun-off from the Bluebird range to this day. However, the "Sunny Maxima" line in the United Kingdom did not have any comparison to the "Bluebird Maxima" line in any shape or form. The "Sunny Maxima" line consisted only of upgrades such as a sunroof, enhanced exterior trim, only available with a 5-speed manual, chrome tailpipe, dual waveband radio meeting United Kingdom radio authority specifications, and deluxe carpeted floor mats, whereas the "Bluebird Maxima" line consisted of lengthened front end and overhang for first the L-series inline-6, then the VG in later generations as front wheel drive, sportier, crisper suspension for Fairlady Z like ride and handling, and a semi-luxury interior and features such as power seats, leather, automatic suspension control, and in some generations, a digital electronic instrument cluster, and has been known in the United States as the "4-door Fairlady Z", and the current generation now long spun off from the Bluebird line to this day as the "4-door Sports Car {4DSC}[2]
The B11 series was regarded as one of Nissan's most modern ranges at the time, and was the first to abandon the Datsun name formally (though a small 'Datsun' still appeared on boot lids for the first two years). The wagon was known in its home market as the Nissan Sunny California. It was launched in late 1981 and continued into 1985.
The B11 was the first Mexico-market Sunny to be named Tsuru.
A further spin-off from the Sunny line was the (Japanese: Nissan Laurel Spirit), which was essentially a rebadged Sunny sedan designed to capitalize on the premium image of the larger Laurel line.
Yet another spin-off from the Sunny line was the "Nissan Sunny Maxima", which was sold only in limited numbers in the United Kingdom, and was totally unrelated to the "Bluebird Maxima", which was simply just sold as the "Maxima" in the United States, and continues to be its own model spun-off from the Bluebird range to this day. However, the "Sunny Maxima" line in the United Kingdom did not have any comparison to the "Bluebird Maxima" line in any shape or form. The "Sunny Maxima" line consisted only of upgrades such as a sunroof, enhanced exterior trim, only available with a 5-speed manual, chrome tailpipe, dual waveband radio meeting United Kingdom radio authority specifications, and deluxe carpeted floor mats, whereas the "Bluebird Maxima" line consisted of lengthened front end and overhang for first the L-series inline-6, then the VG in later generations as front wheel drive, sportier, crisper suspension for Fairlady Z like ride and handling, and a semi-luxury interior and features such as power seats, leather, automatic suspension control, and in some generations, a digital electronic instrument cluster, and has been known in the United States as the "4-door Fairlady Z", and the current generation now long spun off from the Bluebird line to this day as the "4-door Sports Car {4DSC}[2]
nissan sunny B310
The final rear-wheel-drive Sunny from model year 1978 to 1982 featured numerous variants, including a fastback station wagon as well as more squared-off, utilitarian models with three and five doors, a coupé, and two- and four-door sedans. These models appeared with Datsun 120Y, 130Y, 140Y and 150Y badges in some markets (depending on engine size) though Sunny was increasingly used for export, too. The North American version was marketed as the Datsun 210. The B310 was known for its high equipment levels and build quality at the time. It was available with the same A-series engines as its predecessor although the B210's optional 63 series 5-speed transmission was replaced with the smaller 60 series unit. The leaf spring rear suspension was discontinued and the live axle was now suspended using a coil spring four-link configuration. In 1980, the B310 was given a mild facelift, with a smoothed off front end, a grille with square headlamps, and a redesigned dashboard.
In North America, the only wagon offered was the fastback version. In Japan, this fastback wagon was a special model called the Sunny California, aimed at private buyers unlike the square-backed 3-and 5-door Sunny Van (although in JDM form they were always fully glazed and usually had a back seat) meant for the long-standing Japanese commercial wagon market. In most other markets the more traditional two-box wagon was offered, either alone or alongside the fastback, and some countries where "no rear side glass" was part of a legal definition of a "light truck" got panelled-in versions of the 3-door.
This model marked the first and only time the "Sunny" name was used in Australia.
This chassis, along with the A10 chassis on the 160J/Violet/Stanza formed the basis for the S110 chassis on the Nissan Silvia.
In most markets, the A12 engine was the only, or most common engine offered. However B310s in various markets were fitted with the following A-series engines:
* A12 (1171 cc, not offered in North America)
* A12A (1237 cc, North America only)
* A13 (Short Deck Engine)
* A14
* A15
In North America, the Datsun 210 engine line ups were as follows:
* 1979 - A12A or A14
* 1980-1982 - A12A, A14 or A15
The special MPG model was a small-port A15 with 5-speed transmission and achieved 47 mpg-US (5.0 L/100 km; 56 mpg-imp) per US standards.
[edit]
In North America, the only wagon offered was the fastback version. In Japan, this fastback wagon was a special model called the Sunny California, aimed at private buyers unlike the square-backed 3-and 5-door Sunny Van (although in JDM form they were always fully glazed and usually had a back seat) meant for the long-standing Japanese commercial wagon market. In most other markets the more traditional two-box wagon was offered, either alone or alongside the fastback, and some countries where "no rear side glass" was part of a legal definition of a "light truck" got panelled-in versions of the 3-door.
This model marked the first and only time the "Sunny" name was used in Australia.
This chassis, along with the A10 chassis on the 160J/Violet/Stanza formed the basis for the S110 chassis on the Nissan Silvia.
In most markets, the A12 engine was the only, or most common engine offered. However B310s in various markets were fitted with the following A-series engines:
* A12 (1171 cc, not offered in North America)
* A12A (1237 cc, North America only)
* A13 (Short Deck Engine)
* A14
* A15
In North America, the Datsun 210 engine line ups were as follows:
* 1979 - A12A or A14
* 1980-1982 - A12A, A14 or A15
The special MPG model was a small-port A15 with 5-speed transmission and achieved 47 mpg-US (5.0 L/100 km; 56 mpg-imp) per US standards.
[edit]
nissan sunny b210
Exported as the Datsun 120Y and Datsun B-210 (in North America), the third generation (1973–1978) Sunny was extremely popular as it debuted during the gas crisis of the 1970s. Six bodystyles were offered: the 4-door sedan, 2-door sedan, 2-door hatchback coupé, 2-door wagon, 4-door wagon and 2-door van. The coupé still retained fastback styling, but now featured a full hatchback door rather than the small trunk lid of the previous generation Sunny. The wagon was not offered in North America.
The Sunny continued to be the fuel-economy leader in North America and one of the least expensive cars available. This was in part due to the light metal; small engine- with older OHV technology; and a very basic cardboard interior used in its construction. At the time, their body stylings were popular with buyers - mainly the hatchback coupe as the sedans were considered by some to be less appealing. In later editions of the B-210 (76-78) a larger "safety" bumper was used and was said to improve its over all design.
The "Datsun Honeybee" and The "Datsun SSS" were limited edition B-210s; the Honeybee being released in only in North America and the SSS in New Zealand. Both only featured minor aesthetic differences to the regular b-210. Nonetheless these models are now considered collector's items among Datsun enthusiasts.
Although regular production in Japan as well as sales in most countries ended with the 1978 model year, the B210 series continued to be produced by Nissan South Africa through 1980.
The 1978 B-210 (American model) with 5-speed transmission was rated by the United States Environmental Protection Agency at 50 mpg-US (4.7 L/100 km; 60 mpg-imp) highway fuel economy.
The 120Y was sharply criticized by magazines such as Wheels of Australia, which felt that it offered no true improvement on its predecessor, not surprising given that the B110 platform was carried over, but used a slightly revised A12 engine. Like some Nissans of this period, it tended to be overstyled.
The related Sunny Excellents continued as PB210 models, fitted with a 1.4-litre L14 engine. In 1976 Nissan changed the Sunny Excellent from a distinct vehicle model (PB210) to simply a trim-level option for the regular B210, now fitted with 1.6-liter L16 engine.
Road & Track was somewhat critical of the B-210 in their 1975 test[citation needed]. They criticized the "modest performance" of the "peppy" engine, but were impressed with its 27 mpg-US (8.7 L/100 km; 32 mpg-imp) fuel economy. B210 pricing started at US$2849 that year.
This chassis formed the basis for the S10 chassis on the Nissan Silvia.
US-market models were fitted with these A-series engines (years given are model years):
* 1974: A13 engine, 1.3 L (1288 cc) OHV I4
* 1975-1978: A14 engine, 1.4 L (1397 cc) OHV I4, various horsepower ratings from 65-85 hp
In most markets, the B210 line featured as the only engine option a re-designed A12 engine. However, in the South African market they also featured L14 and L16 engine options, as well as a special edition of B210 coupé badged as a 140Z and a 160Z. The 140Z and 160Z featured twin SU carburetors and a 5-speed transmission.
The Sunny continued to be the fuel-economy leader in North America and one of the least expensive cars available. This was in part due to the light metal; small engine- with older OHV technology; and a very basic cardboard interior used in its construction. At the time, their body stylings were popular with buyers - mainly the hatchback coupe as the sedans were considered by some to be less appealing. In later editions of the B-210 (76-78) a larger "safety" bumper was used and was said to improve its over all design.
The "Datsun Honeybee" and The "Datsun SSS" were limited edition B-210s; the Honeybee being released in only in North America and the SSS in New Zealand. Both only featured minor aesthetic differences to the regular b-210. Nonetheless these models are now considered collector's items among Datsun enthusiasts.
Although regular production in Japan as well as sales in most countries ended with the 1978 model year, the B210 series continued to be produced by Nissan South Africa through 1980.
The 1978 B-210 (American model) with 5-speed transmission was rated by the United States Environmental Protection Agency at 50 mpg-US (4.7 L/100 km; 60 mpg-imp) highway fuel economy.
The 120Y was sharply criticized by magazines such as Wheels of Australia, which felt that it offered no true improvement on its predecessor, not surprising given that the B110 platform was carried over, but used a slightly revised A12 engine. Like some Nissans of this period, it tended to be overstyled.
The related Sunny Excellents continued as PB210 models, fitted with a 1.4-litre L14 engine. In 1976 Nissan changed the Sunny Excellent from a distinct vehicle model (PB210) to simply a trim-level option for the regular B210, now fitted with 1.6-liter L16 engine.
Road & Track was somewhat critical of the B-210 in their 1975 test[citation needed]. They criticized the "modest performance" of the "peppy" engine, but were impressed with its 27 mpg-US (8.7 L/100 km; 32 mpg-imp) fuel economy. B210 pricing started at US$2849 that year.
This chassis formed the basis for the S10 chassis on the Nissan Silvia.
US-market models were fitted with these A-series engines (years given are model years):
* 1974: A13 engine, 1.3 L (1288 cc) OHV I4
* 1975-1978: A14 engine, 1.4 L (1397 cc) OHV I4, various horsepower ratings from 65-85 hp
In most markets, the B210 line featured as the only engine option a re-designed A12 engine. However, in the South African market they also featured L14 and L16 engine options, as well as a special edition of B210 coupé badged as a 140Z and a 160Z. The 140Z and 160Z featured twin SU carburetors and a 5-speed transmission.
B120 series Sunny Truck
The B120 commercial truck debuted in February 1971, based on the B110 passenger car chassis. The B120 used the same wheelbase and running gear of the Datsun 1200 sedans, coupé and wagon models. Initially it used the same stainless steel grille as the 1200 sedan, and the rectangular gauges of the Standard model B110s. Both regular (B120) and long-bed (GB120) models were offered. After the 1200 car series ceased production the B120 continued. Interestingly, in certain markets the B120 was actually badged as 120Y, to correspond as part of the updated 120Y range. The B120 ute was sold in Australia until 1985. It was marketed in New Zealand during the 1980s in two trims: RoadStar and SportStar. This model was known as a bakkie in South Africa. It's capable of 49 mpg-US (4.8 L/100 km; 59 mpg-imp)).
In 1978, in the Japan market the B121 model replaced the B120, with the most notable change being a switch to a plastic grille of the type used by the B110 Coupé. Also notable was a change to upscale round instrumentation.
Nissan GB122 Sunny Truck
In November 1989, an updated B122 and GB122 (longbed) models replaced the B121. Prominent among changes was a switch from round headlights to rectangular ones (along with new grille to accommodate this change). However other significant changes included:
* front disc brakes
* catalytic converters
* NOx Conforming (emission controlled) models RB122 and RGB122 the A12 engine.
In 1978, in the Japan market the B121 model replaced the B120, with the most notable change being a switch to a plastic grille of the type used by the B110 Coupé. Also notable was a change to upscale round instrumentation.
Nissan GB122 Sunny Truck
In November 1989, an updated B122 and GB122 (longbed) models replaced the B121. Prominent among changes was a switch from round headlights to rectangular ones (along with new grille to accommodate this change). However other significant changes included:
* front disc brakes
* catalytic converters
* NOx Conforming (emission controlled) models RB122 and RGB122 the A12 engine.
nissan sunny PB110
PB110 series
April 4, 1971, halfway through the model year, the Sunny Excellent (PB110 series) debuted for the Japan domestic market. It was based on the B110, but with new hood, fenders and grille, and featured a SOHC 1.4-litre Nissan L engine. The front overhang was extended 130 mm (5.1 in) and the wheelbase 40 mm (1.6 in). In Mexico this was marketed as the Sentra 1400.
At the Tokyo motor show, October 19, 1972, a Sunny Excellent with Nissan's two-rotor Wankel rotary engine was exhibited (Article on Datsun1200.com). Wheels magazine drove this car on the race track.
April 4, 1971, halfway through the model year, the Sunny Excellent (PB110 series) debuted for the Japan domestic market. It was based on the B110, but with new hood, fenders and grille, and featured a SOHC 1.4-litre Nissan L engine. The front overhang was extended 130 mm (5.1 in) and the wheelbase 40 mm (1.6 in). In Mexico this was marketed as the Sentra 1400.
At the Tokyo motor show, October 19, 1972, a Sunny Excellent with Nissan's two-rotor Wankel rotary engine was exhibited (Article on Datsun1200.com). Wheels magazine drove this car on the race track.
nissan sunny B110
The second-generation Sunny launched in 1970 and was also known as the Datsun 1200. This new model was slightly larger in all dimensions to match its market rival, the equally popular Toyota Corolla.
The Datsun 1200 featured MacPherson strut front suspension with optional disc brakes and an economical 1.2-liter A12-series engine. A 5-door station wagon was added to the Sunny range in addition to the 3-door wagon. In April 1970 a GX Grand Luxury trim with twin-carburetor engine was added for the Japan domestic market. In January 1972 a minor facelift occurred in the Japan market with a new hood, grille and other small modifications and equipment fitting. In August 1972, the GX-5 model was added in Japan, which improved on the GX by fitting a direct-fifth (non-overdrive) five-speed manual transmission. For the 1973 model year, USA models were re-specified with energy-absorbing bumpers, fire-resistant interiors and other government-mandated safety items.
The B110 made its racing debut at the Fuji 200 Mile race November 23, 1970 in the TS1300 class. In this class which was effectively a Toyota Corolla monopolistic state it was challenged by only one Nissan works car, but with beautiful victory for driver Suzuki Makoto.
In Australia, the Datsun 1200 was highly regarded for conversion to a 2WD rally car. The Datsun 1600 generally rated highest among entry-level Datsuns, and the 1200 a close second.[5]
The Datsun 1200 was the most fuel-efficient vehicle in the United States in 1973,[6] as rated by the government at 28.7 mpg-US (8.20 L/100 km; 34.5 mpg-imp) in overall driving pattern. It achieved 37.9 mpg-US (6.21 L/100 km; 45.5 mpg-imp) in highway driving.[7] At its United States introduction, it was the lowest price car at $1866. (Road & Track magazine, November 1970)
In Mexico, the Sunny B110 was marketed as the Nissan Sentra.
In South Africa, the B110 was sold through 1976. A pick up (bakkie) derivative, featuring a 1400 cc engine, was sold until 2008 when emissions laws forced the end of its production.
In New Zealand, a special edition Datsun 1200 SSS 4-door sedan with twin side-draft carburetors and other racy features was marketed.
In Portugal, a special Datsun 1200 S1 2-door sedan was marketed.
In North America (US and Canada), there were an average of 44,000 Datsun 1200s sold each year for three model years.
* Coupé total sales: 89,541
* 2-door sedan total sales: 43,761
The Datsun 1200 featured MacPherson strut front suspension with optional disc brakes and an economical 1.2-liter A12-series engine. A 5-door station wagon was added to the Sunny range in addition to the 3-door wagon. In April 1970 a GX Grand Luxury trim with twin-carburetor engine was added for the Japan domestic market. In January 1972 a minor facelift occurred in the Japan market with a new hood, grille and other small modifications and equipment fitting. In August 1972, the GX-5 model was added in Japan, which improved on the GX by fitting a direct-fifth (non-overdrive) five-speed manual transmission. For the 1973 model year, USA models were re-specified with energy-absorbing bumpers, fire-resistant interiors and other government-mandated safety items.
The B110 made its racing debut at the Fuji 200 Mile race November 23, 1970 in the TS1300 class. In this class which was effectively a Toyota Corolla monopolistic state it was challenged by only one Nissan works car, but with beautiful victory for driver Suzuki Makoto.
In Australia, the Datsun 1200 was highly regarded for conversion to a 2WD rally car. The Datsun 1600 generally rated highest among entry-level Datsuns, and the 1200 a close second.[5]
The Datsun 1200 was the most fuel-efficient vehicle in the United States in 1973,[6] as rated by the government at 28.7 mpg-US (8.20 L/100 km; 34.5 mpg-imp) in overall driving pattern. It achieved 37.9 mpg-US (6.21 L/100 km; 45.5 mpg-imp) in highway driving.[7] At its United States introduction, it was the lowest price car at $1866. (Road & Track magazine, November 1970)
In Mexico, the Sunny B110 was marketed as the Nissan Sentra.
In South Africa, the B110 was sold through 1976. A pick up (bakkie) derivative, featuring a 1400 cc engine, was sold until 2008 when emissions laws forced the end of its production.
In New Zealand, a special edition Datsun 1200 SSS 4-door sedan with twin side-draft carburetors and other racy features was marketed.
In Portugal, a special Datsun 1200 S1 2-door sedan was marketed.
In North America (US and Canada), there were an average of 44,000 Datsun 1200s sold each year for three model years.
* Coupé total sales: 89,541
* 2-door sedan total sales: 43,761
nissan sunny B20
The Sunny Truck debuted in October 1968 and was the light commercial truck variation of the B10 passenger models. It was based on the VB10 Van chassis, and is a body style which is correctly known as a (Japanese: Coupé Utility). This is known as a "Ute" in Australia and "Sunny Truck" in Japan.
Being a commercial model, these were only ever available in Standard trim. The equipment was basic, but this kept the price low.
The B20 used the same wheelbase and running gear of the Datsun 1000 VB10 van.
Being a commercial model, these were only ever available in Standard trim. The equipment was basic, but this kept the price low.
The B20 used the same wheelbase and running gear of the Datsun 1000 VB10 van.
nissan sunny B10
The first Nissan Sunny, exported as the Datsun 1000, was launched in September 1966, with two body styles, a two-door sedan (B10) and a van/station wagon (VB10). These were available in both a "Standard" and "Deluxe" version, featuring drum brakes, conventional leaf springs at the rear and wishbone type independent front end. The front end used a single transverse leaf spring.
The car featured a 4-cylinder in-line engine – the A10 – with a total displacement of 988 cc and a 4-speed gearbox.
The 1968 model, introduced in October 1967 added to the lineup the four door sedan (B10) in both DeLuxe and Standard form. October 1968 saw the new 1969 models released with a new coupé (the KB10) added. Marketed as a "Sunny Coupé" in Japan, it was available in a wide variety of levels from "Standard", to "GL" (ostensibly "Grande Luxe"). The range of factory options and accessories was by this time vast. Total horsepower in the 1968 model was claimed to be 62 hp (46 kW) at 6000 rpm.
All of the other models got new grilles and larger tail lights, which now included reversing lights in the van/wagon model.
The only other country that seems to have received the coupé is Australia, where it was marketed as the "Datsun 1000 Coupé". It was well equipped, and was available only in the Deluxe level of trim. The Australian Deluxe model came standard with many inclusions that were available only as options in the Japanese model. The engine in the coupé had higher compression, a different Hitachi carburettor, and a dual outlet exhaust manifold. These changes increased its power output to 66 hp (a 4 hp (3 kW), or 6.5% increase over other models).
Unlike the other models, the coupé was only ever made in right drive.
July 1969 saw the release of the slightly different (cosmetically) 1970 models which left the 1969 model run at only nine months. No additional models were added, and production ceased in December 1969, cutting the 1970 model run at only six months.
The car featured a 4-cylinder in-line engine – the A10 – with a total displacement of 988 cc and a 4-speed gearbox.
The 1968 model, introduced in October 1967 added to the lineup the four door sedan (B10) in both DeLuxe and Standard form. October 1968 saw the new 1969 models released with a new coupé (the KB10) added. Marketed as a "Sunny Coupé" in Japan, it was available in a wide variety of levels from "Standard", to "GL" (ostensibly "Grande Luxe"). The range of factory options and accessories was by this time vast. Total horsepower in the 1968 model was claimed to be 62 hp (46 kW) at 6000 rpm.
All of the other models got new grilles and larger tail lights, which now included reversing lights in the van/wagon model.
The only other country that seems to have received the coupé is Australia, where it was marketed as the "Datsun 1000 Coupé". It was well equipped, and was available only in the Deluxe level of trim. The Australian Deluxe model came standard with many inclusions that were available only as options in the Japanese model. The engine in the coupé had higher compression, a different Hitachi carburettor, and a dual outlet exhaust manifold. These changes increased its power output to 66 hp (a 4 hp (3 kW), or 6.5% increase over other models).
Unlike the other models, the coupé was only ever made in right drive.
July 1969 saw the release of the slightly different (cosmetically) 1970 models which left the 1969 model run at only nine months. No additional models were added, and production ceased in December 1969, cutting the 1970 model run at only six months.
nissan sunny
The Nissan Sunny is a small car from Nissan. It was launched in 1966 as the Datsun 1000 and although production in Japan ended in 2004, it remains in production today for the African and American markets. In the US, the later models were known as the Nissan Sentra; in Latin America, the Sunny is known as the Nissan Tsuru.[1] The Sunny fit neatly into Nissan model line. It was larger than the supermini Nissan March (Micra) models, but not as big as the compact Bluebird models. The latest versions of the Sunny were larger than the early models, and may be considered compact cars. Earlier versions (through at least the B11 series) were subcompact cars. All Sunnys through the 1982 model year (except as noted below) used Nissan A engine motors.
Confusingly, the "Sunny" name has been used on other Nissan models not part of the Sunny (B-series) family, notably various export versions of the Nissan Pulsar model line.
Contents
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Confusingly, the "Sunny" name has been used on other Nissan models not part of the Sunny (B-series) family, notably various export versions of the Nissan Pulsar model line.
Contents
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sri lanka stock market watch
Sri Lanka Share market recovered from yesterday’s losses with the announcement of better earnings from JKH.
Stock Market summary -Tuesday 1st June 2010.
John Keells Holdings Plc (JKH) group has announced Rs 5.55 billion profit (after tax & minority interest) for the financial year ended 31st March 2010, up from Rs 4.96 billion last year. Investor sentiment was accelerated by the announcement of tax cut on vehicle imports. JKH was closed at Rs 186.00, up 2.25 while United Motors gained 30.25 or 28.67% to close at Rs 135.75.00.
Colombo All Share price index closed at 4258.80, up 21.64 while more liquid Milanka index closed 20.98 points higher at 4778.38. Today’s equity turnover amounted to Rs 1.18 billion.
Diesel & Motor Engineering Plc was up by massive Rs 105.00 to end the day at Rs 550.75. Abans Electrical Plc which is an electronic consumer goods importer gained 9.50 to close at 194.50. Sathosa Motors Plc the Isuzu vehicle importer also up by 15.50 to close at Rs 152.50.
There were 77 gainers & 63 losers for the day. Confifi Hotel Holdings & Renuka City Hotel Plc was among the major losers for the day. Confifi Hotel lost 25.50 to close at Rs 220.50 while Renuka City Hotel Plc was dipped by Rs 18.75 to close at Rs 235.00.
Labels: CSE Daily Stock Market Report
CSE Indices turned to positive as selected stocks rises.
Gains in Hemas Holdings Plc (HHL) & John Keells Holdings Plc (JKH) pushed the ASI to 4250.99, up 24.5 points while MPI which represent more liquid stocks closed 39.57 points higher at 4761.35. Turnover was 1.09 billion rupees.
HHL has announced a share split of 5 for 1 & closed the day Rs 10.75 higher at 148.25 while JKH closed at Rs 180.00, up 2.50. Confifi Hotel Holdings made an extra ordinary gain of Rs 101.00 to close at Rs 318.00. There was huge demand for hotel sector stocks during the day. Trans Asia Hotels Plc was up by 15.00 to close at Rs 240.00 while Sigiriya Village Hotels Plc closed at Rs 68.50, up 7.75.
Total of 84 companies made gains while 53 stocks lost their value during the day. Hayleys Plc was down by 7.75 to close at Rs 294.25 while Lanka Orix Leasing Company Plc (LOLC) lost 11.50 to end the day at Rs 265.25.
Foreign investors bought Rs 73.09 million worth of stocks & sold stocks valued at Rs 139.86 million.
Colombo Stock Exchange Negombo branch is going to conduct an Investor Education seminar series on 4th, 11th & 18th of June 2010. You can get more information by calling Tel No – 031-2227859/61. It will cost you only Rs 300/-. The seminar will be conducted in Sinhala Language. If you are residing around Negombo don’t forget to participate.
Colombo Stock Exchange will be closed for trading on 27th & 28th May 2010 due to Vesak Poya (A Buddhist Religious Holiday).
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