Registrations open for ‘CSE Masterminds 2018’ quiz competition
The Colombo Stock Exchange (CSE) announced ‘CSE Masterminds 2018’, the second edition of Sri Lanka’s industry-wide capital market quiz competition.
The event will be held on July 11, 2018, at the Shangri-la Hotel, Colombo from 4:00p.m. onwards, where a number of public and private companies and other institutions from around the country would be represented.
Organised with the objective of enhancing knowledge of the capital market, participants at the competition will be tested and rewarded for their knowledge of the stock market, global capital markets, local and international business and other areas with relation to the management of financial securities.
The inaugural edition of ‘CSE Masterminds’, attracted the participation of listed companies across industry and sector groups represented in CSE, with Commercial Bank of Ceylon PLC emerging as the overall winner. ‘CSE Masterminds 2018’ will offer a cash prize of Rs.100,000 for the winning team with additional cash prizes of Rs.75,000 and Rs.50,000 awarded to second and third placed teams in the overall competition, while other segmental awards also will be on offer.
CSE Masterminds 2018 is supported by First Capital Holdings as the platinum sponsor, Nations Trust Bank as the gold sponsor, and Bank of Ceylon, DFCC Bank, Softlogic Stockbrokers and Taprobane Securities as silver sponsors. The Shangri-la Hotel Colombo is the hospitality partner while the event is also supported by Lite FM as the radio partner and Entertainment Unlimited as the event management partner.
Commenting on the event, CSE CEO Rajeeva Bandaranaike said: “Building up on what was a successful inaugural edition, CSE Masterminds in 2018 is set to reach out to a broader audience, offering participants a unique platform to demonstrate their knowledge of both the capital market and other related local and international developments. We encourage corporates and capital market stakeholders to take part in what would be an engaging competition this year.” The competition format and guidelines, including the registration process can be accessed through www.cse.lk or by contacting ‘011 235 6522’.
National Institute of Exports (NIOE), is the training arm of the National Chamber of Exporters (NCE) and will spear-head training workshops to clarify issues.
The NCE welcomes the enactment of the Anti-dumping and Countervailing Duties Act and the Safeguard Measures Act by the government which was passed in parliament in March. The chamber notes that these enactments fulfill the expectations of Sri Lankan entrepreneurs to safeguard them from unfair trade practices, and to create a level playing field, which has been long overdue.
The Anti-dumping and Countervailing Duties Act provides protection to domestic enterprises to counter low priced dumped imports, as well as imports which have received excessive subsidies, while the Safeguard Measures Act provides protection to local domestic enterprises against sudden surges of imports which are harmful to domestic industries.
The chamber reiterates the statement made recently by the Ministry of Strategy Development and International Trade that these new laws are not aimed at providing blanket protectionism to domestic industry, but rather a credible set of remedial measures in the event of injury to domestic industry caused by dumping or by subsidies, as well as by sudden surges of imports.
Some local entrepreneurs have been making representations in the past that imports are entering the country at lower prices than their normal value. However the chamber notes that dumping is often mistaken and simplified to mean all cheap low priced imports, which is not the case. In this context representations have been made by local enterprises related to the imports of second hand low quality boats, and low quality electrical panel boards at low prices. However a closer analysis of the issues related to these imports may require other remedial measures. A more realistic case as pointed out by the Department of Commerce at a recent seminar could be the imports of low priced potatoes from India.
On the other hand in regard to Exports from Sri Lanka, the chamber notes that domestic enterprises in the USA have made representations to the US Department of Commerce regarding low priced certain types of ‘off-road pneumatic tires’, and rubber bands from Sri Lanka which they claimed to receive subsidies in Sri Lanka. Data of the World Trade Organisation (WTO) reveals an increasing trend in complaints from affected enterprises in developed countries, as well as some developing countries. In this context there is a need for Sri Lankan exporters of various products to be aware of such sensitive export markets, to avoid issues.
The bills that have been passed in parliament clearly outlines the special criteria to determine when products are considered to be dumped or unfairly subsidised, and the provisions to levy compensatory duties. Further the website of the Department of Commerce in Sri Lanka also lists out the steps to be followed by Sri Lankan Enterprises who seek redress when reporting on dumped goods, subsidised imports and surges in imports, which entrepreneurs should be aware of.
WTO Regulations also provide certain flexibility to developing countries when seeking redress under these laws.
The chamber recently conducted a preliminary workshop, under the EU Trade Facilitation Project, through its affiliate training arm the National Institute of Exports (NIOE) to introduce key features of the legislation. The workshop was conducted with the assistance of the International Trade Centre (ITC) in Geneva.
With a view to imparting further knowledge, and educating Sri Lankan Entrepreneurs on the various technical issues related to the above enactments, and the procedures they should follow when making an application to the Department of Commerce, which is the investigating authority, seeking redress under the legislation, the chamber will shortly conduct training workshops in collaboration with the relevant state agencies. Nevertheless the chamber advises Sri Lankan entrepreneurs to be alert and compile relevant information as well as data on their particular segments of industries, including the production data of producers of the same product, or like products, to facilitate their representations when seeking protection from unfair trade practices related to imports.