Sri Lankan stocks end lower

Updated 05 July 2013
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Sri Lankan stocks end lower

COLOMBO: Sri Lankan shares, led by market heavyweight John Keells Holdings, have weakened due to investors’ concerns over the rupee’s weakness, and worries that outflows from government securities could spread to equities.
The share index fell 0.73 percent to end at 6073.17, its lowest close since June 26.
Moody’s cut its credit rating outlook for Sri Lanka from positive to stable on Tuesday, adding to the bearish sentiment.
Turnover was at 738.1 million rupees ($ 5.65 million) yesterday, less than this year’s daily average turnover of about 1 billion rupees, according to provisional exchange data. John Keells lost 2.2 percent to 253.90 rupees.
The rupeeended steady at 130.55 per dollar, Thomson Reuters data showed, after the central bank said it can maintain exchange rate stability and there was little sign that foreign outflows from selling government securities would pose a significant risk.
Currency dealers, however, still see downward pressure on the rupee with foreign bond holders still selling their stakes in the secondary market after Moody’s move.
Currency dealers said the central bank also directed commercial banks not to buy dollars beyond 130.60. Officials from the central bank were not immediately available to comment.
 


Saudi Arabia has lion’s share of regional philanthropy

Updated 27 April 2018
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Saudi Arabia has lion’s share of regional philanthropy

  • Kingdom is home to three quarters of region's foundations
  • Combined asets of global foundations is $1.5 trillion

Nearly three quarters of philanthropic foundations in the Middle East are concentrated in Saudi Arabia, according to a new report.

The study, conducted by researchers at Harvard Kennedy School’s Hauser Institute with funding from Swiss bank UBS, also found that resources were highly concentrated in certain areas with education the most popular area for investment globally.

That trend was best illustrated in the Kingdom, where education ranked first among the target areas of local foundations.

While the combined assets of the world’s foundations are estimated at close to $1.5 trillion, half have no paid staff and small budgets of under $1 million. In fact, 90 percent of identified foundations have assets of less than $10 million, according to the Global Philanthropy Report. 

Developed over three years with inputs from twenty research teams across nineteen countries and Hong Kong, the report highlights the magnitude of global philanthropic investment.

A rapidly growing number of philanthropists are establishing foundations and institutions to focus, practice, and amplify these investments, said the report.

In recent years, philanthropy has witnessed a major shift. Wealthy individuals, families, and corporations are looking to give more, to give more strategically, and to increase the impact of their social investments.

Organizations such as the Bill and Melinda Gates Foundation have become increasingly high profile — but at the same time, some governments, including India and China, have sought to limit the spread of cross-border philanthropy in certain sectors.

As the world is falling well short of raising the $ 5-7 trillion of annual investment needed to achieve the UN’s Sustainable Development Goals, UBS sees the report findings as a call for philanthropists to work together to scale their impact.

Understanding this need for collaboration, UBS has established a global community where philanthropists can work together to drive sustainable impact.

Established in 2015 and with over 400 members, the Global Philanthropists Community hosted by UBS is the world’s largest private network exclusively for philanthropists and social investors, facilitating collaboration and sharing of best practices.

Josef Stadler, head of ultra high net worth wealth, UBS Global Management, said: “This report takes a much-needed step toward understanding global philanthropy so that, collectively, we might shape a more strategic and collaborative future, with philanthropists leading the way toward solving the great challenges of our time.”

This week Saudi Arabia said it would provide an additional $100 million of humanitarian aid in Syria, through the King Salman Humanitarian Aid and Relief Center.

The UAE also this week said it had contributed $192 million to a housing project in Afghanistan through the Abu Dhabi Fund for Development.