Saudi firms invited for export development forum in Lanka

Updated 06 September 2016
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Saudi firms invited for export development forum in Lanka

RIYADH: The “16th World Export Development Forum (WEDF) is scheduled to be held in  Colombo, Sri Lanka, from  Oct. 12 to 13 under the theme of ‘Trade for Success: Connect, Compete, Change’.
The World Export Development Forum (WEDF) is an annual flagship event of the International Trade Center (ITC), Geneva, which brings together around 400 business practitioners from around the world to debate and identify practical solutions that contribute to trade-led inclusive sustainable development.
A special feature of WEDF 2016 in Colombo is a schedule of dedicated Business to Business (B2B) meetings for which over 100 Sri Lankan companies from the sectors mentioned below will be participating.
This will offer an excellent platform for Saudi Companies to meet business partners from Sri Lanka.
Special incentives such as a 25 percent discount on airfare on Sri Lankan Airlines and concessionary accommodation for 3 nights, etc. will be offered for potential Saudi businesses.
The sectors in focus are: information and communication technologies (ICTs), apparels, tourism, rubber-based products,
specialty food: tea and spices, manufacturing products and processed food.
South Asia’s most focused and largest international Boat Show and Fisheries Exhibition 2016 will also be held from Oct. 13 to Oct. 15 in Colombo and participants of the World Export Development Forum will be given an opportunity to visit this event as well.
Presentations on Investment opportunities in Sri Lanka and Sri Lanka product Exhibitions will also take place in parallel to WEDF 2016.
Investors and companies interested in taking part in these events can contact Gayan Rajapaksa/commercial secretary/Embassy of Sri Lanka in Riyadh (Tel: 011 4608251, mobile: 050 4481634 fax: 011-4608846, and e-mail: [email protected]/[email protected])


Tesla nears 3-month low as JPMorgan adds to private deal doubts

Updated 20 August 2018
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Tesla nears 3-month low as JPMorgan adds to private deal doubts

  • Slashing its price target for Tesla from $308 to $195, the brokerage said it did not believe Chief Executive Officer Elon Musk had funds for a plan
  • Tesla shares fell nearly 4 percent

LONDON: Tesla shares fell nearly 4 percent on Monday as a $113 cut in JPMorgan Chase’s price target for the electric carmaker added to growing doubts among market players about a plan to take the company private.
Slashing its price target for Tesla from $308 to $195, the brokerage said it did not believe Chief Executive Officer Elon Musk had funds for a plan announced by a tweet that said “funding secured” two weeks ago.
Analysts from the US bank had upped its forecast from $198 to $308 after a roughly $100 surge in Tesla stock following Musk’s tweets on Aug. 7 and the note on Monday was the latest evidence of skepticism about the deal on Wall Street.
People familiar with the matter said on Sunday that PIF, the Saudi Arabian sovereign wealth fund that Musk says had been pressing to help fund the buyout, is in talks to invest in aspiring Tesla rival Lucid Motors Inc.
“Our interpretation of subsequent events leads us to believe that funding was not secured for a going private transaction, nor was there any formal proposal,” JPMorgan analyst Ryan Brinkman wrote in a client note.
“Tesla does appear to be exploring a going private transaction, but we now believe that such a process appears much less developed than we had earlier presumed, suggesting formal incorporation into our valuation analysis seems premature at this time,” Brinkman said.
JPM now targets the stock, which it continues to value at underweight, back at $195, versus Friday’s close of $305.50. The median price target of the Wall Street analysts covering Tesla is $336.
Tesla shares touched a three-month low of $285 in premarket trading before recovering to trade around $290, reducing its market value back below that of General Motors as the biggest US carmaker.
An interview with the New York Times, in which Musk said he was under major emotional stress in the “most difficult year” of his life, on Friday added to investors’ concerns over his leadership after a series of social media spats.
A person with direct knowledge of the matter told Reuters last week that the SEC has opened an inquiry related to Musk’s tweets on the buyout and the billionaire is also facing a class action suite from investors who lost money in the share moves.
“The lack of process to (Musk’s) announcement has now caused governance and competency concerns which are starting to snowball,” said Tigress Financial Partners analyst Ivan Feinseth.