BIZ

Chamber of Mineral Exporters launched

Published

2 years ago

August 2, 2023

editor

The Chamber of Mineral Exporters (CME Chamber) was officially launched as a collaborative initiative comprising prominent companies in Sri Lanka who mine, process, add value, and export minerals and mineral-based products.

The Executive Committee of the CME comprises Mr. Amila Jayasinghe – Chairman / Director Bogola Graphite Lanka PLC, Mr. A F M Farook – Vice Chairman / Director CeyQuartz MBI (Pvt) Ltd , Dr. Sandun Dalpatadu – Secretary / Director Damsila Resources (Pvt) Ltd., Mr. Yaasir Nizam – Treasurer / Director Mirama Quartz Industries (Pvt) Ltd , Mr. Fahim Naufal – Director Alchemy Heavy Metals (Pvt) Ltd. and Ms. Udesha Bopitiya – Director Lanmic Exports (Pvt) Ltd.

Speaking at the inauguration of the CME, Amila Jayasinghe said they are dedicated to:

· Enhancing and advancing the mineral resource industry in the country.

· Collectively addressing and enhancing the value addition for local minerals.

· Collectively addressing the challenges faced by the industry.

“The Chamber aims to utilize Sri Lanka’s mineral resources for economic growth, employment, and sustainable development. It marks a milestone by uniting key exporters towards a vibrant mineral resource industry. The minerals available in Sri Lanka present an opportunity to increase the country’s international market presence to expand its global footprint. The Chamber aims to drive growth, innovation, and sustainable development in the mineral resource industry by leveraging resources effectively. ” said Chairman Amila Jayasinghe.

Vice Chairman A F M Farook , said that the goals and objectives of the Chamber are to :

· Position the mineral industry as a major export revenue generator for Sri Lanka

· Establish partnerships and encourage investments to boost foreign exchange earnings and overall economic growth.

· Propel the mineral industry to new heights, creating employment and enhancing competitiveness in the global market.

· Work with the public sector to develop long-term policies for sustainable development and responsible mining practices.

· Partner with state and non-state organizations for eco-friendly practices, sustainable mining, and preserving natural resources for future generations.

Jayasinghe went on to explain the manner in which the benefits of their industry could be channeled back to the country, due to the collaborative efforts of their association. He also said that due to the many hurdles and impediments in their way, the progress of the industry was greatly hampered , some of these being :

· Rapid policy changes, inconsistent regulations, and tax laws affecting investment decisions and long-term planning.

· Political instability which leads to delays in decision-making and infrastructure projects.

· Heightened sovereign risk impacting investor confidence, borrowing costs, and currency fluctuations.

· Lengthy and complex regulatory processes which slow down projects and increase costs.

· Unfounded/baseless environmental and social concerns causing project delays due to opposition.

· Volatile global commodity prices and demands which affect revenue and profitability.

· Geopolitical developments which add complexity, including changes in trade policies, tariffs, and international relations.

The newly formed CME called on the government to assist the industry, thereby boosting the country’s economy by implementing the following:

· Establishing transparent and consistent policies and regulations for mining and exports.

· Have independent oversight bodies that implement a strong regulatory framework with clear guidelines and regular audits to monitor compliance and identify corrupt practices.

· Simplifying and streamlining the permitting and licensing process for mineral exports using online platforms utilizing digital technologies (e.g., blockchain technology) and having one-stop service facilities.

· Encouraging public-private partnerships in state-owned mineral enterprises for transparency and accountability.

The CME together with it’s members will work towards not only enhancing the efficiency and competitiveness of Sri Lanka’s mineral resource industry but will also contribute to the creation of high-value job opportunities and knowledge transfer, while maximizing the value addition locally to the minerals to ensure maximum retention of value for Sri Lanka

BIZ

Car giant Ford & Barbie maker Mattel warn over tariffs costs

Published

6 days ago

May 6, 2025

editor

Barbie maker Mattel says it will put up the prices of some of its toys in the US as President Donald Trump’s tariffs increase its costs.

The firm also says it will cut the number of products it makes in China for the American market.

At the same time, car making giant Ford says the levies will cost it about $1.5bn (£1.13bn) this year.

They join a growing list of big businesses warning about the impact of US tariffs on their companies and the wider economy.

“Given the volatile macroeconomic environment and evolving US tariff landscape, it is difficult to predict consumer spending, and Mattel’s US sales in the remainder of the year and holiday season,” Mattel said as it updated investors on its financial performance.

The US accounts for about half of Mattel’s global toy sales. It imports around 20% of its goods sold there from China.

The company said it plans to reduce those Chinese imports to the US to below 15% by next year.

Since returning to the White House in January, Trump has imposed new import taxes of up to 145% on goods from China.

His administration said last month that when the new tariffs are added on to existing ones, the levies on some Chinese goods could reach 245%.

China has hit back with a 125% tax on products from the US.

Apart from China, Mattel imports products – including Barbie dolls and Hot Wheels cars – from Indonesia, Malaysia and Thailand.

The three countries were also hit with steep tariffs by Trump in April, before they were paused for 90 days.

Last week, Trump acknowledged the potential impact of tariffs. American children might “have two dolls instead of 30 dolls”, he said, but added that China would suffer more than the US.

Carmaker Ford said it expected tariffs to add $2.5bn to its overall costs this year, mainly due to the increased expense of Mexican and Chinese imports.

But the firm said it had cut about $1bn of those added costs by taking various measures, including transporting vehicles from Mexico to Canada to avoid US tariffs.

The firm also suspended its annual earnings guidance to investors because of uncertainty around Trump’s trade policies.

In April, firms including technology giant Intel, footwear makers Adidas and Skechers, and consumer goods group Procter & Gamble detailed the impact of tariffs on their businesses.

“The very fluid trade policies in the US and beyond, as well as regulatory risks, have increased the chance of an economic slowdown with the probability of a recession growing,” Intel’s chief financial officer David Zinsner said during a call with investors.

Sportswear giant Adidas warned tariffs would lead to higher prices in the US for popular trainers, including the Gazelle and the Samba.

The finance chief of footwear firm Skechers, David Weinberg, told investors: “The current environment is simply too dynamic from which to plan results with a reasonable assurance of success.”

And Procter & Gamble – which makes Ariel laundry detergent, Head & Shoulders shampoo and Gillette shaving products – said it was considering changes to its prices to make up for the extra cost of materials sourced from China and other places.

(BBC News)