Former BCG managing director Sanjaya Mohottala has taken up a director general post with the Board of Investment of Sri Lanka.
Sanjaya Mohottala, previously a core member of the Southeast Asia corporate development and principal investors & private equity practices of global consultancy Boston Consulting Group – has taken up his post as the new Director General of the Board of Investment of Sri Lanka. Ultimately rising to partner, Mohottala spent more than twelve years with BCG after his first taste during a summer placement.
A MBA graduate of UCLA’s Anderson School of Management – with Entrepreneurship and Strategy the focus areas – Mohottala spent three months as a summer consultant with BCG during 2006, before joining the management consulting giant in a full-time capacity the following year. Earlier, he had spent close to three years as a brand manager for Unilever, having originally graduated with a BSc.
During his career with BCG, Mohottala steadily ascended the ranks, first as a project manager and then as a principal just four years after joining. At the start of 2015, he was made partner and managing director, assuming responsibility for the firm’s shipping, transportation, and logistics sector business across the Asia Pacific in addition to his leadership role in the corporate development/ private equity practices.
Mohottala according to his BCG bio has gained extensive experience in strategy, advance analytics, operational improvement, sales and marketing, and organisation design, having worked on “large-scale transformations and been instrumental in developing advanced analytical tools for several global container shipping companies.” Go-to-market in developing countries is also a listed area of expertise.
According to local reports, the new director general on his first day at the helm addressed senior staff on his vision for the Board of Investment (BOI) and how to enhance Sri Lanka’s attractiveness for foreign investment, as well as of the need to grow the country’s ICT and knowledge economy sectors. In terms of the BOI itself, embracing digital technology was among the key points.
As might be expected from his time at BCG, the use of digital transformation as a tool to improve service and attract business is familiar territory for Mohottala. “To be frank, I see no real option but to embrace digital fully,” he stated in respect to shipping companies last year. “Unless you have certain investments in digital, in fact, you can’t even begin to improve your services in a cost-effective way.”
As for the need to grow the local knowledge economy, this sentiment also in manner reflects Mohottala’s experiences at BCG, where he spent his time based out of Singapore. Among the so-called MBB of world-leading strategy and management consultancies (further including Bain & Company and BCG), McKinsey & Company is the only one to date to have established a permanent office in Sri Lanka.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
