business Sri Lanka

Prosperous Capital & Assurance Limited (PCA) will be celebrating their third anniversary on Monday and it functions as a fully-fledged Micro Finance Company with an asset base of Rs. 300 million. It’s also planning to go global soon.

“Our target is to increase our current customer base from 7,000 to 50,000 by end 2018 and we have also set a target to increase our asset base by 100% to Rs. 3 billion by then,”said Madhawa Edussuriya, Managing Director PCA.

Enabled by 20-year experience and know-how in the finance industry, Prosperous Capital & Assurance Limited (PCA) began its foray into the Micro Finance industry in October 2013, in Colombo.

In August 2014 the first branch was opened in Sooriyawewa, a rural town in the southern region of the island. This venture can be regarded as one among firsts in the finance industry involving a region where micro finance had not yet penetrated. Home to a relatively new and diverse community.

Thereafter, the functions and mechanisms of PCA were decentralized with nine other branches disbursed across various parts of the island.

“Empowering women became innate to our operational capacities as well. Early on we made the conscious decision to recruit young women between the ages of 18-24 to fill the roles of Development Officers."

"This was a strategic move in our evolutionary journey to improve client protection and accessibility to women entrepreneurs. This change no doubt sets us apart within the finance industry in our resolve to effect change.”

“We play a critical role in the sustainable development of the country in fulfilling these shortcomings to empower people. Financial assistance is thus provided to acquire seeds, fertilizer, pesticides and weedicides, farming equipment, harvesting and packing technologies and transportation to major markets at the village level.”

They currently have 9 branches in Sooriyawewa, Beliatte, Tissamaharam, Narammala, Ratnapura, Kasbewa, Kobeigane, Kaluthara and Jaffna.

Within a short period PCA, won both local and global accolade with both International Finance Magazine Review Awards 2015 and Global Banking & Finance Review Awards 2015 picking them as the Best new micro finance & small enterprise finance provider in Sri Lanka in 2015.

Enterprise Asia Award 2016 saw the institution being recognized for their - Women empowerment.

PCA also obtain the ISO 9001:2008 Quality Management Certification awarded for the operational quality of the company by SGS, UK. 

PCA team

LB Finance PLC clinched three elite awards at the 52nd Annual Report Awards organized by the Institute of Chartered Accountants of Sri Lanka for their excellent performance, topping all achievements.

The showpiece event renewed recognition and reputation for enhanced financial reporting standards in the corporate sector of Sri Lanka in line with global benchmarks.

LB Finance won the overall Gold Award for Integrated Reporting, Best Disclosure on Capital Management, Silver Award for the Finance Companies and Leasing Companies Sector and the overall Bronze Award for Corporate Social Responsibility Reporting.

These awards and appreciations themselves stand as solid demonstrations to reflect their transparency and accountability in delivering maximum financial stability in the industry while offering the highest level of customer satisfaction.

The good governance, deeper insight and the remarkable growth trajectory of LB Finance in the past few years has widened its footprint to cover major sectors in the financial industry of the country consistently with unmatched solutions to benefit the whole Sri Lankan community.

The carefully articulated strategic decisions of LB Finance ingrained with sustainability has led to a credible financial and operational performance which has communicated coherently and vividly on their value creation.The company has developed a systematic process while strengthening business fundamentals with its constantly expanding and widespread branch network to reach out its stakeholders’ needs and aspirations which acted as the key to gain an achievement of this caliber.

LB Finance PLC is a leading trailblazer in the financial services industry in Sri Lanka. The Company was established in 1971 and through the years has built a strong reputation as one of Sri Lanka’s most trusted financial organizations.

At the recently concluded National Business Excellence Awards organised by the National Chamber of Commerce, CDB was lauded with a Gold award in the Non-Banking Financial Services Sector, while also showcasing its uncompromising stance on conformance to governance tenets with an overall Merit Award in Excellence for Corporate Governance.

Competing in the Extra Large category which places CDB among industry giants, these two awards both signify that the Company has affirmed its status as an undisputed leader in the country's NBFI sector.

Undoubtedly improving on its silver award won last year in the NBFI sector, Managing Director/CEO Mahesh Nanayakkara opines that in the 21 years of its existence, CDB has built a solid foundation of excellence, building a unique brand of resilience and fortitude to ensure consistent results that are now entrenched in these awards.

“We have continued to post consistent results that embed our strength not only within our financial platform, but also reflective of our primary philosophy of financial inclusivity through social empowerment."

"This award signifies the stability, strength and sustainability that's now very much a part of the CDB fabric."

"It also underlines that the way we conduct our business stimulates social empowerment in how we strengthen the bottom of the pyramid to build a sustainable economically empowered cohort of citizens, who will contribute productively to the national development agenda.”

Nanayakkara said, “CDB is undoubtedly the best example of a turnaround company, in that, by using astute vision, strategic initiatives and unbridled resourcefulness, transformed itself from a negative net worth company in 2001, to one which has crossed the Rs 1 billion milestone in profitability among other landmarks."

"Our reputation has been built on being a respected, responsible public deposit taking corporate steward and it is inbuilt into our mindset that we must continuously forge a sustainable triple bottom line."

"Hence, our profitability, assets and shareholder funds continue on a strong growth trajectory, well supported by our strategic network of 69 outlets and a highly advanced technologically driven touch-point platform that has given us a competitive advantage for our stakeholder engagement processes.”

The Association of Container Transporters (ACT), a responsible trade body tasked with improving standards of the local container transport trade, hosted its 31st Annual General Meeting requesting relevant authorities and sector ministries to push for improved regulations that will contribute to growth in trade.

Numerous stakeholders attended including the Ceylon Association of Shipping Agents (CASA), Chartered Institute of Logistics and Transport (CILT), and Sri Lanka Customs. ACT's objective is to be the voice of the industry and play a pivotal in developing the industry in partnership with regulatory bodies, line ministries and other trade.

Speakers at the meeting asserted that despite ACT's contribution to the efficient delivery of the goods in and out of the nation's ports the industry remains in the shadows of Sri Lanka's international trade sector. Its objective is to assert itself as the premier body representing interest of the industry whilst joining hands with all stake holders in developing our nation.

container trucking industry will create job opportunities to those seeking employment in a dynamic growth sector of our economy. Those with light vehicle licenses can join as cleaners (assistants) till they fulfill the prerequisite of two years of light vehicle licenses till they are able to obtain heavy vehicle licenses. Such on the job vocational apprenticeship opportunities created by our industry is a definite boost to our economy.

“It is clear that the government needs to see the container transport industry for its importance and adopt appropriate policies to enable the industry to invest further in its development” commented the Chief Guest at AGM, Minister of Ports & Shipping, Hon. Arjuna Ranatunga. “The government needs to commit to its vision by making the island an export led economy, and consider the infrastructure available to expand the storage of containerized cargo inland,” said Upali Gunawardane, Immediate Past President of ACT.

“The container transport makes an important contribution to the efficient delivery of the goods moving in and out of the country.”

Last year, the ACT and its membership engaged with policy makers in a constructive manner and it intends to build on its base to ensure, ACT's place as an important industry body. ACT embraces development and improvements in cohesion with regulatory bodies and relevant line ministries.

“As an industrial body, ACT promotes the industry to attract new recruits and modernize its equipment and practices. Through instilling pride and sense of worth in drivers and assistants, we plan to maintain a steady flow of new recruits to the industry” said Mr. Nimal Amarasekara, incoming President who had serve the organization for 24 years many most of which as Secretaryand as the Vice President. Next year, the ACT plans hold discussions with Urban Development Authority (UDA) with the objective of getting a common container parking area in the vicinity of Paliyagoda, Orugodawatte, and Grandpass. ACT also plans have a dialogue with Sri Lanka Police to discuss Traffic congestion and harassment of drivers due to same.

In addition it hopes to hold discussions with Container Yard Operators to see how best the industry can be served if they are to provide 24 hour service when it comes to returning of empties to yard. 

Deutsche Bank AG said it has reached a $7.2 billion agreement to resolve a years-long US investigation into its dealings in mortgage-backed securities, removing a legal hurdle that fueled investor angst.

Deutsche Bank will pay a $3.1 billion civil penalty and provide $4.1 billion in relief to consumers under a settlement in principle with US authorities, according to a statement early on Friday. The fine will cut pretax profit by $1.2 billion this quarter as the firm taps existing legal reserves to blunt much of that cost. The relief may drag on earnings for years.

The settlement “might help in the short run because a major source of uncertainty has been cleared,” said Michael Huenseler, an investor at Assenagon Asset Management, which holds about 0.8 percent of Deutsche Bank’s shares.

Bloomberg

Shares of newly formed Melstacorp limited the holding company of Distilleries will commence trading on the Colombo Stock Exchange from today.

A total of 1,165,397,072 ordinary voting shares to be listed on the main board under the security code of MELS-N-0000 by way of an introduction will be classified under the ‘Diversified Holdings’ sector.

Melstacorp limited further said deposits will be accepted by the CDS with immediate effect.

In September, shareholders of the Distilleries Company approved a special resolution to make Melstacorp the holding company of the group, in a reversal of the structure. IH 

Restrictions on withdrawal of cash from banks and ATMs are likely to continue beyond December 30 as currency printing presses and RBI have not been able to keep pace with the demand of new currency notes.

As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks.

Banks at many places are not in a position to disburse even the current limit of Rs 24,000 per week due to cash crunch and are rationing the valid currency depending on cash availability.

If this limit is withdrawn for individual and businesses from January 2, it is unlikely that banks would be able to disburse the higher demand for valid currencies given the current cash position.

“Most of us think that the withdrawal limit would not be completely withdrawn. It is a possibility that it could be relaxed if the cash situation improves,” said a senior public sector bank official. At a time when banks are struggling to meet the demand of individual customers, it would be impossible to service MSME and big corporates which requires cash in large quantity, the official said, the practical way would be to relax it gradually.

www.businesstoday.in

 The Ceylon Fishery Harbours Corporation (CFHC) inaugurated the sea-sand dune removal programe at Oluvil Fisheries Harbour and the Commercial Harbour area by ‘SAYARU’ grab hopper dredger ship recently.

A sum of Rs 40 million has been allocated for this by the Fisheries and Aquatic Resources Ministry.

Ports, Shipping and Aviation Minister Arjuna Ranatunga and Fisheries and Aquatic Resources Minister Mahinda Amaraweera took action on this matter at the request of the City Planning, Water Supply and Drainage Minister Rauff Hakeem and Deputy Sports Minister H. M. M. Harees.

At the main entrance of the Oluvil fisheries harbour, there is a sand dune by which the fishing industry has been badly affected.

As a result, the fishing boats are unable to come out or go in to the sea for fishing. The fishermen who were affected by this, made representation to Deputy Sports Minister H. M. M. Harees. He has brought this to the notice of the Parliament and has requested Ports, Shipping and Aviation Minister Arjuna Ranatunga to take action to remove the sand dune.

The Ceylon Fishery Harbours Corporation Sailer W. D. F. Fernando recently visited the Oluvil Fisheries Harbour and the commercial harbour area and had discussion regarding the removal of the sea sand dune by ‘SAYARU’ grab hopper dredger ship.

The Government plans to raise a Foreign Currency Term Financing Facility (FTFF) denominated in United State Dollar (USD) up to a limit of USD 1,000 million in 2017.

The FTFF is expected to be raised at a fixed rate or a floating rate, linked to the USD 6 Month LIBOR with a maturity period of 3 years or more.

The proceeds of the FTFF will be used for the purposes of meeting corresponding import elements of development projects specified in the Budget for the Fiscal year 2017.

To this end, the Ministry of National Policies and Economic Affairs (MNPEA) on behalf of the government has invited financing proposals from domestic s incorporated in Sri Lanka and international s investment houses for the proposed FTFF. s, investment houses should submit proposals in multiples of USD 50 million up to a maximum of USD 1,000 million repayment can be in bullet or in tranches, while interest will be paid half yearly.

Domestic s should have maintained AA(lka) or above ratings ,for a period not less than five consecutive years by January 20, 2017.

Sri Lanka’s total export earnings fell 1.68 percent in the first 10 months to $8,675 million compared to the corresponding period in 2015.

Cumulative export earnings of spices during the period January to October fell 24.17 to USD 220.07 million compared to the same period in 2015 while earnings from vegetables were down 4.55 percent to USD 19.52 million and fruits came down 1.86% to USD 30.11 million. In the first 10 months of 2016, total export earnings from cut flower and foliage, ornamental fish and diamonds, gems and jewellery fell , 2.63%, 30.84%, 22.24% to USD 11.86 million, 10.74 million and 210.11 million respectively as against the corresponding period in 2015.

Total export earnings from leather and leather products, boat building and footwear dropped 7.40% and 66.98% to USD 18.89 million and USD 58.84 million respectively compared to the same period in the previous year while total wood and wooden products and footwear export earnings recorded an increase of 7.28% , 38.72% by earning USD 50.41 million and USD 100.56 million respectively.

Tea exports were also down 6.25% at USD 1,044 million during January –October period in 2015, while other export crops earnings fell 17.14 to USD 408 million compared to the same period in 2015. The export earnings of natural rubber and coconut rose 18.35 , 2.28 to USD 26.31 and USD 458.84 million respectively.

Textile and apparel export earnings has recorded an increase of 2.28% by earning USD 4,092 million as against the corresponding period of the previous year. In the first 10 months of 2015 and 2014, textile and apparel export earnings stood at USD 4,001 and USD 4,039 million respectively. 

 A Swiss investor is planning to put up one of South Asia’s most tech savvy dairy farms in Ambewela with an investment of Rs 900 million.

The project was initially planned for 2014 and the investor S. Isiyah along with his Sri Lankan partner S. Venden based in Switzerland visited Sri Lanka to earmark a 200 acre land for the dairy farm. However a Minister in the previous government had wanted 15% of the investment for his ‘development fund’ and the Swedish investor gave up his plans and went back.

A. M. M. Ihthisam

The Sri Lanka investor after the change of government once again convinced the Swiss investor to come back to Sri Lanka with his investment for which he agreed.

The project would be in two stages and under the first stage 150 acres of special grass would be grown and 200 milch cows would be imported. Subsequently fresh milk would be sold to Sri Lankan companies in the first three month of operation. This would provide employment for over 150.

A unique feature of the dairy would be that all the cows would be fitted with a GPS devise in their ear and their milking patterns and whereabouts would be monitored in both Switzerland and Sri Lanka via GPS technology. The cows would be milked twice a day ensuring high production.

High tech machinery would also be used to store and transport fresh milk.

Wijesinghe said that currently Sri Lanka is importing about 60% of its milk requirement from overseas and they plan to supply milk and reduce this by 10% in the first four months of their operation. Under the second stage which is expected to commence in 9 months of their operation in Sri Lanka they will introduce a factory to produce milk powder, butter and cheese.

“We hope to generate electricity from the dairy waste and offer it free of charge to 100 nearby villages,” he said.

Wijesinghe also said that they will also look after the education needs of all the children in these 100 houses until they pass out from their advanced level examinations. “We expect to offer employment to over 500 direct from these projects,” he added.

The Sri Lankan consultant of the project, A. M. M. Ihthisam (sham) said that the Swiss investor hails from one of the richest families in the world and they are also involved in oil exploration, solar power projects in Nigeria. “The family also owns the largest oil rig in the world.”

Ihthisam said that they will also look at a bunkering operation in Hambantota as they have logistics to get involved in a project of this magnitude.

He said that the company will also introduce a special combine solar panel and a water tank which would be able to extract water and store it in the tank during day time and produce electricity during night for one household in the rural area.

A unique feature of this technology is that the water would be automatically purified through a special filter which would only have to be replaced once in 18 months ensuring pure drinking water basically free of charge.

They have also tied up with local inventor Mohamed Thahir and through their web http://ift.tt/2ivfXwA hope to offer opportunities to local investors.

Saudi Arabia has already been forced to tighten its belt. Now it's preparing for four more years of austerity.

Slammed by lower oil revenues, the kingdom's budget deficit swelled to 366 billion riyals ($98 billion) in 2015, and 297 billion riyals this year. It was forced to borrow money from international investors for the first time ever, raising $17.5 billion in October.

In response, the government has already slashed energy subsidies and cut wages for officials. But in a new report -- the Fiscal Balance Program 2020, published over the weekend -- it warns of dire consequences if it doesn't press ahead with more dramatic measures.

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“The government would find itself in a place of needing to cut capital spending by at least 90%, cut government operational spending by at least 30%, cut government wage bill by at least 30%, and substantially cut government retirement benefits,” it said, if no further action were taken. - CNN

Colombo equities demonstrated positive investor sentiment yesterday. The Benchmark Index, ASPI closed the day at 6,245.71 points, gaining 17.20 points or +0.3%. This was mainly due to price gains in counters such as CINS.N (LKR1,471.40, +17.79%), CTC.N (LKR811.30, +1.37%), CTHR.N (LKR125, +4.17%), BUKI.N (LKR280, +2.53%) & DFCC.N (LKR123,+1.99%). However, the Blue Chip Index S&P SL20 declined by 2.65 points or -0.1% to close at 3,503.13.

Foreigners took the position of net buyers for the day, recording a net foreign inflow of LKR 12mn for the day.

PABC.N recorded the highest turnover for the day of LKR614.5mn, followed by COMB.N (LKR23.7mn) and SDB.N (LKR12.8mn).

The day saw turnover decrease by 58.3% to LKR 721mn compared to the last trading day.

Bank Finance and Insurance Sector managed to record the highest turnover of LKR669mn for the day, followed by the Manufacturing Sector and Telecommunication Sector with daily turnovers of LKR8.9mn and LKR7.2mn respectively.

Year to date ASPI Performance stood at -9.1%, while Year to date Blue Chip Index decreased -2.7%. Out of the 190 counters traded today, 46 companies declined while 64 companies closed higher.

(SC Securities) 

The international leader in German Hardware Technology, Hafele set up another pro-active approach to facilitate its customers by partnering with the Sri Lankan leader in e-commerce -Wow.lk.

Speaking on this new initiation, Rasangi De Silva, Marketing Manager of H„fele in Sri Lanka stated that “Sri Lanka has seen a massive progress on online purchasing recently owing to the success of not only the communication technologies, but mainly on the trust and convenience placed by the local e-commerce players like wow.lk. After carefully analyzing this increasing local trend, we came up with a feasible business model which would facilitate our customers to access a selected range of our products with a click of a button, while enjoying better bargain rates and convenient delivery through our trusted partners, while not harming our dealer networks islandwide. Following the success of the pilot run which took place last April with Wow.lk we are happy to extend our local customers this e-shopping experience throughout 2017. Of course, all our products sold through wow.lk are also backed by the Hafele warranties and are given the same after-sales customer care services with free installation”.

Stating on the partnership, Naresh Sathasivam, GM Sales and Business Development of Digital Commerce Lanka, “We are happy to have an international brand like H„fele on board with Wow.lk which is a true testament on the quality of the services we constantly strive to provide for the online customers. A further benefit of purchasing from Wow.lk, online customers can also enjoy easy payment schemes with special discounts offered by our partner banks while enjoying the luxury of purchasing H„fele Functionality at home during this festive season”. 

NEW DELHI: India is planning to further expand connectivity with it closest South Asian neighbour Bangladesh during PM Sheikh Hasina's proposed visit to Delhi mid-February.

In what would add a new feather in the Indo-Bangla partnership in the rail sector, a new train would be launched between the two countries in early 2017.

The frequency of existing Maitree Express was recently increased to four days a week between Kolkata and Dhaka, catering to the growing demand of passengers from both sides.

The new train service between Kolkata and Khulna (Bangladesh) is likely to be launched during Hasinas trip, officials informed.

All ground works have been completed for the launch of the new train connecting Kolkata with Khulna. Freight trains, carrying stones and boulders among other goods, are already running between Khulna and Dhaka. A joint meeting of officials from Railways, Home Ministry and External Affairs was held recently with Bangladesh to finalise launch of the new train, officials said.

The launch of a new train service between is part of the joint declaration made during Prime Minister Narendra Modis visit to Dhaka in June last year. But it is not just connectivity, India is also planning to increase quantum of electricity export to Bangladesh. The Damodar Valley Corporation (DVC), a three-way joint venture of the West Bengal, Jharkhand and Centre, is exploring export of power to Bangladesh, a lucrative market .

"We are looking to sell at least 500MW to Bangladesh. Our team gave this proposal to Bangladesh during a recent visit to Dhaka," said a senior official of DVC.

indiatimes.com

Colombo equities demonstrated positive investor sentiment yesterday. The Benchmark Index, ASPI closed the day at 6,337.82 points, gaining 10.52 points or +0.17%. This was mainly due to price gains in counters such as JKH.N (LKR155.00, +2.58%), HHL.N (LKR98.00, +2.08%), KHL.N (LKR11.20, +4.67%), HNB.N (LKR224.00 +0.67%) & LION.N (LKR495.20, +1.06%). The Blue Chip Index S&P SL20 also advanced by 13.49 points or+0.38% to close at 3,547.33.

Foreigners took the position of net buyers for the day, recording a net foreign inflow of LKR2, 893mn for the day.

COCR.N recorded the highest turnover for the day of LKR5.8bn, followed by DIAL.N (LKR540.2mn) and JKH.N (LKR535.0mn).

The day saw turnover increase by 1347.1% to LKR12.0b compared to the last trading day, due to the COCR transaction.

Banking, Finance and Insurance Sector managed to record the highest turnover of LKR10.7b for the day, followed by the Diversified Holdings Sector and Telecommunication Sector with daily turnovers of LKR625.5mn and LKR540.3mn respectively.

Year to date ASPI Performance stood at -7.7%, while Year to date Blue Chip Index decreased -1.2%.

Out of the 194 counters traded today, 59 companies declined while 69 companies closed higher.

SC Securities

Microsoft Sri Lanka, together with Sarvodaya Fusion, hosted YouthSpark Live - an event meant to encourage, empower, and excite participants of all ages and varying backgrounds to learn more about computer science and what a career in technology and the digital space might look like.

The event, which was held at Trace City Maradana, taught participants not only how to use technology, but also how to create technology to become drivers of innovation and growth within their communities.

During the event, participants were taken on a guided tour emphasizing the importance of computer science now and in the future. A Microsoft Student Partner booth focused on the significance of the field for youth while a Job Opportunities booth touched on the growing demand for computer science education in the workforce. Attendees were able to engage in mock interviews and receive career guidance tips from Microsoft representatives.

Speaking about Microsoft's YouthSpark Live initiative Harin Fernando, Minister of Telecommunication and Digital Infrastructure said, “The world we interact in is now full of innovation, and computer science happens to be the foundation for much of it. Computer science involves creativity, problem-solving, programming, data, and thinking about the impact of technology in our community. The YouthSpark event hosted by Microsoft Sri Lanka is a great initiative to inspire our youth and show them the myriad opportunities available to them in the fields of technology, entrepreneurship, digital innovation and communication.”

Shanil Fernando, Managing Director of Cakes Labs, an IT and Services company changing the way restaurant's connect with and engage customers, as well as Peter D'Almeida, Chief Executive of N*able, the IT arm of Hemas Holdings, which stands at the forefront of the IT development and training field in Sri Lanka addressed the participants, giving them valuable insight regarding the opportunities available in the IT field.

Ajitha and Nalin Gunawardene, field experts, shared their views on the fourth industrial revolution and Chonil Jayanaka,Social Media Coordinator at the recently established media house, Octocompus, shared insights regarding on the reality of social media in a local context. Attendees were able to participate in a team-based coding marathon with the Ministry of Telecommunication and Digital Infrastructure. Themes for the marathon wereFrozen, Minecraft, and Star Wars. At the end of the marathon, participants received certificates and opportunities to win a number of awards.

“We're excited to host Youth park Live,” said Janakie Karunaratne, communications and community lead at Microsoft Sri Lanka. “YouthSpark live showcases the many career paths available to our youth in technology related fields and we believe that hearing from field experts is a truly inspiring experience for the participants. We are grateful to the Microsoft Student Partners who played an active role in supporting the event.”

YouthSpark Live is in line with Microsoft's goals to support initiatives that assist Sri Lanka on its journey of digital transformation, and spark innovation amongst the nation's youth. 

Continuing an unbroken tradition of nearly four decades, the Siddhalepa Group this year too, will take on a “healing role” to approximately 15 lakhs of devotees when they begin their journey to the sacred mountain of Sri Pada to pay homage to the sacred foot imprint of the Lord Buddha, which enshrines the peak.

A team of about 30 personnel is to facilitate pilgrims on duty, on the sacred mountain during the season. The team, working in two shifts, are at hand throughout the day and night ministering to pilgrims who embark on the journey to the peak anointing their foreheads with the Siddhalepa balm, to protect them from the icy winds that blow across the mountain as they reach the summit.

On their descent, the weary flocks of pilgrims are once again treated for their pains and discomforts with foot and head massages by the ministering team.

As the country's leading Ayurveda Group, the service of extending their medical assistance to Sri Pada pilgrims was originated by Siddhalepa Group Chairman Dr. Victor Hettigoda in 1979 and has now grown into a large scale operation centred around Gangulathenna about 1 1/2 km up the sacred mountain.

A large hall at Gangulethenna which can accommodate over 200 pilgrims at a time is a peaceful heaven for weary pilgrims to revive themselves with a warm cup of Lakpeyawa and some soothing Siddhalepa balm before they begin the ascent to the peak, another 4 km and a four hour journey.

Over the decades the Group has contributed towards protecting the environment on the scared mountain in addition to their medical assistance to pilgrims. The winding steps of the six kilometre climb to the peak of Sri Pada from Nallithanniya to the Uda Maluwa are dotted with about 200 waste bins provided and maintained by the Group which has proved to be immensely useful to devotee as they disperse of water bottles and other disposables on their journey.

An awareness campaign with the support of Nuwaraeliya Regional Director Health Services to educate pilgrims is also underway.

Preserving the traditions of an ancient medical practice and the reverence of a Buddhist culture, the Siddhalepa Group has spread their message of healing through traditional medicine to a country of devotees who set out to pay homage to the sacred footprint of the Lord Buddha as an annual pilgrimage.

The Sri Pada season begins with the Unduwap Poya in December and ends with the Vesak poya in May. 

When there is lack of correct leadership in institutions and if the leader of an institution is incapable to handle the ‘truth’ as a result of not seeing or not knowing, it will lead to a vacuum being created in the institution.

University of Moratuwa, Senior Lecturer Dr. Pujitha Silva made these remarks at a workshop conducted under the theme “The Leadership Vacuum filling the void.” The event was conducted in collaboration with Fort Consultancy, Full Life Coaching and Oxford Psychometrics of England . The Forte Consultancy has been operating in Sri Lanka for over 7 years serving many corporate clients such as Dialog, Aitken Spence, HSBC, City Bank, Union Bank, WSO2, Hayley's, MIT. Forte has also worked with the University of Moratuwa, the Candle Aid Sri Lanka and also with the Foundation of Goodness. The workshop addressed the issues faced by leaders in organizations and also employees.

Dr. Pujitha who works in the area of Biomedical Engineering and Leadership Coaching presented his views as how the design and functionality of the human body.He said how the human body is well designed for motion and in the absence of motion forward a leadership vacuum will be created due to the stagnation that follows.

This concept drew attention to the importance for an organization to be constantly on the move in terms of growth and innovation and the importance of developing leaders with the heart factor. A number of personnel from leading organizations who work in the field of HR and Management attended.

Dr. Pujitha said the leadership vacuum is often sidelined in the society and it served as a platform for networking and knowledge sharing among professionals from various organizations to build partnerships .

He said these vacuums have negatively affects and functioning of the entire institution and they create instability and uncertainty with the institution.

Dr. Pujitha listed seven principles of leadership including how the human body is well designed for motion, how lack of holistic health can lead to a lack of performance in the human body , how various organs of the body take leadership in diverse ways, how a fetus growth was condensed to a three stage process such as the rooting stage, the directional stage and partnerships and how the human body tries to communicate its reality in many ways.

He further said number of signs and symptoms that the human body utilizes to convey truths about its level of functioning. He also mentioned how the human posture would vary in relation to the people and the situation and the body's ability to change its posture to adapt to the situation.

Dr. Pujitha also presented the principles of leadership in a practical, light manner, ingrained with practical tips and pointers on how it could be ensured that a leadership vacuum is not created in line with the principles. He said a leader can be rude to an employee for a number of reasons. It could be because an expectation of a leader was not fulfilled by the employee and lack of communication skills on the leader's part.He said most leaders feel they are entitled to be able to scold and discipline employees in a rude manner due to their position over them. This shows the importance of developing attitudes as well as skills. He said poor treatment of employees comes from a lack of appreciation and acknowledgment that employees truly do contribute so much to a team and the organization.

Even the most skilled leader would not be able to do their job if they did not have the right attitudes and mindsets regarding how to work with their teams.

Business Psychologist Rozaine Cooray said during times of crisis they felt the lack of strong leadership to guide people. As we know the presence of a leader is necessary within any group of individuals working towards one goal.Each group has its own needs of security, solidarity, trust, nurturance, achievement and innovation which, when unfulfiled and left unattended for a long period of time, might directly or indirectly impact the performance and effectiveness of the team.

Dr. Chintha Dissanayaka said the task of finding a right person to lead an organization is important as such person is required to provide the vision and direction for others to follow. She said there is evidence that even if a high quality team is led by an ineffective leader, the team/ group cannot succeed. 

PBSS has inked an agreement with J.L. Morison Son & Jones (Ceylon) PLC (JLM) for the implementation of SAP Business One HANA version on December 23, 2016 at Hemas House Colombo.

PBSS has thus undertaken to implement SAP Business One in both JLM’s Trading and Distribution arm and MSJ Industries (Pharmaceutical Manufacturing) companies. JLM will be using the latest database technology introduced by SAP on HANA.

JLM is a subsidiary of Hemas Holding PLC with over seven decades of experience and working relationships in the country. The company’s main areas of focus is in healthcare and fast moving consumer goods which have made them well known across the nation and provided the opportunity to forge strategic partnerships which allow them to import and distribute internationally renowned products via the island wide distribution network.

M.S.J. Industries (Ceylon) (Private) Ltd being a fully owned subsidiary of JLM, is a leading manufacturer and distributor of generic pharmaceutical products in Sri Lanka with over 60 formulations belonging to different therapeutic groups registered with the National Medicines Regulatory Authority of Sri Lanka. This also makes it the largest private generic pharmaceutical manufacturer in Sri Lanka in terms of volume.

“This is one of PBSS’s milestone ERP implementation with one of Sri Lanka’s biggest pharmaceutical chains, JLM for their trading & pharmaceutical manufacturing vertical,” said Madura Gamanayake, Managing Director PBSS. Our aim is to provide the “Best Quality” of Service to our clients in the years to come as a software implementer keeping PBSS name in high standards. We believe in our strength as a matured implementer having a well experienced and qualified team in different industry domains. Top levels ERPs like SAP B1 is rich with the features required for any industry. Its implementing partner who can make the difference in the delivery,” PBSS Group Managing Director further commented.

SAP Business One is a world renowned EPR solution that offers an affordable way to manage the entire business – from sales and customer relationships to financials and operations. SAP Business One is a complete and customizable solution. SAP Business One is a single, integrated solution that provides clear visibility into your entire business and complete control over every aspect of the operations. SAP has two versions with SQL or HANA Databases and client has the option to go for either version. HANA is a database developed and launched by SAP and the technology is on memory providing speed and sophisticated analytical information with the data available

PBSS has been in the software service industry for the last 15 years with implemented ERP sites of over 125 and JLM being the 126th. Total client base of PBSS is over 600 with accounting, HRM/Payroll Industry Verticals and ERPs. PBSS has vast experience in implementation of ERPs in different industries such as manufacturing and distribution, medical equipment, service sector and work shop management, schools and institutes, RD Systems etc.

PBSS has their own HRM/Payroll Solution which is already integrated with SAP Business One and is capable of handling HRM requirements such as Recruitments, Employee Portal, ESS Service, On Live Leave and Approvals, Payroll calculations, with different shifts and work schedules, bonus, allocation of resources, trainings, etc. There are different product flavours depending on the country’s tax system and at present enabled for Sri Lanka, Maldives and UAE

PBSS is geared up with over 70 staff including experienced consultants and software engineers. There is a separate team called “Perfect Care” who takes care of the post implementation supports with CRM monitoring. The hardware and technical team looks after the client requirements and health checks on infrastructure side providing a total solution.

PBSS is also an award winning organization which won the Gold in the Medium Category and Silver in the National Level at the recently held Entrepreneur Awards 2016. In addition PBSS also won the Gold award as the best ICT Company in the Medium Category at the National Business Excellence Awards in 2015.

The company has its own branches in Maldives and UAE operating with separate PBSS staff and is putting up their new building “PBSS Towers” in Peliyagoda with all modern facilities for their staff to provide enhanced services to their client base. 

Abans Finance has announced that it will raise Rs 277 million via a rights issue. Accordingly, the company will issue 11,093,595 shares in the proportion of one new ordinary share for every  five existing ordinary  shares at Rs 25 each.

The proceeds of the issue will be utilized to expand the lending and investment activities of the company and to upgrade the company into a well capitalized status to meet any possible increase in the minimal capital requirements applicable for finance companies.

The firm’s current stated capital is Rs. 844 million made up of 55.4 million ordinary shares and the rights issue is subject to Colombo Stock Exchange approval. (IH)

The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) announces that despite the negative economic impact consequent to the implementation of the price ceiling on 48 essential molecules, SLCPI members have made every effort possible, to ensure the continuity of the supply of medicines to the market.

The SLCPI is happy to announce that its membership has already compensated or are in the process of compensating all retailers and regional distributors for the stocks at hand at the time of introducing the pricing mechanism.

In this manner, retailers and distributors would be protected from heavy losses due to the price reduction. Any delay in the process is purely due to administrative reasons as assessing the stock levels of over 3000 outlets is time consuming and challenging in the absence of online data.

However, there might be a few brands, particularly those originating from developed countries, which may not be available in the local market in future, due to the companies having no option but to exit, as they are finding it difficult to market their products at the stipulated prices. In spite of this, the affected companies are in the process of evaluating all possible options to remain in the market.

While the SLCPI reaffirms it’s commitment towards working closely with the MOH and the regulators in providing the best possible Healthcare solutions to the citizens of Sri Lanka, the Chamber is also concerned about the repercussions of pharmaceutical products exiting the Lankan market.

This eventuality could not only lead to patients being deprived of medicines they are used to purchasing, but also runs the risk of illegal imports and spurious products flooding the market.

This situation would also open the doors to unscrupulous black marketers who would not be concerned about transport conditions etc. which would not be in compliance with the necessary quality standards, placing lives in danger. 

The SLCPI has always maintained the view that a practical pricing formula will ensure the access of quality medicines at affordable prices to satisfy the varying needs of society ranging from the less affluent to the more affluent, so that neither are at risk.

“Illegal and spurious pharmaceutical imports are global problems that are already impacting international markets.

Therefore, we need to ensure measures to minimize these dangerous risk factors that could hamper an already good healthcare service in Sri Lanka,” says Palitha Jayatilleke, President of the SLCPI.

Especially in this light, the SLCPI says the announcement by the Minister of Health, of the Government’s intention of setting up a quality assurance laboratory to ensure the availability of quality drugs to the citizens of Sri Lanka is a welcome one.

Apart from that, says Jayatilleke “It is important that a pricing mechanism ensures the availability of products at affordable prices, so that the less affluent have access to the more economical pharmaceuticals, whilst those who prefer to purchase higher priced innovator products have legal access to them instead of having to resort to black market buying or purchasing them overseas.”

“Not only will this benefit all levels of society, it will also send a positive signal to global institutions interested in investing in Sri Lanka as well as minimizing the risk of existing business entities from exiting the market.”

The SLCPI reaffirms their commitment to working closely with the MOH and the regulators in providing the best possible Healthcare solutions.

The chamber is confident that the regulators will take all risk factors in to account in developing a long term pricing mechanism to which SLCPI will offers it’s maximum cooperation and support.

Dr. Patrick Dixon, a globally acclaimed futurist and a growth strategist says he is very upbeat about Sri Lanka’s future and our culture of innovation.

Dr. Dixon, the Chairman of Global Change Limited and the co-founder of Global Innovators made this observation, when he addressed CEOs of the Sri Lankan firms at the Ceylon Chamber of Commerce recently.

“Plans for establishing a Colombo International Financial City is a symbol of confidence and of future economic growth. With a highly skilled workforce and strategic location, the nation has a great future, as part of Asia’s rapid rise in global influence and power over the next 50 years.” Dixon was in Sri Lanka to help promote a new mobile payments platform: “ROKA PAY was designed and built here, with potential to transform mobile payments in many nations – just one example of Sri Lanka’s excellence in innovation.”

The futurist, who was ranked among the world’s 20 most influential business thinkers alive today by ‘Thinkers 50’, was speaking on ‘The Future of Almost Everything” – the title of his latest book. Dixon advised business leaders to keep agile: “The world can change faster than you can hold a meeting so we need to be flexible in strategy, and think ahead. But at the same time, many mega-trends are changing relatively slowly and predictably, which is the basis of corporate strategy.”

“If you’re a fashion house, a 6 month horizon may be far enough, but banks need to plan at least 5 years ahead because new technologies take time to integrate and launch. Insurers typically calculate risks over a10 years ahead, stretching to 25 years for pharma because it takes 15 years to bring a new drug to market.” said Dixon.

His address was conducted at the auditorium of the Ceylon Chamber of Commerce and the welcome address was delivered by Mr. Tilak De Zoysa, past chairman of the Ceylon Chamber of Commerce. 

The Commercial Bank has been declared the ‘Best SME Bank’ in Sri Lanka in 2016 by International Finance Magazine (IFM) of the UK, for ‘making a significant difference and adding value, and achieving the highest standards of innovation and performance’ for Small and Medium Enterprise clients. The award also recognises the Bank’s contribution to raising the bar in the local finance industry, including in corporate social responsibility and better corporate governance, in IFM’s ‘Financial Awards’ category.

Commercial Bank Deputy General Manager - Personal Banking Mrs Sandra Walgama was in Singaporerecently to accept the award at a gala ceremony at which many award winners from across the world gathered to celebrate their achievements.

“This is another remarkable achievement for Commercial Bank, and this award signifies our value addition and quality of service in the SME sector,” Mrs Walgama stated. Among the international banks recognised in different categories at this year’s IFM Awards are Standard Chartered Bank (in Bangladesh, Singapore and Vietnam); ANZ (Singapore and Vietnam); Bank of East Asia (Hong Kong); Bank Rakyat and Kenanga Investment Bank (Malaysia); Bank Alfalah (Pakistan); OCBC (Singapore); Taipei Fuban Bank and Cathay United Bank (Taiwan); Habib Bank (UK) and Maritime Bank and Saigon Commercial Bank (Vietnam). 

The Sri Lankan property development industry is bound to grow and has a huge potential to attract investment to the country, said Foreign Minister Managla Samaraweera at the ground breaking ceremony of the Havelock City Development Project yesterday.

“Economic growth will drive MNC’s and precipitate the expansion of commercial businesses in Colombo.

The measures taken by Havelock City to build yet another Office Tower will help Sri Lanka meet the increasing demand for premium office space,” he said.

A proper shopping mall has not been built in Sri Lanka for the last 25 years. It was time that Sri Lanka looks towards neighboring countries where the shopping mall concept has spread rapidly with large developments, he pointed out.

Tao was one of the pioneer investors who supported our country when it really mattered, at the peak of the conflict war when Sri Lanka was desperate for foreign direct investment, he said.

This property stands out as Lanka’s economic hub facilitating global investors for much needed connectivity with Sri Lanka. Tao was also one of the founder investors in our real estate industry where he pioneered the development of condominium business in Sri Lanka by conceptualizing and developing the Havelock City project, Samaraweera said.“This property has set the pace for creating a billion dollar industry to bring in the much needed foreign exchange revenue attracting global investors and influx of investment from Sri Lankans living and working abroad,” the minister added.

The ground breaking ceremony to commence the construction for USD 166 million Havelock City Commercial Development project got off the ground yesterday under the auspices of Overseas Realty Ceylon Chairman S.P Tao.

Havelock City commercial development project will boast an iconic 46 storeyed 600,000 sqft grade A premium office building and a 200,000 sqft shopping mall upon completion in 2020.

Havelock City is the largest integrated mixed- use development project undertaken in Sri Lanka which comprises of both residential and commercial components.

Speaking at the inauguration, Overseas Realty Director and CEO Pravir Samarasinghe said that residential component of the entire Havelock City project will comprise 10 towers with 1,300 apartments, of which , the company has already completed four towers with 450 units.

Another four towers with 600 odd units are under construction.

Overseas Realty Ceylon Chairman, S.P Tao and Overseas Realty Director and CEO Pravir Samarasinghe with the model

According to Samarasinghe, the critical and important aspect of the commercial development is the improvement of the road transport infrastructure adjacent to the Havelock City project.

To this end, the government under the megapolis transportation plan is hoping to build an elevated light railway transportation line and a station on Havelock road adjacent to the Havelock city property which will create connectivity through public transport facilities in the country, he noted.

In 1970 Tao made his first business foray in Sri Lanka when he assisted to set up the Ceylon Shipping Corporation through the sale of his Ship MV Lanka Rani. Delivering a message at the inauguration, Tao mentioned that he was convinced then 46 years ago that Sri Lanka will be a vital distribution maritime container transshipment hub for the Gulf and South Asia.

“Today with China’s development of its ‘one road, one belt strategy’, Sri Lanka’s importance as a maritime centre is secured.” Tao commented.

“ I’m a firm believer that the property market is the biggest enterprise in any county in the world.”

He further added that he was more bullish on the growth prospects of Sri Lanka and noted he was proud to be part of the growth as a long-term investor in Overseas Realty (Ceylon), premier listed property company in Sri Lanka. 

Etihad Airways Engineering and Lantal Textiles AG have launched the first Flammability Test Laboratory in the Middle East, for regional customers within the aviation industry, including VIP operators, MRO organisations, design and production organisations as well as cabin interior suppliers.

Located inside the Etihad Airways Engineering facility adjacent to Abu Dhabi International Airport, the new Lantallaboratory will provide test services that include flammability tests, seat cushion tests, heat release and smoke tests.

The laboratory will conform to ISO 17025 quality management standards, and all testing will be conducted in accordance with the Airworthiness Regulations FAR / CS 25.853.

Jeff Wilkinson, Chief Executive Officer of Etihad Airways Engineering, said: “We offer industry leading aircraft maintenance and engineering solutions to customers from all over the world for all major commercial aircraft types. Through our partnership with Lantal, it is now easier and faster for aviation customers in the region to access world-class flammability testing at our facility in Abu Dhabi.”

Dr. Urs Rickenbacher, Chief Executive Officer of Lantal said:”The Lantal flammability test lab in Switzerland is well-known for its high quality standards and short lead times. We have a significant market share in Europe and our new lab in Abu Dhabi, in partnership with Etihad Airways Engineering, will now bring our service closer to customers in the Middle East.”