business Sri Lanka

Fonterra Brands Sri Lanka can now meet demand for an extra 10 million servings of locally-sourced Anchor Newdale yoghurt each month, with the investment in its second state-of-the-art Rs. 450 million form-fill-seal (FFS) machine.

The dairy co-operative said the high-tech FFS machine will enable the company to produce 125 per cent more yoghurt than its previous capacity, re-energising the appetite for fresh dairy nutrition.

Managing Director of Fonterra Brands Sri Lanka and the Indian Subcontinent, Sunil Sethi said this investment is the latest in the company’s Rs. 10 billion commitment to boost the nation’s dairy industry.

“Sri Lankans are looking for a wider range of product formats, increasingly in the form of yoghurts and liquid milk. This latest upgrade adds even more impetus to the yoghurt market and is part of our relentless pursuit to empower the local industry to meet the nutritional needs of Sri Lankans.

“As Sri Lankans seek more yoghurt, this equipment will enable us to collect even more milk from local farming families and further strengthen the industry. It also complements our efforts to increase local supply through expanding our network of milk chilling centres, increasing the productivity of farmers through training and development, and innovating through research and technology,” said Mr Sethi. Fonterra Brands Sri Lanka Head of Manufacturing, Suneth Kotuthenne, said this latest investment will allow Fonterra to continue to provide high-quality, nutritious dairy solutions for Sri Lankans across all life stages.

“Food safety and quality is a top priority at Fonterra. This new machine requires minimum human involvement throughout the production process, ensuring the highest level of hygienic standards and compliance with local and global food safety and quality requirements.

”Fully automated, the new equipment carries out the entire process of packing Anchor Newdale yoghurts – from forming the yoghurt cups, labelling the cups, filling with product and sealing the package.It also provides the capability to manufacture innovative product offerings which we plan to introduce in the near future.

“Not only are our yoghurts top quality, they are packed with nutrition and can be enjoyed as a delicious and healthy snack as part of every child’ sdaily dairy serving,” said Kotuthenne.

At the recently held Progress Review meeting of the Ministry of Public Enterprise Development chaired by the Minister Kabir Hashim, it was revealed that the Kurunegala Plantations Ltd has provided Rs. 35 million to the Treasury from their profit of Rs 155 million in 2015.

The company which mainly produces and processes coconut, rubber and varied interim crops owns 4971 hectares with its 08 estates located in various agro-climatic zones in Kurunegala, Gampaha and Anuradhapura districts.

The Chairman of the company Upali Piyasoma said that the company which was established in 1992 as a fully state owned company could make such profit by operating under the good governance with the guidance of Minister Hasim since September 2015.

Further, he stated that the profit for 2016 is now being calculated and it would be the most efficient year in company’s history.

Consequently, the coconut production, the main production of the company has been increased to 16.65 million nuts in 2016 from 14.06 million in 2015.

It is an 18% increase comparing to 2015. As well, the highest revenue of Rs. 61 lakhs earned from cashew nuts in the history has been recorded this year and it is a 201% increase comparing to 2015.

The pepper income of the year is Rs. 54 lakhs and it a 272% increase comparing to 2015. The company has also earned Rs. 61 lakhs of income from Rambutan. Further, the company has gained a significant increase from its other sources of income such as rubber sheet production, timber selling, and fruit plantations.

The Minister pointed out that the funds which were to be used for the welfare of the employees had to be used to maintain the institutions since they had been bankrupted with the interference of the former politicians of past governments.

He stated that the said success was able to be achieved by appointing skilled officers to manage those institutions and assign the responsibilities properly under the new economic program of Prime Minister Ranil Wickremesinghe.

The Minister further stated that the other plantations under MPED; Chilaw Plantations Ltd (CPL), Janatha Estate Development Board (JEDB), Sri Lanka State Plantation Corporation (SLSPC) and Elkaduwa Plantations Limited (EPL) have also achieved a great progress more than the previous years.

Sri Lanka’s diversified Melstacorp has further increased its shareholding at Aitken Spence by 1.99 percent of the issued share capital of Aitken Spence.

Subsequent to this purchase Melstacorp and related parties together hold 199,992,329 shares which worked out to 49.038 percent of Aitken Spence.

Melstacorp said the transaction doesn’t trigger a mandatory offer as it is within the 2%. Subsequent to this purchase Melstacorp PLC and related parties together hold 199,092,329 shared which worked out to 49.038% of Aitken Spence PLC.

The 27th edition of the FACETS International Gem and Jewellery Exhibition began yesterday with a grand inauguration ceremony at the BMICH.

Gracing the event as chief guest was Prime Minister Ranil Wickremesinghe, along with a number of members of Parliament, representatives of the diplomatic corps, members of the National Gem and Jewellery Authority and the Export Development Board as well as buyers and other special invitees.

Among the invitees were many delegates from all over the world, all of whom were extremely impressed by the range and versatility of the exhibition.

A number of stalls in the Sirimavo Bandaranaike Memorial Hall enjoyed a visit by the Prime Minister who expressed his admiration of the exquisite gemstones, the intricate jewellery and the laboratory equipment and tools used in the trade that are being showcased.

The event was also graced by President Maithripala Sirisena later in the day.

The collections on display are testimony to Sri Lanka’s immense reservoir of precious and semi-precious stones, the skill of its jewellery artisans and the country’s commitment to producing trend-setting designs.

The exhibition is also made up of stalls featuring machinery, equipment, tools, laboratory and certification services and educational and training services, all of which play a vital role in the workings of the gem and jewellery industry of Sri Lanka.

The FACETS organizing committee has introduced a special mobile app this year, which provides users with a list of the booth-holders, specific events, a layout of the booths, information about FACETS, the exhibition rules and regulations and a list of the members of the SLGJA.

The FACETS app also comes with an online registration facility, thus ensuring that prospective visitors will be able to avoid the hassle of standing in line to gain passes.

This year’s edition of FACETS holds something to suit every taste, with items available at reasonable prices to suit any budget.

Moody’s Investors Service says that the outlook for Sri Lanka’s banking system is negative, with both asset quality and profitability under pressure.

“The economy will only see a modest growth rebound as the government’s fiscal constraints continue to limit public investment and private spending, despite stronger goods and services exports,” said Srikanth Vadlamani, a Moody’s Vice President and Senior Credit Officer.

Moody’s conclusions are contained in its just-released “Banking System Outlook: Sri Lanka, Macroeconomic risks from weak fiscal position and deteriorating bank asset quality underpin negative outlook”.

Moody’s outlook assesses five key factors: operating environment, stable;asset risk and capital,

deteriorating,stable; profitability and efficiency, deteriorating; funding and liquidity, stable; and government support, deteriorating.

“Credit growth was very high over the last two years, with the credit multiplier (credit growth/GDP growth) shooting up to an average of 2x over 2015 and 2016, up from 1x in 2014. As the loans made over this period start seasoning, asset quality will deteriorate. In addition, rising interest rates add to repayment burdens.

However, increased loan loss reserves will provide some comfort,” said Vadlamani. “In addition, profits will come under pressure as higher funding costs offset the benefits from higher loan rates,

while credit costs move higher,” added Vadlamani.

At the same time, capital will remain stable as the banks are raising capital and reducing dividends to comply with Basel III requirements, though execution and market risks could derail fund-raising efforts. Under our baseline scenario analysis, capital, as defined by tangible common

equity to risk weighted assets, will decrease to 7.6% at end-2018 from 7.8% at end-2016, without any additional equity raising.

The funding profiles of the banks are set to improve after weakening in recent quarters, as loan growth slows down. Furthermore, Sri Lankan banks hold sizeable liquid assets to cover their

liquidity needs and movements in deposits.

The rated banks’ liquid assets averaged around 30% of tangible banking assets as of December 2016, thereby providing considerable buffers against funding risks. On the other hand, a high debt burden and contingent liabilities relating to state-owned enterprises restrict the government’s capacity to support the banks.

Navesta Pharmaceuticals Private Limited has set the benchmark for the local pharmaceutical manufacturing sector by opening the Country’s first sterile pharmaceutical manufacturing plant in Horana.

Navesta Pharmaceuticals is Sri Lanka’s first European Union Good Manufacturing Practices (EU-GMP) and Pharmaceutical Inspection Co-Operation Scheme (PIC/S), compliant facility which will enable the Company to export their products to most global markets that accepts these accreditations.

Additionally, the facility is also equipped with the Country’s first EU-GMP compliant A and B Grade Microbiology (MB) laboratory, capable of carrying out comprehensive, advanced in-house testing methodologies. Navesta Pharmaceuticals will primarily meet the local demand of 12 products in the Penicillin category (antibiotic drugs that are a part of the Beta Lactam group of medicines) dry powder injectable that were previously imported to the Country. The plant was formally declared open by the Chief Guest, President Maithripala Sirisena on Wednesday.

Chairman of Navesta Pharmaceuticals, Sanjaya Jayaratne said, “We have and will continue to generate numerous employment opportunities for Sri Lankans who specialise in pharmaceutical fields such as Biochemistry, Pharmacology, Chemistry, Pharmacy and Engineering as well as Sri Lankans who are interested in developing this new industry further. Most importantly, Navesta’s ultimate aim is to provide a reliable, vertically integrated local supply chain which will provide accessibility of high quality pharmaceuticals for our citizens. All our efforts surround the idea that we as a company, have a social responsibility to this generation and the next in providing our citizens better opportunities of a livelihood through our continual industry development, reinvestment in the communities, and empowerment of our employees to carry this vision forward for Sri Lanka.”

The Guest of Honour at the inauguration was the Minister of Health, Nutrition and Indigenous Medicine, Dr. Rajitha Seneratne. In addition, a host of other distinguished guests graced the occasion.

Sri Lanka’s pioneering entrepreneurship acceleration and empowerment programme Venture Engine has begun holding workshops for 23 companies with the true potential and skill required to make it all the way to its October 11 finale.

Now in its sixth year, Venture Engine 2017 recently held an open call for applications, which ended on August 14.

This was later followed by a two-minute elevator pitch to judges that cut down the pool of 35 prospects even further, to 23.

Currently workshops are being provided so that participating teams can better understand what it takes to run a successful business, encompassing best practices in the legal, financial and management fields, as well as even offering training in soft skills like making effective presentations, etc., all of which is essential for any entrepreneur.

Since 2012, Venture Engine has brought together investors with collective investments of over Rs. 2 billion across 25 local startups as part of a breakthrough effort to reshape the future of Sri Lanka and its economy through the injection of seed capital enabling local startups to scale globally.

Venture Engine was founded by BOV Capital and the Indian Angel Network and is a strategic partner of the Lankan Angel Network.

A sponsor from last year's Venture Engine, prominent venture capital firm Aavishkaar, has comes on board as 2017's Platinum Sponsor, while longtime supporters Orion City and Dialog return as Silver Sponsor and Official Telecommunications Sponsor, respectively.

Importantly, 2017’s programme also offers an unprecedented opportunity for Sri Lankan entrepreneurs to directly access investment, expertise, and direct mentoring from some of the region’s most prominent investors via the Asian Business Angel Forum (ABAF) 2017, which will be held in conjunction with Venture Engine 2017.

Following the finale of Venture Engine 2017 on October 11, the ABAF programme kicks off the next day itself at the Cinnamon Lakeside hotel with Venture Engine 2017 finalists getting the opportunity to make a short presentation to ABAF delegates.

For more information about ABAF, visit http://ift.tt/2emHMX2, while details about Venture Engine are available at www.ventureengine.lk.

One of Sri Lanka’s respected international service organizations that commands a seat in the United Nations General Assembly has appointed Ven. Dr. Bandagiriye Somawansa Thero as the New Governor of Rotary District 3220 that overlooks Sri Lanka and Maldives.

Ven. Dr Somawansa Thero was instrumental in setting up the Rotary Club of Kolonnawa in 1995 and was the Charter President in 1995-1996 and President in 1997-1998.

He had the distinguished achievement of being a multiple Paul Harris Fellow which is the foremost accolade one can receive on the donations one makes to the Rotary foundation.

Dr. Somawansa Thero possess a Bachelor of Arts degree and a PhD in Child Educational Philosophy. A multi-skilled person, he is the Director General of the National Children’s Educational Foundation (NCEF), Founder and Managing Director of the NECF Buddhist College and NECF Model Kindergarten.

“I will use my skill set and network to enhance the purpose of Rotary in Sri Lanka and Maldives,” said Ven Dr. Somavansa Thero.

Over 18 prestigious Sri Lankan private sector companies will expect to provide nearly 2,500 local and overseas employment opportunities to participants at the EDEX Mid- Year Expo 2017 two-day exhibition which will be held on September 02 (tomorrow) and September 03, at the Sri Lanka Exhibition and Convention Centre (opposite Lake House).

The exhibition which will open to the public from 10.00 am to 6.30 pm on both days will be declared open by Minister of Law and Order Sagala Ratnayaka, while the job fair will be opened by International Labour Organization (ILO) Country Director Simrin Singh.

Speaking to Daily News Business, EDEX Chairman Mahinda Galagedera said over 20,000 visitors including students from public, private and international schools and from universities are expected at the two-day exhibition.

He said the education exhibition will be represented by over 100 local and foreign universities in 20 countries, including USA, UK and Australia.

He said this exhibition will highlight the importance of receiving higher education by school children, school leavers and university students. Galadegera further said three exhibitions are held in Colombo and Kandy every year and the objective of holding these exhibitions is to create awareness among Sri Lankan youth about existing local and international educational courses and thereafter how to find employment.

He said the EDEX Expo also encouraged local youth to be entrepreneurs who could create employment for job seekers.

“The forthcoming Mid-Year Expo will live up to its reputation to be a comprehensive platform offering choices, options in realizing opportunities in school-to-work transition, entrepreneurship and sustainability.”

Chairman Galagedera further said the exhibition will help participants to select academic, vocational, technical and professional courses and post graduate programmes which will be offered by both local and foreign educational institutions.

It is said that all educational institutions which tie up with the EDEX organizing committee have agreed to offer discounted course fees, full or partial scholarships and many other offers with financial support options for the benefit of students.

He also said the job fair will be a catalyst for youth to market their inherent talent, skills and qualifications to impress employers.

He said during the exhibition period interactive seminars in accountancy, finance, HR and management will be conducted for the benefit of students

“Like in the previous year, we have been facilitating the administering of psychometric testing for all participants at the specially designed EDEX Career Pavilion,” he added.

The print media sponsors of the exhibition are Daily News and Sunday Observer.

As a response to the recent dengue epidemic in the island, Fairfirst Insurance has developed this unique insurance product.The first of its kind in the industry, this policy will act as a safety net for people in the event of hospitalization due to dengue fever.

Fairfirst is the undisputed market leader in medical insurance in Sri Lanka. This is manifested in the Fairfirst medical team being awarded the Excellence in Medical Insurance Award by Fintelekt at the recently held Insurance Industry Awards. Fairfirst won this award in 2016. This is therefore, the second time Fairfirst Insurance is winning this award.

“This is a product we began working on as soon as the dengue outbreak took place. We felt that it was part of our responsibility as an insurance provider to cater to the need of the hour.” said Thushara Edirisooriya – Head of Surgical Insurance. “We are proud of what we have been able achieve and will continue to address the growing needs of people.”

The Fairfirst Dengue Policy covers all hospitalization expenses incurred due to dengue fever and also provides a per day cash allowance for treatments at governments hospitals. What makes this cover so relevant are features like the cashless facility, fixed premium regardless of the age group, lifelong renewal and the cover extension for the insured’s family members.

Providing protection for employees of large corporates and individuals alike, Fairfirst is today, among the top general insurance companies of Sri Lanka. This company is backed by of one of the largest property and casualty insurers of the world – Fairfax, and they have operations spread across geographies. “Our hard working medical team continues to excel at what they do best, which is timely servicing of customers and responding to their needs” stated Dr. Sanjeev Jha, CEO & Managing Director of Fairfirst Insurance.

Sri Lanka’s fastest growing and most innovative life insurance company Softlogic Life PLC was crowned recently as the undisputed claims service leader in Sri Lanka, after it won the prestigious ‘Excellence in Claims Service’ award at the Sri Lanka Insurance Industry Awards 2017 by Fintelekt.

Softlogic Life shared the stage with all the top Indian Insurance companies who were awarded at the gala Fintelekt event that combined India and Sri Lanka awards held on July 2, in Mumbai, India. The high profile awards ceremony recognized and honoured the achievements of insurance companies in India and Sri Lanka that have met measurable and tangible business objectives.

The Excellence in Claims Service Award honoured Softlogic Life’s unwavering efforts which demonstrated company’s overall leadership and commitment to effective and speedy claims settlement in Sri Lanka.The parameters for evaluation included volume and value of claims settled, average turnaround time for claims payment, repudiation rates and speed in claims settlement.

During 2016, Softlogic Life had superiorly lead the way in claims settlement metrics such as rate of settlement, speed of settlement and low repudiation. This strong performance, which is above par in the local life insurance industry, was greatly supported by the company’s focus on the use of technology for improvement in customer service through better empowerment and convenience during the claims settlement process.

Commenting about this significant industry recognition, Softlogic Life Managing Director, Iftikar Ahamed stated, “As the leader in the insurance healthcare sector, the company has significantly improved its health claim settlement ratio from 20% in 2015 to 60% in 2016 in terms of on-the-spot settlement. 80% of health claims were settled within a day and overall 98% of the total claims settled within three working days. This is a significant improvement in the service level of the company and it achieved with the technological modification to the existing operation.”

Softlogic Life’s extensive expertise in IT-enabled multi-channels has increased their ability to leverage on greater efficiencies, helping the company to deliver greater convenience to customers as well to become the best in claims settlement in the industry. Policyholders of Softlogic Life are empowered via their ‘LifeUp’ smartphone application where it enables customers to access their policy details and make necessary amendments, pay premiums, intimation of claims, upload claim documents, view payment history and so on. For an instance, customers can intimate claims and download claim with a single click of a button, without physically visiting the branch. By uploading the photos of claim-related documents to the app, customers have been able to receive settlement within a short period time, giving them the breathing space to send original documents at the later stage.

Taking advantage of disruptive technologies further, Softlogic Life also launched a real time claim meter on their website, which enhanced greater transparency on claim settlements of customers. Introducing ‘Cashless Hospitalization’, a facility that is available in 60 hospitals island-wide, Softlogic Life eliminated the need for patients to settle their hospital bill as the company pays it directly to the hospital, leaving the patient stress-free. Softlogic Life is the only insurance provider in Sri Lanka with international cashless facility, which is available in Apollo Hospitals India and Parkway Hospitals Singapore.

The company went the extra mile to introduce the super branch concept to its customers, where a modern branch fully equipped with technology provides superior customer experience as a one-stop shop; there, customers can personalize policy features and could purchase Softlogic Group products as well. Softlogic Life is also the first to empower policyholders to customize their own policies without a one-size-fits-all approach.

“These significant improvements in claim servicing have created a benchmark for other industry players to follow Softlogic Life. We believe every claim is an opportunity to serve a customer and paying a claim is the guaranteed way to build customer confidence towards life insurance, which will ultimately have a positive impact to improve penetration level of life insurance in the country,” said Ahmed further.

Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively.

Sri Lanka Insurance has declared a Life Bonus of Rs 6.2 billion for this year, recording the largest Life Bonus ever to be declared in the insurance industry. The company achieved this historic milestone by surpassing its own record of Rs 5.4 billion declared as Life Bonus in the year 2016.

SLI also recorded the largest Life Fund in the local insurance industry to date with a ground-breaking Rs. 91.1 billion in its Life Fund.

Over the past years, Sri Lanka Insurance has been declaring increasing bonuses to its Life policyholders. It has given over Rs 40 billion in total as Life Insurance bonuses since 2006. Sri Lanka Insurance’s prudent investment management strategies and accumulating Life Fund have enabled the company to give higher returns to its policyholders. The company shares 90 per cent of the surplus earned from its Life Fund with its Life policyholders.

SLI, the pioneer as well as the leading National Insurance Company, recorded an outstanding performance during 2016 while recording a significant growth in its Assets Base to Rs. 177 billion, which is again the largest in the insurance industry.

HNB Assurance PLC (HNBA) unveiled its Group Life Product, offering four predefined packages that businesses could choose from in providing the financial protection that their staff need.

Speaking on the importance of providing a solid platform of protection to employees, Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI), Deepthi Lokuarachchi stated “we live in a period of time of rising costs and risks. In a tight economic backdrop, small and medium scale enterprises (SMEs) find it challenging to provide solid forms of protection plans for their employees due to higher underwritten premiums or under-evaluating the risk component associated. SMEs in Sri Lanka play a major role in today’s economy as it uplifts economic diversification. The Group Life product of HNBA is a lot more than a spring of protection for your employees. It provides a number of benefits to both employees and the comfort of knowledge to employers, that your employees are very well protected. Further, employers are able to benefit from this as a strategic measure in line with its human resource practices in order to cement and strengthen its employee - employer relationships as well the psychological contract with the organization, as we firmly believe that motivated and happy employees reflects the true values of an organization”.

Prasantha Fernando, Chief Operating Officer of HNBA elaborating on this product added “companies could choose from one of the four packages that we have to offer that ranges from just providing a basic life cover for one’s staff, to providing an annuity, to offering a comprehensive bouquet of covers that include critical illness, disability cover and hospital cash”.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 56 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for “National Insurer Financial Strength Rating” and “National Long- term Rating”. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNBA is rated within the Top 100 Brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won International awards for Brand Excellence, Digital Marketing and HR Excellence and also won many awards for its Annual Reports at the Award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation of Accountants).

Image One: Managing Director/CEO of HNBA and HNBGI Deepthi Lokuarachchi

Image Two: Chief Operating Officer of HNBA Prasantha Fernando

Union Assurance continuously dedicates its efforts to deliver the best for its customers by introducing tailor-made and fully customized solutions. By referring to the product portfolio introduced by UA, it is clear how the company has catered and supported the Sri Lankan community in every stage of their life cycle. UA product outline comprise of innovative and fully customized life insurance solutions that has expanded across fulfilling Investment, Education, Health, Protection and Retirement needs of the people.

Appreciating its innovative product designing approaches, UA was able to receive the recognition for its efforts on the introduction of the unique Health Insurance Solution - Union Smart Health. This acknowledgement was received at the Fintelekt Insurance Awards held on July 21, 2017 at The Lalit Sahar, Mumbai. This award stands out since the award ceremony is renowned for honouring the achievements of insurance companies in Sri Lanka & India.

The recognition was solely based on several unique features including an automatic increase in limits in case no claim has been made within a policy year and a revive benefit allowing customers’ to claim the annual limit on the policy twice in one year if the cause of the hospitalization is not related to previous hospitalizations. In addition, Union Smart Health product includes set of smart features such as –Hassle free bill payment, per day hospital cash benefit for hospitalizations in non-paying wards, Day care surgery cover, Selection between family cover or individual cover and overseas cover.

Commenting on the recognition Rossini Tittagalla (General Manager – Life) expressed that “We are extremely glad to receive the recognition for the efforts we have centred across to introduce such a valued, innovative and unique health insurance product to our customers. Our team will be working hard to keep all the life insurance products evolving, to cater the ever-changing requirements of the communities we operate in. This recognition would be yet another accomplishment and a great motivation for our team to keep adding the innovative flavours and blending it with our business strategies.”

Union Assurance operates on the platform of Trust, based on the brand values of convenience, respect, and transparency. UA has integrated its innovative strategy into all facets of the business to provide unparalleled levels of customer convenience. The company expects to synchronize its innovative strategy to fulfil the promise of ‘Trusted Protection’ to all its customers and other stakeholders.

AIA Sri Lanka has crossed 100 MDRT (Million Dollar Round Table) members for 2016, making it the first and only insurer in Sri Lanka to do so! AIA has the most number of MDRT members in Sri Lanka, with a total of 110 MDRT certificates awarded to AIAWealth Planners and Bancassurance Executives in 2016. This achievement is testament to the high calibre of advisors recruited, trained and employed by AIA, to provide the best protection and savings solutions to Sri Lankans.

This is the second consecutive year that AIA tops MDRT from Sri Lanka. MDRT is internationally recognised as the standard of excellence in the life insurance and financial services business. Its members are required to generate a certain high level of premium, commission and income and demonstrate exceptional professional knowledge, strict ethical conduct and exceptional client service. This achievement is therefore a fitting acknowledgement of the relentless commitment and the high level of professionalism shown by AIA’s advisors who, for the second successive year, helped AIA Insurance become #1 MDRT in Sri Lanka.

CEO Pankaj Banerjee said, “We are in the business of helping people protect their families, access the best healthcare and enjoy their retirement to the fullest - this is no easy task and it is truly commendable that our advisors are able to not only positively impact people’s lives but also be recognised as being the best of the best". He added, “Our advisors are renownedfor providing the highest standards of professional service and we continue to support their development by offering high quality training programmes, hiring and retaining top talent and providing the most advanced tools for enhanced efficiency and productivity.”

Deputy CEO Upul Wijesinghe who is AIA’s Chief Agency Officer stated “We adopt a diligent process when recruiting to ensure we have the very best joining our team. We also have an intense and holistic training process to ensure 100% competence as well as the necessary technology in place to enable ease-of-doing-business for the Wealth Planners as well as the customers.”

Director of Partnerships Amal Perera, said “We currently work with some of the leading banks in the country; NDB Bank, DFCC Bank and Standard Chartered Bank, to help provide greater value to their customers. We prioritize specialized training and development for our Bancassurance Sales Executives, who are armed with seamless, state-of-the-art, point-of-sale technology to help them carry out their business in an efficient and customer-friendly manner.” He added, “As the largest Bancassurance provider in the country, we are proud of the superlative service we provide to our partner banks and we hope to continue to grow in size and strength.”

AIA invests heavily in training and in new technologies that place their advisors above industry standards while taking every effort to enhance the customer experience. With a roll out of next generation systems in the pipelines, AIA’s doors are always open to advisors who have what it takes to join the distinguished list of MDRT members and work together with AIA in making a real difference.

The Bank of Ceylon was conferred the Master Brand status for the year 2017- 2018 by the CMO Council Asia at the ceremony held at Taj Samudra Hotel, Colombo, recently.

Named as the No.1 brand in the country for over nine consecutive years by Brand Finance Sri Lanka, the Bank of Ceylon currently holds the highest brand value in the country which is Rs. 40 billion.

Since its inception, Bank of Ceylon’s motive has been the same – that is, promoting social and economic development of the country and its people.

As such, the BOC brand has been strategically adapting its product and service portfolio with a good understanding of future social and economic trends that require tailor-made banking and financial services. It has been a trusted financial partner to clients for over 78 years and has reached extraordinary milestones such as surpassing Rs. one trillion assets in 2012, Rs. one trillion in deposits in 2015 and Rs. one trillion advances in 2016 as the first Sri Lankan bank to do so.

The Bank’s asset value now exceeds Rs. 1.6 trillion and is the highest asset base owned by a single business entity in the country. Currently the Bank of Ceylon is the only Sri Lankan bank to own ‘a trillion triplet’ in the balance sheet. With the current outlook on the bank’s asset growth rate at 7%, the Bank has planned to enhance its asset base up to Rs. 2 trillion by 2019 - yet another milestone in the Sri Lankan banking industry.

Such capabilities confer great responsibilities on the Bank of Ceylon to serve all stakeholders including its very diverse customer base from individuals to businesses and organizations from different geographic locations and economic strata.

The Bank’s approach to cater to the very dynamic banking needs of its customer base has been the key factor behind BOC brand’s 78-year-long success.

With the time-tested vision as ‘Banker to the Nation’, brand BOC has delivered the best results for its true stakeholders, citizens and the Government of Sri Lanka as a state-owned bank. 

The Colombo Stock Exchange will soon introduce a special tool to woo real estate sector investors. This is to be titled Real Estate Investment Trusts (REITs).

Through this, investors could buy into the real estate market, said Colombo Stock Exchange CEO Rajeeva Bandaranaike. He was speaking at the Investor Forum Sri Lanka 2017, organised by Lanka Property Web.com.

Since their introduction in Asia in the early 2000s, REITs have been adopted across the continent, growing into a market worth over US$ 140 billion.

In terms of market capitalization, the most developed markets are currently Japan, Singapore and Hong Kong, but REITs have also been listed on the stock exchanges of South Korea, Malaysia, Thailand and Taiwan.

Currently, China and India are contemplating the introduction of REITs in those jurisdictions, whilst Indonesia and the Philippines have now got due legislation in place to provide the necessary framework for these products.

REITs came into existence in 1960, when the US Congress decided that smaller investors should also be able to invest in large-scale, income-producing real estate.

He said that the Colombo Stock Exchange after going through a lean patch is now on an upward trend and its ASPI continues to outperform most regional markets. “This is also attracting more foreign buyers,” he said.

Meanwhile, over 20,000 apartment units would be added to the Colombo city skyline in both the luxury and middle class segment, said Dwellings Group Director Theekshana Somaratne.

Speaking at the Investor Forum 2017, he said that there are 150 ongoing apartment projects.

He said that the growth of the property sector picked up with the dawning of peace and was then followed up by large infrastructure development projects which attracted expatriates and also tourism.

He said that mid-range apartments mostly patronised by young working couples would see further demand. The new laws which relaxed ownership regulations for foreigners also helped to swell the property market. “We see an increase in demand in the Colombo surburbs and ‘builders’ would take their projects outside Colombo in the future.”

Although a presentation by the Board of Investment was scheduled, BOI representatives were not present at the designated time. 

Tan Sri Dr. Azmil Khalili Bin Dato Khalid has resigned from the Board of Directors of the MTD Walkers with effect from August 24, 2017. Dr. Azmil Khallli Bin Dato was the Chairman Non-Independent Non-Executive Director of the Company. 

The Board of Directors of Sunshine Packaging Lanka Limited, a fully owned subsidiary of Sunshine Holdings PLC, has decided to cease the manufacturing operations today (31).

The company is continuing to evaluate restructuring options and the deployment of its assets.

At the Colombo Tea Auction held on August 29-30, reflecting strong demand for Low Grown teas, New Vithanakande Tea Factory, Delwala, once again achieved two record prices for their Pekoe and BOP grades.

New Vithanakande Invoice 721 Pekoe which sold at Rs. 970 per kg, was purchased by George Steuart Teas (Pvt) Ltd and Invoice 707 BOP was sold at Rs. 900 per kg, to Jafferjee Brothers.

New Vithanakande is one of the finest units of production in the Sabaragamuwa region. Over the years these teas have sold at record prices at the Colombo Tea Auctions and have won awards around the world.

New Vithanakande Tea Factory is owned and managed by N.B.H Pilapitiya.

Asia Siyaka Commodities PLC was privileged to be associated with the sale of these teas.

The much awaited FACETS International Gem and Jewelry Exhibition begins today (August 31) at the BMICH with an official ceremony, which will be attended by Prime Minister Ranil Wickremesinghe. The exhibition will go on till Sunday, September 3. This year’s exhibition will showcase something for everyone and every budget. Precious and semi-precious gemstones, jewellery of every material from gold and silver to coral and wood, branded watches and laboratory equipment and tools used in the trade will be a primary part of the list of features at the exhibition. 

Dilmah Ceylon Tea Company is to acquire the tea export business of MJF Teas (Private) Limited for Rs. 442.5 million, the company said in a stock market filing. This will be through a private placement. It further added that the decision to consolidate was taken after taking into consideration the financial statements, past performance, future forecasts as well as the valuation report of MJFT.

Dilmah will issue up to 737,500 new ordinary shares at Rs. 600 per share by way of a private placement with these shares ranking equal to existing ordinary voting shares, subject to the approval of stock exchange, BOI and shareholders at a General Meeting.

The stated capital of the company at present is Rs. 200 million and the public holding of the company currently is 12.81%.

MJFT currently holds 65.38% of the shares of the company and after the private placement the shareholding of ordinary voting shares will go up to 66.6%.

The move is pursuant to a group restructuring initiative to consolidate all value added tea export operations of MJF Group under one entity.

The ongoing bond issue, appointment of a new finance minister and other political issues in Sri Lanka won’t have a negative impact on foreign investors, said David Mann, Chief Economist, Asia, Global Research, Standard Chartered Bank.

“They consider these developments as a black cloud which disappears soon.”

He said that what the foreign investors are concerned about are good governance, carrying on the good work with regard to reforms and consistent policies laid by the government.

Mann said that they have observed that some of the top international companies who did not look at Sri Lanka before are looking at Sri Lanka now with renewed interest.

He said that the government’s plan to have more private-public partnerships too is being welcomed by the international business community.

“However the country only has two FTAs with India and Pakistan and we feel Sri Lanka must have more which in turn would help to increase exports.”

He also said Sri Lankan FDI is currently low but is expected to pick up in 2018 1Q and really accelerate in the third quarter on 2018 onwards. “The Port City project, proposed financial centre, as well the Hambantota Harbour project too would draw ‘big time’ investors to Sri Lanka,” he said.

Mann also said that they believed the government debt management direction was heading in the right way. Around US$ 900 million from the Hambantota Prot deal too would be diverted in this direction by next January.

Commenting on the latest events impacting the global outlook going into the second half of 2017, he said that the global economy is expected to pick up.

“However we feel that the enthusiasm and optimism that was seen for US President Donald Trump before the election is now fading away as people feel that promises he made before the elections are not being delivered.”

Meanwhile Saurav Anand, Economist Financial Markets, Standard Chartered, said that despite the GSP Plus advantage, Sri Lanka’s exports are yet to pick up at a healthy rate. He said that the Central Bank has brought in several meaningful steps including the increases of credit card interest rates in a bid to discourage imports.

“We also feel that the currency depreciation is at a manageable level.”

However he said that the Board of Investment’s revamping progress is taking a longer time than expected.

Colombo equities demonstrated negative investor sentiment yesterday. The Benchmark Index, ASPI closed the day at 6,390.26 points, losing 8.53 points. This was mainly due to price losses in counters such as COMB.N (LKR136.60,-0.65%), DIAL.N (LKR11.30,-0.88%), AHPL.N (LKR52.00,-2.80%), VONE.N (LKR18.10,-3.21%) & NEST.N (LKR1800.30,-0.60%).

The Blue Chip Index S&P SL20 decreased by 2.14 points or -0.1% to close at 3,683.96.

Foreigners took the position of net buyers for the day, recording a net foreign inflow of LKR 89mn for the day.

JKH.N recorded the highest turnover for the day of LKR 221.2mn, followed by COMB.N (LKR101.9mn) and SAMP.N (LKR54.6mn).

The day saw turnover decrease by 62.8% to LKR 592mn compared to the last trading day.

Bank Finance and Insurance Sector managed to record the highest turnover of LKR235.5mn for the day, followed Diversified Holdings Sector and Manufacturing Sector with daily turnovers of LKR 233.5mn and LKR 86.3mn respectively. Year to date ASPI Performance stood at +2.6%, while Year to date Blue Chip Index increased by 5.4%. Out of the 225 counters traded yesterday, 68 companies declined while 47 companies closed higher. SC Securities

Sri Lanka Retailers Association will hold the ‘Sri Lanka Retail Forum 2017’ on September 13 under the title of 'Winning the New Consumer: Energizing Retail' in a bid to identify new trends and map out new strategies to help shape the future direction of Sri Lanka’s retail sector.

The forum, which is the first of its kind to be held in Sri Lanka will focus on emerging trends and innovations taking place in the local and global retail sector, discuss burning industry issues and solutions for such issues and also share innovative best practices adopted by the practitioners of the sector.

The one-day forum will comprise four key sessions, discussing topics such as how to build a retail empire, changing dynamics of the consumer, reaching consumers through digital dynamism, innovations in the retail operations and also on emerging issues.

The sessions will be addressed by both local and global industry experts, sharing their insights, experiences, suggestions and also observations in relation to the retail industry.

“This forum will build a gathering point for the retail industry of Sri Lanka, which will help us to unite and collaborate towards finding solutions for our industry issues and also find new opportunities to work and improve the industry,” said, Sidath Kodikara, Chairman of the Organizing Committee of the Sri Lanka Retail Forum 2017

Speaking at the media briefing, Murali Prakash, Executive Committee member of the Sri Lanka Retailers Association said, “This forum is the first forum of this magnitude to be held covering Sri Lanka’s retail sector. We have invited some of the best local and global minds working in the sector, speaking and sharing insights.”Sri Lanka Retailers Association (Guarantee) Ltd. (SLRA), the only industry body for this sector, represents nearly 40 leading and national level retail firms which have countrywide reach across various product segments. If you wish to take part in this event, email niroshini@chamber.lk.

 The Sri Lanka - Nepal Friendship Association and Business Council welcomed new Nepali Ambassador to Sri Lanka Prof Bishwambher Pyakuryal, at a dinner at the residence of Semage Group Chairman Kumare Semage. Here the Council’s General Secretary Lakshman Perera welcomes the Ambassador, while President Jagath Sawenadase and Vice President Kumare Semage look on. Picture by Vipula Amarasinghe

CIMA Business Leaders Summit 2017 organized on the theme “What’s Next: The changing business landscape” will be held on September 11, from 9.00 am at the Oak Room, Cinnamon Grand, Colombo.

Prime Minister Ranil Wickremesinghe will be the Chief Guest and will make the keynote address at 6.30 pm.

This year’s discussions are underpinned by the wider concept of business innovation; how organizations are adopting digital business models whilst creating value for their stakeholders and addressing pressing issues such as climate change and global and domestic factors, which have an impact on their business practices.

Mohit Pande, Country Head - India, Google Cloud, will speak on how Google is disrupting traditional business models, with a particular focus on Google’s future developments and how organizations will have to adapt to remain agile in the face of such challenges. Currently, Pande leads Google’s business for Cloud in India and has extensive experience in the technology industry in India and South East Asia.

Another key presentation at this year’s summit will be delivered by Azran Osman-Rani, CEO and Group COO, iflix Malaysia. Iflix is a disruptive internet television video-on-demand subscription service which was launched in May 2015 and now operates across South East Asia.

With his immense experience in leading businesses from start-ups to IPO (he was previously the founding CEO of Air Asia X, the world’s pioneer low-cost, long haul airline), Osman-Rani will share his insights on cultivating a global mindset for organizational growth and how Asia’s emergence as an economic power presents new opportunities that organizations can take advantage of.

Certis Lanka is a joint venture with Certis International of Singapore, a wholly owned company of Temasek Holdings, the private investment arm of The Government of Singapore. Certis Lanka has been operating as an independent entity providing security services in Sri Lanka for the past forty years.

Certis Lanka Group offers a myriad of services as a specialist in commercial and industrial security, and a premier service provider in loss prevention, secure logistics and caring services in Sri Lanka.

Over the past four decades, Certis Lanka has concentrated their focus on providing their customers with comprehensive, state of the art security solutions. Today, it sets the standard for loss prevention services in Sri Lanka with an island wide branch network within the main cities of the island.

Certis Lanka group has been into transportation of cash and valuables, electronic security systems, courier services and home nursing through it's subsidiary companies.

Certis Lanka is certified under ISO 9001:2008 on quality management systems, ISO 14001:2004 on environmental management system, and under ISO 50001:2011 on energy management systems.

Certis Lanka is also a recipient of many international awards, presented for immeasurable contribution to the business world.

The Seasons Hader Group was established in 1997 when the founding facility, The Hader Clinic, opened in Melbourne, Australia. The Team, led by Richard Smith has many collective years of experience and are always at the cutting edge of what is developing in the world of drug and alcohol treatment.

Since this time their addiction treatment programs have grown in scope, success and popularity. These now include a women’s program in Melbourne, the Hader Clinic, Queensland, Seasons Bali and Seasons Thailand.

Richard Smith (Founder of Seasons Hader Group) said: “We are very happy to be bringing our team to Sri Lanka. We believe that our expertise combined with Certis Lanka’s knowledge is the perfect combination. We are really going to make a difference to addicts, alcoholics and their families in Sri Lanka”.

A drug and alcohol rehabilitation centre was opened in Sri Lanka on a partnership between Certis Lanka Group and The Australian mental health and addiction experts, The Seasons Hader Group. Together they have created Seasons Sri Lanka, the country’s first internationally recognised drug and alcohol treatment centre.

The leading non-bank finance company in Sri Lanka, People’s Leasing and Finance relocates its Rathnapura branch at Moragahayata, Colombo Road, Rathanapura).

The new branch was inaugurated by Laksanda Gunawardane, Deputy General Manager (Operations) PLC along with Neil Tushantha, Chief Manager and Vajira Ramanayake, Senior Manager, PLC. Also a host of PLC customers graced the occasion.

Laksanda Gunawardane, Deputy General Manager (Operations) PLC addressing the gathering said People’s Leasing Company operating with the motto; “People’s Friendly Leasing” has attracted a gamut of prospective customers and converted them as loyal customers over the years.

“PLC is in the process of enhancing its branch network and relocating identified branches to bring more convenience to customers. We changed locations of Rathnapura PLC branch to provide customer friendly, hassle free and convenient leasing services”, said the DGM.

People’s Leasing Company was commissioned in 1995 as a wholly owned subsidiary of the biggest state bank in Sri Lanka, the People’s Bank. PLC is currently the market leader in the non-bank finance sector in Sri Lanka.

Fitch Rating Lanka has assigned PLC a credit rating of AA-(lka) which makes PLC the highest rated finance company in the country. PLC is the only Sri Lankan finance company to have two international ratings of which one is equal to the Sovereign from Standard & Poor's (‘B+/B’) and the other is one notch below the Sovereign from Fitch Rating International (‘B’).

PLC's financial service product portfolio includes; leasing, fixed deposits, saving accounts, personal and business loans, margin trading, factoring and Islamic financial services.

People's Leasing conglomerate consists of five subsidiaries namely, People’s Insurance PLC, People’s Microfinance Ltd, People’s Leasing Property Development Ltd, People’s Leasing Fleet Management Ltd and People’s Leasing Havelock Properties Ltd. The uniqueness of PLC is its strength and the stability to provide diverse financial solutions under one roof to its customers, thus enabling the customers to obtain customer friendly services.

OPPO launches F3 “FC Barcelona Limited Edition” to Sri Lanka celebrating one of the most popular football clubs in the world, the FC Barcelona or Barca, a club which has a myriad of prestigious achievements and considered the ‘Most Loveable Club’.

Packed with advanced technologies, innovative features and a new Vibrant and sporty look plus design, OPPO F3 “FC Barcelona” Limited Edition is the mid-rangein the market.

The limited edition of OPPO F3 FCB will have livery from the famous Spanish football club, the enthusiastic red and gold - the colours of FC Barcelona. Whilst In terms of dimensions and shapes there is no difference, from the design perspective, there is a striking difference with the use of red colour that dominates the body, whereas F3 on the market currently offers only Gold, Rose Gold, and Black.

Barca Red has been chosen as the main colour, matching with gold-plated bands and FC Barcelona logoon the back with a golden accent and reads ‘FCB Barcelona Official Partner’ at the bottom. The red and gold comes together to meet the classic fashion trend.

With vivid, bright and all metal red body, every detail of the red and gold comes together to give an impression of FC Barcelona spirit and young fashion. Based on Barca red, OPPO has taken significant effort to find a right and bright colour value to show the spirit of youth.

The golden FC Barcelona’s logo is lying in the back, aligned with the golden bands and what is truly fascinating to note is that the logo is made of 18 carat gold.

‘In the light of the victory of FC Barcelona in the ICC 2017, we are delighted that we can make football enthusiasts of Sri Lanka more closer to a world-class performance, which is what makes this launch more special, said Tom Zou, Chief Executive Officer of OPPO Sri Lanka.

Pioneering hearing care specialists in Sri Lanka, the Wickramarachchi Institute for Speech and Hearing (WISH) recently conducted a special training session for audiologists at the WISH Auditorium in Delkanda, Nugegoda.

The training was conducted by renowned Polish Audiologist Katarzyna Dragun and Terence Koh, Head of Marketing and Sales for Siemens Sivantos Hearing Aids.

Following the interactive training session, Siemens launched their latest advancement in hearing care the Primax Platform at an event held at Jetwing Colombo 7. This latest technology in hearing aids aims to outperform the function of a regular hearing aid while also reducing listening effort on the part of the user.

The Primax Platform allows users to programme their basic hearing aid using a mobile phone app without the need to download any specific software.

Hearing aids made exclusively for iPhones and Sellionre chargeable hearing aids with no disposable batteries were also introduced by the Siemens team. The first ever non customized in-the-canal hearing aids called “Silk” that uses Bluetooth technology were also demonstrated. This product’s most efficient feature known as Telecare also allows users to reach out to hearing care professionals via a simple phone app for programming and other inquirer related issues. This helps in reducing number of revisits to the clinic while hearing care professional can also reach out to patients overseas.

The event was attended by a large number of ENT Surgeons, Neurologists, Pediatricians and General Physicians in the country. Representatives from Siemens and the authorized distributor WISH were also present.

Pan Asia Bank recently opened a dedicated centre for Private Banking and Wealth Management at the World Trade Centre to offer specialized financial and investment advisory services to its high net worth customers.

The purpose built centre has been designed to offer the maximum convenience to customers and located in one of most prime business locations in the heart of Colombo.

Pan Asia Bank is at the forefront of innovation in the financial services sector as it has introduced many industry firsts in recent years. Last year the bank won the gold award for its excellence business and financial results at the National Business Excellence Awards conducted by the National Chamber of Commerce of Sri Lanka while also becoming the runner-up in the banking sector.

The Bank was also named as “The Fastest Growing Commercial Bank in Sri Lanka” by Global Banking and Finance Review for the 4th consecutive year and The Fastest Growing Retail Bank in Sri Lanka 2017.

The NDB Private Wealth Centre recently become Sri Lanka's first all-in-one financial services hub, following the opening of its very own NDB bank branch.

Importantly, this will particularly benefit NDB Wealth's high net worth clients, who now have unprecedented access to a full range of financial services under one roof, from stock broking to wealth and portfolio management, and even financial advisory services. The ‘NDB Private Wealth Center’ branch is located at Bauddhaloka Mawatha, Colombo 4.

“With the recent opening of the ‘NDB Private Wealth Center’ bank branch, the bank's 107th island-wide outlet, our high net worth clients with busy schedules will benefit immensely. They now have immediate access to a number of important financial and advisory services, all in the same building, which is undoubtedly more convenient,” commented Prabodha Samarasekera, CEO of NDB Wealth.

Additionally, the NDB Private Wealth Center’s one-stop-shop setting has, in a number of important ways, greatly improved the Group's ability to share research and knowledge. It has even enhanced planning and delivery of its expert advisory, among other functions, helping it retain its role as industry leader.

Set up with the innovative ‘Wealth House’ concept in mind, the NDB Private Wealth Center encompasses, for the first time in Sri Lanka, all of NDB’s group services synergised under one roof.

A part of NDB, the largest financial conglomerate in Sri Lanka, the NDB Private Wealth Center features a full range of banking products as well as expertise in portfolio management from the NDB Group’s services in investment banking through NDB Investment Bank, wealth management through NDB Wealth and stock brokering through NDB Securities.

Located in the heart of Colombo, the NDB Private Wealth Center boasts of an expansive 20,000+ Sq. Ft. of work space. Spanning four floors, with dedicated seating for more than 200 financial experts, it also includes elegant and comfortable waiting areas for clients and meeting rooms, as well as a number of other facilities to benefit its clients and staff alike.

In a bid to save energy in existing buildings Scan Technologies Global Private Limited, is introducing modern air conditional systems, thus helping to save over 50% of energy costs.

The company which has over ten years of experience in installing, maintaining and servicing elevators and escalators, has already installed a modem AC plant and new system to JAIC Hilton and this is helping to save the company over 55% of its energy costs, said Keerthi Abeynayake, Chairman, Scan Technologies Global Private Limited.

He said that doing away with traditional cooling methods and moving away from huge cooler and chiller rooms, they use copper wires and other new technology to reduce energy costs.

“Another unique feature of this system is that one area like a public area of a building could be selected and the air conditioning can be regulated to have more cooling. Similarly when under use, this area could be shut down from the control room.”

He said any existing building using the traditional cooling systems could be switched on to this new system by installing their systems which do not need huge changes to the infrastructure of a building.

He also said that they are into elevators and have introduced an elevator which could operate for 25 minutes even in a fire situation. “With the inflow of tourism, we see a large potential for the growth in the hospitality industry and our tie up with KONE, a world class brand, will strengthen our confidence in serving the market much better.” KONE, a global leader in the elevator and escalator industry, has expanded its operations in the Sri Lankan market and has entered into a distribution agreement with Scan Technologies Global Private Limited recently.

“This will also give us additional strength to expand our business and offer better technology for clients,” said Abeynayake.

He said that they have a strong after sales service and has a fleet of vehicles including two Mercedes Benz vans to provide mobile assistance.

KONE’s history of innovation is one of the company’s success factors. With the megatrends like urbanization and technological disruption driving growth all over the world, KONE will be able to provide advanced solutions to the market and customers. In 2016, KONE had annual net sales of EUR 8.8 billion, and at the end of the year close to 52,000 employees. KONE Class B shares are listed on the Nasdaq.

Scan Technologies Global Private Limited is an associate company of Scan Engineering Private Limited which was incorporated in 1995 and is the authorized distributor of KONE Elevators for the territory of Sri Lanka with 22 years’ experience as a mechanical engineering, ventilation and air conditioning company.

Scan consists of three major divisions executing projects for elevators and escalators, air conditioning and mechanical ventilation and solutions for the newsprint industry which include high speed newspaper printing presses and post-press and mailroom solutions. 

Customers travelling on Singapore Airlines and SilkAir will have the opportunity to avail attractive fares to their favorite destinations.

Business Class and Economy Class fares to selected destinations to give more reasons for customers to travel to their preferred destinations. All our customers will be pampered with their award winning brand of personalized service, to ensure a great experience on the ground and in the air.

Attractive Business Class and Economy Class fares are on offer to Singapore, Kuala Lumpur, Penang, Kota Kinabalu 78,700 and Bangkok, Phuket.

Singapore Airlines operates 7 times weekly services on the A330 aircraft between Colombo and Singapore, while SilkAir operates 3 times weekly between Colombo and Singapore in the mornings.

Customers traveling with Singapore Airlines and SilkAir will also be able to redeem their Changi Dollar Voucher worth S$ 20 when transiting or stopping over in Singapore Changi Airport. The voucher is an enormous value addition to their product as it can be used for purchases at various retail outlets in Changi Airport, shopping, dining and other amenities such as Lounge usage. Special fares will have to be purchased before 30 September 2017, for travel out of Colombo by 30 April 2018.

More details could be obtained from singaporeair.com/lk 

Rejuvenated. That’s what the ultra modern and luxurious Emirates’ lounges at Dubai International Airport make its First and Business Class passengers feel.

From seating to cuisine to amenities, the lounges provide an array of facilities that one would find in a luxury hotel, making passengers feel refreshed and relaxed before take off.

The airport’s Terminal 3 which is dedicated to Emirates’ flights has First Class and Business Class Lounges on each of its Concourses A, B and C. Concourse C has an additional new mixed lounge. Together, the seven lounges can accommodate over 7,000 premium passengers at any given time.

The Business Class Lounge on Concourse B which is spacious and flooded with warm sunlight in the morning has comfortable leather chairs for passengers who wish to enjoy the buffet watch TV, read the newspapers or just chat. Formal dining areas are also available, while the lounge has a separate smoking area.

Silver and Gold Skywards (Emirates’ loyalty club) members can enjoy the Business Class Lounge, while Platinum members can use the First Class Lounge.

It is doubtful that any passenger would pass over the enticing spread at the buffet. The Business Class Lounge on Concourse B has four identical buffets so passengers do not have to crowd over one area or stand in queue. Cuisine ranges from light to heavy meals with a choice of Continental, Arabic, American and more, with menus changing every month.

Indeed the choice of croissants, éclairs, cookies and fruit to begin with, would be hard to decline. Cuisine is accompanied by an exclusive range of beverages including an extensive selection of teas, champagnes and wines and other liquor, all on the house. If coffee is the preference, complimentary barista coffee is available at the Costa bar; if juice is preferred, there is a juice bar. For those who want something more spirited, there is an impressive champagne bar.

The health hub can vie with the very best a lounge has to offer: breakfast comes complete with a choice of sashimi, cold meats, dried fruit, a variety of wholesome breads, yoghurt, cereal, fresh fruit and the ultimate - delectable smoothies.

Passengers can pick one of the top international dailies like the New York Times, Financial Times and Daily Mail or international magazines while eating or just watch TV on life size screens which are plentiful around the lounge.

Passengers who would rather catch up on much needed rest can stretch out on comfortable flat beds in the one of three ‘quiet zones’ in the lounge.

If there is work to catch up with, there is a fully-equipped business centre with individual touch screen workstations, printers, recharging facility for laptops and mobile phones and free wifi as a well a meeting room equipped with a projector.

The lounge has mobile phone charging stations and large flight information displays, a Skywards counter and mosque for worship. Emirates Airport Services staff manage the lounge at all times.

Shoe shine is available for a fee as is the elegant Timeless Spa. Passengers who wish to freshen up before take off can use the designer shower rooms in three different areas.

The play area for children is as attractive as any at an amusement park. With brightly coloured fall proof jigsaw puzzle floor and fun rides and games, parents can be sure children will have plenty to occupy themselves with.

Passengers can indulge in some duty free shopping at the Le Clos luxury wine and Carolina Herrera perfume stores before leaving. Five gates are accessible from the same level as the lounge.

The First Class Lounge has even more comfortable seating and superior cuisine with a la carte dining, an excellent selection of cheeses and wines, a sushi station and mocktails and cocktails customised for passengers. Quiet rooms are enclosed for privacy. There is a mother and child care room and a hostess desk for VIPs. Shoe shine is complimentary as is the first 15 minutes of spa treatment.

The First Class Lounge on Concourse B has a wine cellar providing passengers an opportunity to view, taste and purchase a range of exquisite wines. First and Business Class passengers using Concourse B have a dedicated premium cigar lounge.

Emirates offers all this and more in its lounges, in a bid to make its homebase Dubai a truly global hub.

(MM)

Qatar Airways continues to demonstrate strong global growth with the announcement of new flights to Sri Lanka and Bangladesh.

The ‘Airline of the Year’ has responded to continued robust demand from passengers by increasing its Colombo service from four to five flights per day from September 1, just one month after the last frequency increase.

Its Dhaka service will increase from two to three flights per day, also effective from September 1.

The additional non-stop, daily services to and from Colombo and Dhaka will each be serviced by Qatar Airways modern A320s, adding more than 1,000 seats to the current weekly capacity to and from both exciting destinations.

Qatar Airways Group Chief Executive, Akbar Al Baker said: “We are again delighted to be able to cater to business and leisure growth in both of these vibrant gateway cities. When passengers travel with us on our non-stop service to Doha and onward to destinations in Europe, Americas and the Middle East, these additional frequencies will provide even greater flexibility, award-winning service and convenience that they can only experience with Qatar Airways.

“The increased capacity on the Dhaka and Colombo routes represents a major commitment by Qatar Airways to enhance our offering to Sri Lanka and Bangladesh. We have demonstrated our long-term commitment to both countries that has been rewarded with the loyalty of many thousands of passengers per month who choose to fly with us. We look forward to welcoming even more passengers on our flights.”

The Qatar Airways Airbus A320 features 12 Business Class seats and 132 seats in Economy Class. Besides a spacious environment throughout the entire aircraft, passengers across both cabins can enjoy complimentary inflight meals. Those with special dietary requirements need only contact Qatar Airways before their flight to make their selection from our wide range of special meal types, available upon request.

Business Class passengers can relax in their comfortable reclining beds and enjoy the on-demand à la carte menu service and luxurious Bric’s amenity kits. These, coupled with Qatar Airways cabin crew’s renowned Arabian hospitality, will ensure passengers arrive at their destination feeling refreshed and energised.

Leisure and business travellers can also take advantage of the exceptional value available to them through Qatar Airways Holidays, where there are value-priced hotels, destination-specific tours and holiday packages available to suit every taste, in both these beautiful countries.

Qatar Airways has received a number of accolades this year, including Airline of the Year by the prestigious 2017 Skytrax World Airline Awards, held at the Paris Air Show. This is the fourth time that Qatar Airways has been given this global recognition.

For the first time SriLankan Airlines is giving away one thousand free return air tickets to 14 exciting destinations. This is in view of the airline celebrating its 38th anniversary.

The fabulous ‘Partner Flies Free’ promotion, in partnership with Visa, the global leader in payments technology offers exciting value to customers with added benefits for Standard Chartered Bank Visa cardholders.

Captain Suren Ratwatte, CEO of SriLankan Airlines, said: “SriLankan Airlines is delighted to present our customers with the largest ever promotional offer in our airline’s history, so that they may join with us in celebrating our anniversary. We are delighted to partner with Visa, the global leader in payments technology, and a well reputed international bank - Standard Chartered Bank with added value propositions for the customers.”

“It’s a privilege to join hands with the National Carrier of Sri Lanka during their 38th anniversary celebrations. The promotional offer is a fantastic way for cardholders to truly experience the benefits of using their Visa card not just to redeem your free ticket but also put it to good use at their destination of choice,” said Anthony Watson, Visa’s Country Manager in Sri Lanka. Melbourne, Bangkok, Kuala Lumpur, Singapore, Jakarta, Male, Gan Island (Maldives), Seychelles, Kunming, Hong Kong, Guangzhou (Canton), Visakhapatnam, Hyderabad and Coimbatore are the cities included in this offer, for passengers booking tickets to fly out of Colombo.

Each destination is given a set quota of seats and passengers can claim their tickets on a first-come-first-served basis.

Bookings must be made by September 6, 2017 on SriLankan Airlines’ dedicated webpage on www.srilankan.com with any Visa credit or debit card issued in Sri Lanka, for travel between August 28, 2017 and March 31, 2018.

Siva Ramachandran, Chief Commercial Officer of SriLankan Airlines, said: “Although our airline’s official anniversary falls on September 1, we wanted an innovative method for our passengers to celebrate for many more months. Therefore we are extending the period of travel up to March 31, 2018. We have included popular destinations in several regions, including India and the Far East.” Passengers who book with their Standard Chartered SriLankan Airlines cobranded Visa cards and Infinite Visa cards are eligible for the exclusive offer ‘Child Flies Free’, and can thus avail themselves the offer ‘Partner + Kid Flies Free’. Standard Chartered Bank also features a SriLankan Airlines co-branded card which avails FlySmiLes for every purchase made from the card.

SriLankan currently serves a network of 105 cities in 47 countries with a sophisticated new fleet of Airbus A330s, A320neos and A321neos.

Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories. (SS)

Colombo equities demonstrated negative investor sentiment yesterday. The Benchmark Index, ASPI closed the day at 6,398.79 points, losing 13.58 points. This was mainly due to price losses in counters such as HHL.N (LKR128.10,-3.68%), TAP.N (LKR5.10,-12.07%), RICH.N (LKR11.50,-2.54%), EXPO.N (LKR6.10,-4.69%) & JKH.N (LKR161.70,-0.25%). The Blue Chip Index S&P SL20 decreased by 8.07 points or -0.2% to close at 3,686.10.

Foreigners took the position of net sellers for the day, recording a net foreign outflow of LKR 495mn for the day.

SPEN.N recorded the highest turnover for the day of LKR 499.2mn, followed by JKH.N (LKR368.4mn) and NEST.N (LKR 222.8mn).

The day saw turnover increase by 657.4% to LKR 1593mn compared to the last trading day.

Diversified Holdings Sector managed to record the highest turnover of LKR922.6mn for the day, followed Bank Finance and Insurance Sector and Beverage Food and Tobacco Sector with daily turnovers of LKR 365.2mn and LKR 225.6mn respectively.

Year to date ASPI Performance stood at +2.7%, while Year to date Blue Chip Index increased by 5.4%.

Out of the 226 counters traded today, 83 companies declined while 44 companies closed higher.

Sri Lanka’s Seylan Bank plans to raise as much as 10 billion rupees from an issue of debentures.

Hayleys Advantis Limited, a subsidiary of Hayleys PLC, has acquired 94.81 percent equity stake of Sri Lanka Shipping Company Limited for a purchase price of 4.9 billion rupees.

Sri Lanka’s tax free listed bonds issued in the past are likely to be treated the same way until they are redeemed, according to a government minister.Crude prices dipped on Tuesday as the market grappled with the shutdown of some 13 percent of refining capacity in the United States after a hurricane ripped through the heart of the country’s oil industry.

(SC Securities) 

Apeksha IVF and Research Centre, Ratmalana was recently recognized with a National Level service sector Merit Award at the CNCI Achiever Awards 2017 for Industrial Excellence.

President Maithripala Sirisena was the chief guest and gave away the awards at the mega ceremony which was organized by the Ceylon National Chamber of Industries (CNCI) for the 16th time at the Galadari Hotel in Colombo.

The core concept of Apeksha IVF is to provide high quality fertility treatments to all couples in ethical manner at an affordable price.

Apeksha signed MoU with Kasturba Medical College, University of Manipal for knowledge sharing. Apeksha IVF trains gynaecologists and scientists to provide a better service for such couples.

Apeksha IVF has created a strong brand in terms of latest technology use, success rates and patient satisfaction.

The Apeksha group consists of Apeksha Fertility Centre (Pvt.) Ltd, Apeksha IVF & Research Centre (Pvt.) Ltd., Ratmalana where their state-of-the-art IVF theatre is located and Apeksha Women’s Health Foundation (Pvt.) Ltd.the CSR arm of the group.