business Sri Lanka

The Nations Trust Bank(NTB) announced that it will issue listed rated unsecured subordinated redeemable debentures worth Rs. 3.5 billion to meet BASEL III requirements.

The bank said in a stock exchange filing that the Director Board on Wednesday has resolved to issue 35,000,000 debentures at Rs100 each, subject to necessary regulatory and other approvals.

Export earnings from tea increased significantly by 32.7 per cent (year-on-year) to US dollars 143 million due to the combined effect of higher tea prices and volumes.

The average export price of tea increased by 27.8 per cent to US dollars 5.36 per kg in July 2017 from US dollars 4.19 per kg in July 2016 and US dollars 4.86 per kg reported at end 2016. The volume of tea exports grew by 3.8 per cent to 26.7 million kgs in July 2017, recording the highest export volume of tea so far during

International Technology and Innovation Foundation (ITIF), estimates that Information Technology Agreement (ITA) accession would contribute to Sri Lanka’s GDP by 0.96 percent, larger than would otherwise be the case 10 years post-accession, with the ITA-attributable increase in GDP output reaching $1.4 billion.

In terms of tax impact, ITIF estimates that, in the tenth year post accession, Sri Lanka would recover 47 percent of tariff revenue forgone as a result of ITA accession, with $87 million in tariff income forgone offset by $27 million in newly generated income tax revenue and $14 million from

new goods and services (GSA) tax receipts.

But a difference of just over $40 million in tariff receipts is a small price to pay for the expanded economic and employment growth ITA accession would be poised to engender over that 10-year period.

ITIF estimates Sri Lanka’s imports of ITA-covered ICT products were just under $20 billion for 2014, with a realized average tariff rate of 4 percent.

This essentially mean Sri Lanka’s ICT/BPO sector pays 4 percent more than necessary for critical ICT inputs, and Sri Lanka’s ICT/BPO enterprises have to factor this cost into the prices they charge their clients.

This means they have to raise their prices as much as 4 percent, a considerable amount given the razor-thin margins in the fiercely competitive global ICT/BPO sector.

 Sri Lanka’s ICT/business-process outsourcing sector represents one of the country’s most important and fastest-growing economic sectors.

The sector has grown by more than 120 percent over the past five years, reaching $900 million in exports in 2016 while supporting over 85,000 jobs,and accounting for 3.4 percent of the country’s current account receipts.

The sector reports impressive economic margins and estimates 95 percent value addition. By 2022, SLASSCOM, the Sri Lanka Association of Software and Services, estimates the country’s ICT/business-process outsourcing sector will grow to $5 billion in revenues, support 200,000 direct jobs, and seed over 1,000 start-up enterprises.

Sri Lanka’s ICT/BPO sector has been internationally recognized, named by the United Kingdom’s National Outsourcing Association as the “Offshoring Destination of the Year” in 2014 and ranking 16th according to the AT Kearney Global Services Location Index.

As Sri Lanka has an extremely limited ICT production sector, its ICT services/BPO sector needs to import low-cost, best-of-breed ICT equipment such as computers, servers, and mobile devices to maintain a globally competitive sector.

Chairman and acting CEO of the Public Private Partnership Unit of the Finance Ministry of Sri Lanka Thilan Wijesinghe, ran shy of the Press and wanted the media personnel to depart when he was to address the Sri Lanka Italy Business Council breakfast meeting at Hilton Residencies, last morning. The Ceylon Chamber of Commerce had invited a section of media to cover the event held under the theme ‘The Role of the National Agency for Public Private Partnership.”

Wijesinghe, a former Board of Investment Chairman, for reasons best known to him, wanted his speech not to be reported in the local press. Wijesinghe after his new appointment on earlier occasions has not been ‘Press shy’ and has spoken at several forums.

The public are keen to hear the views of the Public Private Partnership Unit of the Finance Ministry of Sri Lanka and it is disconcerting that the concerned bureaucrats are media shy and want to make their speeches behind closed doors.

Sri Lanka Tourism revenue would exceed the USD 3.5 billion mark in 2017, said Chairman, Sri Lanka Tourism Promotions Bureau, Kavan Ratnayake.

Speaking at the World Tourism Day celebrations held at the Arcade Colombo he said that it is also estimated that around 300,000 Sri Lankans have jobs associated with the industry. “It is estimated that this year more than 2.5 million people will travel to Sri Lanka to follow their dream of visiting an interesting and exciting destination,” he said. The target by both Prime Minister Ranil Wickremesinghe and Tourism Minister John Amaratunga is to double tourism revenue and employment by 2020.

“But, they want us to achieve this target not at any cost, but with responsibility. They want sustainable employment with higher skills and better salaries for our people. They want us to bring back our people who work in other countries by paying them competitive salaries. We believe that with disciplined execution of this plan that we can achieve the target of five million visitors and USD 7 billion revenue by 2020, and ensure a total of 600,000 jobs in the industry, an addition of 300,000. To execute this plan we need support and commitment from many people and institutions. It’s a really large project and one that cuts across so many areas of responsibility. At least 20 different government agencies will have to work collaboratively to deliver the plan.”

The theme for World Tourism Day this year is Sustainable Tourism – A Tool for Development. “This is fitting for Sri Lanka as we embark on a journey to transform our tourism sector towards a sustainable and inclusive future,” he added.

Addressing the 27th AGM of the Sri Lanka Tea Factory Owners Association (SLTFOA), Minister of Plantation Industries, Navin Dissanayake announced that the ministry is expecting to launch the loan scheme worth of $100 million received from Japan including Japanese government in December or early January next year.

He said that the loan scheme is aimed at modernizing the country’ tea factories. The tea factory owners will be able to access the loan scheme through the People’s Bank at a low interest rate of 4-5 per cent.

The SLTFOA AGM was also graced by Minister of Finance and Media, Mangala Samaraweera, Ministry of Home Affairs, Vajira Abeywardena, Minister of Lands and Parliament Affairs, Gayantha Karunathilaka and Chairman of Sri Lanka Tea Board, Rohan Pethiyagoda. The Minister revealed that the Ceylon Tea global promotional campaign which was delayed for over seven years would finally commence in January next year. He said “We have selected an advertising manager at last and will put it for Cabinet approval.” The Ceylon Tea Promotion Fund currently has an excess of USD 40 million which was funded through the Tea Promotion and Marketing levy of Rs 3.50 for every kilo imposed on tea exporters.

Dissanayake asserted the tea industry was over-regulated, obstructing the growth of the industry. Making a comparison with the regulation of the tea industry and the apparel sector, he pointed out that less regulation had helped the apparel sector to become the top export commodity within a short period of time. Therefore, he urged all stakeholders in the tea industry to agree with a way to de-regulate the tea industry.

The minister urged the tea industry to reduce its dependency on state subsidies by setting buffers to self sustain during crisis periods when global tea prices fall sharply. He revealed that the Government had provided Rs 8 billion as subsidies to the sector, to minimize losses occurred during last tea price fall. Commenting on the number of tea factories, Dissanayake said “there are over 700 tea factories in the country including RPCs which is way too much and it’s should not be a measure of success. Since I became the Minister of Plantation Development, I have stopped issuing new licences to factories. There were too many licences being issued during the past 15 years.” He said that strengthening and consolidation of tea factories while expanding profitability was the urgent need for the country. The minister assured the present and the prime minister is on the line to support the country’s tea industry.

Sri Lanka’s external sector continued to improve with increased exports and inflows to the financial account.

However, the trade deficit widened in July 2017 compared to the corresponding month of 2016 due to higher import expenditure amid the increase in export earnings. Tourist earnings declined marginally in July while workers’ remittances increased, reversing its declining trend observed in the last four months.

Inflows to the financial account continued to strengthen with net inflows to the government securities market, long term loans to the government, receipt of the third tranche of the Extended Fund Facility (EFF) of the International Monetary Fund (IMF), as well as continued portfolio investment inflows to the Colombo Stock Exchange (CSE).

Continuing the upward trend observed since March 2017, earnings from exports increased in July 2017 surpassing the US $ 1 billion mark for the second time during the year. Accordingly, earnings from exports at US dollars 1,016 million in July 2017 registered a year-on-year growth of 13.9%.

Earnings from industrial exports grew by 11.6% (year-on-year) to US $ 757 million in July 2017, led by increased exports of textiles and garments. Indicating a reversal of negative growth experienced in the previous two months, export earnings from textiles and garments increased by 9.6% (year-on-year) to US $ 467 million compared to July 2016, registering the highest monthly value recorded so far during the year. Garment exports to the EU market increased by 10.6 per cent (year-on-year) to US dollars 188 million in July 2017 signaling the positive impact of the restoration of the GSP+ facility in May 2017. During the month, garment exports to the USA and non-traditional markets also grew by 7.9% and 6.5% (year-on-year), respectively. Meanwhile, export earnings from food, beverages and tobacco increased significantly by 46.8 %( year-on-year) to US $ 34 million.

Earnings from agricultural exports increased substantially by 21.8% (year-on-year) to US$ 253 million in July 2017 mainly due to notable performance recorded in tea exports.

In addition, earnings from seafood exports increased considerably by 42.5 per cent (year-on-year) to US dollars 20 million in July. Meanwhile, export earnings from spices increased by 14.0 per cent (year-on-year) during the month, reflecting higher volumes in almost all sub categories.

On a cumulative basis, earnings from exports grew by 6.5 per cent (year-on-year) to US dollars 6,413 million during the first seven months of 2017 due to increased earnings received from exports of tea, transport equipment, petroleum products, spices and seafood.

During the first seven month of 2017, the USA, the UK, India, Germany and Italy were the leading markets for merchandise exports of Sri Lanka accounting for about 50 per cent of total exports.

 Ideal Motors partnered with the Consumer Cooperative Societies Federation of Sri Lanka Ltd (COOPFED), in a landmark venture whereby the entire range of Mahindra commercial and passenger vehicles, as well as all products marketed by the Ideal Group of companies will be available at attractive discounted prices to the combined membership of all 300 facilities of the COOPFED members of all nine provinces, numbering eight million.

This historic agreement was signed at a ceremony held at the Ideal Motors Head Office by Chairman Ideal Group, Nalin Welgama and senior officials of the COOPFED. With this we are expected to offer special financial support to COOPFED. “This landmark agreement which is for a period of three years is available to the entirety of the COOPFED membership and it can only be a win-win situation for both organizations”, said Welgama. “ The Ideal Group leads in both sales and aftermarket infrastructure throughout Sri Lanka. Our association with COOPFED will surely complement this, allowing us to serve their members in all provinces”, said Aravinda de Silvia, Deputy Chairman of ideal Group.

The Sri Lanka Consumer Cooperative Societies Federation Ltd was registered on September 15, 1989, as the apex federation of the Consumer Cooperative Movement in Sri Lanka and commenced its business operations on March 7, 1990.

The need for an organization at the center to assist the Consumer Cooperative Societies was felt, hence the establishment of the Cooperative Federation with the contribution of the state. Its main purpose being to supply the consumer requirements of the member multi purpose cooperative societies throughout Sri Lanka. The COOPFED has gone a step further byopening up self-service shops in urban and rural areas as well as welfare shops in government offices and schools to further facilitate the purchase of goods at controlled prices.

Since November 2009, Ideal Motors have been the sole authorized distributor for Mahindra motor vehicles and motor cycles manufactured by Mahindra & Mahindra Company Ltd India.

To date Ideal Motors have sold over 60,000 vehicles in the country and today, Mahindra has emerged as the market leader in the above one tonne category with over 50% market share, whilst maintaining a 45% market share in the below one tonne category. The group turnover of the Ideal Group is currently more than US$ 150 million per annum.

Entering an important new phase in the company’s history, INSEE Cement laid the foundation stone and commenced building a US$ 14 million vertical cement grinding plant in Galle recently.

The foundation stone was placed by Nishantha Muthuhettige, Deputy Minister of Port and Shipping, Sujeewa Wimalasiri, Resident Manager of Galle together with the officials from INSEE Cement.

Nandana Ekanayake, CEO of INSEE Cement said, “The new plant will be the first vertical cement grinding plant in the Southern Province and also for the company. It is the Company’s first big investment since the acquisition in Sri Lanka by Siam City Cement Public Company. This is another milestone in our ambitious mission to build and contribute to the nation’s future prosperity.”

The plant will be completed by 2018 and will have an annual capacity of 450,000 tonnes of cement. The Company will further invest US$ 3 million in initiatives to safeguard the surrounding environment with assistance from the Sri Lanka Ports Authority.

BOI, Sri Lanka Customs, Sri Lanka Police, Sri Lanka Navy, Environment Authority and the local authorities will also play an important role providing close collaboration and guidance to this important endeavour that will result in increased production volumes, contributing to the national economy.

A 20-member cross-functional team at INSEE Cement, combining business operations such as manufacturing, quality, marketing, logistics and procurement, sustainable development, HR, finance and external affairs joined together to kick-start the project, scheduled to commence operations on 1st June next year. Technical Consultants for the project are CemCon AG, a Swiss company which will provide support in machine selection, on-site factory acceptance testing as well as pre-installation and post commissioning testing.

The new plant will open up employment opportunities for over 100 persons during the construction phase while over 50 persons in the vicinity will gain full time or contract employment once the plant is completed.

Colombo City Centre (CCC), an upcoming mixed-use venture developed by the Abans Group in collaboration with SilverNeedle Hospitality, attained the illustrious award for 'Most Promising Mixed Use Development' at the 8th annual CMO Asia Awards 2017 which was recently held at the Le Meridien, Sentosa, Singapore.

“It has been our endeavour to contribute to making Colombo a world city. We are honoured and humbled at such recognition being received early in the project stages itself. We do hope to ensure that we build this best in class mixed use asset and help Colombo be the megapolis that the denizens of this city long deserve” said Anand Sundaram, Chief Executive Officer, Colombo City Centre, regarding this milestone achievement.

Colombo City Centre won the award over some of Asia’s leading mixed-use and commercial developments, which acted as a powerful testament to the ground-breaking retail and real-estate offerings that Colombo City Centre will provide to Sri Lankan citizens.

The CMO Asia Awards was a premier event organized by CMO Asia, the foremost authority in branding and marketing excellence awards. This ceremony aimed to recognize the outstanding contributions made by the most renowned brands and industry professionals in their respective fields throughout the Asian region. Overlooking the breathtaking emerald-green Beira Lake, Colombo City Centre is an ultra modern mixed-use development that uplifts the standards for enriching, high-end lifestyles within Colombo.

Divided into three phases, the project will include exclusive residences that will redefine luxury living in Sri Lanka; a colossal five-floor retail lifestyle mall that will host premium retail brands, a multi-cuisine food court, a spectacular six-screen Cineplex and more; and Next Hotel, the flagship brand of SilverNeedle Hospitality that will feature a futuristic approach towards accommodating the needs of professional business travelers.

Situated in an upmarket location that has already appreciated over 40% since 2016, Colombo City Centre will showcase stunning panoramic views of the Beira Lake, Indian Ocean coastline and rapidly evolving Colombo city skyline. Residents will also obtain a freehold title to their apartments.

As of 2017, the project is currently on track for completion with the target being Q1 2018 for the opening of the Colombo City Centre Mall. The handover of the apartments will commence from October 2018 onwards whilst Next Hotel is expected to open in October 2018.

In addition, Colombo City Centre has lately signed up with premium brands including Food Studio, Scope Cinema, Colombo Jewellery Stores, and many others to be showcased in the Mall, further reinforcing the commitment towards introducing retail and entertainment that is consistent with global standards in Sri Lanka.

For more information, email sales@colombocitycentre.lk.

Aitken Spence Travels partnered with the staff of Turyaa Kalutara and the local community in an environmental and professional empowerment programme, recently.

Aitken Spence Travels conducted an educational workshop for local community members whose livelihoods depended on tourism. The workshop covered topics such as how to interact with tourists, how to be a professional service provider and how to conserve the environment that contributes to their profession and the industry.

The key facilitator for the programme was Palitha Pushpa Kumara – Assistant Director for Tourism Development and Community Relations of the Sri Lanka Tourism Development Authority.

As a part of the engagement, Aitken Spence Travels and Turyaa Kalutara resort staff joined the local community in a beach cleaning exercise on the Kalutara beach recently which coincided with the International Ozone Conservation Day on September 16.

Sri Lanka’s largest travel company, Aitken Spence Travels is a joint venture between leading conglomerate Aitken Spence PLC and TUI, the world’s number one integrated tourism company. It served an unprecedented 153,000 visitors to Sri Lanka, during its last financial year.

Commenting on this program Chief Operating Officer Aitken Spence Travels Tikiri Ellapola said, “We believe this program will be the beginning of a positive relationship in engaging the community in a different way going beyond our core business objectives of being a destination management company. As Sri Lanka’s number 1 DMC we will be the bridge between the hotel and the area community to develop sustainable programs that are marketable with overseas agents. This way the community will be engaged in an organised manner to achieve a common objective. We are thankful to the SLTDA’s Assistant Director of Community Relations for sharing his expertise and time with us.”

With a legacy of expanding Sri Lanka’s tourism presence beyond traditional markets and producing some the most respected professionals in the industry, Aitken Spence Travels is the only travel company in Sri Lanka to win the Presidential Award for the best destination management company and professional conference organizer for three consecutive years and to enter the Hall of Fame.

Winner of many PATA gold awards including the Most Innovative Excursion award in 2014, Aitken Spence Travels was the first DMC to obtain ISO 9001:2008. The company’s operations conform to ISO 14001:2015 environmental standards while being certified carbon neutral.

The Colombo International Shopping Festival (CISF), organized by the Sri Lanka Retailers’ Association (SLRA), in collaboration with the Ministry of Tourism Development and Christian Religious Affairs and Sri Lanka Tourism Promotion Bureau, will take place during the month of October.

CISF will promote Sri Lanka as a ‘Shopping Hub’, attracting new segments of tourists and buyers for Sri Lanka’s products. It will provide world-class and internationally renowned original brands at competitive prices. The event will be held under theme ‘One Island; One Big Mall’.

Sri Lanka Tourism Promotion Bureau Chairman Udaya Nanayakkara speaking at a press briefing yesterday held to announce the event, said that the concept of the International Shopping Festival in Sri Lanka was initiated at a request made by Sri Lanka Retailers’ Association and the execution of the project was estimated at Rs.50 million.

“The Government of Sri Lanka allocated funding in the National Budget 2017 to organize the Shopping Festival, based on representations made by SLRA. In making Sri Lanka a retail hub this would be one stepping-stone," he said.

This year’s event committee has decided to come up with an international promotional campaign to promote this event which will cover South Asia, at a cost Rs 45 million.

The Ministry of Tourism Development and Christian Religious Affairs initiated the procument process with the assistance of Sri Lanka Tourism Promotion Bureau in this regard.

The campaign consists of television and digital advertising campaigns to promote Sri Lanka as a ‘Shopping Hub’ in South Asia.

Both digital and television campaigns at home and abroad will be executed in India, Pakistan, Bangladesh and the Maldives.

Sri Lanka Promotional Bureau will join hands with the Sri Lanka’s Retailers’ Association in promoting this as an annual event similar to those in Dubai and Singapore from next year.

Sri Lanka’s Retailers’ Association Chairman Hussain Sadique speaking at the event, noted that Sri Lanka needs to take proactive measures to attract tourists by giving them a pleasant holiday experience. Confident of a forward tourism march, the Association will take the lead in promoting and attracting tourists, especially the growing young middle-class segment, in order to take the industry to the next level.

He also urged that Sri Lanka needs to focus on promoting category markets and expressed hope that the Sri Lanka would be able to create value and give foreign travelers a global experience over the next three years.

“The retail industry, one of the main pillars of local economy, will witness a higher growth due to the burgeoning tourism sector", Sadique said, adding that Colombo city will have about 1.5 million sq.ft. area of shopping space if the retail industry records more than 20% annual growth.

Fitch Ratings has maintained the Rating Watch Negative (RWN) on Sri Lanka-based alcoholic beverage manufacturer Distilleries Company of Sri Lanka PLC’s (DIST) National Long-Term Rating of ‘AAA(lka)’, as the company takes steps to complete its restructuring exercise and resolve its capital structure, which will require regulatory approval.

Fitch placed DIST on RWN in September 2016 to reflect potentially higher financial risks following a group restructuring exercise.

The Asian Development Bank’s (ADB) Board of Directors has approved a US$50 million loan to help fund rooftop solar power generation systems in Sri Lanka to increase the share of renewable energy sources in the country’s energy mix.

ADB will also administer a US$1 million technical assistance from the Asian Clean Energy Fund under the Clean Energy Financing Partnership Facility to help build capacity, increase awareness of stakeholders, and support the project’s implementation in Sri Lanka.

“Sri Lanka’s energy sector has made tremendous progress over the last two and a half decades in bringing electricity to almost everyone in the country,” said Mukhtor Khamudkhanov, an ADB Principal Energy Specialist. “But there is a need to diversify the country’s energy mix toward more renewable and sustainable sources.”

Sri Lanka’s electrification rate stood at 99.3% in 2016 compared to just 29% in 1990, showing steady progress in improving access to electricity. However, the country remains highly dependent on fossil fuels.

In 2016, thermal power contributed 67.2% of the total power generation compared to hydropower’s 24.6% and 8.2% of nonconventional renewable sources. This dependence on carbon-emitting energy sources makes Sri Lanka vulnerable to fluctuating fuel prices, while hampering the government’s efforts to reduce greenhouse gas emissions by 20% as part of its commitment to the Paris agreement.

ADB’s Rooftop Solar Power Generation Project will boost access to clean and reliable power in Sri Lanka. Specifically, the project will finance rooftop solar power subprojects equivalent to additional capacity of 50 megawatts while building capacity and awareness of relevant authorities, private sector partners, and customers. It will also develop a market infrastructure and bankable pipeline of subprojects for the solar power systems through greater cooperation with private financial institutions and the establishment of technical guidelines and standards for the system.

Total cost of the project is US$59.8 million, to which the private sector will provide a US$9.8 million equity contribution. The project’s expected completion date is the end of 2021.

Indonesia is in discussions with the Sri Lankan government to ink a Preferential Trade Agreement (PTA) to promote trade and investment opportunities between the two countries, Indonesian Ambassador to Sri Lanka, Gusti Ngurah Ardiyasa said.

To this end, a feasibility study is currently being undertaken.

The Ambassador made these views when speaking at a seminar on ‘Bilateral Trade between Sri Lanka and Indonesia’, organized by the National Chamber of Commerce on Tuesday.

“There is vast economic and trade potential that can be explored between the two nations,” the Indonesian Ambassador said.

The United States Agency for International Development (USAID) on September 25, awarded approximately Rs 97 million ($625,000) to three local organizations to recycle municipal waste in the western coastal belt and Galle district.

The three organizations, Janathakshan, Sevanatha, and the Sri Lanka Centre for Development Facilitation, will help communities partner with local government to prevent improperly disposed of plastic and polythene waste from entering marine environments.

They will also raise awareness and train communities on proper solid waste management. The grants will support partnerships between local government, civil society, and the private sector to create public awareness on proper segregation and reuse of plastics and polythene.

“Over the past decades, municipal waste has evolved from a focus on disposal methods to a greater focus on prevention and recycling. USAID’s support will help Sri Lankans expand their efforts and move municipal waste management up the “waste hierarchy” that includes waste prevention, reuse, recycle, recovery, and disposal,” said USAID Mission Director for Sri Lanka and Maldives Andrew Sisson.

USAID funding will be used to help conduct a thorough analysis on what causes the excessive usage of polythene and plastics by businesses such as supermarket chains, restaurants, and hotels.

The project will also evaluate existing efforts on sustainable waste management. Experts will develop a plan for using alternative materials based on the analysis. Additionally, the grants will be used to create livelihood and income generating opportunities such as composting and the sale of recyclable and reusable plastics.

Sri Lanka’s pioneering tissue culture technology company, Serendib Horticulture Technologies, which completed consultancies in Qatar and Rwanda during the past few years, has now been consulted by companies and foreign governments to introduce new systems and improve existing systems to ensure food security in Pakistan, Iran and Rwanda.

Serendib Horticulture Chairman Dilip de Silva explaining further said that the Sindh government of Pakistan is encouraging the private sector of Pakistan to get into agriculture by implementing public-private partnerships with government institutes.

Production of planting material through tissue culture technology is one such project. Serendib Horticulture will be partnering this project as experts in plant tissue culture to establish a commercial tissue culture lab, engage in capacity building and developing protocols for local fruit crops.

This project is at its pre-operational phase where the designing of the project is done by Serendib Horticulture. Chairman de Silva further stated that employees of Serendib Horticulture will be seconded for the project for training purposes.

Iran, which is highly advanced in tissue culture technology, has consulted Serendib Horticulture to commercialize tissue culture. This is a great honour to the company and to Sri Lanka.

The company has undertaken a contract to transform an existing tissue culture lab into a commercial entity.

Dilip de Silva who has visited Iran on this project will be leading a team of company experts during October to transfer technology and to implement commercial systems, mainly in the area of ornamental plants.

The company has now been hired by another company in Rwanda to establish a biotechnology center with funds from the government and donor agencies. The project will include a commercial tissue culture laboratory and a virus indexing unit. Rwanda which has an abundance of resources for agriculture will be focusing on banana, pineapple, passion fruit and strawberry. The company has already been given a contract to produce over 200,000 plants of Banana and over 4,000,000 plants of pineapple. This is a huge project to produce such a large number of planting material, said Dilip de Silva.

The company has been invited to present the project and the business plan in October, to the Minsters of Agriculture, donor agencies and banks who are supporting the project in Rwanda.

“We will be using our experience in the field and will give opportunities to our staff to work and train Rwandan staff to establish a tissue culture facility. In this business you cannot compromise on quality and productivity with low cost options, especially in commercial plant tissue culture. Sri Lanka needs to harness the experience and the expertise available locally to develop agriculture, if not we will always remain a third world country.”

The company is now working on expanding its facilities to meet the demand internationally and Serendib Horticulture is hoping to produce over 1.5 million pineapple plants for local farmers in the coming year. (IH)

The minimum room rate introduced for Colombo City hotels by Sri Lanka is a regulation that is highly unwarranted, said General Manager of Hilton Colombo, Mahesh Fernando.

Speaking to Daily News Business at the hotel’s 30th anniversary celebrations, he said that they don’t want any authority dictating terms to them.

“Why do you need ‘somebody’ to tell us what to do with our room raters? Let the market sources (demand and supply) decide that,” he said.

Fernando, with hotel experience for nearly two decades and having worked all over the world for top brands, said that in most other countries this is not the case.

“This is the reason why successful tourism destinations like Thailand, Bali or Singapore don’t have a minimum room rate criterion. Imagine what would happen if a country like the Maldives which sells resorts from US$ 180 to US$ 2,000 decides to implement a minimum room rate?” he asked.

“This is rubbish and is killing the industry and indirectly depriving revenue to Colombo City hotels as well.”

“I think its high time that ‘minimum room rate concept’ disappears,” the Hilton Colombo GM said.

Asked what would happen if a similar class of hotels undercuts the hotel’s room rates, he said, “Let that happen, we are not worried. Our business would still be there. Guests who value brands and our service would still come to us.”

Asked to comment on the competition, he said that Colombo Hilton has been in the city for three decades and they don’t see it as a threat.

On forward bookings, he said they are very positive. “We also see a lot of Sri Lankan expats and their families coming and staying with us, especially towards the end of the year.”

He also said that the hotel is now making profits despite an ongoing renovations and payback of some dues. When the renovations are completed by November, the hotel would have 50 suites in an inventory of 380 rooms,” GM Fernando said.

“With the growth of Sri Lanka tourism and seven new Hilton hotels to be added in Sri Lanka from next year, we are very optimistic of the future.”

Commenting on the discouraging of hoteliers to build tall structures on beachfronts, he said that too is a drawback to the industry.

“Yes, there are areas that should be left for people to enjoy the scenic beauty. But why not other areas?” he asked. He said for a major brand to come in they need to have more rooms and for this they have to build high rises.

“The cost to build two hotels with lower floors to have around 250 rooms is expensive as one has to find more land. Hence they should be allowed to build at least 15 floors. I think Marriott Weligama has done the right thing to build high.”

Samsung Electronics launched its flagship smartphone Galaxy Note8 in Sri Lanka, offering the next level Note for people who want to do bigger things. Samsung will also introduce Bixby Voice capabilities which is available on Galaxy Note8 and Galaxy S8 and S8+ devices.

With Galaxy Note8, consumers get a big, immersive Infinity Display that fits comfortably in one hand, S Pen to communicate in more personal ways, and Samsung’s best-ever true Dual Camera with dual Optical Image Stabilization (OIS) to capture stunning photos in all conditions.

The incredible Note series loved by thousands of consumers in Sri Lanka will also come with the revolutionary Samsung’s defense-grade security platform Samsung Knox, making it the most desirable smartphone available in the market. Galaxy Note8 is designed for the way consumers lead their lives and lean on technology today. Pictures by Chaminda Niroshana.

Following the declaration of September 1, as National Insurance Day and with Insurance Awareness Month well under way.

The President of the Insurance Association of Sri Lanka, Deepthi Lokuarachchi and the Chairman of the Marketing and Sales Forum, Hashra Weerawardena were keen to express their ideas and opinions on certain aspects of the industry that will play a crucial role in ensuring that one day every citizen of the country will enjoy the security of Insurance.

On the topic of the importance of need analysis, Lokuarachchi stated, “It is an imperative requirement as it ensures that the plan that is proposed to the prospective customer will match the needs and requirements of his/her life”.  

Lokuarachchi also explained the manner in which Insurance advisors can convince policyholders to keep their policies active - “Once the need is met, Insurance companies must continue to emphasize the value of maintaining a policy and paying premium so that in the case of an eventuality the desired purpose of the policy can be achieved. The payment of the premium will also enable the dependents to benefit from the life policy in case of an unfortunate event in the life of the assured. The continuation of the way of life even in this eventuality is the reason why a person would get a Life Insurance policy in the first place”.

“Premium payments and savings are synonymous in Insurance. 

The Life Insurance premium includes the premium charged for the risk element and savings the component of the life policy”, said Lokuarachchi when asked the difference between Life Insurance premium payment and savings.

The President of the IASL also went on to explain that the payment of premiums could be considered to some extent as a means of compulsory savings in a Life Insurance policy.

However, he added that there are charges associated in the provision of life cover, which do not necessarily form part of the direct savings.

When questioned about the low level of Insurance awareness in Sri Lanka when compared with that of banking services Lokuarachchi replied, “It’s not a question of awareness. But the reason for the low level of penetration is the reluctance of the people to part with their cash, as they don’t like to accept the fact that death and misfortune may come upon them at any unforeseeable time”.

The Chairman of the MSF, Hashra Weerawardena was asked to describe the efforts of the organization during September, the month dedicated to Insurance awareness in the country. “The activities for Insurance Month commenced at the launch of the first-ever National Insurance Day on September 1, at the Independence Arcade where a special stamp and first day cover were introduced in commemoration of the event.

Vignettes of the event. Pictures by Chinthaka Kumarasinghe.

In addition to that, sixteen locations across the island were selected for regional activations with the fullest support of the many Life and Non-life Insurance companies, who are sponsoring and organizing these events. Up to now we have completed regional activations in the following cities – Negombo, Kurunegala, Gampaha, Ratnapura, Kiribathgoda, Ampara, Batticaloa, Jaffna, Anuradhapura, Bandarawela, Embilipitiya, Kandy and Matara – we have also lined up programs in Galle and Maharagama during the next couple of days”, he explained.

“The regulatory body - the Insurance Board of Sri Lanka (IBSL) has provided the necessary guidance and support for these events by participating at several locations island wide, thus providing the momentum for the Life and Non-life Insurance advisors and sales staff members to meet and explain the true value of Insurance”, stated Mr. Weerawardena regarding the role of the IBSL in the campaign.

My Property Pvt Ltd, Sri Lanka's premier fully integrated property solutions provider, is launching two sensational condominium projects in Sri Lanka: the luxurious 333 Pinnacle in Negombo and the trendy and urban Elektra in Battaramulla.

Sales for both are also being facilitated via www.myproperty.lk, an online real estate portal targeting overseas investors and expats in Dubai, UK, USA, Australia, New Zealand and China.

Coming up in two vibrant suburbs of Greater Colombo, these unique properties offer the opportunity to indulge in an exciting yet unique, highly individualised lifestyle, which includes an array of remarkable amenities accessible to each and every residents.

Further, they are within close proximity to major shopping and tourist attractions, as well as mere minutes away from entertainment, restaurants, bars and nightlife perfect for young professionals and even those just young at heart.

With a prestigious 333 Beach Road, Negombo address,333 Pinnacle is an exclusive, high-end residential development featuring 202 classic beach apartments with panoramic views and direct beach access.

From a fully equipped gymnasium, swimming pool, changing rooms and jacuzzi to a rooftop garden and clubhouse, 333 Pinnacle offers a fully luxurious experience encompassing only the best in terms of amenities, fittings, etc.

Additionally, centralised ventilation systems keep all common and lounge areas cool and comfortable, with each unit also equipped with a fiber optics network for telephone, WiFi and TV.

Set within the lush greenery of a tropical landscape, just a stone's throw from the Indian Ocean, 333 Pinnacle offers the chance to own a piece of a beach paradise.

Situated at 30 Pipe Road, Koswatta, Battaramulla, Elektra comprises 153 apartments with a sense of modernism that capture the familiarity of 'home'.

Each apartment is outfitted with quartz worktops, international standard faucets, four-burner hobs, an oven, a microwave oven, dishwasher, a wine cabinet, a washing machine and even a cleaning robot.

Located on prime real estate and in an up-and-coming neighborhood that is quickly becoming a center for urban development in Battaramulla, Elektra provides a haven for expression, a place where one can truly be themselves, to create something of their own.

Both 333 Pinnacle and Elektra were designed by KWA Architects, which is a registered Chartered Architectural practice with a wide portfolio of projects for private clients and developers in Sri Lanka and the Middle East.

KWA’s special focus on tourism, leisure, commercial and retail and residential architecture, as well as master planning and urban design, made them the natural choice for these two multifaceted projects.

Chartered Architects Thilan Koththigoda and Thushari Wijesundara are KWA's principal architects, leading the design and management team, with the firm's partners having honed their craft through international working experience in the United Kingdom and the Middle East.

The developer and builder for Elektra is Floreat Homes Pvt Ltd, while the developer for 333 Pinnacle is Pinnacle Residencies Pvt Ltd and its builder is Floreat Homes Pvt Ltd.

Said Luxman Welikala, Chairman of Pinnacle Residencies Pvt Ltd: “333 Pinnacle is condominium project without equal in Sri Lanka. Offering stunning beach access and views, close to the vibrant nightlife and shopping of Negombo, this development is made even better with a rooftop garden and clubhouse and an overall party atmosphere that makes you feel like everyday is a weekend.”

Said Charitha Nugawela, Director of Floreat Homes Pvt Ltd: “Part of the fast growing Koswatte cityscape, Elektra offers a prime location at an unbelievable price. And adds in a number of exciting modern amenities, such as microwave ovens, washing machines, wine cabinets and even cleaning robots. A great place to live and work, Elektra is the ideal place to begin your journey to success.”

India has nearly as many smartphone users as the US has people, and it is about to get many millions more.

The South Asian nation is already one of the world's hottest mobile markets, with everyone from Samsung and Apple to China's Oppo, Vivo and Xiaomi fighting with Indian brands such as Micromax for a piece of the action. And it's just getting started. Experts say India's tally of 300 million smartphone users could grow by more than 50% in the next few years.

There are about 650 million mobile phone users in India, and just over 300 million of them have a smartphone, according to technology consultancy Counterpoint Research. That means India is already a bigger smartphone market than the U.S. and second only to China.

It also means there are about1 billion Indians who do not yet have a smartphone - a huge market opportunity.

"India is in a very sweet spot in terms of smartphone growth," said Shobhit Srivastava, an analyst at Counterpoint Research. "You have over 300 million people sitting on a 2G device that will eventually move forward to a smartphone... this is the potential that India holds."

Two out of three Indian mobile users - or roughly 433 million people - are planning to upgrade their phones in the next year, according to a recent Counterpoint survey. More than 66% of India's 1.3 billion people still don't have access to the internet. The hundreds of millions set to come online over the next decade will likely do so through mobile devices.

"Mobile has already become the the primary device from which users access the internet," said Srivastava.

Until recently, connecting via mobile had been prohibitively expensive for most Indians but that is beginning to change thanks to a collapse in the price of data.

India's wealthiest man, Mukesh Ambani, sparked a price war a year ago by offering new users six months free access to his Reliance Jio 4G network. The result: India now has some of the cheapest mobile data in the world. (BBC)

IronOne Technologies has announced that its Next Generation Online Trading Platform ATrad has been awarded ‘CodeSign verified trusted Windows OS(tm) Application’ certification, implying that ATrad desktop clients can accept push updates from its servers and update the application seamlessly without any user intervention.

IronOne Technologies is now one of a few companies in Sri Lanka to hold the CodeSign verified trusted Windows OS(tm) Application certification. ATrad is a sophisticated solution that facilitates stock trading for advisers and investors and has the added capability to act as back-end solution for brokers.

A ‘CodeSign verified’ certification effectively secures all types of Windows-based application code and software with digital signatures, offering secured interactions with the ATrad application suite.

Rajitha Kuruppumulle, IronOne Technologies’ CEO Asia Pacific, stated: “This certification further entrenches the trustworthiness and reliability of the ATrad application. It is a testimonial to IronOne's commitment to offer the broker community a complete trading, back office, accounting and margin trading solution. As endorsed by some of the leading trading firms in the country, ATrad has simplified the world of online trading and we will continue to add greater value to the application.”

ATrad is geared to effectively support and align with the Colombo Stock Exchange's requirements, including those introduced with the new CDS system, ensuring a seamless experience for clients. It offers support for multiple classes of assets, easily encompassing the CSE's two currently-offered asset classes - Debt and Equity.

In addition, the ‘Risk Manager’ function is capable of providing a comprehensive risk management solution to broker firms, allowing them to adapt smoothly to the delivery versus Payment (DvP) settlement system that the stock exchange will require.

With the drive to encourage foreign investment, both by the CSE and stockbroker firms, ATrad's ability to handle orders placed by third parties with ease, using their own systems and receiving backward status updates in real-time, is a valuable feature.

Clients have commended the complete functionality for mid and back office operations offered by the solution as well as its seamless integration with third party ERP solutions.

The application's interoperability ensures that it works well with leading front-office software so that firms can transition with minimal disruption to their day-to-day operations.

ATrad is the preferred trading solution offered to investors by many broker firms in Sri Lanka, with the most number of clients on an online trading platform. Some of the nation's leading broker firms feature on ATrad's list of clients.

The National Chamber of Commerce (NCC) in collaboration with CIDA (Construction Industry Development Authority) will hold a seminar on the Construction Industry today (28) from 3.00 p.m to 5.00 p.m at the National Chamber Auditorium.Following are the topics and resource persons: 'The National Policy on Construction Industry – Important Aspects and Over View' by M.R. Jeyachandran, Acting Chairman, CIDA; 'Construction Industry Overview, Construction Industry Development Act and Role of Construction Industry Development Authority (CIDA) by H.K. Balachandra, Architect, CIDA.

Eng. Nissanka Wijeratne, Secretary General/CEO of the Chamber of Construction Industry, will also participate.

The panel discussion will include the following resource persons: Eng. Dr Lionel Pinto, Chairman, Vocational Training Authority (VTA); Chulangani Perera, Director General, VTA; Shanthi Edirisinghe, Director (Training), VTA; and S. Senaweera, Director (Projects), VTA.

Sri Lanka today is witnessing a massive boom in the real estate and construction industry. The Western Region Megapolis project along with big government infrastructure projects and rising demand for high-rises will provide a huge boost to the overall construction sector in the next few years.

On the recommendation of the Minister of Finance and Mass Media Mangala Samaraweera, the Cabinet of Ministers has appointed the Batticaloa Government Agent P.S.M. Charles as the new Director General of Sri Lanka Customs Department with immediate effect.

Charles, a Special Grade Officer of the Sri Lanka Administrative Service, has 26 years of service in the public sector and has previously served as the Additional GA and the GA, Vavuniya.

She is a Graduate of the University of Jaffna and has also obtained two Masters Degrees from the Universities of Peradeniya and Rajarata in the fields of Disaster Management and Business Administration The present Director General, W.A. Choolananda Perera, is to be appointed as an Additional Secretary to the Ministry of Public Administration and Management.

First Capital (FC) Research’s pre-policy analysis for September 2017 highlights that GDP growth for 2Q of 2017 was better than expected as the economy grew by 4.0% YoY in the 2Q of 2017 with industrial and services activities recording higher growth rates of 5.2% YoY and 4.5% YoY respectively.

FC Research upgrades private sector credit growth for 2017 E to 16% from 14% amidst a possible pickup towards year end. In spite of a high private sector credit figure in June 2017 we believe overall credit is likely to continue to remain under check.

“We believe inflation will be upward towards October and beyond with the floods in May 2017 affecting the supply in the current growing season. As a result, there could be possible supply side shortages towards October and beyond but may continue to remain around the 6.0% mark throughout the year.”

Sri Lanka’s forex reserves rose to US$ 7.7 billion in August 2017 from US$ 6.7 biilion in July, helped by US$ 550 million syndicated loan and dollar purchases by the Central Bank of Sri Lanka (CBSL).

The CBSL had net purchased US$ 975 million from currency markets so far this year. FC Research believes Foreign Reserves are now at comfortable levels. During the last two months, the CBSL brought down its holding in Government Securities from Rs 138 billion to below Rs 60 billion as at Septemebr 21.

Economists said the CBSL will still pencil in three hikes for 2018, but with the first of those not projected until June, versus March in the CBSL’s previous set of forecasts. September 2017 survey shows the CBSL expects to raise policy rates in December 2017 and no further hikes are expected after December 2017 until after May 2018.

FC Research believes that considering the current economic conditions with better than expected GDP growth level and the considerable improvement in the economic health the current monetary policy is appropriate and no change is required. 

Indonesia is in discussions with the Sri Lankan government to ink an free trade agreement to promote trade and investment opportunities between the two countries, Indonesian Ambassador to Sri Lanka, Gusti Ngurah Ardiyasa said.

To this end, a feasibility study is currently being undertaken.

The Ambassador made these views when speaking at a seminar on ‘Bilateral Trade between Sri Lanka and Indonesia’, organized by the National Chamber of Commerce, yesterday.

“There is vast economic and trade potential that can be explored between the two nations,” the Indonesian Ambassador said.

According to the Ambassador, the current trade value between Sri Lanka and Indonesia is not up to the expected level. In 2016, Sri Lanka has exported US$ 42 million worth of goods to Indonesia, whilst Indonesia has exported US$ 388 worth of goods to Sri Lanka, making the trade balance in favour of Indonesia. Sri Lanka’s exports to Indonesia include tobacco products and substitutes, wheat flour, apparel and tea and Sri Lanka’s imports from Indonesia are unmanufactured tobacco, tobacco refuse, pulp of paper or of paperboard, Portland cement, etc.

The Central Bank of Sri Lanka (CBSL) in a clarification statement issued yesterday, said it has observed that a certain media institution has reported on their website and SMS Alert that “the Governor of CBSL announced that a tax will be imposed on interest gained on Non-Resident Foreign Currency (NRFC) Accounts under the new Inland Revenue Act”.

The CBSL stated that the Governor did not make such an announcement, but stated at the monetary policy press conference held yesterday (26) at its head office, in response to a question from the media, that under the new Inland Revenue Act, only residents will be taxed on their interest income and not NRFC Accounts. 

Social icons and celebrities are pivotal to the travel and tourism industry because they inspire their followers or fans to visit destinations they travel to,” said Brekke Fletcher, the Executive Editor of CNN Travel.

Speaking at the Cinnamon Future of Tourism [FOT] Summit held in Colombo to commemorate the World Tourism Day at Cinnamon Grand yesterday she said that this ultimately creates a ‘sure flow’ of tourists for these destinations,’’ she added.

‘Travel requires both passion and a professional approach. Sri Lanka must use Social media giants like Instagram and Snapchat to literally grab the attention of people to various destinations through the use of geo- location tags so that finding places, restaurants, reputed tourist sites are now at the user’s finger tips. Then the country can become a ‘tech –wise’ tourist destination.’’, Brekke said.

Minister of Tourism and Christian Affairs John Amaratunga said that the government will soon launch a strategic tourism plan for 2017 to 2020.

The Tourism Vision until 2025 is also planned to ensure that the authentic and innovative side of Sri Lanka’s tourist industry comes out while also protecting the nations’ natural resources and heritage sites.

The market plan for the Tourism Vision 2025 has been finalized under the guidance of the Prime Minister and a 10 point action plan is being finalized to enhance the Tourism. 

Hotel Developers Lanka (owning company of Hilton Colombo) Chairman Krishantha Cooray accepts the first day cover to commemorate the hotel’s 30th anniversary from Postmaster General D.L.P. Rohana Abhayaratne, yesterday. See also page vii. Picture by Chinthaka Kumarasinghe

Ministry of Finance calls for proposals from all stakeholders including the general masses to be included in the Budget – 2018, to presented in Parliament in November this year.

Since the government has a plan to introduce a successful budget targeting building a strong Economy, an Enriched country and creation of one million employments, people are invited to submit their proposals to enhance the opportunities in those fields to the Ministry of Finance, The Secretariat, Colombo 01, or to email: info@itmd.treasury.gov.lk before the October 15, 2017. Professionals, scholars and those who are engaged in the Manufacture, Services and the Agriculture, the three main sectors of the economy are requested to contribute with their proposals for the budget – 2018.

The government since it came in to office has achieved tremendous success in the fields of free education and health making them accessible to all whilst completing the construction of 200,000 houses for the homeless people.

The Minister of Finance and Mass Media Mangala Samaraweera will present budget – 2018 in the Parliament on November 09, aiming at building an enriched country with a strong economy for creation of one million employment opportunities.

This will pave the way for introducing reforms in the financial and administrative sectors to broad base the opportunities for the public and private sector involvement in the economic activities of the country

The Monetary Board which met on Monday for the sixth review of the monetary policy stance had decided to maintain the policy interest rates of the Central Bank of Sri Lanka (CBSL) at their current levels, said Dr C Amarasekara, Acting Director, Economic Research, presenting the Monetary Policy Review No 6-2017, yesterday in Colombo.

The Standing Deposit Facility Rate will be held s at 7.25%, Standing Lending Facility Rate at 8.75% and Statutory Reserve Ratio will remain at 7.5%, he said.

“The Monetary Board also observed that several risks that were observed at the beginning of the monetary tightening cycle have subsided. However the Board noted that some risks still prevail,” he said.

In the first half of 2017, there was an upward adjustment in all market interest rates. But after the first half, so far during the year, there has been a decline in short-term market interest rates, particularly in call money market rates.

With improvements in the government securities market, it was observed that the government securities interest rates were also declining in recent months, he said.

“We have seen market interest rates, other than short-term interest rates stabilizing at higher levels.”

Dr Amarasekara also said they were expecting the private credit growth to decline to 16% and in August credit growth has slowed to 18%, from 18.6% in June.

Rs 404 billion has been loaned to private borrowers in 2017 compared to Rs 456 billion last year. He said that export earnings on cumulative basis had increased by 6.5% YoY and import expenditure increased by 9.2% YoY during the first seven months of 2017.

Workers’ remittances in July increased 3.4% YoY to US$ 3.9 billion.

Dr Amarasekera said foreign reserves which stood at US$ 6 billion at the end of 2016, had reached US$ 7.36 billion by September 21.

Earnings from tourism from January to August were estimated at US$ 2,414 million.

Dr Amerasekera also said that the Sri Lanka rupee depreciated by 2.6% by the end of July 2017 and has showed some stability since then.

Priority has now been given for the development of human resources in order to meet the needs of the growing tourism sector, Prime Minister Ranil Wickremesinghe said.

The Premier was speaking at the second edition of the Cinnamon Future of Tourism Summit held yesterday at the Cinnamon Grand Hotel in Colombo.

The Prime Minister said that the tourism industry has changed a lot throughout the world and Asia is going to drive strong growth in global tourism.

“Asian economic development, which has taken place after 1970, as well as new information technology has resulted in tourism growth in the region. By about 2030, the Asia Pacific region will have 500 million tourists and 75 percent from the region,” he said.

The Premier further said that per capita income is increasing in all Asian countries. People who engage in the tourism industry have to face various challenges. Traditional tourism companies have been disrupted and this is one of challenges. There are many online operators today. A large number of boutique hotels and small accommodation facilities too have come up. Asia is going to be a centre of tourism, Premier Wickremesinghe said. Sri lanka’s strategic location is very helpful to boost the country’s tourism industry.

“We are in the middle of the Indian Ocean, next door to India and close to the Middle East, Pakistan, Bangladesh and South East Asia. Just six hours away from China, Japan and East Asia. People would like to travel more to East Africa for the beaches and islands.”

“We have one advantage and what matters most is connectivity. We have to develop our airports, ports and internal transport system to work on that connectivity.”

“In 2015, we had taken so much of debt that our revenue was insufficient for debt servicing. Today, despite the drought and the floods, we are able to get sufficient revenue to service our debts. Economic restructuring and the stabilization of the macroeconomy have given us strength to go ahead. We know we can utilize the infrastructure that we need.”

Infrastructure without economic development such as roads going nowhere, harbours without ships, airport without planes, is a dead loss, the Prime Minister said.

“The economy is sufficiently stable today. We are able to build houses and give pay increases. Public and private sectors have created 400,000 income opportunities. We are driving economic growth.

This means we are also in a position to repay our debts taken for infrastructure.” 

The Ministry of Megapolis Development launched http://ift.tt/2wVccGJ to award and recognize mega builders in Sri Lanka. The Best Mega Builder (Skyline) will receive a gold-plated wheelbarrow. Here Minister Patali Champika Ranawaka introduces the award. Picture by Dushmantha Mayadunne 

Dialog Axiata together with Samsung unveiled their biggest, priciest and most powerful phone Samsung Galaxy Note8, at the Cinnamon Grand Colombo, yesterday. Packed with novel features and enhanced security aspects, it will be available in its Maple Gold and Midnight Black colour variants.

The dual-SIM (Nano-SIM) Samsung Galaxy Note8 runs Android 7.1.1 Nougat with the company's own customisations on top.

The smartphone features a 6.3-inch QHD+ (1440 x 2960 pixels) Super AMOLED Infinity Display with a pixel density of 521ppi and a screen aspect ratio of 18.5:9. Notably, the default resolution of the smartphone is FHD+ and can be changed to QHD+ via Settings. The Galaxy Note8 is powered by a Samsung Exynos 8895 SoC (four cores clocked at 2.3GHz and four cores clocked at 1.7GHz) coupled with 6GB of LPDDR4 RAM."The Galaxy Note8 is for people who want to do bigger things with their phone," an official from Samsung said at the launch.

Samsung Electronics launched its flagship smartphone Galaxy Note8 in Sri Lanka, offering the next level Note for people who want to do bigger things. Samsung will also introduce Bixby Voice capabilities which will be available on Galaxy Note8 and Galaxy S8 and S8+ devices.

With Galaxy Note8, consumers get a big, immersive Infinity Display that fits comfortably in one hand, S Pen to communicate in more personal ways, and Samsung’s best-ever true Dual Camera with dual Optical Image Stabilization (OIS) to capture stunning photos in all conditions.

The incredible Note series loved by thousands of consumers in Sri Lanka will also come with the revolutionary Samsung’s defense-grade security platform Samsung Knox, making it the most desirable smartphone available in the market. Galaxy Note8 is designed for the way consumers lead their lives and lean on technology today.

Hanbae Park, Managing Director, Samsung Sri Lanka, said, “Sri Lanka loves the Galaxy Note because they saw that it would be a canvas for their creativity, an engine for their ideas, and a platform for their productivity. I take this opportunity to thank all our consumers in Sri Lanka who have made Samsung the No.1 Smartphone brand, especially those who have patiently waited for the Note 8”.

“Galaxy Note8 with its stunning Infinity Display, enhanced S Pen and a true Dual Camera, is designed for those who want to do bigger things. At Samsung, we listen to our consumers and bring in meaningful innovations that help make their lives better. With this launch, Samsung will further consolidate its leadership in the premium smartphone segment in Sri Lanka,” said Nigel Adams, Head of Division, Mobile Business, Samsung Sri Lanka.

Galaxy Note8 has the biggest screen ever on a Note device, yet with superior engineering and design, it comfortably fits in one hand. The 6.3-inch Quad HD+ Super AMOLED Infinity Display lets you see more and scroll less. Galaxy Note8 gives you more room to watch, read and draw—making it the ultimate multitasking smartphone.

Note users have long been able to do more with Multi Window. With Galaxy Note8, the App Pair feature lets you create a custom shortcut on the Edge Panel to simultaneously launch two frequently used apps and invoke them with ease.

So, they can watch a video while messaging friends or dial into a conference call with the number and agenda in front of them.

Since its introduction, the S Pen has been one of the Note’s defining features. With Galaxy Note8, the intelligent S Pen unlocks entirely new ways to write, draw, and interact with the phone and communicate with friends. It has a finer tip, improved pressure sensitivity, and features that enable users to express themselves in ways that no other stylus or smartphone ever has.

Galaxy Note8’s Screen off memo allows you to take up to one-hundred pages of notes, without even unlocking the phone. Users just need to remove the S Pen and jot down notes, pin them to the Always On Display and edit directly from the Always On Display, letting users, including professionals, do what other smartphones can’t. The improved S Pen acts as a personal translator and convertor—just hover over text to quickly translate not only individual words, but entire sentences and get the output in up to 71 languages, or instantly convert units and foreign currencies.

The Hilton Hotel in Colombo celebrated its 30th anniversary yesterday (26) at the Moonstone Room, where the hotel's senior management felicitated long-serving staff members for their invaluable service to the hotel.

In addition, a commemorative stamp with the Colombo Hilton logo was also issued yesterday, by officials of the Postal Department at Hilton Colombo.

The General Manager of Hilton Colombo Mahesh Fernando stated that this event was just one part of a major initiative which Hilton hopes to launch throughout the next few years.

“Hilton is part of Sri Lanka’s culture and the brand is here to stay. There is no other hotel in Sri Lanka that has such an alumni as that of Hilton Colombo. The brand has stayed on during both good times as well as bad times.”

Fernando also praised the employees and said that they were a tower of strength. “They started to work with little or no experience at low rates in the beginning, but stayed with us and are now enjoying rich returns.”

“Due to their dedication, integrity, loyalty to the hotel and hard work they have earned themselves even managerial position and even become general managers, heads of departments, secretaries and some have even risen to be in the rank of director.”

'Their services to the Hilton chain are invaluable and we thought it was fitting to recognize and honour them during our 30th anniversary.”

“Our staff is one key pillar for the success of Hilton Colombo, ” the General Manager said.

Seylan Bank partnered the Construct Exhibition 2017 as the official banker for the 2nd consecutive year.

Organised by the National Construction Association of Sri Lanka (NCASL), Construct Exhibition is the largest construction exhibition in Sri Lanka. The exhibition was held for the 17th consecutive year at the BMICH recently.

Seylan bank offered a host of its products and services such as Housing Loans, Credit Cards and many other business solutions for both participants who were looking for financial options for their housing and also the participating merchants and service providers.

The exhibition was declared open by Prime Minister of Sri Lanka Ranil Wickremesinghe.

David Pieris Group of Companies has begun making inroads to change statistic with its ‘Empowering Women through Technical Training’ programme.

This initiative will provide technical training in the repair of two-wheelers and three-wheelers with the ultimate goal of creating trained, certified women mechanics.

It is the first of its kind in Sri Lanka, as it is the only mechanic based technical programme targeting women only.

Working with the DPMC island-wide dealer network, 50 women from different parts of the country were selected to undergo this three-month programme.

Once they completed three-day technical training, the participants will undergo practical work at DPMC service dealers in their respected areas in order to gain necessary and valuable hands- on experience.

Following a final assessment at company's Two-wheeler and Three-wheeler Assembly Plant in Ranna in the Hambantota District, they will be certified as mechanics, which will open for them a meaningful and lucrative career path. One of the participants, Maheshika Dilrukshi from Bulathsinhala said that this programme would help her to start her own business in the future.

Chandima Shrimali from Kegalle explained, “I have been working at a DPMC's Spare Parts Dealer Outlet for past 10 years and this programme is an opportunity for me to get sound technical knowledge.”

The inauguration ceremony of the ‘Empowering Women through Technical Training’ programme was held recently at David Pieris Group auditorium in Bandaragama.

The programme was organized by the Group's Social Welfare Committee. The General Manager of the David Pieris Motor Company Limited and Chairman of the Committee Jayantha Ratnayake, Deputy Director of Sri Lanka Women’s Bureau of the Ministry of Women and Child Affairs Kumari Kosgahakumbura and several other officers participated to the occasion.

As an automotive leader in Sri Lanka, David Pieris Group is committed in its responsibility toward the community and the goal of positively impacting on people’s lives.The Group believes that empowering women through training and skill development is critical for the development and sustainability of our economy and the Nation.

Most importantly, the Group hopes that these women are will be trailblazers for more women to take up roles which have traditionally been male dominated.

Distilleries Company of Sri Lanka PLC, of which Melstacorp PLC owns 99.95% of the issued capital, has announced a subdivision of shares and a subsequent private placement of 1,600,000,000 shares at Rs. 12.50 per share.

This will be issued to this Company against the Rs 20 billion already paid to DCSL PLC as an amount paid pending allotment of shares.

Fitch Ratings has affirmed Sri Lanka-based retailer Abans PLC’s (Abans) National Long-Term Rating at ‘BBB+(lka)’ with a Stable outlook.

Fitch has also withdrawn the expected rating assigned to Abans’ proposed senior unsecured debentures as the debt issuance is no longer expected to convert to final ratings in the near future. A full list of rating actions is at the end of this commentary.

The affirmation of Abans’ ratings reflects our view that the recent weakening in its leverage is temporary, and that the company will be able to deleverage in the next 12-18 months, underpinned by a recovery in sales across a number of its product segments this year.

Abans’ ratings also reflect its strong market position in consumer durable retailing in Sri Lanka, its extensive brand portfolio and wide distribution network compared with most peers. We expect Abans’ net leverage (defined as lease adjusted debt net of cash/operating EBITDAR) to improve to 6.0x by the end of the financial year to March 2019 (FY19) from 7.7x in FYE17.

The UK’s credit rating has been cut over concerns about the UK’s public finances and fears Brexit could damage the country’s economic growth.

Moody’s, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1.

It said leaving the European Union was creating economic uncertainty at a time when the UK’s debt reduction plans were already off course.

Downing Street said the firm’s Brexit assessments were “outdated”.

The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to AA.

Moody’s said the government had “yielded to pressure and raised spending in several areas” including health and social care.

It says revenues were unlikely to compensate for the higher spending.The agency said because the government had not secured a majority in the snap election it “further obscures the future direction of economic policy”.

It also said Brexit would dominate legislative priorities, so there could be limited capacity to address “substantial” challenges. It added “any free trade agreement will likely take years to negotiate, prolonging the current uncertainty for business”.

Moody’s has also changed the UK’s long-term issuer and debt ratings to “stable” from “negative”.

Moody’s stripped Britain of its top-notch AAA rating in 2013.

The government said the latest downgrade followed a meeting on September 19 and did not consider the prime minister’s speech last Friday, in which she outlined her vision for Brexit.

“The prime minister has just set out an ambitious vision for the UK’s future relationship with the EU, making clear that both sides will benefit from a new and unique partnership,” it said.

“The foundations on which we build this partnership are strong.”

It said it had a robust economic record and had made substantial progress in reducing the deficit.

“We are not complacent about the challenges ahead, but we are optimistic about our bright future.” (BBC)