business Sri Lanka

The Monetary Policy Review No. 7 of 2017 will be announced on Tuesday, November 7, the Central Bank said in a statement issued yesterday.

The Bourse ended in the green yesterday as the ASPI increased by 10.22 points to close at 6,617.36 points, while the S&P SL20 Index increased by 0.53% or 20.51 points to close at 3,899.63.

Market Turnover decreased by approximately 71% relative to yesterday to amount to Rs. 0.73 billion while the Turnover of HNB.N and COMB.N accounted for approximately 43% of total market turnover. Foreign investors meanwhile, recorded a net inflow of Rs. 0.17 biilion over the day compared to a net inflow of Rs. 0.14 billion recorded yesterday. (Acuity Stockbrokers)

Fitch Ratings Lanka has affirmed Standard Chartered Bank, Sri Lanka Branch’s (SCBSL) National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable.

SCBSL’s rating reflects the credit profile and financial strength of Standard Chartered Bank (SCB; Long-Term Issuer Default Rating (IDR) at A+/Stable and Viability Rating at a).

The rating is linked with SCB’s IDR to reflect SCBSL’s legal status as a branch of SCB, which makes it part of the same legal entity.

It also reflects the relatively small size of the branch (around 0.15% of the total assets of SCB at end-2016), and therefore any support would not be material to the head office.

SCB’s rating is higher than Sri Lanka’s Long-Term Local- and Foreign-Currency IDRs of ‘B+’/Stable’; and as a result, SCBSL’s rating is at the highest end of the National Rating scale for Sri Lanka.

Fitch believes that support from SCB would be forthcoming if required, subject to any regulatory constraints on remitting money into Sri Lanka.

 The per capita income increased in all provinces while only that of the Western province exceeded the national value in both years.

The ratio between provincial per capita income and the national per capita income is also given in and as it reflects the ratios remained unchanged both in 2015 and 2016.

All provinces recorded positive nominal growth rates in 2016, with the Uva province recording the highest growth rate of 12.4 per cent in nominal terms. The second and the third highest growth rates of 9.5 per cent and 8.9 per cent were recorded from the Northern and the Eastern Provinces respectively.

Except for the Central, the North Western and the Western provinces, contribution from industry activities to PGDP increased in all other provinces.

In 2016, the largest contribution to PGDP from industry activities was recorded from the Western province while the lowest share was reported from the Southern province.

The Services activities play a major role in all provinces with contributions between 51.1 per cent and 61.6 per cent of the PGDP in 2016.

However, when compared to 2015, the contribution from the services activities increased in the North Central, the North Western and the Western provinces, but declined in all other provinces during 2016.

National Development Bank PLC (NDB) reported a 64% commendable growth in its Profit After Tax over the comparative period to record Rs. 3,310 million for the nine months ended September 30, 2017.

The Bank’s Profit Before Tax (PBT) of Rs. 5,679 million was an increase of 61% over the comparative period. Continuous and consistent improvement in core banking operations of the bank over the reported three quarters and dividend income from group companies contributed towards this remarkable performance.

The PBT and PAT of the bank, excluding the group dividends grew impressively by 51% and 50% respectively, which is a clear reflection of the strong performance of the core banking operations.

Net interest income (NII) recorded a 23% growth over the corresponding period to Rs. 7,656 million. Accelerated NII growth over the quarters was due to steady growth in loans and advances coupled with improved Net Interest Margins of 2.90% for the nine months of 2017 as compared to 2.62% for the comparative period.

Net Fee and Commission Income of Rs 1,812 mn for the period was a growth of 10% over the comparative period and was in line with the increase in business volumes. Net fee and Commission Income have progressively improved over the three quarters affirming that fee income remains a strategic priority in improving the profitability of the Bank. Net gains from trading had a 16% growth to Rs. 793 mn which was also in line with business volumes generated during the period.

Total Operating Income which is a combination of NII and non-interest income had a 29% growth to Rs 12.02 billion. The total impairment charges for loans and other losses for the nine months was Rs. 872 million, a reduction of 11% over the corresponding period last year. Sound credit review, effective monitoring and recovery processes adopted by the bank have resulted in reduced impairment charges for the period.

Total operating expenses was Rs 5,472 million, an increase of 13% over the comparative period. If not for the one-off cost involved in the pre-payment of a foreign currency loan, the increase was only 8% over the comparative period and reflects the efficient and effective cost management initiatives adopted by the bank, despite branch expansion and launch of new products during the period.

The cost to income ratio (CIR) of 45.8% was well within the bank’s targets of maintaining its CIR below 50%. The profit attributable to shareholders was Rs 2,520 million and was 28% over the comparative period.

The moderate performance in the capital markets activities experienced during the nine months period, continue to pose a challenge to the investment banking and stockbroking businesses within the NDB group, resulting in lower contribution from the group.

President Maithripala Sirisena underscored the need to adopt a dynamic plan to increase agricultural exports, while endorsing quantitative and qualitative standards of agricultural crops.

President Sirisena was speaking at the 45th Annual Session of the International Pepper Community held at the Earl’s Regency, Kandy recently.

He further added that the government has taken various steps for the development of the pepper industry and even though pepper prices decreased recently, the government has provided the necessary reliefs to pepper farmers. During the 2015, Sri Lanka exported around 16,660 metric tons (Mts) of pepper compared to 8,031 Mts in 2014, registering a 107% growth . When compared to the average export of 9,519 Mts over the last 10 years, export in 2015 was the highest.

The Government of Sri Lanka has considered that pepper, in addition to cinnamon, was the most important export spice commodity. Pepper production is confined to a few countries in Asia including Sri Lanka and the Pacific, Brazil and Madagascar.

Currently, Sri Lanka ranks at fifth place in terms of area under pepper cultivation after India, Indonesia, Vietnam and Brazil, and seventh place in terms of production, with a world share of 5.7% in production.

Also, Sri Lanka is the fifth largest exporter of black pepper, after Vietnam, Brazil, Indonesia, and India.

However, productivity levels in the industry remain low, despite improvements seen over the years.

Though India is investing several million on developing over 12 international ports, the three deep-sea Sri Lankan ports could still be productive, said Deputy Minister of Policy Planning and Economic Development Dr. Harsha De Silva.

Speaking at a seminar at Lakshman Kadirgamar Institute he said after being in isolation for several years Sri Lanka is now engaging with the world and this is why GSP Plus and other incentives have come Sri Lanka’s way.

This would be a tremendous advantage for the future economy of Sri Lanka. Meanwhile keynote speaker of the event Dr Ganeshan Wignaraja said that Sri Lanka can benefit from China’s proposed One Belt, One Road initiative. He said that both China and India would be major global players that would dictate terms in global economy. Wignaraja said that China though has slowed down was growing around 10% annually in terms of economic growth, while India is averaging around 6% annually. He also said that the world economy which was slowing down has showed signs of picking up and today the growth is around 3.7%. He also said that china had around 158 million US dollars of FDI from 2000 to 2016 and today there is a shift where China is also investing more outside its country. He said that similarly several Indian companies too are going global and are investing overseas.

There are over 200 Indian IT companies doing business in India.

Samsung Electronics has named its new leadership team following the resignation of CEO Kwon Oh-hyun.

Three executives have been promoted to joint chief executives of the firm as part of the management overhaul.

The shake-up came hours after the firm reported quarterly profits had nearly tripled from a year ago.

Net profit rose to 11.2 trillion won ($10bn; £7.6bn) during July to September, driven by strong memory chip and smartphone sales.

The new appointees are all in their 50s and include Kim Ki-nam, Koh Dong-jin and Kim Hyun-suk.

They will take up their positions immediately as the heads of Samsung Electronics' three main businesses - Device Solutions, IT and Mobile Communications and Consumer Electronics. "The next generation of leaders are well suited to accelerate the pace of innovation and address the demands of the connected world," the firm said in a statement.

The South Korean tech giant also confirmed that its chief financial officer Lee Sang-hoon had been recommended as the new chairman of the board, and that long-time co-CEOs J.K. Shin and Yoon Boo-keun would step down.

BBC News

In support of the ongoing relief operations to help those affected by floods and landslides, Shraddha Media Network in partnership with the Maha Karuna Buddhist Society - Malaysia, Theravada Buddhist Council - Malaysia, Ministry of Defence, Ministry of Disaster Management and Dialog Axiata PLC commenced the construction of a new building for landslide-affected Kalubovitiyana Maha Vidyalaya in the district of Matara. The foundation stone laying ceremony took place on the 20th of October, 2017.

A classroom building that is 80ft x 25ft will be constructed for Kalubovitiyana Maha Vidyalaya. The initiative is funded by Shraddha Media Network, Maha Karuna Buddhist Society - Malaysia and the Theravada Buddhist Council - Malaysia, whilst civil construction services will be contributed at no cost by the Ministry of Defence with participation from Civil Defence personnel of Sri Lanka, monitoring and supervision by the Ministry of Disaster Management and overall project coordination by Dialog Axiata PLC.

Vacations are often exciting and fun. But there is always a chance that something will go wrong, leaving you stuck in an unfamiliar place with no support structure.

This is when the benefits and security of travel insurance kick in, offering up no fuss pay outs for hotel rooms in case of missed flights, lost luggage, etc. and even medical care when the need arises.

Further, it is important to note that in-demand tourism destinations worldwide, such as those in Schengen zones, require travel insurance when applying for tourist visas, so it is always better to be prepared to ensure a higher likelihood of success.

To make the process of securing travel insurance more convenient and cost effective, Findmyfare offers a fast and easy solution to help you capture the best travel insurance quotes available online today. Simply visit http://ift.tt/2iQZ9oB and input some basic information into the online form and within a matter of moments you will have access to some sensational travel insurance offers, including the ability to finalise its purchase immediately.

At the same time, beyond the hassle-free and easy-to-use convenience of booking all one's travel needs using Findmyfare's website, there is the added advantage that findmyfare.com offers many installment plan options. And these are immediately converted online itself without the additional step of needing to call the bank. This is applicable to many local and international banks in Sri Lanka.

Meanwhile, booking through www.findmyfare.com also provides access to a number of unprecedented options not available anywhere else, including the ability to reserve seats, cancel bookings, etc. This is along with a range of unbeatable travel and hotel deals on offer virtually every day.

Since its launch in 2012, findmyfare.com has become Sri Lanka’s ultimate one-stop travel shop, providing the best travel deals available in the market-place. The findmyfare.com website allows customers to search, compare and book affordable flights and hotels around the world.

The company was also the very first in Sri Lanka to provide an online reservations system that enabled customers to confirm bookings without submitting a credit card payment.

All the features of the findmyfare.com website are also designed to make the process of researching, choosing and paying for a holiday as simple, easy and convenient as possible.

NCW Holdings is on course to expand extensively and improve and refine its services in Sri Lanka, from now on, said Naveen Wijewickrama, Managing Director, NCW Holdings at the ceremonial launch of its Sri Lanka operations.

NCW Holdings has made grounds as a Australian specialists in Facility Management Services .

A comprehensive view of the advanced facilities in the possession of NCW Holdings for the benefit of Sri Lankans was displayed at the launched.The Sri Lankan operations are enriched by a group of disciplined and highly trained young professionals, who are exceptionally qualified to bring in an ultra-new experience, to the field of Facility Management Services in this country. They are ready to elevate these services to a higher and more sophisticated level.

“Our commitment is to present our clients a totally fresh experience, utilizing state-of-the-art equipment”, said Wijewickrama who is an expert in all areas of Hospitality services, possessing extensive familiarity with advanced methods and techniques, through his grasp of local and international trends, over many yeas.Describing his experience Wijewickrama said, “ I reside in Australia, upholding the image of Sri Lanka, in that country. I was able to expand my business enterprise, within a very brief period of time. It is a matter of great happiness for me to state, that I was able to establish myself firmly, in the three sectors Facility Management Services, House-Keeping Services and Building and Construction activities.

It is with tremendous pleasure that I state here, that 200 well trained young men and women from Sri Lanka are employed at NCW Holdings the Parent Company of this local operation. I am humbly proud, to introduce myself as the Sri Lankan owner of a business enterprise, contributing, our services a whole host of internationally recognized institutions. I make this statement, because, I have been able to guide many Sri Lankans, to make their dreams a reality. Being able to establish a Branch of NCW Holdings in Sri Lanka, as the beginning of a yet another step in this process, is indeed a victory won by our company”.

Wijewickrma added, “Our company has been able, to expand into a new era, beyond the limits of traditional housekeeping services that existed until recent times. Today, the opportunity has dawned upon us, that will make it possible for us to provide a unique and reliable service to all the institutions in Sri Lanka, in accordance with international standards, utilizing the latest technologies, to the maximum.

I am extremely happy to state, that it is our institution that has crated the opportunity to the young men and women of our country to obtain new avenues and ways of employment. Besides, it is our institution that offers the highest range of salaries in Sri Lanka, at present" (MFJ)

The annual awards night of Finlays Tea Estates was held on September 30, 2017 at the JieJie Beach resort, Panadura.

Finlay’s two plantation Company’s Hapugastenne and Udapussellawa were celebrating their 25thyear since the incorporation in year 1992.

The momentous occasion this year coincided with the 150th year of the Tea Industry of Sri Lanka and it was a fitting occasion to celebrate this event which was held with much fanfare and glory to recognize the contributions made by the Estate Managers and their Assistants and the staff of the Head Office during the years 2015 and 2016, which were both challenging years for the Industry.

As always, the occasion was graced by the Chairman of Finlay’s Tea Estates, Naresh Ratwatte and his spouse Surangani, the Director Chief Executive Officer, Dushan Ratwatte and his spouse Anu and other senior and junior Managers and their spouses. In all, there had been a gathering of approximately 120 in attendance.

Finlay’s Estates comprises of two Companies, namely Hapugastenne and Udapussellawa Plantations PLC. There are 30 Tea and Tea cum Rubber estates within the Company comprising of 6000 ha of Tea, _1800 ha of Rubber, 2500 Ha of Timber plantations and 500 ha of ancillary crops.

Chairman and Surangani cutting the Anniversary cake

22Tea Factories are in operation producing Orthodox, CTC, Green Tea and Oolong Tea.

These two companies employ a large workforce of over 15000 today ,which has dwindled over the years due to outer migration.

The Chairman in his address, welcoming all the guests for the gathering ,congratulated everyone who had made valuable contributions to the Company irrespective of whether they receive awards or not.

Relating to the Tea Industry which was celebrating its 150th year this year, has had its ups and downs but has been resilient and survived the dark ages of the industry where some pundits had written off.

He also stressed on the importance of the Planter, who is the man on the spot, as it is he who drives the plantation and generates the revenue to sustain the business.

He did congratulate all who were present and the others who have since retired for their contribution to the company and the industry as a whole to have achieved these milestones.

The CEO Dushanth Ratwatte congratulated all the winners and gave a motivational speech to encourage the younger generation to take more responsibilities in the future and also stressed the importance of team work in especially challenging times.

Awards were presented to the best estate that had continuous improvements in areas of production productivity, Health and safety, risk Management, Prices for their respective products and maintenance of estate assets including their respective bungalows and gardens.

Senior Manager, Courtlodge Estate Lasantha Samarakoon, carried away the award for the “ Best Strategic business unit for 2015 “Whilst Galaboda estate was the overall winner of the Best Strategic business unit for 2016, the Manager, Dharshana Diyagamawas was the winner of this award.

There was an interesting article by David Andelman in global media suggesting that President Donald Trump should consider recent hurricane victims as a wake-up call on climate change.

He also suggested that President Trump should get back on board with the Paris Accord. In this respect, I would like to indicate how I see Paris Accord going to put the entire mankind’s future in jeopardy. The day somebody shows me how Paris Accord would direct mankind to handle water-related disasters – there are enough and more reports by international agencies to depict their magnitudes and hurricanes happen to be a continuous reminder – I would support it wholeheartedly. What I see today is exactly the opposite; Paris Accord will bring us more hurricanes and enormous misery to mankind. There would be too many Puerto Ricos than others could handle.

Andelman has, of course, quoted from an article by MIT’s Prof. Kerry Emanuel in the Nature magazine which says that “climate change potentially affects the frequency, intensity and tracks of tropical cyclones”.

Nobody would challenge this generic statement about climate change; but what is not clear is how Paris Accord would reduce (i) climate change and (ii) more water vapour getting into the atmosphere.

In the Paris Accord, there are a few statements about global temperature increasing and greenhouse gases contributing towards this. So Paris Accord wants us to reduce emitting greenhouse gases and in that process, it wants us to generate more immediate rain.

In order to ensure my own bearings are right, I quote from two interesting articles about these. One is Prof. Emanuel’s recent article in the Nature magazine on “Will Global warming make hurricane forecasting more difficult?” and the other is a document about the fifth phase of the Coupled Model Intercomparison Project called CMIP5 by climate scientists and researchers. First, I will talk about CMIP5 as Prof. Emanuel’s article also refers to this.

CMIP5

These models are simple in appearance when expressed as the platform, but once you identify the model, the detailed workings, whether with CMIP5 or previous versions CMIP3 etc., using computer software packages etc. are complicated and sophisticated. What I want to emphasize is that there seems to be an issue with the basic platforms shown below. Let us look at platform C which deals with interactions of carbon and CO2 system with the physical models on the right side of the sketch and how the whole set up is influenced by natural and anthropogenic perturbations. The major issue with this platform is the anthropogenic perturbations considered.

As to be expected, CO2 emissions are included in the anthropogenic perturbations; but the other gases considered appear to be incomplete. Biogeochemistry models look at Carbon and CO2 interactions and how different interactions would take place in association with the physical models. When it comes to the other greenhouse gases, the related section 3.6 talks about CH4, N2O, fluorinated gases, etc. But water vapour is not included. This is most probably due to the fact that generation of Newly Formed Water (NFW as I call it),in much larger quantities than N2O, CH4, etc., from combustion of hydrocarbons in oil and gas to obtain energy for anthropogenic activities has been overlooked. The impact of this NFW on the biogeochemistry models as well as on the physical models is enormous for the following reasons.

Four Platforms a,b,c,d of CMIP 5 Model

Please note that whenever you generate energy by the combustion of oil or gas you always generate NFW along with CO2 and in that sense they are inseparable or they are born together.

How this NFW influences the Biogeochemistry Models (BM) and Physical Models are given below.

(i) It could have a significant impact on BM because unlike in the case of carbon and CO2 processes, there are no hydrogen/oxygen and H2O processes and oxygen in the atmosphere been depleted will not be regenerated at a reasonable rate and oxygen depletion in the atmosphere continues influencing all BM processes.

(ii) Due to its significant greenhouse gas effect – when you talk about a 2.80C rise in temperature for doubling of CO2 concentration, only 1.20C out of that 2.80C is due to 2094 Gt of CO2 and the balance 1.60C is due to 1302Gt of H2O – atmospheric temperature goes up and its impact will be felt in respect of both draughts, etc. and precipitation as well. It will also influence the physical models as well.

(iii) NFW (a) increases temperature and (b) brings water vapour to maintain constant relative humidity in atmosphere at a rate 33% more than CO2 for the same amount of energy provided.

(iv) All current computations of temperature increase and precipitation are underestimated at least by 50%.

(v) When oil is combusted and exhaust gets cooled to room temperature and NFW is condensed, the enthalpy released to the atmosphere by NFW is more than 7 times that released by CO2.

(vi) NFW has a dynamic viscosity which is much less than those of N2, O2 and CO2 and hence could influence airflow/wind related disasters.

As such, it is imperative that we identify way forward in respect of climate change only after we incorporate NFW and related changes to CMIP5 platform and only then our mitigation actions in respect of climate change would yield positive outcomes.

Prof. Kerry Emanuel’s article

I also studied the article written by Prof. Kerry Emanual and found it extremely interesting. In this article, Prof. Emanuel has attempted to address different parameters of cyclones and explained how these parameters would be impacted by changes arising from climate change.

Prof. Emanuel is concerned about CMIP5 not capturing spatial and temporal variability of upper ocean thermal structure properly and what we mentioned about NFW will only aggravate that concern as the Gulf of Mexico is full of gas and oil wells, processing plants, etc which will throw out NFW much in excess over the normal situation.

Then Prof. Emanual addresses the issue of intensity increases of 60knots or greater just prior to landfall and indicates the locations which has seen this in actual practice. The top 15 events with the highest increases in intensity in 24hours prior to land fall has been identified and they have happened at Houston, New Orleans, Tampa/St. Petersburg and Miami. If one looks at these, you will notice that these are the areas where they burn most of the oil and gas in that vicinity for road transportation. Recently it was mentioned that in Houston, 94% of households do have vehicles. So when road transportation uses more oil and gas, there will be much more NFW in the atmosphere and hurricane intensity increases significantly.

Effect of climate change on rapid intensification

Coming back to the article by Prof. Emanuel, he has used the following formula to calculate rate of change in intensity of cyclones where is the surface exchange coefficient of enthalpy and is potential intensity.

One could see that NFW would influence both the surface exchange coefficient of enthalpy as well as the potential intensity.

If one looks at Prof. Emanuel’s earlier writings on Surface Exchange Coefficients, it could be seen that it is defined based on flux of enthalpy from the surface and the difference between the saturation enthalpy at the surface and the enthalpy of air.

If we consider (a) a situation where there is a lot of gasoline driven road vehicular transportation, and (b) the amount of NFW vapour been generated to give the same amount of energy as CO2 we would see that there would be a 33% increase in enthalpy transfer due to this water vpour been formed to generate energy for vehicular transportation.

As such, when a hurricane enters an area like Houston, with a lot of vehicular transportation, the tendency for increases in intensity will be much larger than in an area where only coal is been used to generate energy. We need to remember that water vapour and waste heat from a vehicle is generated at a level of about 1-2 feet from the earth’s surface and it would be moving vertically up after leaving the exhaust pipe in the horizontal direction. As such it is very similar to what happens at the sea surface.

On the other hand, when an impending hurricane is announced, all the vehicles in the area get onto the road to move away to safer locations, they may get stuck in severe traffic jams – specially near gas stations and all what we mentionedin the previous paragraph only gets aggravated.

At the same time, NFW will also lead to a higher potential intensity due to the dynamic viscosity of NFW being the lowest amongst the four major components in the atmosphere – nitrogen, oxygen, CO2 and water vapour.

Furthermore, if we decide to use more gas as envisaged by Paris Accord at least till 2035, this would lead to much larger intensity increases during the last 24 hours before land fall.

Extent of downpour

Another aspect – in addition to frequency, intensity and tracks – that need to be considered in respect of a hurricane is the total volume of water that would be delivered by the hurricanes. Andelman has mentioned about the 7% more additional water vapour that need to enter the atmosphere to maintain constant relative humidity per degree centigrade increase due to greenhouse gas effect of CO2.

But what bothers me is the fact that when somebody burns 1 litre of gasoline, 1.08kg of NFW is also generated and the corresponding increase in temperature due to this and 2.64kg of CO2 generated will make another 3.08kg of water enter the atmosphere to maintain constant relative humidity.

If Paris Accord works out a specific plan to rectify this, yes, please sign the Paris Accord and be a flag bearer. If this litre of gasoline is replaced by gas as probably proposed by Paris Accord, the amount of NFW and evaporated water vapour to maintain constant relative humidity will be 5.82 kg of total water - 40% increase above the previously mentioned. This is what Paris Accord will do and who wants to support it.

So the issue is NFW and related water vpour which heats up the atmosphere more, brings about hurricanes in greater numbers, intensities and then delivers unbearable amounts of water to bring about landslides, earth slips etc.

While this NFW and related water vapour remains in the atmosphere, it will heat up the atmosphere, pinch you through a wild fire or a long-drawn drought. All this due to the gasoline and gas you burn to get energy when the sun delivers you an unbelievable millions of TWhrs of energy every day.

So the message Nature has conveyed through the recent hurricanes to Mankind is that you need to (i) drop Paris Accord because it does not provide a solution for this, (ii) amend CMIP5 model and bring NFW into the screen and (iii) start a new civilization based on solar energy; of course only if you don’t want to get washed away. Don’t ever thank that wine-cellars (quite in line with the origin of the Accord) like that of Richard Branson will help you. Noah in comparison, may have been a teetotaler and very kind and concerned about his animals as well.

A probable solution

When I read the IPCC TAR 4 – 2007which won 50% of the Nobel Peace Prize, I was surprised to see the number of options suggested to replace the gasoline driven vehicles. Then I read those PhD theses at MIT on “On the Road in 2035”,etc, and also The World Energy Council’s Transport Scenarios in 2050 which had a very useful Accessibility, Acceptability and Availability analysis on these different alternatives and indicated the battery electric vehicles and hydrogen fuel cell vehicles would be the most preferred.

On February 11, 2011, I wrote to Daily News that BEV would be the ultimate winner and that will be the only way to keep flooding and other water related disasters away. Prof. Henry Lee of Harvard Kennedy School published his paper in July 2011 to say that BEV will be the ultimate winner. When one sees that even after 10 years since the publication of IPCC TAR 4, the oil and gas driven vehicles are still creating this havoc on humanity one tends to wonder whether IPCC has served its purpose. Ph.Ds may have been awarded, research papers may have been published, models may have been developed ; but the problem remains unsolvedor rather getting aggravated by every liter of oil you burn.

Like what we mentioned in that article in February, 2011, there is only one way to solve this problem and that is by converting our transportation to Battery Electric Vehicles and harnessing solar energy to power these using Highway Solarisation which is defined as “a dedicated infrastructure for generating electricity for supply to the main grid and/or powering battery electric vehicles using solar energy collected by PV solar panels installed along and above the highways as a solution for climate change”.

In fact, UN Climate Summit in September, 2014 established three objectives in respect of this as follows: (a) 30% of vehicles sold in cities in 2030 should be battery electric vehicles, (b) these should be powered by renewable energy and (c) deforestation should be reduced to 0% by 2050. As such you could see that Highway Solarisation is the only solution which would meet all three objectives mentioned and it appears that Climate Summit officials had been convinced about the applicability of this solution. We have been writing to them on this solution since January , 2011.

Conclusion

If there is one single fuel which brings all this misery through hurricanes it is hydrocarbons which generates more water vapour in order to reduce CO2 emission. CO2 never precipitates. Water vapour increases temperature more than CO2 per unit of energy provided. Water vapour promotes hurricanes due to its inherent properties like viscosity, latent heat, specific heat, etc. If Paris Accord promotes hydrocarbons – especially gas – instead of coal, drop it like a brick. If it discourages hydrocarbons support it. This is not about who supports it, where it originated, who signed it, who wanted me to sign it,etc; but purely based on facts of science which can be ignored only at your own peril, rather at every human being’s peril.

(The writer is Managing Director of Somaratna Consultants (Pvt.) Ltd.)

Fitch Ratings has affirmed Sri Lanka-based National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength Rating (IFS) and National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable.

NITF’s ratings reflect strong ties with the government of Sri Lanka (B+/Stable), a strong business profile as the country’s only reinsurer and a conservative investment policy.

This is counterbalanced by weakened capitalisation due to natural disasters in 2016 and 2017 and high dividend payments.

NITF’s ratings reflect its 100% ownership by the government of Sri Lanka, its role as the country’s only reinsurer and its function as an arm of the state in implementing some policies, such as serving segments that are not covered by commercial insurers.

Pan Asia Banking Corporation PLC recorded modest performance during its third quarter as well as for the first nine months amid challenging macroeconomic factors including higher interest rates and slowdown in demand for new loans.

The bank posted a Rs. 1.8 billion before tax profits which translated in to Rs. 918.1 million after tax profit for the nine months ended September 30, 2017 or Rs. 2.91 a share in comparison to the Rs. 905.8 million reported for the corresponding period in 2016.

For the July - September quarter, the profit remained almost unchanged at Rs. 301.3 million from the same period last year as the higher credit costs pared the potential gains.

The interim results released to the Colombo Stock Exchange showed the other income led by fees and commissions cushioning much of the earnings as the core banking performance moderated amid rising cost of funds and relatively slow demand for new loans.

The net interest income for the nine months rose by 8.0% to Rs. 3.67 billion from a year earlier as the rise in interest cost beat the rise in interest income.

The net interest margin or the gap between the cost of its deposits and other funds and the yield of its loans and other investments was tad weaker at 3.81% against 3.87% at the beginning of the year, albeit remaining above the industry average.

The bank gave Rs. 4.8 billion in new loans and receivables during the period nudging the bank’s total loans and receivables book to surpass Rs. 100 billion to end the period with a total book of Rs. 103.3 billion.

The growth in loans almost corresponded with the rise in deposits as the new deposits too rose by Rs.4.1 billion.

The bank’s total deposits which was at Rs. 95.63 billion by the end of September is now flirting the Rs.100 billion mark, another key milestone for the bank which is within the reach of the bank before the end of the financial year.

Meanwhile the total capital adequacy ratio or the Tier II ratio was 13.1% whereas the minimum required is 11.25%.

Speaking on the performance, bank’s Director/Chief Executive, Nimal Tillekeratnegave a more sanguine outlook for the bank albeit the recent modest performance, as the bank is currently reviewing its strategies and consolidating almost all areas of the bank which is expected to yield stronger results. 

The Asian Development Bank’s (ADB) Board of Directors has approved a loan of US$200 million with sovereign guarantee for Ceylon Electricity Board (CEB) to develop Sri Lanka’s first 100-megawatt wind park.

“The new Wind Power Generation Project will not only provide access to a clean and reliable power supply in Sri Lanka, but also create an environment for further wind power development through future public-private partnerships,” said Mukhtor Khamudkhanov, an ADB Principal Energy Specialist. “Diversifying the country’s power generation through clean, renewable energy sources will improve the country’s energy security and environment.”

Sri Lanka boosted its national electrification from 29% in 1990 to more than 99% in 2016. Yet the power sector continues to struggle to meet the growing demand for an affordable and reliable electricity supply.

With the share of thermal (coal and oil-fired) power still accounting for two-thirds of power generation in 2016, there is an urgent need to develop clean energy sources such as wind and solar energy, reduce losses in the system, and boost energy efficiency.

While the remaining third of total generated power in 2016 was from renewable sources, most of this was accounted for by large hydropower facilities. Only about 8% comes from nonconventional renewable energy sources such as mini hydro, wind, solar, and biomass. The country’s goal is to increase the share of these nonconventional renewable energy sources to about 20% of the total generated power by 2020.

Besides the wind farm to be constructed on Mannar Island in Northern Province, the project will provide the associated infrastructure, such as internal cabling and access roads, energy dispatch control center, and reactors to manage voltage levels.

The project will also establish the procedures to enable the CEB - the executing and implementing agency for the project - to act as a wind park developer that can attract the private sector in future wind power generation.

These include establishing cost benchmarks and conducting competitive bidding for future wind power projects, and managing the flow of intermittent wind energy through the power system.

The CEB will provide US$ 56.7 million toward the total project cost of US$ 256.7 million. The estimated completion date for the project is the end of 2021.

Trade volume between Qatar and Sri Lanka, which currently stands at US$ 61 million, does not correspond to the immense opportunities available for bilateral trade between the two counties, Director of Qatar International Cooperation in Economic and Trade Agreements, Ahmed Ahen said.

Ahen who is currently in Sri Lanka with a high profile Qatari delegation, made these views speaking at the second session of Sri Lanka-Qatar Joint Committee on Economic, Commercial and Technical Cooperation, held in Colombo yesterday.

While highlighting the need for both countries to take concerted and effective measures to give a further fillip to existing bilateral relations between Sri Lanka and Qatar, Ahen urged Sri Lankan exporters to utilise ports and logistic facilities available in Qatar to send their products to Iran, Iraq, Oman and other major exports markets.

“Qatar sees Sri Lanka as a strategic partner and Qatari businessmen are eyeing potential investment opportunities available in Sri Lanka in order to create much-needed business links with Sri Lankan businessmen, leading to the establishment of partnerships for the benefit of both countries.”

He also expressed his country’s interest in sharing Qatari experience in a number of areas such as technology, energy and other potential areas in Sri Lanka in which Qatar achieved remarkable accomplishments.

Sri Lanka’s Director General of Commerce, Sonali Wijeratne, speaking at the event revealed that there has been a fluctuating trend in total trade turnover between the two countries since 2014 up to now. According to Wijeratne, in 2014 total trade turnover between the two countries stood at US$ 77.65 million and US$ 48 million in 2015 and US$ 44 million in 2016 respectively. Furthermore, total trade volume during the January–June 2017 period amounted to US$ 19.30 million.

The first day’s session which commenced in the presence of respective counterparts between the two countries, explored various trade, investment, tourism and economic opportunities available between the two countries.

A Chinese business delegation led by Council for the Promotion of International Trade Shanghai (CPIT Shanghai) visited the Ceylon Chamber of Commerce recently to hold discussions to enhance commercial ties between Sri Lanka and China.

The delegation which was led by Yang Jianrong, Chairman of the CPIT Shanghai, held discussions with the CEO of the Ceylon Chamber of Commerce, Dhara Wijayatilake and other senior Chamber officials, including Lilakshini De Mel, Senior Assistant Secretary General of the Chamber.

During discussions, Jianrong said CPIT Shanghai is willing to work towards enhancing commercial ties between Sri Lanka and China.

“Many Chinese firms are doing business in Sri Lanka, we would like to help enhance further Chinese business in Sri Lanka,” said Jianrong.

The Ceylon Chamber of Commerce also expressed its fullest cooperation to enhancing two-way commercial ties between the two countries, while the Chamber invited the CPIT Shanghai to bring in participation to Sri Lanka Investment and Business Conclave, an annual event organized by the Ceylon Chamber of Commerce to attract foreign direct investments to Sri Lanka. In response, the Chinese delegation also invited the Ceylon Chamber of Commerce to promote the ‘Belt and Road Brand Expo 2017’, a Chinese trade exhibition which will be held from December 8-10 at Shanghai Exhibition Center and organized by CPIT Shanghai in collaboration with several other Chinese organizations such as China Chamber of International Commerce, Shanghai Chamber of Commerce and World Trade Center Association, Shanghai.

Only a few large corporates are engaged in Sri Lankan exports and the government is keen to extend the list of exporters, said Minister of Finance and Media Mangala Samaraweera.

Speaking at the ‘Tech4Trade’ event yesterday, the Minister said that with this in mind the 2017 budget would offer a series of concessions to entice more SMEs to export. He said that under the Unity Government, the country regained the GSP Plus facility and also managed to lift the EU fish exports ban.

“This resulted very positively for Sri Lanka’s exports where there was an 82% increase in fish exports. In addition, there was 12.2% increase of apparel exports to EU last August.” “The government has also introduced several new tools such as Electronic Single Window and RMIS to simplify exports and this too would encourage more exporters. In addition, we will replace the ageing Customs Ordinance which was formulated in 1850 and also the Exercise Ordinance in 1912.”

Malik Samarawickrama, Minister of Development Strategies and International Trade said that Sri Lanka must be an economy that is driven by exports and private investment.

“A trade-oriented strategy is the only path towards prosperity for our people.”

“There is a growing sense that some people simply have not benefited from trade and globalization. Government has made skills development a top priority and is investing more towards it. The business-as-usual approach simply will not work anymore. “Our government has clearly identified innovation as a key policy priority, if we are to move our economy into high gear, make our enterprises more competitive and build resilience to the rapid global changes taking place.”

The Minister also noted that for every business, one day’s delay, that extra procedure, that time-consuming process, all adds up to business costs.

“It all adds to the cost of production, it all adds up to operating costs and it chips away at efficiency in the overall functioning of trade and the government is trying to correct this.”

“Improving trade facilitation will have the biggest impact on small and medium enterprises, which find it hardest and most costly to navigate through restrictive procedures and processes.”

“Trade finance continues to be a challenge, especially for SMEs, and we must do more to find technology-driven solutions for this.”

Minister also said that he was very impressed to learn that Australian banks have begun to pilot block chain trade transactions already. “I was also impressed that Australian fintech companies like Trade Ledger are helping SMEs obtain trade finance more easily.”

President Ceylon Chamber of Commerce Rajendra Theagarajah said that technology was important for businesses and systems like blockchain trade transactions helped banks to be better informed which can improve their financing of SMEs for trade.

Australian High Commissioner in Sri Lanka, Bryce Hutchesson said the Sri Lankan entrepreneur should invest more on technology like that the block chain which would reduce a lot of overheads for businesses.

He said that Sri Lanka has to concentrate more on exporters and the concurrent Australia and Sri Lanka bilateral trade too is at a low ebb of around one billion Australian dollars.

World Bank Country Representative, Idah Pswarayi-Riddihough said that Sri Lanka should try to reduce the trade transaction time.

“It takes a minimum of two days for Sri Lanka when it comes to clearing, while it is less than one day in both Vietnam and Thailand. “This also costs a uncalled for additional expense for them.”

Pix by Wasitha Patabendige

Sri Lanka should come up with a long-term policy on foreigners working in the island, said Anthony Watson, Country Manager, Sri Lanka and Maldives, Visa Worldwide (Pte) Limited.

He said that the tax on their earnings keeps on changing and this is not good. “We need a clear and long-term policy not only on earnings of foreigners, but also on other matters relating to work visas, work permits, income tax and other matters. We don’t know what is going to happen tomorrow.”

"If you take a country like Singapore, the laws on foreigners working there have not changed for decades."

He said that Sri Lanka also needs better places for entertainment, especially for kids similar to that available in Australia and other parts of the world. “Yes, there are hotels, but people need large entertainment areas in Colombo, where both kids and parents can relax and enjoy.”

"However, we are happy that the country has no terrorism and violence. He said that he is happy with the standard of education in Sri Lanka, especially for expat kids as there is a choice. Health care standards are also good, he said.

Commenting on Visa's operations in Sri Lanka, he said that the country is slowly but surely moving away from using cash and looking at other options.

Q: How do you rate Visa's operations in Sri Lanka?

A: Sri Lanka has seen a 15% increase in the use of credit and 11% in debit cards until July 2017, according to Central Bank figures. There are over 19.5 million cards in total in circulation in Sri Lanka.

Today, there are more than 18 million debit cards and 1.4 million credit cards in circulation, providing around 70 per cent of the population with access to a digital form of payment. Combined with 126 per cent mobile penetration (where one person could own more than one SIM), I believe Sri Lanka is well placed to become the first South Asian economy to truly transition into a digital economy.

Transactions done on cards last year sans cash withdrawals were Rs 290 billion and this number excludes cash withdrawals from 2016 and includes POS and e-commerce transactions as well.

As only less than 5% of transactions are done via cards, there is a lot of opportunity for the industry to grow. We see a greater shift from cash to cards, which is encouraging.

I must also say that last month, I travelled 1,168 km around the country on a three wheeler in the pursuit of going cashless and raising funds for charity, as part of the 2017 Pimp My Tuk Tuk Challenge.

This is the second year the Pimp My Tuk Tuk Challenge has taken place in Sri Lanka and in 2017 the journey saw 52 local and international riders in 26 tuk tuks raise more than US$250,000 for local charities across the country.

I feel extremely privileged to have been able to take part in this challenge, which has given me tremendous insight into the local communities across this beautiful country and the opportunity to give back by fundraising along the way.

The tuk tuk journey, consisting of a convoy of brightly painted three wheelers, delivered supplies and supported charity projects all the way from Chilaw to Trincomalee and Hambantota, finally winding up in Galle and Hikkaduwa, before returning to Colombo.

As the usage of smartphones and internet grows throughout Sri Lanka, so will the willingness on the part of consumers to embrace technology. Various business models and apps being used are going to change the landscape for payments in Sri Lanka. There is likely to be a surge of growth in digital payments in this manner.

Contactless payments are rapidly growing in popularity across the world and in Sri Lanka too, this segment is showing growth. In Sri Lanka, contactless payments began rolling out only in September 2016 and so far growth numbers across the first 12 months are growing rapidly.

Q: What are the new innovations that you see in Sri Lankan industry in this segment?

A: In addition to the shift to card payments, we also see more apps being created in the banking segment for customers to move to online and phone banking.

Today, movie tickets, transport and several dining options too are offered online and this segment is growing. This indicates the appetite of the people to move towards digital space.

Q: How do you see the Visa business in Maldives?

A: Here again we see increase in business and this is mainly driven by tourism.

Q: What is the best place you like to spend a holiday in Sri Lanka?

A: Firstly, I must say that the standard and services of the hotels are of very high quality. I like the Cultural Triangle and also Yala. I am also fascinated by the Trincomalee beach. Sri Lankan biodiversity is huge and is similar to that of Australia. But you can see different terrain in Sri Lanka in a shorter time.

I must also say that the attitude of Sri Lankans to help is in their DNA and this is really highlighted when people are in distress.

Once when our car broke down a ‘local’ came forward to our assistance and even went on his motorbike to the next garage to fix our vehicle problem, just for nothing. This is amazing.

Q: What do you miss in Sri Lanka?

A: It’s definitely the Australian cool beer and Aussie meat pie! 

Ensuring that every person has access to basic resources such as clean water and quality education will provide rural communities with a greater opportunity to reach their full potential, according to the Sustainable Development Goals of the United Nations.

However, a number of areas across the island lack access to clean water supply, sanitation and other infrastructure which naturally poses a threat to education and quality of life. The ensuing issue becomes one of national importance in helping to shape the futures of rural communities.

This has been an area of central focus for Fonterra Brands Sri Lanka, the company behind Anchor – who has aligned its social value generation efforts around creating happier and prosperous dairy communities.

Since 2014, Fonterra has completed over 82 projects in line with these goals. Through these projects, Fonterra has to date created a lasting positive impact for more than 50,000 people in rural dairy farmer communities, marked by its most recent water and sanitation project hand-over recently in Horana.

The new facility provided a sustainable solution for 1,512 students and 64 teachers of the Moragahahena Maha Vidyalaya, who previously had no access to clean water during the drought months of the year.

Director of Corporate Affairs at Fonterra Brands Sri Lanka, Dr. Athula Kahandaliyanage, said that the co-operative was committed to strengthening dairy farming communities.

“Ensuring our communities have reliable access to safe and affordable drinking water helps prevent waterborne and kidney diseases. In the long-term, clean water and sanitation will improve health, help the children of our farmers stay in school and provide better economic opportunities for their families.

“This is why we work in close collaboration with our partners Sarvodaya Shramadana Movement, Kansarmen Foundation and the community to identify initiatives that make a real difference today, and for generations to come,” said Dr. Kahandaliyanage.

Working in partnership with the Kansarmen Foundation, the School Development Society and the Past Pupils’ Association, Fonterra equipped the Moragahahena Maha Vidyalaya with a sustainable solution with an upgraded well, underground pipelines and pumps, and a brand new set of sinks.

Pathmasiri Jayasinghe, Zonal Education Director, who was present at the hand-over, said that clean water scarcity and inadequate sanitation negatively impacts farmer families in these areas, and this has been worsened by drought.

Speaking at the handover event, School Principal, S.C. Jayantha said, “It is with immense relief and joy that I convey my gratitude to Fonterra for taking on this project and providing our school with functioning water and sanitation facilities for our students and teachers.

“The new facilities enable us to keep our commitment to make this school a second home for our students, where we can provide them with access to resources for a bright and healthy future.”  

Ceylon Planters Society (CPS) held their 81st annual general meeting recently in Colombo and former Planter and former Editor Ceylon Planters Society Bulletin Lalin De Silva, was honoured for his efforts and outstanding contributions to the plantation Industry. Here De Silva is seen receiving his award from Speaker Karu Jayasuriya.

Sri Lanka’s leading provider of office automation solutions, John Keells Office Automation (JKOA), recently introduced the innovative 3D printer brand XYZprinting to the local market.

XYZprinting is the world’s leading desktop 3D printer brand, which makes 3D printing accessible and affordable to the public. It is dedicated to bringing cost-effective 3D printing to educators and classrooms, consumers and artists, small- and mid-sized businesses and households around the world.

“The introduction of the innovative XYZprinting 3D printer brand to Sri Lanka is a landmark event, enabling new horizons to open up for the local industry. Whatever preconceived notions you had about the capabilities of printers to date, be prepared for them to be shattered. With XYZprinting products, you now have a whole new, boundless world of creativity accessible to you,” Dinukshi Kirthisinghe, Product Manager, JKOA, said.

With proven industry expertise, XYZprinting has broken down the barriers of 3D printer ownership by providing an easy-to-use device that delivers an outstanding user experience, via a computer or a smart device.

XYZprinting products currently offered by JKOA include the daVinci range, encompassing the 3D Pen, the Color, the MiniMaker, the Mini WiFi, the 1.0Aand the 2.0A DUO, as well as the Nobel 1.0A, Nobel Superfine, the UV Curing Chamber and the 3D Scanner Pro.

The daVinci 3D Pen is a standalone device that allows kids and adults alike to create 3D objects or doodles without the need of computers or Computer-assisted Design software.

The daVinci Color is the world’s first full-color FFF inkjet 3D printer, with this technology patented by XYZprinting for the next 20 years.

Ready to go right out of the box, the daVinciMiniMaker and Mini WiFi are introductory, plug and play 3D printers for beginners. The daVinci 1.0A is an intermediate 3D printer for professionals, while the daVinci 2.0A DUO is also an intermediate 3D printer with the added advantage of two print heads in one machine to enable two materials and/or colors to be printed simultaneously.

Further, the Nobel 1.0A and Nobel Superfineare advanced 3D printers using SLA technology for prints needing extremely high resolution such as for jewelry and prints needing delicate details.

Compact and light-weight, XYZprinting 3D Scanner Pro allows easy movement around the desired target for no fuss scanning with no large, complicated equipment necessary. This product is the most versatile, lightweight, and affordable 3D scanner on the market right now.

XYZprinting 3D printers are great in catering to the following sectors: Education, for use with science projects, or arts and crafts; Medical, utilized for casts and prototyping bones, teeth, etc.;Engineering, when used in custom making parts for new inventions; Construction, for prototyping buildings, houses and apartments, to show customers prior to completion; and even in the creation of Jewelry.

Having over 270 young men and women conferred with qualifications from one of Australia’s most prestigious universities is surely a cause for celebration for Nawaloka College of Higher Studies, which held its third graduation recently.

Under the aegis of Minister of the State Minister of Finance, Eran Wickramaratne who was Chief the Guest, Special Guest Acting Australian High Commissioner Tim Huggins and the Deputy Vice Chancellor of Swinburne University of Science & Technology David Coltman, graduates following the Business and Science Engineering Foundation courses, as well as Business, IT and Engineering Diploma graduates proudly accepted their qualifications at a gala ceremony recent.

By February, they will all commence their second year of studies at the SUT at the campuses in Australia or Malaysia. 18 scholarships were awarded to high performing students to attend SUT, while 15 were felicitated with Top Awards, in recognition of their academic prowess. It’s a double celebration for NCHS given the record number of 270 graduates being conferred with their qualifications, the highest since inception.

Minister Wickramaratne said, “Private tertiary education has a vital role to play in educating Sri Lanka’s youth. It provides a variety of qualifications that would otherwise be unavailable to many Sri Lankans. Higher education is no longer optional for young people and meeting its growing demand is a challenge.” He congratulated NCHS for making a good quality education available to more young people saying it was a great service to this country.

Chairman of NCHS, Jayantha Dharmadasa augmented the Minister’s words by stating that NCHS has always endeavoured to support the government in developing bright young people who will take the mantle of development forward. “We are proud to have been an active contributor to the country’s knowledge based economic growth through our education system. At a time when there is a great demand for higher quality education which meets challenging global competition NCHS has taken many steps in fulfilling this macro national agenda.”

Commending both SUT and NCHS for successfully delivering a world class qualification from Australia, Tim Huggins reflected on the young people’s commitment to academics, saying, “You have demonstrated ability and readiness to acquire the knowledge and skills that will enhance your career prospects and prepare you for new challenges.” David Coltman added to the Special Guest’s thoughts, stating, “At Swinburne we encourage our students to embrace the notion that we are all learners for life. Your graduation will not represent an end-point to your educational adventures.”

NCHS is a venture of the highly reputed diversified conglomerate Nawaloka Holdings, which has a strong presence in the Hospital, construction, manufacturing, trading, lubricant and aviation sectors. Focusing on delivering excellence in education with the highest international standards, reflected in the prestigious university qualifications offered via a distinguished faculty via a modern state-of-the-art learning facility with a supportive study environment, NCHS has inked partnerships with Swinburne University Australia and California State University Monterrey Bey, USA and due to high demand, has a regional office in Kandy to facilitate central province inquiries from the central province. Collaborating with SUT, NCHS offers diplomas in Business, IT, Engineering and Health Science and Foundation programmes in Business Engineering.

(DJ)

Food and Nature (Pvt) Ltd, the pioneers of the Sri Lankan Herbal Tea industry in Sri Lanka has been conducted its Fadna Arunella Health Camp at the St. Joseph's Church Jubilee Hall, Uyana Road, Moratuwa in collaboration with the Lions Club of Moratuwa and Legion of Mary - Uyana Presidium recently. The 'Fadna Arunella' campaign in Moratuwa, was the 26th of island-wide health clinics sponsored by Food and Nature (Pvt) Ltd which are aimed at raising awareness about danger of diabetes and ways of preventing the disease.

Hundreds of participants were offered free blood check-ups as well as eye check-ups during the event while personal medical consultations were also provided for further to discuss health issues of concerned individuals.

Participants were also advised on taking precautions in order to prevent from diabetes and other non-contagious diseases. The company is in the process of conducting this valued programme in many areas of the country and the next 'Fadna Arunella' health clinic could be organized at your village, city or institution. 

The Association of Banking Sector Risk Professionals of Sri Lanka together with the Association of Compliance Officers of Banks organized a Forum on Cyber Security and Trusted Cloud, Data Sovereignty and Blockchain recently.

In his keynote address, Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka (CBSL), reiterated CBSL’s commitment to support digital transformation in the financial services industry and highlighted the need to focus on cyber security. Regional experts from Microsoft showcased the secure technologies available to the industry to transform products and processes, so that they can better serve customers in the digital era.

In line with its commitment to caring for its customers and adding greater value to their lives, Sampath Bank announced that is distributing over Rs.100 million in medical benefits to Sampath Sanhinda Saver account holders.

This is the highest value of medical benefits being awarded in a given year by Sampath Bank under the Sanhinda Saver account. The Bank has been awarding such benefits to Sanhinda Saver account holders based on their annual average account balance for 9 consecutive years, from 2009. They are just one of the many privileges offered by the account.

Sampath Bank has designed the Sanhinda Saver account from the ground up to specifically meet the needs of its esteemed customers who are over the age of 55.Account holders receive a higher rate of interest,with interest payments being made twice a month.Additional interest is paid for foreign currency (USD) savings accounts.The Bank also offers them a host of deals and discounts at several leading hospitals, pharmacies, medical labs and other merchant partners.

SanathAbhayaratne, Assistant General Manager, Deposit Mobilization, Sampath Bank PLC, said, “At Sampath Bank, we take great pride in being a truly Sri Lankan financial service provider. We have always strived to live by the nation’s values and belief systems and incorporate them in everything we do.

Inspired by our society’s regards for elders and the tradition of caring for them when they get older, the Sampath Sanhinda Saver account is tailored to meet the unique needs of customers over the age of 50.It offers account holders a host of benefits and privileges that are aligned to their lifestyle. Thanking them for placing their trust in Sampath Bank, we are delighted to offer over Rs.100 million in medical benefits this year, the highest ever in our history.”

Sampath Bank has also launched the Sanhinda Medical Benefit Card to enable Sanhinda Saver account holders avail their rewards and benefits with greater ease. Coming in place of the Sanhinda vouchers currently in use, the cards bring in greater convenience and security.Unlike the vouchers, account holders will now be able to pay out only the specific amount they need from the total value of benefits available in their card using the new Sanhinda Medical Benefit Card.

While the cards will be valid for 5 years from the date of issue, the benefits being distributed currently are valid until 28th February 2018.

“We are constantly looking for more ways in which we can add value to our customers and provide them with greater conveniences. The Sanhinda Medical Benefit Card will simplify the process of obtaining medical benefits and make the lives of our Sampath Sanhinda Saver account holders easier, allowing them to spend more time enjoying their golden years,” said Nadi B. Dharmasiri, Head of Marketing, Sampath Bank PLC.

The Sampath Sanhinda Medical Benefit card can be used to make payments for selected medical services at Asiri Group of Hospitals, Central Hospital, Durdans Hospital, Hemas Hospitals, Nawaloka Hospitals, Lanka Hospitals, Philip Hospital (Kalutara), Nawinna Medicare, Northern Central Hospital (Jaffna), CDEM Hospital and Singhe Hospitals (Rathnapura) as well as their selected laboratories, Metropolis Healthcare Lanka and at Vision Care Opticians.

It is also accepted at the pharmacies located at Hemas Hospitals and Northern Central Hospital (Jaffna) and at Harcourts Pharmacies.

The world’s largest computer hard drives manufacturer, the Western Digital Corporation recently partnered with Eternal Asia Lanka (Pvt) Ltd to distribute computer hard drives and related digital products at a launch ceremony held in Colombo.

The USA-based computer data storage company Western Digital Corporation is one of the largest manufacturers of computer hard drives in the world.

Speaking at the launch, Eternal Asia Business Development Vice President Derek Chua said Western Digital hard drives have retained a coveted position as the number one hard drive in the world.

He said his company partnered with Eternal Asia Lanka in 2014 considering the massive growth in the country’s IT sector.

He said reliable and comprehensive warranty is offered to all customers when purchasing Western Digital products.

Eternal Asia Lanka (Pvt) Ltd is a subsidiary company of Eternal Asia (S) (Pvt) Ltd, a Singapore-based IT solution distribution firm that operates distribution network channels in several Asian countries including Malaysia, Indonesia, Thailand, Philippines and Vietnam.

“We have over 400 employees in these South Asian countries and in Sri Lanka we have 18 employees."

Eternal Asia also has a fully fledged cost effective distribution channels including system integrators, retailers, large format chain stores, hypermarkets, telecommunication channels, camera channels, online stores and many other solutions providers to market their products.

India and South Asia Distribution Manager Sandiip Maheshwri, National Manager Anand Pandit, National Manager Pankaj Nagpal, Marketing Head Kinny Nayyar and Sales Manager Navin Prasad were also present.

East West Properties PLC has appointed Nishantha Priyanjith Sooriyaarachchi, an Executive Director of the company, as its new chairman, with effect from October 24.

Former Chairman Nahil Wijesuriya will remain an Executive Director.

Wijesuriya recently also transferred his majority stake in East West Properties PLC, which has a subsidiary operating a Marriot hotel in Weligama to his two sons and daughter. This was a Rs.1.1 billion deal.

Following the transaction, Vajira Wijesuriya has 21.3 percent stake in East West Properties, Vijitha Wijesuriya has 25.83 percent stake and Anika Wijesuriya has 21.55 percent stake.

From October 16-19, the United States Agency for International Development (USAID) strengthened partnerships between organizations and local humanitarian response by co-hosting more than 140 participants from 36 countries in Colombo for the Forum on Localizing Response to Humanitarian Need and the Role of Religious and Faith-based Organizations.

The Forum was held from October 16-19, representing local and global faith networks, faith-based and secular organizations, aid agencies, policy makers, and governments, participants discussed how “going local” through community and faith-based actors and networks can improve aid to communities experiencing natural and man-made disasters.

Speaking at the event, USAID Mission Director for Sri Lanka and Maldives, Dr. Andrew Sisson, noted USAID Sri Lanka's long history of working directly with local organizations, both faith-based and secular. “By engaging local communities we gain a deeper understanding of people’s perceptions and needs, of their context, and as a result there is a higher likelihood of finding effective and sustainable solutions.”

“A few years ago, localization became a key pillar of USAID’s sweeping reform agenda, whereby we work to increase the effectiveness of our development programs by finding local solutions and partnerships whenever possible,” he further stated.

The three-day event addressed challenges, shared best practices, and offered evidence-based recommendations to improve humanitarian aid. Topics included conflict and peace-making, disaster response, refugees and forced migration, disaster risk reduction and resilience, gender-based violence, and children and health. The participants highlighted the significance of women’s involvement across faith networks in all aspects of humanitarian work.

At the end of the Forum, participants took home a unified Call to Action that specified key actions at global, national, and local levels. It also identified entry points for other humanitarian actors and partners to engage in the work of local faith actors. One recommendation was to develop more opportunities to share models and best practices, capture validated experiences, and advocate with governments. Another was the need to financially support local organizations, including local faith communities, so that they can be on the front lines of humanitarian response, and to bring diverse communities together in disaster-preparedness.

This forum, co-sponsored by USAID, was organized by the local host committee chaired by the Venerable Banagala Upatissa Thera, Chairman of the Mahabodhi Society, and Reverend Ebenezer Joseph, leader of the National Christian Council, with representation of every Sri Lankan faith and the international Partnership for Faith and Development planning committee.

E-W Information Systems Limited, recently announced that the company has launchedthe new EWIS T800RG - Sri Lanka’s very first rugged device – specially manufactured for rugged use such as the requirement of the fisheries industry in Sri Lanka.

This launch is well timed with the Sri Lankan government’s vision of adapting the international fisheries policy of the European Union through the introduction of the latest technology to the local fishing community and the fisheries industry.

Speaking at the ceremony at which the distribution of these mobile devices was launched with the issue of 20 units to fishermen as a symbolic gesture, Mahinda Amaraweera- Minister of Fisheries and Aquatic Resources stated that “It is indeed an historic moment for us as we implement technology into the Fisheries Industry of Sri Lanka – a first within this region. It has been the vision of the government of Sri Lanka to create a digitally inclusive nation, embracing technology and implementing IT to all industries”.

This all new EWIS T800RG device has been manufactured under the IP code 67 (International Protection Marking IEC standard 60529) which means that the device is protected against access to hazardous particles such as dust and the effects of temporary submission in water – for about 30 minutes in 1m depth of water-resulting it being the ideal device for every Sri Lankan fishermen considering the time spent at sea, travel distance, working hours and work methods.

Further the company confirms that the EWIS T800RG has undergone stringent testing methods – thus proving that it is dust proof, water proof and most importantly contains anti corrosion particles which makes the device sea worthy.

“As a pioneer and only original device manufacturer in Sri Lanka, we are constantly looking for opportunities to identify and satisfy various needs of our customers. Once such need has been identified, we take pride in introducing products and services that makes their lives easy – offering them the latest technology, affordable product mix, backed by our superior after sales service and extensive customer service outlets located across the country” stated Sanjeewa Wickramanayake – Chairman, E-W Information Systems. “With the EWIS T800RG device, our Sri Lankan fishermen can now have close contact and proper communication with land reducing the risk factors they encounter at sea”.

The EWIS T800RG device comes with Intel Atom processor, 2GB/32GB RAM storage, 8” screen, 2MP+5MP camera, micro SIM slot, micro SD Card, USB port, touch screen and wireless compatible.

The device is also 4G enabled and has full strength in terms of signals. The tabs come with a Lithium – ion polymer battery (8500mAh/3.7V).

The device comes with an inbuilt GPS system, which helps track the location of the trawler.

The proposed solution tracks and stores important information such as type of fish caught, place of catch, ideal location for fishing, full harvest of a fisherman which assists them in terms of direction and management of their time when they visit the same location for a second and third time.

It also helps the fishermen at sea, communicate with land, passing on details regarding their daily catch, reducing the lead time taken to transport the harvest to various markets by eliminating time taken to sort and segregate the daily catch, identify requirements of the various markets and the follow-up of transportation. With this solution, the whole process can flow efficiently, eliminating bottle necks and wastage.

OpenArc, headed by Daya Hettiarachchi recently signed an agreement with Abans Finance.

This was to replace the entire software solution implemented by OpenArc at Abans Finance many years ago, with its brand new Core banking software solution popularly known as ‘SkyBank’ together with its digital Banking Front end, SkyDBF and mobile payments platform ‘SkyPay’ which will lead pathway to build a cash-less, card-less society in Sri Lanka in the future.

OpenArc, being one of the leading technology group of companies specializing in Commercial Software products development primarily in the Banking & Finance sector, IT Education and Industrial Automation recently launched its new core banking software solution known as SkyBank 2017 along with FinTech app solution for mobile payment enabling every citizen to do their financial transactions through their mobile phones.

This means you as a citizen irrespective of the Bank or Finance company where you keep your money, your payment transactions can be done using your mobile phone, which will be linked to your bank accounts. Imagine a society without hard cash, credit cards, debit cards, prepaid cards and even Banks without ATM machines.

This can happen one day in the mobile world with its ever-advancing technologies, features and reliability of mobile phones as a day-to-day tool that can execute any financial transaction.

Daya Hettiarachchi, founder Chairman and Chief Executive officer of OpenArc Systems Management (Pvt) Ltd talked very passionately, about the ‘cashless society’ where you and I will be heading in the near future.

With this solution, all the customers of Abans and citizens of this country should be able to experience truly Digital Banking services such as opening of Bank Accounts, making Deposits and Withdrawals, Funds Transfers, Loan payments etc., using mobile phones without having to go to a Bank branch. Further, it will allow them to make any kind of payments to merchants, utility companies, banks and finance companies, ecommerce purchases through websites, payment of traffic fines etc., using the smart phones connected to their bank accounts.

Unlike mobile wallet solutions presently available in the market place, this solution will give a more convenient service to customers and it will seamlessly integrate with all the Banks and Finance companies in the country using interbank settlement systems implemented by Lanka Clear, the Chairman and CEO of OpenArc Daya Hettiarachchi said.

OpenArc now offers this SkyBank, SkyDBF and SkyPay and other next generation software tools such as SkyBI Business Intelligence and data analytics tool to all existing clients of the company who are using the previous product namely ‘InBank’. OpenArc SkyBank offers all the modules that are required by any finance company for the full operation such as Loans, leases, Hire Purchase, Savings, Deposits, Micro finance and integrated General Ledger.

It is a bundled total solution with Core Banking back-end, Digital Banking Front-end with mobile Apps, Mobile Payment platform, Business Intelligence and Data Analytics with information Dashboards that can be disseminated through Internet browser.

It comes with unlimited user licenses of database that too will be maintained by OpenArc without having the customer to work with a third party for database support.

OpenArc invites all existing clients of its previous software solution, namely InBank, to replace their systems with this most futuristic software solution.

This solution is not only provided under easy-payment scheme but also through a revenue sharing partnership making the IT operation of our clients a profitable new business venture for them; Daya Hettiarachchi explained the company commitment and dedicated long-term service partnership of OpenArc to its clientele.

With SkyBank product suite, OpenArc has started its regional marketing campaign and very soon will be present in the Asian countries such as Bangladesh, Myanmar and other countries in the Mekong range; he concluded expressing the company vision and its future expansion programme.