business Sri Lanka

March 17, 2018 was a ‘Blue and Gold’ day to the beautiful Southern coastal city of Matara as Rahula College pledged its pride and solidarity decorating ground, sky and waters in their school colours with thousands of Rahulites, young and old re-united at the ‘Walk for Rahula’ Blue and Gold Parade.

The Rahula OBA organized the event with the blessings of Rahula College Principal Francis Welege, staff, students, old boys and well wishers. Present and old Rahulites walked with grace as a gesture of gratitude towards their alma mater while showcasing the strength of brotherhood. The project is a fund raiser to make the ‘2020 Vision Rahula’ a reality.

Picture courtesy: Vevra

Global Vinyl Limited (GVL), the pioneering Vinyl flooring and synthetic leather manufacturer in Sri Lanka recently won widespread recognition at Architect 2018, receiving the Certificate of Appreciation in the PVC flooring products category for plank sheet flooring solutions.

Tokyo Cement Company (Lanka) PLC rewarded their Top Dealers for outstanding performance at the Annual Dealer Convention held on March 17, at the Cinnamon Grand Colombo. City Hardware & Stores from Jaffna won the Grand Prize for Best Dealer 2018, while Ancheneyer Cement & Hardware Dealers, Batticaloa and Ahila Hardware, Batticaloa were awarded 1st and 2nd Runner-Up positions respectively.

Dipra Engineers a leading multi – disciplinary engineering company, has extended their business by establishing a new division for construction equipment for the civil sector.

The product range includes fully Hydraulic and manual tilting concrete mixers, Oil bath type Tamping Rammers, Plate Compactors, Power trowel machines with additional attachments for floor finishing reducing skilled labor requirements, Asphalt and floor cutting machines, Poker Vibrators with the patented “Ergoviplus” solenoid switching system, Mechano / Electrical Bar bending machines and Electric Construction hoists which are originally fabricated in “Fastverdini, Altrad Italia & TRIAX”, Italy.

“Dipra Engineers” with specialized expertise in manufacture of Material hoists, since 1999 further expanded into numerous fields in Supply, Installation and Commissioning of Wood fired, Diesel, and Electric Steam Boilers, a wide range of Escalators, Passenger lifts and Home lifts, EOT Cranes, Hydraulic lifters, Dock Levelers, a full range of Manual and Electric Hoists, Construction Hoists, Dockyard ship building shed travelers, Car parking systems, Dumbwaiters and Wheel chair lifts to the nation.

“We have thousands of Lifts installations under our belt, which includes very quality conscious clients like the Central Engineering Consultancy Bureau (CECB), the Central Engineering Services Limited (CESL), top end private sector civil / mechanical contractors, and even the Head Office lift of the Sri Lanka Institute of Architects (SLIA),” said Managing Director, Dipra Engineers, D. D. Anton.

The equipment’s are durable, superior and have an outstanding “value for money” proposition for all contractors who are hamstrung by skilled labor shortages working under time constraints and the threat of contractual liquidated damage clauses in agreements.

Dipra Engineers provides strong warranties on all their equipment’s and credit facilities for Construction equipment product range, through banks. Considering the growth rate of the construction sector of the country, they believe that their range of construction equipment will be a natural choice in contractor’s armory of equipment.

“We are equipped with the best quality products. Though the market is advanced and competitive, we are qualified to work and achieve the market considering our challenges very positively,” CMO of Dipra Construction Equipment Pvt Ltd Sufi Dole said.

The team Dipra offers excellent after sales service through fully trained technical staff with the back support of maintenance management systems. They meet specific needs of each range of customers.

Through prudent planning, dedicated work, and technical expertise coupled with “customer – centric” culture, Dipra moves forward in lifting the bar towards greater consumer service excellence.

a

Idea Group Limited that offers revolutionary roofing solutions and interior decorating solutions to Sri Lankans and international buyers recently bagged three awards at two special occasions.

The company received two awards at the ‘A18’ exhibition organized by the Sri Lanka Institute of Architects held at the BMICH. The award categories were Merit Award for Best Innovative and Informative Trade Stall and Product Award for Roofing Category.

The third award was conferred to Idea Company at the ‘Kedella” trade exhibition which is considered to be the number one trade exhibition in the country as regards house building and beautifying.

CEO/Managing Director, Idea Group Limited Sampath Mayakaduwa said; “Idea Company is dedicated towards creativity and innovation. Therefore our stalls at local and international tradeexhibitions stand-out from the clutter, offering innovative and productive solutions to people”.

“Our Company’s instinctive, creative and innovative nature brought the two awards to us at the SLIC. Idea Company was also recognized at the ‘Kedella” trade exhibition simultaneously. The dedication and creativity of our workforce led us to archive these feats and I’m grateful for their immense commitment”.

In 2012, Idea group diversified its business periphery to unveil ‘SIVILIMA’ network of showrooms. Within five years, SIVILIMA became a top-of-the-mind brand and a household name.SIVILIMA having over 400 showrooms throughout the islandis the largest network of branches a Sri Lankan company possess which caters to people of diversified social status. Moreover, SIVILIMA brand of Idea Group Limited was conferred with the ‘Best Innovative Brand of the Year’ Gold award at the 16th ‘SLIM Brand Excellence 2017’.

Being a socially responsible business, SIVILIMA provides domestic and commercial markets in the country with an array of green-oriented products. Technical plans of SIVILIMA product range owning 42 Patent licenses are significant.

Under the SLIVILIMA brand, i-Panel and i- Roof and an array of other related products are manufactured. Idea Group Limited factory situated in Katana is the largest factory in the South Asia that produces ASA Polymer thatching sheets.

Idea Group being a diversified entity also deals in hospitality trade and construction and Information Technology spheres in the country.

Team Phoenix from the University of Moratuwa were adjudged the winners of the inaugural SLASSCOM 4iR Hackathon at the grand finale of the event that was held at the Kingsbury Colombo recently.

Organized by the Sri Lanka Association of Software and Service Companies (SLASCOM) in partnership with Virtusa and Virtusa xLabs, the event sought to encourage innovation and entrepreneurship among Sri Lankans and help startups in the country embrace the 4thIndustrial Revolution. Promoting team building and planning, this ‘First in Sri Lanka’ event allowed both university students and industry professionals to ideate, prototype and present solutions to a panel of industry leaders and investors.

The winning team comprising four students from the Faculty of Computer Science and Engineering at the UoM, wowed the judges with their invention of a wearable which uses IoT and machine learning technologyto track and compile foot pressure data to predict symptoms related to diabetes. They walked away with the grand prize of Rs.500,000.

The four runners up – The TeamName (University of Moratuwa), Tekto (Independent), Scorpion (University of Moratuwa), and Hash Beats (University of Moratuwa) – received cash awards of Rs. 100,000 each.

31 teams comprising of a total of 3-5 young digital disruptors eachtook part in the first round that was held at the Taj Samudra on the 17th and 18th of March. The teams developed solutions based on Artificial Intelligence (AI), Blockchain, Machine Learning, Deep Learning, Robotics Process Automation (RPA), Internet of Things (IoT), Augmented / Virtual / Mixed Reality (AR/VR/MR) and Microservices over a 24 hour period.The teams benefitted from the live feedback offered by mentors from SLASSCOM and Virtusa who were on hand.

A panel of judges picked 14 projects for the finals based on the teams’ presentations.These finalists then presented their solutions to the final panel of judges from SLASSCOM and Virtusa Senthilkumar Ravindran, Executive Vice President – Global Head of xLabs, Virtusa; Stephen Holmes, Vice President – FinTech Lab, Virtusa; Chandika Mendis, Executive Vice President, Virtusa, Naresha Supramaniam, Senior Vice President – Delivery, Thushera Kawdawatta, Vice President – Technology, Virtusa; Chamindra De Silva, Vice President – Technology, Virtusa, Jagath De Silva, Senior Director – Delivery and Harindu Abeygunawardena – Director , SLASSCOM.

FlySmiLes, the frequent flyer programme of SriLankan Airlines, has relocated its Service Centre, in order to provide an enhanced service to its members in Sri Lanka and around the world.

The new FlySmiLes Service Centre is located at Iceland Business Centre Sri Uththarananda Mawatha, Colombo 03 (Colpetty). It is open for business from Monday to Friday from 0830-1700 hours, including Public and Mercantile holidays.

The FlySmiLes Call Centre can be contacted 24 hours a day on 0197333333. FlySmiLes also maintains a 24 hour operational office at Bandaranaike International Airport’s departure terminal.With the commissioning of the new centre, the existing FlySmiLes Centre at Colombo’s World Trade Centre will cease operations.

For the convenience of its members, FlySmiLes also has a state-of-the-art mobile app, as well as its website www.srilankan.com/flysmiles, where members can avail themselves a wide range of services that include redeeming of tickets, special promotions on SriLankan Airlines and FlySmiLes partners.

Sri Lanka’s National Carrier operates a route network of 105cities in 47countries from its hub in Colombo, with a fleet of modern aircraft with the latest comforts such as flatbeds in Business Class and sophisticated in-flight entertainment, to complement its world class service that is famed for caring and warmth. In addition oneworld alliance will provide seamless links to over 1,000 cities in 160 countries.

John Keells Holdings PLC (JKH) won the Platinum Award at the Women in Logistics and Transport (WiLAT) Sri Lanka’s “HeforShe” Awards on Friday March 23rd 2018.

WiLAT Sri Lanka, in pursuing their mission to empower women in Logistics and Transportpartneredwith UN Women’s“HeforShe” programme to provide an opportunity and framework for corporates in the transportation industry to demonstrate leadership on gender equality and invited 10 top corporates including JKH, as IMPACT Champions, to sign the CEO Statement of Supportas apledge towards this cause.

In 2018, as part of the 5th year anniversary celebrations WiLATcarried out a survey among these10 corporates and invited them to take part in the “HeforShe Awards Survey”, to showcase their initiatives in the work place towards gender equality.

JKH won the Platinum Award in recognition its commitment as an equal opportunity employer with not only policies and processes that are in place to support gender equality, and nondiscrimination in the workplacebut also their CSR initiatives to empower of women in Sri Lanka. The criteria for judging by an independent panel included the areas of Recruitment & Retention, Work/Life Balance, Professional Development & Empowerment, Professional conduct & due care, Mentoring & Recognition.

‘HeForShe’ is a global solidarity campaign for the advancement of women, initiated by UN Women. Its goal is to achieve equality by encouraging men as agents of change and act against negative inequalities faced by women. Gender equality is an issue that affects everyone, socially, economically and politically. 

The U.S. economy grew at a 2.9 percent annual rate in the final three months of 2017, the Commerce Department said Wednesday. That's slightly faster than the previous 2.5 percent growth estimate, but slower than the 3.2 percent pace of the third quarter.

Overall, the economy grew 2.3 percent last year, compared with 1.5 percent in 2016. That's well below the 3 percent or higher that the Trump administration is targeting.

The solid fourth quarter was fueled by strong consumer spending, which grew 4 percent — its fastest pace in three years. Gross domestic product growth would have been even faster if consumers hadn't spent so much on imports, which subtract from domestic growth.

Economists say growth is expected to slow in the current quarter but speed up later this year, boosted by tax cuts and higher government spending.

Last week, Federal Reserve Chairman Jerome Powell said the economic outlook has strengthened in recent months. He cited the stimulus offered by the big tax-cutting bill and said "ongoing job gains are boosting incomes and confidence," while global economic growth "is on a firm trajectory."

Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, was revised up to a 4.0 percent rate in the fourth quarter from the 3.8 percent pace reported last month. That was the quickest pace since the fourth quarter of 2014 and followed a 2.2 percent rate of growth in the July-September period.

Imports grew at an upwardly revised 14.1 percent pace instead of the previously reported 14.0 percent rate. That was the quickest pace since the third quarter of 2010 and overshadowed a rise in exports driven by weakness in the dollar. (CNBC) 

Hong Kong has become more “China-centric,” enabling Singapore to take the lead when multinational companies look to set up their Asian headquarters in the region, according to the country’s Economic Development Board.

With Hong Kong becoming more focused since 1997 on servicing the massive Chinese economy, it’s given Singapore a leg up as a hub for companies’ Asia-Pacific operations, said Beh Swan Gin, chairman of the EDB, a government agency that helps attract investment to the Southeast Asian city.

“The importance of China to the Hong Kong economy has grown disproportionately,” Beh said in an interview with Bloomberg on Tuesday. “If you’re a company that’s thinking about coordinating, managing your activities across Asia, then Hong Kong becomes, I suppose, more and more China-centric and it becomes perhaps less suitable for those activities.”

About 37,400 international companies base their operations out of Singapore, including 7,000 multinational corporations, with more than half of those running their Asia-Pacific businesses from the city state, according to the EDB website.

“The numbers speak for themselves,” he said. “More companies are now having their APAC headquarters, or at least APAC non-China headquarters, in Singapore.”

Beh said he sees Hong Kong continuing to “grow in importance,” and that companies looking to tap the Chinese market will probably consider Hong Kong, along with Shanghai or Beijing, to base those operations.

Hong Kong is still a leader when it comes to financial activity, boasting the world’s fourth-largest stock market. While Singapore’s is a fraction of the size, it’s the largest in Southeast Asia.

Beh sees Singapore’s lead as a magnet for multinationals continuing to widen as it bills itself as an innovation-led economy, attracting investors with its strong spending on research and development, a still-generous tax regime, and targeted labor laws.

“We’re a small country -- we’ll never be a self-sufficient Silicon Valley that constantly just generates from within,” Beh said. “We believe we’ll always need to attract industry leaders from outside.”

Read More From the EDB Chairman’s Interview: Asia as Silver Lining in Trade War

Singapore’s government spends the equivalent of about 1 percent of gross domestic product on research and development, while the private sector contributes about 1.3 percent of GDP, said Beh. (BBC)

Authorities are focused on raising the overall R&D expenditure to about 3 percent of GDP, in line with other small, innovation-focused economies like Sweden and Switzerland, Beh said. Switzerland tallied about 3.4 percent in 2015 while Sweden was at 3.3 percent, according to figures from the Organisation for Economic Co-operation and Development.

Businesses scored an extra incentive from Singapore’s 2018 budget to boost that spending: The tax deduction for R&D project costs and consumables was raised to 250 percent from 150 percent.

While some, particularly smaller, firms have reported difficulty in hiring staff amid stricter rules for foreign workers since 2011, Beh said he’s confident that hasn’t hurt Singapore’s competitiveness. The government’s focus on attracting higher-skilled labor is more in line with the kind of businesses that Singapore wants to have based in the city, he said. (Bloomberg)

Pakistan is depleting its dollar reserves at the fastest pace in Asia and may soon have a buffer that’s smaller than Cambodia, an economy that’s less than a 10th of its size, reported by Bloomberg.

Reserves have dropped by about a fifth in the past year to reach $13.5 billion in February, while in Cambodia they’ve increased a third to $11.2 billion in January, according to data from the International Monetary Fund. Pakistan’s reserves are expected to drop as much as $2.2 billion by June, according to Insight Securities Pvt.

Pakistan is facing a balance of payments crunch. Its current-account deficit has ballooned by 50 percent in the past eight months to $10.8 billion, fueled by rising imports as the economy grows close to 5 percent and Chinese funders add new power plants. With reserves coming under pressure, authorities devalued the currency for the second time in four months last week.

“Your hot money capital inflows are not coming in. Real conditions of the economy are that exports are not picking up,” said Turab Hussain, head of the economics department at the Lahore University of Management Sciences. “Bangladesh are the ones that are a stronger economy now.”

Once known as East Pakistan before being separated in 1971, Bangladesh’s reserves are now more than double those of Pakistan’s, with exports that exceed its South Asian counterpart. Both nations as well as Cambodia are competitors in global textile markets.

New Zealand and Kazakhstan are among other Asia Pacific countries with smaller economies but more reserves than Pakistan, according to data compiled by Bloomberg.

There’s no respite seen for Pakistan’s reserves with authorities deciding not to sell global bonds this month because of rising global interest rates. Zubair Ghulam Hussain, chief executive officer at Insight Securities, is forecasting a decline in reserves even after factoring in $2.5 billion in borrowing and excluding inflows from a planned tax amnesty that’s scheduled to be announced this month.

“There is no easy fix,” said Uzair Younus, a South Asia director at Washington-based consultancy Albright Stonebridge Group LLC. “The solution lies in improving the business climate” to attract greater foreign direct investment inflows and implementing reforms to make exports more competitive globally, he said. (nation.com.pk)

The Indian economy grew at five quarter high of 7.2 percent in the October-December period reflecting overall recovery due to good show by agriculture, manufacturing, construction and certain services.

The economy is expected to grow at 6.6 per cent in the current fiscal ending 31 March, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1 percent in 2016-17.

India's third quarter growth numbers beat all estimates with the GDP comin in at 7.2 percent which was not according to the polls and opinions given by the experts. Most of the economists had expected GDP will grow in the range of 6.5 to 6.9 percent.

The GDP number for October - December quarter at 7.2 percent is much better than what the stock market had expected. FY18 GDP estimate revised upwards to 6.6 percent from earlier 6.5 percent.

In third quarter, manufacturing GVA growth was at 8.1 percent as against 6.9 percent in preceding quarter and similar figure was in the corresponding period last year.

Agricultural GVA rose by 4.1 percent against 2.7 percent in precedig quarter and 7.5 percent in year ago quarter.

Construction showed a 6.8 percent growth compared with 2.8 percent growth in preceding and year-ago quarter.

India's fiscal deficit touched Rs 6.77 lakh crore at the end of January, 113.7 percent of the target for the entire fiscal, on account of higher expenditure.

The fiscal deficit, reflection of government borrowings to meet revenue-expenditure gap, was 113.7 percent in the 10-month period of 2017-18 as compared to 105.7 percent in the year-ago period.

Fiscal deficit had been pegged at Rs 5.33 lakh crore, or 3.5 per cent of the GDP, for the current fiscal ending 31 March. The figure was revised to Rs 5.95 lakh crore in the Union Budget 2018-19, presented in Parliament earlier on 1 February.

As per data released by the Controller General of Accounts (CGA), the revenue deficit during the April-January period of 2017-18, at Rs 4.80 lakh crore works out to 109.2 pr cent of the revised budget estimate.

(www.firstpost.com) 

The International Monetary Fund has just released the findings of its Article IV consultation with Myanmar in which it welcomes the country’s economic rebound but cautions about the downside risk.

Myanmar’s economy stabilized in 2016/17 said International Monetary Fund (IMF). However, the IMF says that Myanmar is improving but there are gray areas.

Following is the release of the finding of IMF study done by the Executive Board of the IMF in consultation with Myanmar.

The new government saw a challenging first year with lower-than-expected growth of 5.9 percent in 2016/17 mainly due to weak agriculture production and exports, and temporary suspension of some construction projects in Yangon. The fiscal consolidation to about 2.5 percent of GDP deficit in 2016/17, from the election year deficit of about 4.5 percent of GDP, helped to reduce central bank financing of the deficit and imbalances. Inflation moderated to 6.8 percent, and the current account deficit fell to about 3.9 percent of GDP in 2016/17 from 5.1 percent 2015/16. The current account deficit continues to be mainly financed by FDI, with the real exchange rate and international reserves (at 3.2 months of prospective imports) broadly stable.

The medium-term macroeconomic outlook remains favourable. Growth is expected to rebound to 6.7 percent in 2017/18 mainly supported by a recovering agriculture sector and exports. Higher fiscal spending anticipated in the second half of 2017/18 due to buoyant tax revenues will also support growth. While the direct economic impacts of the humanitarian crisis in Rakhine State have been largely localized, the social costs and full impacts of the crisis are yet unfolding.

Over the medium term, growth is expected to gradually pick up toward the estimated potential rate of about 7.0 percent to 7.5 percent, reflecting continued large FDI inflows and an improvement in public investment spending and efficiency.

Risks are tilted to the downside. The banking sector needs to adjust to important new prudential regulations after a period of rapid credit growth. The humanitarian crisis in Rakhine state could affect development finance and investor sentiment. Additional risks stem from commodity prices, potentially volatile global financial markets, exposure to spillovers from China, and the risk of natural disasters. On the upside, implementation of a more detailed strategic reform plan and higher infrastructure investment would raise potential growth.

Executive Directors welcomed the rebound in Myanmar’s economy and its favorable long‑term growth prospects. However, downside risks have increased, including from the humanitarian crisis in Rakhine State. Expressing their strong concern, Directors highlighted the need for early and tangible progress toward peace and regional inclusion, to improve conditions in affected areas and to realize Myanmar’s strong potential for inclusive growth.

Directors also called for a second wave of reforms to help sustain Myanmar’s economic transition and growth take‑off. They commended the release of Myanmar’s Sustainable Development Plan (MSDP) and recommended that the MSDP be expanded to address reform sequencing and regional disparities, including the humanitarian crisis in Rakhine State.

Directors underlined the need for sufficient resources to achieve the SDGs, while ensuring that fiscal policy remains anchored on debt sustainability and a lowering of central bank financing of the deficit. Directors welcomed the sustained progress on domestic revenue mobilization, and saw scope for further expenditure rebalancing and improvement in public financial management. Directors cautioned against excessive use of tax amnesties and incentives, which risk eroding the revenue base. State economic enterprises and large infrastructure projects, including PPPs, should be closely and transparently monitored to minimize fiscal risks and debt distress.

Directors noted the emergence of banking sector risks and supported steps toward improved financial sector regulation. They also supported the implementation of the Banking Sector Action Plan to respond to emerging risks, promote financial deepening, and strengthen the resolution framework. While Directors supported financial sector and interest rate liberalization, they agreed that this should proceed at a pace commensurate with the central bank’s capacity to regulate and supervise.

Directors encouraged the authorities to formally adopt the new transactions‑based exchange rate mechanism. To enhance market certainty, the Central Bank of Myanmar (CBM) should formally adopt the new transactions‑based mechanism for setting the reference exchange rate. Directors also underlined the need to develop the interbank foreign exchange market and allow greater exchange rate flexibility to cushion against external shocks.

Directors considered the current stance of monetary policy as appropriate. They encouraged further development of the monetary framework, including deeper debt and interbank markets. Directors stressed the need to continue phasing out CBM financing of the fiscal deficit, and welcomed the decline in the level of CBM financing in 2016/17.

Directors underscored the central role of capacity development in Myanmar’s economic transition and growth. They strongly supported the Fund’s continuing strong efforts in this area and the close alignment with surveillance priorities. Directors commended the steady progress toward improving statistics, and welcomed Myanmar’s participation in the Enhanced General Data Dissemination System.

Directors noted that Myanmar will soon be in a position to fully meet its obligations under Article VIII. They encouraged continued progress to remove the last remaining exchange restriction and multiple currency practice.

Holdings acquired 30% stake of Japan’s ORIX for Rs. 12.8 billion Yesterday. LOLC bought 142,458,490 shares at Rs. 90 per share. These shares had closed at 111.00 rupees on Tuesday.

LOLC Group Managing Director, Kapila Jayawardena said that this would further help the company to expand their Micro Credit portfolio.

“We are already very strong in Myanmar, Pakistan and Cambodia. We have now made plans to expand to Indonesia and Philippines as our growth model is well accepted in these countries.”

LOLC will focus on micro-finance and growth with acquisitions in Asian markets, he said.

Ishara Nanayakkara is the sole director and shareholder of LOLC Holdings (Pvt) Ltd. With this acquisition, Nanayakkara’s effective control increases to 78.88 %.

In terms of Section 200 of the Companies Act No. 7 of 2007, the Board of LOLC was notified of this transaction on 28th March 2018 a filing in the Colombo Stock Exchange said.

ORIX Japan, since their investment to the company has made capital gains and a source said that the company is now moving to other areas of business. ORIX divested their holding in Oman as well.

Ratings has assigned Nations Trust Bank PLC’s (NTB, A(lka)/Stable) Sri Lanka rupee-denominated proposed Basel III-compliant subordinated unsecured debentures a final National Long-Term Rating of ‘A-(lka)’.

The final rating is the same as the expected rating assigned on 16 October 2017 and follows the receipt of documents conforming to information already received.

The debentures, totaling LKR3.5 billion, will mature in five years and carry fixed coupons. The debentures qualify as regulatory Tier II capital for the bank and include a non-viability clause. The bank plans to use the proceeds to support its loan book expansion and to strengthen its Tier II capital base. The debentures are to be listed on the Colombo Stock Exchange.

Fitch rates the proposed Tier II instrument one notch below the bank’s National Long-Term Rating of ‘A (lka)’ to reflect the notes’ subordinated status and higher loss-severity risks relative to senior unsecured instruments. The notes would convert to equity upon the occurrence of a trigger event as determined by the Monetary Board of Sri Lanka.

NTB’s National Long-Term Rating is used as the anchor rating because the rating reflects the bank’s standalone financial strength. Fitch believes that the bank’s standalone credit profile best indicates the risk of becoming non-viable.

Sri Lanka’s rubber sector received a major opening from world’s leader in car production when Slovakia, world’s leader in car production called for using Sri Lankan rubber –specially rubber tyres for their car manufacturing industry.

“We want to diversify our rubber intake and to this end want to expand the sourcing from our present African and South East Asian suppliers,” stressed the visiting Slovak Finance Minister Peter Kazimir. Slovak Minister Kazimir, who accompanied a nine-member official delegation, was in discussion with Minister of Industry and Commerce Rishad Bathiudeen during his courtesy call on Minister Bathiudeen in Colombo yesterday.

“As a result of post-Soviet era economic restructuring, Slovakia has become a manufacturing economy. 40% of our industrial exports are automotives. Well established global brands such as KIA, Volkswagen, Jaguar Land Rover, Audi, and PSA Peugeot Citroen are now manufacturing in Slovakia at Tier One OEM level,” said Slovak Minister Kazimir.

“More than 400 Slovak SMEs too are part of our supply chain as second tier suppliers and Tyre supplies are crucial for us.”

“We want to expand this sourcing and are now keenly focusing on Sri Lankan rubber sector, especially tyres. We also wish to send our business delegations here and even ready to transfer our technical know how to Sri Lankan (automotive) industry.”

Slovak Minister Kazimir also stressed their interest in investing in Sri Lanka and called for a bilateral Investment Protection and Double Tax Avoidance mechanisms between both countries during his meeting with Minister Bathiudeen.

Bilateral trade between Sri Lanka and Slovakia totalled a mere $ 45 Million in 2017. Sri Lanka’s leading export to Slovakia in 2017 was apparel.

“Global demand for our high quality rubber continues to increase-even last year our rubber exports increased by 18% to $ 39 million from 2016’s $33 million,” Minister Bathiudeen responded.

India’s leading automaker Mahindra and Mahindra Limited (M&M) announced setting up of a Joint Venture (JV) with Sri Lanka-based Ideal Motors Private Limited (Ideal) for assembling its vehicles in the neighboring island country.

M&M will subscribe up to 35% equity stake in the JV with remaining stake held by Ideal and its affiliates. The acquisition is expected to be completed by April 2018. M&M’s investment in the JV would amount to Sri Lankan Rupee LKR25cr (Rs10.41cr, assuming the rate of Rs0.42/LKR). M&M already has a presence in Sri Lanka for nearly a decade. Since November 2009, Ideal Motors has been the sole authorized distributor for Mahindra Motor Vehicles and Motor Cycles. It has sold more than 50,000 M&M vehicles in Sri Lanka till date.

The JV will further establish M&M’s position as a leading automaker in the island nation. M&M already enjoys 50% market share in the “above-1 ton” category and 35% market share in the “below-1 ton” category.

(indiainfoline)

The newly opened Batticaloa Airport (Code : BTC) will offer free landing charges for a period of six months, said Minister of Transport and Civil Aviation, Nimal Siripala De Silva.

“This is to woo more operators to fly to Batticaloa,” said Minister De Silva at the opening of the airport.”

The Minister said that by the end of the year an aviation school too would be built enabling youth in the region to enter the high paying aviation sector.

Meanwhile the first civil flight “Fly Southern” to Batticaloa domestic airport arrived Tuesday (27) at 12.15 p.m. leaving Ratmalana at 11.15. The station Manager Batticaloa civil airport Cinthiga Fonseka said that this flight will operate between Ratmalana and Batticaloa on Tuesday, Friday and Sunday.

The one way fare from Colombo to Batticaloa is US$ 100. Cinnamon Air is also operating scheduled flights to Batticaloa and a few more airlines including Sakura Air too are looking at adding Batticaloa to their radar.

Sri Lanka is close to concluding two more bilateral trade agreements, an Economic and Technology Cooperation Agreement with India and a comprehensive Free Trade Agreement (FTA) with China.

“This will be followed by FTAs with Thailand, Bangladesh and Malaysia, said Minister of Development Strategies and International Trade, Malik Samarawickrama.

The Minister further added that Sri Lanka is close to concluding two more bilateral trade agreements, an Economic and Technology Cooperation Agreement with India and a comprehensive FTA with China as well.

He was speaking at the opening of Sri Lankan office of German Chambers of Commerce and Industry was held in Sri Lanka, on Tuesday in a bid to give a further flip to existing trade ties between the two countries.

With the opening in Sri Lanka, the worldwide network of German Chambers of Commerce and Industry abroad covers 140 offices in 92 countries.

Minister said that the high-profile German delegation visit to Sri Lanka and the newly set up organization in Sri Lanka, will forge many productive business partnerships for both our countries.

The Minister further said that the Sri Lankan government is keen to attract German industries looking to do higher-end activities in Sri Lanka especially export-oriented manufacturing that brings new technology and new practices to help upgrade Sri Lankan economy.

“Germany has much to offer us in terms of skill and technology upgrading. In fact, we value very much the contribution made by Germany to upgrade skills in Sri Lanka particularly the highly reputed German Tech institutes in Moratuwa, Killinochchi and soon to be in Matara.

Dr. Martin Wansleben, CEO of the Association of German Chambers of Commerce and Industry speaking at the event said that there is a huge growth potential for German companies in Asia and the dynamic market of Sri Lanka will open up even more opportunities.

While Sri Lankan exports to Germany grew by 13% in 2017, German exports grew by 81% to over 570 million Euro in 2017, reaching a total bi-lateral trade volume of more than 1.25 billion Euro. German investment in the apparel industry, cement industry, industrial gas production, precision technology and lately in the insurance sector are underlining the country’s diversified opportunities German foreign direct investment in Sri Lanka amounts to approximately 170 million Euro.

Intervest Software technologies, a venture which began as a start-up initiative by a dedicated team of individuals led by British entrepreneur Ryan Howsam, celebrates its 10th year of operation in Sri Lanka.

Incorporated in 2007, the company formally commenced operation in 2008 witha skilled team of Sri Lankan IT professionals who intended to revolutionize the insurance industry in the UK through the use of innovative technology.

Over the past 10 years, the company has successfully recorded a significant growth and today stands strong with more than 70 employees. With the addition of more projects in 2018, the organization intends to make a bigger mark in the software and technology industry. The key product releases and milestones have been Staysure Travel Insurance in Service Oriented Architecture, Avanti Travel Insurance website launch and Tourily website, to name a few.

The anniversary celebrations were recently held at the Jubilee Ballroom, Galle Face Hotel, Colombo, on the 15th March 2018. The successes and achievements of the last 10 years were gratefully acknowledged by Dr. Sanath Jayasena (Director) during his opening speech and was reiterated by Lakshitha Atapattu (Director). They reminisced the humble beginning of Intervest with its major client Staysure, UK and thanked the employees for their dedication. A word from the CTO of Staysure Mr. Jonathan Cattle added to the excitement of the celebrations.

The evening showcased a special segment to reward those who had supported the organization in its challenging and exciting journey through their long and dedicated service. A raffle draw gifting vouchers for scrumptious buffets at various 5- start hotels along with the awarding of medals for the winners of the company organized table-tennis competition added to the merriment of the evening.

Ceylinco General Insurance bestowed its heartfelt gratitude to all Sri Lankans young and old for voting the company as their undisputed choice yet again, ‘People’s Insurance Brand of The Year’, at the SLIM Nielson People’s Awards - 2018 for an unprecedented 12th consecutive time.

Being conferred the honour of being the distinct leader in the Insurance industry in Sri Lanka once again, Ceylinco Insurance has not missed a beat since the commencement of the POP Award as it is popularly called, winning every time, confirming its position at the very zenith, as the most preferred insurer.

Winning a People’s Award is considered as the ultimate recognition of a brand’s standing as they are being recognized directly by their end consumer reflecting their inner perspectives of a brand. The Sri Lanka Institute of Marketing (SLIM), in association with Nielsen Lanka (Pvt) Ltd., recognize and honour brands that are closest to the hearts and minds of the Sri Lankan people based on a nationwide research.Research is conducted covering all 9 provinces with over 2,700 respondents interviewed one-to-one making it representative, unbiased and relevant. Therefore, the results arrived at; reflect the true voice of Sri Lankans from across communities, regions and social strata.

Ajith Gunawardena, Chief Executive Officer commenting on the achievement said, “We extend our sincere gratitude to our loyal customers and the Sri Lankan public for selecting CeylincoGeneral Insurance as their preferred choice. Winning the People’s Award for 12 consecutive years is truly an honour that we must jointly accept, along with our customers and all Sri Lankans. It is not only the highest recognition in terms of corporate success, but also a measurement of the fact that we areclose to the hearts and minds of the people of Sri Lanka and have been so for a significantly long period.

Patrick Alwis, Managing Director said “Our customer need led innovations have continually fuelled our success, simultaneously fulfilling the requirements of the Sri Lankan populace. And our unmatched insurance solutions are delivered through our unsurpassed branch network, which spans the entire island, bringing us, inherently closer to our customers, which subsequently ensures our continuing success story”.

Tokyo Cement Company (Lanka) PLC rewarded their Top Dealers for outstanding performance at the Annual Dealer Convention held on March 17, at the Cinnamon Grand Colombo. City Hardware & Stores from Jaffna won the Grand Prize for Best Dealer 2018, while Ancheneyer Cement & Hardware Dealers, Batticaloa and Ahila Hardware, Batticaloa were awarded 1st and 2nd Runner-Up positions respectively.

The annual gathering of over 300 top performing Tokyo Cement Dealers across Sri Lanka is a celebration of their accomplishments during last year. Sixteen best performers with a total of over 175 winners from various categories walked away with prizes at the event which is a platform for them to shine among their peers in business.Filled with colourful entertainment and glamour, the event brought together all members of the sales and distribution channel making it a memorable get together.

Sharing key achievements of the company which also included being exclusive supplier tosome of the on-going major construction projects, Managing Director of Tokyo Cement Company (Lanka) PLC, S.R. Gnanam said, “The relationship with our dealers is firmly built on trust and mutual respect. Thanks to this trust Tokyo Cement has won over great many challenges and cemented our leadership position in the market. “We are truly grateful to all our distributors and dealers for their steady support and loyalty that fuel our company’s growth.

Their unwavering commitment encourages us to overcome challenges in our marketing environment and bring more value to our customers. We are indeed happy to recognise their accomplishments and promise our continued backing for them to become successful businesses”, stated Dashantha Udawatte, Group Marketing Manager of Tokyo Cement, while acknowledging all members of the sales channel for all their hard work which marked yet another a successful year.

Autobahn, a one stop shop for premium vehicle brands in Sri Lanka, recently signed a Memorandum of Understanding (MoU) with Colonial Motors. This MoU will give customers of Autobahn access to a wide array of unparalleled services at state-of-the-art Colonial Motors facilities.

Commenting on this landmark partnership Rajieve Fernando, Chief Executive Officer (CEO) of Autobahn Private Limited, said, “The idea behind Autobahn has always been to improve the ownership experience of these fine luxury European vehicles.

This is why I am excited to be partnering with Colonial Motors, a prestigious brand whose own story is intricately entwined with that of Sri Lanka’s automotive history. Now clients of Autobahn will have unfettered access to some of the most advanced equipment handled by the most well trained staff on the island. I look forward to this partnership flourishing in the years to come.”

This partnership will grant Autobahn customers with a concierge service which will pick up and drop off their vehicles, 24-hour breakdown warranty, tow truck facility, access to an in-house paint booth, online service booking facility, and a well-stocked spare part center all at acompetitive price.

“Rajieve is an automobile expert with impeccable credentials. His strong customer insights and ability to understand customer needs have made him a trusted name in the industry.

This is why we have every confidence in his latest venture, Autobahn, and are excited to be partnering with him,” said Mohan Ratnayake, Managing Director of Colonial Motors. Founded in 1909 Colonial Motors began as a motor engineering company before progressing to providing Sri Lanka with automobiles.

Today the company also has state-of-the-art service centers with trained staff in Palawatte, Battaramulla and Peliyagoda.

The brainchild of Rajieve Fernando, a two decade veteran of the automobile industry, Autobahn is an importer of luxury European vehicles designed to be powered by ideas rooted in key lifestyle insights and particular life stage needs.

This data driven approach to adding value and convenience to their customers makes Autobahn a cut above the regular vehicle importer.

Softwave Printing and Packaging won the Gold Award for the ‘Brides Of Sri Lanka’ magazine in the Magazines and Periodicals Category at the recent Print Awards 2018, making it the best magazine in terms of printing and quality standards.

“It is wonderful to be appreciated for the sheer dedication and hard work which have been put into publishing the leading magazine in the bridal industry.

This award is proof of the magazine’s appeal and its value in terms of quality as we continuously aim for perfection through it.

It is imperative that the magazine maintains its superior standard from compilation of our content to the design and layouts and the images which I personally oversee in order to ensure that the final print is on par with global standards,” Managing Director of Brides Of Sri Lanka, Nelum Haththella said, “This Gold award lays claim to the outcome resulting from the attention to detail given to the magazine which has reached its climax in popularity and readership in a global context.

We look forward to working closely with this innovative and trendy magazine which has taken the wedding sphere by storm as Softwave celebrates the goal-oriented journey of this amazing publication,” added the trendsetter Managing Director of Softwave Printing and Packaging Chaminda Kariywasam said.

Global Vinyl Limited (GVL), the pioneering Vinyl flooring and synthetic leather manufacturer in Sri Lanka recently won widespread recognition at Architect 2018, receiving the Certificate of Appreciation in the PVC flooring products category for plank sheet flooring solutions.

With a stylish, wood plank sheet flooring, Global Vinyl garnered praise among designers and architects alike for its game-changing combination of durability and affordability. 

“We are honored to receive the Certificate of Appreciation for our vinyl plank sheet flooring,” said Gajan Kumaraswamy, Director at Global Vinyl Pvt Ltd. “This recognition by the design community is confirmation that our products align with the current demands of the market. Receiving this distinction is a testament to Global Vinyl’s passion for developing industry-leading designs and innovations at very competitive prices.” 

The triple layer 2mm vinyl flooring features a strong wear layer with superior water and fire resistance. The durable flooring is easy to maintain, thanks to the scratch resistant technology that help them look new longer. Additionally, the flooring ensures microbial contamination is kept under control with a high capacity for cleaning and disinfection. 

Global Vinyl continues to produce top quality products including synthetic leather material, variety of vinyl flooring, vehicle carpets, PVC sheeting and tarpaulin.

United Motors Lanka Plc entered into a sale and purchase agreement with T V Sundram lyengar & Sons (Private) Limited, India to dispose of the entire shareholding of United Motors Lanka PLC in TVS Lanka (Private) Limited, amounting to 17,500,000 shares representing 50% of the stated capital for the total consideration of Rs. 1 billion

The Basel III compliant Tier 2 debenture issue of DFCC Bank to raise up to Rs 7 billion was oversubscribed on the opening day Monday, according to a Colombo Stock Exchange filing.

The bank received applications for over Rs 7 billion for the debentures and accordingly the initial issue of Rs 5 billion and as well as the further issue of Rs 2 billion was oversubscribed and the issue closed the same day.

DFFC bank offered 50 million debentures at the par value of Rs100 each with an option to issue a further 20 million in the event of an over-subscription.

Fitch Ratings has affirmed Sri Lanka-based conglomerate Hemas Holdings PLC’s (Hemas) National Long-Term Rating at ‘AA-(lka)’ with a Stable Outlook.

Fitch has also affirmed the National rating on Hemas’s outstanding senior unsecured debentures at ‘AA-(lka)’.

Hemas’s rating reflects Fitch’s view that the group’s business risk profile has improved from the acquisition of Atlas Axillia (Private) Limited (Atlas), the largest domestic manufacturer and distributor of exercise books, pens, colour products and other school stationery, early this year.

The affirmation takes into account Fitch’s view that significant expansion plans in the next couple of years could limit further improvements in Hemas’s leverage.

The Distilleries Company of Sri Lanka PLC(DCSL PLC ) informed that due to deviation with regard to the previous approval obtained from the Securities and Exchange Commission of Sri Lanka (SEC), it has made an additional submission to the SEC further to its off the floor transfer application made on February 23, 2018, together with appropriate undertakings.

It is the expectation of the company that the suspension on the trading of its shares will be lifted pursuant to receipt of the approval for the off the floor transfer and subsequent transfer of shares.

Accordingly, DCSL PLC has given an undertaking to the SEC that it will comply with the requirements as per the directive no SEC/LEG/16/11/13 of November 17, 2016, within a time frame agreed with the SEC. A failure to comply with the said regulatory requirements by the company would result in the suspension of the trading of the shares of DCSL PLC.

India’s new GST system will bring down the cost of imports and exports for Sri Lanka from and to India.

The traders based in Sri Lanka will not have to bear the cost of any indirect tax except the basic customs duty and Social Welfare Surcharge, as applicable. Traders in India can now claim GST paid on imported goods as tax credit from Government of India, The High Commission of India said.

Launched in July 2017, GST is hailed as India’s biggest tax reform since independence. GST has resulted in economic integration of India, by subsuming more than a dozen State and Central levies into one tax. GST has unified 29 states of India into a common national market for the first time. [One nation, One tax]. GST has also substantially increased ease of doing business in India. GST has mitigated cascading effects in taxation as well as ensured transparency, certainty and simplicity.

The Government intends to raise a Foreign Currency Term Financing Facility (FTFF) denominated in United State Dollars (USD) or Japanese Yen (JPY) or Euro or their combinations up to a limit of USD 1,000 million or its equivalent in 2018, Central Bank said.

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

The proceeds of the FTFF will be used for the purposes of financing the expenditure as approved in the Budget for the Fiscal year 2018.

Sri Lanka had missed many opportunities to transform itself into a developed nation and there is a need for robust policy initiatives to improve the country’s investment climate to attract and retain FDI in Sri Lanka, Ravi Abeysuriya, Group Director, Candor said.

“Although the government has recognized this need, the political will, commitment and the speed at which policies are being implemented leave much to be desired. Most importantly, if Sri Lanka is to achieve this, changing the mindset of the public is also essential.”

Abeysuriya expressed these views at the recently concluded LAMUDI Re-Connect: Property 360 event held in Colombo.

According to Abeysuriya , limited fiscal space, tax-based funding by the government is not adequate to meet the pressing needs for infrastructure and it is important for the government to attract private investment for the provisioning of infrastructure through Public Private Partnerships (PPPs). Commenting on the country’s competitiveness and factors affecting investment decisions, Abeysuriya emphasised that it is essential to make necessary changes in regard to macroeconomic stability, inflation, exchange rates, fiscal deficit, public debt levels, doing business ranking and competitiveness to attract FDI.

Abeysuriya also noted that Sri Lanka needs to make infrastructure an attractive value proposition for FDI to flow especially into the real estate sector while taking immediate measures to create a low tax regime, consistent tax regulations and legal framework for enforcing contacts.

Sri Lanka needs to adopt consistent long term national development policy with strong commitment to woo FDI flows to Sri Lanka, Abeysuriya said adding that it is essential that these policies be implemented swiftly with consistency in order to attract higher levels of FDI to the country, particularly in the backdrop of relatively higher FDI inflows to emerging market economies such as India and Vietnam.

NDB has been named the “Best Bank in Sri Lanka” by the prestigious Global Finance Magazine at the 25th Annual Best Bank Awards in the Asia Pacific.

The award is conferred by the editors of Global Finance magazine, based on the growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.

Global Finance Magazine is one of the leading global publications in the banking and finance sector and many banks across the globe vie for their annual best bank awards titles.

Chief Executive Officer of NDB, Dimantha Seneviratne said, “We are honored to be selected as the ‘Best Bank in Sri Lanka’, given the prestige and worldwide acceptance commanded by Global Finance, USA, one of the most prestigious banking and finance publications in the world. This is the second year that NDB won this title, having won it in 2015. We are proud to have won this again in 2018.”

Global Finance Best Bank award title is one of the most sought after titles in the Sri Lankan banking industry, with severe competition from top commercial banks.

This is the twenty-fifth year that the magazine has selected top banking performers in emerging markets. The report covers best banks in Latin America, Central & Eastern Europe, Asia-Pacific, the Middle East and Africa.

Winners will be honored at an Awards Ceremony held during the IMF/World Bank Annual Meetings in Bali, Indonesia on October 13, 2018.

“At a time of unprecedented change in the financial services industry, Global Finance’s annual Best Bank Awards continue to deliver a consistent evaluation of financial industry performance, whether in developing products to meet emerging financing needs or designing digital platforms that speed and enhance services,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance.

The government will re look at some of the regulations in the new Inland Revenue Act, said Prime Minister Ranil Wickremesinghe speaking at the induction ceremony of the new president for the SAARC Chamber of Commerce and Industries, Ruwan Edirisinghe, founder and head of the RN Construction Group.

“We will talk with the private sector and fine-tune some of these regulations and brining in amendments if needed,” he said.

The premiersaid that today entrepreneurs need access to capital at better terms and he is in talks with the DFCC, NDB, Bank of Ceylon and Peoples Bank to create a Development Finance Bank.

“This will be a separate bank that will assist development and emerging business ventures.”

Wickremesinghe said that unfortunately only the apparel and ICT sectors have made major impacts in the global arena representing Sri Lanka and the other industries too should look at emulating these two segments.

“We found that there are many issues concerning ease of doing business, which could have been resolved by bureaucrats, but were dealt with politicians instead. A mechanism is needed to remove obstacles and enhance the ease of doing business in Sri Lanka. The world’s future trade is bound to revolve around this region and Sri Lanka must try to exploit this,” he said.

The Prime Minister also said that the true potential of the SAARC too is yet to take off and the nationals within the region should look at more inter regional trade. “One must remember that there is a fast growing middle class and a huge two billion population.”

He said that there are lots of multi talented youth in the region and steps should be also taken to offer them better employment opportunities and education should be focused in that direction.

The new head of SAARC CCI Ruwan Edirisinghe, said that the SAARC Chamber of Commerce and Industries would be elevated to be one of the top world chambers by 2030. The outgoing President, SAARC CC Suraj Vaidya, said that the region must unite and form a common export processing zone and do regional value addition and re export.

He also said that more visa free travel should be encouraged. “It’s true that there is terrorism in the region but one must remember that terrorists do not need a visa for their activities.”

Ebert Silva Tours and Travels will host a series of CSR and religious events to mark the 6th Death Anniversary of its founder Ebert Silva who was a legend in Sri Lanka’s travel and tourism industry today. (28)

Nomis de Silva (1894 – 1953), father of Ebert Silva founded a passenger transport company in the early 1920’s and later named it after his eldest son Ebert Silva.

At 21 year old Ebert was compelled to take over the reigns as ‘Ebert Silva Omni Bus Company Limited.’ at the untimely death of his father in 1953.

As one of the youngest entrepreneurs of the bus company era that spanned across about three decades, he was successful in expanding and operating a model transport service that complied with high standards of quality and service.

His sheer determination, resilience and commitment made the Ebert Silva brand the only survivor of the Nationalisation of the 36 bus companies in 1958 to form the Central Transport Board. He was also be a founder member and later the Vice President of the Vintage Car Owners Club of Sri Lanka, founded in 1987, with the intention of preserving and conserving these rare automobiles in the island.

Ebert Silva was a pioneered domestic tourism, who as a young entrepreneur initiated many tour packages to less seen and travelled places in the island and was among the first to introduce ‘package tours’ to promote places of historic and scenic importance in Sri Lanka.

Russel’s Group of Companies and Russel’s Tea Service will be celebrating 30 years and would be offering a profit sharing model for their employees.

Creator of Russel’s Tea Service, and Managing Director Russel Perera, said that the key to their success is their innovation, dedication and also their employees. “Hence we decided to offer a profit sharing model for our Tea Service employees who have completed five years of service.”

He said that this is in addition to two yearly bonuses and also other attractive incentives. “In a bid to maintain better standards of hygiene among employees the company has ‘two hour clean up session’ daily. “Each month we pick a winner and present Rs. 25, 000 as a special bonus to this employee.”

Perera also said that they offer the best salaries in Sri Lanka for Tea services and employees have a strict 8 hour work shift as they do not want to exploit them. He said that their Group General Manager, Lindsey Fernando who was with them for nearly 20 years too was a tower of strength to their success.

From humble beginnings in the year 1988, by offering 20 cups of tea in the morning and evening to Seylan Bank Colombo on the initiative of its CEO, Rohan Perera today Russel’s tea is Sri Lanka’s largest tea service provider serving 28, 000 cups to over 72 companies. Its employee strength has grown from 4 to 250.

Today Russel’s Tea also has their own bakers and catering service and their door catering service which is very popular among families and cooperates.

From an investment of Rs. 2, 500 in 1988 from a Gold pawing loan offered by his wife, Bernadette, today the total asset value of the company is in the excess of Rs. 500 million.

“Moving out of our existing ventures in the food and beverage industry, Russel’s Fashion and Design (Pvt) Limited seeks out to provide a competitive range of men and women’s clothing of international standard, while proudly maintaining the “Made in Sri Lanka” status. This is under the brand name, St. Francis and they also accept online orders and also offer free delivery service under 48 hours.

Perera, said that he is now grooming his two children (Rashane, Director, Tea services) and (Jehan, Director Russel’s Fashion and Design) to take up responsibly of the future of Russel’s Group of Companies.

In a bid to offer better facilities for their staff and customers Russel’s Group of Companies also invested Rs. 25 million to install new kitchen equipment, refurbishment of their three stories building in Borella and also enhance facilities for staff quarters.

Aitken Spence Hotels’ wellness resort, Heritance Ayurveda Maha Gedara was commended for its product and service excellence by German health and wellness operator Neue Wege as the ‘Best Partner Ayurveda Resort 2018’ at the world’s leading travel trade show Internationale Tourismus-Börse Berlin, better known as ITB 2018.

With Germany listed as a key market for Heritance Ayurveda Maha Gedara, the recognition, awarded for the fifth consecutive year further promotes it as a forerunner in the niche wellness tourism front of Sri Lanka. The resort, offering a range of curated ayurvedic experiences conducted by qualified specialists is well-known in the international market for the superior services provided.

Set against the dazzling blues of Beruwala, the 64-roomed hotel is uniquely designed to offer holistic wellness treatments for guests. With the focus on mental, spiritual and physical balance, the resort offers specialised treatments inspired by traditional healing practices, organic food to detox and rejuvenate, alongside exceptional service.

Neue Wege is a German organisation that promotes health and mindfulness based travel. With over 400 travel offers in 20 countries around Europe and Asia, Neue Wege is among the first German tour operators to receive EU-sponsored CSR seal of approval for sustainable travel and has been certified since 2009.