business Sri Lanka

Dr. Radhika Coomaraswamy will deliver a lecture on ‘Myanmar: The Rohingya Refugee Crisis, Roots of the Conflict and Possibilities for the Future’ at the Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) on May3.

Dr. Coomaraswamy is a member of an independent three-person United Nations (UN) Fact-Finding Mission on Myanmar. The UN Fact-Finding Mission on Myanmar was appointed by the UN Human Rights Council in March 2017. Members of the Mission aim to present solid and comprehensive findings on the human rights situation in Myanmar from 2011 onwards—particularly in the states of Rakhine, Kachin and northern Shan. The lecture will begin by covering the uncontested history of Myanmar, particularly to recount conflicts between the Myanmar government and ethnic minorities other than the Rohingyas. This would provide a backdrop on the nature of the Myanmarese state when dealing with minorities in general. The lecture will then cover the contested history of Rakhine state and the Rohingyas, as well as the history of legislation against them since independence. It will analyse two specific incidents that have given rise to international outrage—the events of October 2016 and, in particular, the events of August 2017. It will also cover some of the allegations that have been made, based on evidence from the testimonies gathered in Cox Bazaar that were part of the UN Fact-Finding Mission on Myanmar. The lecture will conclude by reflecting on future trajectories on accountability and resettlement of refugees, and the future of Myanmar democracy. It will be followed by a Q&A session moderated by Dr. Dinusha Panditaratne, Executive Director of LKI.

In addition to being a member of the UN Fact-Finding Mission on Myanmar, Dr. Coomaraswamy serves on the Constitutional Council of Sri Lanka and was formerly Chairperson of the Sri Lanka Human Rights Commission. She has also been UN Special Rapporteur on Violence Against Women and Under-Secretary-General and Special Representative for Children and Armed Conflict. In 2014, Dr. Coomaraswamy was appointed by UN Secretary-General Ban Ki-Moon as the lead author of the 2015 “Global Study on the Implementation of United Nations Security Council resolution 1325.”

Dr. Coomaraswamy is a renowned academic and was a Global Professor of Law at the New York University School of Law. She received her B.A. from Yale University, her J.D. from Columbia University, an LL.M. from Harvard University and honorary PhDs from Amherst College, the Katholieke Universiteit Leuven, CUNY School of Law, and the universities of Edinburgh, Ulster and Essex, amongst others.

Dialog Axiata PLC, has partnered with Uber, the world’s largest ride-sharing company for the first time in Sri Lanka, to offer its customers exclusive fares while travelling within the district of Colombo. Chinthana Jayasekara, General Manager - Group Business Development, Dialog Axiata PLC, Dr. Rainer Deutschmann, Group Chief Operating Officer, Dialog Axiata PLC, Arjun Srinivasan, General Manager, UBER, Ankit Gupta, City Lead Colombo, UBER at the event. 

Credence Genomics Sri Lanka’s first and only NGS based diagnostic firm made Sri Lanka proud again by reaching the finals of Pitch@Palace Commonwealth held at St. James’s Palace, London as part of the Commonwealth.

Credence Genomics were in the Top 5 in the People’s Choice category and among the final 12 as well.

Pitch@Palace Commonwealth is the platform to showcase Entrepreneurs from the 53 Commonwealth countries and it supports entrepreneurs by connecting them to local and international networks, thus helping them to amplify their businesses.

It is an opportunity for entrepreneurs from each of the 53 Commonwealth countries to pitch their business to CEOs, Influencers, Angels, Mentors and potential Investors and Business Partners. The Summit’s theme is ‘Towards a common future’ and is focused on building on the strengths of the Commonwealth to ensure responsiveness to global challenges and delivery of a more prosperous, secure, sustainable and fair future for all Commonwealth citizens.

Credence Genomics a new genetic mapping and diagnostics start up from Sri Lanka, already recognized globally for their innovative diagnostics using cutting edge technology, represented Sri Lanka under Biotech and Medtech at pitch@palace Commonwealth, making them the first ever applicant from Sri Lanka for the most prestigious Pitch@ Palace host by the Duke of the York and the Royal Family. Conceived by Dr. Vaz Gnanam in 2011 Credence Genomics was one of the earliest biotechnology startups not only in Sri Lanka but the region to invest in cutting edge NGS and application development.

Steering the clinical genomics initiative, he led a team of scientists and ICT engineers to develop leading edge innovative diagnostics tests which have been the result of 6 years of stringent research on industry defining genetic science, application of information technology and testing across a broad spectrum of diseases. 

Many leading global Intellectual Property experts are converging in Colombo today (26) for the launch of the two-day long World intellectual Property Day (WIPD) commemorations backed by Geneva’s World Intellectual Property Organisation (WIPO).

The two-day long Colombo sessions (called as Sub-Regional Sessions), are a joint effort by World Intellectual Property Organisation (WIPO) and the National Intellectual Property Office (NIPO) under the Ministry of Industry and Commerce.

Representing Sri Lankan IP expertise are Chairman of Intellectual Property Advisory Commission Dr. J.M. Swaminathan and Former Chairperson of Intellectual Property Advisory Commission Suganthie Kadirgamar. Also a notable presenter is Satoshi Watanabe - Chair of Asia-Pacific Regional Committee-International Confederation of Societies of Authors and Composers (CISAC) and Senior Administrator-Japanese Society for Rights of Authors, Composers and Publishers (JASRAC)-Tokyo.

Minerals Gem & Jewellery bagged a Gold Award at the tourism excellence award ceremony organized by Western Province Tourist Board recently at Hotel Kingsbury, Colombo.

The Chief guest was Isura Dewapriya, Chief Minister of Western Province. Minerals Gem & Jewellery Store is a major tourist attraction within the Galle Fort.

Mohomed Mukthar Muhammed Izzeth the founder of Minerals Gem & Jewellery said their family started the business in the 19th century and expanded to Vietnam in 1940. “After the demise of my father, M. Izzeth we also expanded the business to Paris.”

Later on Mohomed Mukthar moved back to his ancestral business center, Galle Fort and founded Minerals Gem & Jewellery with Mohomad Naiyn Fazal Ahmed joining as a partner, who is also hailing from a gem & jewellery family. Both his parents are linked to jewellery and lapidary trade.

Elaborating on their trade Fazal said, “In Sri Lanka most of the jewellery with stones are made of 14 or 16 karat gold but we are using only 18 karat soft gold and even 18+ since we are exporting to UK.

Moreover, we use palladium instead of yellowy for making white gold jewellery.” Mineral Gem & Jewellery is currently exporting their products to high end markets such as London, Paris and Swiss. Fazal said, “It is actually encouraging to have received such a prestigious award. It adds more light to our jewellery and satisfaction to our hard work.”In addition to minerals gem & Jewellery they run the Place Vendome, Leyn Baan Villa and Cafe Hula Hula in Gall Fort.

Minerals Gem & Jewellery is moving forward as a tourist attraction not only because Sri Lankan gems are the best souvenirs for visitors to take home but because of the craftsmanship they exhibit in making finer exclusive unique designs. 

The future outlook of the liquefied natural gas (LNG) market is a bullish one, according to industry leaders who spoke at the inaugural Sea Asia LNG Forum yesterday.

The leaders also shared a general consensus that Singapore, in particular, is set to benefit from the growth of this market.

The LNG Forum 2018 is a Sea Asia conference organised by UBM (Seatrade) and the Singapore Maritime Foundation.

Speakers at the forum noted the significant potential of the LNG market in the long-run. Some predicts that for Singapore, the city-state will flourish in is its role as a service centre for LNG, especially with a large number of LNG ships expected to go onstream and eventually requiring to drydocked each year. During the Shipping and Regasification Markets and Developments session, Mr Peter Fitzpatrick, Vice President, Global Marine at ABS commented, “Singapore is a growth market because LNG ships require reliable, on-time delivery from drydocking, a service Singapore has been providing and will continue to do so. “We see LNG overhaul as a growth area for Singapore, and not just drydocking, but major modifications work with a number of significant projects on LNG vessels being undertaken here in the yards.”

When it comes to LNG as marine fuel, while the likes of CMA CGM, parent of Singapore-headquartered APL, have made a game-changing order for LNG-fuelled Ultra-Large Containerships, there is still work to be done on providing the bunkering infrastructure on a global scale.

Nicolas Sartini, Chief Executive Officer of APL (APL is a subsidiary of CMA CGM Group), highlighted during the Fireside Chat session: “In order for the LNG market to grow across the region and elsewhere including China and the U.S., it is very important to have the proper bunkering infrastructure in place.”

According to other speakers, this infrastructure includes having the appropriate bunkering facilities, a multi-user terminal that has open access to ensure the effective distribution of LNG, and proper risk and safety training for crew members. The launch of the seventh edition of Sea Asia also took place as part of the LNG Forum. Mr Chris Hayman, Chairman of Seatrade UBM EMEA, shared in his speech how discussions such as those that took place at the LNG Forum will be continued at next year’s Sea Asia.

Sea Asia 2019 will be the anchor event during Singapore Maritime Week next year.

“Next year’s event will take place against the background of an industry in transformation. This includes the transformation in regulation as the industry prepares to meet an unprecedented wave of rule making, both global and regional, touching complex problems such as fuel quality and CO2 emissions.

“We look forward to welcoming some of the bigger names in the industry at Sea Asia next year and once again, establish the event as the leading platform for debate and discussions on key industry issues,” said Mr Hayman. 

Madusha De Silva, Nayomi Fernando and Umendra Abeynayake of team ‘Innovints’ from the University of Sri Jayewardenapura were adjudged winners of Unilever Challenge 2017 held recently in Colombo. Emerging among top three teams from 10 universities post three intense rounds, they will be representing Sri Lanka at the Unilever’s Future Leaders’ League to be held in London in April.

The event, which is powered by Rin Brightness Academy, saw team ‘Innovints’ winning the judges over with their ingenious approach to solving the cases posed to them and developing a marketing strategy for Rin with a focus on universities.

Helping them prepare themselves to face competitors from around the world, the team will be mentored by senior representatives from Unilever Sri Lanka.

The winners of last year’s Unilever Challenge, Haritha Jayasinghe from the University of Moratuwa and Pulasthi Ekanayake from Achievers Business Academy, who had gone on to become the runners up of the Future Leaders’ League 2017 in London, too will be helping them gear up for this prestigious global competition.

“Year after year, undergraduate students from some of Sri Lanka’s most esteemed higher education institutions demonstrate their ingenuity and passion at the Unilever Challenge and secure a place for themselves in the Unilever Future Leaders’ League.

The caliber of the contestants continues to serve as a reflection of the exceptional pool of talent available in the country, something we at Unilever Sri Lanka have always believed in,” said Sumeet Verma, Director – Human Resources and Corporate Relations, Unilever Sri Lanka.

“Wishing all the participants the very best, we look forward to seeing the winning team do us proud at the Future Leaders’ League in London.”

The Future Leaders’ League is a dynamic marketing competition, where aspiring young brand managers get the opportunity to compete against likeminded future leaders from over 30 countries.

Unilever Sri Lanka is one of the biggest FMCG companies in Sri Lanka, with 29 market leading brands in categories such as Home Care, Personal Care and Foods. 

Turyaa Chennai, owned and operated by the local hospitality chain Aitken Spence Hotels was conferred the ‘best five-star deluxe hotel’ in Tamil Nadu at the recently held Tamil Nadu Tourism Awards 2018.

The award ceremony, held with support from India Tourism, Government of India aims at identifying industry leaders who have actively promoted to maintain Tamil Nadu’s position as a premier tourism destination in India.

In its third edition, this award is a testament to the quality and standards upheld by Turyaa Chennai who obtained the ‘five-star deluxe’ classification early last year.

With this classification, Turyaa Chennai became one of five hotels in Chennai to have obtained this highly sought-after accreditation.

“The award is a reflection of the hard work and service excellence that is upheld by the team. Being the first Sri Lankan company to own and operate a five-star deluxe property in India, we are committed to spreading our unique message of hospitality through world-class offerings and service from the heart,” Aitken Spence Hotels Joint Managing Director Susith Jayawickrama said.

“Our hotel is ideal for local businessmen travelling to Chennai, or for local companies looking at MICE necessities in India,” he added, “With special business traveller packages, long stay packages and early bird offers, Turyaa Chennai is well positioned to lead the MICE industry in India.”

The 140-room property situated in the IT corridor of Chennai, just minutes away from the bustling city centre is perhaps the perfect amalgamation of business and leisure.

Situated 20 minutes away from the international airport, the hotel is the ideal location for the business travellers, the ardent shopper or cultural holiday seeker.

Beverages major Coca-Cola is witnessing a strong growth momentum in India, especially in the sparkling drinks segment, with a positive start to the year. The company, which released its global quarterly earnings on Tuesday, said that growth in India and China in the January-March period outpaced more developed markets such as Japan and Australia.

Talking about its performance in the Asia-Pacific region, Coca-Cola said, “Unit case volume growth of 5 per cent for the quarter was driven by strong performance in China and India, (which was) partially offset by a low single-digit decline in South-East Asia.”

Unit case volume means the number of unit cases (or unit case equivalents) of beverages directly or indirectly sold by the company and its bottling partners.

The US-based beverage major also said that the sparkling soft drink portfolio witnessed a double-digit volume growth in India. The company witnessed a favourable product mix in the Asia-Pacific region “as sparkling soft drinks grew volume double digits in China and India,” it said in a statement. James Quincey, President and CEO, The Coca-Cola Company, said: “We’re encouraged with our first quarter performance as we continue our evolution as a consumer-centric, total beverage company.” On an investor call, he said India and China helped accelerate the company’s topline growth. Coca-Cola India has been witnessing strong revenue and volume growth since the second half of 2017, after facing growth pangs for several quarters due to the challenging macro-economic conditions such as demonetisation, GST and lower rural demand.

(BusinessLine) 

Lloyds Banking Group has said it has made a “strong start” to 2018, with profits for the first three months of the year jumping by nearly a quarter.

It made pre-tax profits of £1.6bn, 23% higher than the same time last year.

But it said it had put aside another £90m in costs for payment protection insurance (PPI) mis-selling claims, taking its total bill to £18.8bn.

The government sold its last shares in Lloyds in May 2017, eight years after pumping in £20bn to save it.

Chief executive Antonio Horta-Osório said the results continued to “demonstrate the strength of our business model”.

Lloyds is the UK’s biggest mortgage provider and Mr Horta-Osório was upbeat on the state of the economy.

He said: “The UK economy continues to be resilient, benefiting from low unemployment and continued GDP growth.

“We expect the economy to continue to perform along these lines during 2018.” However, overall bad loans rose to £258m during the first three months of 2018, compared with £127m at the same time last year.

Richard Hunter, head of markets at Interactive Investor, said the rise was “slightly troubling, given a fairly benign economic backdrop, although the bank has stressed that it is seeing little deterioration in credit quality at present”.

“This could become relevant in the event of a downturn in UK fortunes, especially given the bank’s exposure through its credit card business,” he added.

Lloyds bought credit card firm MBNA from Bank of America in 2016.

Lloyds said the PPI charge of £90m was due to increased costs resulting from the requirement on banks to “proactively contact” customers who had previously had their complaints turned down. In the first three months of last year, Lloyds put aside £350m for PPI related claims.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said Lloyds had made a good start to 2018, thanks in part to lower PPI costs.

“PPI costs are much lower than last year, and this is a theme we can expect to continue for the UK banks,” he said.

“As the largest source of compensation, Lloyds also stands to be the biggest beneficiary of PPI disappearing in the rear-view mirror.”

However, he added, with another 18 months until the deadline for PPI claims, “we wouldn’t be entirely surprised to see further costs along the way, as compensation applications ramp up the closer we get to the cut-off date in August 2019”.

Lloyds is in the midst of a three-year strategy, announced in February, focused on expanding its digital services. (BBC)

The founder of a Chinese startup jostling for a slice of the world’s biggest electric-vehicle market says the race for leadership in the industry has barely started.

While a slew of startups have helped raise the pitch for the environment-friendly vehicles, real competition would emerge only when industry giants such as Daimler AG, Toyota Motor Corp. and General Motors Co. jump in with their full might, said Lu Qun, chairman and founder of Qiantu Motor and a former Jeep engineer. That would pose an existential threat to the dozens of startups including his own, he said.

“There’s only one source of anxiety that bugs us,” Lu said in an interview in his office on the outskirts of Beijing. “That is whether we could survive when the multinationals really strike with force. But we are not pessimistic. We wouldn’t have started if we don’t believe that we have a chance.”

China’s push for cleaner automobiles with subsidies and other incentives have spawned dozens of EV startups including Lu’s Qiantu Motor, pitting them against the Daimlers and GMs. While the lumbering carmakers can only envy the nimbleness of the small companies, the startups are handicapped by their lack of manufacturing capability, which is necessary to cap costs and match the titans.

Qiantu Motor is set to kick off sales of its 700,000 yuan ($111,000) K50 sportscar in July. The battery-powered car can accelerate from zero to 100 kilometers in 4.6 seconds and can reach a maximum speed of 200 kilometers per hour (124 mph). It has a range of 365 kilometers on a single charge. (Bloomberg)

The Colombo Stock Exchange has requested the four stockbroker firms, whose trading activities have been prohibited due to non-compliance, to transfer their securities portfolios to other firms.

The four stockbroker firms falling under the SCE rule of 5:1: 1: and %: 5: 2: 1: are Nation Lanka Equities (Pvt.) Ltd, Navara Securities (Pvt.) Ltd, TKS Securities (Pvt.) Ltd and Claridge Stockbrokers (Pvt.) Ltd.

These four identified barred broker firms will only be permitted to resume all trading activities after they comply with the Minimum Capital Adequacy Requirements and Minimum Shareholders’ Fund Requirement, as applicable according to the CSC.

Adding another global property to the Sri Lankan Tourism inventory the US based Sheraton Group will open Kosgoda Turtle Beach Resort in Kosgoda on September 10.

The Browns Hotels and Resorts Limited, a fully owned subsidiary of Browns Investments PLC, has invested Rs 1.75 billion to build this 150 room five-star property. A reputed architectural firm in Thailand has been commissioned to design the hotel which will be built in an eco-friendly environment. It would be managed by the Sheraton group on a lease agreement.

Browns Hotels and Resorts Ltd also own and operate Eden Hotel Beruwela, Dickwella Resort & Spa Green Paradise in Dambulla and Calm Resort & Spa hotels in Pasikuda.

Starwood Hotels and Resorts Worldwide Inc. which owns Sheron brand is one of the leading hotel and leisure companies in the world with nearly 1,200 properties in 100 countries and 181,400 employees at its owned and managed properties. (SS)

The Central Bank of Sri Lanka (CBSL), on behalf of the Democratic Socialist Republic of Sri Lanka, successfully launched and raised USD 2.5 billion in a dual-tranche 5 and 10 year bond.

The transaction was the twelfth US Dollar benchmark offering in the international bond markets by Sri Lanka since 2007, and its largest offshore bond offering ever, outlining Sri Lanka’s position as a key Asian Sovereign issuer. HSBC acted in the capacity of Joint Lead Manager, Bookrunner and Ratings Advisor to the Government of Sri Lanka for this bond issuance.

The size of the new 5 year bond was USD 1.25 billion with a coupon of 5.75% p.a., whilst the size of the new 10 year bond was USD 1.25 billion with a coupon of 6.75 p.a.

The final order books stood at USD 3 billion across over 235 accounts and USD 3.5 billion across over 190 accounts for the 5 and 10 year issuances respectively.

The strong interest shown from a wide range of high quality investors across the US, Europe and Asia, allowed the Sovereign to tighten price guidance by 25 bps each across both tranches, confirming its position as a premier issuer in the capital market.

Mark Prothero, CEO HSBC Sri Lanka and Maldives said, “The sovereign announced a dual tranche offering on April 11, 2018, and once again displayed its savviness to remain nimble and responsive to market conditions and successfully capturing a stable market window.

This transaction signals the continued confidence placed by the international investor community in the country’s strong credit and growth story.

The Kandy Industrial Park has emerged as a major economic centre in the Central Province and has contributed US$ 93 million worth of direct exports earnings in 2017.

This Board of Investment of Sri Lanka’s zone has also contributed an additional US$ 3 million in indirect exports.

Currently 26 enterprises are located at the Industrial Park, and the main sectors represented include the manufacture of garments, pharmaceuticals, cosmetics, panel boards and agro-processing. Among the enterprises located at the Kandy Industrial Park is Celogen Lanka Pvt Ltd which has recently built a US$ 6.6 million plant at Pallekelle. This BOI project is a joint venture between Sri Lanka and India.

Celogen’s pharmaceutical plant manufactures a wide range of medical tablets including metformin, Losartan potassium and Atorvastatin capsules.

This plant plays a vital role to the country since it contributes significantly towards import substitution of pharmaceutical products. Sri Lanka imports annually US$1 billion worth of pharmaceutical products.

The Industrial Park became operational in 1995 and its total extent is of 207 acres, of which 85 acres are dedicated to industrial use.

A total of 75.5 acres of land in the industrial area are already utilized and productive. The working population in the Industrial Park currently stands at 8,506 of which 71% are women.

Both China and Sri Lanka have benefited from World Trade Organisation (WTO) and the global trade rules, which have contributed to China’s reform and opening up and also making Sri Lanka a jewel in the Indian Ocean, said the Ambassador of China to Sri Lanka, Cheng Xuetuan.

“Upholding economic globalization will bring a brighter future to the world. Sri Lanka, with its unique geographical location, has always been actively participating in economic globalization. As long as it adheres to trade liberalization and economic globalization, Sri Lanka’s great dream of becoming an important economic center in Asia would surely be realized in coming years. Under the guidance of the important consensus reached by the leaders of our two countries, the framework of the Belt and Road Initiative, and the tide of economic globalization, Sino-Sri Lanka pragmatic cooperation have developed rapidly,” he said.

The Ambassador said that the comprehensive development project of the Hambantota Port has proceeded smoothly and Sri Lanka has added a new important portal to the outside world. The construction of the Port City Colombo is steadily progressing day by day, on which many overseas investors have shown strong interest.

“The Economic Corridors of Colombo-Hambantota, Colombo-Kandy (Spelled out by Prime Minister Ranil Wickremesinge) are also set to flourish. With all these collaborative efforts, economic development of the island nation is expected to embark on the fast track.”

China is willing to work together with all countries, including Sri Lanka, to safeguard the multilateral trading system, promote further development of economic globalization, build a new form of international relations and a community of shared destiny, so as to bring greater welfare and brighter future to the people of the world. Commenting on the global business arena he said that since March 2018, the US Trump administration has unilaterally adopted a number of trade protection measures, which might trigger a global trade war that would affect the whole world.

“These dangerous measures of unilateralism and protectionism are very likely to seriously damage the global economy that is undergoing a difficult recovery, impacting on everyone, in one way or the other.”

Facing the US Trump administration’s attempt to unilaterally wage a trade war against China, Beijing has taken firm countermeasures in the first place.

China’s position on this issue is very clear: It neither wants a trade war nor willing to fight a trade war. But if a country insists to provoke one, China will follow suit to the very end, taking all necessary measures to defend its rights and interests, and safeguard the rules-based international trading system.

The IFS World Congress (WOCO) will inaugurate with the newly appointed CEO, Darren Roos addressing the attendees of the conference in Atlanta USA in May.

Over 15 Sri Lankans too would participate in this event.

This year in comparison to other years would see addtional launches, upgrades and a step further in to the future. Research and findings with regard to Artificial Intelligence (AI) will be showcased courtesy of IFS Labs. The business strategy and direction of the company will also be discussed.

The launch of IFS Applications 10 is to be revealed by Senior Vice President, Research & Development Thomas Sald and Chief Technical Officer, Dan Matthews.

Microsoft will take the stage to discuss the benefits of working with the Cloud.

An update will be provided from the Senior Vice President of Aviation & Defense Scott Helmer on new IFS Maintenix solutions coming to market. With live demos, industry-specific content and training to make their attendance more valuable, the IFS World Conference is much looked forward to event.

The guests will be also hosted at the legendary ‘’Blue Dome’’ a rotating restaurant and lounge for a networking event. Another important aspect of the agenda to look forward to would be, The IFS Customer Appreciation Night.

IFS develop and deliver enterprise software for customers around the world who manufacture and distribute goods, maintain assets, and manage service-focused operations.

The industry expertise of their people and solutions, together with commitment to our customers, has made us a recognized leader and the most recommended supplier in our sector.

The IFS team of 3,500 employees supports more than one million users worldwide from a network of local offices and through our growing ecosystem of partners. With live demos, industry-specific content and training to make their attendance more valuable, the IFS World Conference is much looked forward to event.

The Research Intelligence Unit, (RIU) a research and consultancy with a global presence will host its annual edition of RIU Investor Forum on Thursday May 17 2018 at the Sri Lanka High Commission in London, UK.

RIU hosts these annual events with the aim of promoting and channeling investment into Sri Lanka from among the high net worth individuals (HNI) living overseas while also building strong interest among the investor community based in key global financial hubs.

A special feature at this years’ event would be the endorsement of the event by the Sri Lanka’s Minister of Finance, the Mangala Samaraweera, who’s statement will read at the event.

The key note address at the event will be made by the Sri Lankan High Commissioner to the United Kingdom.

The event will also include guest speakers who will make presentations on real estate in Sri Lanka as well as London. Among them would be Sri Lankan Architect Nilesh De Silva who will make a presentation on trends in design for villas and luxury property in the island. Foreign investors have shown confidence towards investing in Sri Lanka as foreign direct investment (FDI) into Sri Lanka has grown to over $ 1.63 billion in 2017, doubling the 802 million dollars achieved in the previous year.

“The UK is easily the most significant diaspora market for Sri Lanka both in terms of quality and quantity.

We look forward to concluding yet another successful event in the UK together with our sponsors and associates,” Roshan Madawela, Head of the Research Intelligence Unit said commenting on the upcoming event.

Altair, the 68-storey luxury residential apartment complex which fronts the Beira Lake in Colombo, Prime Lands (Pvt) Ltd, a leading company in property development and Royal Property Holdings, a building construction firm based in Colombo, Sri Lanka are the lead sponsors of the event.

Event partners include Lamudi, an international property portal, the Oxford Business Group, a research firm based in the UK, the Big Issue Sri Lanka, a Sri Lankan magazine and Eye-Travel.

Fortude, a global provider of enterprise application solutions and a subsidiary of the Brandix Group, has been awarded Microsoft Gold Partner certification in Data Analytics.

Fortude currently uses Power BI and Azure to deliver Business Intelligence solutions that empower industry leaders in manufacturing, distribution & sales, and healthcare.

The company is also working on building its abilities in the Advanced Analytics and AI space to enhance operational visibility, which drives better decision-making.

To acquire Microsoft Gold Partnership, Fortude was required to fulfill a rigorous assessment that included the upskilling and certification of its consultants, and delivering customer success.

Fortude takes its customers on a journey from basic reports and diagnostic dashboards to predictive and prescriptive solutions that deliver business impact, thus boosting client ROI within a quick turnaround time. Customers are able to see their business trajectory, diagnose pain points, identify resource drains, and pinpoint operational areas to improve cycle times.

Microsoft Country Manager for Sri Lanka Hasitha Abeywardena said, “We are happy to welcome Fortude into this elite level of Microsoft Partners.

Gold Partnership reflects the highest tier of competency and expertise, and recognizes Fortude’s strong track record and commitment to drive innovative solutions for customers.”

Gaurika Wijerathne, Data and Analytics Practice Head at Fortude commented, “We are proud to achieve the Microsoft Gold Competency.

Power BI, coupled with the power of Azure, makes it easier to connect, extract, and analyze data. We are excited to leverage our strong BI capabilities to help our clients use their data and systems to grow their businesses.”

Investment Bank, First Capital Holdings PLC has signed a third memorandum of understanding (MoU) with OBG for its forthcoming publication. Under the MoU, the firm will once again share its experience of the local capital market to produce the Capital Markets Chapter of The Report: Sri Lanka 2018, contributing in-depth analysis of both the Equity and Government Securities markets.

Dilshan Wirasekara, Director and CEO of First Capital, said he looked forward to working with OBG’s team once again and documenting the latest developments in the investment landscape against Sri Lanka’s rapidly evolving economy.

“Forecasts point to a revival in private sector credit growth in the second part of 2018, which is expected to boost the performance of Sri Lanka’s banks, enabling them to benefit from robust levels of capitalisation and, in turn, better returns on equity,” he said.

“With the country’s major infrastructure drive and other construction projects already helping to stimulate economic activity and attract greater inflows, the outlook for capital market expansion looks bright.”

“The teams at First Capital are known to be experts in their field, with an in-depth knowledge of the local and regional markets. I’m delighted that our readers will once again benefit from their analysis of market activity and potential opportunities at the CSE,” Michael Todemann, OBG’s editorial manager in Sri Lanka said.

Oxford Business Group is a global research and consultancy company with a presence in over 30 countries, from Asia, Africa and the Middle East to the Americas. A distinctive and respected provider of on-the-ground intelligence on many of the world’s fastest growing markets, OBG has offices in London, Berlin, Dubai and Istanbul, and a network of local bureaus across the countries in which we operate.

Singapore Airlines (SIA) partnered with Plug and Play, a startup innovation platform based in Silicon Valley, to further promote creativity and innovation within the airline industry using digital solutions.

Plug and Play’s Travel & Hospitality programme launched in 2016 and has accelerated 95 startups. Plug and Play supports these companies by providing them connections to interested corporations, mentorship, and access to funding.

Together with Plug and Play, SIA will identify and work with startups that have created new ideas and technologies to develop solutions for business challenges in the aviation and travel sectors. This partnership will complement SIA’s digital innovation programme, under which the Airline is advancing its digital capabilities and leveraging on emerging technologies to redefine the travel experience for customers. “Singapore Airlines is excited to work with Plug and Play, a leading startup accelerator. SIA recognises that startups can work in a highly dynamic manner and generate innovative fresh ideas and solutions. Through this collaboration, we hope that useful applications can be developed to benefit the aviation industry and support SIA’s digital advancement efforts,” said Singapore Airlines Senior Vice President Information Technology, George Wang.

“It is important to have strong global partners in our programme. Through this collaboration with Singapore Airlines, we will be able to better the passenger experience, improve efficiency and advance the future of air travel,” said Amir Amidi, Managing Partner of Plug and Play Travel & Hospitality.

SriLankan Aviation Collegeand Kingston University London have signed a Memorandum of Understanding for the launch of the Bachelor of Engineering (Honours) top up degree in Aircraft Engineering in Sri Lanka, providing an exciting new dimension in airline-related education in the region.

Kingston University London has been delivering this programme in the UK since 2001 and has had hundreds of graduates who now work with major airlines in the UK and around the world. SriLankan Aviation College (SLAC), the training arm of SriLankan Airlines, is the first institution in Sri Lanka to provide professionals the opportunity to acquire this qualification in Sri Lanka.

This programmewill enable students who are qualified up to an ‘EASA B License Training Certificate’ to achieve an honours degree which is accredited by the Royal Aeronautical Society. Working professionals who have obtained the EASA Part 66 / CAASL IS 66 license or equivalent Category B Aircraft Maintenance Engineering Course are eligible to apply for the top up degree on a part time basis. It will commence from May 2018. The degree will enhance the knowledge that degree aspirants have already gained and provide them with another internationally recognized qualification. This will demonstrate that the degree holder has both the vocational and academic skills required to make a great contribution to the aviation industry.

An Associate Member in IATA’s prestigious TRAINAIR PLUS Programme, SLAC provides services for hundreds of students at any given time, including a large number of foreign students.

The Asia Pacific Institute of Digital Marketing (APIDM) Sri Lanka’s premier educational institute with an outstanding team of resource persons in the region for Digital Marketing training recently conducted a comprehensive workshop in Cambodia.

The workshops comprised three focused sessions, with the first being targeted at the members of the BNI Dynamic Chapter, the session on Digital Marketing for (Entrepreneurs/Business Owners/Marketing Managers and Brand Managers ) and the third for the staff and students of the Royal University of Phnom Penh.

These productive sessions were conducted by Amitha Amarasinghe, Lead Trainer of APIDM, a pioneer Digital Marketing professional having more than 10 years of experience in the field.

These ground breaking sessions in Cambodia were organised by VPRINT with SabayLok and Crex (plus) joining in as Strategic Partners. Program Director of Asia Pacific for Digital Marketing T. Ragulan said, “We offer coaching on how to implement strategies in order to generate value from any digital marketing program and training on how to tackle business challenges”.

A participant at the Digital Marketing Workshop Lyna Hieng of DKSH Cambodia, the leading Market Expansion Services provider for companies who want to grow their business in Cambodia, remarked, “It was extremely beneficial for my current career move and future business plans, as it opened avenues to a world of opportunities available to me in future through a mere click at the lowest cost,” and went on to add that the training was “very good”.

Speaking about the courses offered at the academy, Suranga Priyashantha, the Founder of Asia Pacific for Digital Marketing said, “Our scope at APIMD provides aspiring digital professionals a platform for acquiring knowledge and guidance through ample resources in order to benefit in their marketing campaigns”.

APIDM is a relatively new rebranding of a locally and internationally acclaimed company which was launched in 2009 under the name eBusiness Academy which introduced the concept of Digital Marketing related knowledge to the Sri Lankan marketing fraternity. With the expansion of the organisation’s expertise reaching a wider client base in South and South-East Asia, the company renamed the institute as APIDM.

Market turnover increased by 33% in relative to last Friday to amount to Rs 0.55 billion while the crossings for the day amounted to 16% of the total turnover.

Foreign investors meanwhile, recorded a net inflow of Rs 100.5 million over the day compared to a net outflow of Rs 5.3 million recorded last Friday.

The Bourse ended on a negative note yesterday as ASPI decreased by 0.24% or 15.80 points to close at 6,525.17 points, while the S&P SL20 Index also decreased by 0.10% or 3.71 points to close at 3,675.52.

The industrial committee of the National Chamber of Commerce of Sri Lanka will soon carry out a study with regard to industrial safety and hazard rules and regulations in factories.

They will also provide recommendations to the government to avert possible tragedies, similar to the recent Horana rubber factory ammonia gas incident. Speaking to Daily News Business, President National Chamber of Commerce Sujeewa Samaraweera, stressed the need for the government to impose stringent rules and regulations in relation to industrial safely at least to control any possible events of this nature.

Samaraweera also noted that Sri Lankan industrialists should take moral responsibility towards workers as well as the environment when they conduct business operations at factories. “This is not a matter of rules or regulations; this is about their moral responsibilities towards workers and environment.”

Noting that Sri Lanka has seen a rapid increase in industrial hazards in the recent past, Samaraweera pointed out that it’s a common scenario most of the time that both employees and employers in factories are reluctant to follow given safety instructions in Sri Lanka.

“It is the responsibility of employers as well as the employees to adhere to certain safety rules and regulations, when it comes to performing their tasks at factories,” he noted.

Headline Inflation, as measured by the change in the National Consumer Price Index (NCPI, 2013=100), which is compiled by the Department of Census and Statistics (DCS), continued to follow the declining trend exhibited since November 2017.

As such, the year-on-year NCPI headline inflation decreased to 2.8 per cent in March 2018, lowest since April 2016, from 3.2 per cent in February 2018. The monthly decline in Food prices in March 2018 supported by the favorable supply conditions attributed to this sharp decline in year-on-year inflation in March 2018.

The change in the NCPI measured on an annual average basis decreased from 7.2 per cent in February 2018 to 6.7 per cent in March 2018.

When monthly change is considered, the NCPI declined from 123.7 index points in February 2018 to 122.8 index points in March 2018 mainly due to the decline in prices of the items in the Food category, particularly that of vegetables, big onions, rice and red onions.

Meanwhile, marginal price increases were observed in Alcoholic Beverages and Tobacco, Transport and Miscellaneous Goods and Services sub-categories.

The NCPI Core inflation, which reflects the underlying inflation in the economy, continued its declining trend observed since September 2017 and decreased to 1.9 per cent in March 2018 from 2.0 per cent in February 2018 on year-on-year basis. Annual average NCPI Core inflation declined to 3.6 per cent in March 2018 from 4.1 per cent in February 2018.

LOLC Group merged its micro credit company, LOLC Micro Credit Ltd (LOMC), with its finance company, LOLC Finance PLC (LOFC).

Earlier this year, the Group sought approval from the Central Bank of Sri Lanka (CBSL) to merge these two entities and on receiving the necessary approval, concluded the merger on March 28, leaving LOFC as the remaining entity.

This strategic merger propels LOFC to the forefront of the industry as the largest Non-Bank Financial Institution (NBFI) in the country with a total assets base of Rs. 212 billion and a lending book of Rs. 152 billion.

The joint profitability of the two entities considered as one as at December 2017 was Rs. 3.3 billion.(PBT)

The diversity in the merged entity with its product and service offering as well as the strong financial support of its parent company and the large number of funding partners, empowers LOFC to reach an industry leading level of stability.

The high yielding micro portfolio of LOMC aptly complements the SME book of LOFC while LOFC’s ability to raise public deposits enables LOMC’s clientele to access the savings and FD products with the company.

Furthermore, this strategic merger provides a successful model for CBSL’s financial services sector consolidation plan.

The company’s wide customer base is poised to enjoy many benefits as a result of the merger.

 Indeed, the merged entity promises an innovative customer experience through traditional channels as well as through digital engagement in financial services with fin-tech solutions reaching grassroots level clientele.

Commenting on this formidable merger that has raised the profile of the financial services industry, Group Managing Director, Kapila Jayawardena, says, “We believe the joint synergies have optimised their individual strengths to create a truly influential industry-leader. This new merged entity, which is effectively the largest NBFI in the country, is poised to achieve many historic milestones going ahead.”

“Customers in the SME sector as well as the Micro sector can expect a superior experience with the merged entity as they will have access to total financial solutions under LOFC, thereby placing the company on a strong growth trajectory. This dynamic merger is aligned to our Group’s vision of making the LOLC Group one of the most profitable conglomerates in Sri Lanka.”

Though private sector credit growth had eased last year, data suggested it was on track to reach a targeted 16% in 2018, said Michael Todemann, Oxford Business Group (OBG’s) editorial manager in Sri Lanka.

“A national drive is under way to support smaller enterprises and encourage FDI is steering the country towards the next phase of its economic development, with new measures aimed at enhancing the business climate expected to provide a further boost,” he said.

A new report by Oxford Business Group (OBG) on Sri Lanka’s economy highlighted efforts under way to encourage the larger, State-owned banks to list on the Colombo Stock Exchange (CSE). Sri Lanka in 2018 will track the measures put in place to facilitate the listing of major lenders, which forms part of a broader, national bid to generate capital and boost the exchange’s value.

OBG’s publication will also provides a wide-ranging analysis of the other segments that are expected to play a key role in the development of Sri Lanka’s capital markets.

These include companies producing building materials such as cement and commercial vehicle retailers, both of which look set to benefit from heightened construction activity, fuelled by a growing project pipeline. In addition, the report will consider the positive impact that improved access to the EU market under the Generalised System of Preferences (GSP) Plus is having on Sri Lanka’s exports, which bodes well for manufacturers and firms operating in related sectors, such as transport and logistics. Sri Lanka 2018 Report will mark the culmination of more than six months of field research by a team of analysts from Oxford Business Group.

It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other scrotal developments.

Over 200 Commonwealth entrepreneurs converged to discuss trade and investment opportunities in Sri Lanka in London last week.

According to the Department of Commerce of Sri Lanka (DoCSL), commonwealth entrepreneurs converged at Sri Lanka breakfast networking session of Commonwealth Enterprise and Economic Council held on the sides of CHOGM18. The session was jointly facilitated by the Department of Commerce, EDB and London’s Sri Lanka High Commission.

During the opening remarks Minister of Industry and Commerce Rishard Bathiudeen said: ‘We have been provided with a conducive environment to advance greater cooperation among commonwealth countries, as the trade and investment promotion has taken a centre stage in our deliberations on creating a prosperous future for all, particularly with peace and stability in the country.

 The declaration on the commonwealth connectivity agenda for trade and investment aims to expand investment and boost intra commonwealth trade through dialogue among commonwealth members in the clusters of physical connectivity digital connectivity regulatory connectivity business to business connectivity and supply side connectivity.’ The main feature of the breakfast meeting was that the national brand for the Sri Lanka ICT/BPM sector “Island of Ingenuity was launched during the event.

Chairman of Sri Lanka Association for Software and Services Companies (SLASSCOM) Ruwindhu Peiris, and SLASSCOM Executive Director Chrishan de Mel highlighted availability and access to top engineering talent, creativity, resourcefulness and a collaborative/partner mentality to co-innovate solutions to differentiate Sri Lanka from other locations. Presentations were also made by Rohan Masakorala on Maritime Industry and Boat Building.

“The boat building industry is one which can transform the economic landscape of the country since it is linked to vital economic activities that will grow in importance in the decades to come such as fisheries, tourism, offshore oil and gas exploration and export of boats, ships and bunkering. Therefore Sri Lanka welcomes and facilitates investments in this vital area. ”

President of the Gem and Jewellery Association of Sri Lanka Imthisham in his presentation highlighted the opportunities in this sector and invited commonwealth members to attend FACETS 2018.

During the Q&A session Ministers Rishard Bathuideen and Mangala Samaraweera spoke of the new investment flexibilities introduced to become a modern trading hub in the Indian Ocean.

Commercial Leasing & Finance PLC (CLC) has announced the appointment of Former Deputy Governor of Central Bank, Priyantha Fernando as its Chairman with effect from March 30, 2018.

Fernando has more than 35 years of experience at the Central Bank where he rose to the position of the Deputy Governor. He was the Deputy Governor of the Central Bank in 2010-2011, and was in charge of the Financial System Stability and the Corporate Services clusters.

Fernando was an ex-officio board member in several regulatory organisations namely the Securities Exchange Commission, the Insurance Board of Sri Lanka, the Chairman of the Credit Information Bureau, Institute of Bankers –Sri Lanka and has also served as a Board Member at Employers Trust Fund, Lanka Clear (Pvt) Ltd. and Lanka Financial Services Bureau. During his career he has initiated and spearheaded several key projects of national importance, especially in the area of developing the infrastructure for the national payments and settlement system. He was appointed the Chairman of Golden Key Credit Card Company and currently serves as the deputy chairmen of Union Bank of Colombo PLC and is on the Board of Taprobane Holdings Ltd, Ceylon Leather Products PLC, Golden Key Hospitals Ltd, Thomas Cook Travels Sri Lanka and Imperial Institute of Higher Education.

Executive Director, The Pathfinder Foundation Luxman Siriwardena, and Director, Center for China -Sri Lanka Cooperation Studies Centre and Admiral Dr. JayanathColombage, Director, Center for Indo-Lanka Initiatives and Centre for the Law of the Sea were appointed as ‘Guest Professors’ at Leshan Normal University, Sichuan Province,(LNU) China.

This was subsequent to the recently concluded International Conference on Opportunities and Challenges of Trans-Himalaya Regional Cooperation under Belt and Road Initiatives and Challenges.

Admiral Dr. Colombage presented a paper under the title of ‘Maritime Connectivity in the Indian Ocean and Belt and Road Initiatives: Opportunities and Challenges’ at this international conference. Luxman Siriwardena’s paper on ‘Cultural Exchange and People-to-People Communication Under Belt and Road Initiatives’ was also read at the conference.

The award of Guest Professorships was made by Professor Hu Dan, President of Leshan University and Professor Dai Yonghong, ExecutiveDirector of Tarns-Himalayan Studies Center of Leshan Normal University and Director of Bay of Bengal Program at Sichuan University.

The awards were made in appreciation of contributions made by the two academics and The Pathfinder Foundation for promotion of China- Sri Lanka relations.

The Pathfinder Foundation is currently in discussion with Professor Dai Yonghong, on joint implementation of a China-Sri Lanka cultural relations project which involves studies and practical actions.

Ceylinco Life has been ranked among the 50 most valuable brands in Sri Lanka by Brand Finance Lanka in 2018, and is the highest-ranked life insurance brand in the country.

Brand Finance assigned Ceylinco Life a brand value of Rs 3,680 million for 2018, moving it up two places from last year.

Commenting on this ranking, Ceylinco Life’s Managing Director, R. Renganathan said: “This prestigious accolade reaffirms that Ceylinco Life is not just number 1 in terms of performance – a feat it has achieved for 14 years successively – but in terms of brand perception too.”

For this ranking, the country’s most valuable and strongest brands are identified through detailed analyses of financial data available through companies listed on the Colombo Stock Exchange (CSE) and through an exclusive market research study carried out by an independent market research firm.

Brand Finance Lanka has been publishing these rankings for the past 15 years.

Considered a specialised consultancy dedicated to the better understanding of marketing finances, offering a highly professional approach to marketing accountability and brand evaluation, Brand Finance PLC is headquartered in London and has a network of offices around the world. The Brand Finance rankings for Sri Lanka are published annually by LMD.

Ceylinco Life ended 2017 with assets of Rs 106 billion, total income of Rs 25.6 billion, premium income of Rs 15.76 billion, a Life Fund of Rs 81.72 billion, an investment portfolio with a value in excess of Rs 92.26 billion and net profit of Rs 9.47 billion, making it the market leader in the country’s life insurance industry for the 14th successive year.

Adjudged Sri Lanka’s Best Life Insurer in 2017 for the fourth consecutive year by World Finance, Ceylinco Life is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.

IPM Sri Lanka – the Nation’s leader in human resource management, will be showcasing winning corporate HR practices at its popular “IPM Great HR Practices” for the second consecutive year at the IPM National HR Conference 2018 which is being held on June 6 and 7 at the BMICH in Colombo.

The IPM Great HR Practices which was held for the first time in 2017 is considered by the HR fraternity as vastly successful.

IPM Great HR Practices is a platform for both public and private sector organizations to showcase their great HR practices which address a crucial HR issue and is considered as a game changer in the ongoing success of the organization.

“Showcasing best HR practices amongst companies will help to bolster performance by way of enhancing efficiency, productivity and employee engagement.

The IPM Great HR Practices plays a role of catalyst in this endeavor, and offers a recognized and accepted platform for showcasing of great HR practices,” said Samantha Rathnayake-Chairman, Organizing Committee, IPM Great HR Practices 2018.

IPM Sri Lanka now accepts applications from organizations that are reaping the benefits from a unique and innovative out-of-the-box “great HR practice” that they have successfully designed and deployed to address a crucial organizational HR related issue for the purpose of evaluation and selection of the best HR practice amongst many.

The submissions will be evaluated by an eminent panel of judges and 5 selected companies will be recognized during the Great HR Practices at the IPM National HR Conference 2018.

The human resource management discipline plays a significant role in adding value to organizations and showcasing best practices for “benchmarking” is a growing trend in order to help transform companies to the next level.

Showcasing of best practices is also important from a national perspective in order to step up the process of development of the national economy.

ings, recently won 11 coveted awards at the prestigious JASTECA Awards Ceremony. Organized by the Japan Sri Lanka Technical and Cultural Association (JASTECA), the competition recognizes the country’s strongest performers who excelled in 5S, Kaizen and Corporate Social Responsibility.

Vying against some of the biggest contenders in the country, MAS added 11 laurels to its name at the JASTECA Awards ceremony, winning Gold, Silver, Bronze and Merit awards for the Taiki Akimoto 5S Award; Silver and Merit awards for the Nagaaki Yamamoto KAIZEN Award,while also clinching the Bronze and Merit accolades for the Ian Dias Abeysinghe Memorial JASTECA CSR /Sustainability award.

JASTECA 5S Awards is considered to be the Annual National Competition of 5S in Sri Lanka, which awards leading lean manufacturers in the country. JASTECA Awards recognizes Sri Lanka’s best 5S performers with Gold, Silver, Bronze and Merit awards under three main categories of 5S, Kaizen, CSR and Sustainability, which is further divided according to the sectors as Small, Medium and Large.MAS Holdings manages a portfolio of businesses with a revenue of USD 1.8bn and is positioned as one of the world’s most recognized design to delivery solution providers in the realm of apparel and textile manufacturing. It is also the largest apparel and textile manufacturer in South Asia.

“The shares of the Anand Mahindra led, Mumbai headquartered Mahindra & Mahindra Ltd (M&M) surged more than 2% to hit an all-time high, thus steering the automaker to join the club of Rs 1 lakh crore market capitalisation on the Bombay Stock Exchange.

“Sri Lanka can only but benefit as M & M will soon be setting up their automotive assembly plant as a result of the joint venture entered into with Ideal Motors Ltd., a fully owned subsidiary of the Ideal Group, to assemble automotive vehicles in Sri Lanka”, said Founder Chairman of the Ideal Group, Nalin Welgama.

Welgama reiterated the fact that the spin off benefits as a result of M & M’s achievement in India will greatly benefit Sri Lanka, providing an impetus to the local automotive industry as well as serving to position Sri Lanka as a venue for many more automotive giants to open plants in the country.

Interestingly, Mahindra & Mahindra Ltd is now bigger than the Tata group’s carmaker Tata Motors, in terms of market capitalisation. The heavyweight shares of Mahindra & Mahindra Ltd were among the top six gainers on BSE Sensex and the fifth-largest contributor in uplifting the benchmark index on Tuesday.

Shares of Mahindra & Mahindra Ltd rose as high as 2.23% to a lifetime peak of Rs 819.1 on Tuesday.

With the breaching of the Rs 1 lakh crore mark in the market capitalisation, Mahindra & Mahindra Ltd went above Tata Motors in market capitalisation. Notably, Mahindra & Mahindra Ltd became India’s second-largest automaker in terms of market capitalisation on Tuesday and was only behind Maruti Suzuki, as far as the automakers are concerned.

“Mahindra will hold a 35% stake in the JV, while Ideal Motors will have a 65% stake. Ideal Motors has been a trusted Mahindra distributor for the last 9 years, and with this joint venture Mahindra will strengthen its presence in the country. The plant will be developed over the next one year under the expertise of the Mahindra team, and will incorporate global technologies”, said Welgama. Sri Lanka is one of Mahindra’s top three export markets, and the new facility will not only contribute to human capital development, but will also enable collective development of local automotive components manufacturers to international standards under the global expertise of Mahindra. “This is a leap forward for the Industry, adding value to the meaning of ‘Made in Sri Lanka’ and opening broader opportunities for national growth”.

M & M’s phenomenal achievement represents a quantum leap for both our companies, building the foundation for newer opportunities for both of us and setting the sky as our only limit”, said Welgama.

Turkey is emerging strong once again recording a GDP growth of more than 7 percent in 2017. The country is calm and its business as usual with the economy remaining resilient and expected to maintain the momentum in 2018 as well.

The Republic of Turkey straddles Eastern Europe and Western Asia and has cultural connections to ancient Greek, Persian, Roman, Byzantine and Ottoman empires.

The alluring historic Istanbul City is Turkey’s economic, cultural and historic center. Istanbul is a transcontinental city in Eurasia, straddling the Bosporus strait, which separates Europe and Asia between the Sea Marmara and the black Sea .The city’s commercial and historical center lies on the European side. Ankara is the capital of Turkey.

Turkey consists of an emerging market and is among the world’s newly industrialized countries. With over 25 million foreign tourists visiting Turkey in 2016, Turkey is currently the 17th largest economy in the world and the sixth largest in Europe. Turkey’s income from the tourism sector is expected to reach $ 30 billion in 2018 and stands among the world’s leading producers of agricultural products, textiles, motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances

Meanwhile trade between Sri Lanka and Turkey has picked up over the past years. Turkey is the 16th export destination for Sri Lanka and accounted for 1.5% of total exports from Sri Lanka in 2016. Total export value from Sri Lanka to Turkey stood as US$ 154 million in 2016 and total imports from Turkey to Sri Lanka for the same period was US$ 69 million.

Sri Lanka’s main export products to Turkey in 2016 were tea (value added and bulk), woven fabrics, apparel, pneumatic tyres, activated carbon, coco peat and fiber pith, desiccated coconut, industrial and surgical gloves of rubber and essential oil. The main import products from Turkey were electric machinery, animal fat, leather, processed food, woven fabric, cotton during the same year.

Sri Lanka has entered into an agreement with Turkey on Economic and Technical Cooperation which was signed in 2002 in order to strengthen the bilateral ties in the fields of economic and technical cooperation. Meanwhile Turkey has sharply increased imports of Sri Lankan tea in 2017 for blending and re-exports, emerging as the top buyer of the island’s main export crop.

Exports of Ceylon tea to Turkey rose almost 40% to 35.4 million kilos in 2017 from the previous year.

Turkish Airlines, the flag carrier airline of Turkey flies daily to Colombo and is the only 4 Star airlines in all categories in Europe which has been ranked the “Best Airline in Europe” for six consecutive years in a row. The Company has also transformed into one of the largest global network carriers in the world. With the world’s 4th largest flight network, Turkish Airlines flies to 253 international destinations in 129 countries and has the fourth largest network in the world with 302 destinations. Meanwhile, the total number of passengers carried by Turkish Airlines rose by 28.5 percent in the first quarter of 2018 compared with the same period last year.

The airline is reported to have carried 16.7 million passengers in the first three months of 2018, the state-run Anadolu Agency reported.

The number of passengers carried in domestic and international flights surged 31.3 percent and 26.2 percent respectively. Over the same period, the airline’s passenger load factor or seat occupancy reached the highest level in its history for the first quarter, up 6.5 percentage points to 80.5 percent. 

Singapore Airlines (SIA )will extend its title sponsorship of the Formula 1 Singapore Grand Prix for another two years, until 2019.

Singapore Airlines first signed as Title Sponsor in 2014, initially for two years. The sponsorship was subsequently extended for the 2016 and 2017 races.

This year’s event, the Formula 1 2018 Singapore Airlines Singapore Grand Prix – will take place over 14-16 September at the Marina Bay Street Circuit.

“The Singapore Night Race is the highlight of Singapore’s sporting calendar and we are thrilled to continue as its Title Sponsor. We look forward to showcasing this event to the world and enhancing both tourism and sports for the benefit of Singaporeans and visitors alike,” said Singapore Airlines CEO, Goh Choon Phong.

“F1 is delighted to extend its relationship with Singapore Airlines. The strength of Singapore as a destination is an example of the excitement F1 is creating around the globe and having prestigious partners such as Singapore Airlines shows our ambitious vision is shared by the market leading companies around the world,” said Chairman and CEO of Formula 1 Chase Carey.

“We are delighted to have Singapore Airlines partner us once more as Title Sponsor for the Formula 1 Singapore Grand Prix. The partnership over the last four years has been a key component in the success of the night race. As we embark on the next chapter with Formula 1, we look forward to harnessing our combined reach and brand recognition to showcase the very best that Singapore has to offer,” said Singapore GP Pte Ltd Chairman, Teo Hock Seng.

Founder of Sungreen luxsury Resort and Spa Habarana, Priyankara Bandara Athukorala, has won the Anuradhapura District Outstanding Entrepreneur of the Year - 2017 Gold Award.

The award was presented by the Anuradhapura District Chamber of Commerce at its Industry & Agriculture’s Colours Night/14th Annual Award Ceremony held recently. The event was organised to award champions of business under the categories of Small, Medium, Large and Outstanding Entr-epreneur of the Year.

The award was based on the criteria of: company vision, mission, company administration, overall cleanliness, staff services, fire and lightning process, organic vegetable farm, environmental protection, organising and staff welfare, finance background, corporate social responsibility, annual business plan, company policies and procedures and job opportunities. The hotel staff comprises of 80% of youth from the area.

Sungreen Resort and Spa offers all modern facilities, including a large swimming pool, gymnasium, and spa as well as a farm where a massive variety of vegetables and fruits are cultivated.

Sri Lanka’s first B2B e-commerce platform for the Hospitality Industry was re launched by Minister of Tourism John Amaratunga recently.

Hotelsupplier.lk came into existence in 2008 just as an online directory and is now a very well established, successful part of the Hospitality industry in Sri Lanka and the Maldives.

“With an annual publication of a colour magazine and directory it features the hotel supplier store and quotation pool it’s beyond being just E-commerce site,” said its founder, M. Pubudu.

“Suppliers post their wares on the Hotelsupplier.lk website and users (hoteliers, restaurateurs, investors etc.,) place their inquiries or quotation requests directly with the supplier on the same platform/site.”

Many international chains and new hotels opening in Sri Lanka and Maldives use our website.”

EXCEL Restaurants a subsidiary of Browns Investments, has taken over two popular entertainment venues on a long term rent.

The two brands. Floor By O at the CH & FC Colombo and Show by O in Mount Lavinia Beach are owned by Ceylon Breweries Ltd.

Browns Hotels & Resorts Group General Manager Eksath Wijeratne, said that the group which also manages Excel World ‘The Keg’ Restaurant were looking out to add more entertainment venues in Colombo. “Then we decided to take the two popular restaurant under our management on a leases basis.”

He said that the with the tourism growing the group was looking at extending their foot print to Mount Lavinia and Floor By O was a good option. “We are now in the process of upgrading it to add more features.”

Browns Hotels and Resorts (BH&R) a subsidiary of the Browns Group also owns and manages The Eden Resort & Spa in Beruwela and Dickwella Resort & Spa, The Paradise Resort & Spa in Dambulla and The Calm Resort & Spa in Pasikudah. (SS)

The Avurudu Pola organised by Colombo Hilton was held at ‘The Blue’recently.

The event saw the participation of foreign and local guests. Especially prepared pickles and chutneys, an abundance of organic fruits and vegetables and a variety of delicious rasakavili, including: Kokis, Wadai, achcharu and hot Kavum was served from the Hilton action station. The event also included a range of stalls which included cane products, garments and jewellery, batik and hand-loom sarees. Live calypso music, Kopi Kade, Kotta Pora and other seasonal games also added glamour to the event. Pictures by Sulochana Gamage

‘The One’ mixed development project hosted the Sinhala and Tamil new year with their Chinese and local employees in Colombo on Saturday.

Minister of Home Affairs, Vajira Abeywardane, first Lady Mayor of Colombo City, Rosy Senenayake, Director General, BOI Duminda Ariyasinghe and several others participated for the event.

Construction of ‘The One’ commenced in September 2017 and Phase 1 is due to be completed in December 2021.

The architects of the project is the China Construction Design International (CCDI) which have offices in Shanghai, Chengdu, Sydney, New York, and 20 other cities in China and employ over a thousand architects, engineers, planners, project managers as well as design and management consultants.

The Zhongtian Construction Group which is one of the stakeholders of ‘The One’ , is a 10 billion US $ private construction group that integrates civil construction, real estate, property development, media, investment and education and is among the 50 top private enterprises in China.