business Sri Lanka

HealthRecon Connect Pvt Ltd celebrated another outstanding achievement in a year of successes - receiving the Great Places to Work Certification, conferred recently.

Commenting on the accolade, Chief Executive Officer- Denver Fernando stated; “We are delighted to receive this recognition on our first attempt at GPTW Certification, and within 2 years of operations in Sri Lanka. It is a true testament to the people philosophy and the CREDO we practice. As an organization we continually strive to implement innovative, practical people practices. We believe the key to our success is being close to our team through open dialog, being able to quickly change course when required and driving values through every initiative. We share this achievement with our incredible team. The catalyst of people practices is the team who lives it and as such we salute our team for embracing the philosophy and continuing to live the values”.

“From inception we have focused on value based growth. Our people practices are founded on the five values of the company and links the milestones of a team member’s employment journey. Values are the nucleus of performance management, career advancement, recognition, communication and engagement. We are committed to practicing our people philosophy in a manner that affects each individual as a whole, engaging and empowering them to achieve great outcomes both personally and professionally. Our team has shown great tenacity and passion in this journey, and this achievement belongs to all of them”, stated Thilini Ekanayake, Head of Human Resources.

HealthRecon Connect offers solutions and services to healthcare providers facing challenges in driving quality patient outcomes while managing through ongoing cost increases, declining revenue, increasing complexities in regulatory/compliance frameworks, administrative and HR challenges and declining patient interaction.

Sri Lanka Gem and Jewellery Association organized 28th annual, Intentional Gem and Jewellery Show, FACETS Sri Lanka began at the BMICH yesterday. Minister of Science, Technology and Research Dr. Sarath Amunugama, State Minister A.H.M. Fowzie, Leader of the JVP Anura Kumara Dissanayake, Chairman of the Sri Lanka Gem and Jewellery Authority Peshala Jayarathna Bandara, Chairman SLGJA A.H.M. Imtizam and Facets Chairman Musthaq Jabir were also present at the opening ceremony.

Over the years, the show has steadfastly developed in to one of the best international gem and jewelry exhibitions in the world. A very significant factor in the history of the event is that it is the only exhibition in Sri Lanka, which has been held uninterrupted for a period of 27 years.

As a result, the local Gem and Jewelry trade has benefitted immensely, reaching appreciable heights in the international arena. Over the past 27 years, the brand profile of the show has developed to a great extent, gaining international recognition as a world class exhibition and has now grown to nearly 200 stalls.

Facets Sri Lanka plays a pivotal role in making Colombo a regional Gem &Jewelrycapital and Sri Lanka the “Sapphire Capital of the World”.

FACETS strengthens and promotes industry development with special focus on the industry’s prime resource, the Ceylon Sapphires, as well as to increase the sale of other gemstones and jewelry products to overseas markets, attract more international buyers to Sri Lanka and facilitate a level playing field among the different segments of the industry.

Vignettes of the opening : Ruzaik Farook 

Three of Sri Lanka’s most prominent companies shared how they are transforming their businesses and accelerating the adoption of the latest innovations thanks to the use of Oracle Cloud Applications, during a recent media showcase.

The event, which focused on cloud-driven innovation, saw participants hearing directly from key business leaders about their experience of how modern cloud offering are helping them transform and embrace innovation as a result of being able to increase business agility, lower costs and reduce IT complexity.

Attendees also learned how Oracle Cloud — the broadest and most integrated cloud solution in the industry —enables these businesses to take advantage of innovative technologies to enable seamless expansion of their business prowess to the next level.

“The speed of innovation can be daunting and rapidly shifting consumer expectations continue to change the game. This means successfully growing a business has never been harder,” said Chandita Samaranayake, Head of Applications at Oracle – Sri Lanka, Indochina, and the Maldives. “To navigate this change and help Sri Lankan business leaders create breakthrough experiences, Oracle Cloud offers customers trusted business applications, empowering them to overcome the barriers to growth and successfully scale by delivering industry best practices,”

Sri Lankan organizations drive innovation on Cloud

Leading Sri Lankan organisations including Millennium Information Technologies (MillenniumIT ESP), MAS and McLaren Group shared details of the business benefits they continue to realise, because of the transformational power of Oracle Cloud Applications.

MillenniumIT ESP

MillenniumIT ESP is one of Sri Lanka’s leading information system integrators providing a wide array of solutions, services and IT integrated products to many industries. Incorporated in the year 1996, MillenniumIT ESP has evolved, as one of the largest IT Infrastructure solution providers in Sri Lanka.

The company is reputed for supporting a range of customers including all banks, telecommunication service providers, apparel manufacturers, leading conglomerates here in Sri Lanka and overseas, and has also received various excellence, innovation and performance-based awards globally.

In December 2017, Ambeon Holdings PLC – a Holding and Management company, acquired MillenniumIT ESP. With over 3500 employees, the Ambeon Group is a medium sized conglomerate reputed for its market dominance in the areas of financial services, manufacturing, real estate and strategic investments.

“Today’s businesses are faced with unprecedented changes that demand a rethink of traditional enterprise management processes and models,” said Rahal Jayawardene, Head of Technology Alliances and Innovation – Millennium Information Technologies (Pvt) Ltd.

“To be effective in this new operating environment, business leaders need to drive operations with confidence, monitor results continuously, and course correct with agility. The latest additions to Oracle Enterprise Resource Planning Cloud are empowering our organization to embrace change and take advantage by providing us with end-to-end solutions we needed without any need for customization to fully embrace Oracle’s cloud capabilities. This has enabled Millennium IT ESP to embrace industry best practices, connect disparate applications, improved productivity and decision-making to capitalize on opportunities faster than any other industry player.”

MAS

MAS Holdings is a US$ 1.8bn conglomerate and one of the world’s most recognized ‘Design–to-Delivery’ solution providers in the realm of apparel and textile manufacturing. The organization is headquartered in Sri Lanka with 53 manufacturing facilities across 16 countries, and design locations placed in key style centers across the globe with over 98,000 people involved in its operation.

“Human Resources (HR) teams have traditionally had to pick between simplicity and performance when selecting new technologies. To accelerate innovation, improve productivity and successfully prepare for the future of work, HR can no longer make this trade-off. Instead, they need to apply new strategies and technologies that attract, engage and retain employees,” said Ushaan Abeywickrema, General Manager, Group Human Resources.

Ushaan further said, “We needed a global solution from a vendor with international experience that would help standardize our processes. The latest innovations within Oracle HCM Cloud have enabled us to address these challenges by providing simple, powerful solutions that can proactively anticipate and respond to changing employee and workforce needs. Oracle Applications will help optimize our talent management acquisition process, provide complete workforce insights, increase operational efficiency and make it easy for everyone to connect, collaborate, and do their job—from anywhere, on any device.”

McLarens Group

McLarens Group is well-established across shipping, marine and logistics industry. It is a brand synonymous with the shipping industry of Sri Lanka.

It is the partner of choice for several multinationals with commercial interests in the island.

While shipping, marine services and logistics remain at the heart of the group, the company has established a lead market presence in bunkering, oil and gas services, manufacturing, lubricants trading and distribution, property development, hotel and leisure services as well as food and beverages and other strategic investments.

“We evaluated multiple vendors, but felt that Oracle is uniquely positioned to help us with a comprehensive offering we needed. By upgrading to the latest Oracle Cloud applications, we will be able to increase our agility by transforming the way we consolidate all our financial details,” said Umeshi de Fonseka Group Head (General Manager) of ICT & Digital Business at McLarens Group of Companies.

“Once successfully deployed we will be able to streamline processes and enjoy greater visibility to business insights and analytics, and help us make informed business decisions in a timely manner. The deployment will also increase business transformation efforts of the Group, enabling us to maintain data integrity, accuracy and consistency.”

Other Highlights:

The event also gave participants an insight into Oracle’s latest product innovation ‘Oracle Soar’, the world’s first automated enterprise cloud application upgrade product that will enable Oracle customers to reduce the time and cost of cloud migration by up to 30 percent.

By providing a complete set of automated tools and proven cloud transition methodologies, Samaranayake highlighted that the new “Soar to the Cloud” solution can enable customers with applications running on premises to upgrade to Oracle Cloud Applications in as little as 20 weeks.

At the event, Samaranayake said Sri Lanka has witnessed tremendous growth in its cloud transformation drive over the last few years. From financial institutions to telecommunications, apparel manufacturers to blue chip companies, local businesses have come on board for faster innovation and business transformation through cloud applications.

“The shift to cloud is real and it is making most enterprises re-evaluate their architecture and application landscape. Sri Lanka has made major strides towards becoming a cloud-ready nation and we are witnessing more and more organizations gradually migrating their business processes and data to the cloud.

Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services.

China’s Cabinet on Thursday (Aug 30) announced new measures to cut costs for companies as policymakers look to support growth amid an escalating trade war with the United States that threatens exporters.

The State Council announced tax cuts that should reduce firms’ costs by more than 45 billion yuan (US$6.59 billion) this year, state radio reported.

Beijing is speeding up infrastructure spending and offering help to smaller companies as China’s economy cools and US trade tensions intensify. Channel NewsAsia

The Eppendorf a leader in life science laboratory supplies in the world has appointed Avon Pharmo Chem Pvt Ltd as the distributor for all their product range to offer Sri Lankan Science Community.

Eppendorf has been a well reputed brand in laboratory equipment and consumables for several decades in Sri Lanka. Avon being the fast growing technology partner for Sri Lankan science community for over decade, it became the most suitable channel for most of the Eppendorf products. Now with this appointment Sri Lankan scientist community will enjoy the world class research supplies from Eppendorf at highest convenience with application support from a knowledgeable team.

Eppendorf is a leading life science company that develops and sells instruments, consumables, and services for liquid-, sample-, and cell handling in laboratories worldwide. Its product range includes pipettes and automated pipetting systems, dispensers, centrifuges, mixers, spectrometers, and DNA amplification equipment as well as ultra-low temperature freezers, fomenters, bioreactors, CO2 incubators, shakers, and cell manipulation systems. Consumables such as pipette tips, test tubes, microtiter plates, and single-use bioreactor vessels complement the range of highest-quality premium products. Avon Pharmo Chem was established in 2002 as a life science supplier for medical laboratories and research laboratories. Eppendorf products are most broadly used in academic and commercial research laboratories, e.g., in companies from the pharmaceutical and biotechnological as well as the chemical and food industries.They are also aimed at clinical and environmental analysis laboratories, forensics, and at industrial laboratories performing process analysis, production, and quality assurance.

Eppendorf was founded in Hamburg, Germany in 1945 and has more than 3,100 employees worldwide. The company has subsidiaries in 26 countries and is represented in all other markets by distributors. 

As innovative and flamboyant apparel collections of young and aspiring fashion designers of the University of Moratuwa (UoM) took the ramp by storm recently, Teejay Lanka PLC, Sri Lanka’s only multinational textile mill and the region’s largest textile manufacturer was on board as the event’s Principal Sponsor for the fifth consecutive year.

Twenty one collections were showcased at the 12th annual Graduation Fashion Show of the University of Moratuwa’s Department of Textile and Clothing Technology, and seven awards were presented to promising final year undergraduates of two degree courses at the event held at the Shangri-La Ballroom, Colombo. Teejay Lanka CEO, Shrihan Perera said, “Teejay is no stranger to the University of Moratuwa. Over the past five years we have been helping shape the future of students through professional guidance and business exposure. Teejay itself has embarked on a journey of innovation and value addition as the key to its own future, and institutions like the University of Moratuwa, can help accelerate the transformation and strengthening of the local textile industry.” 

Fruits, seafood, and Chinese medicinal herbs are examples of some goods which could flow more easily between western China and Southeast Asia once trade on the Southern Transport Corridor (STC) takes off.

Jointly developed by Singapore and China under the Chongqing Connectivity Initiative G2G (government-to-government) project, the STC is a multimodal transport route linking Chongqing in western China to Singapore via rail and sea.

The STC will provide new opportunities for ASEAN companies to tap into growing demand in western China, said Singapore Trade and Industry Minister Chan Chun Sing on Tuesday (Aug 28).

He was speaking on the second and final day of the FutureChina Global Forum and Singapore Regional Business Forum in Singapore, where growing connectivity between China and Southeast Asia was a key focus.

Last year, bilateral trade between China and Southeast Asia reached a record high, totalling more than US$515 billion (S$701 billion).

Chongqing Mayor Tang Liangzhi, who was speaking at the forum, noted that the STC has already reduced travel time between western China and Southeast Asia by two-thirds.

Chan added that the STC is an open platform, as having more users will expand its network, build economies of scale, and benefit all by reducing costs.

At a separate panel session in the afternoon, Chan noted that it took Singapore “very long” to develop a new concept for partnering China on bilateral infrastructure projects.

.Channel NewsAsia

The Indian economy is in for a rough ride, with rising oil prices set to continue weighing on its already-weakened currency, widen its deficit, and affect its growth outlook.

Rebounding oil prices — and India’s unrelenting demand for it — will push up oil imports and widen its current account deficit, which measures the flow of goods, services and investments into and out of the country, economists say.

That widening deficit will result in a weakening rupee, they say, as more imports mean India has to buy more foreign currencies to meet its needs.

“The INR (Indian rupee) is expected to continue to face depreciation pressures during the remainder of 2018, reflecting several factors including further US Fed rate hikes, India’s widening current account deficit, and negative global investor sentiment towards emerging markets currencies and assets,” IHS Markit Asia-Pacific Chief Economist Rajiv Biswas, said in an email to CNBC.

Biswas predicted that the rupee will depreciate further, falling to 72 rupees against the dollar by the end of 2018 and reaching 74 rupees by August 2019. The rupee was last at 70.16 against the dollar at the close of Monday — representing a 9.96 percent decline since the beginning of this year.

The rupee, along with the Indonesian rupiah and Philippine peso, will continue to be the most vulnerable in Asia, said a ANZ Research note.

India’s foreign reserves have been affected by these developments. (PTI) 

SDB bank once again being recognized for its invaluable contribution towards the upliftment and development of the MSME sector, with the latest award it received as the “Fastest Growing MSME Bank in Sri Lanka” for the year 2018, by the leading UK based publication, Global Banking and Finance Review.

The award joins a rank of accolades garnered by SDB over the years in its growth journey to be the critical component in the local banking sector that it is today.

Last year, Asia Securities in its financial review commended the SDB for its unique positioning servicing the unbanked rural economy by leveraging the bank’s access to co-operatives.

The review further commended the SDB operation for maintaining the lowest OPEX per branch in the scope of its review and for its unconventional banking model focused on retired Government employees and MSMEs.

A specialized bank licensed by the Central Bank of Sri Lanka, SDB bank has been consistent in its efforts towards the empowerment of the MSME segment, which the bank in line with many global authorities has identified to be the backbone of the economy.

It is in this context, that the SDB has granted in excess of 54,000 loans in the financial years of 2016 and 2017. The accumulative monetary value of loans handed out to this critical economic segment is nearly Rs. 20 billion as it stands presently.

Additionally, the Bank has played an unparalleled role in developing Co-operative businesses into MSMEs, spanning through a wide range of industries including, agriculture, dairy, garment and manufacturing.

It has also facilitated co-operatives and MSMEs to scale up, by assisting them in developing their financial literacy, capacity building and value chain development by providing them with information about resource planning and management of challenges associated with scaling up, more so, in the context of the transformational shifts taking place in global commerce due to rapid changes in technology and a dynamic geo-political and regulatory environment.

In line with this vision SDB has assisted co-operatives to gain easy access to finances through society networks, in order for them to scale up to MSMEs, with SDB having ties with nearly 3,800 societies to date and offering inclusive financing options which are unique and easily accessible, even for individuals and co-operatives engaged in informal segments of business.

Nimal C. Hapuarachchi,General Manager/CEO of SDB said, “Even though SANASA Development Bank commenced as a unique bank with a focus on the unbanked rural economy, largely facilitating the micro-finance segment, over the years it has strengthened its position in the MSME sector, by moving into retail lending with a focus on small and medium enterprises, government employees, graduates and the female entrepreneurs of Sri Lanka, who run small businesses. We have also launched our ‘Uththamavi Loan’ for women entrepreneurs, in order to empower the women of our country to achieve financial independence and contribute actively to the economy.”

“The prestigious award we have received has provided assurance to us and our investors, that the strategic shift of diversifying away from the microfinance sector to the MSME sector, has become a success”, he said.

In line with the General Manager’s comments, M.S. Kiriwandeniya, Chairperson of SDB bank said, “We have used our unique position in the Sri Lankan banking sector, to introduce financial products and services that will empower the youth and women in rural areas of Sri Lanka, who are struggling to start and stabilize their own businesses. We believe that these customers will grow rapidly in the future and add enormous value to the Sri Lankan economy.” 

SriLankan Airlines achieved yet another milestone in Sri Lanka’s corporate sector when it became the first organization in the country to launch an Employee Assistance Centre (EAC), which offers professional guidance and counselling for employees to overcome challenges in their work or personal life.

The EAC would provide its expertise to any employee free of charge with the aim of facilitating peace of mind and quality of life.

Sharing his thoughts on the initiative, Pradeepa Kekulawala, Head of Human Resources of SriLankan Airlines said, “This initiative is based on the principles of industrial and business psychology, where employee well-being and productivity are often correlated. The well-being of the employees is of paramount importance to us as it ensures that employees stay in a positive frame of mind in order to give their best to the company. As an organization, we encourage our employees to raise their performance levels. We believe that an initiative of this scale would enable them to focus better and improve themselves as professionals as well as individuals.”

The national carrier has obtained the expertise of the Colombo Institute of Research and Psychology (CIRP). CIRP is considered the pioneering and leading higher education institute in the field of psychology in Sri Lanka since 2010.

It is the most popular private university for psychology education in South Asia, partnered by Coventry University of the UK. Branded as ‘CIRP Life Centre for Psychological Well-being’, it is staffed by the best psychologists and counsellors in the country including Sri Lankans and expatriates.

The EAC will grant employees advisory and counselling services on areas such as work life balance, positive parenting and child-minding, coping with stress and emotional challenges in professional and personal life, peaking performance and staying on top, and developing the spiritual quotient within them.

Dr. Dharshan Perera, Chairman of CIRP said, “We are pleased to partner with SriLankan Airlines in pioneering a project of this scale. An initiative of this nature would enable us to counter the cultural stigma that you often associate with counselling. Counselling offers a tool which helps each individual to develop a performing mechanism that is needed to tackle life’s challenges. Not only would this produce a motivated employee, it would also help each individual to be a positive minded person.”

The Airline already has a number of initiatives targeted at boosting staff motivation. An employee recognition programme titled ‘Varna’ is in place to commend and honour the efforts of employees who go beyond the call of duty to add value to the organization. An ‘HR Open Day’ is also in place where employees are given a platform to raise their concerns and resolve issues by reaching out to the management.

Under the guidance of the Airline’s Chairman, Ranjit Fernando, a series of “Meet the Chairman” interaction programmes is also planned as part of the transformational process of change.

Thanuja Navaratne Attorney-at-Law, Notary Public, Company Secretary, Proprietor and Lead Consultant d of Gruvyino Consultancies won the positively entrepreneur of the year 2017 held at Hotel Taj in Colombo recently.

Gruvyino Consultancies is a leading company providing consultations for legal and development sector.

And also they are into project/ program management consultancy and training / legal services real estate investment legal advisory services to government, corporate and development sectors.

Thanuja Navaratne said that she is delighted with this award presented in recognition of her tireless effort and would consider this as an encouragement for her future projects.

This annual event for the encouragement and recognition of women entrepreneurs island-wide is organized by Women’s Chamber of Industry and Commerce that was established in 1985 and it is the only Chamber of Commerce dedicated to women in Sri Lanka. 

Minister of Finance and Mass Media Mangala Samaraweera along with Ministers Malik Samarawickrama, Ranjith Madduma Bandara and State Minister of Finance Eran Wickramaratne visit one of the booths at the Enterprise Sri Lanka exhibition centre in Moneragala yesterday. The exhibition which was launched by Prime Minister Ranil Wickremesinghe last evening will be continued till August 31.

The Monetary Board cancelled the license issued to Central Investment and Finance PLC (CIFL) with effect from March 05, 2018 in accordance with Section 37(3) of the Finance Business Act. The payment process will be continued until all eligible depositors of CIFL who have claimed their dues are paid. Therefore, eligible depositors are requested to wait patiently until CBSL officially inform the collection of their payment.

Further, with the Monetary Board decision to cancel the license of The Standard Credit Finance Ltd effective from July 25, the compensation payment for the eligible depositors will also be paid in terms of the SLDILSS Regulations in due course.

SriLankan Airlines is significantly expanding its capacity on the Colombo-Singapore-Colombo route with the introduction of wide bodied Airbus A330 aircraft that are equipped with the latest inflight entertainment systems, luxurious seating and on-board cuisine that is among the finest in the sky, to provide the highest levels of customer satisfaction.

Effective October 19, 2018, SriLankan Airlines will increase frequencies to 21 flights per week from the panned schedule of 17 flights per week. Of this, 7 flights will be operated by A 330-300 aircraft, while the remaining 14 frequencies will be operated by A 320/ A 321 Neo’s.

This route is highly popular with a wide range of travellers including holiday makers, businessmen, traders, MICE groups, students and those who visit families and friends. Three daily flights on this route means more flexibility for our passengers. Srilankan also offers code - share flights to 4 cities in Australia with their OneWorld partner Qantas, namely Sydney, Melbourne and Brisbane, Perth through the Singapore Changi hub. This is in addition to the daily direct flights operated by SriLankan Airlines on Colombo - Melbourne route.

Access Engineering recorded its highest turnover in the history at the Group and the Company levels, recording Rs 26 billion and Rs. 18 billion, a growth of 27% and 21%, in a challenging business environment, Chairman Sumal Perera told company’s shareholders in the company’s Annual Report 2017/18.

Construction related activities have contributed 57% to the Group turnover, while 31% was contributed by automobile activities, 10% from sale of construction related material and the rest being made up of leasing office space. Profit after tax was Rs. 3 billion and Rs. 1.9 billion at the Group and the Company levels.

“We also paid dividends amounting to Rs 1.2 billion during the year, in addition to the Rs 1.5 billion paid in 2016/17. The net asset value per share grew by 10% and 4% respectively at the Group and the Company levels,” he said.

The company reported this performance through focused execution of strategic imperatives for the year with ownership and accountability, thereby enhancing the quality of company’s service offering,

depicting the robustness of its business model and the underlying core values.

The company has also completed several infrastructure projects of national importance and continued large-scale projects both independently and as joint ventures with international companies.

“Despite the cyclical recovery in the global markets, the international operating environment was not conducive to the business segments that we operate in. Especially in the international markets, the construction and engineering sectors were negatively affected while the automotive sector remained resilient.”

The construction sector grew by 10% in 2017 despite the setbacks through delays in the decision-making process, depreciation of the rupee, and changes in the corporate tax structure.

Perera said the company’s signature real estate project to transform the skyline of Colombo, “Capital Heights” Rajagiriya, will be completed in 2020 and has garnered interest from locals and expatriates.

Sri Lanka will soon commence a modified inflation targeting framework said Central Bank Governor Indrajit Coomaraswamy said.

Speaking at the oration to mark the 68th anniversary of the Central Bank he said that this is expected to be implemented form 2019 April. He said that a legal frame work in this regard is now been prepared. The governor also said that the Employees Provident Fund (EPF) will enter the stock market soon.

“The fund has recently begun trading in the secondary government securities market,” he said.

He added monetary authority has established sufficient safeguards to improve transparency and accountability in trading guidelines and improved fund management functions. The EPF withdrew from trading in the aftermath of investigations into the controversial bond trades in 2015 that sparked public outcry and the appointment of a Presidential Commission of Inquiry.

But, the EPF has already returned to trading on the secondary market, the Governor said adding that they are working towards EPF coming back to the stock market fairly soon once all the preparatory work is completed. 

“New investment and trading guidelines have been developed; surveillance system has been put in place. The segregation among front, middle and back offices has been made more entrenched,” he added. He assured there is a new auction system in place which works effectively.

Meanwhile former Deputy Governor Central bank Dr W A Wijewardena speaking at the 68th anniversary of the Central bank said that the present management of the Central Bank (CBSL) has resolved itself to adopting a flexible inflation targeting system and is now in the process of converting its policy architecture to facilitate its full implementation shortly. “This is a policy measure taken in the correct direction,” he said.

After a decade of country-wide efforts involving eight million members, the first ever national policy for Sri Lanka’s historic cooperative sector has finally arrived at Cabinet levels for ultimate approval.

Once the approval by the Cabinet of Ministers for the National Cooperative Policy (NCP) submitted by the Minister of Industry and Commerce Rishad Bathiudeen is granted, NCP will become the sole framework of reference and guidebook for Sri Lanka’s coop sector way forward.

The 111 year old Sri Lankan cooperative sector employs 46,000 and packs a membership total of a little over 8 million. The Lankan cooperatives assets and savings base is estimated at huge Rs 418,416 million. At present there are 14,454 cooperatives -in various productions, services, SMEs, women’s development, rural banking, insurance and farming -active across Sri Lanka’s nine provinces.

After a decade, the policy has been finally approved this year by Cooperative Ministers of all Provincial Councils, District Cooperative Councils and regional cooperative officials (representing their 8 million members) unanimously. This go-ahead by the entire Lankan coop sector is the first such unanimous approval given by this sector for the NCP, whose work began way back in 2008 and subsequently undergoing multiple revisions under different governments. 

This year, a decade later, subsequent to many rounds of NCP stakeholder consultations in Colombo led by Minister Bathiudeen and his Ministry of Industry and Commerce and that began in 2016, the NCP was finalised with International Labour Organisation (ILO) backing and has been submitted for Cabinet approval by the Ministry on Minister Bathiudeen’s directions.

Among the main themes of the new NCP are modernising the coop sector in par with other cooperative movements in the world, bringing in ICT, introducing self-financing, good governance, financial and credit methods, involving more youth and women in the sector’s next stage and simplifying the legal set-up for the sector to be more viable.

“Given the cooperatives’ importance to Sri Lankan consumer lives it is time we officially step in and support the sector to develop it.” Minister Bathiudeen said. 

Industry veteran and Founder/CEO of Storybook, Subhash Pinnapola earned distinguished positions on the judging panels of two of the most recognized global awards programmes in the advertising, creative and marketing world. The two awards programmes, W3 Awards and Cresta International Advertising Awards, see Subhash and other renowned global leaders in advertising come together to decide on the best and most deserving talent, each year.

Story Book is a first-of-its-kind independent creative agency based in Colombo, Sri Lanka and has a distinct approach relying on emotional engagement.

The agency focuses on marketing to the empowered and highly intelligent consumer of today and specializes in creating powerful stories that connect people with brands, writing new chapters in Sri Lanka’s advertising industry. Despite being a relatively new agency, Storybook is headed by the legendary Subhash Pinnapola who has long been a stalwart of Sri Lanka’s advertising industry and is one of Sri Lanka’s most awarded creative leaders.

Speaking about Storybook and judgingat the W3 and Cresta Awards, Subhash said, “I am honoured to be part of the judging panels for these award shows. My life’s work has been creating original and paradigm shifting brand stories.

I’m driven by a passion for what I do and, with over 25 years in this business, I’ve acquired a wealth of knowledge. Therefore, I feel I can genuinely contribute to the judging process and ensure that we recognize only the best entrants. My experiences in the industry and judging at these global events provide me with unique insight and vision, which in turn translate to world-class ideation, planning and execution for our clients here at Storybook. They can rest assured that Storybook is an agency that plays at the global level.”

Subhash has held the prestigious positions of Executive Creative Director at Leo Burnett and Chief Creative Officer at TBWA and has played pivotal roles in other advertising giants such as O&M, JWT and LOWE. Over the years, he has been consistently awarded and recognized at top international ad award programmes such as Cannes, Spikes, Adfest, Appies, Adstars, AME, Epica, Midas, AWARD, Cristal, Sharks, Davey, Cresta and ONE SHOW.

The W3 awards honours creative excellence on the web and recognizes the creative and marketing professionals behind award winning sites, videos and marketing programmes. It is the first Major web competition to be accessible to big agencies and small firms alike where, regardless of size, the best work wins.

The Cresta International Advertising Awards is a worldwide awards programme that seeks to acknowledge high standards of creative achievement in the advertising and marketing communications industry, globally.The best entries are finally judged by the Cresta Jury, a permanent body consisting of 85 members from 45 countries of which Subhash is a member. For the competition members judge the entries focusing solely on creativity.

For the Cresta awards, Subhash will judge entries in the categories of Direct Marketing, Branded Entertainment, TV, Cinema and Online Marketing.

Globally renowned, Sri Lanka’s innovative board automation platform BoardPAC accomplished a remarkable hat-trick winning three Gold awards at CMO Asia’s IT Excellence Awards 2018 held recently.

The gala ceremony, organised during the first week of August at Hotel Le Méridien Sentosa, Singapore, presented BoardPAC awards for Innovation in IT Industry, Solution Provider of the Year and the Individual Woman Leadership Award to Lakmini Wijesundera, Director/CEO, BoardPAC.

The awards serve as a benchmark to recognise excellence throughout the IT industry in Asia, focusing on both organisations and individuals who have excelled in the use and development of IT. They acknowledge individuals and organisations that have demonstrated leadership using IT for business transformation.

Additionally, this year’s objectives were to recognise achievements acquired by entrepreneurs and business leaders, to honour and encourage leaders, develop and promote existing leaders, as a catalyst of growth for the region.

Held for the 9th consecutive year, the CMO Asia Awards is dedicated to high level knowledge exchange and recognition across industry segments. This year witnessed more entries and a higher profile attendance than ever before with influential industry executives congregating in Singapore for the ceremony. The Awards not only rewarded and recognised the best IT companies in the industry but also enhanced reputations.

Lakmini Wijesundera, BoardPAC Director/CEO said, “We are truly honoured to win accolades for Innovation in IT Industry and Solution Provider of the Year as our fundamental goal is to empower clients by providing tools that enables organisations to demonstrate the business value of IT.

Our solutions are a game-changer, and strengthen our belief that they will become a driving force for the future of corporate boards.” On receiving the Individual Woman Leadership Award, Wijesundera added, “I am truly grateful for this endorsement. I am privileged to accept this award on behalf of the BoardPAC team who are committed to help clients pursue corporate governance goals.”

BoardPAC is a globally commended multinational providing board meeting automation solutions to over 20,000 users across the globe.

The company is recognised as the preferred choice for Board meeting automation among a multitude of fortune 500 companies and has quickly garnered the largest market share for board meeting automation in the Asia Pacific region and emerging as a leader across the globe.

Commenting on receiving multiple awards, Rajitha U Kuruppumulle, BoardPAC Chief Operating Officer said, “I am very proud of the BoardPac team, whose number one obsession has always been client satisfaction. All our solutions and innovations are the result of hard work and dedication of an entire team. This award demonstrates that we understand clients’ challenges and deliver the very capabilities they need to make their tasks easier.”

Chartered Institute of Logistics and Transport (CILT) Sri Lanka recently awarded fellow membership (FCILT) status to experienced transport professional Upali Gunawardena. Since receiving territorial status in 2012, CILT Sri Lanka received rights to award membership locally and Gunawardena is the second chartered member to be awarded fellow membership. He joined CILT in 1996 and became a chartered member in 2006. He has served as a member of the Institute since 1996.

He has been instrumental in giving leadership to CILT on countless occasions. He was the project chairman in organizing the transport exhibition for CILT with the support of key stakeholders from both the public and private sectors.

He has 33 years of experience in all sectors of land transport and automobile engineering. He possesses a proven track record for exceptional success in managing truck fleets and engineering projects. Gunawardena has been appointed twice as the president of the Association of Container Transporters (ACT) in Sri Lanka in 2010/2011 and 2015/2016. In addition, he has been a member of the Institute of Automotive Engineers in Sri Lanka and the International Forum for Rural Transport and Development (IFRTD).

By representing the trucking sector, his contribution to the development of the Logistics and Transport industry thorough his active involvement with ACT is of significance.

He played a vital role in getting national recognition for the billion rupee trucking sector and driven by a sense of national interest, adopting best practices to uplift both the standards and service deliverables as well as protecting the sector’s workforce. As a result, numerous awards and recognitions were accorded to him over the years and are a testament to his commitment.

Gunawardena has won many awards at both national and provincial levels. His accolades include the National Gold Award 2007, Achiever Industrial Excellence CNCI, Sri Lanka Entrepreneur Bronze Award 2003 FCCISL, Sri Lanka Entrepreneur Merit Award National 2003 FCCISL, Sri Lanka Entrepreneur Merit Award National 2004 FCCISL and Sri Lanka Entrepreneur Merit Award Provincial 2004 FCCISL. Presently he is the Chairman of Upali Transworks Services. CILT is the leading international professional body for everyone who works within supply chain, logistics and transport.

The Institute holds unparalleled international recognition and works towards achieving its objectives promoting, encouraging and coordinating the study of the Science and Art of Logistics and transport through its membership, educational qualifications and events. CILT provides a professional identity to those in the ever-expanding logistics and transport industry. It is a strong, active and unified professional body that is able to speak with authority on strategic issues affecting the logistics and transport industry.

Sri Lanka Economic Summit 2018 ‘On the Fast Track to a Turnaround’ will feature a session focused on charting a path forward for leaders of the bureaucracy to drive and implement policy.

Titled ‘Energizing the Bureaucracy’, this will be the 5th session of the two-day summit. Spanning across 6 sessions with a lineup of 50 locally and internationally venerated speakers, SLES 2018 is set to take place on September 13 - 14 at Cinnamon Grand, Colombo.

During the 5th session, the difficulty of the implementation process in policy, and best practices in other countries, will be highlighted by Dr. T. V. Somanathan, Additional Chief Secretary to Government, Planning, Development and Special Initiatives Department, Government of Tamil Nadu. Joining him in a panel discussion will be: Sumith Abeysinghe, Secretary to the Cabinet, Office of the Cabinet of Ministers Sri Lanka, Dr. R.H.S. Samaratunga, Secretary to the Treasury, Ministry of Finance and Mass Media; Sunil Hettiarachchi, Secretary to the Ministry of Education; Chandanie Wijayawardhana, Secretary, Ministry of Development Strategies and International Trade; and as the panel moderator, Prof. Rohan Samarajiva, Founding Chair of LIRNEasia.

300 senior corporate executives, including chairpersons, managing directors, CEOs, and directors representing the Sri Lankan corporate sector have already signed up to attend SLES 2018.

The Alliance Finance Co PLC (AFC) has just announced the appointment of Ramani Ponnambalam as Chairperson replacing Sunil Karunanayake who passed away recently.

Ponnambalam was appointed to the Board of Alliance Finance Co PLC in 2011 as a Non-Executive Director and has served as a Member of The Remuneration Committee and Related Party Transaction Review Committee. She is therefore well acquainted with the evolution and practices of AFC.

She has previously served as Director of McLarens Holdings Ltd, GAC Shipping Ltd and GAC Logistics Limited. She is currently Managing Director of Macbertan (Pvt) Ltd and is a Director of Macbertan Holdings Limited and overlooks the HR and admin functions of Macbertan.

She is also a Non-Executive Independent Director and Audit Committee Member of The Kingsbury PLC and Amaya Leisure PLC.

In addition to these Board appointments, she also currently serves on the Board of Pidilite Lanka Pvt Ltd, a BOI Approved JV Company as its local Director.

Ramani Ponnambalam functions as board member and Joint Secretary of Women’s Chamber of Industry & Commerce (WCIC) and is passionately involved in the Development of Women Entrepreneurs through WCIC.

Most of her leisure activity is spent as the President of The Classic Car Club of Ceylon which is the Country Representative of FIVA (Federation Internationale Vehicules Anciens).

Ramani has held several Senior Management positions in large Private sector entities and has undertaken key roles in the local and international negotiations for securing and developing business opportunities in Sri Lanka Industry.

She is a Past Student of Bishop’s College Colombo and graduated from the Singapore Management University obtaining an Executive Diploma in Directorship.

“The global organic food and beverage market is expected to reach USD 320.5 billion by 2025. Biocert will facilitate Sri Lankan producers and exporters to obtain world’s leading organic and other certification services”, said, Biocert Sri Lanka, Country Manager/ CEO, Mahesh Fernando.

“Growing popularity of non-GMO products among consumers, owing to the health benefits associated with their consumption is expected to drive the demand over the forecast period”, he further said.

Fernando said this at a workshop jointly conducted by the EDB and Biocert for Sri Lankan manufacturers and exporters.

EDB’s Director Export Agriculture, Malani Baddegamage said the intent of the national organic control unit of the EDB is to promote more organic agriculture in the country to ensure credibility of organic exports from Sri Lanka. She said EDB will introduce multiple organic certification bodies with this intention and Biocert is one such entity. She also said EDB has financial assistance schemes available for these services. Biocert being an ISO65 / 17065 accredited regional inspection and certification body that provides inspection and certification services for organic farming, sustainable agricultural practices, good agricultural practices and livestock management, has commissioned its inspection and certification services in Sri Lanka.

Biocert that offers a cost-effective service has certified clients in Africa, East Asia and South Asia.

The key vale additions Biocert in Sri Lanka offers include all around inspection and auditing services across many target groups using experts keeping in line with the international standards and pre-agreed timelines that are required by the global buyer institutions at an affordable cost.

“Ours is the first and only Certification Body in India which is accredited from IOAS- USA for the IFOAM Biocert Organic standards where IFOAM (International Federation for Organic Agriculture Movement) is the one and only governing body for Organic agriculture in the world”, said Biocert Managing Director, Dr. Dilip Dhaker.

Biocert offer the international certification and inspection services, IFOAM, USDA Organics, Canada Organic Regime, EU Organic Standards, Korea Organics and Fairtrade Certification.

The Employees Provident Fund (EPF) will enter the stock market soon and the fund has recently begun trading in the secondary government securities market, Central Bank Governor Dr. Indrajit Coomaraswamy told a forum yesterday.

He added monetary authority has established sufficient safeguards to improve transparency and accountability in trading guidelines and improved fund management functions. He was speaking at the oration to mark the 68th anniversary of the Central Bank.

The EPF withdrew from trading in the aftermath of investigations into the controversial bond trades in 2015 that sparked public outcry and the appointment of a Presidential Commission of Inquiry. But, the EPF has already returned to trading on the secondary market, the Governor said adding that they are working towards EPF coming back to the stock market fairly soon once all the preparatory work is completed. “New investment and trading guidelines have been developed; surveillance system has been put in place. The segregation among front, middle and back offices has been made more entrenched,” he added.

He assured there is a new auction system in place which works effectively. 

Ishara C Nanayakkara, Non-Executive Director and Deputy Chairman of Seylan Bank who represents the material shareholders of the Bank, namely, Brown & Co PLC and LOLC Investments Ltd, tendered his resignation effective 1st of September 2018.

The Board of Directors of the Bank resolved to accept the resignation of Nanayakkara at the Meeting of the Board of Directors held on August 27, 2018, according to a CSE filing.

Nanayakkara is due to complete 9 years on the Board of Directors of Seylan Bank on November 23, 2018 and has cited his increased business commitments and responsibilities for the resignation, approximately three months before his full tenure is completed.

The Cotton Collection Private Limited said that the company has divested shares to Softlogic Holdings PLC’s subsidiary, ODEL PLC with effect from yesterday.

Niloufer Esufally Anverally, the founder and creator of the all Sri Lankan brand Cotton Collection maintains ownership of her alternate brand Leather Collection.

The retail arm of the Softlogic Group has a very strong footprint in the retail sector spanning the verticals of fashion, consumer electronics and furniture.

“This decision was inspired by the desire to dedicate more time to my family and it will also allow me to grow the Leather Collection brand to be a strong contender in today’s market,” she added.

Ashok Pathirage, Chairman of Softlogic Holdings PLC said, “Today marks a very momentous occasion in our journey to be Sri Lanka’s largest fashion and lifestyle retailer. Cotton Collection is a great brand that we have witnessed evolving over the years. It has its own loyal customer following and we feel this acquisition would form a perfect fit for our aspirations in elevating the fashion retail landscape of the country.” 

Santani Resort Kandy, the first hotel to be featured in Time Magazine, will invest US$ 40 to 50 million to build two hotels and a villa project in Sri Lanka and overseas.

Founder and CEO of Santani Vikum Nawagamuwage said they have acquired a 70 acre land adjoining their hotel in Kandy to build villas and offer it to investors. “We will manage it and offer a rental to owners,” he said.

The consortium of investors will also look at building two additional hotels in Sri Lanka in rural areas and also one overseas. “We will invest around US$ 40 to 50 million for this and may look at raising capital through the Stock market.”

He also said that they invested US$5 million for Santani three years ago and recovered the investment in 18 months maintaining a70% occupancy and marketing the property around US$ 400 per day.

Time Magazine, one of the oldest and most reputed publications in the world, has featured this Sri Lankan luxury resort in its “World’s Greatest Places’ list published last week.

“We have received unprecedented international recognition since opening the hotel a year and a half ago, but to be featured on “World’s Greatest” list by TIME is really a great honour.”

Minister, John Amratunge said, Santani has achieved more international recognition than any new hotel and the fact that a Sri Lankan property made it to the list, while regional competitors such as Thailand and Indonesia have no properties listed, is an achievement for the country, and this will bring additional global attention to Sri Lanka.

Santani which is located in Kandy is one of the only eight Asian properties featured on this prestigious list. This is also the first time a Sri Lankan entity has been featured in any TIME magazine list.

“This is the first time a Sri Lanka entity has made it to any of TIME Magazine’s acclaimed lists,” said Chairman, Sri Lanka Tourism Promotion Bureau, Dehan Senviratne. 

Sri Lanka will soon reap multiple benefits from the Singapore-Sri Lanka FTA as it was carefully drafted to give optimum benefits to Sri Lanka, State Minister of Finance and Mass Media, Eran Wickramaratne said yesterday.

He told a business interactive session in Colombo that Sri Lanka will also have an FTA with China and Bangladesh and will also fine tune the current FTA with India in the near future. The participants of this interactive session included an 18-member business delegation from China organized by the ‘Belt & Road International Production Capacity Cooperation Promotion Centre’, Beijing.

Minister said that Sri Lanka has come out from a shaky economic situation to a stable economic situation. The economic growth is now stable and a growth rate of 4% has been recorded.

“Several key infrastructure projects are now being implemented and the much-awaited East Container terminal at the Colombo harbour too would soon take off.”

He also said that Sri Lanka had a record FDI last year and China was a major contributor for it.

Meanwhile former President Non-Ferrous Metals Industry and Senior Advisor of BRI promotion centre, Kang Yi said that China has already invested over USS 7.7 billion for the belt and Road initiative (BRI).

He said that BRI has so far crated over 235,000 new employment opportunities. The BRI has also invested to link nations together by road and sea in Myanmar, Laos, Thailand and 14 countries. “In additions heavy investments are made on Railways and the BRI train is now touching 7 countries in Europe and Russia.”

He said that the BRI has also included Sri Lanka as one of their countries and this will bring huge benefits to Sri Lanka as the island is located in the main route of BRI. Chinese Prime Minister Xi Jinping visited Sri Lanka while President Maithripala Sirisena visited China cementing the long standing relationship of the two countries.

The Chinese managed Hambantota Port is investing for the development of the harbor while work on the Logistic Park of Hambantota harbor area too has commenced along with 80 similar economic zones that were created after the launch of BRI.

He said that from the belt and road initiative, Sri Lanka too would benefit and already over 100 countries including Sri Lanka are involved in it.

Enterprise Sri Lanka Exhibition will be opened by Prime Minister Ranil Wickremesinghe at 4 pm today. The exhibition will be open for the general public from 10 am to 12 midnight from August 29-31.

Minister of Finance and Mass Media Mangala Samaraweera along with Minister Ranjith Madduma Bandara and Deputy Minister Lasantha Alagiyawanna visited the site yesterday in Moneragala to oversee the final arrangements of the exhibition.

At the opening ceremony of the exhibition, the Prime Minister will distribute land deeds to 800 families from the Moneragala district.

The district of Moneragala will undergo a series of development projects to be initiated under the Gamperaliya rapid rural development programme to coincide with this exhibition. Furthermore, three Green Parks will be established in the three electorates of the district.

The Groundbreaking ceremony for the Green Parks in Moneragala, Wellawaya and Bibila electorates will take place today. The Moneragala District Government Agent Padma Kulasuriya said that each Green Park will consist of a meditation centre, gymnasium, jogging path and a library.

In addition to that, several rural and provincial roads will also be developed and all schools in the district without access to proper sanitation facilities will be provided such facilities. School grounds as well as public playgrounds have also been earmarked to be developed via the Gamperaliya programme to promote sports among schoolchildren.

Sri Lankan authorities are reviewing a proposal to reintroduce the ‘visa free entry policy’ for SAARC countries and a few other selected countries in a bid to promote tourism, Minister of Tourism and Christian Affairs, John Amaratunge said yesterday.

Speaking to ‘Daily News Business’ he said that this move will be a major boost for tourism and the Prime Minister is working on this matter.

Sri Lanka offers ‘on arrival visa’ only to Singapore, Nepal and the Maldives at present. Earlier, the island provided on arrival visa to many other countries, similar to the policy introduced by Singapore. However, that decision was halted eight years ago. Visa free arrival is now offered only to visitors from Singapore, Nepal and the Maldives and these countries also offer on arrival visas to Sri Lankans. Explaining the latest initiatives to increase the number of tourists to the island, Amaratunge said the Palali airport would also be opened to Indian airlines in a bid to woo more travellers to visit Jaffna and then move out to other areas. “We are looking at inviting smaller aircraft less than 100 passengers each from India to use the Jaffna Airport which will be upgraded to meet international standards.” A joint investment of over Rs 1.2 billion from both India and Sri Lanka will be made for this soon.

The Minister said that the domestic airline taxes too would be reduced soon to enable scheduled domestic operations to take place from Jaffna to other domestic airports in Sri Lanka.

Sri Lanka tourism will also talk to the Minister of Civil Aviation in a bid to offer better prices for ground handling and fuel at the Colombo international airport.

Minister said that they will also request SriLankan airlines to reconsider some of their ‘overpriced’ fares to region including Bangladesh.

Minister Amaratunge added, the Ministry of Tourism has requested the Finance Ministry to formulate a mechanism to charge tax from some of the online operators like Airbnb who sell local rooms including apartments for foreigners and take the income overseas while local hostellers pay high taxes.

Minister Amaratunga noted that the successful promotion on CNN and the planned branding and marketing campaign in November will bring more high-end visitors to Sri Lanka. “We are also on the verge of launching several campaigns in markets with high potential, and we are grateful that a Sri Lankan property ws selected to this prestigious list and put Sri Lanka on the world map”.

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Ministry decides to re implement MRR

Ministry of Tourism has decided to once again implement the Minimum Room Rate (MRR) regulation for Colombo City Hotels due to surge of demand from high end hotels said Minister of Tourism and Christian Affairs, John Amaratunge.

He said that earlier they decided to remove this barrier allowing the market forces to decide the hotel rates. “However since there are a lot of objection for this we have now decided to temporally implement the MRR again. We observed that there would be unwanted issues if we abolish this MRR.”

Minister however said that they will closely monitor if there are violations in MRR and if they find such irregularities they will penalize the hotels. “In the first instance of a violation we will suspend the Liquor license for six months and take more similar steps.” (SS)

The Institute of Supply and Materials Management held its certificate distribution ceremony at the Auditorium of Western Province Aesthetic Resort, on August 11, 2018 Colombo. Chief Guest Dinusha Dassanayake, Director, General Manager,State Pharmaceutical Corporation of Sri Lanka receives a plaque from ISMM Vice president. More than 200 students who completed certificate courses in store keeping, stores management and purchasing management got their certificates at the occasion.

Asian investors extended a rally on Tuesday (Aug 28), tracking another Wall Street record as they cheered a fresh trade deal between the United States and Mexico - ending one row picked by Donald Trump that had rattled global markets.

The agreement raises hopes the North American Free Trade Agreement, rejected by the White House soon after Trump’s election, can be salvaged after Canada rejoins talks on Tuesday.

The pact was described by the US president as “a big day for trade” and it sent the S&P 500 and Nasdaq to fresh all-time highs, while the Dow broke 26,000 for the first time since January.

Mizuho Securities said in a note to clients that investors are monitoring “the US-Canada negotiations and the impact on US-China trade talks”.

Monday’s agreement comes after officials from Washington and Beijing held talks last week aimed at easing trade tensions that have seen them hit each other with tariffs on tens of billions of dollars worth of goods.

While the meeting did not achieve any breakthrough, the fact it took place was seen as a good sign. Stephen Innes, head of Asia-Pacific trading at OANDA, said dealers were “in a festive mood” as the deal removed “one major hurdle that has been haunting North American investors for months”. He added, “Markets are revelling in any trade positive, after all, a deal is a deal.” Channel NewsAsia

Thamindra Fernando, the Head of Corporate Business Development at Fairfirst Insurance topped at this year’s National Sales Congress Awards (NASCO) by taking home the Gold for Territory Manager – General Insurance Category.

Coming out on top in the General Insurance category, Fairfirst a first time participant at this year’s NASCO showcased one of their brightest performers, who is both an imminent leader and a key driver of business for Fairfirst.

Thamindra began his career as an insurance assistant back in 1996. Now with over 20 years of experience in the industry and a team of 32, Thamindra delivers outstanding results for the company whilst spearheading various growth initiatives and related partnerships. Outside of work Thamindra is also a Basketball enthusiast.

An excited Thamindra spoke about his win “It’s truly an honor to be able to represent Fairfirst at a National forum of this nature and to win it. The selection process was professionally conducted and it was an interesting experience to be part of. I did not make it this far alone, and I have so many people who have supported and guided me along the way. So this award is a win for all of us at Fairfirst”.

The Managing Director and CEO of Fairfirst, Dr. Sanjeev Jha said, “At Fairfirst, we value hard work, sportsmanship and above all fair leadership. Thamindra is an embodiment of all things Fairfirst, and we are thrilled to be in his team”.

Organized by the Sri Lanka Institute of Marketing, the effervescent National Sales Congress Awards recognizes and awards exceptional sales performers across a myriad of industries such as FMCG, Insurance, Travel and Leisure, Healthcare, Media etc. Recording the highest-ever participation in the history of NASCO with over 750 entries registered from front-line staff, executive to territory managers representing 116 companies across 22 industries the awards came to a close on August 21 at the BMICH.

The “Study in UK Exhibition 2018” will be held at the Hilton Colombo on September 1. 2018 from 12 noon to 5 p.m.

Representatives from top 11 UK universities will assist and advice on applying to their respective universities as well as featuring information sessions for students looking study abroad. The Study in UK Exhibition 2018 will be the ultimate opportunity for potential students that are looking in to the UK and entrance would be free.

Students can attend this event to meet the representatives who will arrive to Sri Lanka just to meet students. Throughout the day, representatives of universities from UK will host a seminars and information session to speak to students about travelling to and living in the respective country for studies.

The UK has become one of the top destinations to study around the world. World recognized qualifications and high teaching quality are some of the significant features of UK Universities and many students are expected to attend.

The event will host the following UK Universities, University of Nottingham, (Students from more than 150 countries study at University of Nottingham which is ranked in the top 100 universities worldwide), Queen Mary University (This is situated very close to London city. Student from 162 nationalities are studying here.), University of Leeds (This is among the TOP 100 universities in the QS World University Rankings 2019 and it’s a part of the Worldwide Universities network which comprises 16 research intensive institutions and addresses issues of global significance. Every year more than 6,000 international students choose to study in Leeds. In addition to these Universities, representatives from Loughborough University, Nottingham Trent University, University of London, University of Birmingham, University of Bristol, University of Sheffield, University of Southampton, University of Surrey, University of Warwick will be arriving to Sri Lanka to meet students. 

Country Officer of Citi Sri Lanka, Ravin Basnayake visited the National Youth Services Council Youth Centre in Mirigama recently to conduct the session on ‘financial literacy’ under the ‘Technopreneurship for Social Change’ programme.

The session highlights the importance of making informed decisions on financial resources for budding entrepreneurs. The United Nations Development Programme (UNDP) in Sri Lanka has partnered with the National Youth Services Council (NYSC), Citi and Cisco to conduct e-learning programmes in 20 locations across Sri Lanka to build on national priorities placed on strengthening the knowledge on Information and Communication Technology skills and to equip youth with the right tools to contribute to the sustainable development of the country.

This innovative mode of learning will also support in developing the entrepreneurial skills of youth, thus providing them with the ability to positively contribute towards the economy.

The two-day workshop which engages 50 participants at each youth centre, is part of a wider programme which will engage approximately 1000 youth through the NYSC network island wide, who will have an opportunity to study the Cisco eLearning course on entrepreneurship supported by Citi.

Speaking at the session, Basnayake said, “Technology to us is the fourth revolution in the world, and we believe that it has the capacity to uplift the lives of people in a way that no other movement is able to. By empowering people to reach markets and access technologies, we can build entrepreneurship skills among the youth of the country”.

At present, the programme has been successfully completed in four locations- Dehiwala, Chilaw, Elpitiya and Mirigama. 

The strategic direction introduced by the new leadership in mid-November 2017 has lead People’s Merchant Finance (PMF) to break-even in the month of March 2018.

The company made a profit for the first time in six years and made the highest monthly credit disbursements of Rs.370 Mn in its history. Currently, PMF is directed towards month on month profits through its effective recovery process.

Further, the NPA ratio which was 28% in December 2017 has been brought down to a record 9.83% by the end of March 2018 through intensified recovery drives. The performance of the first quarter of 2018/19 has provided a firm foundation for the company to grow vigorously during the rest of the year.

The Chairman, Hemasiri Fernando and the Board of Directors have brought in a fresh breath of air to People’s Merchant Finance PLC. Nishantha Gunasekara, CEO PMF said that the aim of the new leadership is to bring in a holistic approach to all aspects of the company, in terms of its business, the patrons, the staff and its social responsibility towards the society.

“Within the period, the company achieved a remarkable growth in lending with the contribution of its geographically widespread branches. The company has taken steps to revitalize and review all its processes, thereby enhancing the efficiency in delivering and catering to customer needs. With a view of strengthening the Human Capital of the company, with excellent leadership skills being increasingly expected at all levels, specific functional training and business management programs, as well as general management training have been initiated,” said CFO, People’s Merchant Finance PLC, Nishantha Gunasekara.

Whilst pursuing its business objectives, People’s Merchant Finance PLC, believes in kindness and compassion towards others. As a subsidiary of People’s Bank and having over 35 years history in the finance sector, PMF has won the hearts of many loyal customers.

In the current financial year 2018/2019, the company has taken measures to launch CSR activities by instilling moral values in the society by spreading the message of being compassionate towards others.

“We believe in being compassionate towards all beings, People’s Merchant Finance PLC has initiated various programs to enhance value to the society. PMF has collaborated with their branch network to carry out CSR events.”