business Sri Lanka

Prime Minister Mahinda Rajapaksa stressed that the government should not burden people when collecting taxes. Stressing the need to simplify the taxes, he said that it is the responsibility of the government to collect taxes on people’s ability.

“We need to collect taxes like a bee taking nectar from a flower,” he said. The Prime Minister said that the current fuel price formula should also be changed.

Rajapaksa says the fuel price formula will be reviewed. He said the formula cannot continue in its present form so there needs to be a change.

Teejay Group continued its revenue and net profit growth for the fourth consecutive quarter recording revenue of Rs 7.6 billion, 25%, YoY growth and net profit of Rs 425 million, a 15%, YoY Growth for second quarter of the financial year.

Despite the challenges faced in cotton prices which inhibited performance, expanded capacity in the group and a strong order book prevailing from GSP facilities that the group enjoys resulted in the continued growth into the 4th consecutive quarter.

Revenue for the first half was recorded Rs 14.4 billion compared to the previous year of Rs 11.5 billion an increase of 25%, whilst the Net Profit was recorded at Rs 704 million compared to the previous year of Rs 560 million a 20%, increase over the last year.

The Gross profit for the group recorded 859 million for Q2 an increase of 15% YoY despite the impacts stemming from Raw Material price hikes that prevailed during quarter. However, the margin for the 2nd quarter has improved to 11.3% compared to the 10.2% on a QoQ basis as a result of better loading and an improved mix with both US and CU business units increasing sales volumes.

Gross profit improvement was due to improved capacity utilization across the Group, depreciating currency, despite absorbing higher utility and RM costs. However, Gross margin was impacted due to RM and Utility cost increase during the quarter.

Distribution and administration expenses saw an increase of 7% and 18% respectively, and have been maintained at lower level as a percentage of sales for quarter 2. Cost control measures throughout the group stabilized costs and the depreciation of currency had a favorable impact on overheads whilst expansion related costs and performance related expenses that were built are reflected in the increased numbers. Income tax is liable in all entities and was maintained with a marginal decline, whilst interest income has increased due financing of the expansion through borrowings.

Teejay Group continues with a strong balance sheet from the previous quarter with a cash balance of Rs 3.4 billion despite the dividend payment of Rs 631million. The increase in working capital was driven by inventories to support expanded capacity and a strong order book in the coming quarters which have been historically, the group’s peak numbers.

Pan Asia Banking Corporation PLC, reported its best ever profit recorded for a nine month stretch anchored by solid growth in new loans, prudent margin and asset-liability management.

For the nine months ended in September 30, 2018, the bank reported a profit after tax of Rs.1,080 million, up by a solid 18 percent from the same period in 2017. The net interest income grew by a strong 21% on a year-on-year (yoy) basis to Rs.4.43 billion supported by better margins recorded amid the rising cost of funds.

The net interest margin increased to 4.01% during this period from 3.61% in December 2017 as the bank continuously reviewed the pricing of its asset and liability portfolio and managed them efficiently. This improvement is a testament to the bank’s ability to recalibrate its asset portfolio from low yielding ones to high yielding ones in order to optimize the margins.

Meanwhile for the quarter ended in September 30, 2018 (3Q’18), the bank reported earnings of Rs.260.7 million on a net interest income of Rs.1.61 billion compared to Rs.301.3 million profit and Rs.1.29 billion net interest income reported in the same quarter last year.

Higher credit costs set aside from profits on account of possible bad loans both during the quarter and during the nine months undermined the performance of the bank during this period.

The better top line performance during the nine months is also a reflection of relatively strong growth in loan book of over Rs. 15 billion which translates in to a robust growth of 13.5% in the loan book given the challenging market conditions prevailed during the period. The loan growth propelled the bank’s asset base to Rs.156.4 billion by the end of September, an increase of 13%.

“We recorded quite a solid growth in our loan book during the first nine months of 2018 amid the many headwinds we faced during this period. I consider this achievement noteworthy because we recorded it amid a moderation in sector loan growth and rising non-performing loans”, said Nimal Tillekeratne, Pan Asia Bank’s Director/ Chief Executive Officer.

Meanwhile despite the rising non-performing loans in the industry, Pan Asia Bank managed its gross non-performing ratio at 4.83% by the end of September from 4.36% in December 2017.

Containing sharp increase in the non-performing loan ratio is praiseworthy when whole the industry has been going through a quite steep deterioration in the asset quality.

The bank also increased its deposit base by Rs.9.1 billion anchoring much of the growth in the loans. Out of these total deposits, Current and Savings Account deposits - a key measure of the bank’s performance in low cost funds rose to 19.6% from just under 17.7% in December 2017 providing a much needed boost to the bank’s margins.

Continuing its legacy of being a truly innovative bank, during this period the bank launched the ‘Rising FD’ a two year fixed deposit product where the interest rates can only go up during the deposit period at six month intervals This unique product is the only one of its kind in the market as this term deposit allows deposit holder to hedge his or her interest rate risk at a time of rising interest rates and inflation.

The appointment of Mahinda Rajapaksa as Prime Minister and Finance Minister (FM) is being hailed by chambers which believe it would have a positive impact to the ailing economy.

President National Chamber of Commerce, Sujeeva Samaraweera said that Mahinda Rajapaksa is a very experienced political leader. He knows and understands the needs and the problems faced of both the private sector as well as the common man and hence can balance both ends.

Currently Sri Lana needs a Finance Minister who would balance both ends and take the country forward with strong economic policies rather than adhoc and short term policies that were very detrimental to the country.

Meanwhile an official from the Ceylon Chamber of Commerce in a release said that the first priority of the new Prime Minister would be to ensure peace and stability in the country. “We request the political authorities to resolve issues democratically.”

President, Ceylon National Chamber of Industries (CNCI), Raja Hewabowila said that they welcomed this appointment and also thanked President for nominating a very senior and seasoned politician for this position.

He said that they were against to the way in which the previous administration was trying to force the FTA and other Economic partnership agreements without a right consultation with chambers and professionals.

“There were many negative points in the Singapore FTA and the Economic and Technology Co-operation Agreement (ETCA) with India.”

He also said that the new FM should also come up with a quick and long term action plan to resurrect the economy. “The best short term plan would be to aggressively promote tourism which is the third Forex earner for Sri Lanka and on the long term look at Agriculture, ICT and other areas. More facilities and tax incentives should be given to hoteliers and also encourage more airlines to fly to Sri Lanka. Agriculture should be promoted in a more aggressive manner and more tax incentives given to exporters.”

Sri Lankan fruit and vegetables have a high demand in the global market and this segment should be provided all support by way of fertilizer and also lower freight chargers for exports which in turn will bring in more dollars to the country.

The FM must look at promoting the ‘home gardening’ concept aggressively specially in rural areas which in turn will help to take the country towards self sufficiency in fruit and vegetables.

Secretary General/CEO Chamber Construction Industry Sri Lanka, Nissanka Wijeratne said that they welcome a seasoned politician taking over the FM post and said that there were many issues in the industry that has to be addressed soon.

Firstly Sri Lankan construction cost is the highest in the region due to high import taxes and this has to be looked at soon. “The construction cost per square meter in Sri Lanka is US$ 1, 200 while India it is US$ 800 and in China its US$740.”

He said that in addition there is a 107 % tax for tile and sanitary wear exports. “This too is adding to the construction cost. One of the other biggest issues we face recently is the tax that is imposed when we secure a local contract. There is a ban of River sand but an alternative has not being given and these issues have to be addressed soon.”

Immediate Past President Colombo Chamber of Commerce and President Sri Lanka Trade Development Council, Amila Kankanamge said that the SME sector should be aggressively promoted. “Before promoting multinationals to invest in Sri Lanka, the government must try to help the SME sector by marrying them with SME sectors in other countries. This would bring in small FDI’s of around US$ 4 to 5 which in turn would create more jobs and help to trickle out economic benefits regionally.”

Former President of the Federation of Chamber of Commerce and Industry, Nawaz Rajabdeen said that the new FM should try to get the industrial sector reactivated and they should be given more incentives specially to compensate the high cost of energy.

The Vehicle Imports Association Assistant Secretary Prasad Kulatunge said that the new FM should spell out a long term tax policy and should not adjust is regularly as done by the previous Finance Ministers.

One of three other major issues that need attention is to identify the correct importer and give them a certificate. “Today there is 400 registered car importers who pay all the import duty and another 3,000 importers who resell vehicles without any duty.”

 Zuzi Kotahena branch which was opened on October 18 2014, celebrates its 4th anniversary. In view of their anniversary, the management of Zuzi Kotahena branch offers a special discount , for all its loyal customers.

The Kotahena branch is located in a hassle free area in the heart of Kotahena, with ample parking available and a friendly staff that gives you all the assistance required.Zuzi has also opened two more branches in Hatton and Wattala for the convenience to serve its customers better.

Customers have the privilege of choosing all what they want from kids wear, ladies, gents household items, gift items and many more under one roof.

The management wishes to thank their customers who were the back bone to their success, and their dedicated staff at the Zuzi Kotahena branch and their outlest in Hatton and Wattala for all the support they had extended in making their dream come true. 

The management celebrated their first anniversary with the participation of their customers and staff to make it a memorable day.

Ideal Motors (Pvt) Ltd expanded its service offering recently opening a new spare parts store in Panchikawatte.

The store providing all auto spare part requirements for the repair and maintenance of Mahindra vehicles is located at Panchikawatte, Colombo 10.

The store was opened by Nalin Welgama, Chairman Ideal Group. Chaminda Wanigarathne, Automotive Director, Ideal Motors, also graced the event. Senior management, company executives, customers and well-wishes were present during this auspicious occasion.

Customers with globally-renowned Mahindra vehicles now have easy access to all necessary brand new spare parts and accessories through the new store.

All parts offered are genuine, long lasting and in impeccable quality. All parts come with a store warranty thus enhancing and adding value to any vehicle.

Customers save both time and money as a result of the new Ideal Motors parts store.

Commenting on the opening of the new spare parts store, Chaminda Wanigarathne, Automotive Director, Ideal Motors said, “Panchikawatte is well-known as the hub for all vehicle spare parts in the country and we are extremely pleased to inaugurate the Ideal Motors new spare parts store in such an area.

From today, all Mahindra customers can have access to their spare part requirements with ease. Also we proudly note that through our islandwide network of dealers who are available 24-hours, customers can easily source their spare parts requirements with no process charges applicable.”

LB Finance PLC signed a Memorandum of Understanding (MoU) with BRJW Enterprises (Pvt) Ltd to offer exclusive maintenance benefits and customized Leasing packages with special interest rates for customers approaching BRJW Enterprises (Pvt) Ltd to buy any vehicle.

Ainsley Motha Deputy General Manager Credit and Branch operations, LB Finance and Ranga Wimalasuriya Group General Manager, BRJW Enterprises signed the MoU on behalf of both organizations.

LB Finance PLC DGM Credit and Branch Operations Ainsley Motha stated, “This agreement between the two companies will provide multiple unmatched opportunities to customers when purchasing their favorite vehicles that widely ranges from small, medium, high end to luxury sedans and SUV’s with competitive prices from BRJW and exclusive leasing packages from LB Finance PLC. While ensuring maximum convenience, LB Finance will provide a personalized service for each customer that enables them to design and select repayment plans according to their needs, income and repayment capacities. Adding up to the benefits, an exclusive free maintenance will also be provided which includes a variety of free services including maintenance for lubrication, filters and fluids and many more.”

Ranga Wimalasuriya Group General Manager, BRJW Enterprises

(Pvt) Ltd said, “As Millennial’s seek an experience driven service gone are the days when one would use a vehicle for a prolonged period of time - i.e. 5-10 years before changing. Especially with rapid changing technology and trends, the automotive sector too has to become flexible to cater to their needs of hassle free maintenance and shorter use duration of vehicles - this is what the “BRJW - LB” scheme will allow us to do. The objective of the scheme is to provide Affordable monthly payments and minimum initial down payments - exclusive to the scheme for luxury vehicles, Hassle free maintenance and servicing , buyback guarantee or trade in of Vehicle at after usage of three years”.

A customer leasing a vehicle will invariably look for a minimum down payment and an affordable monthly payment.

A family business which started at the back yard of a small house in Panadura by a young couple has today become Sri Lanka’s largest independent lubricants manufacturing company.

Firmly rooted in Panadura as Royal Marketing, the company also diversified to manufacture over 100 products and are now into exports as well.

The founder’s father, Piyadasa Perera served in the Royal Army as a Sergeant Major for over eight years and served in several parts of the world during the Second World War. He had many memories during the War and since he wanted to leave a memory behind, he named his son, the founder of the company, as Royal Wasantha Perera.

Royal Wasantha after completing his education started his career as a sailor and travelled all over the world. During these visits he was exposed to the world and saw the opportunities that were available. After been a sailor for six years he wanted to start his own business in Sri Lanka and saw the vacuum for a ‘mini’ Greece pack.

He then purchased large barrels of Greece and packed them into smaller tins and sold each 100 gram tin for Rs. 12. The packaging of Greece under the brand name ‘Royal Greece’ was done at the backyard of his home with his wife, Indrani until wee hours of the night.

Every week he used to carry the products and travel around Sri Lanka to sell them. He priced each tin at Rs. 12. He returned home after three four days with his bags empty but with cash in his hand to reinvest for bigger quantities of ‘Royal Super Greece’.

Business caught the market and his first major investment was for a van (LH30) which he bought to transport Royal Greece to garages, motor bike garages and fishing boat repair centres and other places.

With the demand increasing and finding tins for packaging difficult and plastic packaging cans almost not available, he invested on a plastic molding machine from Ratmalana for Rs. 450,000. Armed with this machine the company stated manufacturing small plastic cans for packing of Greece in large numbers.

With confidence and also employing two workers he expanded his product line to re-pack mini engine, oil, lubricant oil and power steering oil cans.

Taking a bold step he obtained a Rs. 25, 000 credit from Seylan Bank and moved operations to the industrial estate in Panadura. Setting up a high quality Technological Supervision Unit, Royal Marketing diversified from a packaging company to manufacturing their own products. These included Radiator Coolant, Air Freshener, Car Wash, Rubber Grease, Battery Water, Battery Terminals and multiple washing liquid.

Royal Marketing also supplies several products to the construction industry as well. With the leisure sector expanding Royal Marketing commended manufacturing perfumed floor cleaning detergents using citronella oil which is a first to Sri Lanka. Over 90% of toilets kits used in five star and other hotels are made by Royal Super. The company also owns and operates Sri Lanka’s third tooth brush manufacturing plant.

Making maximum use of the plastic moulding machine and also fulfilling a huge vacuum in the industrial market Royal Marketing also commenced manufacturing plastic bottles, cans, buckets and various plastic containers to modern attractive appearance for the open market under the name Royal Plastic Company.

Royal Marketing stole global attention when they designed and manufactured Sri Lanka’s first Anti Mosquito Spray. “We must also thank the Medical Research Institute and Industrial Technology Institute Sri Lanka for assisting our R&D team.”

This ground breaking products now available in all super markets are also used in both Government and Private Hospitals. This ground breaking product also brought in haul awards to Royal Wasantha Perera including the prestigious Deshamanya Award.

Inspired by this he introduced the first distilled battery water plastic bottle to Sri Lanka which also became a major success.

The Marketing Manager, Pradeep Jayawardane who was has served the Company for 18 years said that they also obtained several ISO Certifications. “Armed with these Certifications we are now looking at direct exports and have already started exports to the Maldives recently through the recently concluded Hotel Asia Exhibition”.

“Our next target is the Gulf and then to other Asian countries.”

The Company has been locally manufacturing Fish Plates which are required for the Sri Lankan Government Railway. Earlier these items were imported from India and at present the Company has been assisting the Sri Lankan Government to minimize its import exchange cost.

Grooming his children to take up responsibilities of the company, his eldest son, Janith Chanuka Perera after completing a Marketing Degree in Australia has been appointed as a Deputy Director while his daughter Omali Perera is undergoing extensive training within the Company to become a Director. His wife, Indrani Perea is now the CEO of the Company.

SriLankan Airlines celebrated the first anniversary of the launch of direct services to Melbourne this month, and with the start of the direct service to Melbourne, Australian visitor arrivals to Sri Lanka have grown by extraordinary numbers.

Year on year growth in the 9 months up to September 30, 2018 was an astounding 45.16%, according to figures from the Sri Lanka Tourism Development Authority.

This was far higher than the 2.8% growth rate that the tourism industry has experienced from all countries combined during this period.

Australia is now firmly established as the 6th largest tourism generating market to Sri Lanka with a 4.55% market share of foreign visitors, and is also the fastest growing major market. Although it lags behind India, China, UK, Germany and France in terms of volume, its growth rate far surpasses those of the top five countries.

Travelers journeying between the Australian continent and the Indian Ocean island nation now enjoy the convenience of daily direct flights between Colombo and Melbourne.

Earlier, travelers had to spend many hours flying on other airlines via Singapore, Kuala Lumpur or even as far afield as Bangkok and Hong Kong. On board SriLankan’s modern Airbus A330 aircraft, passengers enjoy SriLankan’s award winning world class service, sophisticated inflight entertainment, delectable cuisine and other comforts such as flatbeds in Business Class.

The Airline has upgraded the Melbourne service with the introduction of state of the art A330-300 aircraft in the second year of operations, providing even greater comforts than the A330-200 aircraft that were operating on the route during the last year.

A total of 78,756 Australian visitors travelled to Sri Lanka in the 9 months ending September 2018, to which can be added a further 9,811 from New Zealand, many of whom travelled via Melbourne, the capital of the state of Victoria. New Zealand arrivals grew by 13.5% in the first 9 months of 2018.

The commencement of SriLankan’s service to Melbourne also resulted in award-winning marketing campaigns in Australia to promote the new service.

Lalith Hemantha Munasinghe will be appointed as an Executive Director of the Bogawantalawa Tea Estates PLC, with effect from November 1, 2018 and R. Manjula Samarakone will be appointed as the acting Chief Executive Officer of the Company with effect January 1, 2019, a posting in the Colombo Stock Exchange said.

Rayigam Estate situated in Ingiriya renowned for manufacturing superior Low country teas had the distinction of obtaining an All Time record price for a BOPF grade sold under the Imagira mark at Rs.1450/-per kg., at the weekly tea auction concluded on October 30, 2018. This line of tea was purchased by Mabroc Teas Limited. The sale was conducted by Tea Broker John Keells PLC. Rayigam Estate is managed by Kotagala Plantations PLC and the managing agents are Lankem Tea & Rubber Plantations (Pvt) Limited.

Leading energy company and a subsidiary of Lanka Ventures, the LVL Energy Fund PLC is set to expand its alternative energy footprint with the development of seven new solar power projects.

The plants will be set up in partnership with First Energy SL (Pvt) Ltd, in strategic locations across the island and will have a collective capacity of 7 MW of solar energy.

With several hydro, wind and thermal energy projects already in operation, these are the first solar power plants to be added to the company’s portfolio. The new plants are estimated to cost a total of Rs. 1.2 billion and are part of the LVL Energy Fund’s long-term strategy to diversify its energy offering and strengthen its position as a leader in the alternative energy arena.

The plants are being set up in response to a tender launched by the Ceylon Electricity Board (CEB), calling for the setting up of 90 power plants with a capacity of 1 MW each. Constituting the LVL Energy Fund’s total solar power contribution of 7 MW is the 3 MW plant which will be located in Maho, the 2 MW plant which will be situated in Pallekele as well as the Mathugama and Embilipitiya plants which will each generate 1 MW. Connected to four grid substations in the above locations, each power project is to be developed on a Build, Own & Operate (BOO) basis. The tenure of power purchase agreement for each plant is 20 years, and the entire implementation and set up process of the power plants is estimated to take approximately six months upon receiving all approvals.

Commenting on the LVL Energy Fund embarking on its first-ever solar power projects, Sumith Arangala – CEO, LVL Energy Fund said, “We are on our way to setting up our first-ever solar power plants and we are very pleased to be diversifying into this highly sustainable and fully eco-friendly source of energy. Solar power is the ultimate energy resource of the future, and we are privileged to play a role in shifting Sri Lanka’s dependency from non-renewable energy resources such as fossil fuels, to renewable and more environmentally-friendly options that are less taxing on the planet.”

Piramal Glass Ceylon PLC has reported its results for the 1st half of the year FY 2018-19 with Rs. 3,586 million of Revenue and Rs. 38 million of Profit After Tax as against the similar period of the previous year which was Rs.3,082 million and PAT of Rs. 154 million.

At half year the Company’s domestic sale was lower by 3% at Rs. 2,136 million as against Rs. 2,184 million of the previous year, whilst the export sales stood at Rs. 1,390 million as against Rs. 898 million of the previous year, reflecting a growth of 55%.

Sales during the second quarter of FY2018-19 was Rs. 1,878 million, which reflects a growth of 12% when compared to the corresponding period of the previous year’s figure Rs. 1,679 million.

The domestic sale stood almost at par with that of the previous year’s similar quarter at Rs. 1,121 million as against Rs. 1,100 million.

The Management of PGC made special efforts to expand their sales in the export market in a bid to offset the domestic setback. Thus the high growth seen in the export market is the outcome of the initiatives proactively converted to sales in the newer markets. PGC has demonstrated its capability by achieving export sales for the quarter of Rs. 757 million as against the Rs. 579 million received in the similar quarter of the previous year which depicts a growth of 31%. The export volumes to Canada, USA, Vietnam and India took the lead among the increased export sales.

Whilst during the quarter the company ensured a top-line growth of 12%, gross profit margins fell from 21% to 10% with the quarter ending at a loss of Rs.8.5 million as against the profit of Rs. 49 Million in the previous year similar Quarter.

The gross profit during the period under review was severely impacted by the fuel increase which in turn has directly impacted the prices of raw materials, packing material and transportation costs.

 The margins further declined due to the increase in LPG costs by 35% and furnace oil increase by 15%. The published results are only partly impacted by this, with the full impact being yet to be felt in the future quarters. In this situation, the Company has been compelled to pass on part of the inflation to the second half of the current financial year.

The change in consumer demand trends have also impacted the gross profit. Due to the increase in levies and taxes, the final products are becoming more expensive. This has resulted in the consumer shifting towards smaller pack sizes.

With this in mind the company is in the process of investing in a new bottle production line which would enable the additional downstream equipment capacity to increase the production quantity of smaller bottles.

SWISS codeshare with Edelweiss Air will commence direct nonstop flights from Sri Lanka to Switzerland with effect from Sunday November 4, 2018. It will be a twice weekly operation on Fridays and Sundays from Colombo to Zurich with Airbus A340 that accommodate 314 passengers.

Switzerland being one of the smaller countries in Europe outshines many of its neighbours with its internationally positive reputation. The world knows Switzerland – among other things – for the famous and multifunctional pocket knife, ski resorts, cheese, chocolate and watches.

National Development Bank PLC [NDB] posted impressive financial performance for the nine months ended on 30 September 2018, with record profit after tax [PAT] of Rs. 4 bn. Profit attributable to shareholders [PAS] was a growth of 42% compared with the prior period amidst a challenging market conditions.

Strong growth was recorded in the Balance Sheet along with improvement in net interest margin [NIM], cost to income ratio [CIR] and returns to shareholders.

The Bank recorded an operating profit before tax on financial services of Rs. 7.1 bn, an impressive increase of 25% over the comparative period of 2017. It is noteworthy that profits from core banking operations.

Accordingly, PAT exceeded Rs. 4 bn for the nine months period, with a 22% increase, demonstrating resilience to the evolving industry developments such as the adoption of SLFRS 9 and new tax regulations.

NDB Group Chief Executive Officer, Dimantha Seneviratne stated that the recorded results are the clear output of the focused strategy the Bank embarked in 2017 spanning up to year 2020.

The Group CEO stated with confidence that NDB is in a sound footing to achieve the medium terms goals of the strategy and bring prosperity t its valued customer base and all stakeholders. Net interest income [NII] continued to grow in Q3 amidst marked industry challenges, with a 39% growth in NII up to Rs. 10.6 bn. Interest income grew by 17%, whereas the interest expenses increased only by 8%, directly benefitting from the sound balance sheet management and ALCO strategies.

Net fee and commission income grew by 25% over the prior period to reach Rs. 2.3 bn.

Reflecting the industry-wide trend of rising non-performing loans, the impairment charges for loans and other losses of the Bank for Q3 2018 increased to Rs. 2.4 bn as compared to Rs. 872 mn for the corresponding period of the prior year.

NDB is well managing its cost levels over the years through structured cost management strategies amidst rapid business growth, with its benefits clearly reflected in enhanced profitability levels.

Total operating expenses increased by 13% over the prior period and was Rs. 6.2 bn. Personnel expenses attributed to the highest portion within total operating expenses with Rs. 3.3 bn and recorded an increase of 24%, reflective of the additional staff recruitments taking place to support the on-going business growth in line with the Bank’s mid-term strategy Transformation 2020.

The CIR further improved to 39.4% as one of the lowest CIRs amongst peer banks.

The external sector performance remained subdued in August 2018. During the month the deficit in the trade account narrowed marginally compared to a year earlier as the rise in export income outpaced the growth in import expenditure.

Meanwhile, other inflows to the current account continued to be modest in August 2018 with a marginal increase in earnings from tourism and a decline in workers’ remittances.

On a net basis, the financial account of the Balance of Payments (BOP) recorded outflows during the month, due to withdrawals of foreign investments from both the government securities market and the Colombo Stock Exchange (CSE) and continued debt service payments. These developments, alongside the broad based strengthening of the US dollar, continued to exert pressure on the exchange rate to depreciate, thus necessitating intervention by the Central Bank in the domestic foreign exchange market to curtail undue excessive volatility in the exchange rate. As at end August 2018, gross official reserves amounted to US dollars 8.6 billion.

 In August 2018, export earnings increased at a faster pace than the growth in import expenditure narrowing the deficit in the trade account marginally, on a year-on-year basis.

Nevertheless, on a cumulative basis, the trade deficit expanded during the first eight months of 2018 in comparison to the corresponding period of 2017. Surpassing US dollars 1 billion for the third consecutive month, Earnings from merchandise exports increased by 3.7 percent

(year-on-year) to US dollars 1,037 million in August 2018.

This growth was mainly driven by higher performance in industrial exports while agricultural and mineral exports declined. Under industrial exports, earnings from textiles and garments increased

in August 2018 reflecting increased demand from the USA and non-traditional markets such as India, Japan, Australia and Canada despite a decline in exports to the EU market. Further, export earnings from rubber products rose during the month due to the better performance in all sub categories, particularly rubber tyres.

Earnings from petroleum products increased substantially in August 2018 due to higher export prices of bunker and aviation fuel in line with rising fuel prices in the international market, although a reduction was recorded in export volumes.

Export earnings from food, beverages and tobacco also increased during the month due to the good performance in manufactured tobacco and vegetable, fruit and nuts preparations, particularly in coconut related products.

The Sri Lanka Stock market has seen a positive upward trend from last Friday, said MP Anura Priyadharshana Yapa.

He said that this started after removing Prime Minister Ranil Wickremesinghe last Friday.

Colombo Stock Exchange’s main index the All Share Price Index has gained 115 points or 2 percent, closing in the 6, 000 mark following the changes that took place in the country’s political landscape last Friday. On Monday too the stock market ended on a positive note, with the ASPI gaining 20.14 within the day to close at 5964.32 points, while the S&P SL 20 gained 24.61 points within the day to close at 3,083.20 at the end of trading. This is the third consecutive market day where both indices have made gains, since last Friday (26). The points gain recorded in the ASPI (29th) of 112.22 points, was the highest daily points improvement in the index since February 2015.

Speaking to Daily News Business he said this is a pleasing development and said that this is expected to continue.

Asked if the rupee depreciation has still not stopped he said that this too will stabilize soon.

“The New Finance Minister (and Prime Minister) Mahinda Rajapaksa was appointed only on Monday and it will take a short while to address it,” he added.

Yapa also said that they are seeking the advice and guidance of former Governors of Central Bank, Finance Ministry Secretaries and other experts to overcome this.

Globally the oil prices too have dipped and this would have a major positive impact not only on oil prices buy also on the depreciating rupee, as well.

Yapa also said that the raising of tax of luxury items have not had any impact on the economy. Asked if more taxes are to be implemented on luxury items he said this may not happen.

Yapa also disclosed that the much talked about fuel formula introduced by Former Finance Minister Mangala Samaraweera would be scraped from December 10.

Meanwhile asked to comment of adverse travel advisories imposed by EU, UK and USA he said that it was strange that neither a single Asian country nor any other European country came to issue such advisories. “This too would not have any impact on tourism.”Meanwhile the Market ended on a positive sentiment for the third consecutive day yesterday.ASPI witnessed an upward trend during the first half of the day reaching an intra day high of 6,001 followed by a continuous down trend reaching an intra day low of 5,958 and closing for the day at 5,964, gaining 20 points.

Both turnover and volume had dipped considerably compared to the previous day.

A net foreign outflow was witnessed with high foreign participation.

 President Sirisena visits Lanka Hospitals in Seychelles

President Maithripala Sirisena officially visited the Lanka Hospitals Medical and Specialty Centre the only fully-fledged Sri Lankan healthcare centre in Seychelles during his recent state visit to the country.

President Maithripala Sirisena was joined by Seychelles’ Minister for Health John Paul Adams, Lanka Hospitals Chairman Dr Sarath Paranavitane and Lanka Hospitals Group CEO Dr. Prasad Medawatte among other distinguished guests.

Lanka Hospitals is the only private hospital in Sri Lanka to operate its own Medical and Specialty Centre in Seychelles. The centreliaises directly with Lanka Hospitals’ International Patient Care Services Centre in Colombo to offer a host of medical services including specialist consultations, laboratory services, OPD, pharmaceutical services, telemedicine, E-consultation, fertility, maternity advisory and other specialized services. The centre provides specialist consultations in Cardiology, Paediatrics, Orthopaedics, Rheumatology and Oncology among other fields of medicine.

Lanka Hospitals is an internationally accredited, multi award-winning hospital and is the first hospital in Sri Lanka to be awarded some of the most prestigious accreditations in the world for its healthcare service standards.

Lanka Hospitals has retained the Joint Commission International (JCI) accreditation since 2014, and currently holds the world respected Medical Tourism Certification from the Medical Travel Quality Alliance (MTQUA), for the hospitals’ gold standard in global healthcare. Furthermore, Lanka Hospitals Diagnostics (LHD) is the only Sri Lankan laboratory to be accredited by the prestigious laboratory accreditation body, College of American Pathologists (CAP).

The MMBL-Pathfinder Group inaugurated a visitors’ programme at its Riverpoint headquarters in Peliyagoda for students from under-privileged schools.

The first school to take part in this programme was Dutugamunu Maha Vidyalaya Peliyagoda. As part of their visit, students were given a curated tour of exhibits from the “Pathfinder Collection”, which contains a valuable range of historical artifacts of Sri Lanka, including prints, maps, books, water colours, coins, stamps, seashells and other collectibles.

Exhibits connected with the10-year humanitarian de-mining programme led by the Milinda Moragoda, Institute for People’s Empowerment (MMIPE), formed part of the visit. A popular highlight for the school children was to see the exotic bird collection of lories and lorikeets.

In addition, the students were given a short overview of MMBL-Pathfinder business activities and were introduced to the 5-S system employed by the company. They were also given the opportunity to visit the Riverpoint Aerodrome to learn about the operations of Cinnamon Air amphibian aircraft. Cinnamon Air is an associate company of MMBL-Pathfinder.

MMBL-Pathfinder Group CEO, K. Balasunderam, Director Administration, Nandana Devage, Director Legal, K.D. Liyanage and Senior Manager, Aravinda Sanjeewa participated at the event. Any interested schools to visit the headquarters can write to letter MMBL Pathfinder, 339/6, Nigambo Road, Peliyagoda.

students from Dutugamunu Maha Vidyalaya viewing a set of original water-colour paintings of Sri Lankan landscapes and natural subjects by British artist Lt-Col. Harry Hemersley St. George (1845-1897).

Students looking at the collection of lories and loriqueets

Emirates Skywards has launched an on-demand ground transportation booking app called Emirates Skywards Cabforce in partnership with CarTrawler – the first of its kind in the world.

The app is a mobile travel companion that will offer its loyalty members an affordable and efficient transportation service in 27 countries and 117 cities across the world with more countries in the pipeline.

Members can earn Skywards Miles on every ride booked through the Emirates Skywards Cabforce app. The app allows members to book safe and reliable private taxis, executive cars and minibuses at their convenience.

The app offers fixed price quotes, secure online credit card payment and electronic receipts for every journey. The Emirates Skywards Cabforce app is free to download on iOS or Android devices.

Members of the loyalty programme can use the Emirates Skywards Cabforce app by linking their Emirates Skywards membership account to their Cabforce profile. They will be able to book rides selecting their preferred supplier, check the estimated arrival time of their ride, and view the estimated fare and Skywards Miles they will earn at the end of their trip. The app also enables users to share their live location with friends and family during their ride.

Members will earn 1 Skywards Mile for every USD 2 or equivalent spent on each journey. Skywards Miles will be credited within 48 hours of completing their journey.

The Emirates Skywards Cabforce app complements the Emirates app where members can check their Skywards Miles balance, tier status and other member offers in the revamped Emirates Skywards section.

Emirates Skywards, the award-winning loyalty programme of Emirates and flydubai, offers four tiers of membership - Blue, Silver, Gold and Platinum - with each membership tier providing exclusive privileges. Emirates Skywards members earn Skywards Miles when they fly on Emirates, flydubai or partner airlines, or when they use the program’s designated hotels, car rentals, financial, leisure and lifestyle partners. Skywards Miles can be redeemed for an extensive range of rewards, including tickets on Emirates and other Emirates Skywards partner airlines, flight upgrades, hotel accommodation, excursions and exclusive shopping.

The Royal Institution of Chartered Surveyors (RICS) was founded in London as the Institution of Surveyors, after a meeting of 49 surveyors at the Westminster Palace Hotel on 15th June 1868. In 1946, King George VI granted the title ‘Royal’ and in 1947 this professional body became the Royal Institution of Chartered Surveyors.

Being an organization with a strong global presence, RICS involves in the promotion and enforcement of highest international standards and regulations in diverse disciplines pertaining to the development of real estate and construction.

At present 120,000 RICS certified professionals are engaged in real estate and construction related projects in 150 countries, sharing their specialized expertise in Quantity Surveying, Land Surveying, Town Planning, Project Management, Valuation or Appraisal. These professionals are specifically trained, certified and regulated under a single code of ethics and regulations, which demands conforming to required standards and the resolute practice of transparency and consistency to avoid conflicts of interest.

During the colonial rule, surveying profession was an established practice in Sri Lanka, where it gradually evolved from ‘Municipal Assessor ’ to the ‘Government Valuer’ by 1924, parallel to the time when Royal Charter was bestowed upon the Institution of Surveyors. RICS Sri Lanka was established in 2003, in a bid to extend the globally acclaimed RICS services to the country, while giving an opportunity for local professionals and the potential surveying students to obtain the prestigious Royal Charter accreditation.

Candidates seeking RICS membership are required to qualify in Assessment of Professional Competencies (APC) pertaining to their respective disciplines including Valuation, Quantity Surveying, Facilities Management, Project Management and Land Surveying. RICS membership manage and utilize limited resources, maintain ethics and professional integrity, in addition to facilitating ‘Continuing Professional Development’.

RICS certified professionals provide objective investment advice based on development potential, project costing, project viability and Return on Investment (ROI) in line with the codes and guidelines as per the Black Book of RICS for Quantity Surveyors, whereas Chartered Valuation Surveyors are required to conform to the codes and guidelines in accordance with the Red Book of RICS and the International Valuation Standard.

Property Development and construction is one of the main key areas to a country’s growth, with the potential to make a significant contribution towards the national GDP. With the advent of International Financial Reporting Standards, the Valuation expertise of Royal Institution of Chartered Surveyors in particular will be high in demand.

These professionals will play a pivotal role in the appraisal of assets of individual entrepreneurs and organizations who are enlisted in the Stock Exchange with a bearing on the share prices.

RICS’ acclaimed members will not only contribute their expertise in real estate and construction projects varying from small scale projects to mega development projects, but also involve in infrastructure development such as highways harbours as well as power generation facilities which will support Sri Lanka to unlock its untapped potential and shape the future of real estate and construction.

Embla Software Innovation (Pvt) Ltd, the “Extended Office” development company’s in Sri Lanka, bagged once again an award in Sustainability & Environment Technology category at the National Best Quality ICT Awards 2018 organized by BCS The Chartered Institute for IT. Kraft24 is a mobile application developed for a Norwegian customer, which is focusing on analyzing electrical meter readings for saving electricity as well as predicting your future usage and how to save electricity.

For consecutive 3 years Embla has won the sustainability & environment technology category in line with our overall strategy in building solutions that are contributing to the society as a whole.

In October 2018, Embla attended the ICT investment round table organized by IKT Norge, SLASSCOM and the Sri Lankan embassy with the Sri Lankan Prime Minister in Oslo.

The company chair leader, Stein updated the Prime Minister and his team how he started his first IT-company 22 years ago and the challenges that he and his company are facing in Colombo today.

Stein believe that Norwegian software companies that develop their own Intellectual Property (software) have a lot to gain from using the quality rewarded Extended Office® method of working with distributed teams between Norway and Sri Lanka.

Embla Software Innovation (Pvt) Ltd, is an award winning total transparent software product outsourcing company with recent win at SLASSCOM awards for “Best Innovation in Internal Process”.

Also in the last six years Embla has been participating and winning in National Best Quality ICT Awards, demonstrates the level of quality produced by Sri Lankan outsourcing team and the continuous commitment towards excellence.

The company is proud to be part of the Island of Ingenuity and to build the country from within by reaching out and innovate.

The Industrial Information Unit of the Centre for Entrepreneurship Development and Consultancy Service, under aegis of the Industrial Development Board of Ceylon (IDB) conducted a seminar recently on Digital Marketing via Facebook, Google and You Tube for the benefit of Small and Medium Entrepreneurs (SMEs) at the IDB Auditorium, Katubedda, Moratuwa.

As Small and Medium Entrepreneurs (SMEs) play an important role in improving the national economy of this country, they needed to be assisted to improve their vital role they play, by studying the variety of aspects of global economy to fit themselves with the new trends.

A considerable number of representatives from both State and private sector were present along with the Small and Medium Entrepreneurs (SMEs) at the inaugural seminar.

Thilina Karunanayake, a lecturer from the Marketing Department of the Kelaniya University addressed those present, encouraging them to pursue the fields they have chosen with trust and confidence as there lies their future.

It is claimed that the Sri Lanka Government planned to digitalize the activities of the entire State sector and this move in turn will impose those in the business world to recognize and improve their qualities and capabilities to do business with the world at large. The concept of digital marketing will have a greater impact and help immensely to improve the role of the Small and Medium Entrepreneurs (SMEs), who compose a greater part of the national economy.

Apart from this, the IT Unit of the IDB has decided to continue with a series of seminars and workshops to enhance the knowledge of those directly involved in the SMEs with the support of IDB Chairman, Mahinda Jinasena, IDB Director General, P.L.U. Rathnamalala, Human Resource Development Directress, Malani Ganegoda, IT, Assistant Directress, Swarna Wijekoon and Director Marketing and Media, Sarath Udayasiri.

“We are confident the proposed seminar and the future workshops would help to eradicate any fear SMEs entertain and make them voluntarily adapt to new technology and pursue vital trends, which are most beneficial to them in the long run”, IT sources said.

Nestlé Lanka has announced that its Managing Director, Shivani Hegde, will be moving to Nestlé’s global headquarters in Switzerland to lead food category development for Asia, Oceania and Africa. Nestlé’s local operations will be taken over by Fabrice Cavallin, currently Regional Business Head, Infant Nutrition for South Asia, effective 1 January 2019.

Shivani Hegde joined Nestlé in India as a Management Trainee in 1986, equipped with a Bachelor’s degree in Economics, and a Master’s Degree in Business Administration. She has been with Nestlé for 32 years, with diverse experience across the Foods business, Nestlé Professional (out-of-home business), Human Resources and Sales. She has served as a member of Nestlé’s Global Marketing Leadership Council, Head of Human Resources for Nestlé India, Chairman of Nestlé’s R&D Centre in India, and Executive Vice President of Nestlé’s Food business in South Asia. She is currently an active member of the Ceylon Chamber of Commerce and its Economic Policy Committee, representing the F&B industry on topics of national importance.

Prior to her role in Nestlé Lanka, she was responsible for the Maggi brand in India. She grew the brand for more than 15 years to become a household favourite for Indian families across the country, and be consistently recognised as one of India’s top brands.

Shivani took over Nestlé’s operations in Sri Lanka and the Maldives in January 2015. She was the first female Managing Director of Nestlé Lanka and the first female on the company’s board. She placed a strong focus on laying the foundation for future growth during her time in the company, investing strongly in people, innovation, capacity and brands.

Under her leadership, the company made its biggest investment of Rs. 5 billion to support its export of coconut-based products to 50 countries; and also launched a record number of product innovations and renovations to cater to local consumer preferences.

Her strong focus on people development provided over a third of the company’s executives with overseas training and assignments, and saw the driving of diversity-friendly policies and initiatives to ensure equal opportunity for all.

She also launched the Nestlé Coconut Plan to secure coconut supply and farming family livelihoods in Sri Lanka, and the Nestlé Needs YOUth programme to provide young people with skills and training to enhance their employability.

Since Shivani took the helm at Nestlé Lanka, the company has steadily gained recognition and respect from varying stakeholders, winning a number of significant awards and recognitions year on year for business performance, social contribution and people development. These include Sri Lanka’s Most Respected Food and Beverage Company, Most Valuable Food and Beverage Company, and Best Corporate Citizen in the Manufacturing Sector.

Fabrice Cavallin, a Swiss national, started his career with Nestlé in Switzerland in 1995 as an International Auditor. His international career with Nestlé includes several successful General Management roles for Nestlé’s bottled water and nutrition business across the USA, Argentina, Mexico, Germany, Spain and India.

In his current role, Fabrice has achieved outstanding results for the nutrition business in South Asia, delivering strong growth in a highly competitive environment. He holds a Master’s degree in Economics from the University of St. Gallen, Switzerland.

Colombo is in need of better and controlled development plans to maintain the quality of the city, a senior official representing the local architecture industry said.

It was also suggested that Sri Lanka needs to have a proper policy towards the construction industry, aimed at creating an efficient construction industry, serving the national development needs through regulation, standardization, capacity building and facilitation.

“If we want to maintain the quality of the Colombo city, we must control the development. Hence, we need to have a controlled development plan to continue Colombo’s city status and also to develop other cities across the country,” President of Sri Lanka Institute of Architects D.H Wijewardene told at the Foxhouze Architecture Xtudio conference, held in Colombo yesterday.

Stressing the need to get the local stakeholders together to develop the industry, he said that it is also essential to improve the knowledge base of the industry to achieve set industry targets in the near future.Highlighting that Sri Lankan architects are not fully involved in ongoing or upcoming development projects, particularly in condominium development and hotel projects in Sri Lanka, Wijewardene said; “We have seen Sri Lankan architects who have built massive airports in Oman. Unfortunately our second airport was not designed by us.

 We have capable people waiting to be part of development process in Sri Lanka.”

Meanwhile, Ranjith Gunatilleke, President of Chamber of Construction Industry addressing the event said that local architects are bit sidelined in the country’s new development process and their participation in the local construction industry activities is limited and getting deteriorated.

He also stressed that at least some percentage of upcoming construction projects should come to Sri Lankan industry players to redress this issue. In addition to that, he said construction cost per unit and the cost of architects in Sri Lanka is very much higher than regional peers and according to him, construction cost per unit in Sri Lanka is supposed to be higher than countries such as Singapore, Dubai and India.

Gunatilleke also noted that the construction of 60-70 storeyed buildings wouldn’t go with the Colombo Skyline and also raised concern over the capability and facilities of fire department and other related organisations to maintain fire and safety aspects of these high rise buildings.

“I think the construction of 30 storeyed buildings would be nice for the Colombo city,” Gunatilleke said.

The third edition of the bi-annual event, Cinnamon TBC Asia 2018, will host an impressive group of 60 international bloggers who has garnered a worldwide followership on their international platforms.

The emphasis is on the ability to speak one on one with these international bloggers, a unique opportunity made possible to all participants to the conference to be held at Cinnamon Grand Colombo on October 30.

While the conference will be conducted under the theme ‘Agents of Change – Creating Transformational Digital Content for Travel with 8 world renowned speakers addressing the theme under varied topics, the event will recognized and highlight the international populace garnered by the collective of highly influential international bloggers attending Cinnamon TBC Asia this October.

Cinnamon TBC Asia 2018 Awards ceremony will celebrate these influential and trailblazing bloggers in an array of fields and scopes. Comprising ten key categories including Adventure, Culture, Photography and Food, the awards programme will recognize online bloggers and influencers whose works have had transformational impact on various facets of the global travel industry.

The 60 travel influencers and digital marketing experts participating in the forum come with some amazing numbers in terms of followership, readership, viewership and likes. Having mastered the intricate art of creating unique and influential travel content for varied digital platforms, the bloggers have attracted an international audience of enthused travelers and travel industry representatives from UK, Australia, Philippines, India, USA, China, Poland, Germany, Italy, Ireland, UAE, Singapore, Canada, France and rest of the world over.

Board of Directors of Nestle Lanka PLC appointed Fabrice Cavallin, as the Managing Director with effect from January 1, 2019. He succeeds Shivani Hegde, who will be relocated to the Nestle Group Head Office in Switzerland with effect from January 1, 2019.

Fabrice Cavallin is currently the Regional Business Head of the South Asia Region for Nestle Infant Nutrition. He holds a Master’s Degree in Economics on Strategy and Organization Management from the renowned University of St. Gallen, Switzerland.

He joined the Nestle Group in 1995 at the Head Quarters in Switzerland, his native country. His international career with Nestle began in 1999 with several successful General Management assignments in the United States of America, Argentina, Mexico, Germany, Spain and India.

Under his leadership, the Infant Nutrition business in South Asia, achieved excellent business results reigniting strong profitable volume growth in a highly competitive environment.

The Education Sector Development Program (ESDP) of the Ministry of Education which commenced in 2013 and is implemented through the nine provincial education departments, Department of Education Publications and Department of Examinations is thefirst Result Based Lending (RBL) program by the Asian Development Bank in Sri Lanka.

Under the program costing US$ 200 million it was intended to introduce the Technology stream for GCE A/L, upgrade 250 1C schools (to include at least one school per Divisional Secretaries division) in the island were to be upgraded to 1AB (schools offering all streams for GCE A/L) status, develop teacher training, improve leadership and strengthen school management as well as introduce performance based financing to provinces. It was mentioned that by October 2018 the program had achieved 28 out of the 32 disbursement linked results. The project will end in February 2019.

In the past five decades the ADB has provided US$12.5 billion in loans and grants to the education sector to assist its developing member countries achieve the goal of education for all and has agreed to provide another US$ 200 million to the Ministry of Education to support ESDP 2.

Figures provided by the Ministry of Education also showed that there was an increase in the number of students who opted to follow the Technology stream for the GCE Advance Level.

“It is the Ministry of Education that has to present the Education Sector Development Framework Program (ESDFP) and the ADB and the World Bank has agreed to support it. In this instance the ESDFP was US$4.9 billion of which the ADB has agreed to give US$ 200 million and the disbursement would be achieving the key results” said Herathbanda Jayasundera Social Development Officer of the Asian Development Bank’s Sri Lanka mission who is in charge of coordinating the program.

“We make an independent Evaluation to see if the facts and figures are correct and if the result has been actually achieved,” Jayasundera added.

It was shown that a high percentage of students who had followed the technology stream at NarandeniyaCC had gained admission to universities or other institutes of higher learning while others had ventured into starting their own enterprises.

Narandeniya Central College in the Matara District a mixed 1AB secondary school with 2,340 students and has a staff of 108 was one of the schools that introduced the technological stream for the GCE Advanced Level when it was introduced and has been able to make remarkable progress as well as achieve commendable results. Of the 795 students enrolled to the GCE Advanced Level more than a third had opted to follow course of studies in the technological stream which was introduced to the school curriculum in 2013.

In recognizing inventors across the country, the National Inventors Day celebrations 2018 and Presidential Awards Ceremony was held at the Bandaranaike Memorial International Conference Hall (BMICH) on October 26.

The event organized by the Sri Lanka Inventors Commission (SLIC) was attended over 1,500 inventors where President Maithripala Sirisena graced as the chief guest.

Kottagodage Lakshman was named as the Presidential award-winning inventor for the year 2016 at this event.

Meanwhile, three best innovations under school, open and commercialized categories were given the Dasis award which is the highest award being presented to inventors in Sri Lanka. W. M. Jayawardhana won the Dasis award under commercialized category. A group invention done by R. M. Dharmadasa and C. H. Manoratnam won the Dasis award under open category while S. R. G. Udara Dewmika from MR/ Akurugoda K. V. won the junior Dasis award under school category.

More than 300 inventors were recognised with Gold, Silver and Bronze medals under aforementioned categories and also the ones who guided the inventors. Further to that, three selected innovations were given financial aid to begin commercial operation.

In 2016, President Maithripala Sirisena declared October 26 as the National Day of Inventors, in remembrance of the born day of the father of Sri Lanka’s Engineering industry, founding commissioner of the SLIC and well known civil engineer, Dr. A.N.S. Kulasinghe.

Commemorating this special day, elder son of Late Dr. Kulasinghe, Upul Kulasinghe along with the President, Commissioner of SLIC, subject minister, deputy minister and state minister cut a cake.

Those who received accolades were determined by an esteemed panel of judges appointed by the President covering 14 fields.

Science, Technology, Research, Skill Development, Vocational Training and Kandy Heritage Affairs Minister, Dr. Sarath Amunugama, State Minister, Lakshman Senevirathne, Deputy Minister Karunarathna Paranavithana, Commissioner of SLIC, Dr. Mahesh Edirisinghe and other distinguish guests participated at the event.

British trade delegates and founders of Mitra Innovation, Dammika Ganegama, Managing Director of Mitra Innovation and Vice President Sri Lanka Australia Chamber of Commerce, and Dr. Ashok Suppiah, CEO Mitra Innovation and ex-founding member of $1B Virtusa Corp (NASDAQ: VRTU), met with leaders of the Vietnam Chamber of Commerce and Industry, Nguyen Van Hai, Deputy Director General International Relations Department VCCI, and Dr. Doan Duy Khuong, Vice Executive President of the VCCI.

Mitra Innovation founders and VCCI leaders discussed alliances between the VCCI and Mitra Innovation in the development and delivery of modern day computing technology - to assist in the upliftment of urban and rural agriculture.

The novel technology concept - termed AgriTech - is aimed at employing invaluable cloud computing, internet of things, data lakes and predictive analytics to deliver real value for farmers in the management of crops, overall food security of the nation and increase crop yield.

Vietnam is one the fastest growing economies in the world today. With the South China Sea to its western and south western borders, Vietnam enjoys friendly relations with neighbouring Laos, Cambodia and China. Vietnam is home to over nearly 97 million people and boasts a steady 7% GDP growth rate over the past few years.

The Vietnam Chamber of Commerce and Industry promotes business alliances between countries. During the meeting with the Vice President of VCCI, Mitra Innovation founders discussed the steady improvement of trade between England, Sri Lanka and Vietnam. The VCCI will explore pathways to bringing Mitra Innovation’s ICT innovation expertise to Vietnamese farmers and agricultural industry, and will foster alliances with local Vietnamese partners. The VCCI also expressed their intentions to invest in education, infrastructure and welfare and were seeking assistance in technologies relating to farming and agriculture. Both parties talked about implementing advanced modern technologies for the further improvement of Vietnam’s agricultural industries.

Vietnam is considered one of the most picturesque countries and is considered a highly fertile land source for crops such as rice, corn, cassava, sweet potatoes, nuts, banana, coconut, citrus, coffee, tea, rubber and a variety of fruit produce such as banana, orange, mango, jack-fruit too are easily found on the tropical nation.

Vietnamese farmers also cultivate arca palms, betel peppers and mulberry bushes - for the production of silk. Vietnam exports produce of the rich seas that border the nation. Major seafood exports are shrimp, squid, crab and lobster. There are also a number of freshwater fisheries and commercial shrimp farms to Vietnam’s advantage.

During the meeting, Mitra Innovation founders discussed the possibilities that Mitra Innovation can help Vietnamese farmers and agriculture. Chief Executive Officer and co-founder of Mitra Innovation - Ashok Suppiah explained “with the availability of modern cloud computing technologies, it is possible to create and implement intelligent farming solutions - consisting of sensors - that can help farmers by detecting and recommending early preventive action against pests in the soil, or even prevent the spread of infectious diseases in livestock by analysing samples and recommending prescriptive actions.’ Vietnam is one of the top three global coffee exporters, with tea and rubber production also being major export revenue earners to the country.

Managing Director and co-founder of Mitra Innovation, Dammika Ganegama said, “We are delighted to meet with the VCCI and are looking to share our innovative ICT knowledge with farming communities in Vietnam. We hope to bring AgriTech to Vietnam in a consolidated effort to improve food security to the nation, improve harvests and establish agriculture and fisheries as a major export earner to Vietnam. Mitra Innovation looks forward to working with the Government of Vietnam in the innovations and agricultural spaces.”

The Bank closed the 9 months ending September 30, 2018 with a post-tax profit of Rs. 3,138 million, a moderate growth of 4.5 % over the corresponding period last year in the backdrop of challenging market conditions.

The Bank increased its Net Interest Income and recorded a commendable growth of 14.4% to reach Rs. 13,013 million in spite of the mounting pressure on the margins due to rising cost of funds. The Net interest Margin contracted from 4.2% in 2017 to 4.1% in 3Q 2018 due to cost of deposits increased at a faster rate.

Net fee and commission income witnessed a moderate growth of 7.1% from Rs. 2,753 million to Rs. 2,948 million in 3Q 2018. This was mainly attributed from core banking related business.

Other operating income comprising net gains from trading, gains on financial investments, gains on foreign exchange decreased by 18.6% from Rs. 1,227 million reported in 3Q - 2017 to Rs. 998 million in 3Q-2018.

The total impairment costs of the Bank increased by 33.6% from Rs.1,440 million to Rs. 1,923 million. Further, SLFRS 09, issued in July 2014, is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted. It replaces LKAS 39 Financial Instruments: Recognition and Measurement. The Bank has assessed the impact on transition based on gap analysis and quantifications performed on its Financial Statements as at 31st December 2016 on adoption of SLFRS 9 with the assistance of an external consultant.

Based on the preliminary assessments undertaken, the estimated additional impairment provision on the Financial Statements for the year ended December 31, 2017, on adoption of SLFRS 9 is expected to be in the range of 30% to 45% of the total impairment provision on different portfolios.

Total expenses increased by 8.3% from Rs. 8,200 million to Rs. 8,885 million and were fuelled by new investments in technology, branch expansion etc.

Cost efficiency and productivity have taken a predominant role in the Bank’s day-to-day operations. The Bank continues to focus on cost initiatives coupled with process re-engineering and exploring ways of inculcating a culture of working smarter across all the functions by the employees.

The Bank reported a net credit growth of 11.7 % with net advances growing from Rs. 280,862 million to Rs. 313,729 million while the deposit base grew by 8.8% from Rs. 307,099 million to Rs. 334,046 million during the nine months ended 30th September 2018. Bank CASA ratio stood at 29 %.

Overall as a result of the performance during the nine months, the Bank’s Earning per Share (EPS) improved from Rs. 8.20 to Rs. 8.57. The Bank recorded a Return on Average Assets (ROAA) of 1.5% and Return on Equity (ROE) of 11.9%. The Bank’s Net Asset value per share as at 30th September 2018 was Rs. 99.40 (Group Rs. 103.79).

The Bank’s Common Equity Tier 1, Total Tier 1 and Total Capital Adequacy Ratio remained strong at 10.2%, 10.2% and 13.5% respectively as at 30th September 2018, as against the statutory minimum as per the BASEL III requirement applicable with effect from 1st July 2018.

As at 30th September 2018, the Bank’s network comprised 170 Banking Centres, 207 ATMs and 34 CDMs giving seamless accessibility to its customers across the country.

Sri Lanka Ship Suppliers Association (SLSSA) held their annual general meeting in Colombo and Oshan Fernando was elected as President.

The Chairman elect Fernando said that they have been engaging successfully with the Sri Lanka Ports Authority and other stake holders on issues they faced in the industry. “We have also have very successful intervention with globe associations and now we are in the process of gaining membership with some of them.”

Several past Chairman and Secretaries too were honoured.

Past Chairman who were recognized were, M.Haniffa Ishak, D.M.Mahinda Bandara, Devika Wijesuriya, K. Jeyabalasingam, M. Hussain Mohamed and A. Samson C. De. Silva and two former Secretaries Eric Cooray and J. M. Faiz too were honored.

Office bearers for the year 2017 / 2018 are: K. Oshan Fernando, Chairman, J. M. Faiz, vice chairman, Iresh Fernando, secretary, Board members are: Deepika Wijesuriya, Jose Gunarathne, H. D. S. Niroshana, Mohamed Hussain Mohamed, Asanga De Silva, Kadir Ishak, Nishantha Cooray, K. Jeyabalasingham

Women in Management introduced its first strategically designed Mentoring program for Middle Managers and Senior Supervisors, on November 17 - 18, 2018 at Colombo.

The objective of this introduction was to fill the vacuum of not having enough competent and well groomed middle managers to promote to senior management in corporates. The programme was designed by WIM Senior Members who are reputed professionals. Archana Rai, Nilani Seneviratne, Ramya Weerakoon and Shanika Ranaweera. The overview was given by Dr. Sulochana Segera Chairperson of Women in Management.

This Mentoring program combined a system of semi-structured guidance (whereby sharing knowledge, skills and experience to assist others to progress was done along with theoretical inputs to substantiate the tips provided). Personalized one on one session was also offered as a value adds to the participants.

Thus more than ‘giving advice’, the focus was motivating and empowering the others to identify their own issues and goals, and helping them to find ways of resolving or reaching them.

The key take a ways offered by the program were: How to build a Personal Brand, A blue print to achieve goals and establish professional credibility, Ways to develop Emotional Intelligence for Managerial effectiveness, Best practices for inspiring, influential, result oriented communication, Aligning to the business of professional etiquette.