business Sri Lanka

The Pathfinder Foundation & Stockholm International Peace Research Institute join hands in addressing the Strategic Stability and Nuclear Risk in the Time of Artificial Intelligence Renaissance.

The Stockholm International Peace Research Institute (SIPRI), in cooperation with the Pathfinder Foundation (PF), held their third in the series of international workshops on Mapping the Impact of Machine Learning and Autonomy on Strategic Stability and Nuclear Risk. The event was held at the Cinnamon Hotel, Colombo.

It has been recognized that recent technological advances in areas of machine learning and autonomy, have had an important improvement in almost all dimensions of military activities, warfare, including the use of air space and missile defence, electronic and cyber warfare. Such developments naturally, generate new and unprecedented risks to international security and strategic stability, while paving the way for positive developments.

Understanding the need for an in-depth study and analysis at strategic and technical level, SIPRI has been awarded a grant from the Carnegie Corporation of New York, to conduct a two-year research project in order to fill the existing gaps in this area through research, interviews and a series of workshops.

The Pathfinder Foundation, by associating with this pioneering and landmark activity, facilitated SIPRI in bringing together a group of experts with complementary expertise (academic, diplomatic, legal, military and technical), who would have a particular interest in various aspects of military technologies developments.

Guest speaker at the workshop was Ambassador Ravinatha Aryasinha, Secretary, Ministry of Foreign Affairs.

An impressive list of international experts from the Republic of Korea, United States, Russian Federation, Republic of India, Netherlands, People’s Republic of China, Islamic Republic of Pakistan and local experts representing the Lakshman Kardigamar Institute, Colombo University and Sim Centric Technologies, spoke at the event. Workshop synthesis and concluding remarks was made by Bernard Goonetilleke, Chairman, Pathfinder Foundation and Dr. Petr Topychkanov, Senior Researcher, Disarmament, Arms Control and Non-proliferation Program of SIPRI, according to a release.

Sri Lanka Telecom (SLT), the leading telecommunication service provider in the country celebrated the international women’s day March 8, 2019 by conducting an awareness programme in which women can have chance to explore with a more experienced managerial options for their further development and thereby enhance the chance for their career and personal growth. The programme was conducted consistent with the theme “Balance for Better” and was aimed to provide awareness on the gender equality.

The key note speaker Sewwandi Wijesekera who is an Attorney-at-Law and a Senior Industrial Relations Advisor at the EFC, mentioned that it’s the time to reflect on the progress for women and call for ways to address the unfinished businesses in working toward equality.

The programme was attended by over 120 lady employees.

In addition to the awareness programme ,a demonstration was conducted on skincare by a reputed company and shared much more important information on overall healthcare tips. Branded gifts were awarded to the participants who actively engaged with the Q&A session held during the programme.

A raffle draw was also held and valuable gifts awarded to the lucky winners.

The Commercial Bank of Ceylon has won two more international awards – ‘Best Internet Bank – Sri Lanka’ and ‘Best Green Bank – Sri Lanka,’ continuing a winning streak that has taken its tally of international awards in the first quarter of 2019 alone, to five.

While Global Banking and Finance Review Magazine of the UK adjudged Commercial Bank the Best Internet Bank in Sri Lanka for the fourth successive year, Capital Finance International Magazine, also of the UK, named the Bank the Best Green Bank. Both titles were conferred upon the Bank for its green initiatives and the sustainable practice of promoting paperless banking.

The ‘Best Internet Bank’ title recognises Commercial Bank’s status as the owner of the most subscribed to online payment portal in the country. Commercial Bank’s Online Banking platform facilitates customer convenience as well as paper saving through a diverse range of fund management options for both individual and corporate customers.

The personal online banking platform offers an exceptional range of features such as fund transfers across a variety of accounts, cross-currency transactions on real time basis, and bill payment facilities to 68 institutions including telephone, electricity, water, credit cards, insurance premiums, education services, sports and recreation and purchase of air tickets. The portal allows customers to apply online for facilities such as personal and housing loans, fixed deposits and investing in treasury bills and also to effect share trading payments. It also offers users the ability to check balances of their current, savings, investment, loan, and credit card accounts, and to transfer funds between own accounts and to registered third parties who have Commercial Bank accounts, on a real-time basis around the clock.

The sophisticated corporate online payment platform of Commercial Bank enables corporates to effect virtually all payments ranging from employees’ salaries, statutory payments such as EPF and ETF, commissions, interest and insurance payments, dividend payments, bulk utility payments and duty payments to Sri Lanka Customs.

The platform is equipped with sophisticated features to facilitate delegation of authority with single, dual and multilevel authorization and appointment of a company administrator. The ‘Best Green Bank’ title is an acknowledgment of Commercial Bank’s proactive approach to sustainability by integrating social and environmental considerations into all its core business activities and operations placing them at the heart of everything it does.

The Bank’s installation of solar power systems at branches, its use of waste management companies that follow international standards in disposal practices for the dispatch of e-waste and paper, initiatives to migrate customers to digital platforms, and investments in automated technology that minimise the use of paper are some of the environment- friendly efforts initiated by the Bank.

Aitken Spence Travels, the largest inbound tour operator in Sri Lanka, welcomed its 200,000th happy visitor a few days back for the FY 2018/19. The company has recorded a growth of tourist arrivals essentially building on its past performance of 178,000 happy visitors during its previous FY of 17/18.

Aitken Spence Travels generated more than 400,000 room nights to local hotels during the FY 18/19, making it the single largest contributor to Sri Lanka’s Hotel industry. The company has trained and provided many direct and indirect employment opportunities to Sri Lankans in the tourism industry.

Just as the country’s top source markets generating visitors, Aitken Spence Travels top performing markets were in line with the country arrivals. Of these markets, the company saw a significant increase in visitor arrivals from Australia due to the national carrier operating direct flights from this source market. It is noteworthy to state that when direct air connectivity is established, the impact is to the entire tourism industry.

The other segments such as Cruise, Special interest groups, Sports tours, Nature and Luxury tours, have contributed to the positive visitor numbers handled by the company. As the largest inbound tour operator in Sri Lanka, Aitken Spence Travels allocates a high marketing budget to promote destinations to Sri Lanka, without being dependent on destination promotions. Also, the company forges ahead by taking risks when entering new markets and expanding its business to continuously cater to the varying demands of the traveller.

The company is a joint venture between Aitken Spence Plc, a leading blue-chip conglomerate, diversified to many fields and TUI, the largest integrated tourism company in the world, flourishing on the best practices of these two reputed & strong shareholders.

Aitken Spence Travels serves its customers with a high level of professionalism and dedication and together, these efforts have culminated in the company also handing charters from the UK, Scandinavia and Poland.

The Company’s cruise unit has showcased their expertise by catering to the demanding shore excursion business in the country which is a growing segment within tourism. By handling large cruises as well as exclusive up market cruises, Aitken Spence Travels had developed innovative ways to ensure that most of the cruise passengers’ explore the diversity of the country, the people and our culture, while securing future business needs of the Cruise shore excursion operations.

Further, the MICE tourism business handled by the company, caters to the delivery of diverse requirements. Conceptualising themed weddings specifically for the Indian market where the wedding segment is growing rapidly and also extending services for experiential tours has strengthened the companies market position.

Whilst, the different source markets have been generating more numbers, the company has invested on technology and other in-house systems to improve efficiencies and enabled the operational staff to have a seamless operation, driven by technology.

“Over the years Aitken Spence Travels has established strong partnerships with many leading tour operator partners. The trust they have placed in the Aitken Spence brand coupled with our ability to cater to the many diverse demands and needs of the discerning traveller has given us an edge over competition. It is a great achievement for us to continue to keep raising the bar year after year and we will continue to cater to the different segments with innovative solutions,” commented Nalin Jayasundera, Managing Director of Aitken Spence Travels.

“This incredible journey would not have been possible without the tireless efforts of many stakeholders. We extend our gratitude to our Chairman & Board of Directors, our valuable tour operators, the hoteliers, airline operators and all other stakeholder for their trust, belief and support.

An operation of this magnitude could not have been possible without the efficiency and dedication of our staff at Aitken Spence Travels and the senior management team.

The Securities & Exchange Commission of Sri Lanka (SEC) on March 7, 2019 filed action before the Fort Magistrate’s Court against Dr. Sena Yaddehige, for dealing in the shares of Kegalle Plantations PLC (KGAL) listed on the Colombo Stock Exchange, being the Chairman of the Company, just before a Rs 45 dividend was declared by Kegalle Plantations PLC (KGAL) on July 10, 2015 which is in breach of Section 32 of the Securities and Exchange Commission of Sri Lanka Act No. 36 of 1987 (as amended).

The SEC also cited Subramanium Thinamany as a Defendant in this case for aiding and abetting Dr. Yaddehige to commit the offence of insider dealing.

The Learned Magistrate having taken cognizance of the submissions of Sudarshana De Silva, Deputy Solicitor General of the Attorney General’s Department who appeared for the SEC, issued summons on Dr. Yaddehige and Thinamany to appear before the Magistrate on March 28, 2019. On that day Thinamany appeared before the Learned Magistrate while the Attorney-at-Law who represented Dr. Yaddehige took notice of the next date Dr. Yaddehige was required to appear before the Learned Magistrate.

Meanwhile, on March 21, 2019 an order was sought from the Court of Appeal by Dr. Yaddehige in the Writ application filed by him against the SEC, to stay the proceedings of the Magistrate’s Court. Shaheeda Barrie, Senior State Counsel of the Attorney General’s Department making submissions on behalf of the SEC objected to Dr. Yaddehige’s request.

Upon hearing the submissions of both parties the Court of Appeal bench comprising Justice Kumudini Wickramasinghe and Justice Mahinda Samayawardane refused to grant the interim relief sought by Dr. Yaddehige.

Hatton National Bank (HNB) held its 50th AGM on March 29. To commemorate the special occasion HNB was invited to ring the ceremonial bell at the Colombo Stock Exchange (CSE).

Today, HNB leads the way in customer centric digitalization as part of an ambitious Vision 2020 that seeks for nothing less than our rise to becoming the number one bank in Sri Lanka. While there are many challenges that lay ahead for HNB, our industry, and the nation as a whole, we are confident of building even greater value at every level of the Sri Lankan economy,” HNB Managing Director/CEO, Jonathan Alles stated.

Agri Scientists from Laiyu Chemical Co. Ltd., China, which is the joint venture partner to manufacture fertilizer in Sri Lanka with Araliya Agro Holdings (Pvt.) Ltd., were in Polonnaruwa last week to perform the final tests before a final formula is decided.

Charmian of Araliya Agro Holdings Dudley Sirisena, said the experts had not completed the best formula suitable for the manufacture of fertilizer locally which would save billions of dollars draining out of Sri Lanka for the import of fertilizer.

He said that the JBV to manufacture fertilizer was signed two months ago and already the 10 acre land is being cleared in Polonnaruwa for the building of the factory. It is funded by a consortium of three companies namely, Araliya Agro Holdings, Laiyu Chemical Co. Ltd., China and Danton Pajarillaga of Philippines, who would invest around Rs. 360 million to set up this plant in Polonnaruwa. The first locally made fertilizer would be available from August 2020.

He said that they would sell 70% of their products in Sri Lanka, while the balance would be exported to SAARC countries.

“We will utilize the paddy husks, vegetable waste and other locally found material to manufacture fertilizer importing only important enzymes which would make local value addition of over 96%.”

“Most importantly, we would be manufacturing an alternate fertilizer to replace glyphosate for the plantation sector.”

He said that he is also thankful to the coordinator of the project Hiu Bandaranayake, who introduced the two foreign partners to him.

Sirisena said that the two scientists from China was in Polonnnaruwa, re-examined the paddy fields for which the fertilizer samples were added four months ago.

Scientist Laiyu Chemical Co. Ltd., China, Alice Lee said that the tests were successful, adding that the local fertilizer to be manufactured in Sri Lanka could increase paddy yields three fold. “Results show that plants have stood firm in different climatic conditions. This fertilizer is also not harmful to water and even fish and other water species would not perish if the fertilizers get in to the water.”

She said that the yields would also increase when the agri fertilizer is added to fruits and vegetables, which would give better takes and a larger fruit.

The Colombo Stock Exchange (CSE) and the Dhaka Stock Exchange (DSE) jointly announce the signing of a Memorandum of Understanding (MoU) to formalize collaborative efforts directed at mutual development.

The MoU will pave the way for a greater level of information exchange between the two stock exchanges and will focus on product development, capacity building and the joint promotion of capital raising efforts both in Bangladesh and Sri Lanka. The MoU is also set to contribute towards enhancing economic and business relations between Sri Lanka and Bangladesh and further enhance efforts towards capital market integration in the South Asian region.

Commenting on the development, the Chief Executive Officer of CSE, Rajeeva Bandaranaike stated “We are pleased to formalize our efforts of cooperation with DSE through this MoU.

We have in recent years made a considerable effort towards collaborating with our peer exchanges in Asia, and particularly the South Asian region. As capital flows and capital markets at-large become more globalized, South Asia has the potential to emerge as a new center of economic strength. Cooperation of our capital markets would play a pivotal role in achieving this. We look forward to closely working with DSE for the benefit of our capital markets.

Managing Director of DSE K.A.M. Majedur Rahman stated, “Dhaka Stock Exchange Limited is the premier bourse of Bangladesh with a cutting-edge trading technology from Nasdaq, FlexTrade and Trapets and provides a suitable trading platform for the investors in home and abroad. A number of leading global institutions have already joined DSE to work together to take it to the next level of development.

Last year, the consortium of Shenzhen Stock Exchange and Shanghai Stock Exchange joined as our strategic investors.

This MoU between DSE and CSE will further cement our ongoing cooperative endeavors to give both the exchanges the necessary leverage to play a leading role in the South Asian region”.

Major stakeholders agreed to the proposed regulation and standards introduced for water fittings at a public consultation held at the BMICH recently organized by the Public Utilities Commission of Sri Lanka (PUCSL).

Representatives from the National Water Supply and Drainage Board stressed the importance of reducing leakage and manufacturers who were present agreed with the need for regulation.

H M I P Kulasekara, Assistant Director Construction Development Authority said they would ensure that necessary standards would be introduced to the construction industry. “Our institution is responsible for setting suitable standards for contractors. Water fittings standards are currently set out in the building works volume 2. The proposed foreign codes can be included in our books in a suitable manner and within the Construction Industry Development Act, a supplier registration category has also been included for sanitary fittings.”

Kirthivan Koltvan, Director S-Lon, said with regard to the proposed standards, “we are not alone. There a lot of models internationally; Singapore has a National Water Agency and a certification scheme in Australia. You may have your own idea but when it is not implemented by the next organization you run into trouble. A uniform policy has to be applied.”

S Ellapitawatte, Engineer at National PVC said “we learned that the handles on certain ball valves, when placed in the sun for long periods, begins to crack. Some valves are unable to handle water pressure. We set out to create a product in the market that completely solves this problem. We feel that instead of creating a new standard we can further amend previous standards.”

Sarath Gamini, Chief Engineer NWS with reference to the market said “anyone can bring anything. Cheap things also have a cost. There is water contamination. We must all come together as a team.”

R Salgado, engineer NWS said “because of leaks other people are not getting water. We need pressure to move water.” Geethanjali Gunathilake of the Research and Development of NWS referring to a study done in Moratuwa said “only 2% had pressure tested their system. 90% of those polled recommended regulating fittings but were concerned of the cost implications.”

Multiple speakers spoke of the lack of plumbing expertise in the marketplace. Gamini said, “Plumbing courses close due to lack of participation.”

Dilrukshi Herath, Assistant Director Tertiary, and Vocational Educational Commission said that they design courses based on labor market demand. Herath added, “National Vocational Qualifications up to level 4 for plumbing are available.”

The University of Sri Jayewardenepura is set to celebrate 60 years of shouldering the progress of the nation through education excellence with a grand innovation and invention exhibition titled ‘INNOVATE SRI LANKA 2019’.

This one-of-a-kind exhibition is the largest and the first by a local university to promote innovations within the university and outside. INNOVATE SRI LANKA 2019 is set to be inaugurated by President Maithripala Sirisena and Dr. Bandula Wijay on April 2 at the Sirimavo Bandaranaike exhibition premises at the BMICH and will be open for public, school and university students, innovators, investors and industry experts on 2nd & 3rd April from 8.30 AM till 9.00 PM.

One of the oldest and most renowned tertiary education institutes in the country, University of Sri Jayewardenepura has immensely contributed to the fields of Medical Science, Applied Sciences, Commerce and Management and Arts. Since the addition of Engineering and Technology faculties to the university in 2016, the University’s focus has been shifted to driving innovations and inventions, thus fulfilling a huge vacuum in the education system of the country. ‘INNOVATE SRI LANKA 2019’ is the culmination of the University Administration and the Innovation and Venture Creation Council’s endeavors over the last few years following this policy decision to promote innovations.

INNOVATE SRI LANKA 2019 will feature over 100 award winning innovations and inventions from the university’s Medical Sciences, Engineering, Technological Sciences, Commerce and Management, Social Sciences and Humanities faculties. The exhibition will also feature over 100 innovations and inventions by parties outside university such as school students, independent inventors, private and state organizations covering a variety of special interest areas. The key special interest areas featured in INNOVATE SRI LANKA 2019 will be as follows,

Food and Agricultur, Energy and Environmen, Polymer Technology, Biomedical and Health Services, Robotics ,Embedded Systems and Emerging Technologies, Media, Mass Communication and Creative Arts and Smart Cities and Sustainable Development

The exhibition has created a platform for the 15 research centers that operate within the university and 26 business start-ups initiated by the students of the university.

A number of prominent entrepreneurs who are the products of Sri Jayewardenepura University will also be featured and recognized at the exhibition for their great contribution to the nation.

The two day exhibition will also feature a number of other interesting segments including a medical camp by the university’s medical faculty and launch of 7 books in commemoration of the university’s 60th anniversary.

The Human Resources Department of Kelani Valley Plantations Ltd., organized a competition among tea-pluckers in estates under its management area in an effort to give inducement and boost plucking outputs on par with international standards.

The competitions were held in Dickoya area in Battaglia Estate (both Upper and Lower Divisions), Hadley Estate and Invery Estate. In the competition among nine pluckers who were selected for the finals after the preliminary competitions were held in a grand scale witnessed by a large number of plantation workers, their estate level leaders, senior management officials and estate managers.

In the 30-minute plucking competition, V.Sumthira came first plucking 6 kg and 740 grams, S.Sagayamery became second plucking 6 kg and 200 grams and V.Renegadevi became third plucking 5 kg and 100 grams. The second and third winners were awarded vouchers and medals while the winner was sponsored for a one day outing with a family member.

Women are already making important contributions across all key spheres of our society. The field of engineering is one such major beneficiary. In the midst of these changes, there has always been the conundrum of harmonizing the workplace with domestic demands.

The struggles of balancing a career along with a family life by Sri Lankan women professionals in engineering was explored by a forum jointly organized by Zone24x7 and SLASSCOM recently. Five illustrious women, Pulani Ranasinghe Founder and Director of Loons Lab, Sinthuja Rajendran, Senior Technical Lead at WSO2, Sandra De Zoysa, Group Chief Customer Officer Group Service Delivery at Dialog Axiata PLC and Chandi Dharmaratne Senior Director HR at Virtusa took part in a panel discussion; moderated by Dr. Arosha Adikaram, Professor in Human Resources and Management at University of Colombo.

Pulani Ranasinghe delivering the keynote related; how she struggled to find her niche, until one day she resigned from her job and decided to become an entrepreneur; capping that each woman is different and so is her destiny. The panel discussion began with a quote by Dr. Arosha Adikaram, “Live to work.

Work to live. Live and work. Live life to the fullest.” The conflict of these priorities have always been a woman’s struggle. Chandi Dharmaratne, stated that you never find a male CEO being asked the question of how he balances his work with duties to his family; because it is women who are expected to play certain roles that are reinforced by societal expectations and norms. Women have to grapple biological, emotional and psychological challenges they have no control over. Instances such as separation anxiety and distress from having to leave their child, problems with nursing and minding them, could be counteracted or eased by workplace facilities.

Sinthuja Rajendran stated that men simply don’t distinguish their work place from home, sometimes preferring to work at home as well.

Sandra De Zoysa, commented that a woman’s success depends on her choice of life partner, as a spouse has to be flexible enough to take turns and share responsibilities; especially in the face of urgent matters.

A mother’s attachment to her child and the guilt of not being there every step of the way will always conflict with her desire to dream, aspire, to create and cause waves in the world. As a working person, she becomes a role model to her children, and shows them how life can be lived while juggling various roles.

The event saw over 100 participants, and many eagerly shared their own experiences as well, signifying the need for this dialogue to continue.

 Lakmini Wijesundara, Co-founder and CEO of IronOne Technologies and BoardPAC in Sri Lanka, was chosen as the SAARC Woman Entrepreneur for the Year 2018, from a pool of exemplary women entrepreneurs in the South Asian region at a glittering ceremony recently.

Aspiring to create strong role models in South Asia with the belief that every woman has the ability to lead and create a positive change, the SAARC Chamber Women Entrepreneur Council (SCWEC) held its inaugural SAARC Woman Entrepreneur Awards ceremony in Colombo this March, identifying women trail blazers from a diverse and vibrant range of fields and businesses.

“Recognizing exemplary women and their achievements creates role models and with it a unique opportunity for other women to aspire to aim higher in their enterprises and professions. Through shining the spot light on the achievements of these women who have forged a successful path in their respective countries amidst hardships and families, we hope to inspire future generations of women create growth and opportunities for themselves and others in the South Asian region,” SCWEC Chairperson Rifa Musthapha said.

The nominees from diverse business backgrounds including ICT, social activists and entrepreneurs, designers and hair and makeup stylists who have created empires with their talents, were then reviewed by an independent panel of judges from non- SAARC countries, following the eligibility and criteria developed by KPMG Sri Lanka, knowledge partner of the awards.

An outstanding woman entrepreneur was nominated from each of the SAARC nations for the prestigious title of ‘SAARC Woman Entrepreneur of the year 2018’.

Women business leaders from the SAARC region gathered in Colombo for the awards ceremony in addition to participating in knowledge workshops, to collectively find fresher avenues to economic and societal challenges in the region.

Lakmini Wijesundara, SAARC Woman Entrepreneur 2018 nominated from Sri Lanka, is a pioneer in the ICT sector. As an entrepreneur, Co-founder and CEO of IronOne Technologies and BoardPAC, Lakmini established entities that operate across 20 countries and successfully partnered with international telecommunication companies such as SingTel from Singapore, Maxis from Malaysi, Robi Axiata from Bangladesh and XL Axiata from Indonesia.

Outstanding nominees included globally renowned fashion designer, Hina Mansab Khan from Pakistan who works towards uplifting women at the grass root level through her clothing company Leila Pvt. Ltd, Chogyal Lhamo of Bhutan, a dedicated social entrepreneur whose business of collecting trash in her white pick-up truck is cleaning out the negative impacts of increasing consumerism and garbage, in a country renowned for its negative carbon foot print.

Researching and identifying more than 45 varieties of local plant fiber materials suitable for weaving, coiling, and knotting, including water hyacinth, pine needles and cardamom plant, in her home country Nepal, Shyam Badan Shrestha organizes and conducts workshops to empower rural women in more than 20 districts in a bid to achieve their independence.

For the first time in South Asia, Dialog Axiata PLC, has successfully demonstrated a fully standard based 5G mobile service, integrating 5G network infrastructure with a mobile 5G device.

Dialog leveraged its Huawei RAN and core network with the most current Non-Standalone Architecture (Rel. 15, NSA) to power up world’s fastest 5G mobile phone on its trial 5G Transmission. This 5G mobile service pilot in a real-world setting further establishes Dialog’s readiness to deliver 5G services, placing Sri Lanka on par with the developed world in terms of delivery of cutting-edge telecommunications services.

Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “The success of South Asia’s first demonstration of a mobile 5G service is yet another milestone following our launch of a fully functional pre-commercial 5G network and builds on our significant investments into high speed broadband network infrastructure in Sri Lanka. Dialog will continue to deliver on its promise of delivering The Future.Today. by leveraging the unique capabilities of 5G technology, to spearhead the country’s transformation into a regional technology hub”.

Dialog’s successful launch of the 5G mobile service, follows previous 5G milestones by the company, establishing another technological first in Sri Lanka and the greater region. End of 2018, Dialog demonstrated the commissioning of South Asia’s first fully functional and standards compliant 5G transmission, using commercial grade base stations. To date Dialog has since then upgraded over 20% of its expansive base station network to a “5G Ready Status” by deploying Massive MIMO (Multiple Input Multiple Output) technology. The same infrastructure will transmit 5G speeds upon the licensing of commercial 5G spectrum in Sri Lanka, enabling the delivery of nationwide 5G coverage.

Foreign Direct Investment(FDI) brought into Sri Lanka, including the oil refinery project in Hambantota, is channeled through the approved local banking system through Inward Investment Accounts (IIA) as per the Foreign Exchange Act and its regulations in Sri LankA , the BOI said in a statement.

In the case of the oil refinery project at the Mirijjiwila Export Processing Zone, Hambantota, all financial transactions by the investor are routed through a reputed commercial bank of Sri Lanka. All commercial banks have their own AML/CFT regulations, which are also carefully monitored by the Financial Intelligence Unit of the Central Bank of Sri Lanka.

More than 500 businesses in Sri Lanka and Bangladesh are being supported to report on their sustainability impacts following the launch of new guidance.

​GRI has provided technical input to guides produced by the Dhaka Stock Exchange (DSE) and the Colombo Stock Exchange (CSE), which they will share with all their listed companies, providing recommendations on best practice for sustainability reporting.

The two publications were launched yesterday in Colombo as GRI chief executive Tim Mohin hosted an event in Sri Lanka, entitled ‘Sustainability Reporting for Sustainable Development’. The session was attended by senior representatives from listed companies from the region, stock exchanges, professional organizations and international bodies.

Tim Mohin said: “More and more companies are starting to realize that sustainability reporting is not only a business opportunity, it’s a business necessity. Reporting on their impacts promotes transparency, which in turn helps them anticipate risks and informs decision making.

These new guides for Sri Lanka and Bangladesh, which will be promoted to more than 500 listed companies across the region, will have an important role in supporting them to unlock the many social, environmental and economic benefits of greater transparency.

As GRI’s event in Colombo sets out, sustainability reporting has a crucial role in supporting sustainable development, helping companies understand and communicate their impacts on critical issues for the communities where they operate, such as climate change, human rights and labour relations.”

Rajeeva Bandaranaike, CEO of the CSE, said: “We are encouraged by the growing commitment of Sri Lankan entities towards communicating their sustainability performance. We encourage Sri Lankan listed companies to take considerable strides towards making sustainability reporting an effective and standard practice. The second version of our guidance document to listed companies on communicating sustainability integrates perspectives and standards of GRI, which is set to add considerable value to users of the publication.”

K.A.M. Majedur Rahman, Managing Director of the BSE, added: “It is unquestionable that many environmental, social and governance factors impact on the ability of companies and their investors to achieve sustainable growth and prosperity.

From a regulatory point of view, DSE will play a vital role in monitoring the sustainability reports through which listed companies’ economic, environmental and social impacts and decisions will be reflected. We look forward to continuing improvements in sustainability disclosure in corporate reporting in Bangladesh.” (GRI)

The 9th edition of ‘Sancharaka Udawa’ the premier Tourism and Travel Exhibition, organized by Sri Lanka Association of Inbound Tour Operators (SLAITO) in collaboration with the Sri Lanka Tourism Promotion Bureau (SLTPB) will get underway at the BMICH, Colombo from June 7-8, 2019.

And for the first time, Sri Lanka Travel Mart will be held in concurrent with ‘Sancharaka Udawa’ exhibition in order to create an additional impetus to attract more tourists to Sri Lanka.

The event will be an ideal platform for small and medium service providers in the industry to create much needed business links with tour operators and enter the wider spectrum of the tourism industry.

Organizers of the event are confident that the event will also help create a substantial increase in bookings to the small time tourism service providers in various regions. The event will also see the participation of over 300 exhibitors and 10,000 plus visitors.

Stalls for tourism related Government departments such as the Department of Wildlife Conservation, Tourist Police and other such organizations will be provided free-of-charge to build good rapport between these organizations and the industry.

Several universities such as Colombo, Uvawellassa, Kelaniya, Sabaragamuwa and Rajarata have also been provided stalls free-of-charge to encourage students studying tourism and give them an opportunity to interact with trade officials.

Interesting sessions have been organized concurrently, which will add value to trade visitors and the general public. In order to ensure that Sancharaka Udawa is a well-publicized event, a well-planned marketing campaign will be executed to attract exhibitors, including an advertising campaign using digital and traditional methods and media, along with road show.

The exhibition will culminate with a gala fellowship event for new comers entering the industry and meeting veterans in the field. An award ceremony will also be held for Best Stall Creations.

Kishu Gomes, Chairman, Sri Lanka Tourism Promotion Bureau (SLTPB) and Sri Lanka Tourism Development Authority (SLTDA) speaking at a press conference held to announce the ‘Sancharaka Udawa’ exhibition on Wednesday, said, SLTPB along with SLTDA currently run a digital marketing campaign covering all key markets while another campaign is being done with CNN with a view to promote Sri Lanka as one of the most preferred tourist destinations in the world.

“In addition, we’ re currently going through a process in order to select a marketing partner who would strengthen our newly launched new destination brand identity entitled ‘So Sri Lanka, while promoting all other tourism themes or sub brands in key markets across the world.

“Based on the work that is being done, I believe we should be able to have the marketing agency working with us by June in order to create greater awareness in a manner where we will be able to promote and take our brands to the rest of the world.”

He also said tourism as a business is becoming more competitive with many other countries making a great deal of efforts to promote their respective destinations across the world.

“We are confronted with that level of highly competitive, vigorous campaigns and initiatives,” he said.

Sri Lanka needs a strong legislative framework to attract investors in the oil and gas industry. Therefore Industry stakeholders urged the authorities to speed up the passing of the Petroleum Resources Act to woo more investments to the country at the oral public consultation held on the proposed National Policy for Gas held at the BMICH on March 28.

Saliya Wickramasuriya an expert in the industry said, “the Petroleum Resources Act completed in 2012 expected in 2013 is still with the Attorney General. This is a hugely important document. The only people who read it are the oil and gas industry.”

Speaking on the on the new draft policy held by the Public Utilities Commission of Sri Lanka, the energy regulator at a public consultation meeting in Colombo yesterday he said, “Give satisfaction to the oil and gas companies to invest and make this more than a piece of paper.”

Wickramasuriya who is currently the senior advisor to CEO of the Hambantota International Ports Group said, “speaking on behalf of oil and gas companies which invest in 20-30 year cycles which if they feel something is going to happen are not going to invest.” Wickramasuriya was a former director at the Petroleum Resources Development Secretariat (PRDS). Speaking on his time at the Secretariat Wickramasuriya said “In 2013 in our discussions with major oil companies they asked us questions that this policy does not answer.

How much gas does Sri Lanka need? How much will it pay for it? How much can they export? Where can they export? If they don’t have answers they are not going to invest.”

Wickramasuriya added “this document started in 2012 for the 2013 international bidding round for blocks in the Mannar basin. This was not a success at all. We need a stronger legislative framework. The Petroleum Resources Act completed in 2012 expected in 2013 is still with the Attorney General. This is a hugely important document. The only people who read it are the oil and gas industry.”

Uditha Doloswala, Manager CPC said “we will have to import LNG if we want to do bunkering. We agree with allowing private sector participation that doesn’t hinder state institutions. There should be no regulatory power to kill competition.”

Preeni Withanage director PRDS said, “we haven’t imported or produced natural gas yet. FDI is needed. The government can’t handle this we will have to go for a PPP.”

Ruchit Kandage Advisor PPP unit said “Sri Lanka is expected to have windfall financial benefits soon. We should develop a framework that minimizes fiscal exposure and optimizes benefits. We can’t engage in transactions that expose our country’s balance sheet. This should be spelt out in the policy statement.”

Vidhura Ralapanawe suggested, distributing equity of the project among the population as done in Alaska. Shavindranath Fernando of the IESL took issue with the public consultation being held by the PUCSL and not the PRDSL. Fernando urged for clarity between the boundaries of each institution and raised concerns with specific figures in the document. Mangala Yapa called for updating the policy continuously and the creation of a single credible entity managing demand and supply.

The coveted Huawei Mate X made an appearance in a surprising turn of events, following the unveiling of the latest Huawei P30 range at Dialog.

The impressive device claims to be the world’s fastest foldable 5G phone. The unique device comes with a flexible display which turns into a smartphone when folded and an 8-inch sleek tablet when it is unfolded; as demonstrated at the first-look event at Dialog.

VMware, Inc. (NYSE: VMW), a leading innovator in enterprise software, announced that Seylan Bank PLC is the first enterprise in Sri Lanka to adopt VMware’s vSAN Hyperconverged Infrastructure (HCI) and VMware vRealize Operations Manager.

The adoption of VMware’s flexible and more secure technology platform has allowed Seylan Bank to scale quickly and efficiently, enabling it to accelerate innovation while enhancing its service offering to corporate, small, media enterprises (SMEs) and retail customers.

With the implementation of VMware’s vSANHCI, Seylan Bank said it is better positioned to serve a burgeoning population of mobile and internet banking consumers, driven by increased connectivity, and high server demands from incremental digital banking and application growth.

“As the industry moves to the next level of connectivityand service levels, sharpening our digital capability is the only way for us to win more customers, serve them better,entrench loyalty and maintain our momentum,” said Harsha Wanigatunga, CIO, Seylan Bank .

“Sri Lanka’s banking sector is brimming with potential and in order to harness this, financial institutions need the right network foundation to enable innovation and scale at disruptive speed. Seylan Bank exemplifies this and we are very heartened to witnessthe bank’s immense progressin its digital transformation journey, and how that has paid off in enabling them to move fast and seize opportunities,” said Sanjay K. Deshmukh, Vice President and Managing Director, SEAK, VMware.

Sidantha Peeris, Director Sales and Marketing, Softlogic Information Technologies, commented that Seylan Bankhadcarefully evaluated all options before investing and they were confident that the new software definedstorage architecture isthe way forward.

The Industrial Development Board (IDB), has introduced a “Small Scale Chemical Industry Development Pilot Project” for the Western Province with a view to improving the overall performance of the chemical industry by offering a very supportive financial grant for quality and productivity improvements in the industry.

The IDB’s Technical Service Department (TSD) in the year 2017, submitted a proposal in this regard and took steps to carry out the project in the year 2018, first by calling for applications of prospective industrialists who were keen in this sector via newspaper advertisements.

The TSD informed the prospective candidates applying for this project that the industry they apply for, should not have been registered in any other government institution to obtain similar assistance at the time of applying for the scheme. They were also advised that they could submit their proposals under this project with the following included: Acquisition of Machinery and Technology, Packaging improvements (machinery/labeling ), Solutions to environmental problems such as waste management, energy conservation, etc. and measures to comply with local and international industry standards.

Applications received were evaluated by a selection committee appointed by the IDB Chairman and, while field visits were done to ascertain eligibility. Selected industrialists were informed that they need to invest a minimum sum of Rs. 600,000 for the improvement of their products and processes. The IDB would reimburse 50% of the total project costs up to a maximum of Rs. 300,000 (excluding consultancy and factory infrastructure modifications) upon the successful completion of the project.

The IDB took steps to provide financial grants as informed prior to the time of selection, hoping that the industrialists so selected, would utilize the grant to increase the production capacity and efficiency and also to improve the quality and productivity of the industry, including environmental improvement initiatives.

The selected industrialists signed the agreement with the IDB and Eight (8) industrialists, successfully completed their proposed projects in year 2018. They are Silver Star Industries, Nestchem Lanka (Pvt) Ltd., Dhanushka Painst and Chemical Industries(Pvt) Ltd., Grestone Chemical (Pvt) Ltd., Bionutri International (Pvt) Ltd., Latex Lanka International (Pvt) Ltd., RYC Color (Pvt ) Ltd., and Unique Multi Artistes. They received their financial grant from the IDB at a function held at the JAIC Hilton in Colombo, to unveil the LOGO of the IDB, in view of the IDB celebrating its 50th Anniversary to be commemorated this year. Awarding of financial assistance to selected Industrialists took place at the ceremony.

Industry and Commerce, Resettlement of Protracted Displaced Persons and Co-operative Development Deputy Minister Buddhika Pathirana was the Chief Guest at the ceremony.In his address at the launch of the IDB Logo and granting financial assistance to the selected industrialists of the Western Province, Deputy Minister Pathirana invited the industrialist to venture into new fields, as one industry alone was insufficient to run a successful business today.

Deputy Minister Pathirana drew attention of the industrialists at the ceremony and encouraged them to initiate their environment friendly industries at Paranthan, while the Government was ready to provide all the assistance necessary.

“Get away from tunnel thinking and move over spread thinking and be active partners without idling as on looking outsiders,” he said .

If industrialists show interest and venture into with needed funds as investments to commence new industries coupled with novel ideas, they could generate more job opportunities for graduates and for those after advanced level studies, who have followed the science stream. There is a great demand for those who had studied chemistry in particular. Paranthan is an ideal place to commence industries and if they could manufacture goods to meet the demands of the international market, they would be helping the country earn more foreign exchange, the Minister said.

IDB Director General P.L.U. Rathnamalala, informed those present that the IDB was getting ready to celebrate its Golden Jubilee this year and invitations extended to prospective industrialists and youth with novel ideas to enter the industry, was fitting and a good omen.

He paid a tribute to the late Minister Philip Gunawardene for his role in setting up the IDB, as Member of the National Government Cabinet, during the tenure of the then Prime Minister Dudley Senanayake.

Speaking further, D. G. Rathnamalala said the IDB was on its way to extend more of our services to uplift the lives of Small and Medium Industries in the country. This would undoubtedly be a very remarkable and fitting manner to commemorate the IDB Golden Jubilee, this year.

The Logo of the 50th Anniversary launched, was a creation of the IDB workers and staff, along with the blessings and approval of the Board of Directors.

Deputy Director Deepa Gamage made the presentation on the Small Scale Chemical Industry Development Pilot Project of the Western Province at the ceremony.

The Postgraduate Institute of Management entered into an MoU with the Sri Lanka Institute of Taxation (SLIT) recently facilitating the members of the SLIT to follow the MBA in Taxation (MBA-T) programme conducted by the PIM.

This programme will be customised to suit the Tax Consultants and will be different to other programmes offered by the PIM thus far.

This is the first time the PIM has availed of this programme to the public, through the SLIT, which is the national body for tax education. 

Taxation has become one of the key arms for the Government to enhance its coffers, and therefore, seeking the assistance of the PIM would stand in good stead for the SLIT in implementing the recently introduced measures to increase tax revenue as well as creating a tax-compliance society in the country.

In this respect the two key institutions the PIM and SLIT joining hands to raise revenue for the state is, indeed, a historical event. 

An effective management system and structure are essential fore-runners to producing quality tax advisors and tax consultants. In this endeavour the intervention of the PIM through its tailor-made MBA-T programme would ensure the required managerial skills are instilled in the sphere of taxation. According to the newly structure programme the candidates while mastering in the desired technical and theoretical inputs, will also gain practical experience by undertaking a comprehensive project at the end of the program. 

Sri Lanka Tourism Promotion Bureau for the first time in four years organized the roadshow for the Russian tourism business.

The events took place on March 15, in Moscow and on Marcxh 18 in St. Petersburg.

More than 100 guests attended the events in both cities, tour operators, travel agencies, DMC companies, trade media and other tourism industry representatives. Russia is among the top-10 countries on tourist arrivals to Sri Lanka. 64 497 Russians visited the island in 2018.

With the industry participants in St. Petersburg

The opening ceremony of the Moscow Business Forum began with the participation of the Dr. Dayan Jayatilleka, Ambassador of Sri Lanka to the Russian Federation, Director of Marketing, Sri Lanka Tourism Promotion Bureau, Madubhani Perera, representatives of the tour operators and hoteliers Association and also Rossiya Airlines.

Ambassador Jayatilleka in his speech drew particular attention to a huge potential of the Russian market as a destination, in which the SLTPB should carry out promotional activities. Jayatilleka also encouraged the Russian tour operators and Sri Lankan travel agents to work closely together, as they represent one of the major ties between the two countries.

During the presentation in both cities, Director of Marketing of the Sri Lanka Tourism Promotion Bureau Madubhani Perera highlighted the touristic facilities of Sri Lanka emphasizing that it is an all year-round destination with rich cultural and historical heritage and also unique nature with tropical forests and pristine beaches.

Madubhani also paid special attention to the fact that the authoritative travel guide, Lonely Planet Awarded Sri Lanka as No 1 travel destination of 2019.

The representatives of the leading Russian air carriers Aeroflot and Rossiya Airlines told the guests about direct flights, inflight services and flight schedule between Moscow and Colombo. The direct flight was launched in October 2018 with Aeroflot Airlines and then since December 17, with Rossiya Airlines service five days a week. Rossiya Airlines operates the flights on Boeing 777-300 and Boeing 777-300ER with a total capacity of 373 and 457 seats respectively. The first aircraft includes 18 business class seats, the second - 21 seats.

The main part of the events in both cities was a business session between travel trade partners from Russia and Sri Lanka. As an effective way to promote Sri Lanka in Russia, travel trade professionals recommended to arrange more FAM-trips for agents, launch an advertising campaign and arrange business seminars in Russia’s main cities. The island was marked as a popular travel point for the Russian tourists among Thailand, Indonesia, China, Maldives, UAE and Vietnam. Events in both cities were ended with Asian-style networking dinners and a raffle draw of exclusive gifts, from Sri Lankan companies, who participated in the roadshow.

The Vehicle Importers’ Association of Lanka (VIAL) deplored the attempt by the Customes Nomenclature (NC) Committee of the Department of Customs to degrade certain categories of hybrid vehicles as non hybrid vehicles.

The NC Committee is breaching all accepted norms and classification in its attempt to classify the MH555 Wagon R as a non hybrid vehicle Sampath Merenchige, VIAL President told media on Wednesday.

He said such arbitrary decisions by the NC Committee will create a bad impression about the government among the general public and will adversely affect revenue targets of the government. Merenchige however said that Director General of Customs P. S. M. Charles upon submissions by VIAL took a brave decision in favour of vehicle importers by grating a temporary approval to clear the Wagon R temporarily under the HS8703.40.28 hybrid technology category. He said with this arbitrarily move by NC Committee which consist of members sans technical know-how it will become difficult to import any vehicle into the country, even though they are internationally accepted hybrid vehicles. VIAL Secretary Keerthi Gunawardane said that such arbitrarily declassification attempts of hybrid vehicles will only lead in the government falling short of its Rs 48 billion tax revenue target expected from vehicle imports and drastically bring down the numbers of hybrid vehicles coming into the country. MFJ

Board of Directors of Tokyo Cement Company (Lanka) PLC has resolved the amalgamation of TOKYO Super Cement Company Lanka (Private) Limited, a fully owned subsidiary company with Tokyo Cement Company (Lanka) PLC (TCCL). The name of the amalgamated Company will be Tokyo Cement Company (Lanka) PLC and the amalgamation shall take effect on May 31, 2019 or such date as may be decided by the Registrar General of Companies.

By the terms of this amalgamation, all TOKYO Super Cement Company Lanka (Private) Limited shares (Amalgamating Company) representing the Stated Capital of the Company will be cancelled without payment or any other consideration and TCCL will succeed to all the assets and liabilities of TOKYO Super Cement Company Lanka (Private) Limited. The Articles of Association of the amalgamated company will be the same as the Articles of the amalgamating company (TCCL) whose Shares are not cancelled.

The proposed amalgamation is in the best Interests of both Companies - TCCL and TOKYO Super Cement Company Lanka (Private) Limited. Further, the proposed amalgamation of TOKYO Super Cement Company Lanka (Private) Limited with TCCL in accordance with the proposed scheme would enable all companies to realize benefits of greater synergies between their businesses and avail of the financial resources as well as the managerial, technical, distribution and marketing resources of each other in the Interest of maximizing shareholder and stakeholder value.

A new report from the global research and consultancy firm Oxford Business Group (OBG) shines a spotlight on Sri Lanka’s wide-ranging plan to achieve upper-middle-income status.

The Report: Sri Lanka 2019 looks in detail at the steps being taken to encourage innovation across the manufacturing industry as part of the national strategy to boost export earnings to $20bn this year. It also explores the impact of new trade agreements and the EU’s decision to reinstate Sri Lanka’s Generalised Scheme of Preferences Plus status on export growth and the trade balance. .

Keen to capitalise on the title awarded by Lonely Planet of number-one travel destination in 2019, Sri Lanka is taking steps to expand its tourism industry and attract three million arrivals in 2019. OBG examines the country’s plans to channel funds into tourist infrastructure, diversification and marketing as part of its bid to boost visitor numbers.

There is also coverage of Sri Lanka’s evolving energy industry, including plans to construct liquefied natural gas power plants and expand refinery capacity to meet rising demand and reduce the import bill.

In addition, The Report: Sri Lanka 2019 looks at the challenges that the country’s agricultural producers face from extreme climatic events, while considering the part that reforms and modernisation strategies could play in helping the sector to address low yields, productivity and profitability.

The Report: Sri Lanka 2019 contains contributions from President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and a broad range of private sector innovators and thought-leaders, together with a detailed sector-by-sector guide for investors. It also features a wide range of interviews with other high-profile personalities including: Ganeshan Wignaraja, Executive Director, Lakshman Kadirgamar Institute; Rajendra Theagarajah, Chairman, Ceylon Chamber of Commerce; Parag Khanna, Founder and Managing Partner, FutureMap; Indrajit Coomaraswamy, Governor, Central Bank of Sri Lanka; Champika Malalgoda, Director-General, Board of Investments; and Dilshan Wirasekara, CEO, First Capital Holdings. Commenting ahead of the launch, OBG’s Editor-in-Chief Oliver Cornock said that a raft of trade and policy reforms, together with additional support for Sri Lanka from the IMF, pointed to a bright outlook. “Internal political challenges have given cause for concern. However, fiscal discipline has been tightened, while the country’s efforts to maximise public sector revenue are also proving effective,” he noted. “With both exports and investment expected to rise in the coming months, Sri Lanka’s bid to boost growth and extend the benefits of economic recovery to more of its population looks to be gaining ground.” Patrick Cooke, OBG’s Regional Editor for Asia, added that the report had also highlighted the improvements made in the ecosystem for start-ups and digital companies, as part of broader plans to reshape the local economic landscape.

“Sri Lanka is keen to encourage new businesses and entrepreneurial activity, especially initiatives using new technology and offering knowledge services,” he said. “With public infrastructure projects and private sector developments also strengthening business sentiment, 2019 looks set to be a pivotal year for the country.” The Report: Sri Lanka 2019 marks the culmination of more than seven months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the country, including those in macroeconomics, infrastructure, banking and others.

The Report: Sri Lanka 2019 has been produced with the Board of Investments, First Capital Holdings and John Wilson Partners. It is available online and in print.

The government should incorporate digital aspects into the agriculture, tourism and manufacturing sectors to strive towards a digital economy in order to achieve the ICT revenue target of USD 5 billion by 2022, said Minister of Telecommunication, Foreign Employment and Sports, Harin Fernando at the Huawei Lanka ICT congress in Colombo on Monday.

“5G is an innovative and an amazing start,” the Minister said.

An agreement has been signed for digital transformation to accommodate future trends and this would be unfolded by the mid of the year as soon as the budget proposal is finalized.

The Enterprise Sri Lanka loan scheme also enables young entrepreneurs who are qualified and excelled in this sector to obtain loans to develop their own businesses. Thus this paves the way for the economic growth of the country.

Sri Lanka Telecom (SLT) along with Huawei, has built up a huge highway underground for data transmission through fiber optic technology which is very costly. “However all quality things are not cheap,” he added. An underground pipeline is there even to connect Kilinochchi and Jaffana. Through this it enables all 339 AGA divisions in the country to be connected with 100 mbps (mega bit per second) speed.

“There are many complaints on this transformation, however it is a matter of time to get used to the advancing technology,” he added. The hard work is already completed and yet people don’t see what the government has really done for the benefit of the general public.

5G is now the key driving force behind the digitalization of all industries and a more connected world.

Sri Lanka emerges as the first South Asian nation to successfully demonstrate a 5th generation mobile telephony in 2018.

Smarter cities incorporated with cloud, big data analysis, artificial intelligence, video analysis and Internet of Things (IoT) will come up in the near future which enables people to come up with a whole new level of digital life.

Thus the Sri Lankan government’s vision to become an ICT hub in the region by developing the smart city ecosystem is fulfilled.

 Dr. Mohammed Hamad Al -Rumhy, Minister of Oil & Gas of the Sultanate of Oman called on Malik Samarawickrama, Minister of Development Strategies and International Trade at the ministry on Monday.

He was accompanied by Al-Sheikh Jumah Hamdan Hassan Al-Shehhi, Ambassador of the Sultanate of Oman in Colombo; K.Pathmanathan, Ambassador of Sri Lanka in the Sultanate of Oman and Musab bin Abdullah Al-Mahrooqi, CEO of Oman Oil Refineries and Petroleum Industries Co. During the discussions held regarding the oil refinery project, Minister Samarawickrama proposed that the oil refinery be developed in several phases with the intention of establishing Petrochemical Industries.

The Minister of Oil & Gas of the Sultanate of Oman invited a team from Sri Lanka to visit Oman during the second half of April this year, to study and share their experiences of refineries and other related operations.

Those present at the discussions were Kabir Hashim, Minister of Highways, Road Development and Petroleum Resources Development; Rishad Bathiudeen, Minister of Industry & Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development and Vocational Training & Skills Development; Anoma Gamage, Deputy Minister of Petroleum Resources Development; Nalin Bandara, Deputy Minister of Development Strategies and International Trade; S.T. Kodikara, Secretary to the Ministry of Development Strategies and International Trade; Sunil Hettiarachchi, Secretary to the Ministry of Petroleum Resources Development; G.S. Withanage, the Chairman of Ceylon Petroleum Corporation; and Champika Malalgoda, the Director General of Board of Investment.

The Colombo Dockyard PLC reported Rs. 337 million after tax profit for the financial year ending December 31, 2018, compared with Rs. 26 million in the previous year.

CEO, D.V Abeysinghe told the shareholders of the company yesterday, “We have been able to cross over the financial losses of the last three years, although there has been no significant growth in profitability yet,” addressing the annual general meeting (AGM) of Colombo Dockyard PLC at the Galadari Hotel. Abeysinghe said, “2018 was another tough one due to the continuing low demand for shipbuilding and heavy competition. In addition to the successful order for a cable laying vessel, the company was able to contract two vessels for the Port Authority of Iraq through a subsidiary of Toyota. We won an award to deliver two pilot boats to Sri Lanka Ports Authority through an international competitive tender. We were able to increase the revenue by 14% for the new building segment.” “The financial situation of the country did not help us to realize the cabinet recommended vessels for the coast guard. Ship repair sector in turnover (USD) dropped by 7.5% mainly due to non-operation caused by the need for repair on docks.”

He said, “We are optimistic about the future of the ship repair sector with some of the global changes in the maritime industry.

The sulfur cap by 2020 and the ballast management regulation will be good revenue avenues for ship repair business.” He added, “we are willing to expand our float repair business as well. We need to develop hydro-blasting and to improve the hull repair capacity to invite some prospective private owners.”

The CEO mentioned the construction of underwater restaurants in the Maldives and spoke of a wide range of opportunities available in the market. He ended by sayin,g “the outlook of our core business remains challenging.”

Chief Financial Officer Gihan Ravinatha answering a question on the drop in gross profit said “due to the competition we have to give preferential prices. That is why we see gross profit reduction.”

Ravinatha said, “To control FX aspects we use forward contracts.” He later added responding to a question on the FX impact on profitability “because of Rs. depreciation there is obviously a gain.

We usually expect 5-6% depreciation but for the last 2 years, there has only been a 3% decline.

We were penalized by low depreciation.”

The share DOCK.N last traded at Rs. 54 had earnings for the fiscal year of Rs. 6.03 and approved a dividend payment of Rs. 1.5. The share has a net asset value of 142.23 per share. All matters put to the shareholders were unanimously passed.

The 3rd Edition of the Maldivian ‘GOLD 100’ Business Awards was recently held at Paradise Island Resort, with the Chairman of the Colombo Stock Exchange (CSE), Ray Abeywardena gracing the occasion as the Chief Guest of the event.

The GOLD 100 GALA is an invitation-only networking event and was attended by over 200 leading personalities representing the Maldivian business community. GOLD 100 is the first initiative of its kind in the Maldives and is a list of leading 100 business entities in the Maldives, published by Corporate Maldives at the end of every year.

CSE CEO Rajeeva Bandaranaike speaks at the event

The CSE Chairman hailed the long history of close business and economic relations between Sri Lanka and the Maldives, and stated that both countries have the potential to expand levels of cooperation, especially in the area of facilitating capital linkages between the two countries. He congratulated the companies featured on the GOLD 100 and stated that a strong corporate sector in the Maldives driven by financial excellence and good governance is vital to further strengthening the Maldivian economy.

The event also saw the unveiling of CSE’s multi-currency board, which was introduced by CSE CEO, Rajeeva Bandaranaike. The CSE CEO spoke on options available to Maldivian listed companies when considering a cross-listing on the Sri Lankan exchange and also commented on how Maldivian businesses aspiring to list on the Maldives Stock Exchange in the future, can benefit from raising capital in Colombo. The multi-currency board offers foreign companies an opportunity to access a diversified pool of investors through Sri Lanka where shares of foreign companies can be listed and traded in Sri Lanka in a foreign currency. The Maldives Investment Opportunities Guide was also launched at the Gala.

Munchee, the flagship brand of Ceylon Biscuits Limited, has won the prestigious “People’s Export Brand of the Year” award at the recently concluded SLIM-Nielsen People’s Awards 2019.

Annually highlighting and recognizing the profound impact on all Sri Lankans from brands and celebrities, SLIM-Nielsen People’s Awards is distinct because it is the public that acts as the judging panel. These awards, more than any other, embody the will and voice of the people by empowering brands and personalities who are closest to their hearts.

It is also noteworthy that Munchee was the only FMCG brand nominated four times in four very different categories, including the trendsetting “People’s Youth Choice - Brand of the Year” and the coveted “People’s Brand of the Year”, which is in and of itself a major achievement for any FMCG brand in Sri Lanka.

In fact, Munchee was the only FMCG brand nominated in the “People’s Youth Choice - Brand of the Year” category in 2019. This is in addition to several other People’s Awards that Munchee has won over the years, including the highly regarded “People’s FMCG Brand of the Year” honor in 2011.

Nalin Karunaratne, CEO of Ceylon Biscuits Limited said: “We are deeply honored that Munchee has once again been proven as the true people’s choice. This People’s Award win,as well as the multiple nominationsreceived,shows that Munchee continues to occupy the hearts and minds of Sri Lankans from all walks of life. The recognition that we frequently receive, both locally and at international levels, reflects not just the superiorityof our products but also strength of our brand, which is a direct result of our team’s hard work over the years.”

Munchee, the truly Sri Lankan Brand that won the hearts of all Sri Lankans for decades has expanded its reach across over 65 countries promising the best quality products at all times, truly living up to its tagline of ‘Crowning Success.’

 South Asia Gateway Terminals (Pvt) Ltd, the first public private partnership stevedoring container terminal in Sri Lanka strengthened its operating infrastructure capabilities with the addition of six state-of-the-art Rubber Tyred Gantry (RTG) Cranes recently.

The addition of the new yard handling equipment will boost the terminal’s RTG fleet from 31 to 37. This latest operational enhancement follows the introduction of ten (10) intra-terminal trailers in June 2018.

The six ZPMC built RTGs are state of the art, providing operator ergonomic comfort, optimum safety and a host of features designed for high-efficiency.

SAGT was recently awarded the “Best Terminal in the Indian Sub-Continent Region” for third consecutive year and was also awarded the coveted “Best Transshipment Hub Port Terminal of the year” by Singapore based Global Ports Forum. With a commitment to operational best practice with safety at its core, SAGT continues to set the benchmark for best in class terminal productivity.

Romesh David, SAGT’s Chief Executive Officer stated, “Team SAGT is committed to continuous integration of best practices and technologies in line with our commitment to performance excellence. These investments will bolster capacity through further increases in our productivity across all facets of operations thereby contributing towards augmenting the Port of Colombo’s overall container handling capacity”.

He further stated that “the maritime industry faces a sustained tough global operating environment in which we continue to work in partnership with our stakeholders to deliver value to our customers through operational efficiency leading to gains through reduced transaction costs. This in turn contributes to further under-scoring the competitiveness of the Port of Colombo as the pre-eminent container shipping hub in the region” he added.

SAGT with a design capacity at inception of 1.1 million TEU (twenty-foot equivalent container units) achieved a throughput of more than 2 million TEUs in 2018. It was the highest number of containers handled by the terminal in a single year, since it began operations in 1999.

SAGT has been featured by top global shipping lines as a case study for partnership-based performance excellence.

South Asia Gateway Terminals (SAGT) the first public private partnership container terminal in Sri Lanka (with approximately 60% of Sri Lankan shareholding) commenced operations in 1999, launching the Port of Colombo as global trade’s preeminent gateway hub to South Asia.

SAGT is a Board of Investment (BOI) flagship company consisting of four shareholders – John Keells Holdings, Maersk/APM Terminals, Sri Lanka Ports Authority (SLPA) and Evergreen Marine Corporation.

Sri Lanka’s leading Chartered Accountant firm SWT Associates, successfully hosted the IAPA Asia Pacific Regional Conference in Colombo, bringing together 25accounting firms from 20 countries. The discussions for this year’s conference were focused on how firms ‘add value’ to clients through advisory services as well as other topics including new marketing strategies.

The conference connected senior managers and partners to network and strengthen business relationships around the world. It also featured presentations on how to improve services to clients operating both nationally and across borders, including latest insights in the accounting and business environment.

Martin Clapson, Global Chairman of IAPA International initiated the proceedings by welcoming all, including the new and prospective members. He said, “This conference was designed to meet the future needs of our members in the Asia Pacific region. The knowledge and expertise presented during the conference will enable them to continue to deliver solutions not only to their clients, but also to their employees.”

Clapson also gave an account on what IAPA has achieved in the last 12 months and put forward the plans for future.

As well as insights from new IAPA member firms from India and Pakistan, the conference welcomed guest speakers including the duo Joseph Antony and Abhishek Madathil and Jairam Rajshekhar presenting on Case ware Working Papers and Case ware IDEA Analytics respectively.

Representing the host country and SWT Associates, Wajira Kaluarachchishared her views about Sri Lanka’s Legal System and Economy. Lalit Valecha from Pune, India soon followed with his take onGlobal Focus on BEPS (Base Erosion & Profit Shifting). Vipul Kothari from the UAE presented on Jurisdictional Updates, Challenges and Opportunities, while Paramnoor Singh, shared his views on Jurisdictional Updates in India. Representative of the UK based Price Bailey, Jay Sanghrajka also presented the Issues Relating to Taxation with Case Studies.

Kaluarachchi also offered insights into Sri Lanka’s trade and investment opportunities with a comprehensive update on ‘Doing Business in Sri Lanka’. “This has been a great platform for sharing inspiring new ideas and insights on current topics with the delegates.” she added.

The format of this year’s conference allowed for the first time a half day of networking excursion, along with two and a half days of knowledge sharing. The half day excursion to the Madu River left a lasting impression amongst the IAPA delegates and cemented trusted relationships, to help develop future global business opportunities.

IAPA is a global association of independent accounting, law and business advisory firms that aims to support its members in providing their clients with a diverse range of professional, comprehensive and cost-effective business solutions.