business Sri Lanka

The government has done everything to make Sri Lanka safe destination for tourists to travel, Prime Minister Ranil Wickremesinghe said at Temple Trees yesterday.

The PM assured that all suspects involved in the Easter blasts have been rounded up (or either killed) and more precautions are being taken to ensure that security is in place in just two months. He said that several religious festivals such as the Dalada Perahara in August and other events would take place soon and adequate security measures are in place for them.

The Premier said that in a bid to protect the stakeholders of the tourism industry, series of financial relief measures were successfully introduced. In addition the airlines flying to Colombo were offers concessions in ground handling, landing rates and given fuel concessions and these too would help the speedy recovery of the industry.

The hotels rates too have come down and tourists should make use of this opportunity to travel to Sri Lanka. Sri Lanka tourism even after the blasts kept on receiving globe encouragement from travel magazines as the best place to travel in 2019.

He said that they were expecting 2019 to the best year for Tourism in Sri Lanka with the expectation of highest revenue and highest number of arrivals. “However we are now experiencing the steady progress in arrivals from 400 per day from two months to around 1,100 per day and this is encouraging.”

Controller General Immigration, Pasan Ratnayake when ask by Daily News said that the revenue loss for the department due to low arrivals up to now due to the Easter blasts would be around Rs. 1.2 billion and a further Rs 4. 3 billion due to offering free visas for six months for 48 nations.

He also said that special arrangements would be made at the airport to felicitate this process. He also advised foreigners using this facility to register online prior to coming to Sri Lanka. “The free visa would be for one month.”

Asked by ‘Daily News’ from the Prime Minister as to how the government was going to compensate the loss, the Premier said that it would be balanced by the higher number of arrivals and the economic benefits that are expected from offering free visa.

Minister of Tourism Development, Wildlife and Christian Religious Affairs John Amaratunge said that the tourism recovery was better than what they expected. “Arrivals in May which was 37,000 increased to around 117, 000 end of July and we will touch the 1.9 million arrival mark this year.”

Chairman, Sri Lanka Tourism Promotion Bureau (SLTPB) Kishu Gomes said that they will fall US$ 800 million short of the projected revenue from tourism for 2019. 

The Asian Development Bank (ADB) has upgraded Bangladesh’s growth estimate for fiscal 2018-19 to what would be the highest in the Asia Pacific region, in what can be viewed as a thumping endorsement for the economy’s tremendous momentum.

The Manila-based multilateral lender now estimates the Bangladesh economy grew by a record 8.1 percent in the just concluded fiscal year, up from its previous forecast of 8 percent.

“It is the highest in the Asia-Pacific,” said Manmohan Parkash, country director of ADB, at the closing ceremony of the two-day Good Project Implementation Forum. The ADB organised the event at Bangabandhu International Conference Center (BICC) in Dhaka.

Furthermore, the ADB predicts Bangladesh will log in the highest growth in the Asia-Pacific region in 2020 too. “Friends, I call Bangladesh a ‘Land of Opportunity’. This is because the country has made tremendous progress in a very short period. Despite a difficult global economic outlook, Bangladesh continues to progress at a high rate,” he added.

Finance Minister AHM Mustafa Kamal was the chief guest at the event that was attended by 300 officials from project executing and implementing agencies of Bangladesh, Bhutan, India, Indonesia, Nepal and Sri Lanka.

The forum, which was styled “Delivering Better Project Outcomes”, saw the participants share their experiences, best practices and lessons learned from implementation of various projects.

It is the first such initiative in Bangladesh to promote South-South cooperation. (The Daily Star)

PickMe, Sri Lanka’s homegrown technology driven mobility solutions network has acquired Yamu, the ‘go to’ website/app for informative details on wining and dining across Sri Lanka.

Commenting on the acquisition Indrajit Samarajiva, founder, YAMU said, “YAMU has been close to PickMe since they started and I can’t think of a better place for us to end up. PickMe is, in my opinion, the only true startup in Sri Lanka - one that has achieved explosive growth and continues to expand. Especially with their relatively new food delivery product, PickMe Food, we think PickMe and YAMU prove to be a great fit for each other.”

The acquisition will enable YAMU to gain access to more data and work as a medium to connect diners with restaurants both virtually and physically through PickMe’s ride hailing and delivery services. This makes YAMU’s content platform more powerful and influential.

Food have a new restaurant onboard, customers would be able to read a bit more about the said restaurant on the YAMU platform, thus helping them make their decision well thought out.

As a potent content platform from inception, YAMU continues to grow its content platform, currently reaching over 325,000 users per month, reading over 615,000 pages.

“In the recent weeks our traffic has been growing increasingly, which we attribute to the need to look for newer and more exciting cuisines. Even in the face of adversity, it is important that Sri Lankans continue to go out, eat and drink together” said Indi Samarjiva.

He continues to lead YAMU as the Head of Operations and the editorial team will continue to edit and manage the content platform.

Commenting on the acquisition Ajit Gunewardene, founder Chairman - PickMe said, “YAMU is renowned for its unbiased, honest content. Following the acquisition, that core aspect will remain the same. YAMU will continue to be a trusted source of information on dining out just as PickMe is the trusted source of solutions in terms of mobility.”

According to YAMU, the number of restaurants in Sri Lanka has grown exponentially within a few years from a few to over a thousand. In the past few years, home cooks and small businesses have begun to offer inspired cuisine as well as simple goodies such as ice cream or short eats. The next few years will usher in an explosion of non-traditional food options to Sri Lanka, enabled by platforms like PickMe and YAMU. 

Colombo Dockyard PLC, Sri Lanka’s premier ship repair and shipbuilding facility celebrates its 45th anniversary today (1).

Colombo Dockyard operates in joint collaboration with Onomichi Dockyard Company Ltd of Japan and the collaboration has enabled the Shipyard to blend in Japanese technological know-how with the skill and competence of a fully Sri Lankan workforce. Colombo Dockyard is considered as the Flag Ship investment made by Japan in Sri Lanka.

During its long and exciting journey, the Shipyard has offered ship repair assistance to over 10,000 ships and has contracted over 247 new ships for both local and international clientele. This indeed has been a remarkable journey, for a Shipyard which started off with a humble beginning now to be recognized as an internationally acclaimed, modern, integrated Shipyard capable of undertaking complex shipbuilding and repair works.

Since its inception way back in 1974, Colombo Dockyard has been on national duty and is one of Sri Lanka’s largest foreign exchange earners, generating an average annual turnover of over US$ 80 million. In addition to the economic benefit, the socio-cultural benefit it provides to the country is immeasurable, providing employment to over 3000 Sri Lankans, and developing the indigenous industry in the country and placing Sri Lanka in the world map of elite Shipbuilders.

The impetus for the good work performed by Colombo Dockyard is the guardianship of Onomichi Dockyard Company Limited of Japans which has enabled Colombo Dockyard to offer Japanese quality products and service standards, guaranteed delivery times, at highly competitive prices and maintaining its market competitiveness over the past years.

Presently Colombo Dockyard is building a specialized 50 m Catamaran hull Pilot Station Vessel and a 60 m Buoy Tender Vessel for General Company for Ports of Iraq through Toyota Tsusho Corporation of Japan.

The Pilot Station Vessel is suitable to perform multi-purpose roles, such as transport Pilots and provisions, provide Pilots with accommodation services, provide station and necessary support for Pilot Boats etc… in unrestricted waters.

The twin-screw 60 m Buoy Tender Vessel is also intended for operation in unrestricted waters for multi-purpose roles such as to retrieve & launch marine navigation buoys, provide repair and maintenance to marine navigation buoy, transport marine navigation buoys and/or spare parts, transport general cargoes.

In addition to the above two overseas projects, Colombo Dockyard is building two Pilot Boats for the Sri Lanka Ports Authority to handle the increased vessel arrivals to the Sri Lankan ports. These Pilot Boats are designed to provide a stable platform during embarking and disembarking Pilots in all weather conditions experienced in Sri Lankan waters.

With the visionary guidance of the Chairman Hideaki Tanaka and pragmatic leadership of the Managing Director/ CEO D.V. Abeysinghe, Colombo Dockyard is indeed set to reach newer heights.

Colombo Dockyard is the front runner of Sri Lankan industrialization and is one of the main contributors to the Government’s National Export Strategy from the Shipbuilding sector continues its odyssey of excellence. 

The Hambantota International Port (HIP), was recently certified ISO 45001: 2018 compliant for their Occupational Health & Safety Management System (OH&SMS), by the International Organization for Standardization, Headquartered in Geneva, Switzerland.

The Port went through a 6-month preparation and a 3-month audit, prior to receiving certification, which enables organizations to put in place an effective occupational health and safety (OH&S) management system. The audit was conducted by Bureau Veritas Lanka (Pvt.) Ltd., a global leader in audit services in the fields of Quality, Health & Safety, Environment and Social Responsibility.

ISO 45001 would position HIP to manage their OH&S risks and improve their OH&S erformances through developing and implementing effective policies and objectives. Key potential benefits of using the standard include, reduction of workplace incidents, reduced absenteeism and staff turnover, leading to increased productivity, reduced cost of insurance premiums, creation of a health and safety culture, whereby employees are encouraged to take an active role in their own OH&S, reinforced leadership commitment to proactively improve OH&S performance, ability to meet legal and regulatory requirements, enhanced reputation and improved staff morale.

“The Hambantota International Port has a world-class loss prevention system in place that protects people, the environment, assets as well as the reputation of all our stakeholders.

With ISO 45001, we have enhanced the system, adding more value to our business processes,” said Ray Ren, CEO, HIPG.

“This is an important milestone for HIPG as it would clearly indicate to all our partners, the prominence we provide to health and safety, which is a must as we are dealing with a myriad of different operations which involve man, machine and systems. It is also relevant to note that HIP is currently the only Port in Sri Lanka to receive this standard,” said COO of HIPG Tissa Wickramasinghe.

HIPG which is one of the two companies formed to manage HIP, handles port services, maritime services, port-related industrial zone, integrated logistics as well as acting as the business incubator for the port. “This standardization would help establish and implement a systematic Occupational Health & Safety Management System at HIP, which is auditable and could be continually improved,” the COO added.

The certification process has involved identifying and selecting a third-party certification body, followed by an initial audit also known as a Gap analysis, which is then followed by the main audit known as the implementation audit. The next step is the awarding of the certificate upon successful closure of Non-Conformities (NCs) identified in Stage 2. The first Annual Surveillance Audit would be conducted, one year after the award of the certification, followed by a second Surveillance Audit at the end of the second year of certification. A further audit is done for Recertification on completion of the 3rd year. All audits would be conducted by the certifying body, ensuring that the quality assurance of the standard is maintained.

The International Organization for Standardization (ISO), is an international standard-setting body, composed of representatives from various national standards organizations. Founded on February 23, 1947, the Organization promotes worldwide proprietary, industrial and commercial standards and works in 164 countries.

The COO for Hambantota International Port Group says that the company would continue to maintain the highest standards in port operations through their structured approach towards enhancing quality through international best practices. Being under the CMPort umbrella is an added advantage for HIP in establishing world standards, as the global port operator brings a wealth of knowledge sharing and expertise to their local partner. 

As a component of its Peace Building initiative, The Ceylon Chamber of Commerce has been engaged in carrying out several programmes to promote ethnic unity.

Proceeding on the acceptance that Sri Lanka can progress only if it can overcome divisive attitudes, shed suspicions and cultivate respect for each other within its a diverse religious and ethnic composition, and believing also that the private sector has a role to play in forging unity, the Ceylon Chamber has organized several programmes to achieve this objective.

Consequent to the Easter Sunday terrorist attack, it was felt that there was a need for an open discussion on some of the pertinent concerns that were being raised by the different communities.

The Ceylon Chamber organized panel discussion featuring prominent business leaders and leaders of the different ethnic communities, on July 18, 2019, to discuss some of these issues. The discussion focused on how Sri Lanka could move forward, following the Easter Sunday attacks, and how we can overcome the atmosphere of suspicion and mistrust that has fractured our society. The forum also provided the space for the audience to raise questions and seek clarifications from the panel.

The Panel featured Dr. Indrajith Coomaraswamy, Governor of the Central Bank of Sri Lanka, Gihan Cooray, Deputy Chairman of John Keells Holdings, H. Wegapitiya, Chairman of LAUGFS Holdings, Ferial Ashraff, Former Sri Lankan High Commissioner to Singapore, M. A. Sumanthiran, MP; and Dr. Vinya Ariyaratne, President of the Sarvodaya Shramadana Movement.

Suresh Shah, former Chairman of the Ceylon Chamber, moderated the event.

The panelists were unanimous in their view that social harmony was vital for Sri Lanka to progress as a Nation. They responded to questions from the Moderator to voice sentiments both of despair and hope for the future of Sri Lanka.

Wegapitiya stated that the problem faced in Sri Lanka is not simply a race or ethnic problem, but one that is ‘created by certain cults.’ The biggest issue in the country, he stressed, was that every issue is politicized. “Unfortunately over a period of time, the country has forgotten certain values and everything is politicized,” he said, speaking about Buddhist values of love, compassion, and tolerance.

Speaking about economic impacts within the community, Ashraff spoke of the interdependency on each other and said “It’s strange how you don’t realize how business is still a very interdependent thing. We have the producers, the transporters, the exports and imports…If one of us were to perish, we all will,” she said.

Dr. Coomaraswamy elaborated about how social disharmony and conflict within the country could negatively affect investment and development prospects.

The Governor stated that our economy has shown resilience, but that it’s not enough to be resilient and that we have to achieve progress. Dr. Coomaraswamy emphasized that social harmony is of the essence to attract investors.

He recalled how Sri Lanka had missed the opportunity to attract Japanese investment because of the ethnic riots of 1983. Another, more recent example that was cited was that in an effort to raise money, the banks had indicated that they are used to bombings, but they were much more concerned about the breakdown in law and order that took place a few weeks later. They had asked if this was going to be another ‘30-year affair.’

“We need to understand this, and not miss the opportunity that we missed in 1983,” he said and emphasized that no segment of the population should be treated unfairly.

MP Sumanthiran asserted the need for a united country, and stated that the aspiration of the Tamil community was to live as one country. He stated that the Tamil community is still willing and hoping to be taken as an equal partner in the Sri Lankan polity. “The lack of representation and inclusion was what compelled Tamils to demand a separate governance structure in the past”, he said.

JKH’s Deputy Chairman Gihan Cooray had positive feedback to share in terms of the economy, and reaffirmed that it was ‘quite resilient.’

Building on what Ashraff highlighted about social interdependency, Cooray stressed that the incidents that followed the April terror attacks, is what could hurt future business prospects more than the bombings itself.“Unfortunately the world has seen quite a lot of terrorism, but that means we’re not really alone. People tend to move on. However, the other incidents we’ve seen since then isn’t something that’s looked upon kindly,” he pointed out.

The way to move forward, according to Dr. Ariyaratne, is to be introspective and look within not just ethno-religious communities, but within families. Interaction between different communities is of the essence, he said, especially because of underlying tension and suspicion after what happened in April.

“How can we give them a better voice, and better recognition? How do we create better platforms?” he asked. “Can regional Chambers play a role in bringing communities together?”

Dr. Ariyaratne in response to a question opined that monks should play a part in guiding people, but not be involved in the electoral process.

All panelists agreed that the country cannot progress unless Sri Lankans establish social harmony. There is an urgent need for all stakeholders to play an active part in integrating different communities — starting from families and schools.

United States promotes business by helping to improve economies, creating more opportunities for the private sector to compete and more opportunities for communities to become prosperous Alaina B Teplitz, Ambassador of United States of America to Sri Lanka and Maldives told the Sri Lanka USA Business Council AGM on Tuesday.

“So, it will not surprise you that from the American perspective, a thriving, growing Sri Lanka will be a more dynamic market for U.S. Goods and services. We are, after all, already Sri Lanka’s largest trading partner and number one export destination. An expanding economy spells growing business opportunities and the chance to eliminate poverty. It means a “win-win” for our countries,” she said.

The Ambassador said she believed that the private sector has a key role to play in creating the thriving global economy of the future.

“We value new ideas, new approaches, and more effective and affordable products and services that help us work more productively. In fact, I encourage this Chamber to take a look at the procurement, partnership and investment opportunities you can find on the ‘Work with Us’ page on the MCC website. All of our MCC agreements with other countries can be found on the same website.

Since Sri Lanka’s independence, the United States has furnished over $1 billion in grants and direct development assistance, none of which must be repaid.

The United States believed that strong and inclusive economic growth is essential to the defense of Sri Lankan sovereignty and to the advancement of peace and reconciliation on the island and inclusive economic growth is also essential to the future prosperity of the Sri Lankan people.

 “Frankly, the need for inclusive economic growth is true for all nations. As they say: a rising tide lifts all boats,” she said.

The Ambassador said the MCC is a U.S. Government development assistance agency and was an agency similar to USAID , the Agency for International Development. “ MCC is similar, but its projects are strictly time-bound and focused on large infrastructure. Since 2004, the U.S. has invested $14 billion in 37 MCC Compacts with 29 countries around the world,”she said.

Teplitz said the MCC would support efforts to improve the transportation infrastructure and to implement the Sri Lankan government’s land administration reforms, all without adding a single rupee to Sri Lanka’s debt.

“The Governments of Sri Lanka and the United States collaboratively developed the proposed agreement, with significant input from the private sector and civil society, among them this Chamber,” she said.

Development needs in transportation and land administration were identified as the most significant binding constraints to economic growth in this country and that is why these are the two sectors addressed by the MCC grant. Under this agreement, Sri Lanka will retain oversight and control of all aspects of the proposed projects all roads undergoing improvement; every traffic signal and us network upgraded; and every aspect of the effort to digitize land records and to produce accurate land surveys. The United States will not own, control, or in any way administer any land under this agreement, the Ambassador added.

USA is an important trading partner for Sri Lanka with exports to America reaching USD 3.08 billion and USD 645.39 million imports coming into the country in 2018 from the US, Asanka Rathnayake President, Sri Lanka USA Business Council told its third AGM on Tuesday.

He said that Sri Lanka was going through a challenging time, and they had observed policy reforms taking place for transparency, better governance, setting the right policies to attract investment and creating an environment of ease of doing business.

In this backdrop the business community too has a greater responsibility to maximize from the current opportunities ahead of them and turn them to revenue and employment generating economic activities. “To support these efforts, we would like to play a role of a catalyst. I together with my committee will align our activities with the objectives of the US Embassy, USAID and the Board of Investment in Sri Lanka to promote trade and investments from the USA to Sri Lanka,” he said. Rathnayake said they were looking forward in working closely with the US Embassy in executing their plans. “Further, we will also work closely with the Exports Developments Board of Sri Lanka and the Sri Lankan Embassy in Washington D. C. to enhance exports from Sri Lanka to the US.”

Rathnayake added that there were many benefits that Sri Lanka could achieve from world class US companies, may it be in terms of advanced technology or world class engineering solutions or business practices and so on.

“Let us work towards creating the necessary platform and infrastructure to attract such US companies to set up operations here in Sri Lanka to reap the benefit as a nation at large,” he said.

The Chartered Financial Analyst (CFA) Institute on Wednesday expressed its commitment and ability to impact Sri Lanka positively in terms of helping the country’s ambitious plans for capital market development.

The CFA which is making efforts to improve financial literacy and to promote the highest ethical standards and professional excellence within the local investment community is also looking to further broaden its collaboration with the Colombo Stock Exchange (CSE).

To this end, the CFA in partnership with the CSE is looking to explore numerous opportunities in many areas in the capital market, Paul Smith, president and chief executive of the CFA Institute said. Paul Smith who is on an official visit to Sri Lanka had been invited by the CSE to open the market on Wednesday.

“We believe in our ability to influence and help develop capital markets wherever the CFA happened to be in the world. So I would urge you to consider us as your partner in that regard.” he told. He also expressed his satisfaction over measures taken by the Sri Lankan government to create a vibrant and an efficient capital market in Sri Lanka.

“What is the point of what we do. I think in a country like Sri Lanka that’s really obvious. The point of what we do is to help all Sri Lankans achieve their financial aspirations particularly through the development of the capital market which the CSE is such a key element,” he said.

He said further, “The world needs not just financial professionals help it develop, but it needs highly ethical financial professionals with technical competence. We feel we’re the platinum standard in the financial industry. We recognize not only technical competence, but also ethical standards of people.”

CFA Institute stands for creating an environment where investors’ interests come first, markets function at their best, and economies grow. 

The Core business of DFCC Bank posted a profit before tax of Rs 2,056 million and profit after tax of Rs 1,588 million for the period ended June 30, 2019 compared to profit before tax of Rs 2,373 million and profit after tax of Rs 1,837 million in the comparative period.

After accounting for the one-off fair value loss on Commercial Bank of Ceylon PLC shares transferred to the trading portfolio, the Bank reported a profit before tax of Rs 1,205 million and profit after tax of Rs 737 million in comparison to profit before tax of Rs 1,843 million and a profit after tax of Rs 1,308 million in the comparative period.

The Bank recorded total operating income from core business amounting to Rs 7,037 million for the period ended June 30, 2019 compared to Rs 6,867 in the comparative period in 2018 which is an increase of 2%. After accounting for the impact of high fair value loss in the investment of Commercial Bank of Ceylon PLC, the operating income reflects a decline of 5%. Further, a growth of 4% was recorded in fees and commission income to Rs 945 million in period of six months in 2019 from Rs 906 million in comparative period of six months in 2018.

DFCC Bank sustained its aggressive branch expansion, increasing its footprint in strategic locations from January to June 2019. Operating expenses increased from Rs 3,175 million to Rs 3,523 million (11%) compared to the corresponding period in the previous year.

The recently opened Super Grade Branch at Lake House premises has become a significant customer touch point as it provides a greater customer experience with digitalized platforms. The DFCC MySpace, self banking platform has been able to attract a significant number of new customers to this location due to easy transaction facilities available 24x7 / 365 days of the year.

The Bank’s impairment provision during the period ending June 30, 2019 was Rs 476 million which is a reduction compared to a sum of Rs 649 million provided in the comparable period.

The Bank continued to identify Small and Medium Enterprises (SMEs) as a separate segment in adopting the Circular No 6 of 2019 issued by Central Bank of Sri Lanka in the financial statements for the period ended June 30, 2019.

DFCC’s NPL ratio moved up to 4.63% as at June 30, 2019 from 3.28% in December 2018. This reflected an industry-wide trend, which was consequent to the challenging business environment that prevailed during the period. The ratio has however been managed at a level below the industry average.

Investments in equity securities and treasury bills and bonds are classified as financial assets whose variations in fair value are recorded through Other Comprehensive Income. Accordingly, fair value losses of Rs 2,015 million and net fair value gain of Rs 1,789 million were recorded on account of equity securities and fixed income securities respectively.

The drop in the share price of Commercial Bank of Ceylon PLC during the period mainly contributed to the reported loss of equity securities, while prices of treasury bills and bonds were favourably impacted by decline in interest rates of government securities.

 Over the last few weeks Commercial Bank share price has seen a surge, and should this continue, we should see a reversal of the marked to market losses.

Reflecting its measured growth strategy, DFCC’s Total Assets grew by Rs 25,081 million to

Rs 399,988 million on June 30, 2019, which is a 7% growth on December 31, 2018. Within this, the Bank’s loan portfolio grew by Rs 7,876 million to Rs 257,610 million compared to Rs 249,734 million as at December 31, 2018, which is a growth of 3%.

The Bank lent prudently and did not pursue aggressive growth particularly to sectors that exhibited stress.

DFCC’s deposit base experienced a growth of 5% recording an increase of Rs 12,328 million to Rs 254,566 million from Rs 242,238 million as at 31 December 2018. This is not only a reflection of customers’ confidence in the Bank, but also the outcome of the investment in developing distribution channels and marketing innovative new products.

With this deposit growth, the Bank was able to report an improved loan to deposit ratio of 101% in June 2019 from 103% in December 2018.The Bank’s CASA ratio, which represents the proportion of low cost deposits in the total deposits of the Bank, was 24.4% as at 30 June 2019. Funding costs for DFCC were also contained due to access to medium to long term concessionary credit lines. When these concessionary term borrowings are added to deposits, the ratio improved to 30.5% as at June 30, 2019.

DFCC Bank has always been a prudent lender. Therefore, in order to support future growth and to maintain its premier development banking focus, the Bank has consistently maintained a capital ratio above the Basel III minimum capital requirements. As at 30 June 30, 2019, DFCC recorded Tier 1 and total capital adequacy ratios of 11.40% and 16.59% respectively. Thanks to the Right Issue, the bank has improved Tier 1 and total capital adequacy ratio to well over the minimum regulatory requirements of 8.5% and 12.5% effective 2019.

“We understood the importance of driving the core business across all customer segments and launched our new brand campaign “DFCC Bank for everyone”, Lakshman Silva, CEO DFCC Bank, said.

“In order to cater to these customer segments we have embarked on a journey that will offer digitally enabled agile platforms to provide an Omni- channel customer experience. Furthermore, we will continue to keep adding value to all our shareholders, through customer centricity coupled with unmatched service excellence”.

We are thankful to our former Chairman Royle Jansz who relinquished his duties on 27 July for his inspirational leadership and dynamism that contributed to the success and growth of DFCC Bank. “I would also like to take this opportunity to welcome MJ. Durairatnam as the new Chairman DFCC Bank with effect from 28 July, 2019”. 

Apple posted a small gain in sales for the third quarter of the year. While iPhone sales dipped, the company made up the difference in higher revenues in services such as its software store and music service.

Sales rose 1% to $53.8bn (£44.3bn), while net profit dropped 13% to $10bn. The company stemmed some of its drop in sales to China. The results beat Wall Street estimates and shares gained 3.5% to $216.10 in after-hours trading.

For first time since 2012, iPhone sales represent less than half of company’s overall sales. Sales of the device are down by $741m on this period last year.

In China, sales fell 4% to $9.16bn, after a drop of 22% in the second quarter. Exchange rates have made the iPhone expensive for Chinese customers.

Apple forecast sales of between $61bn and $64bn for the final three months of its financial year.

BBC

Dr. Suren Raguwan, Governor. NP , Dean Faculty of Agriculture Dr. Suriya Kumar , Professor in Agriculture Engineering, Thushanthy Mikunthan of the University of Jaffna Government representatives and the Coordinator Kelani Saviya and Kelani Shakthi CSR programs, Jayantha Wijesinghe at the event

For the very first time in Sri Lanka, young farmers who represent the farmer community in the Jaffna Peninsula, would be enrolled to follow a Farmer Machinery Management course, designed by the Faculty of Agriculture, University of Jaffna (UoJ) in mid September 2019.

Mahinda Saranapala, CEO, Director, Kelani Cables PLC said that the farmer campus Govi Sarasaviya is a stereo type copy of the Kelani Saviya and Kelani Shakthi non formal education programs, launched in 2007 and 2014, together with the Universities of Peradeniya and Jaffna respectively, by Kelani Cables Plc.

The unique feature of the farmer Campus is that those who wish to follow the Farmer Machinery Management course, would not require any basic educational qualifications, other than the right identity of being a farmer who represents the farmer community in the Jaffna Peninsula.

After a lengthy discussion that was held under the patronage of Governor N P Dr. Suren Raghavan, Dean, Faculty of Agriculture UoJ, Dr. Suriya Kumar, Professor Thushanthy Mikunthan and Senior Lecturer Piribaharan and Government representatives in the North, had decided to launch the program in mid September 2019. The Farmer Machinery Management Course consists of five modules including, identification and observation of internal combustion engines, power measurements of internal combustion engines, dissembling and assembling of engine components, fault identification and rectification and land preparation using 2W and 4 W tractors.

Lectures would be conducted during week ends at the Faculty of Agriculture, UoJ. Each year, 60 students would be enrolled for the programs in two batches. The selected candidates would have to sit for the placement test and obtain highest marks to be selected for enrollment.

The initial program would be launched under the generous sponsorship of the Governor, Northern Province Dr. Suren Raghawan and Kelani Cables Plc. The farmer campus is the brain child of Jayantha Wijesinghe, the co initiator of the unique Kelani Saviya and Kelani Shakthi CSR.

Mobiworld (Pvt) Ltd has introduced the latest addition the sleek and slim, S501 to the international mobile brand Symphony range in Sri Lanka.

The phone’s strong battery life is guaranteed with a 1950mAh battery capacity with intellectual power consumption management system, combined with optimized software platform. The longer battery life provides 7 days dual SIM standby, 40 hours of playing music, 6 hours of video with Wi-Fi and 5 hours online games. This is available in the market for Rs.10,990.

The Symphony S501 also supports dual MICRO SIM card and dual stand by. Among its other enhanced features are its high toughness and resistant to impact. The phone’s high strength plastic material is lighter than glass or metal and makes it notably shatter resistant, solid and durable.

A complimentary pack consist of a Bluetooth ear phone, a screen protector and a back cover will be given to those who purchase a Symphony S501 phone.

Among its other notable features are the Proximity Sensor, where the short distance between face and handset makes it easier to perceive and more power saving. A Light Sensor facilitates self-adjusting light in a variety of environments.

The “More Intelligent and more healthy” new model comes complete with In Mold Transfer Technology on the Back Cover. Symphony mobile purchasers are granted a special package courtesy of Hutch Telecom offering FREE 30 minutes voice calls, 30 SMS and 1.5GB data monthly to any network for 6 months for a minimum reload of Rs 100.

Mobiworld is the National Distributor in Sri Lanka for Symphony, the fast-growing No.1 brand in Bangladesh which sells over 10 million handsets per year.

Commenting on Symphony’s S501 entry into Sri Lanka, Mobiworld (Pvt) Ltd Managing Director, Sanjeev Ariaratnam said, “We are happy that Symphony has already, within a very short and exciting period, become well accepted in the local market, competing strongly with a lot of the more well-known mobile phone brands. We are sure that Symphony’s latest S501 will be a top favourite in the local market.”

Symphony is a brand of Bangladesh’s EDISON Group, which holds an undisputed leadership position in that country’s mobile handset industry.

Within a period of ten years since its introduction at the end of 2008, the Symphony brand emerged as the fastest growing leading mobile handset brand in Bangladesh. 

A mobile devices and accessories distribution company since 2018, Mobiworld (Pvt) Ltd. has access to a wide network of regional distributors and over 1,300 retailers island-wide. 

The commercial credit and finance PLC shifted its Ambalantota office to a more spacious place in the heart of the town recently.

The relocated branch was opened by the senior manager of the company K.D. Sanath Sujeewa accompanied by the regional manager Havidu Balasooriya.The branch manager Pasidu Vidushanka was also present on the occasion.

In response to the demands of integrated banking services, Seylan Bank has relocated its Badureliya branch to a more convenient facility with latest banking services. 

Located at Rathnapura Road, Badureliya, the new branch will be open from 9 a.m. to 3 p.m. on weekdays and will provide fully fledged banking services to both retail and corporate customers.

The newly relocated branch is also furnished with 24/7 Automated Teller Machine (ATM) and latest digital banking facilities, offering customers to carry out their banking transactions in a hassle-free manner. 

SLT Digital Info Services (Pvt.) Ltd., the Digital Info Services and Directory Information arm of Sri Lanka Telecom PLC (SLT) recently launched the latest addition to its Digital product portfolio - the “WEB4U” website creation service.

This is a especial digital service offered by SLT Digital Info Services (SLTDS) that provides an exclusive online platform offering web pages and websites created at a minimal cost for small and medium scale enterprises (SME) which have limited budgets. It empowers SME entrepreneurs to attractively promote their business online via an individualized website of their own.

Customers are offered free trials and a range of packages starting from LKR 200/- per month onward. These can be selected to include preferred customized features such as Dedicated or Sub domains, Pages extending to 25, Dedicated mobile optimized site, Product catalogs, .Com (dot com) domain, Email accounts, Search Engine Optimization, Logo creation, Content writing, Social media channel creation with the maintenance and management being undertaken on behalf of the client via an easy payment scheme.   

“We believe this is an excellent opportunity for small and medium scale enterprises (SMEs) looking for innovative ways to increase their revenue and create brand awareness. The Web4U initiative is a timely need for the Sri Lankan market where businesses can make their online presence felt to achieve all of their business goals on a limited budget despite challenging economic conditions in our country. The Web4U development initiative will help businesses to have a creative design, which are visually appealing and user friendly websites built at affordable prices that cater to the specific requirements of clients”, said by Malraj Balapitiya, CEO of SLT Digital Info Services (Pvt) Ltd.

WEB4U has the strategy, creativity and technology to fulfill unique website requirements. Our websites guarantee fast business growth by presenting your brand in the most innovative manner that can be easily understood by the target audience. Our talented pool of web designers, graphic artists and content writers will ensure that visitors to your site are quickly converted into customers.

If you are an SME or new business looking to host a website to promote your company on a limited budget, we can provide you with a unique, professional website that will ensure that every Rupee spent on your website is not in vain but a money generating investment that is well made.

Commenting further Balapitiya said, “The necessity of an online presence for businesses is an undeniable necessity today. You might have tried to create a website yourself and encountered barriers such as finding a trustworthy company that helps to host a website at a nominal fee. Our solution is perfect for you, if you are someone having the above concerns. We, being a trustworthy company have decided to empower businesses like yours to bridge the gap in the market by providing the perfect solution “WEB4U.” Media release

ANC Education celebrated its 17th annual graduation ceremony and awards night held at the BMICH on July 19.

Over 524 ANC graduands received their certificates that signified the culmination of hard work, actualization of their goals and sheer commitment to reach this remarkable milestone in their lives.

Shiromal Cooray, Chairman and Managing Director of Jetwing Hotels and Travels, graced the Graduation and Awards Night as the Chief Guest and Keynote Speaker. The special invitees also included Dr. Mamiko Reeves -Asst. Vice President and Dean of International Programs at Northwood University, Dr. Suresh Gamlath Dean of the Business School of University of West London and the Board of Directors of ANC Education, as well as parents that graced this special day.   

 Sharing her views, Shiromal Cooray said “I would like the young minds of this country to become the future leaders that drive businesses, create more jobs and, as entrepreneurs, to become fountainheads of commercially relevant ideas that will make a difference to the economy and the country,” she also expressed that she was delighted to be invited as the Chief Guest and Keynote Speaker for the ANC Graduation & Awards Night. 

The Best Achievement Awards of 2018-2019 were presented to Shelin De Silva Guruge of Northwood University, and the Best Achievement Awards from the University of West London were awarded to Fathima Farha Mohamed Firdhouse and Yohan Hso Shi Tsung of the Master of Business Administration Program, Sidath Gajanayaka for the Master of Law, International Studies in Intellectual Property Law, Nihara Mary Perera of the Master of Law, Business & Commercial Law, Thanuja Karunananda of the Bachelor of Arts in Business Studies and Dushika Soundararajan of the Master of Science Clinical & Health Psychology.  

In the words of Dr. Jagath Alwis, the Chairman of ANC Education “when we first began, our goal was to be the prime provider of U.S education in Sri Lanka; fast forward to today and we have made even greater strides by partnering with many more internationally acclaimed universities situated in over 15 strategic locations globally.”

Dr. Punarjeewa Karunanayake, the CEO and Executive Director of ANC stated that “ANC strives to create young leaders that will influence their respective sectors anddevelop the mindset that no job is too big, embracing the spirit that there really is ‘no limit’ and understand that what drives us forward is our insatiable need to learn, grow and knowwhat’s around and beyond us.”

In the words of Dr. Suresh Gamlath- Dean of the Business School of University of West London, “It has been a momentous year for the University of West London(UWL). We join in celebrating the achievement of more than four hundred UWL graduates in Sri Lanka this year.”

Dr. Mamiko Reeves -Asst. Vice President and Dean of International Programs at Northwood University shared that “Northwood University is delighted to partner with ANC providing U.S education in Sri Lanka in the last 15 years.”

Margaret Curran, International Regional Manager for South Asia at SQA, said, “I am delighted for all the students graduating today from the American Education Centre with SQA Higher National Diplomas. These qualifications have real currency and recognition that allow graduates to articulate to higher education institutions around the world.”

Pan Asia Bank,with its island-wide network of 85 branches, has been working closely with the agriculture sector in recognition of the significant contribution made by this community, which is engaged in agriculture and related businesses, to the growth of the country’s economy.

Under the guidance of the Development Banking Division of Pan Asia Bank, its Ambalanthota Branch recently identified the Beragama village within the Ambalanthota Divisional secretariat to initiate a Papaya cultivation project, using novel methodologies with Drip Irrigation solutions.

As per the Agro Ecological Regions classification in Sri Lanka, Ambalanthota falls under the Dry Zone Low Country classification with annual rainfall around 20”. Hence, year-round rainfall cannot be expected in this region. Suitable crops needed to be identified and recommended for cultivation during each season by considering the availability of water and other agro climatic conditions.

In order to mitigate the limiting factors arising due to climatic conditions, Pan Asia Bank offered financial assistance to cultivate crops with use of advanced technologies, together with suitable drip irrigation solutions to maximize the yield coupled with cost reduction in cultivation.

Prior to initiating the cultivation, awareness programs on technical aspects, soil analyzing and fertilizer recommendations were introduced with the assistance of Uni-power Pvt Ltd, which provide agriculture inputs at a discounted price. Following a proper assessment, an evaluation study and a market survey, the bank decided to offer loan facilities to farmers under concessionary interest rates offered by CBSL through the available refinance schemes.

Pan Asia bank joined hands with Bartlett Agro-tronics Premier, which provided Drip irrigation solutions for the project.

At the commissioning ceremony of the Green Papaya Cultivation project, the Director and CEO of Pan Asia Bank, Nimal Tillekeratne stated that all the institutions with the Bank has collaborated for the success of this project will deliver maximum benefits to the farmers.

Priyantha Weerarathne from the farming community, who was recognized and awarded by CIC Agri-Business as a “Soora Goviya” in 2010, expressed his sentiments, saying this, will be a great opportunity for the farming community to enhance technical knowledge, learn of new agricultural practices as well as to engage in such economically viable projects introduced by the Bank.

The bank also arranged for cultivators to sign Forward Sales Agreements with the main buyer, Sungrow Lanka Private Limited, an exporter of hard green papaya to Middle-Eastern countries. Pan Asia Bank remains firmly committed to promote better agricultural technologies, minimizing the usage of water and reduce the cultivation cost substantially by joining hands with Global Climatic Partnership Fund (GCPF), which is an investment fund promoting energy conservation and sustainable development management globally

With the collaboration of GCPF (Global Climate Partnership Fund), Pan Asia Bank has contributed immensely in the field of Green lending in Sri Lanka and recently the bank’s efforts to promote renewable energy and energy efficiency activities were globally recognized when Pan Asia Bank was picked as the global winner for the award for outstanding efforts in energy efficient and renewable energy lending by Global Climate Partnership Fund (GCPF) for 2019.

Federation of Information Technology Industry Sri Lanka (FITIS) has organized a seminarin association with BDO on “Keeping pace with Tax Changes for the ICT Sphere” on August 5 from 2.00 pm to 5.00 pm at CIMA Auditorium, Colombo 05.

The seminar will focus on taxation particularly reference to the ICT companies and startups given in the current tax systems. The Inland Revenue Act No. 24 of 2017 has introduced significant changes to the fundamentals of taxation with a specific focus on the ICT products and services. The seminar will also cover the indirect tax may be of interest to the industry and its stakeholders.

Sarah Akher Tax Partner BDO will be the resource person for this seminar. She has extensive experience in the field of taxation including direct and indirect tax compliance, tax advisory, revenue authority assistance and handling tax appeals, tax planning and structuring for investments, mergers and acquisition, due diligences, research and development, transfer pricing, trade and customs taxes and advisory on exchange control regulations.

The seminar registration will be on a first come first served basis and it will be limited.

The national body of marketing in Sri Lanka, SLIM, joined hands for the first time with the Abans Group, and welcomed the leading conglomerate as the official career partner of the institute. The signing of the MoU took place recently.

The partnership will focus on capacity building of SLIM Students through knowledge sharing and career guidance, along with opportunities for employment. Officials of both organizations, including Suranjith Swaris, the President of SLIM, Sanath Senanayeka, the CEO of SLIM, Nanduni Dahanayaka, the Manager of Education at SLIM, Dr. Saroshi Dubash, the Director of the Abans Group, Sriyan de Silva Wijeyeratne, the Group CEO of the Abans Group, Dulani Nissanka, the Group Chief Human Resources Officer of the Abans Group, attended the official signing of the MoU.

Over the last couple of years, a tremendous growth and demand for SLIM certified sales and marketing professionals has taken place across the nation, which has led to SLIM forging this partnership with the Abans Group in order to further enhance the quality of educational programs offered by the institute. SLIM focuses not only on the theoretical facet of education, but also on practical learning as well, which aids immensely in facilitating the careers of the students.

Suranjith Swaris, the President of SLIM noted, “This is a win-win agreement for both parties. Being the national body of marketing, SLIM is exercising its national responsibility by developing professionals, and their skills and knowledge, to a point where they can confidently perform in the corporate world. Thus, this collaboration will provide a definite platform for our students to explore career opportunities while also providing Abans with the opportunity to attract skilled human resources personnel to the organization.”

Speaking at the event, Dulani Nissanka, the Group Chief Human Resources Officer of the Abans Group acknowledged the significance of this partnership.

“With a fifty-year legacy in Sri Lanka, the Abans Group is a company focused on the upliftment of the nation. It is critical that we enable the youth of Sri Lanka to get the right education, which in turn benefits the country at large.

We believe SLIM is the pioneer in marketing education in Sri Lanka, and contributes immensely to this cause. Retailing being one of the key segments within the Abans Group, we take every effort in acquiring and building the teams’ capabilities.

Our partnership with SLIM will assist in further strengthening the group’s sales and marketing competency and augment our employer brand amongst sales and marketing professionals.”

The CEO and Executive Director of SLIM, Sanath Senanayeka said, “This alliance is a lucrative opportunity to enhance a mutual relationship between the two organizations as well as with the entire marketing fraternity. We thank the Abans Groups’ management for partnering with us, as their “Career Partner” while contributing to the enhancement of the marketing fraternity in the country.

The MoU forms a part of SLIM’s commitment to support educational initiatives in the marketing fraternity, and to encourage and promote professional marketing skills in the country.

Recognised as a leader with passion and commitment, veteran hotelier and human resources professional Sunil Dissanayake, Director and CEO BMICH was presented an Education Leadership Award at the Sri Lanka Best Employer Brand Awards 2019 held recently at the Taj Samudra.

Sri Lanka Best Employer Brand Awards, celebrated annually since 2017 was launched to recognise leading companies, brands and individuals in the country that have demonstrated excellence in building a corporate brand to become an employer of choice.

The award was unsolicited and conferred upon him in honour of his significant contribution towards the development of the Sri Lanka Institute of Tourism & Hotel Management (SLITHM) during his tenure as Chairman of SLITHM from November 2015 to November 2018.

Under his stewardship, SLITHM transformed rapidly and grew in stature as a pioneering hospitality and tourism education provider which was recognized by the Tourist Hotels Association of Sri Lanka (THASL) and the Sri Lanka Association of Inbound Tour Operators (SLAITO).

SLITHM also won the Sri Lanka Tourism award 2018 as the best tourism and hospitality education provider presented by the Sri Lanka Tourism Development Authority in November 2018.

As Chairman,he led SLITHM in to a new era of growth and expansion. He successfully supervised the opening of five new campuses across the country, introduced several new hospitality and tourism related academic courses, obtained foreign expertise and funding for curriculum enhancement and faculty development.

He alsosuccessfully enhanced student output from 2500 in 2015 to 7000 plus in 2018 to meet the growing tourism andhospitality industry manpower requirements based on the country’s planned hospitality and tourism sector development.

The EDB in collaboration with the Sri Lanka Association of Manufacturers and Exporters of Rubber Products (SLAMERP) and Plastic and the Rubber Institute of Sri Lanka (PRISL), organized a two day workshop in July 2018, on Product Innovation, Technology and R&D to upgrade the knowledge of the tyre manufacturers/exporters, by obtaining the services of Technical Experts from India. The first collaborative Tyre Workshop was conducted successfully with the participation of over 100 technical personnel of leading tyre manufacturing & exporting companies in Sri Lanka.

Considering the knowledge gained by the first workshop, on the request made by the technical personnel and the importance of continuous upgrading of the knowledge of the sector to be in par with international requirements, EDB, in collaboration with the SLAMERP and PRISL organized a two (2) day workshop on Tyre Compounding & Tyre Technology by obtaining the services of Technical Experts from India on July 25 and 26, 2019 at Hotel Taj Samudra, Colombo.

Over 100 technical personnel from leading Sri Lankan tyre manufacturing/exporting companies including major players such as Camso Loadstar, Trelleborg Lanka (Pvt.) Ltd., Global Rubber Industries (Pvt.) Ltd, CEAT Sri Lanka, etc., participated at this workshop.

The objectives of this workshop was to enhance the technical knowledge of the Tyre Industry personnel and provide exposure on the latest developments and Tyre application requirements of the international tyre industry.

Indira Malwatte, Chairperson & Chief Executive, Sri Lanka Export Development Board, Kaushal Rajapaksha, President, Plastic & Rubber Institute of Sri Lanka, Prabhash Subasinghe, Chairman, Sri Lanka Association of Manufacturers and Exporters of Rubber Products, graced the opening session of the workshop on July 25 - 26 2019.

The Sri Lanka Institute of Marketing (SLIM) has organised an evening forum exclusively for marketing professionals under the theme ‘Dynamic Challenges in Emerging Asia,’ to be held on July 31, at the Lavender Hall, BMICH from 6.00 pm onwards. Seats are limited for this program which is designed to be informative and relevant to the marketing fraternity and could be reserved by contacting Mihirinie on 0703 701 166

SLIM, the National Body for Marketing, aims to enhance the knowledge of the marketing fraternity through this forum, while creating awareness of the benefits of the Certified Professional Marketer (CPM) Asia qualification offered by the Institute. The Forum is targeted at CPM & PGDIP Graduates, Marketing Professionals and SLIM members.

CPM (Asia) is the top recognition offered to a marketer in the region whose competencies of academic as well as practical understanding of Asia is highly comprehensive and in-depth. Thus, CPM qualified marketers represent the cream of the country’s first-rate marketing professionals. Often considered the passport to the Asian region, the CPM qualification is conferred by the prestigious Asia Marketing Federation (AMF) and is recognized in more than 18 member countries in Asia.

Ravi Jayawardena, Group Chief Executive Officer, Maliban Biscuits, would grace the evening as the keynote speaker.

He will shed light on dynamic challenges in Asia and share interesting experiences from his own career journey. Panelists Dileep Mudadeniya, Vice President, John Keells Group & Head of Brand Marketing, Cinnamon Hotels and Resorts and Dulith Herath, Founder & Chairman, Kapruka.com will enlighten the audience with valuable insights on current challenges in the region and opportunities which Sri Lankan should pursue.

Also, Dr Samantha Rathnayake, Faculty Member/ Management Consultant, Post Graduate Institute of Management, would share his views on active engagement with AMF (Asia Marketing Federation) through this unique status as a Marketer & as moderator of the forum.

Suranjith Swaris, President, said, “Sri Lanka plays a vital role in the Asian region as an emerging economy. Therefore, grooming the local marketers in Sri Lanka to conquer the region is of paramount importance.

Also, Sri Lanka has made great strides in the region in terms of brand excellence and innovation, which reflects the significant contribution of the country towards the growth of regional marketing activities, thereby obtaining the Certified Professional Marketer status, has provided a definite opportunity to link with fellow Marketers in the Asia Marketing Federation (AMF), which consists of 18 member countries.

“CPM is one of the most recognized marketing qualifications in Asia and thus, marketers are receiving many opportunities in terms of career growth upon the completion of CPM. While their professional network would expand beyond national boundaries, they also would get the opportunity to use “Certified Professional Marketer - Asia” status.

This status adds immense value to a professional marketer and depicts his/her extensive knowledge concerning the field,” stated Roshan Fernando, Vice President, SLIM.

SLIM is the National body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970. It is a member of the National Chamber of Commerce of Sri Lanka (NCCSL), Organisation of Professional Associations of Sri Lanka (OPA) and Federation of Chamber of Commerce and Industry of Sri Lanka (FCCISL).

SLIM is Internationally affiliated with Asia Marketing Federation (AMF) as its member of the Board of Management.

Nigerian national Wafailu Bello, the President/CEO of Bellmari Group and former Group General Manager of Dangote Industries Limited, was in Sri Lanka to have B2B meetings with the Idea Group Ltd.

Wafailu Bello is a brother of Aliko Dangote, the world’s wealthiest Black national.

The objective of discussions between Sampath Mayakaduwa, Chairman/CEO of Idea Group Limited and Wafailu Bello, was to seek possibilities of supplying ‘Idea’ products to the booming economies of Nigeria and its neighbouring countries.

They discussed a market development (entry) strategy, focusing Nigeria and neighbouring countries. They have thus witnessed the possibilities of capturing the Nigerian market for Idea products particularly, to cater to the growing construction industry in above countries.

Idea Group Ltd., is a Sri Lankan conglomerate with diversified business ventures, specializing in building material, catering to both local and export markets under the brand names of: i-Panel, i-Roof and Kalahari.

A spokesman from Idea Group who is a senior manager said, business discussions were fruitful and Idea products would be exported to Nigeria and its neighbouring countries in the near future.

The Bellmari Group has business interests in Energy, Lubricants, Maritime support services, Commercial farming and Logistics sectors.

Wafailu Bello, a true professional who after obtaining his Bachelor Degree in Banking and Finance from the University of Port Harcourt, has also obtained the Master of Business Administration (MBA) from Ferris State University. He has business experience at the highest level for over two decades. He has been in the field of business management for such a period. Idea Group of Companies that offered revolutionary, eco-friendly roofing solutions and interior decorating solutions to the Sri Lankan building construction sphere, is into diversification and exports. The company’s products i-Panel ceiling sheets and i- Roof thatching sheets are Top-of-the-mind products amongst Sri Lankan customers.

The Idea Group has introduced many environmental friendly products to the building construction sector. i-Panels are not made of wood, yet the products do not contain any hazardous elements for users. The company has contributed immensely for forest conservation by preserving trees. Ideal products are made to offer Teak, Mahogany and Burutha a wooden look.

The Idea Group of Companies introduces 100 percent Sri Lankan manufactured products to the marketplace. Consumers in any economic background could benefit from its Green-oriented roofing products. The Idea Group Limited factory situated in Katana, is the largest factory in South Asia that produces ASA Polymer thatching sheets.

The Idea Group having over 400 SIVILIMA and SIYANA showrooms throughout the island, is the Sri Lankan company that has the largest network of branches that cater to people of diverse social status.

In 2013, Idea group diversified its business periphery to unveil the ‘SIVILIMA’ network of showrooms. Within five years, SIVILIMA became a top-of-the-mind brand and a household name.

The technical plans of over 100 designs of i-Panels possess Patent license. Hence, similar designs could not be obtained from other brands in the marketplace.

National ICT solutions provider Sri Lanka Telecom PLC, proudly announce that the company was awarded the Quality Choice Prize 2019 under the Gold Category by the European Society for Quality Research (ESQR), in recognition of the highest quality standards to which the company adheres in the course of its business operations. The award was presented to the company at the ESQR’s Quality Choice Prize 2019 Convention, held in Berlin (Germany) recently.

The prize is globally recognized for highlighting exceptional management and service standards and selected organizations, public administrations and companies based in Europe, Asia, USA, Africa and Australia, who took part in the event.

The participants also included Renowned business leaders from different countries, academic experts, quality professionals, civil servants and diplomats. Ms. Vidya Dias, Deputy General Manager-Quality Management of SLT, accepted the award on behalf of the company.

The award is based on the principle of recognizing quality-oriented practices and spreading the values of quality culture by engaging business leaders to play an agile role in the global sphere, with the view of maximizing quality backed by innovations. Further, this Quality Award is presented to selected companies and organizations after careful consideration of the strategies and business practices adopted by different companies, while giving recognition to exceptional employees and employee motivation practices of respective entities.

The selection process of the Award is comprehensively based on market study, public information and publications as well as consumer opinion research methodologies, while paying special attention to quality endorsement policies of the relevant companies and organizations. Sixty-five companies were selected to participate in this year’s Quality Choice Prize Convention. Among the many local and international awards and recognitions received by the SLT, while this Quality Choice Prize deserves special attention given the long-term dedication paid by the company to maintain the highest quality standards in all its operations, as specified in the SLT Quality Policy.

The Company has always been committed to providing state-of-the-art ICT solutions to the nation, while ensuring the quality dimension of its innovative products and services.

The company firmly believes that the key to achieve the most important national ICT goals set by the company such as the recently launched National Digital Roadmap, is providing the citizens of the country with innovative products with superior quality. In order to make this objective successful, SLT has taken due steps to apply the concepts of quality to all its operations, including the corporate management and business processes.

The Company is in the process of further streamlining its processes, systems and business operations to provide the next level of ICT experience to the nation.

Sri Lanka will introduce a comprehensive security system similar to that of Singapore when implementing the free visa on arrival facility to 46 countries from August 1, Minister of Tourism Development, Wildlife and Christian Religious Affairs, John Amaratunga said.

The Minister was speaking at a press conference hosted by Walkers Tours and Spring Travels of China to mark arrivals of 110 Chinese tourist and media delegation at Cinnamon Grand, Colombo. The Minister said when a prior application is made by tourists to obtain Sri Lankan free Visa, it would be scrutinized and if the applicant seems not ‘trust worthy that application would be rejected.

The Minister said that initially China was not included for the free visa on arrival facility but now they too have been included along with Russia and India. Amaratunga said that the concessions offered to the airlines by the government would start soon and this will attract new airlines and also additional frequencies by existing airlines to Sri Lanka.

The Minister said that this facility was to be introduced in April but was stalled due to the Easter blasts.

Amaratunga said that the entire terrorist and their supporters involved in the Easter Sunday blasts have been now rounded up and the final mopping up operations are on the way. “This is why the emergency is still implemented and this too would be removed soon.

“I believe that Russia will tone down their advisory as and when the emergency is removed soon.

Director, Marketing at Sri Lanka Tourism Promotion Bureau Madubhani Perera said that more Chinese FMA tours and promotions were on the card.

She also said that the much awaited international marketing campaign would start next month and Social media given more focus.

“However despite all these aggressive promotions there would be a 50% drop in Chinese arrivals (265,00 in 2018) due to the set back as a result of the Easter blasts.

Key stakeholders of the Sri Lankan apparel industry are in discussion with the government to establish a dedicated zone for manufactures in the apparel industry, Chairman of Sri Lanka Apparel Exporters Association Rehan Lakhany said.

Noting that Sri Lankan exporters have now stepped into the era of stabilization despite numerous challenges faced by the industry, such as trade disruptions in the domestic market, abolishment of quota systems and most importantly the recent Easter event, he expressed confidence that the industry will be able to successfully achieve US $ 8 billion set revenue target from apparel exports by 2025.

“We’ve always been looking at Indian fabric suppliers as an important part of our supply chain. Our customers are now looking at Sri Lanka for reliable, quality and innovative products. Sri Lanka is also gaining reputation as a high quality garment manufacturer in the world mainly due to its strategic maritime location and also its ability to supply and fast track apparel exports,” he told the inauguration of the 3rd edition of Indian International Textiles Expo– Colombo 2019 (IITExpo) at the Galadari Hotel, Colombo.

The event is organized by the Power loom Development and Export Promotion Council (PDEXCIL), India.

Speaking at the event, Joint Apparel Association Forum Sri Lanka Chairman Sharad Amalean, said, “Recent unfortunate events which took place in the country didn’t have any significant impact on our industry.

I would say the apparel and textile industry is the least affected industry despite the fact many other industries such as construction and tourism are facing numerous hardships when it comes to continuing their business activities following the Easter Sunday event.

Speaking further, he also stressed the need to find innovative ways of improving ease of doing business between Sri Lanka and India.

Speaking at the event, Deputy Minister of Petroleum Resources Development Dr. Anoma Gamage stressed the need to create an environment where all citizens have the opportunity to achieve a higher income and a better standard of living in the country. She further said that structural transformations, necessary for these changes are underway to better garner more results. Furthermore, she said the government has taken necessary steps to develop the industrial sector.

“With these proactive measures, we expect that Sri Lanka will have a flourishing industrial sector, growing at a rate of more than 15% per annum in the coming years.

The country will also become a preferred destination for foreign investors those who intends to invest in the industrial sector in Sri Lanka,” Minister Gamage said.

Sri Lanka is one of India’s largest trading partners in SAARC. India in turn is one of the Sri Lanka’s leading trading partners globally. Fabrics are among the major item exported from India to Sri Lanka. Sri Lanka is among the top ten countries for export of cotton fabrics from India. Export of major textile commodities from India to Sri Lanka stood over US $ 600 million.

Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) announced that SBI Ven Holdings (Pte) Limited, the overseas private equity firm of SBI Holdings Inc., has invested USD 2 million in Sunshine Energy (Pvt) Ltd (SEL) to propel Sunshine Holdings’ renewable energy production projects further.

The strategic investment offers SBI Ven Holdings a 30% stake in Sunshine Energy Ltd.

Sunshine Group began exploring the renewable energy sector in 2012 and today, Sunshine Energy Limited—a fully-owned subsidiary of the Group—has a 6.6 MW capacity through three mini-hydropower plants in the Lindula region.

The company’s quest towards green energy production gathered momentum in February 2019 when SEL installed its first rooftop solar PV systems in Kelaniya. With three rooftop solar projects in multiple locations, SEL contributes a combined capacity of 7.1 MW.

Sunshine renewable energy business sits squarely in the nation-building space, with the potential to contribute significantly towards the annual 6-7% increase in power demand. In the near future, Sunshine Group looks to increase their contribution to the national grid to 15MW while also exploring other forms of renewable energy, including wind and biogas project.

Sunshine Holdings Group Managing Director Vish Govindasamy said, “at a time where the investor confidence and sentiment have been greatly affected, SBI Ven Holdings’s investment on Sunshine Energy brings in vital foreign direct investments (FDI) to Sri Lanka when it is much needed in the market and the economy.

Not only this strategic investment paves a path for us to support the government’s vision of sourcing 100% renewable electricity by 2050, but it also validates our long term vision and investor-friendly corporate governance framework, helping us to build confidence and attract leading global equity firms like SBI Ven Holdings.”

CG Cement of Nepal owned by Nepal’s first billionaire listed as by Forbes, Binod Chaudhary will invest US$ 150 million to set up a cement plant in Sri Lanka.

In an interview with ‘Daily News’ at Taj Samudra Colombo he said that this plant would be set up in Mannar and they will use local material to produce cement. “I have got the green light from the government and we have already identified several limestone deposits in the province to make cement locally,” he said.

“Currently Sri Lanka imports around US$ 350 worth of cement and clinker and I want to help stop this Forex drain. What I plan is to re export not only cement but clinker as well and reverse the trend. CG Cement launched 10 years ago is one of the leading and best-selling cement companies in Nepal and our factory uses modern technology and currently it holds a 10%of market share.”

The Chairman and President of Chaudhary Group said that he is also intensifying his investments in Sri Lanka in the leisure sector. “Though the country went through a lean stretch after the Easter Sunday blasts in April I have not lost hope in destination Sri Lanka and would keep on investing in existing properties and also look at new opportunities opening out in tourism.”

Along with the Ceylon Hotels Corporation and Galle Face Group of Hotels, Ella, Sigiriya, Kithulgala Rest houses are being refurbished. With the Jetwing Group, Jetwing Sea in Negombo, Wil Uyana in Sigiriya and Madira now rebranded as Dickoya by Jetwing have also seen new changes. Taj Samudra Colombo too has seen a major facelift.

“However I am disappointed that the government is yet to give the green light to build an iconic luxury resort in Kandy with Singaporean architect firm due to various reasons.”

He also said that the Sri Lankan government should and must be more aggressive to support entrepreneurs (specially the new and young) in the aftermath of the Easter blasts. “The Government is doing ‘something’ but that is not enough. During the financial crisis in USA, the government there went all out to support businesses and this helped the US economy make a speedy recovery.

“But in Sri Lanka if all political leaders get together and work in unison, the businesses can get more benefits. When I was in Sri Lanka last year the city of Colombo was buzzing with economic activity and global brands like Hyatt, ITC, Shangri La and others all wanted to be in Colombo and there were several other development projects happening like Cinnamon Life, Colombo Port City construction. There was a huge rush to invest in Colombo. But that enthusiasm is not there now and the government must look at ways to bring that ‘buzz’ back to Sri Lanka.”

Serenia Residences, a beachfront development in Talpe, Galle is to date the only Southern Coastal development to deliver on it’s promise and complete its construction on schedule.

“Since the construction launch in October 2018 which was a mere 9 months ago, we are only a few days away from completing the superstructure work and we are on track to complete the project as scheduled in December 2019. We are the only development along the Southern coast to be on track and finish a project on time,’’ said Sabina Karunanayake, Executive Director Strategic Design and Marketing, Serenia Limited.

Karunanayake went on to say that despite the upheavals experienced in the country during the last 9 months, Serenia had forged ahead undaunted. “ Today we can proudly say we have lived up to our promise and we have delivered”.

Sabina Karunanayake

The developers of Serenia Residences have finalized all the interior finishes which are being imported from Europe and are of top grade quality, being among the best international brands, equivalent to none that any Sri Lankan developer has offered its clients.

“The interior finishing work of the project will be completed in the next 5-6 months by Access Projects, and are being handled by the same team who did the interior finishes of the luxury resort Cape Weligama and Anantara Kalutara”, said Dilshan Ferdinando, Managing Director of Access Projects.

Karunanayake said sales of the residences are now over 70 percent. International buyers which account for 50% of the buyers hail from more than 10 countries, including Germany, Italy, Singapore, Switzerland, the Northeastern U.S., the United Kingdom, Canada, Australia, Hong Kong and New Zealand.

“Customers who invested at the launch of the project are already enjoying 25%-45% capital appreciation on current prices of the similar unit. We anticipate that at the time of completion the development will give customers who buy a unit this month a 30-35% USD capital appreciation”.

Clients who have purchased residences at Serenia are 60% foreign and 40% local HNWIs and they strongly believe in Sri Lanka’s Southern coast as they confidently add Serenia Residences to their investment portfolio, making it a product that will always be traded in US$s.

“Due to the managed rental program, investors will earn 7-10% rental return per annum in US$s as well, mitigating any local currency volatility, hence you can see we offer the perfect platform to trade and earn in dollars” added Dilshan Kodituwakku, Executive Director Serenia Limited.