business Sri Lanka

Dr. Arosha Fernando has been appointed as the new Chairman and the Managing Director (MD) of Lakma Holdings Private Limited, a premium manufacturer and supplier of an extensive, quality range of specialty food products including Herbs and Spices, Salt and Pepper, Coloves and Cinnamon.

Dr. Arosha is holding 6 University Degrees from Australia - 2 Bachelors degrees, 3 Masters degrees and 1 Doctorate and is the only person to have such kind of highest number of degrees as a Sri Lankan.

Dr. Arosha has 25 years of management experience in local and international business field and currently the Chairman, MD and CEO of 5 other Companies in Sri Lanka. He is also a Film Producer and produced 17 films, 5 tele dramas and 2 stage plays, total of 24 productions to his credit during the past 5 years.

Further, Dr. Arosha is also a Justice of Peace (JP) for all Island and for his contribution made to the country Deshabandhu, Deshamanya and Sri Rohana Jana Ranjana honorary titles has been presented to him by the Government of Sri Lanka.

‘We are currently in discussions to export our product range to Korea, Japan, UK, USA, Canada, Australia, New Zealand, Germany, Italy and Maldives creating the largest export market for our local farmers as well as made them available to the local market through super market chains such as Keels, Cargills, Arpico and Sathosa’ said the newly appointed Chairman and MD Dr. Arosha Fernando.

Bank of Ceylon (BOC) launched BOC SmartPay- QR (quick response) code based payment solution offered to its valued customers which will be the latest addition to the digital product range of the bank. This will be a key milestone to support bank’s strategic direction towards cashless, paperless & branchless banking model and enrich payment ecosystem in Sri Lanka.

BOC SmartPay is introduced to process transactions using LANKAQR code- the national QR code introduced by the Central Bank of Sri Lanka which facilitates real time transaction and settlement in the country. Current and savings account (CASA) holders of BOC now have the privilege of making payments using their smart phone at LANKAQR certified merchants. SmartPay app can be downloaded and self-activated by customers followed by a simple registration process. Through the same app, BOC customers who wishes to enroll as merchants under this system and activate it by visiting the nearest BOC branch.

With BOC SmartPay, customers can enjoy the convenience of cardless and cashless payments for their day to day necessities. It will be an ideal choice for today’s customer who seeks convenience, simplicity and speed as key factors in their payment experience. Since this is a customer initiated payment method, the errors will be minimal.

BOC SmartPay merchants can accept payments from both BOC and other bank customers through respective bank’s mobile payment application supporting LANKAQR QR code. SmartPay will facilitate merchants ranging from small to larger scale business ventures to accept transactions and enhance their sales turnover and business growth. The usage of QR code will eliminate high investment and maintenance cost associated with a Point-of-Sale device.

BOC SmartPay extends a range of customer friendly services such as balance inquiry, mini statements and detailed transaction alerts and embedded with high level security features. Bank has further plans to add new payment instruments such as; Debit Cards, Credit Cards, other bank CASA accounts to this payment channel in order to fulfill the dynamic customer requirements.

Bank of Ceylon completing its legendary journey of 80 years aims to deliver customer centric innovative financial solutions to its Sri Lankan and international market place.

The bank has a national responsibility towards country’s economic and social development and serves a diverse range of customer segments. In support of this Bank’s strategies are aligned between convention all and digital banking concepts. Bank will embrace the latest fintech in the industry whilst retaining human element in its operations to match varying customer expectations.

The Federation of Information Technology Industry Sri Lanka (FITIS), is to host the National Information Communication Technology Exhibition titled INFOTEL 2019. This would be the 27th iteration of the exhibition. INFOTEL would be held from 1st to 3rd November, at the BMICH. The FITIS Secretariat would be coordinating the event.

Chairman FITIS, Abbas Kamrudeen said, “INFOTEL is going to be all about moving towards a digital age. It is an absolutely vital topic that we are going to be capturing. For any nation, in the next five years, any nation that does not absorb digital transformation would not be competitive.”

Ajith Perera said that he had taken his young children to previous iterations of the INFOTEL Conference and had enjoyed the experience. There is an initiative by the government to register freelancers and startups in order to better target schemes.

INFOTEL 2019 would attract over 150 trade stalls and 10,000 students, 8,000 teachers and over 50,000 members of the public. The Ministries of Defence, Education, Treasury, Irrigation, Tourism and Agriculture would be collaborating at the event.

INFOTEL 2019 would highlight segments in digital emerging areas. Digital lifestyle, smart city concept, digital service platforms, digital enterprises, Internet of Things, Robotics, Startups, E-Marketing, E-Government, E-Health, Fin Tech and Digital Banking, Career Guidance and Higher Education.

Perera added that a data protection law was required and that had been drafted and is in the process of becoming legislature. He added that cybersecurity was a new frontier on which legislation has to be created and that in the coming 2 weeks, new laws would be presented to Parliament.

The organizers highlighted the event as a platform for future business opportunities. Large government institutions with potential requirements for information technology are to be present at the event. Space would also be made available to companies of foreign origin to showcase their services.

On November 1, at the start of the event, there would be a digital leadership forum. In the afternoon of the same day, there would be an afternoon forum focusing on the public sector. The organizers stated, ‘the leaders who would be attending this session would have an opportunity to experience digital solutions which could be implemented in their organizations.’

Stalls would be made available for startup ventures. The Export Development Board and the Information and Communication Technology Agency (ICTA), would be key partners in the project. ICTA will showcase several e-government initiatives at the event.

The Technical, Vocational Education Training (TVET) sector is poised to receive a US $ 50 million, to set up a fully-fledged Ocean University in Sri Lanka.

Also nine new hi-tech training facilities are to be set up across the country, modelled on the lines of the ultra-modern South Korean backed KTEC Training Centre unveiled in Orugodawatte recently, Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training (ICTPDPCDSDVT) Rishad Bathiudeen said. He was addressing a gathering at the launch of modernised Gampaha Technical College (GTC) in Gampaha.

Bathiudeen said he has had discussions with Prime Minister Ranil Wickremesinghe on creating more modern TVET training centres.

State Minister Buddhika Pathirana, former President Chandrika Bandaranike Kumaratunge, Minister of Skills Development and Vocational Training Karunatilleke Paranavithana, Minister of Transport Arjuna Ranatunga, South Korean Ambassador in Sri Lanka Heon Lee, and the Country Director of Colombo Representative Office of Korea Eximbank Daekyoo Park were present on the ocassion.

The GTC, launched exactly 20 years ago, has been modernised by a US $4.5 mn South Korean loan funding which is part of the second phase of the two stage US $26 mn project (the first stage was the Korea-Sri Lanka National Vocational Training Institute launched on August 21, in Orugodawatte). “We are also planning to set up a fully-fledged Ocean University at a cost of US $ 50 mn. We will be able start work on it in the coming weeks. The Ocean University we have at present is not a fully fledged institution,” said Minister Bathiudeen.

“A Sri Lankan industry study last year showed that 400,000 new jobs will be available in Sri Lanka in the next three years in hotel, tourism and industry sectors. According to a study by the University of Colombo 58% of unfilled vacancies in Sri Lanka are in apparel sector 20% in food industry and 33% in other manufacturing sectors. Therefore the Skills Development and vocational training institutions under my Ministry we are working to address this situation.”

The Director General of the Department of Technical Education and Training (DTET) P.N.K Malalasekera said: “The NVQ certifications here include electrical, CNC programming, pneumatics and hydraulics, telecommunications, automobile tech, electronics, secretarial training and language training that are offered absolutely free of charge.

The South Korean government is facilitating Korean language studies and youth completing studies in GTC will have priority for South Korean employment.” South Korean Ambassador Heon Lee stressed of the importance of TVET in development. “In South Korea, in ‘60s and ‘70s, TVET primarily aimed to provide low level training to light industries. In ‘80s and ‘90s TVET expanded to heavy industries such as ship building and electronics. The official direction of South Korean TVET is to create the fourth industrial revolution for sustainable growth. TVET also has been a cornerstone in the development history of Sri Lanka like it did in South Korea.

Hence I would like to mention that this project, supported by Economic Development Cooperation Fund (EDCF) of South Korea, is an effort to share Korea’s development experience with Sri Lanka. Eventually this support measure will support the low income bracket by providing technical training-we shall provide then high quality vocational training, leading to poverty reduction, the primary objective of sustainable development goals.”

The LB Finance yesterday opened a plush LB Finance Premier Center in Colombo 7 with a promise of ‘luxury and devoted’ service.

“This is the first such office in the NBFI industry. It is exclusively geared to serve the company’s high-flying clients. This elegant and high-end financial solutions center offers all facilities to its patrons in a superior eco-friendly and luxurious setting. Focusing on sustainable approaches to business, LB Finance continues to responsibly co-exist with nature and the Premier center is a prime example, being set in an exceptionally green environment in central Colombo,” the company said in a press release. The company further said, “Catering to its premier customers, the center skillfully merges luxury with a home-like atmosphere. The Premier Center – on Dharmapala Mawatha, Colombo 7 – is exclusively devoted to LB Finance premier customers, and is ably staffed by exceptionally well-trained personnel who are happy to help you with all your financial needs. LB Finance insists on core values in all interactions with internal and external parties. In keeping with these values, the center offers superior personalized services to its valued customers. A devoted service environment and tailor-made finances provide quick interactions and peace of mind.”

“As a giant in the industry, LB Finance has continuously proven its mettle and its strength. Even in tough economic conditions, LB Finance has shown ever-increasing success: In the year ending March 2019, LB Finance recorded a whopping 9.8Bn operating profit before tax on financial services, which is a phenomenal 25% increase from 7.8Bn in the year immediately preceding. The company’s total assets increased to 136.4Bn from 120.8Bn, and LB Finance recorded an impressive 83.2Bn deposit base, up from 73bn in the year before. In addition to increasing its financial triumphs, the company is also heavily invested in embracing innovation, leveraging investment in IT to optimize economic outcomes, cyber security, and anti-money laundering and risk mitigation activities.”

LB Finance has an A- (lka) rating from Fitch Ratings Lanka Ltd. with a stable outlook. When you invest with LB Finance, you are guaranteed the best return for your money and a superior customer service. With experience of doing business in Sri Lanka over the past 48 years, LB Finance is extremely adept at providing the service that you need and deserve.

The LB Finance Premier Center was opened in the presence of the Governor of the Central Bank of Sri Lanka and the Board of Directors and Management team of LB Finance.

Sri Lanka Resident Country Director at Millennium Challenge Corporation (MCC), Jenner Edelman yesterday said, lack of information and the misinformation about MCC among people is a major concern.

“My top priority is to raise awareness with the media and the general public. We have absolutely nothing to hide,” Edelman who has recently been appointed a country director told a discussion organised by the Sri Lanka USA Business Council of the Ceylon Chamber of Commerce at the Hilton Colombo residencies.

The Ceylon Chamber of Commerce worked with MCC in designing the grant. Edelman said, “We would like to thank the Chamber for its participation in that process. Chamber’s chief economist was part of the team that developed the grant. In 2017 the government submitted a proposal specifying activity to grow the economy. Over 2018 a team of Sri Lankans travelled to Washington to lead negotiations. That team was headed by the secretary to the treasury and included all of the key secretaries and the Attorney General.”

Edelman added, “We had planned to sign the grant in December but the political crisis put our plans on hold. Once the crisis was over the board of directors reconvened and approved the full US$ 480 million in April.”

“MCC is a US government development agency. We are independent. Our singular mission around the world is poverty reduction through economic growth. We select countries on a competitive process on 20 different 3rd party indicators.”

MCC has signed 37 compacts with 29 countries worth more than US$ 13 billion. Their projects are expected to benefit about 175 million people. MCC requires selected countries to identify their priorities for achieving sustainable economic growth and poverty reduction. Countries develop their MCC proposals in broad consultation within their society; MCC then works in close partnership to help countries refine their programs.

Edelman said, “MCC grant has absolutely nothing to do with SOFA or ACSA. This agreement has been negotiated and agreed with the Sri Lankan team since October and we were ready to sign it before these agreements were up for renewal.”

World Bank modelled procurement guidelines will be followed for the grant. All procurements will be tendered openly. Edelman added, “MCC grant funding has no conditions to it. It is untied. There is nothing that says that our contracts have to go to American firms. If you look globally at MCC contract awards only 7 percent go to American companies and even less to Chinese companies. That is because we are prohibited from awarding contracts to majority government-owned enterprises. There are going to be a lot of opportunities for Sri Lankan companies to compete and win multimillion-dollar contracts, the more competition the better.”

Edelman added, “What is in this compact exactly? US$ 350 million is to improve over 350 km of rural and urban transport.” Sooriyarachi said “We have planned the Central Expressway. The Chinese are still waiting to release the money. Discussions are going on with the attorney general’s department to avoid the unfavorable conditions. We are hoping to open the Kurunagala Meerigama section in March next year.” Edelman called on the public to visit the MCC website and learn more about their work.

Hambantota International Port, a Public Private Partnership project (PPP) between the Sri Lanka Ports Authority and China Merchant Port Holdings is currently evaluating the options of handling containers.

In addition, the bunker facility at the port will be operated by China’s Sinopec Fuel Oil Sales Co. Limited (SFO).

“We’re all saying that the port of Colombo is congested but there is more room for efforts to be made for the three terminals to cooperate and that cooperation can definitely create more capacity until such time the East Container Terminal (ECT) comes on track. I firmly believe that cooperation between the three terminals is a must,” Tissa Wickramasinghe, Chief Operating Officer at the Hambantota International Port Group (HIPG) told the German-Sri Lankan Logistic Conference held in Colombo yesterday.

He said further even shipping lines as a stakeholder need to re-look at that and see how they can cooperate with the Colombo Port to achieve this objective.

“With the ECT going to be operated by another fourth party, there will be four players in the market. In such a scenario, Sri Lanka Ports Authority will be the land lord , shareholder ,competitor and de facto regulator and I don’t think that’s good idea.” he said.

All stakeholders need to have a look at that and there has to be some sort of third party intervention to ensure that there is a fair and level playing field for everyone to garner more benefits.” he said.

Iqram Cuttilan, Managing Director of Aitken Spence Shipping Ltd and, the Chairman of Ceylon Association of Shipping Agents (CASA) said, Sri Lanka needs to fast track the development of the East Container Terminal (ECT) to retain its competitive position in the region.

Noting that India has embarked on a massive project to increase the capacity of its ports, he said Sri Lankan government and the private sector need to get together to push infrastructure development and to get the port terminals up and running ahead of time.

“We need to be ahead of the game. If we fall back, the shipping lines will look for alternatives and will go somewhere else. And getting them back is going to be an absolute difficult proposition,” he said. Speaking further he said the Colombo Port was ahead of the game up to 1990s, but there after, he noted that Indian ports have been developed quite rapidly. “So, if we don’t add capacity or additional infrastructure, we’re going to be behind and they’re going to take us over,” he said.

“Especially, if we don’t get the East Container Terminal (ECT) on track within this year, which has been idling for the last four years, we’re going to lose our competitive position and Indian ports are going to take over. We have to be always mindful of the fact that Indian ports are getting bigger and deeper and they’re going to improve the efficiency in a big way.”

Meanwhile, German Vice Minister Federal Ministry of Transport and Digital Infrastructure , Steffen Bilger, who is on an official visit to Sri Lanka with a high powered delegation of German Industry and Commerce, speaking at the German- Sri Lankan Logistics Conference held in Colombo yesterday said that both countries are interested in further development of cooperation in diverse areas to create much needed trade and investment links between the two countries.

Currently, both countries are working in the field of renewable energy, vocational training, trade, maritime sector and so on. He added that the expansion of the Colombo Port is progressing well and Sri Lanka is blessed with other ports such as Trincomalee and Hambantota and so on.

“This creates much potential for both Sri Lankan and German companies,” he said.

National Savings Bank demonstrated robust performance during the first half of 2019 amid subdued macroeconomic and market conditions, and witnessed Profit Before Tax (PBT) of Rs 4.3 billion, a growth of 15.5% compared to corresponding period of 2018.

The Bank recorded a Profit After Tax (PAT) of Rs 2.3 billion, an increase of 15.2% over the same period last year, despite the loss of With Holding Tax (WHT) on government securities amounting to Rs 1.3billion during first six months of 2019 over the same period 2018 due to removal of WHT benefit with effect from April 1, 2018. Also, additional tax of Rs 832.7million had a negative impact on the profit during 1H2019 compared to the same period last year resulted from the implementation of Debt Repayment Levy (DRL) which came in to effect October 1 on wards. The Bank has contributed Rs 4.8 billion to the Government in way of taxes and levies during the period under review.

Total income grew by 6.2% to Rs 59.1billion whilst total operating income observed a growth of 15.3% to reach at Rs 15.1 billion. Net Interest Income (NII) which contributed to 90.9% to the total operating income grew by 10.9% to reach Rs13.8 billion over the same period last year. Net Interest Margin (NIM) improved to 2.61% during six months ended at June 2019 against 2.39% reported in the same period last year owing to growth in interest income outsets the growth of interest expenses. Further, net fee income grew by 30.7% to Rs 499.2 million benefited from increase in business volumes. Net gain on trading amounted to Rs 663.9 million during the period under review, growing significantly against the loss of Rs 45.2mn reported in the same period last year.

Administrative and overhead expenses during the first six months of 2019 rose in line with the enhancement of business activities. Depreciation and amortization on tangible and intangible assets increased by 65.8% due to investment made in branch network and digital infrastructure. However, the impairment charge for the six months ended 30th June 2019 was declined by 36.7% over the same period last year fuelled by redemption of Sri Lanka Development Bonds (SLDB) which was matured in 3Q2018. The resultant cost to income ratio improved to 51.3% for the period under review from 54.5% in 1H2018.

The total assets of the Bank grew by 5.2% over December 31, 2018 to reach Rs 1.1 trillion supported by growth in customer deposits. Customer deposits reached to Rs 907.8 billion, increased by 8.1% over the end of December 2018. Net loans and advances also rose by 5.7% to Rs 447.8 billion against as at the end of December 2018. At the end of first half of 2019, the Bank has managed to maintain the gross non-performing loan (NPL) ratio at 1.69% which is one of the lowest in the banking industry, demonstrating higher asset quality of the Bank.

The Bank has successfully implemented and complied with the new accounting standard on leases - SLFRS 16 which came into effect from January 1,2019. Thereby, a sum of Rs 895.8mn of new asset was recognized and disclosed under “Right of used assets” in the financial position for the period ended 30.06.2019. Complying with the Central Bank of Sri Lanka (CBSL)’s directions on capital requirements under Basel III, the Tier 1 and total capital adequacy ratios of the Bank as of 30th June 2019 were 12.647% and 15.197% respectively, well above the statutory minimum requirements (10% and 14% respectively).

As another mile stone in NSB journey, the Bank has received the “Payment Card Industry Data Security Standard” (PCI-DSS) certification, the cardholder data security standard accepted worldwide and became the first State Bank to achieve the PCI-DSS Certification.

A passenger ferry service between Kankesanthurai and South India is expected soon to facilitate displaced returnees and pilgrims home, said Sirimevan Ranasinghe, Secretary to the Ministry of Ports and Shipping and Western Development.

Delivering the key note speech at the German-Sri Lankan Logistics Conference held in Colombo yesterday, he said, the government has embarked on a massive development project to develop ports across the country to achieve Sri Lanka’s ambitious target of becoming a maritime hub in the region.

Accordingly, the port of Colombo will continue to develop its facilities for container handling by continuous addition of capacity, advanced handling and processing technology.

“The development of the East Container Terminal (ECT) will be followed by the West Container Terminal (WCT 1 and 2) ahead of demand. The ECT and the South Asia Gateway Terminal will be expanded to create an ultra large container terminal, expanding the total capacity to 35 million TEUs in the coming years.” he said.

Out of the six main ports in the country, Port of Colombo, Hambantota and Trincomalee have become the focal point for future development as far as international shipping and logistics are concerned, he noted.

He said further that the port of Hambantota will be managed as a commercially viable private enterprise. He noted that the port’s geographical positioning helps it to offer numerous services such as port services, maritime services , integrated logistics and even port related industries such as light , general or heavy industries along with community development.

He said further that Trincomalee port will use available lands and identify areas to attract port related investments. He however noted that port of Trincomalee and township still requires pertinent proposals for the development due to its strategic location in the Bay of Bengal.

“The port will be operated for coastal shipping as a leading port in the region servicing such India, Bangladesh, Myanmar, Thailand, Indonesia and even Malaysia,” he said.

The port of Galle will continue to handle conventional cargo, providing other services. The main breakwater will be rehabilitated as planned and the port will continue the planned development to establish yacht marina and tourism related developments.

The port of Oluvil required further studies to become a commercially viable port and to sustain itself, he said.

The port of KKS will be developed under the Indian credit line and the breakwater will be rehabilitated and two new berths will be built for cargo handling. He said further that wining and preserving market share will require to meet modern demands of shippers and he said this consideration is applicable to both the transshipment sector and import and export sectors.

He added that additional berth space planned with the Colombo’s East Container Terminal, will help alleviate congestion by increasing the port berthing capacity in the future.

“The importance of high quality logistics services look in to the future of transshipment business as development of physical capacity at competitive ports will eventually erode Colombo’s current vessel size advantage and the quality of service will be a more important determinant for selection of a port by shippers.

For all the practical reasons, Colombo port is heavily focused on growth in the transshipment market.

The one area that will be critical to ensuring the future growth is the tracking and tracing of the transshipment cargo once it is enters into a terminal from a vessel and this will also ensure the timeliness of the port operations and assist in berthing, the planning coordination between terminal operators and ocean carriers,” he said.

The Hirdaramani Group together with the Ellen MacArthur Foundation’s Make Fashion Circular initiative hosted a transformative workshop on at the Hilton Colombo Residences, specifically designed for academics and students in the fashion industry to raise awareness, build knowledge, and stimulate dialogue within the context of a circular economy – one that designs out waste and pollution, keeps products and materials in use and regenerates natural systems.

The circularity workshop enabled students from the Academy of Design and The University of Moratuwa to gain precious insight from visiting delegates from the Ellen MacArthur Foundation, as well as leaders from the Hirdaramani Group.

Among the group of representatives from the foundation were Francois Souchet, Lead of Make Fashion Circular, Project Managers Francesca Brkic and Elodie Rousselot, Senior Research Analyst Marilyn Martinez, and Research Analyst Lukas Fuchs.

Francois Souchet, Lead of Make Fashion Circular commenting at the event said “We were delighted to be hosted by Make Fashion Circular participant Hirdaramani at their facilities in Sri Lanka this week. Hirdaramani played a key role in the making of the Jeans Redesign project and this visit proves a great opportunity to see how they are using technology in their manufacturing processes to realise the ambitions of the Jeans Redesign guidelines.”

“We are delighted to welcome the team from the Ellen MacArthur Foundation’s Make Fashion Circular initiative to Sri Lanka. We are extremely optimistic that our participation in initiatives like the Jeans Re-design project will positively impact all industry stakeholders in joining our journey towards a circular economy,” added Nikhil Hirdaramani, Group Director of the Hirdaramani Group.

Earlier this year the future-focused apparel conglomerate further cemented its long-standing commitment towards the circular economy by becoming one of few manufacturers globally to participate in the Ellen MacArthur Foundation’s Make Fashion Circular initiative, and pledging to incorporate innovative operational solutions that challenge the current ‘take-make-waste’ industry model.

Already a pioneer in the industry, through its collaboration with the Ellen MacArthur Foundation, the Hirdaramani Group joins an A-list of global industry stakeholders, corporations, NGOs and fashion houses -Burberry, NIKE Inc., PVH and Stella McCartney, to name a few- who have pledged to incorporate circularity into the core of their business.

The fashion industry is the second largest polluter in the world, just after the oil industry. Hirdaramani has made considerable advancements in the sustainable manufacturing space. In its washing plants the company has drastically reduced water usage by employing low liquor ratio washing machines and waterless washing through ozone technology.

In addition to the workshop, the delegates from the Ellen MacArthur Foundation were given a two-day tour of the Hirdaramani washing plant at Seethawaka, as well as the manufacturing facilities Hirdaramani Knit Mihila and Hirdaramani Industries Kahathuduwa.

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) depicted a continuous growth momentum posting a Profit After Tax (PAT) of Rs 288 million for the second quarter of 2019 being in line with the business and profit forecast.

The Group recorded a Gross Written Premium (GWP) of Rs 4.7 billion against a GWP of Rs 4.2 recorded in 2018, reflecting a growth of 12%.

Speaking on the performance of the Group, Chairperson of HNBA and HNBGI Rose Cooray said, “amidst increasing challenges in the external environment, HNBA has held a firm stand within the industry, through the year of 2019, delivering a noteworthy top-line growth and steady improvement in the profitability of the group. Profits of Life Insurance segments grew by 15% excluding the one-off surplus and surplus transfers recorded the previous year, while the profitability of General Insurance segment grew by 61% compared to the same period of 2018.

The Group is equipped with a clear motive for continuous improvement and looks forward to leverage confidence in maintaining this profits momentum, delivering attractive returns to shareholders”. Speaking further, Cooray added, “Reaching another significant milestone and reaffirming the robust financial strength, HNBA was included in the S&P Sri Lanka 20 index recently.

The strategies of the Group remain sharp and effective, thus bears great potential of reaching new heights in terms of business expansion, innovation and new product development within both, Life and General Insurance businesses”.

Managing Director/CEO of HNBA and HNBGI Deepthi Lokuarachchi said, “it is without a doubt that the well-focused strategies and collective efforts led way through to the deliverance of affirmative results despite many challenging conditions. Constituents made key, predominant focus on our set goals are being successfully achieved and en route towards overtaking”. Sharing his views on the financial performance, Lokuarachchi added, “the Life Insurance business showcased a steady and stable growth momentum as before and well over the consolidated growth achieved by the Life Insurance sector in the country. The General Insurance business comprising of segments such as Motor and Fire projected significant results amidst a challenging environment”.

He “total assets of the Group surpassed Rs 24 billion and the investments in financial instruments surpassed Rs 19 billion. The Life and General Insurance Funds reached values of Rs 13.5 billion and Rs 2.7 billion respectively.

The Group remains well positioned in its differentiated portfolios and the Management wields confidence about the Group’s future outlook whilst looking forward to seizing new opportunities and expanding its footprint”.

Five domestic airlines have agreed to operate domestic flights to the redeveloped Palali International Airport (JAF) from October. The soft opening is scheduled for October 15 and two Indian airlines too are expected to operate flights to JAF.

Director General Sri Lanka Tourism Development Authority (SLTDA) Upali Ratnayake told Daily News that the regional flights would take off from Ratmalana domestic Airport. (RML)

The five operators would also include Mattala International Airport (MRIA) and some other regional airports to offer a round trip ticket.

Ratnayake said that these operators are expected to lease small aircraft with a seating capacity less than 90 seats for this operation. However Colombo international airport is still not included to felicitate these domestic flights.

Ratmalana Palali sector was opened up after ending the LTTE war but most of the private companies pulled out as the sector was viable and it was Heli tours from Sri Lanka Air Force that kept on operating for a longer duration. “SLTDA have also studied this and have decided to provide Commercial Funding (GAP) for the airlines if they do not fill the required number of seats. SLTDA will pay for these seats so that the domestic airlines operations would be viable.

Meanwhile an airport aviation official said that these domestic operators would later be granted permission to land in the Bandaranaike International Airport (BIA) when infrastructure improves, enabling these local domestic airline operators to pick up international traffic and fly them to local regional airports.

Dr Syedna Mufaddal Saifuddin TUS, the 53rd al-Dai al-Mutlaq and head of the Dawoodi Bohra community arrived in Colombo yesterday, to conduct the Ashara Mubaraka sermons in the city. He was received at the airport by Cabinet ministers, government officials and members of the community.

TUS arrived at Burhani Park where thousands of Dawoodi Bohras accorded him a warm welcome.

Syedna addressed the audience briefly and thanked the Sri Lankan government, especially President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe for inviting him as State Guest to Colombo. He also acknowledged the warm welcome and the arrangements made for his visit and the overall Ashara Mubaraka congregation.

During his stay in the city Syedna will also interact with local community members and look into their affairs. Senior government officials of the country and leaders of other faith communities are expected to meet with Syedna and discuss topics pertaining to the betterment of the city and society at large.

Although Dawoodi Bohra centres across the world will host this event locally for members in their cities, the gathering led by Saifuddin TUS, which varies from city to city each year, will attract thousands of community members. In Colombo this year, about 21,000 guests from over 40 different countries are expected to attend.

Bus companies have been hired to ferry attendees from different parts of the city. Over the course of the nine days, hundreds of thousands of meals will be served and they will also travel to other parts in Sri i Lanka.

‘Thousands of volunteers from the global Dawoodi Bohra community have started to arrive in Colombo to help with the preparation of various venues. These teams are experienced in planning aspects of flow management and coordination required to ensure that such a large event runs smoothly and efficiently,’ shared Mufaddal Adamjee, local PR coordinator.

The Bohras in Sri Lanka, like the community at large, are mostly businessmen and traders. After many years of preparatory work, Colombo was finally chosen as the venue for this year’s Ashara Mubaraka, an honour it has had six times in the past.

Meanwhile Minister of Tourism Development, Wildlife & Christian Religious Affairs, John Amaratunga said that this visit by over 21, 000 Bohras to Sri Lanka clearly underlines that Sri Lanka is now safe to travel.

“It is encouraging that the world has responded by helping Sri Lanka return to almost normal patterns of arrival in a much shorter period than initially anticipated”.

“We can now confidently look forward to a very successful winter season ahead, which is traditionally our peak season. With the visa fee exemption scheme in full swing and reduced ticket prices, Sri Lanka is now a very competitive destination for the international traveller,” the Minister said.

“The recovery steps post-incident is evident as May, June and July have recorded a gradual increase in the arrivals with 37,000, 67,000 and 117,000 respectively,” said Johanna Jayaratne Chairman SLTDA.

“The Government expects a substantial increase in tourist arrivals through this move, though there will be a loss of revenue for the Department of Immigration and Emigration”.

Sri Lanka’s leading conglomerate Abans Group yesterday, participated at the marketing opening ceremony at the Colombo Stock Exchange to celebrate the 50th Anniversary of the Company.

Speaking at the event, Abans Group CEO Sriyan de Silva Wijeyeratne, said the Company is looking forward to transform the company yet again, bringing new professional management and board structures and new technology, while looking at product diversification in a large way.

“The Company is evolving yet again. Abans is very bullish on its future. We at Abans, would continue to grow on this ambitious growth path and make every effort to propel the company to the next level of growth. Also, we look forward to serve and transform the country in a big way,” he said.

He noted that Abans Pestonjee, the founder of Abans Group, had a clear vision to build a national footprint and diversity into other ventures when she embarked on establishing the Abans Group.

“Gradually, the company started embracing the notion of becoming a conglomerate; in other words, Abans in its own unique way, had managed to become a national conglomerate, making a sizable contribution towards the economy and as well as to the well-being of all Sri Lankans, which is the real core of Abans, uplifting the standards of the people in this country,” he said.

Speaking further, he said that Sri Lanka seems to be missing out on the emergence of entrepreneurial spirit nationwide.

He said many young and smart graduates prefer to jump into professional work, rather than becoming entrepreneurs in the country, while collective efforts should be made to nurture the entrepreneurial spirit and create a start up culture in the country. He further said that the country needed a strong leadership with sound economic and social vision, so that businesses would have the capability of contributing much more to the economy. In order to create sustainable businesses in the country, he said, it is also essential to build a proposition which goes beyond the realms of power and timeline of any political leader or party in the country.

World leaders at the Group of Seven summit have agreed to help the countries affected by the huge wildfires ravaging the Amazon rainforest as soon as possible, French President Emmanuel Macron said.

“We are all agreed on helping those countries which have been hit by the fires as fast as possible,” he said at the summit in the south-western French resort of Biarritz.

Ahead of the gathering, Mr Macron called on world leaders to hold urgent talks on the wildfires ripping through the world’s largest rainforest, pledging concrete measures to tackle it.

Although about 60 per cent of the Amazon is in Brazil, the vast forest also takes in parts of eight other places: Bolivia, Colombia, Ecuador, French Guiana, Guyana, Peru, Suriname and Venezuela.

“Colombia called on the international community (to help), so we must help out,” he said.

“Our teams are making contact with all the Amazon countries so we can finalise some very concrete commitments involving technical resources and funding.”

Mr Macron’s bid to put the Amazon crisis high on the agenda at the G-7 angered Brazil’s far-right leader Jair Bolsonaro, who lashed out over what he saw as outside interference, denouncing the French leader’s “colonialist mentality”. Under intense international pressure, President Bolsonaro agreed to send in the military to fight the fires.

The army yesterday deployed two Hercules C-130 aircraft to douse fires, as hundreds of new blazes were ignited ahead of nationwide protests over the destruction.

Heavy smoke covered Porto Velho city in the north-western state of Rondonia, where the Defence Ministry said the planes have started dumping thousands of litres of water.

The latest official figures show 79,513 forest fires have been recorded in Brazil this year, the highest number of any year since 2013.

(AFP)

Most of the 57 Indian companies across industries that have operations in China told an industry survey they will increase their investment this year on the back of rising revenues and profits, amid a business-friendly, innovation-powered environment in the country.

The survey by the Confederation of Indian Industry and Evalueserve, a professional services firm, found that Indian companies in China are neither daunted nor affected by talk of slowing economic growth and uncertainty caused by Sino-US trade tensions.

Indian corporate investments in China range from 500 million yuan (around $70 million) down to 5 million yuan each. Their annual revenues are in the range of 60 million yuan to 600 million yuan, accounting for 3 to 20 percent of their global total.

Industrial manufacturing, consumer products, services, information technology, business process outsourcing, logistics, healthcare, business consulting, financial services, telecommunications and chemicals are some of sectors where Indian companies have a presence in China.

“Our second annual survey shows Indian companies in China are cautiously optimistic and confident,” said Chandrajit Banerjee, CII director-general.

Of the surveyed companies, 30 percent generated revenues higher than 100 million yuan from China in 2018. Four out of every five respondents said their China revenues in 2018 were higher than in 2017, thanks to the quality of their products and services.

East China in general, and Shanghai in particular, remain the key investment destinations of Indian companies, while Jiangsu and Guangdong provinces and Beijing are also receiving attention.

Typically, Indian companies operate in China in the form of branch offices, subsidiaries, joint ventures, or wholly owned foreign enterprises, and hire more than half of their workforce locally. However, rising wages, skills shortages, stiff competition from local companies, and stricter regulations are causing concern, they told the survey.

Sumeet Chander, who heads Evalueserve’s China operations, said: “Given Indian companies’ growth plans in China, the deep economic relationship between India and China will continue to grow.”

Xue Rongjiu, deputy director of the China Society for WTO Studies, agreed. “Both China and India should stand together against trade bullying and enhance commercial ties. They need to confront irresponsible trade policies caused by unilateralism.”

Ramakrishna Velamuri, Chengwei Ventures chair professor at the China Europe International Business School in Shanghai, said: “From a long-term perspective, the prospects for Indian companies in China are bright because of two key reasons. One, whatever happens on the international trade front, the Chinese domestic market is huge and will continue to grow; and two, the Chinese government realizes that the only way to deepen the economic relationship with India is by giving India better access to the pharma, IT and agricultural products sectors.” (Chinadaily.com.cn)

Atoll nations are on the front line of climate change and require immediate action to combat the impact of land loss, beach erosion, loss of fisheries, and water shortages—a situation that threatens their development and stability, delegates heard at a conference that opened today.

The conference on Resilient Atoll Nations in Productive Oceans, organized by the Asian Development Bank (ADB), brings together high-level government officials from the four atoll nations—Kiribati, Maldives, the Marshall Islands, and Tuvalu—along with experts and development partners. This is the second adaptation dialogue under the Coalition of Low-lying Atoll Nations on Climate Change after a first event in Fiji in April 2019. For three days, they will be sharing knowledge on adapting to climate change, building resilience to disasters, and mobilizing finance.

The conference opened today with a High-Level Dialogue comprising a panel of Kiribati Ambassador to the United States and Permanent Representative to the United Nations (UN) Mr. Teburoro Tito; Marshall Islands Climate Change Envoy Ms. Tina Stege; CEO of the Office of the Prime Minister of Tuvalu Ms. Nese Conway; and ADB President Mr. Takehiko Nakao. The event was moderated by Maldives Minister of Environment Mr. Hussain Rasheed Hassan.

“For the atoll nations, climate change is not a distant threat for a future generation to face but an immediate emergency, with tropical storms and rising seas taking their toll on human lives, livelihoods, and infrastructure,” Mr. Nakao said. “Dialogues such as this event are vital so that the affected atoll nations can voice their needs and share their experiences for staving off the threat of climate change posed to them.” “This is a rare opportunity for those of us from the atoll nations in the Pacific to learn about how Maldives is dealing with the challenges brought about by climate change,” said Stege. “It is also an opportunity to learn how ADB is supporting Maldives and other island nations in addressing climate change and other development challenges.”

The world’s 57 small island developing states have long been recognized as a special case for development. While they are all generally vulnerable to the effects of climate change, the four atoll nations are in a class of their own, characterized by thin land mass, low elevation (averaging about 2 meters), and lack of higher ground.

The international community has committed to limit warming to the Paris Agreement threshold of 2 degrees Celsius, while aiming to limit the increase to 1.5 degrees Celsius. Despite this, projections show the rise in the sea’s level by the end of this century will be 0.3 meters at best, or as high as 2.5 meters. This poses unprecedented challenges to the low-lying atoll nations, which require strategic planning and significant action to adapt to this and other threats of climate change.

“Due to their low-lying topography, atoll nations are the most vulnerable?countries and peoples on the planet to climate change given there is nowhere to retreat or run from the effects,” said Tito.

ADB is supporting the Pacific atoll nations on three levels. First, it is working with the atoll nations to increase the understanding of climate change and disaster risks. This will help raise awareness of adaptation options, whether elevating land, bolstering coastal protection, or redeploying infrastructure.

Second, armed with better data and information, ADB is planning to support resilient development pathways at the country level. This involves setting priorities and securing the required investments to address climate change and its impacts, while ensuring effective risk management so that adaptation can be sustained in the long term.

Third, ADB is providing financial, technical, and capacity building assistance to atoll nations in order to help them secure needed resources for an effective response to climate change and disaster risk, while helping nations get better access to climate finance from a variety of sources. In Kiribati, for example, ADB will help provide the entire population of South Tarawa with climate resilient water supply through a largely solar-powered seawater desalination plant financed by a $13 million grant from ADB, a $29 million grant from the Green Climate Fund administered by ADB, and grant cofinancing from the World Bank.

Further, ADB is ready to support the atoll nations in achieving their Nationally Determined Contributions under the Paris Agreement on climate change. ADB is also ready to support continued exchange between atoll nations, including a third Atoll Adaptation Dialogue at the next UN Framework Convention on Climate Change Conference of Parties in Santiago, Chile, in December 2019.

Under its Strategy 2030, ADB is expanding its support in tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability across its developing member countries. ADB will ensure that 75% of the number of its committed operations will support climate change mitigation and adaptation by 2030, while climate finance from ADB’s own resources will reach $80 billion cumulatively from 2019 to 2030. (ADB)

Ceylinco Life policyholders visited the Leisure World theme park at Kaluaggala last week for a day of fun and frolic, with which the curtain came down on the life insurance leader’s 12th Family Savari promotion.

Representing the families of the 500 Ceylinco Life policyholders that won the all-expenses-paid excursion, they came from every one of Sri Lanka’s 25 districts to be rewarded for their loyalty to Ceylinco Life.

Families from distant areas were also provided with transport and accommodation where necessary to enable them to be part of this annual mega event, the largest promotion by far in the country’s life insurance industry.

They were given free access to the rides, slides and chutes of the park and ten families selected at a raffle draw were provided the experience of being chauffeured around the surrounding towns in a luxury stretch limousine.

Three other groups of Ceylinco Life policyholder families had already visited Sydney, Singapore and China under the Family Savari programme this year.

Winners of the 2018-19 Family Savari promotion comprised of the five families that won a holiday in Australia, the 50 families that won a visit to Singapore, the 10 families that toured China and the 500 families selected for a full day at the Leisure World theme park, and another 15 families that received hotel stays in Sri Lanka.

In all, 26,000 people from 6,500 Ceylinco Life policyholder families have benefitted from the Company’s Family Savari programme, conducted annually since 2006.The promotion is intended to increase the penetration of life insurance and to reward policyholders for keeping their policies active.

All active long term Ceylinco Life policyholders, holders of Ceylinco Life Retirement Plans and new policyholders who purchase a policy, pay three months’ premium and keep their policies active are eligible to win these holidays and excursions.

Ceylinco Life’s Family Savari program is promoted by four popular brand ambassadors, the Sri Lankan actors Sriyantha Mendis, Sanjeewani Weerasinghe and Roshan Ranawana and his wife Kushlani who join policyholders on their overseas holidays and local excursions.

Fortunaglobal, a pioneer in fintech solutions for the banking and financial sector provides solid Digital Banking Solutions, through their Affluence Digital Banking Suite. Catering to the needs of the digital economy and enabling banks to deliver next generation services.

This product is differentiated to support retail, business and corporate banking.

It has been dedicated to promote financial inclusivity by providing banks across the country with solutions that provide digitally enhanced convenience and accessibility for their customers. 

The Affluence Suite strengthens customer experience, agility for innovation led growth, architecture and a robust ecosystem that empowers banks to optimize their time and value to increase brand equity.

It also enables them to gather sophisticated data and a more comprehensive overview of their customers’ behavior patterns, which collectively helps to give them a competitive edge in the marketplace.

Commenting on the company’s journey, Suren Kohombange Founder and CEO of Fortunaglobal said, “We are proud to support an exciting era of change within the financial sectorand see the impact that our Affluence Suite and other such solutions are having on paving the way for a new era of banking. Affluence facilitates a seamless Internet and mobile banking process and enables financial institutions of all sizes to engage with their customers and corporate clients with added efficiency.

This has enabled us to really pioneer large scale financial inclusivity, and through our solutions these banks have been able to capture “the digitally unbanked” market and provide Sri Lankans from all walks of life with access to services that enable them to enjoy greater financial freedom, security and improved quality of life.

This important change is at the heart and soul of our solutions and we look forward to working with more partners, so that we can continue to harness the power of the latest fintech solutions, to improve people’s lives whilst simultaneously helping businesses to grow and succeed.” 

Asian markets mostly rose Tuesday, recovering from the previous day’s pounding, after Donald Trump said China-US trade talks would resume soon, though the president’s sharp changes in tone are keeping investors on edge.

Regional equities tanked and the yuan plunged Monday in response to news at the weekend that Washington would hike tariffs on more than half-a-trillion dollars of Chinese imports after Beijing unveiled levies on tens of billions of dollars of US goods.

Trump’s call for US firms to pull out of China and comments about not needing the country added to the sense of dread that the trade war would deepen and run for some time.

However, investors who had run for the hills in the morning returned in later trade after he said in a G7 news conference in France that negotiations would resume very soon and Beijing had telephoned saying it wanted to strike a deal.

He later described the talks as “more meaningful than at any time”, while China’s top negotiator called for calm and said he opposed any escalation in the stand-off.

While the remarks were too late to fuel a meaningful recovery in Asia, stocks in Europe and the US rallied.

Tokyo ended up one percent, Shanghai put on more than one percent and Sydney rose 0.5 percent.

Seoul, Singapore, Wellington, Taipei, Jakarta and Mumbai also posted healthy gains. - AFP

The National Chamber of Commerce of Sri Lanka has joined hands again with the National Enterprise Development Authority (NEDA) for the fourth year in succession to conduct the Entrepreneur Awards 2019 - Western Province for the micro, small, medium and large sectors.

Applications are now being issued by the National Chamber at the National Chamber Secretariat. The closing date will be September 25, 2019.

The grand award ceremony of the ‘Entrepreneur Awards 2019 - Western Province’ will be held on October 30, 2019 at the Sri Lanka Foundation Auditorium, amid a large gathering of business organizations, entrepreneurs, Government representatives, etc.

There will be around 25 awards to be presented to winners in the categories of industry, manufacturing, agriculture, livestock & fisheries and hospitality, tourism & other services.

The award-winners will enjoy the following benefits: recognition through provincial and national level publicity and prestige in print and digital media; exposure and development of their businesses to a higher level and preferential assistance from NEDA, National Chamber and other associated institutions.

This award scheme is designed to distinguish, reward and motivate Sri Lanka’s very own entrepreneurs to reach the mantle of achievement and encourage the business community in the Western Province to improve their standards of business practices and achieve a high level of entrepreneurship.

The National Chamber of Commerce and NEDA have been assisting the micro, small, medium and large sectors in the regions for a long time, and this gives special focus towards the upliftment of these sectors in the provinces to develop their businesses and conduct training programs for them, including for differently-abled entrepreneurs.

The most prestigious awards will be for Overall Enterprise Excellence (one award) and Best Enterprise Awards (12) for each sector. Special awards (9) will be presented for the Best Environmental Friendly Enterprise, Best Exporter, Best Productive Enterprise, Best Innovative Enterprise, Best Value Added Enterprise, Best Energy Efficiency Enterprise, Best Entrepreneur Providing Most Number of Jobs for Females, Best Women Entrepreneur and Best Differently abled Entrepreneur.

Applications could be obtained from the National Chamber.

Colombo Port City infrastructure development is to be completed by mid- 2020, said Simon Tham, the Assistant General Manager of CHEC Port City Colombo (Pvt) Ltd.

Tham said the Port City, which is the single largest FDI project in Sri Lanka, is to transform the future of condominium living in Sri Lanka to a great extent. “As the country progresses, this project will have a significant social economic impact on Sri Lanka. And our vision is to create a world class city for the South Asian region and it is going to be a game changer for this country as well as for the entire region,” Tham told a seminar on ‘Future of Condominium Living in Sri Lanka’, organized by the Chamber of Construction Industry Sri Lanka in Colombo last week.

Speaking further he said, the Port City Project is transforming the physical and economic landscape in the country in a big way. Sri Lanka is in a strategic position on maritime silk route and the Port City is an investment that comes under Chinese government’s Belt and Road Initiative (BRI).

“The Port City offers an ideal platform not only for Sri Lankans, also for the international community to benefit from the global market transformation significantly,” Tham said.

He further said it is important to constantly reinvent their services in order to effectively compete in a changing global market place.

A ceremony was held on August 24, 2019 at the site of the Bogambara Prison Complex Redevelopment to announce the opening of phase I of the project for the Bogambara Cultural Park.

The project was officially opened by Prime Minister Ranil Wickremesinghe, who formally unveiled a plaque in honour of the occasion and also delivered the keynote address.

The project will offer considerable benefits to the country and more specifically to the city of Kandy since it will include an open air theater, studio for traditional arts and crafts, a tourist information Center and multiple recreational areas. The project will also impact favourably on the lives of the residents of the city of Kandy by generating new opportunities for employment as well as creating avenues for trade, tourism and investment. Wickremesinghe said, “We want to develop the city of Kandy including the Bogambara cultural complex in the same way as the Galle Fort, Trincomalee and Anuradhapura were developed as areas of cultural interest, in view of growing tourist arrivals into the country”.

The project for the former prison complex is also of considerable historic value.It is in fact one of the oldest existing buildings in the World Heritage City of Kandy and considered an archaeological landmark.

When it was built in 1876 by N R Saunders, the Inspector General of Prisons and Police of the British Ceylon Government, Bogambara’s Prison’s main inspiration was the Bastille fortress in Paris.

Bogambara was Sri Lanka’s second largest prison and housed gallows, as well as serious offenders and the death row. To develop the Bogambara Cultural Park, the Government in 2013 transferred the inmates to a new prison complex in Pallekelle. A decision was made to conserve the buildings because of their archaeological and historic value.

The master plan for the project and design redevelopment was established by the Ministry of National Policies and Economic Affairs on December 9, 2016 and will be implemented by the Ministry of Development Strategies & International Trade, Ministry of Megapolis and Western Development, Urban Development Authority, Central Engineering Services Ltd and the Board of Investment of Sri Lanka under the guidance and supervision of the Department of Archaeology.

The government has disbursed loans to the value of Rs. 91 billion under its major development program ‘Enterprise Sri Lanka’ over the last two years, a Treasury official said.

A large portion of loans has been given under the ‘Jaya Isura’ category- which is meant for entrepreneurs and small and medium sector enterprises. The total loans issued under this category in August amounted to Rs. 56 billion. Meanwhile, loans under ‘Ran Aswenna’ which is targeted at agriculture based programs amounted to Rs. 21 billion.

The Enterprise Sri Lanka loan scheme was launched in a bid to support creating 100,000 entrepreneurs in Sri Lanka by 2020. “The scheme is progressing very well and the banks have also supported the scheme in a great way by initiating promotional programs to encourage youth to create new enterprises,” the official said.

State Finance Minister Eran Wickramaratne told a recent meeting that the government has understood the needs of a new breed of young entrepreneurs and has put in place the necessary financial frameworks to support them. “Enterprise Sri Lanka will be an ideal platform to create a conductive environment with fair and equal opportunities for the budding local entrepreneurs to contribute to the country’s development.” A series of programs across the country has been conducted to educate the people on the benefits of the Enterprise Sri Lanka initiative.

So far several major exhibitions have been held in places as far as Moneragala and Anuradhapura where rural youth got the exposure and the opportunity to create their own ventures. Treasury officials said, the exhibitions which were held previously became an ideal platform for those who wish to become entrepreneurs in their respective fields and to obtain the know-how and share knowledge on enterprise development.” The third Enterprise Sri Lanka national exhibition, organized by the Ministry of Finance to promote entrepreneurs will be held in Jaffna from September 7 to 10. Finance Minister Mangala Samaraweera and a team of officials visited Jaffna recently to discuss the final points of the organization of the exhibition, a Ministry official said. The exhibition will apprise the public of the progress of the ongoing development projects of the government and the future development programs. The exhibition will also raise awareness among public on the implementation of the interest subsidized loan scheme, Enterprise Sri Lanka and other similar programs. There will be a large number of trade stalls where the public will be able to purchase goods at subsidized prices. It will also have trade and cultural shows among others.

Mobitel has embarked on a national level CSR initiative that aims to collect and dispose electronic waste (E-Waste) responsibly.

The National Mobile Service Provider envisions to collect E-Waste from all parts of the country through its year long flagship event, Mobitel Cash Bonanza, which has captivated millions across the island due to its exciting prizes and surprises including brand new Mercedes Benz cars.

This month’s Cash bonanza heralds the eagerly-anticipated crowd from Dehiattakandiya to partake in a range of fun filled activities on August 31, att the Mahaweli Grounds.

Mobitel is calling all residents in the Dehiattakandiya area to bring their e-Waste along, such as old computers, printers and other electronic equipment, when they converge at the venue for a day full of events and celebrations. Further, Mobitel will reward customers who bring E-Waste with a free data card in a bid to encourage and create more awareness on E-Waste management and disposal.

As part of the sustainable CSR initiative, Mobitel plans to have an E-Waste stall at every Cash Bonanza event, to collect E-waste from households in the respective regions and dispose/recycle as per the regulations for the greater good of the country.

The nation’s most popular prize giveaway and carnival, Mobitel Cash Bonanza is already going strong in its fourth year.Considering the vast reach, popularity and influence of the Cash Bonanza event, Mobitel is leveraging on this to extend its CSR reach for the betterment of the environment. By inviting Cash Bonanza visitors to bring their E-waste for appropriate disposal, Mobitel is inculcating in them a responsible attitude towards managing E-wastein a manner that does not harm the environment.

AIA Insurance’s Premier Agency Circle (PAC) opened its Metro Office at the AIA Tower which is its Head Office in Colombo 7, recently.

AIA’s PAC office was opened with the objective of developing a fulltime Agency sales force. Full time agents are a new concept to Sri Lanka and AIA provides these handpicked Wealth Planners a highly specialised training and management programme that is designed to fast track them towards achieving Million Dollar Round Table (MDRT) membership.

MDRT, is the highest qualification for Life Insurance Agents. PAC Metro is the second office opened under the PAC initiative and focuses on active involvement in quality recruitment and team performance development.

AIA’s CEO Nikhil Advani said, “newly recruited sales personnel will be trained at a fully digitized, wireless and paperless distribution office which is a dedicated training centre for PAC agents. AIA’s PAC is a pioneer, and as of now, the only of its kind, ‘full time Agency’ concept in Sri Lanka.”

Deputy CEO and Chief Agency Officer Upul Wijesinghe added “MDRT members are required to generate a higher level of production and demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. Notably, AIA Sri Lanka had the highest number of MDRT members from Sri Lanka for four consecutive years. But we want to do more to ensure the best quality of sales personnel to serve our customers better.

This is our endeavour to create a newer, better calibre of Agency, as we accelerate our efforts be more customer centric.”

Leema Creations (Pvt) Lt, the industry giant in interior solutions and home and commercial furniture manufacturing, together with Durlax India Pvt Ltd., India’s largest solid surface manufacturer announce the introduction of their super brand product ‘Luxor, 100% UV acrylic solid surface and Aspiron solid surface to Sri Lankan consumers.

The two companies entered into a Partner Agreement for the exclusive distribution for the latter’s solid surface material in Sri Lanka.

Presenting a range of attractive colours and textures, Luxor and Aspiron offers another distinct choice for residential and commercial projects for décor and interior settings. As the popularity of solid surface is evident, the buyers of Luxor solid surface get all the outstanding benefits of 100% acrylic UV counter top; superior versatility, seamless, germ resistant, non-porous, hygiene-friendly and simple clean up, all at an extremely competitive, unmatchable and exceptional price range.

Manesha Weerasuriya, Chief Executive Officer said that Luxor is an 100% acrylic UV solid surface ideal for any application where maintenance and aesthetics are equally important. Luxor is stylish, colourful, easy to maintain, heat resistant, stain resistant and non-porous where the material does not allow liquid or air to pass through, she further explains. These characteristics make the product more durable than any other alternative available in the market.

The unique feature of Luxor is that the product is UV treated for exterior application, thus can be utilized in all types of exterior surfaces.

The Sri Lankan partner, Leema Creations (Pvt) Ltd, the foremost interior solutions provider and the home and office furniture manufacturer has won more awards than any other similar establishment during the past many years.

For four decades, NDB Bank has been a catalyst in assisting Sri Lankans around the island towards success. Moving from economic growth to sustainable development, the Bank commenced many long term initiatives to empower future generations. Therefore Education is one of the key strategic focal points around which the Bank has structured its sustainability activities.

English is the most widely used language around the world and has become the gateway to opportunity and success. Communication is key to virtually every aspect of ‘business’, with effective communication with customers, employees, partners, suppliers, and other stakeholders essential to the success of a business.

Thus, identifying a necessary requirement to improve proficiency in the English Language within young professionals, as well as the future generations, NDB implemented the “English for Teaching Plus [EfT+] Project”. This initiative which commenced seven years ago in 2009 is continued to this date in key regions of the country.

Having commenced the initiative for students, the Bank later focused on enhancing the English knowledge and methodology of Secondary School English Teachers with a view to implementing a more sustainable project which will have an impact for years to come. This proved to be very successful, providing teachers with access to the best resources and latest approaches to English language teaching and learning. Conducted in partnership with the British Council, Sri Lanka, the Ministry of Education and the Regional English Support Centres (RESCs) island-wide, this project has helped train over 1,000 Secondary School English Teachers in over 770 schools islandwide, benefitting over 170,000 students and many more in the future.

The overall objective is to improve the standard of English and English teaching in Sri Lanka. Hence the key aim was to provide high quality English language teaching to improve the levels of English teaching and learning in Sri Lanka with the ultimate goal of raising the employment profile of school leavers joining the workforce.

The project addresses two aspects; Language Improvement and Teaching Ability, empowering the teachers to provide a higher quality education whilst delivering the subject matter in unique ways. The highlight of the project is the activity based training with new & innovative training methods to equip teachers to teach as well as manage their students in a more holistic manner.

Sri Lanka’s largest International Theme Park, ‘Fantasy Island’ was flagged off last Friday at Water’s Edge with an estimated investment of USD 4.2 million in the first phase. The theme park which would in December 2020.

Sri Lanka’s largest Ferris Wheel, will soon make its first spin as a part of the 1.5 acre entertainment zone. ‘Fantasy Island’ will houses a large water park and an impressive snow cave.

Minister of Megapolis and Western Development, Patali Champika Ranawaka, who was the Chief Guest at the ground breaking ceremony of the ‘Fantasy Island’ said that this theme park is part of the Megapolis Development Plan to establish world-class recreational and entertainment facilities in close vicinity to Colombo.

Fantasy Island is 100% funded by German, Singaporean and Swiss investors with the enduring support of the BOI, Sri Lanka. “We are happy to benefit from the excellent relations between Sri Lanka and Singapore”, says Alexander Melchers, Director for the Melchers Group in Singapore.

Fantasy Island (Private) Limited is conceived and backed by the German Melchers Group out of Singapore. Melchers Group, through their Sri Lankan Branch CMC Engineering, have been active in Sri Lanka for over 35 years.

‘Fantasy Island’ expects to attract 1,000 visitors per day, as an integral part of the country’s dynamic drive to boost tourism earnings from around South East Asia with special focus on providing new world entertainment and adventure activities for children, youth and families.

“We have also Transformed Waters Edge to be the largest entertainment and recreational hub in Colombo, everything was developed according to a plan,” said Chairman Waters Edge Chamath De Silva.

The proposed Ferris Wheel, referred to as an Iconic Viewing Platform by industry experts, standing at 40 meters high (approximate the height of a 14-storey building) would consist of 34 capsules and can accommodate over 200 people at any given time, whilst each ride will last 20 minutes.

The construction would also have special built-in capsules for the differently-abled.

“We are committed to investing in the park through new attractions, infrastructure & services,” said Michael Perera, Chairman of CMC Engineering Export, the Sri Lankan office of the Melchers Group.

“ The park which combines local expertise with international entertainment experience from projects such as Singapore Flyer and Sky Tower in its development and operations, would also create over 60 employment and career development opportunities for the community,” Perera added.

, ‘Fantasy Island’ would be managed Fantasy Island (Private) Ltd and supported by Waters Edge through a long-term private partnership.