Microsoft came forward to partner with FITIS to host Sri Lanka’s first-ever API ASIA Conference. Here Aruna Alwis CEO - FITIS, Fairooz Habeeb Chairman – API Asia Organizing Committee, Vice President – FITIS Software Chapter, Hasitha Abeywardena, Country Manager – Microsoft Sri Lanka and Maldives and Ruvini Bandara Account Technology Strategist – Microsoft exchanging the MOU
Fitch Ratings has affirmed Dialog Finance PLC’s (DF) National Long-Term Rating of ‘AA(lka)’. The Outlook is Stable.
DF’s rating reflects Fitch’s view that support would be forthcoming from parent, Dialog Axiata PLC (Dialog, AAA(lka)/Stable), Sri Lanka’s largest mobile-telecommunication and pay-TV operator. This is based on Dialog’s 98.9% equity stake, DF’s high operational and management integration with the parent and the common Dialog brand.
Dialog’s credit profile and its ability to support DF is reflected in its rating, which is underpinned by its standalone strength. DF is rated two notches below its parent because Fitch considers it of limited importance to Dialog’s core business given the business’s stage of development, size and financial contribution to the group. DF was acquired in September 2017 to support Dialog’s aspiration to expand its parent’s digital financial services in Sri Lanka via the fintech business model.
However, DF has not yet commenced its intended business model and we do not expect the segment to provide a significant contribution to the group’s core business in the medium term.
DF’s business model is likely to focus on digital financial services leveraging on Dialog’s technical competencies. DF’s management and operational integration with the parent is also likely to remain high. Fitch expects DF to initially focus on Dialog’s subscriber base and is also likely to utilise Dialog’s mobile platforms to support its financial transactions.
Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.
Sri Lanka’s ‘B’ rating balances high government debt and contingent liabilities, a challenging external financing profile and subdued economic growth against higher human development standards and per capita income levels compared with peer medians.
The policy environment has improved after the resolution of last year’s political standoff. The 2019 budget was passed and the IMF programme resumed and was extended by one year to June 2020.
The IMF staff announced recently an agreement on the sixth review of the extended fund facility (EFF). The currency appreciated by about 3% against the US dollar by end-1H19 after weakening by nearly 19% by end-2018. However, Sri Lanka is entering an election cycle, with presidential elections in November this year followed by parliamentary elections in 2020, and the risk of policy slippage and political tensions resurfacing closer to the elections remains high, in Fitch’s view.
Fitch forecasts a budget deficit of 5.4% of GDP in 2019, above the authorities’ target of 4.4%, as weak growth partly reflecting the drop in tourists has adversely affected revenue collection. “We expect the deficit to stabilise at about 5% of GDP in 2020 and 2021 under our baseline assumptions. Downside risks to our projections could arise from a shift towards a more expansionary fiscal policy.”
Fitch has revised its growth forecast for 2019 to 2.8% from 3.6% at the time of the previous review in December 2018 because of the negative impact of the April 2019 bombings on tourism, which accounts for about 5% of GDP. Growth slowed to 2.6% in 1H19 from 4.2% in 1H18, dragged down by a slowdown in services.
Tourist arrivals in August fell about 28% yoy after a decline of about 71% in May, according to the latest data from the central bank.
Sri Lanka’s near-term external and fiscal financing constraints have eased somewhat after the sumption of the IMF programme in February and the issuance of USD4.4 billion of sovereign bonds to date in 2019. In addition, the sovereign has also repaid USD1.5 billion in international sovereign bonds. Foreign-exchange reserves rose to USD8.5 billion after declining to USD6.9 billion by end-2018. “We project foreign-exchange reserve coverage to remain at around three months of current external payments through 2021.”
Nonetheless, Sri Lanka’s external debt obligations (principal and interest) remain substantial over 2020-2023, with nearly USD19 billion due, and its external liquidity ratio remains far weaker than peer medians. A prolonged period of policy uncertainty accompanied by an adverse shift in investor sentiment could exacerbate Sri Lanka’s external refinancing risks.
Monetary policy continues to focus on maintaining macroeconomic stability and inflation has remained subdued so far in 2019, partly a result of the slowdown in growth and lower food and commodity prices.
We expect Sri Lanka’s current account deficit to narrow slightly to 3.1% of GDP in 2019 from 3.2% in 2018, as the negative impact from lower tourism earnings has been somewhat offset by a drop in imports.
High government debt and large interest payments remain a key credit weakness.
Sri Lanka’s gross general government debt (GGGD) was about 83% of GDP at end-2018, far greater than the current ‘B’ median of 56.4%.
Fitch maintains a negative outlook on Sri Lanka’s banking sector as we anticipate continued pressure on banks’ financial profiles due to pressure from a challenging operating environment.
High Commissioner (HC) of Malaysia, Tan Yan Thai, paid a courtesy call on the Minister of Development Strategies and International Trade Malik Samarawickrama along with Malaysian officials from Malaysia External Development Corporation and Malaysian Investment Development Authority(MIDA). The discussions were based on promoting Trade and Investment between Sri Lanka and Malaysia. Deputy Minister for Development Strategies and International Trade Nalin Bandara, Additional Secretary to the Ministry W.A.D.S. Gunasinghe, Chairman of Board of Investment Mangala Yapa, Chairperson Sri Lanka Export Development Board Indira Malwatte, Director General of BOI Champika Malalgoda participated at the discussions.
In a bid to promote arts, craft and tourism, the Floating Market in Pettah is to be converted into a mega Film and Art Centre with three Mini Cinema halls as well.
The initiative in this regard has been taken by former National Craft Council Chairman and Managing Director Buddhi Batik, Buddhi Keerthisena.
He said that today the Floating market on wooden pillars which was created with multiple objectives, is today idling and almost abandoned. “This being a prime land, I decided to convert it to a mega cultural city to attract local arts and craft lovers as well as tourists.”
He said he has already obtained a 30 perch land area for the project from the Urban Development Authority and would invest Rs. 200 million for the project.
The area to be branded as Cine City Water Front Maradana , would have three mini cinema halls, shops that sell craft and such other items. “We have already spoken to mini hotels in the area who have promised to upgrade their services to meet the demands of guests visiting the Cine City Water Front and hence, would not have any food stall.”
He said that the Mini Theaters would also be rented out for arts and craft exhibitors similar to the Lionel Wendt. He said that Cine City is created as a CRS initiative and not for profit.
The ground breaking ceremony for the Cine City Water Front which would be opened in April 2020, would be held on October 4 from 10 a.m. onwards, with Patali Champika Ranawaka, Minister of Megapolis & Western Development, as Chief Guest. (SS)
On 27 September 2019, Moody’s Investors Service issued a Sector Comment on Sri Lankan banks titled “Sri Lanka’s lending rate cut is credit negative for banks.” In this respect, the Central Bank of Sri Lanka is of the view that the conclusion by Moody’s has not taken into account the complete information set, and is therefore unfounded.
The Central Bank of Sri Lanka has taken a number of measures over the past eleven months to ease monetary policy and monetary conditions in view of decelerating growth of credit and monetary aggregates and subdued economic growth, amidst well anchored inflation expectations. Amongst these measures, the reduction in the Statutory Reserve Ratio (SRR) by 2.50 percentage points in two steps has enabled licensed commercial banks (LCBs) to invest additional funds amounting to around Rs. 150 billion in revenue generating activities.
The reduction in SRR has also improved rupee liquidity in the domestic money market, while a further reduction in money market interest rates has been effected by reducing policy interest rates by 100 basis points in two steps in May and August 2019.
The imposition of caps on deposit interest rates of licensed banks in April 2019, which was subsequently removed in September 2019, was aimed at limiting unhealthy competition in deposit mobilisation amongst banks and assisting them to reduce lending interest rates. This temporary cap imposed in consultation with banks helped reduce the Average Weighted New Deposit Rate (AWNDR) by 284 basis points within four months since end April 2019. However, in spite of continued deliberations with banks, most market lending interest rates have been downward rigid, unlike deposit interest rates as well as rates on short term funds and government securities.
It is in this context that the Central Bank imposed caps on lending rates of licensed banks on 24 September 2019. With the substantial decline in cost of funds, in terms of lower SRR, lower money market interest rates, lower policy interest rates and lower deposit interest rates, along with the allowance of sufficient time for banks to adjust lending rates downwards, the Central Bank has sought to minimise any disruption to the smooth operation of the banking system as well as its profitability.
The Central Bank does not expect a material change in interest margins of the banking system arising from the imposition of caps on lending rates, holding other factors constant.
The Central Bank has also announced its intention to review this action by March 2020.
Furthermore, more realistic nominal and real lending rates are expected to stimulate economic activity gradually, thereby boosting the demand for credit. This, along with improved repayment capacity of borrowers at lower interest rates, will help strengthen licensed banks, going forward, including by addressing the challenge of rising NPLs.
Therefore, the Central Bank is of the view that the imposition of caps on lending rates of licensed banks would, in fact, be credit positive, contrary to the view held by Moody’s Investors Service.
Sri Lanka has executed Rs. one trillion worth of construction work annually during the past three years, said Minister of Megapolis and Western Development Patali Champika Ranawake.
He was speaking at the Chamber of Construction Industry Sri Lanka organized ‘Build Sri Lanka Housing and Construction International Expo 2020’ launch, scheduled for next May. “Half of Sri Lanka’s growth should be attributed to the contributions made from the construction industry.”
Ranawake said that most of the construction activities were seen in the apartment and hotels sector. The Minister also said that 6 million square feet of office space too were added to meet the rising demand for this segment.
He said that the UDA too, have been actively involved in adding infrastructure and beautifying the city. “We are now in the process of converting the much talked of Meetotamulla Garbage dump in to a green park.”
The Bera Lake boat service too is now being launched, while the much awaited Light Rail system too is been implemented, while Minister also spoke of the trajectory of modernity that the country has embarked on and vowed that very soon Sri Lanka would be made a country of preferred choice to live in. The Minister also suggested that the Chamber should target this Expo as a regional Construction Exhibition in future, which would be sought by many international companies and visitors. He also appealed to the builders and investors to avoid looking at only quantity, but also quality. “Respect for the environment, energy conservation, garbage disposal is very important, while green practices too should be adopted.”
CryptoGen (Pvt)Ltd ) has joined hands with Computer Society of Sri Lanka (CSSL) as the Security Partner of National IT Conference-2019 (NITC-2019), scheduled to be held from on 8th-10th October 2019 at Shangri-La Hotel, Colombo Sri Lanka. NITC-2019, under the theme “EMBRACE DIGITAL” organized by the Computer Society of Sri Lanka (CSSL), for the 37th consecutive year. In picture (From Left to Right) Ashoke Beddage, Director, CryptoGen (Pvt) Ltd., Prabath S. Wickramaratne, President, CSSL, Dr. Ajantha Atukorale, Treasure, CSSL.
Country’s Finance Minister AHM Mustafa Kamal on Sunday, said the country’s economy looked set to clock a double-digit growth in the next five years.
He said this while speaking at a conference of Asian Development Bank (ADB) in Dhaka.
Kamal said after the completion of the mega Padma bridge, Bangladesh will see at least 1 per cent GDP growth, Xinhua news agency reported.
The 10-km long bridge is being built over the Padma River.
The minister said implementation of many more mega infrastructure projects will also help the country generate the rest of the expected growth.
The Bangladeshi government in June, unveiled a record 5.23 trillion taka ($62 billion) proposed national budget, targeting an economic growth of 8.2 per cent for the current 2019-20 fiscal year.
Bangladesh’s economy grew 8.13 per cent this fiscal year, the highest in its history.
(nenow.in)
Senior Prof. Sampath Amaratunga, Vice Chancellor, University of Sri Jayewardenepura and Ransith Fernando, Managing Director, Forestpin Signed the agreement on behalf of the University of Sri Jayewardenepura and Forestpin respectively. Dr. Ranil Peiris, Senior Lecturer, Department of Information Technology. Dilanke Hettiarachchi, Director, Forestpin, Ransith Fernando, Managing Director Forestpin, Senior Prof. Sampath Amaratunge, Vice Chancellor, Dr. U. Anura Kumara, Dean, Faculty of Management Studies and Commerce, Dr. P. D. Amitha Kumara, Head, Department of Information Technology, Dr. Lasith Gunawardena, Senior Lecturer, Department of Information Technology.
The University of Sri Jayewardenepura recently signed a Memorandum of Understanding (MOU) with Forestpin, in which undergraduate and postgraduate students will have opportunities to enhanced learning experiences in data analytics.
Forestpin Analytics is used by some of the largest and most respected conglomerates in Sri Lanka.
As part of the MOU, students of the Faculty of Management Studies and Commerce, University of Sri Jayewardenepura would have access to Forestpin Analytics software during their tenure at the University. Last year, around one hundred and fifty students from University of Sri Jayewardenepura who followed Forensic Accounting related programs gained experience by using Forestpin Analytics.
The Faculty of Management Studies and Commerce, University of Sri Jayewardenpura is the largest faculty in terms of undergraduate student population across any discipline in Sri Lanka. It is also considered as the premiere Management Faculty in the country, and offers undergraduate and postgraduate programmes in the areas including Accounting, Business Administration, Business Economics, Commerce, Decisions Sciences, Entrepreneurship, Estate Management and Valuation, Finance, Human Resource Management, Information Technology, Marketing Management and Public Administration
This software will provide an experiential learning opportunity for the students, and they will better understand the basic operations of analytics while being able to possess knowledge in using industry-compatible tools and software to apply their skills in the relevant field. In addition, under the MOU, Forestpin will explore further areas of collaboration, including research and internships in analytics.
Hayleys PLC showed exemplary leadership by investing over Rs.2.3 billion across the group following the tragic events of Easter Sunday reiterating confidence in the country’s potential.
The group’s leading producer of value-added coconut-fibre products, Hayleys Eco Solutions, committed Rs. 500 million towards enhancing its value-added manufacturing capacity. Importantly, the sector recently invested Rs. 225 million towards the commissioning of its first Polyurethane (PU) Foam Mattress manufacturing facility.
The group’s consumer and retail segment represented by Singer Sri Lanka invested Rs. 400 million towards rejuvenation of the brand under the Hayleys umbrella. This included Rs. 17 million for renovation of retail outlets and offices, Rs. 90 million for brand expansion and Rs. 48 million to establish new retail outlets.
Meanwhile, the group’s purification sector committed Rs. 300 million towards capacity improvement at Haycarb PLC – the group’s pioneering coconut charcoal-based activated carbon manufacturing business. Hayleys Fabric PLC invested Rs. 360 million in new machinery to fall in line with its customer expansion strategy and to improve the product mix with higher value added products. Alumex PLC progressed with investments of Rs. 57 million towards enhancing manufacturing capacity.
Similarly, the group’s globally renowned protective hand wear manufacturing business, Dipped Products PLC, invested Rs. 52 million in domestic production capacity expansion and Hayleys Agriculture’s investment commitment stood at Rs. 35 million during the same period.
“Hayleys remains resilient and committed to our growth in Sri Lanka and globally with our strategic business plans intact after the deadly 21/4 attacks that had a significant impact on Sri Lanka. The hardest hit, naturally, was our leisure sector but we remain confident that tourism will bounce back as it has in the past. Our confidence in Sri Lanka’s resilience and the contribution to economy is amply demonstrated by the confidence placed by the Board to approve significant capital investments including a commitment of Rs. 615 mn being the largest portion of the overall investment of the group to upgrade the affected Kingsbury after the 21/4 attacks,” Hayleys PLC Chairman and Chief Executive Mohan Pandithage stated, reflecting the confidence that permeates the entire Group.
Established in 1878 by Chas. P. Hayley as a trading house in Galle specializing in import and export, the Hayleys Group has since grown to serve as a centre piece of the Sri Lankan economy.
The Bourse ended the week on a negative note as the ASPI decreased by 22.20 points (or -0.38 percent) to close at 5,771.69 points, while the S&P SL20 Index also decreased by 2.05 points (or -0.07 percent) to close at 2,764.01 points.
Turnover & market capitalization
JKH was the highest contributor to the week’s turnover value, contributing LKR 0.46Bn or 27.49 percent of the total turnover value. Browns Investments followed suit, accounting for 9.98 percent of turnover (value of LKR 0.17Bn) while Cargills contributed LKR 0.10Bn to account for 6.00 percent of the week’s turnover. Total turnover value amounted to LKR 1.66Bn (cf. last week’s value of LKR 7.05Bn), while daily average turnover value amounted to LKR 0.33Bn (-76.49 percent W-o-W) compared to last week’s average of LKR 1.41Bn. Market capitalization meanwhile, decreased by 0.38 percent W-o-W (or LKR 10.48Bn) to LKR 2,725.01Bn cf. LKR 2,735.50Bn last week.
Liquidity (in value terms)
The Diversified sector was the highest contributor to the week’s total turnover value, accounting for 43.47 percent (or LKR 0.72Bn) of market turnover. Sector turnover was driven primarily by JKH, Browns Investments & Hemas Holdings which accounted for 96.39 percent of the sector’s total turnover. The Bank, Finance & Insurance sector meanwhile accounted for 29.79 percent (or LKR 0.49Bn) of the total turnover value, with turnover driven primarily by Nations Trust, Pan Asia, NDB, Sampath Bank & Union Bank which accounted for 72.49 percent of the sector turnover. The Beverage, Food & Tobacco sector was also amongst the top sectorial contributors, contributing 6.75 percent (or LKR 0.11Bn) to the total turnover, with turnover driven primarily by Cargills accounting for 88.93 percent of the total turnover.
Liquidity (in volume terms)
The Diversified sector dominated the market in terms of share volume, accounting for 46.99 percent (or 43.29Mn shares) of total volume, with a value contribution of LKR 0.72Bn.
The Banks, Finance & Insurance sector followed suit, adding 20.09 percent to total turnover volume as 18.51Mn shares were exchanged.
The sector’s volume accounted for LKR 0.49Bn of total market turnover value.
The Power & Energy sector meanwhile, contributed 4.89Mn shares (or 5.31 percent), amounting to LKR 0.02Bn.
Dividend announcements
Company DPS (Rs.) Type XD Date: Dipped Products 0.50 First Interim 08-10-2019 LOTUS HYDRO 0.80 First Interim 07-10-2019 AMANA Bank 0.08 First Interim 11-10-2019
For August: Prime Lending Rate 10.69 percent, Ave. Wtd. Deposit Rates 8.73 percent, Ave. Wtd. Fixed Dep. Rates 10.74 percent, CCPI Inflation Y-o-Y percent (Base 2013) 3.4 percent
Top gainers & losers
Tess Agro[NV] was the week’s highest price gainer; increasing 25.0 percent W-o-W from LKR0.40 to LKR0.50 while Lotus Hydro(+22.2 percent W-o-W), Kelsey Developments (+14.6 percent W-o-W) and Lanka Aluminium (+14.0 percent W-o-W) were also amongst the top gainers. On’ally was the week’s highest price loser; declining 38.4 percent W-o-W to close at LKR22.30 while Blue Diamonds[NV] (-33.3 percent W-o-W), Fort Land (-16.9 percent W-o-W) and Equity Two (-12.7 percent W-o-W) were also amongst the top losers over the week.
Foreign investors closed the week in a net selling position with total net outflow amounting to LKR 0.39Bn relative to last week’s total net outflow of LKR 0.30Bn (-28.82 percent W-o-W).
Total foreign purchases decreased by 96.62 percent W-o-W to LKR 0.17Bn from last week’s value of LKR 5.09Bn, while total foreign sales amounted to LKR 0.56Bn relative to LKR 5.40Bn recorded last week (-89.54 percent W-o-W). In terms of volume, Dialog Axiata & Nations Trust led foreign purchases while JKH & Hemas Holdings led foreign sales. In terms of value, Nations Trust and Dialog Axiata led foreign purchases while JKH & Hemas Holdings led foreign sales.
Point of view
Equity markets closed in the red yet again this week as Index losses early in the week failed to be offset by macro-economic and political developments later in the week. The broad share ASPI lost ~50 index points on Monday & Tuesday as last week’s bearish sentiment continued to dominate the market activity. Macro-economic developments such as the CBSL’s imposition of caps on Bank lending rates and the IMF’s approval of the 6th tranche of its $1.5Bn EFF facility along with political developments such as the announcement of the main political party’s Presidential candidate and news of impeachment proceedings on the US president meanwhile resulted in the benchmark index gaining ~29 points on Wednesday & Thursday.
The gains failed to offset the Index’s early losses, and the ASPI consequently closed the week 22 index points (0.4 percent W-o-W) lower. Average daily turnover levels meanwhile fell from last week’s 9-week high, falling 76.5 percent W-o-W (to Rs.0.33Bn) as the one-off impact from last week’s strategic transaction in OSEA waned. Crossings for the week (25 percent of total market turnover) also fell from last week’s high (75 percent of total turnover) as the one-off impact from the OSEA transaction eased. Compared to last week when OSEA accounted for 84 percent of crossings (and 62 percent of total market turnover), crossings this week were dominated by JKH which accounted for 88 percent of total crossings and 22 percent of total market turnover.
Foreign investor interest in Sri Lankan equities regained momentum over the latter half of the week, as news that US lawmakers would initiate an impeachment inquiry on President Trump fueled concerns of political instability in the world’s largest economy and revived appetite for riskier EM/FM assets. Despite the mid-week buying interest, foreign investors closed the week in a net selling position. Markets in the week ahead are likely to take cues from developments on the political stage.
July trade deficit widens…
Sri Lanka’s trade deficit in Jul’19 widened for the 1st time this year as exports fell at a faster pace than imports during the month. However, the cumulative 7M trade deficit remained ~32.5 percent lower than that of 7M’18 as the Jan-Jul’19 trade deficit contracted to $4.3Bn (cf. deficit of $6.4Bn in Jan-Jul18). The decline July exports (to $999Mn in Jul’19 from $1.1Bn in Jul’18) was largely due to a drop in earnings from petroleum products and reflected the impact of lower bunker fuel prices despite an increase in volumes and a higher base effect of other 
petroleum products due to the surge in oil prices last year. Import expenditure meanwhile continued to decline for 9 consecutive months, dropping 2.2 percent Y-o-Y in Jul’19, mainly due to a slowdown in consumer goods imports such as vehicles and intermediate goods. Tourist receipts also continued to decline despite the ongoing recovery in tourist arrivals following the aftermath of the Easter Sunday attacks.
Earnings from tourism almost halved in Jul’19 to $0.2Bn relative to $0.4Bn last year which led tourist receipts to fall ~19 percent Y-o-Y over Jan-Jul’19. Meanwhile, workers’ remittances improved marginally by 1.0 percent Y-o-Y to $0.6Bn in Jul’19 but declined 8.2 percent Y-o-Y to $4Bn during Jan-Jul’19. In terms of financial flows, the CSE recorded a net inflow of $44Mn in Jul’19 primarily due to a transaction which involved LOLC Holdings selling its shares in LOLC Finance to its Singaporean subsidiary.
The transaction helped convert the net foreign position on the Colombo Bourse between Jan-Jul’19 to a net inflow of $34Mn. However, the foreign outflows from G-Secs continued to remain, with markets recording a net outflow of $129Mn during 7M’19. Gross official reserves at the end of Jul’19 meanwhile stood at $8.3Bn while the LKR appreciated ~0.5 percent against the USD having lost most of its value post the Easter Sunday terror attacks and due to the recent exit of foreign investors from government securities.
Jetwing Hotels celebrated World Tourism Day, Jetwing Hotels extending their gratitude to the communities and stakeholders that make it possible to deliver true Sri Lankan hospitality to all their guests.
“Our founder Herbert Cooray always believed that hospitality cannot exist in isolation and should incorporate and uplift the community around us. Not only on this World Tourism Day, but every day, we are thankful for the dedication and commitment our local partners give us.” - Shiromal Cooray, Chairman of Jetwing Hotels Ltd.
Farming communities have resided in the rural paddy lands of Wellawaya for centuries, local farmers of this day primarily engage in small-scale paddy cultivation, where they often find themselves in debt due to loans to assist with their yield. To support these communities, Jetwing Hotels has used the 50 acres of paddy land surrounding Jetwing Kaduruketha to provide local farming families with seed money (per acre, per season) for cultivation. 
An equal portion of the resulting harvest is then shared equally between the farmer and the hotel, with excess stocks of rice being sold to other hotels in the Jetwing family to enable a steady income for the local community.
The Jetwing Youth Development Programme (JYDP) is a great testament to how tourism can bring about positive change in local communities. Starting in the farming villages around Sigiriya, the JYDP began in 2006 with the aim of providing local school leavers with a working knowledge of hotel operations as well as English, etiquette, cultural history, and industry insights.
Over the years, JYDP has expanded to provide opportunities for the youth of resident communities all over the island from Negombo and Galle, to Jaffna and Passikudah.
Jetwing Hotels as a well-reputed, responsible and ethical tourism provider, is committed to the sustainability of the environment and the community.
The first “Thrive” programme - a project launched to empower the self-employed, the entrepreneurs and the small-scale business owners in the supply chain - was launched at Jetwing Kaduruketha, Wellawaya recently.
The aim of the project is to trigger growth in a stagnant community of suppliers, through the provision of awareness, training and financial assistance required to upscale these enterprises to become lucrative, as suppliers of quality products and services.
Family owned and in the tourism industry for the past 45 years, Jetwing Hotels has surpassed expectation at every aspect.
Cinnamon launched a music video ‘We Are One’ – a song performed in celebration of World Tourism Day by renowned musician Alston Koch to drive the message of unity in diversity.
We Are One is a song dedicated to unity in diversity as Sri Lankans work together beyond mere tolerance of physical, cultural, social, religious and political differences towards building unity through deeper understanding that differences enrich human interactions.
Dileep Mudadeniya, Vice President of the John Keells Group, Head of Brand Marketing for Cinnamon Hotels & Resortsand CEO Cinnamon Life Mall commented, “Tourism is an industry that is all about diversity. People travel to enrich themselves by not just exploring but by experiencing and understanding different cultures and peoples. The solidarity pledged to Sri Lanka in the recent months has been encouraging. We take this opportunity to spread the message of unity in diversity to promote awareness and empathy as virtues that are mandatory for recovery and progress.”
 |
| Alston Koch |
The song was performed live at the Cinnamon Future of Tourism Summit on September 23, 2019 to commemorate World Tourism Day which falls on September 27, 2019. Alston Koch who wrote and performed the song is a Sri Lankan-born Australian singer-songwriter, film producer, record producer and actor. He was lauded in the Australian and Asian media as “Asia’s King of Pop” after gaining international success in the late 1970s.
“Performing the song with the video playing in the background was a very emotional moment for me as every word was about the Sri Lanka I used to know and the Sri Lanka as it is right now - One people, One nation,” Alston Koch commented.
“The plaudits from Richard Quest, the team from CNN and especially all those involved in the ‘Cinnamon Future Of Tourism Summit’ made it a very special moment for me. The song and video is launched in celebration of the World Tourism Day, in the aftermath of the tremendous response received at the summit and I applaud Cinnamon and the team for getting behind this production.”
World Tourism Day is commemorated annually on September 27by the United Nations World Tourism Organization (UNWTO). Its purpose is to build awareness among global communities about the value of tourism in socio-economic spheres.
Golden Crown Hotel Kandy acquires five star accreditation
Golden Crown Hotel, Kandy has acquires five star accreditation. The hotel was opened by President Maitripala Sirisena in November 2017.
After winning the Gold Award for the Extra Large Category of Central Province at the Entrepreneur of the Year Awards Ceremony organized by the Federation of Chambers of Commerce and Industries in Sri Lanka (FCCISL) in March, 2019, the Board of Directors of the hotel decided to establish more credence by obtaining Five Star rating for the property.
All that was needed for this accreditation was to improve a few adhoc areas. By July 2019, the Golden Crown was awarded Five Star status.
Currently, comprising of 6 properties from three star to super luxury boutique hotels in Kandy and Nuwara Eliya, The Golden Hospitality (Pvt) Ltd has now rolled out further expansion plans. The Golden Crown Kandy, will expand, with a new wing, adding 50 luxury bed rooms in an adjacent property. It too will comprise the Kandyan motifs from Degaldoruwa carvings and Embekka type traditional decor. Artfully designed to provide the guest with a memorable experience and set amidst verdant paddy fields, surrounded by lush greenery on the hillsides with a view of the Dunumadalawa Forest which contains the main water source for Kandy, The Golden Crown Hotel will enhance its facilities beyond expectation with this expansion.
There will be a large pool, in addition to the existing infinity pool, restaurants with fine dining options and a pub/restaurant similar to Nuwara Eliya called The Sackville Restaurant and Bar, while the guests will continue to have access to the banquet halls including the Grand Ballroom, Windsor Court and Crown Court as well as to the current BRIX restaurant, TREATS coffee shop, Gym and Laama Spa.
The Golden Hospitality (Pvt) Ltd., a brainchild of the group’s Chairman, needed an enhancement with an elegant Five Star property in the portfolio.
Singapore Airlines (SIA) will be welcoming the new Airbus A350-900 medium haul aircraft from Colombo to Singapore on October 2, 2019.
Featuring new regional Business Class and Economy Class cabin products, the A350-900 medium haul Business Class cabin has 40 seats in a 1-2-1 arrangement that ensures direct aisle access for every customer, while the Economy Class cabin has 263 seats arranged in a comfortable 3-3-3 configuration.
The new medium-haul Business Class seats have been manufactured by Stelia Aerospace. Each seat is able to recline directly into a 76” fully-flat bed and customers can rest in more comfort, even on the shortest flights.
Other features include ample stowage space for personal items, a business panel with in-seat power supply and USB ports, an integrated reading light unit with adjustable lighting intensity and a personal 17” full high-definition touch screen monitor.
The new Economy Class seats have been designed and manufactured by RECARO and offer customers an enhanced in-flight experience. Each seat has an ergonomically-designed contour backrest that provides greater relaxation, and a six-way adjustable headrest with foldable wings to provide more neck support. Economy Class customers can also enjoy an enhanced entertainment experience on their personal 11.6” full high-definition touch screen monitor.
Other features that have been introduced for Economy Class customers include storage space for small personal items, a coat hook, USB port and in-seat power supply.
The A350-900 medium haul aircraft are also fitted with the latest Thales AVANT in-flight entertainment system – a first in SIA’s fleet. This has been designed with a new user interface that offers a more intuitive experience and navigation options. Customers can receive personalised content recommendations based on their preferences and viewing history, while KrisFlyer members can bookmark and resume content, as well as customise and save preferences and playlists for subsequent flights.
KrisFlyer members and Business Class customers will also have access to additional in-flight entertainment content choices. In addition, customers will have access to high-speed in-flight WiFi service on the new A350-900s.
The A350-900 features higher ceilings, larger windows, an extra wide body delivering more space and comfort as well as lighting designed to reduce jetlag.
Aitken Spence PLC was ranked among the Top 10 Most Admired Companies of Sri Lanka 2019 for the second consecutive year by International Chamber of Commerce, Sri Lanka (ICCSL) and The Chartered Institute of Management Accountants (CIMA) Sri Lanka.
The Most Admired Companies of Sri Lanka 2019 awards was held on September 25, at BMICH to celebrate the best in Sri Lankan business. The Chief Guest, Prime Minister Ranil Wickremesinghe was present at the event.
 |
| D.H.S. Jayawardena |
In addition to recognising the Most Admired Companies of Sri Lanka 2019, the Most Admired Leaders of Sri Lanka 2019 were acknowledged at this award ceremony. A special award under the category of ‘Business Accomplishments - Entrepreneurship’ was presented to Deshamanya D.H.S. Jayawardena to pay tribute to a business leader in Sri Lanka for unparalleled success over many years. Jayawardena is the Chairman of Aitken Spence PLC, the founding director and current Chairman/Managing Director of Stassen Group and other notable business entities in the country. His inspirational leadership has been the underpinning of the noteworthy milestones that the Company has achieved.
Furthermore, his entrepreneurial spirit, business acumen, foresight has fueled a capable team at Aitken Spence that are passionate, and purpose driven to reach excellence in every sphere of their work. Stasshani Jayawardena, Director of Aitken Spence PLC, collected the award on his behalf.
“Aitken Spence has always been a cut above the rest in terms of financial performance and value creation for shareholders, customers, employees and the general community while protecting the environment that sustains us.
This award is a further testimony that as a responsible organisation, we create positive impact for all our stakeholders and we have and always will be committed to the development of our nation,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.Listed in the Colombo Stock Exchange since 1983 and marking its 150th year milestone in 2018, Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Financial Outsourcing, Insurance, IT, Printing and Apparel sectors.
 |
| D.H.S. Jayawardena – Chairman Aitken Spence PLC; On behalf of Jayawardena, Jayawardena receiving the award for Business Accomplishments – Entrepreneurship |
The government must solve the Oil Palm industry issue by allowing the aging plants in nurseries to be planted in estates, said President of the Ceylon Planters’ Society Rashantha Perera at their 83rd Annual General Meeting at Hotel Galadari.
“The ban on planting Oil Palm is another blunder brought on by some half-baked environmentalists, with no scientific evidence to prove reasons for raising these objections. The Government must ensure that there is solid scientific evidence when either banning or introducing any agricultural product or activity”.
“Unless this matter in settled quickly the companies and the country stand to lose a great sum of money.”
He pointed out that Tea Exports have declined by 6% in 2018 and this is mainly due to the lack of re planting and scarcity of labour. Due to the lack of re – planting for over two decades, land preparation, nursery techniques etc. are today forgotten entities. “We hope that the funds would be available for re planting and hopefully RPC’s will also be allotted funds. Commenting on the Rubber industry he said that there is a decrease in production and prices. “An economist of repute Dr. Nimal Sanderatne has recommended the implementation of the Rubber Master Plan to rectify the position.”
In the Coconut Industry, export earnings have dropped by 11% compared to 2017, due mainly to higher domestic consumption, with production being static. He also thanked the Minister of Plantations Navin Dissanyake for coming forward to help the industry iron out several key issues faced by them from time to time.
He was also instrumental in settling the Planters retirement age issue which was battled for 25 and Minister has now obtained cabinet approval for the extension of the retirement age up to 60 years.
He also suggested that when Government authorities take over estate land, alternative cultivatable blocks of lands be given instead of cash to enhance the productivity of all Plantation crops.
He also requested the RPC’s not to take ad-hoc administrative measures when it comes to staff transfers and other issues. Chairman Watawala Plantations Sunil Wijesingha was the Chief Guest. (SS)
The initial outlay on Sri Lanka’s largest vocational skilling project announced on August 28 has now increased by a huge 60% from its first value.
“Due to some important revisions and re-assessments on ground, the project value has been boosted by another US $ 30 million to total at US $ 80 million. This is a very large project” Daekyoo Park, the Country Director of Korea Exim Bank EDCF Colombo Office said.
Country Director Park, who was leading his team to discuss about various cooperation projects by South Korea in Sri Lanka, said so at a meeting with Sri Lankan Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training (ICTPDPCDSDVT) Rishad Bathiudeen during the review meeting held at Colombo’s Industry and Commerce Ministry on September 26.
Minister Bathiudeen, as the Sri Lankan Minister of Skills Development & Vocational Training, first announced the plan to set up a fully-fledged Ocean University in Sri Lanka with Korean support on August 21, when he addressed the launch of the modernised Gampaha Technical College (GTC) -also supported by South Korea- under his Ministry. “The Ocean University we have at present is not a complete university. We are planning to set up a fully-fledged Ocean University at a cost of US $ 50 million. We will be able to start work on it in the coming weeks” Minister Bathiudeen said on August 28.
At the September 26 meeting, Korea Eximbank Country Director Park revealed: “The Draft Masterplan that was formulated with stakeholders in September 2018, will be finalised and be ready very soon. The basic structures and course designs of the Ocean University have also been agreed upon. The location of this new University will be at Mattakkuliya. Another Ocean Training facility is also located at present in Mattakuliya just a few blocks away from this chosen land but the main University will be constructed on the best location for it-that is, at the estuary of Kelani River in Mattakkuliya. Due to some important revisions and re-assessments on ground, the project value has been boosted by another US $ 30 million to total at US $ 80 million (Sri Lanka Rs 14.5 billion!).
Creating a historic land mark in Sri Lanka’s automobile industry, Mahindra & Mahindra India and Ideal Motors would initiate the assembly of Mahindra Treo electric three-wheelers in their newly built factory in Matugama.
Founder and Executive Chairman, Ideal Group, Nalin Welgama, said that Ideal Motors along with global brand Mahindra, have already inaugurated its first completely knocked down facility towards the assembly of automotive vehicles in Sri Lanka by Prime Minister Ranil Wickremesinghe. The investment is USD 50 million. The Mahindra Ideal Lanka Private Limited plant, is a 65:35 joint venture between M&M and Ideal Motors, Sri Lanka.
“Ideal Motors is proud to be a pioneer in setting up the first automotive assembly in direct partnership with automobile Mahindra to assemble KUV100, a compact SUV, with a production capacity of 5,000 units per annum,” he said.
Spread over 10 acres, Mahindra Ideal Lanka would localise 4 components, namely battery (Exide), tyres (Ceat), seats and exhaust. The plant is expected to provide employment in the tune of 200 people directly and indirectly over the next 2 years. “We hope to release the first locally assemble car by the end of the year.”
“This new partnership would enable Sri Lanka to rise and manifest its glory through the ‘Made in Sri Lanka’ route.
“Import substitution is what we need for this market. Our focus is on locally sourcing more components and build a local industry,” Welgama said.
“We have at present, taken another step forward and will start the assembly of Mahindra Treo electric three-wheelers at this plant at its earliest and release them to the local market by December 2019.
Chief of International Operations Mahindra & Mahindra, Arvind Mathew, said earlier, that over the past two decades, Mahindra established a strong presence in Sri Lanka.
He said, they were the first automobile company to unveil an electric powered three-wheeler.
Master Divers (Pvt) Ltd., leading marine services company, will invest over Rs. 200 million to increase their operations in Trincomalee and Colombo.
Founder and Chairman, Master Divers and W A Tucker, Ariyaseela Wickramanayake, said that due to south west monsoon their harbour operations in Colombo had become almost impossible and they moved some of their operations to Trincomalee. “We now see this as a major success and would now look at introducing warehousing facilities to Trinco.” In addition we will also add more infrastructures to our Kelaniya warehouse.”
Speaking to Daily News at the 40 years celebrations in the industry under the theme Greater Tomorrow’ he said that Trincomalee is one of best Ports in the world and they foresee tremendous potential.
“Today though many are claiming to have played a key role in creating Hambantota Harbor I am proud to say that it was my concept that saw the light of the project. “This harbour was used centuries ago. I saw the potential in this harbour 45 years and now I am happy that it is finally up and running. Master Divers was established in 1978 mainly to take this industry away from foreigners dependency and today we have achieved that.”
“We been a part of many historical moments of Sri Lanka, where the professional divers from Master Divers carried out an emergency dive at Victoria Dam when it was completely flooded with its outlets were jammed and helped preserve the Victoria Dam for future generations. Master Divers also transported the 390 megawatt Muthurajawela Power plant as well as the Puttalam power plants, from the Colombo harbor to their present locations.
“Our next step is to service the demand in the remaining parts of the South Asian region and become South Asia’s foremost diving and marine service provider,” said Director Akmal Wickramanayake.
“Master Divers plans to venture into new business such as Logistics, Bonded Warehousing in Trincomalee, Hambantota and Colombo along with many other new services within next five years to provide more turnkey and value added services to our customers,” he added.
“Today Master Divers are engaged in off-shore and harbour based marine activities and maritime construction activities and maritime construction work in Thailand, Maldives, India, Singapore and Saudi Arabia said Director, “said Toshan Wickramanayake.
“Master Divers owns the largest savage tug in the region and the largest hull cleaning machine in the world and we are the only marine organization in Asian Region with such accolade.
Master Divers are engaged in towage, salvage, marine engineering, civil engineering, or any other connected services.
Sri Lanka could be the only country in the world with preferential access to China, India and the European Union under GSP plus if the partnership agreement with China ends successfully.
Central Bank of Sri Lanka (CBSL) Governor, Indrajit Coomaraswamy speaking at the seminar on ‘International Trade Agreements:Policy Options for Sri Lanka’ last week said that they are trying to renegotiate the bilateral agreement in goods with India to expand it to cover services, investment in technology and training and a similar agreement is to be negotiated with China.
Furthermore, a partnership agreement with Singapore and a bilateral agreement on goods with Pakistan and another partnership agreement with Thailand is to be negotiated. “The location along with this preferential access, Sri Lanka could develop a lot. But a lot needs to be done. We have made a start but the progress is slow,” he said.
UK has been a major trading partner accounting for 8.2%of exports and 1.2%of imports in 2018, the Governor said that the impact of Brexit on Sri Lanka depends on the outcome of the process as well as the trade policies that the UK would adopt afterwards.
He also said that the growth in exports is not happening much faster while in imports the expenditure increases at a much faster pace. This is in contrast to the trade performance of successful countries of East and South East Asia. “The reason for our exports for not having a considerable growth is due to not having straight forward policies in exports, failure in increasing the volume and complexity of products and less diversification of export products,” he added.
Furthermore, reduced international competitiveness in Sri Lankan products due to high production cost, lack of labour and complex import tariff structure, high electricity cost in production and existence of para tariffs which impede access to global supply chains also can be taken as the issues and challenges faced in external trade sector of the country.
However with the decline of exports to 12.4%in 2016, a considerable increase was seen in years afterwards. In 2018 exports recorded 3.4%of GDP. A number of policy measures have been taken to address the issues and challenges related to external trade. Improving trade logistics, a new trade policy was introduced with the objective of attracting more export oriented FDIs, increasing transparency and efficiency of customs procedures, the launch of the National Export Strategy by Export Development Board (EDB) which spans fover a five year development program from 2018 to 2022 which has made considerable progress so far, an innovation and entrepreneurship strategy formulated by the technical assistance from the World Bank and launch of a trade information quota by the Department of Commerce in 2018 are some of them.
He further said that all these measures taken together should serve to address the policy framework which has constraints on export expansion. The start has been made and more could be done.
Diversification of services exports in terms of infrastructure and skilled labour should be there which is vital. Special consideration should be placed particularly upon Information Technology, business process outsourcing and tourism sectors. Manufacturing should not be ignored. New industrial zones should be created. Consideration needs to be given to begin trade with new markets specially in Asia with the support of trade agreements in terms of exports and greater integration with global and regional economy on trade agreements are crucial for the country to move forward.
He also said that despite the political instability last year and the heinous event of April, the underlying fundamentals of the economy are in reasonable shape. However growth is the challenge. Currently the growth rate is at about 3% where the potential growth rate as estimated by the CBSL is about 5%.
“So we need to get that up. But achieving it should not be done by artificial pumping up growth through inappropriate macroeconomic policies such as loosening monetary policies or either having expanding fiscal policies or both. Strengthening the growth framework through structural reforms, should be done. Here trade policies acts a major role,” he said.
HP Inc, the market leader in digital printing, has installed the first HP Indigo 12000 Digital Press at Colombo Facility of Ranpath Group, a leading printing solution provider in South East Asia.
The new HP Indigo 12000 Digital Press produces the widest range of commercial applications with breakthrough print quality, high productivity, and broad versatility. It delivers a new level of printing capabilities that open unique, high-value opportunities for digital printing business.
Enabled by HP Indigo’s Liquid ElectroInk technology and unique digital offset process, prints produced on the HP Indigo 12000 Digital Press are of the highest quality.
Using the breakthrough LEP Technology, the press delivers the smoothest and sharpest prints in the industry, matching 100%offset print quality.
Country Manager, Indigo and PageWide Web Press, Graphics Solutions Business, HP Inc. India & Sri Lanka A Appadurai, , said, “The focus of offering high quality printing solutions revolves around smooth and supreme commercial offset printing quality. Our association with Ranpath Group is a proof of our continues commitment for excellence& innovation. With the latest installation of HP Indigo 12000 Digital Press,we will be revolutionizing the Sri Lankan commercial print industry in a big way.”
 |
| Country Manager, Indigo and PageWide Web Press, A Appadurai, Director, HP Indigo and PWI, APJ, Oran Sokol, CEO, Ranpath Group Niroon Buddhasiri and other ofifcals at the launch |
Director, HP Indigo and PWI, APJ said Oran Sokol,, “The Indigo 12000 digital press sustains commercial printers in evolving the strong-growth, high-value print markets among commercial printers which are becoming the base for a future of fully demand-customized print communications.”
CEO, Ranpath Group Niroon Buddhasiri, said, “by leveraging the capabilities of the HP Indigo 12000 Digital Press, we will revolutionize the commercial printing industry in Sri Lanka. With this new technology we will empower the brands to be more creative and drive more impactful engagement with their consumers.”
HP Indigo offers a suite of integrated solutions that simplify and automate color management and enable businesses to save time and costs with fewer color adjustments and reprints.
The world’s bestselling B2 digital press with about 600 installations across the globe just got better. The Indigo 12000 introduces valuable innovations in print quality, application range, and productivity, a new priming technology and breakthrough color matching capabilities.
vivo mobile is on a path to establish their unprecedented smartphone vision in Sri Lanka along with their upcoming smartphone models, that will further accentuate the smartphone manufacturing company’s dedication towards creating a creative and technologically innovative smartphone experience for its users in Sri Lanka.
Founded in 1995, vivo is a Chinese multinational manufacturer of smartphones headquartered in Dongguan, Guangdong province, China. vivo entered the telecommunication and consumer electronics industry through the manufacturing of landline phones and wireless phones.
“In Sri Lanka, vivo has been established since 2017, with its portfolio of next generation mobile devices, that are designed to serve the youth of the island nation. As such, though vivo is relatively a new entrant to the local smartphone market, we are decidedly positive on the potential of Sri Lankan smartphone users and the changing market landscape,” stated Kevin Jiang, CEO for vivo Sri Lanka, chronicling the brand’s premise in Sri Lanka.
“Since start of the business operations, vivo has launched a series of flagship smartphone models for mid and high end segments. Our product ranges in Sri Lanka are vivo Y series, vivo V series and vivo S series. We have joined with Abans PLC as our National Distributor, along with vivo’s island wide chain of retailers and dealers to fulfill local customer’s needs and provide rapid sales support,”stated Jiang.
Commenting on recent product promotions in Sri Lankan market, Jiang added, “In August 2019, vivo Sri Lanka introduced vivo S1to the Sri Lankan market, which featured 32MP AI Selfie Camera and AI Triple Rear Camera.
vivo V15Pro, the flagship model that was introduced in March 2019, housed a triple rear camera setup comprising a 48MP (f/2.0) quad pixel sensor (effective 12MP).”
vivo’s key innovation milestones includes, launch of the world’s thinnest smartphone at the time of its release: X1, X3, and X5Ma, first smartphone company to launch smartphone with 24MP front facing camera: V7 and V7+,first smartphone company to put a dedicated Hi-Fi quality audio chip in a smartphone: X1and first to launch 20MP dual front camera smartphone and many more.
vivo continues to invest in new technologies such as 5G, Artificial Intelligence; thereby vivo has set up it 5G Research Institute in Beijing.
From hardware design and manufacture, to software development, (Android based Funtouch OS), vivo has built a complete and sustainable ecosystem.
The Young Chartered Accountants Forum (YCAF) of CA Sri Lanka recently organized a “career guidance program” for the benefit of over 100 young Chartered Accountants who received valuable take-aways at the end of the program.
The program was organized to support young members to overcome practical issues faced in the professional and personal arena. The program commenced with a guest speech delivered by Jehan Perinpanayagam, CEO Infomate Pvt Limited/Vice President of John Keells Holdings PLC. He emphasized on the importance of young professionals demonstrating leadership skills, communication skills and displaying creativity in designing solutions to complex business scenarios in order to play the dynamic accountant’s role in future.
The highlight of this engaging event was the interactive case study discussion conducted by a panel of young and accomplished members of the profession. This provided participants to mingle with experts from the profession and discuss important career and professional development related matters.
The panel of facilitators who guided the young professionals during the case study discussion was Suranga Indunil, Senior General Manager of Brandix Apparel Limited, Imraz Iqbal, Assistant General Manager of LOLC Holdings PLC, Dinusha Rajapakse, Associate Director of BDO Partners and Janith Gunasiri, Assistant Vice President - Retail Sector of John Keells Holdings PLC.
During the panel discussion the audience was given the opportunity to have a glimpse of the success stories of the panelists and learn how they overcame challenges they themselves faced. The program was identified as one of the most successful events organized by YCAF due to the distinctive nature of program outline and participants’ feedback on their learnings.
The Total Marine Solutions(TMS)team of Diesel & Motor Engineering PLC (DIMO), one of the leading engineering companies in Sri Lanka successfully concluded a complex repair of two MTU Engines, on a super luxury yacht based in a remote island in the Maldives, clearly defining DIMO’s stance and capabilities in extending their services to the region.
A number of shipyards had been reluctant to take on this particular project as the owners came forth with very specific repair requirements.
The yacht in question was an Azimut 98 Leonardo and the design of the yacht in particular did not provide engine room access for the engines to be taken out during an overhaul. This would have meant cutting open the ship’s hull in order to take out the two engines. The owners did not want to attempt this, as it could have affected the appearance of the luxury yacht.
The TMS team under took the project and subsequently devised an innovative solution by fabricating a special tool that could turn the engine inside the engine room in order to carry out the overhauling of both engines in situ.
Although repairs of this nature is generally conducted in dry docks or slipways, enduring very high costs, the TMS team carried out this activity while the vessel was afloat. One engine had completely seized due to oil starvation, damaging the crankshaft and the engine block.
Commenting on the success of the recent repair undertaken by TMS, Chairman & Managing Director of DIMO Ranjith Pandithage stated, “World class brands require world class people to manage and patronize the brand in any market. This epitomizes our capability, core competencies and quality of workmanship in the field of engineering.” Cheval Blanc Randheli in the Maldives assigned the overhaul of the yacht to DIMO TMS . Following the success of the project, Director of Engineering of Cheval Blanc Randheli Nalin Maheepala stated, “Working with the DIMO TMS team was a pleasure as they were very professional and were able to execute the service by utilizing limited facilities and resources at their harbour and that too within a limited time frame.”
Customarily, a standardized process needs to be adhered to when taking out the engines of a boat of this calibre in order to conduct a repair job. Following completion of the overhaul, sea trials were carried out to ascertain the performance of the Diesel Engines and the vessel successfully achieved the design speed of 24 Knots. Commenting on the job, Director / General Manager of DIMO Roshan Fernando, indicated that the project took three and half months to complete.DIMO branched out into marine engineering over 30 years ago and has established a reputation as the leader in its field.
Liyonta Tea Factory in the Matara region, was successful in establishing an All Time Record Price of Rs. 1,300/- per Kg for a Pek Grade tea at the Colombo Tea Auction held on the September 24, auction.
This factory is owned by Ronie Liyanage.
The tea was auctioned by Mercantile Produce Brokers (Pvt.) Ltd. and was purchased by Lakroo Teas.
Selmo (Pvt) Ltd, a front runner in the local packaging industry, was the receiver of Lanka Star Gold Award and Lanka Star President’s Award at the recently concluded Lanka Star Awards 2019.
Lanka Star Awards was held at the Kingsbury, Colombo, was graced by special invitees, industry professionals and other distinguished Guests.
Selmo (Pvt) Ltd won one of the only 2 Gold Awards presented that night for company’s design and manufacturing of the 300 ml bottle for ‘Tambili’, the organic king coconut water product of Pristine Kokos Pvt Ltd.
Selmo’s winning entry also scored highest points among all entries to clinch the Lanka Star President’s Award, a feat that was testimony to the company’s superior capacity.
‘‘Selmo has come a long journey of 36 years from being a start up to become a giant in the local packaging industry. The prestigious accolades at the Lanka Star Awards 2019 add to a long list achievements we made during this journey. Apart from the state-of-the-art technology and superior creative capabilities, our committed work force remains our main pillar of strength. This win is a testimony not only to our technological and creative capabilities, but also to our dedicated employees who are willing to go above and beyond for the clients” said Anton Hemantha, Chairman/Managing Director ofSelmo (Pvt) Ltd.
An MOU was signed between AAT Sri Lanka and Imperial College of Business Studies (ICBS) to provide an exclusive pathway for the Higher Diploma in Accounting and Finance students of AAT Sri Lanka to directly enter to the final year of globally recognized three year degree BA (Hons) International Business and Finance offered by the University of West of Scotland – UK.
For those who have completed the HDBF program offered by AAT Business School, can directly enter to the final year of the degree program and to be graduated within a shorter period of time.
“This is a great opportunity to be a internationally to be a recognized degree holder within one year and become a dual qualified professional in the industry,” an official from ICBS said.
Sysco LABS was awarded the Merit Certificate in the ICT Sector of the Sectoral Awards category at the 23rd annual Presidential Export Awards.
The ceremony held at the BMICH in Colombo on September 19, was presided over by President Maithripala Sirisena.
The award selection, made by a panel of judges appointed by the Export Development Board (EDB), recognized outstanding exporters for their work in the 2018/19 financial year.
Initiated in the year 1981 by the EDB, The Presidential Export Awards (PEA) is considered the highest form of recognition for exporters in Sri Lanka and recognizes those who have made significant contributions towards the country’s exports.
Sysco LABS was considered for the award based on the significant impact it has made in the year of review towards the economy in promoting ICT sector led exports. Since becoming Sysco LABS via the acquisition of CAKE by the Fortune 60 company Sysco, it has expanded its engineering from the restaurant technology suite to ecommerce, logistics, analytics, supply chain management, cloud pricing and much more across the massive and diverse foodservice industry; influencing the technology that makes Sysco’s 60 billion USD business possible.
Speaking on being recognized as a top performer in the ICT Sector in Sri Lanka, Shanil Fernando, Co-Founder & Managing Director - Sri Lanka at Sysco LABS said, “Our company is a young company, but the fact that in our little over 10 years of operation we have been able to achieve this level of growth is a testament to the level of engineering and innovation that is possible in Sri Lanka.
From a start up a few years back to be recognized amongst the giants in the corporate world in Sri Lanka is an absolute privilege.” Commenting on the future Shanil said, “We have always believed that Sri Lanka could be a hub for innovative tech product development like Israel or Ireland, that is why we shifted our focus to it with the development of our restaurant operating platform CAKE and encouraged other local companies to do so as well”
A full day Workshop on Export Procedures and Documentation will be held on Thursday, October 102019 from 8.30 a.m. to 4.30 p.m. at the National Chamber Auditorium, (NCCSL) 450, D. R. Wijewardene Mawatha, Colombo 10.
The course provides a perfect understanding of exports for new staff, and a comprehensive revision to experienced staff to get updated with latest procedures and understanding of day to day work related to exports.
The Resource Person will T. Raviendrarajah, Former Director of Customs (Over 36 years of experience at the Sri Lanka Customs in various departments will speak on: Introduction to Export; Export Planning; Introduction to International Trading; Source of Export; Determining Export Requirements; Export Restrictions; Terms of Sale; Incoterms 2010- A review of the main ones; Classification of Export Documents; Role of Freight Forwarders in Exports; Logistics and Physical Distribution Activities; Customs Export Procedures; Port Procedures; Customs - Privileged Facilities; Special attention on “WTO Trade Facilitation Agreement (TFA) - Publications & Sri Lanka Trade Information Portal (SLTIP).
The target audience will be Supervisors, Managers, all staff who are involved in exports and an ideal refresher course. A Certificate will be issued to each participant and further details could be obtain from the National Chamber email nishanthi@nationalchamber.lk or nirmani@nationalchamber.lk
The Commercial Bank of Ceylon has received the honour of being named among the ‘10 Most Admired Companies’ in Sri Lanka, an award presented by the International Chamber of Commerce Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA) and for the second consecutive year.
The Bank was presented this award by Prime Minister Ranil Wickremesinghe, at an event held at the BMICH on 25th September. Companies in the Top 10 included diversified conglomerates, leading banks and household brand names in the food and beverage sector.
The awards recognised companies that are a cut above the rest in terms of not just their financial performance but also the value they create for their shareholders, customers, employees and the wider community in general.
The nomination of companies for this award was based on a public survey conducted by the organisers requesting participants to vote for companies that they admire on selected criteria. The companies shortlisted through the survey were asked to submit an application followed by a presentation.
The companies honoured with a Top 10 ranking are those that enjoy the strongest reputations, inspire other organisations and entrepreneurs, and have proven their mettle with consistency, authority and sustainable growth, creating excellent business performance.
Companies were ranked against a set of quantitative and qualitative criteria. The quantitative criteria included financial soundness, long-term investment value creation, earnings growth and dividend payout. The qualitative assessment covered quality of management, quality of products and services, competitiveness, ability to attract, develop, and keep talent, innovation, and environmental, social and corporate responsibility, including the track record of integrity and business ethics.
Commenting on this prestigious accolade, Commercial Bank Managing Director S. Renganathan said: “This award reflects the trust that the Commercial Bank has earned through its unwavering commitment to honesty, ethics and best practices and its passion not just for business excellence but to being an exceptional corporate citizen. While it is an honour to be listed among the Most Admired Companies for the second time, the Bank is also humbled by the consistent support shown by its customers and shareholders, and deeply appreciative of the dedicated service rendered by the staff.”
India has imposed unrealistic Minimum Import Price (MIP)on Sri Lanka Pepper and Arecanuts resulting in negligible exports, Management Committee, of Spices and Allied Products Producers and Traders’ Association (SAPPTA) said in a press release.
Sri Lanka exported around 75% of Pepper Exports and almost 100% of its Arecanut exports to India. The MIP on Pepper is INR 500 whereas the local market is INR 200 (LKR 500).
“In the case of Arecanuts, Indian importers are also finding it difficult to clear the cargo at the port of entry.”
Recently the Indian Government Authority instructed our Phyto sanitary Department not to issue certificates for the export of Clove Stems, an absolute requirement for the clearing of cargo in India.
In the meantime, stocks of these commodities remain unsold with farmers who continue to agitate with prices declining.
“What is the use of Free Trade Agreements, if such restrictions prevent exports?,” SAPPTA asks.
As per the recommendation of the Special Commission on reviewing salaries of the public sector appointed by the President, the monthly salary of all Public Servants will be increased by a minimum amount of Rs.3000.00 and, a maximum of Rs.24,000.00 per month effective from January 2020, a statement issued by the Finance Ministry today said.
“This salary increment will be granted in addition to the salary increment which was granted up to 107 percent by 2020 comparing to the basic salary that prevailed in 2015.
As a result of this new salary increment, salary anomalies existed in different sectors of the Public Service will be removed. The President had appointed a 15-Member Salary Review Commission headed by S Ranugge to make recommendations to remove the salary anomalies in the Public Sector.
As a result, the salary of all Public workers will be further increased from January 2020 and, especially the salary anomalies that were reported to be in certain public sector organizations inclusive of the Railway and the Postal services will be removed.
