Friday, July 31, 2020

Dialog Axiata Initiates the 10 Bed ICU Development Project at Homagama Base Hospital

Dialog Axiata Initiates the 10 Bed ICU Development Project at Homagama Base Hospital

Sri Lanka’s premier connectivity provider, Dialog Axiata PLC, has commenced immediate civil work for the expansion and provision of all equipment to establish a fully functional ICU (Intensive Care Unit) at the Homagama Base Hospital. Funded entirely by Dialog Axiata, this is the second component of the pledged Rs. 200 Million towards urgently required ICU capacity development in hospitals selected by the Ministry of Health & Indigenous Medical Services (MOH).

The civil work and critical ICU development at the Homagama Base Hospital will establish a fully functional ICU complex to accommodate 10 new beds - complete with state-of-the-art medical equipment advancing the hospital's capability to treat critical patients. One of the 18 designated hospitals to treat COVID-19 patients, the Homagama Base Hospital treats more than 400,000 patients annually. By augmenting the hospital’s critical care facilities, Dialog Axiata will further enable a higher chance of survival for admitted critical patients in the long run, lessen the pressure on medical staff treating patients with acute illnesses whilst also further acting as a catalyst to improve healthcare systems in the catchment area. This initiative follows the launch of the new fully functional ICU complex at the Negombo District - General Hospital.

Dr. Janitha Hettiarachchi, Medical Superintendent at the Homagama Base Hospital stated, “With a 2 ICU bed capacity and a growing catchment population, the Homagama Base Hospital’s biggest hurdle in transforming to a COVID-19 treatment centre was the absence of a fully functional ICU. We are extremely grateful for the contribution from Dialog. The establishment of a fully functional ICU doesn’t limit treatment to COVID-19 patients, and will help us accommodate more patients and surgeries whilst also being able to focus our efforts on the specialisation of Intensive Care.”

Commenting, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “Following the conclusion of the ICU development at the Negombo District General Hospital, Dialog commenced the project to deliver a fully functional ICU at the Homagama Base Hospital. Our teams are working tirelessly with the Ministry of Health to carry forth these efforts and establish a fully-fledged ICU in the weeks to come.”

 

 

 

CIMA ORGANISES CXO FORUM DELIBERATING ON BUILDING SUSTAINBLE BUSINESSES FOR SRI LANKA

CIMA ORGANISES CXO FORUM DELIBERATING ON BUILDING SUSTAINBLE BUSINESSES FOR SRI LANKA

“Two thirds of transformation exercises fail though senior business leaders feel digital transformation is a key imperative”.

This was mentioned by Ms. Lin Gong-Deutschmannat the annual CXO Forum of The Chartered Institute of Management Accountants (CIMA) in Sri Lanka, which was held on 24th July 2020 as a virtual event. This year’s forum was built on the theme of ‘Visionaries: Building sustainable business for Sri Lanka’s future’, focusing on laying the cornerstone for resilient businesses, thriving on the strong grip of Big Data, Green Economy and managing investor climate.

The well-rounded panel was composed of Ms. Gong-Deutschmann - Co-founder of Artificial Intelligence Academy (AIA), Prakash Iyer – Motivational Speaker  and Leadership Coach (Former MD Best-selling Author Kimberly Clark Lever), Dileep Mudadeniya – Head of Brand Marketing of Cinnamon Hotels and Resorts (CEO and Vice President of John Keells Group’s Cinnamon Life Mall), Chanakya Dissanayake FCMA, CGMA – Senior Director/Country Head for Sri Lanka and Global Head of Investment Research Acuity Knowledge Partners. The session was moderated by Shiran Fernando FCMA, CGMA – Chief Economist of Ceylon Chamber of Commerce.

The panellists’ insights on building resilient businesses were tailor-made to address the current crisis-hit corporate environment of the country. The futuristic discussion focused on the ideal leadership attributes fit for these times, the essence of digital transformation, operationalizing excellence in a crisis-hit macro environment and Sri Lanka’s way forward post COVID-19, especially on the tourism front. Amongst the speakers, the echoing remark was the importance of continuously redefining the corporates’ vision (even for professionals to keep redefining themselves to suit the changing business dynamics) and utilizing the power of technology especially through digitalization as the crisis inevitably provides opportunities for the players who would leap ahead of the pack fast.

Speaking further Ms. Gong-Deutschmann spoke extensively on the key role played by digital transformation in building future proof organizations. The pandemic has accelerated the need to have a ‘bold’ re-look of transforming corporates digitally by absorbing trending arenas such as machine learning, big data and robotics. She explained that having a clear digital transformation agenda in the overall corporate agenda coupled with wholistic approach encompassing adequate/right resourcing and building the employees’ digital capabilities play a pivotal role in success.

Bringing in the importance of having the crisis-resilient leadership qualities, Iyer presented seven strategic leadership notions to be prioritized. (1) Re-imagining the business in a wider scope (2) Defeating distractions to build corporate resilience (3) Futuristic cash conservation (4) Having a collaborative mind-set (as opposed to typical competition) (5) Encouraging innovation by celebrating failure (6) Dreaming big (10x growth mindset) and encapsulating all aforesaid together (7) Building humane enterprises.

Mr. Dissanayake shared live examples of how Acuity Knowledge Partners executed resilient business continuity despite the pandemic impact. While acknowledging that continuous capital injections in the western hemisphere has kept the capital market momentum up and running, he highlighted on how the digital investments made in yesteryears have now become handy in business continuity attempts. Chanakya also reiterated the need to ‘fight the compulsion to absorb protectionism’ and to embrace open economic policies and regional integration, to exemplify Sri Lanka’s competitive advantage.

Despite the immediate significant impact experienced by Sri Lanka’s major service offering i.e. tourism sector, Mr. Mudadeniya spoke positively on the recovery prospects highlighting several measures on re-imagining Sri Lankan tourism through (1) Reconsidering source markets (2) Building strong support systems (3) Drafting a detailed re-launch plan and (4) Reviving tourism demand. To realize the latter, Dileep suggested to tighten the focus on wellness and luxury travel markets.

The virtual forum was attended by C-suite individuals including CEOs, CFOs, CIOs, CMOs and other leaders representing several business sectors of Sri Lanka, in addition to CIMA members. Organised by the Stakeholder Relations Sub Committee of the CIMA Country Network Panel, the event was, guided by Rajeev Aloysius, FCMA, CGMA, Chair of the Sub Committee with Rasika Galappaththy, FCMA, CGMA as co-chair of the committee and Nivran Weerakoon, ACMA, CGMA, as the project team leader of the event.

This year’s virtual forum was sponsored by two prominent digital solution providers – Z messenger Ltd. and Ad Studio, as the gold sponsor and the exclusive programmatic advertising partner of the event.

 

Thursday, July 30, 2020

Mount Clifford Residencies Homagama to redefine urban living in new normal

Mount Clifford Residencies Homagama to redefine urban living in new normal

Mount Clifford Residencies is structured and designed to allow residents to have a stress free lifestyle while reaping the benefits of vertical living.

The complex is strategically located just minutes away from the Homagama town and the Kottawa Southern Expressway, within the vicinity of few leading universities. With the pandemic having pushed all citizens to be cautious in the manner in which they interact with the community, Mount Clifford Residencies is carefully designed to have more free spaces, natural cross ventilation and ample sunlight within the complex.

The apartments which are 870 Sq Ft in floor area are smartly laid out to feel spacious by utilizing limited space to allow maximum usage while making a way for natural cross ventilation and sunlight. The apartment units are spread across two towers with 6 floors each, constructed to different height levels to ensure maximum privacy and minimum visibility from each building.

ICC has utilized precast technology for the project where there is less involvement of labor and more machinery, thus affirms the on time completion of the project within the set deadline. ICC Precast concrete technology allows for faster construction and ensures better consistent quality standards. Cushioning the residents from the hectic city life, Mount Clifford Residencies is surrounded by a rich lush landscape. The complex paves the way for its occupants to lead a healthy lifestyle as it features a well-equipped gymnasium, a swimming pool, and a relaxing area. Taking the healthy living concept up a notch, Mount Clifford features a jogging track around a herbal garden, which is a rarity in urban real estate space.

The urban apartment agriculture notion is incorporated into the project to allow residents to be engaged in gardening practices. Furthermore, the complex also features a community room, elevators, CCTV, backup generator, centralized gas, and water and electricity system with 24 hours security. Established in the 1980s, ICC has grown to become one of Sri Lanka’s most reliable contractors. Innovative in their methodologies, ICC holds the highest ranting by the Construction Industry Development Authority of Sri Lanka.

Exterminators disinfects Covid 19 quarantine centres

Exterminators disinfects Covid 19 quarantine centres

The Exterminators (Pvt) Ltd Sri Lanka’s premier and pioneer disinfection solutions provider disinfected government controlled COVID-19 quarantine centers with had reported positive COVID-19 cases, to fight the battle against COVID-19. Exterminators High-Risk COVID-Team executed the services adhering to all safety protocols.

 As at June 30 there hasn’t been a single COVID-19 case reported at any of the places disinfected by Exterminators. Marlon Ferreira Founder/Managing Director of Exterminators, said, “in this unprecedented situation due to the COVID-19 pandemic, we at the Exterminators strategically decided to be proactive and take on the battle against COVID-19 to help the community when they needed us the most. Under the ‘Battle COVID 19’ project we disinfected 71 elder’s homes, 29 police stations, 13 religious institutes and South Asia’s tallest tower ‘Lotus Tower’ and many public properties free of charge under ‘Exterminators – Back to the community’ initiative.

‘Optimum Clean – Optimum Hygiene’ we understand the importance of the health and wellbeing of your family, employees and community. We also understand the complexities prevailing with the COVID-19 pandemic in our country, we stand by to take on the battle against COVID-19 by providing specialized disinfection services for commercial and residential properties throughout the island.”

Disinfection you can trust with so many misleading claims out there, you need a partner you can trust. ‘Exterminators Optimum’ uses a powerful but eco-friendly disinfectant approved by the WHO, EPA & CDE (USA), NEA (Singapore) and used in Canada, Japan, Australia, UK and the EU to disinfect against COVID-19. All high touch points such as desks, equipment, switches, door handles will be disinfected according to recent WHO guidelines related to disinfection using the wipe out method, larger floor areas, lifts, washrooms will be disinfected using the Novel Nebulizer/Atomizer to evenly distribute the disinfection. Exterminators Nebulizer / Atomizer. The Ultra - Low Volume (ULV) Nebulizer/Atomizer creates droplets that can be dispersed into the air space.

It generates a mist formed of ULV droplets between 5 - 50 microns in diameter which can float in the air for up to 10 minutes after application. The dispersal of these small micron droplets enables the disinfectant to evenly and thoroughly coat surfaces over large areas. ULV treatments can also treat any airborne pathogens present at the time of disinfection. The novel ULV Nebulizer/Atomizer is used mainly for the application of disinfectants, biocides, fungicides and pesticides.

 Studies have shown that droplets of this size are ideal to tackle pathogens, vector carriers and other pests. Disinfectants that are corrosive, irritating or hazardous are not recommended for application. Pathogenic micro-organisms such as viruses, fungal spores and bacteria are the main cause of airborne or direct contact diseases affecting animals and humans.

Home Lands relaunches website with E-commerce platform

Home Lands relaunches website with E-commerce platform

Home Lands has launched its new and refreshed website with an e-commerce platform where customers can reserve their residential plot online. Facilitating the national initiative “Restart Sri Lanka “,Home Lands brings a concept of 1,500 brand new residential land plots in upcoming 10 projects. Parallel to this, Home lands relaunched the website with a new look where it is convenient, user-friendly and easy access. 

Home Lands Group Chairman Nalin Herath said, “Our current and prospective clients will find useful information about our services on the homepage of our website www.homelands.lk. Website will highlight the projects we have completed and outline how we have designed growth and created new values for our clients. Among the new features, the site contains integrated social media buttons for Facebook, Twitter, Instagram and LinkedIn to foster improved communication with the clients. Web site will be constantly updating content with helpful information, company announcements and client successes” 

New web site also offers a detailed explanation on payment options, chatBOT availability to answer customer queries, capability to reserve lands online, option to check land blocks and google location. Our goal with this new website is to provide our visitors with an easier way of access for their dreamland as Home Lands start 10 new projects with 1,500 lands in favour of customers around the country where the company tries to motivate Sri Lankans and the business community with a positive attitude. 

Home Lands offers pleasant and peaceful residential plots with all the contemporary amenities that are needed for a modern way of life at an affordable price.Lands plots are located in Galle, Matara, Kurunagala, Horana, Kalutara, Anuradhapura, Negambo and Gampaha. Plots layout is the perfect choice for your investment and will make your living smooth and comfortable. Land plots are located close to reputed schools, colleges, hospitals, and other basic utilities with great investment returns in the prominent corridor, especially for the Sri Lankan expatriates. 

As the Central Bank of Sri Lanka lowered its benchmark standing deposit facility rate by 100 bps to a new record low of 4.5 percent and the standing lending facility rate was also cut by 100 bps to 5.5 percent, property demand is greatly increasing.

Also you can obtain housing loans less than 8% per annum. Grab your opportunity to buy your homeland at the best possible price with best offers as we expect more than 17% ROI per annum for your money.

Sanasa Life Insurance provides relief to COVID 19 affected people

Sanasa Life Insurance provides relief to COVID 19 affected people

During the catastrophic situation in the country due to  COVID-19 outbreak, Sanasa Life Insurance Company Limited took action to  provide relief to affected people. SANASA Life Insurance Company, SANASA  General Insurance Company and SANASA Societies jointly launched the  “SANASA Sabandhi Athwela” Community Assistance Project, which provides  relief to those affected people.  

 Essential food items were distributed to selected poor  families throughout the country under this project. The project covered  several districts such as Gampaha, Kalutara, Galle, Kurunegala and  Kegalle. In addition, SANASA Life distributed essential food and  sanitary items with concessionary price to the affected people in rural  villages. Medical safety kits along with PPE kits were distributed to  “De Zoysa Women’s Hospital”, “Maharagama Cancer Hospital” and several  other government hospitals.  

Rs. 6 million was donated to the “National covid-19 Health  Care and Social Security Fund” in association with SDB Bank under this  project.    

Dialog Axiata initiates 10 Bed ICU Development Project at Homagama Base Hospital

Dialog Axiata initiates 10 Bed ICU Development Project at Homagama Base Hospital

Dialog Axiata PLC, has commenced immediate civil work for the expansion and provision of all equipment to establish a fully functional ICU (Intensive Care Unit) at the Homagama Base Hospital.

 Funded entirely by Dialog Axiata, this is the second component of the pledged Rs. 200 million towards urgently required ICU capacity development in hospitals selected by the Ministry of Health & Indigenous Medical Services (MOH).

The civil work and critical ICU development at the Homagama Base Hospital will establish a fully functional ICU complex to accommodate 10 new beds - complete with state-of-the-art medical equipment advancing the hospital’s capability to treat critical patients. One of the 18 designated hospitals to treat COVID-19 patients, the Homagama Base Hospital treats more than 400,000 patients annually. By augmenting the hospital’s critical care facilities, Dialog Axiata will further enable a higher chance of survival for admitted critical patients in the long run, lessen the pressure on medical staff treating patients with acute illnesses whilst also further acting as a catalyst to improve healthcare systems in the catchment area.

This initiative follows the launch of the new fully functional ICU complex at the Negombo District - General Hospital.

Dr. Janitha Hettiarachchi, Medical Superintendent at the Homagama Base Hospital stated, “With a 2 ICU bed capacity and a growing catchment population, the Homagama Base Hospital’s biggest hurdle in transforming to a COVID-19 treatment centre was the absence of a fully functional ICU.”

“We are extremely grateful for the contribution from Dialog.

The establishment of a fully functional ICU doesn’t limit treatment to COVID-19 patients, and will help us accommodate more patients and surgeries whilst also being able to focus our efforts on the specialisation of Intensive Care.”

Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “Following the conclusion of the ICU development at the Negombo District General Hospital, Dialog commenced the project to deliver a fully functional ICU at the Homagama Base Hospital.”

Baby Cheramy Soap, first Baby Soap Brand granted SLS Certification

Baby Cheramy Soap, first Baby Soap Brand granted SLS Certification

Baby Cheramy is a proud 100% Sri Lankan brand with a legacy of 57 years of trust by Sri Lankan mothers, and is recognized as the No. 1 baby care brand in Sri Lanka.

 In recognition of the high-quality products and manufacturing processes, the Sri Lanka Standards Institution (SLSI) has granted Baby Cheramy Soap the honour of being the only baby soap to be awarded with SLS quality certification.

Expressing her views Fiona Munasinghe, Director Marketing, Hemas Manufacturing (Pvt) Ltd stated, “When we introduce a baby product to our customers, we are highly concerned with ensuring the quality of the product offered. We consider the SLS Certification further proof that we honour the trust placed on us by parents throughout the country.”

Baby Cheramy Soap is manufactured in Sri Lanka and is known for its high quality raw materials, proven mildness and is specially formulated with a mineral oil free formula. . Additionally, Baby Cheramy soap is enriched with mild attractive fragrances produced in accordance with the standards of the International Fragrance Association (IFRA).

In her speech at the occasion of presenting the SLS certification to Baby Cheramy, Director General of the SLSI Dr. Siddhika G. Senaratne said, “The SLS certification is the ultimate measure of quality in Sri Lanka, and it is awarded after a thorough analysis of the product and the manufacturing process.

Factors evaluated include the usage of approved and high-quality raw materials, maintenance of proper quality control and maintaining the quality of the final product.

We congratulate Baby Cheramy on becoming the only baby soap in Sri Lanka to achieve the SLS (547) certification.

The introduction of such high-quality products to the local markets by authentic Sri Lankan brands like Baby Cheramy is praiseworthy.”

Even Post-certification, SLSI continues to monitor and evaluate products to ensure compliance with their quality standards, with such measures as annual production facility evaluations, laboratory testing and random testing of the products in the market.

Commenting on the products, Director - Research and Development, Hemas Manufacturing,  Dimuthu  Jayasinghe stated, “We consider high quality and standards as an essential factor in our production process, which is why we invest heavily in research and development processes. Baby Cheramy Soap is manufactured with high quality ingredients proven to be safe, and it has been clinically proven that Baby Cheramy Soap is mild on skin.

All these components combined have ensured that we provide a high-quality product to our customers, and that is something we are proud of.”

HNB partners DIMO to promote TATA vehicles and agri-machinery

HNB partners DIMO to promote TATA vehicles and agri-machinery

HNB PLC, announced the extension of its long- standing partnership with Diesel & Motor Engineering PLC (DIMO) to offer customers convenient leasing solutions inclusive of attractive benefits for TATA vehicles and DIMO Agri-machinery range of vehicles.

HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne and DIMO Group CEO, Gahanath Pandithage graced the ceremony held to ink the partnership, which offers TATA commercial vehicles, TATA passenger cars and Agri Machinery.

“Our latest environment friendly Tata Euro4 commercial vehicle range offers efficient & sustainable transport solutions. We are confident that this collaboration will allow our customers to enjoy a flexible &customised leasing solution for Tata commercial vehicles &Agri- machinery,” DIMO, Group CEO, Gahanath Pandithage said.

“We are excited to further strengthen the partnership with DIMO to offer unparalleled discounts and an assortment of special benefits to our loyal customer base. Through partnerships of this nature, we can deliver flexible and innovative leasing solutions customised to meet the specific needs of our customers, and help them to achieve their dream of expanding their businesses to greater heights,” HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne said.

The partnership will offer HNB customers a host of benefits, including attractive leasing packages, low-interest rates, and customised leasing facilities, tailor-made to suit each customers’ budget and income. DIMO will offer special discounts on a range of vehicles and agri-machinery combined with unmatched warranty periods. Meanwhile, new leasing customers will be offered the HNB Prestige Prime credit card providing access to exclusive discounts on automobile products, servicing, spare parts, tyres and batteries. The first year annual fee for the credit card is waived off.

DIMO will offer HNB customers a special discount of Rs. 50,000 for Mahindra Rotavators, in addition to a Rs. 10,000 discount for light commercial vehicles, medium and heavy trucks, tippers and prime movers. Free registration will be available for Swaraj tractors & a 50% contribution on registration will be offered for Mahindra tractors.

Additionally, HNB customers will be entitled to a comprehensive extended three-year warranty for CLAAS combine harvesters and a one-year comprehensive warranty for LOVOL harvesters. DIMO will also offer a free set of additional front tires worth Rs. 30,000 for Mahindra Compact 4 WD tractors.

DIMO offers excellent after-sales service and genuine spare parts in addition to 24-hour roadside assistance service for TATA customers to complement the range.

Additionally, Mahindra Tractor Service Camps are held free of charge twice a year across the island to provide the farming community with an opportunity to service their tractors in time for the cultivation season.

A TATA vehicle will be on display at selected HNB customer centres while special leasing promotions will be organised at selected TATA showrooms across the island.

โ€œGovernment to woo youth into tea plantingโ€

“Government to woo youth into tea planting”

The government will set up a Rs 500 million special fund to provide loans at low interest rates to new tea small holders, said former State Minister of Tea Industry Development, Kanchana Wijesekera.

He said that the Ministry will obtain funds from the private and government sectors, state banks, Tea Board and private sector-based tea stakeholders to set up this fund. “We hope to provide these loans through state banks at a single digit interest rates with a 18 month grace period enabling the tea small holders to wait until such time tea is plucked in and revenue starts flowing in. We will also introduce a special insurance package along with the loan scheme to ensure against any loss to the plantation,” Wijesekera further commented.

“By implementing this loan scheme, people who want to start planting tea but don’t have access to credit or lands get both. We have observed that the younger generation is moving out of the Plantation sector and we hope they will make use of this Loan Scheme to get involved in the tea Plantation sector,” he observed further.

He said the Ministry has observed that there is a lot of barren land with the State Plantations Companies and hope to provide between 2-5 acres each to new Tea Small Holders in a bid to create more new Tea Small Holders. New Planters who obtain land under this proposed project too would be entitled to this loan scheme.

He further commented, “We are looking at establishing a new designation Named “Tea Technician.” This will be targeted towards retaining the youth who has ideas of working abroad. We will be looking to retain the youth by providing them a higher identity which will boost the self-fulfillment as they will be trained, educated and with a new identity for themselves. Taking the Tea Auction online has also been a giant leap towards the new era of the Tea industry.”

“We are in the discussion stage where we are looking to introduce tea and plantation growing in to the local syllabus as a means of giving an introduction to plantation at an early stage in a child’s life. I believe giving an introduction may open up new carrier prospects for the children when they grow up and will also help with attracting them towards the tea other plantation industries.”

“‘Tea Tourism’” is a new concept we were working on during our short spell at the State Ministry. This new concept is will be implemented to attract the younger generation in to a tea based tourism concept. Underutilized medium sized land plots will be utilized in this concept. This concept will bring most youngsters in the low grown areas where they can make use of the picturesque areas of the Southern Province as well as all the tea growing areas.

We will be discussing this further with the Ministry of Tourism, the Hoteliers’ Association and the Department of Ayurveda to implement various tourist attractions such as Boutique Hotels, Ayurveda spas and Tea Plucking and Processing Experience Centers. This will raise the individual income levels to a new height in those areas.”

Wijesekera, hailing from Matara, said that this project would not be practical without a supply of plants.

“Hence, we have already initiated implementing a new 500 Nursery Planting Programme as well under the Tea Small Holdings Authority. This will give up to five hundred and twenty million new plants for the re-plantation of the nation’s requirement.”

The former State Minister of Tea Industries Development also identified that providing quality fertilizer as and when needed was a great necessity and would ensure that this aspect would be addressed.

He also identified that most of the tea trees are aging and a new replanting scheme is needed. This will enable to increase production and this scheme is already in progress.

“Another programme that needs a push is the growing of cash crops such as pepper and vanilla in tea plantations and we are addressing this. This will mitigate the loss of incomes until the tea plantation is up to the plucking stage. Once it reaches the plucking stage the income will be very generous especially comparing with the current pricing.”

“The Ministry is also looking at introducing the planting of high value commercial timber in tea plantations in order to give more value to the growers,” stated the former Minister.

Former State Minister Wijesekera said that due to various taxes and various other issues over 200 tea factories were closed down during the previous government and the new government has already started a programme to offer them credit to restart these factories. This programme is still in progress.

“We initiated this programme and as a result the Tea Promotional Levy was taken off from the 1st of July 2020 as a temporary measure to help the exporters cover the heavy expenses incurred during the lockdown. Here, we also would like to mention that the only industry operated successfully during the Covid lock down was the Tea Industry. This was purely due to the quick decisions we had to make in order to assist the exporters, growers and the factories to continue the business. Whilst doing so we strictly adhered to the Health Authority guidelines and followed the instructions of the Sri Lanka Police and the armed forces.  I also take this opportunity to thank the armed forces and the Police for helping us immensely during the lockdowns.”

“During the Covid lockdowns we managed to take the Tea Auction online and this also resulted in receiving the highest ever recorded price we have received in the history.” 

“The government is also keen to ensure that local exporters obtain the GI certification in order to give our brand a new leaf of confidence to prove our brand sovereignty. This will eliminate the major problem of other origin teas claiming that they are Ceylon Tea. This will enhance the marketability of the Sri Lankan teas in the global market which will help us obtain higher prices in the international market.”

 “The Covid 19 pandemic would not be there for many more months and this is the time for plantation companies to invest on adding infrastructure to cater to tea tourism and get on board with the various other plans we have.”

 “For the first time in history, President Gotabaya Rajapaksa appointing a separate State Minister for the development of the tea industry itself shows how much of an emphasis is given to the tea industry. It also proves that the government has considered this of utmost importance and is willing to put in that extra work to develop the two hundred and fifty billion rupee industry in to new heights and will savor it for future generations,” Former State Minister Wijesekera stated in conclusion.  

Softlogic Lifeโ€™s Lahiru Maduranga named โ€˜Rookie Insurance Agency Leader of the Yearโ€™ at Asia Trusted Life Agents

Softlogic Life’s Lahiru Maduranga named ‘Rookie Insurance Agency Leader of the Year’ at Asia Trusted Life Agents

Regional Manager Softlogic Life, Lahiru Maduranga

Lahiru Maduranga, a Regional Manager at Sri Lanka’s fastest-growing life insurer Softlogic Life, won the coveted ‘Rookie Insurance Agency Leader of the Year’ at the Fifth Asia Trusted Life Agents and Advisers Awards 2020, organised by the Asian Insurance Review Magazine. Lahiru’s inspiring role as a young agency leader and a productive advisor has helped him to be recognised with this prestigious recognition, edging out over 250 participants from 12 countries across Asia. 

The program is organised by Asia Insurance Review and Asia Advisors Network with LIMRA as a co-organiser, and strong industry support from leading insurance associations and organisations.

The Rookie Insurance Agency Leader of the Year is awarded to an Advisor with an outstandingperformance track record, expert knowledge, placing the interests of clients first and service to the industry. This year, 62 finalists from 11 markets were selected by an eminent judging panel made up of 30 members comprising CEOs, senior executives and industry leaders.

A Team Leader with Softlogic Life since 2017, Lahiru heads a sales team of over 50 members. He led his team tocollectively stamp an Annualized New Business Premium (ANBP) of Rs 98.6 million for 2019 which is incidentally the highest team ANBP in the company and the industry despite the challenging economic climate during that year. Lahiru’s repertoire includes multiple top recognitions at Softlogic Life’s annual awards gala.

He is the recipient of the LIMRA Management Award and was recognised at the National Forum for Life Insurance Advisors.

Lahiru is also an active MDRT member, having attained the MDRT Life Membership in 2019 which requires to win the MDRT recognition for 10 times, and was acknowledged for the fourth successive time as aCourt of the Table (COT).

“It is extremely vital to invest heavily in the professional development and holistic wellbeing of employees as much as it is important to compensate for and recognise their achievements at work. I’m proud to say that Lahiru’s recognition at an international level is a clear reflection of how knowledgeable, driven and disciplined the workforce is at the core of service excellence,”commentedSoftlogic LifeExecutive Director Chula Hettiarachchi.

Commenting on his achievement, Lahiru Maduranga said, “At Softlogic Life, we are constantly encouraged to push the bar forward towards surpassing worldclass standards in delivering service excellence to our growing customer base.

Now more than ever, it is vital that we as a team, dedicate ourselves fully to provide best in class services to all our customers as we help each other and work through these difficult times together.”

Re-opened ceramic factory to produce Lankaโ€™s first solar tile

Re-opened ceramic factory to produce Lanka’s first solar tile

“During the last six months I was able to execute projects and provide services to the public more than during my entire tenure as a Minister previously,” said former Minister of Small and Medium Business and Enterprise Development Wimal Weerawansa. 

In an interview with the ‘Daily News’ he said that this became a reality due to a huge positive change of mindset of top decision makers of the government and also by the public sector after the election of President Gotabaya Rajapaksa.  

“The government administration is also falling in line with the rapid rhythm in which the President is moving towards developing this country. People know that the President and even the Prime Minister Mahinda Rajapaksa has a genuine vision to take Sri Lanka to the next level of economic development and the government officials also want to chip in by playing their part,” said the former Minister. 

Unlike in the previous regimes, the President is not keen to drag on any issue by appointing committees and hence the country is moving at a faster pace, he further stated. 

Following is the Q&A with the Minister: 

Q: What are the positive changes that you see in the last six months?

A: Though opposition says this government has not lived up to its expectations people know that it is just ‘cheap political talk’. 

Firstly, the government machinery from top to bottom moved swiftly and professionally to save the lives of the people from the Covid pandemic and keep the number of patients at around 2,200 and most importantly deaths at 11. How Covid clusters were identified, spread curtailed and patients treated is undoubtedly among the best the world. This clearly shows the management skills of the government. 

Similarly, despite the pandemic, Sri Lanka has honored all its international debt creditably and has also provided huge ‘handouts’ to the public.  

The government could have done more if not for the uncalled for sanctions by the Elections Commissioner. However, soon after the election, we will implement the 100,000 job scheme which also includes providing employment for youth who do not even have O/L qualifications. 

If you take my Ministry we had regular meetings with the SME, industrial and other sectors and have found permanent solutions for issues that were discussed previously and not solved for over 10 years.  

Q: What do you proposes to do for some of the closed government factories and loss making entities?

A: Firstly, closing state owned factories and thereby destroying the livelihoods of people who depended on them is a major crime.  

For example, the Valaichchenai Paper Mill is a huge asset but has been shut down and Sri Lanka is spending millions of dollars to import paper and cardboard. I allocated minimum funds, got the assistance from the Sri Lanka Army and Navy and then appointed a Chairman with immense knowledge of the industry and today Valaichchenai Paper Mill is operating again. Over 30 metric tons of paper and cardboard produced at the factory will be sold on July 30 and we will keep on investing more to increase production.  

My next step is to open the Embilipitiya Paper Mill which will be a reality by the end of year. The Cabinet of Ministers has approved a proposal to revive the national paper mills invalidating an earlier decision to liquidate state-owned enterprises. This factory was leased to an investor who in turn pawned its machinery to Seylan Bank and got a bigger price and he then abandoned it. Now we are re-negotiating with the bank to pay this loan in installments and get back the machinery to re-start the factory. 

With both factories operating, we will firstly produce the entire newsprint order locally in less than 18 months and also I will make Sri Lanka self-sufficient in paper in two years. 

Similarly, some of the ceramics and brick and tile producing factories in the North East and Mahiyangana have been reopened and I am told that one of three factories will be producing Sri Lanka’s first solar tile for export as well. The Ministry is now in the process of obtaining solar-based panel material for this tile.  

The government has identified the resumption of state enterprises, which have been closed down without manufacturing activities, as a priority of the government and the Ministry of Industry and Supply Management has decided to restart all the Public Enterprises which are not currently in production and have the potential for restructuring. 

We have also identified several state assets that have been abandoned and we are in the process of turning them around to be made profit oriented.  One of the keys to these successes is that men and women with qualifications and working knowledge in the subject have been appointed to head these institutions sans any political favoritisms.  

Q: How has the Palmyrah  Development Board progressed?

A: This again today is turning out to be a major foreign exchange saver as well as an earner to Sri Lanka. It’s producing Palmyrah coir to corporates such as Hayley’s and we will look at exports as well. Earlier the Palmyrah Coir was paid Rs. 2.50 per kilogram and today we are paying Rs. 5. 

I am also looking at constructing a large coir product factory in the North in joint partnership with my Ministry, Hayley’s and a Canadian investor.  

PDB hopes to set up 14 such Fiber Processing Centers in the North East, firstly to meet the total local fiber demand in six months and then look at exports.

This will reverse the current trend of spending dollars to import fiber and add a new product to Sri Lanka’s export basket.  Palmyrah Arrack is now developed as a major export product and we are awaiting final approvals and settlement of the Covid Pandemic to export it to Canada and then to the UK, Australia and Europe.  

For the first time, Palmyrah Development Board is producing novel products such as Ice cream, sugar and handicrafts products once again for local (through CWE) and export market.  

Q: How do you view the response for these efforts from the North and the East?

A: Tamil people in the North and the East now know that our government is sincere in its endeavours to develop the North East. Due to this our party will secure more preferences this time. Also, for the first time, I am requested to attend political rallies of Tamil political parties and Tamil youth are spontaneously canvassing for me as they too are endorsing my economic agenda towards the development of the country.  

We are also in the process of extracting the untapped natural resources especially in the North East and put them to productive use. This will firstly help the Northerner to understand that the government is genuinely taking initiatives to increase their money flow by way of giving them high value for their traditional products. Secondly, it will also create self-employment projects for the Northerner who has been cold shouldered by successive governments.” 

I have also met officials from one of the world’s largest Supermarket Chains, Lulu from UAE to be buyers of Northern Agri and handicraft products. These moves have enabled the Northern SME sector to receive a major boost helping to breach the North South economic disparity gap.   We have also offered 200 acres of Cashew Corporation land to be leased to 350 farmers to be used for growing ‘cash crops’ on a long term lease.  

Q: Obtaining credit to kick start a SME or Start Up business is still an issue. How do you address this?

A: Cabinet has approved a proposal forwarded by me to set up a ‘Special Guarantee Fund’. This fund would act to provide the much needed ‘collateral’ for banks, inventors and Start Ups. 

This would help to gain the much needed capital infusion for the Micro, MSME sectors as this ‘Special Guarantee Fund’ provides all the bank guarantees.  

In addition, People’s Bank has entered into a partnership with the Industrial Development Board (IDB) to uplift micro, small and medium enterprises (MSMEs) in the country to provide seed capital.   The programme, in addition to providing capital, would also help to empower the MSMEs with the necessary knowledge and best practices.   It has been agreed that 5,000 MSMEs would be nurtured where they would receive technical and managerial support in addition to access to financial facilities to ensure sustainability of their businesses. This move will create new enterprises, increase Sri Lanka’s export product basket bringing in additional Forex and also helping to produce locally thus slashing the import bill as well. 

The move will also increase domestic value addition and employment generation.  

Q: The temporary import ban is having a negative impact on several sectors and what is the solution you propose?

A: A special telephone hotline has been set up to assist small or large scale industries facing a shortage of raw materials or any other issue due to the Coronavirus and the import ban.  

Some of the raw materials are being imported from China and due to the Coronavirus it is difficult to import these raw materials further aggravating the situation.

However, once the issue is reported to the Ministry, necessary action could be taken and they could assist the industrialists to resolve their issues.  Meanwhile, industrialists must also look at the use of local raw material in a more aggressive manner. From the Ministry perspective we are moving towards obtaining locally available raw material such as Graphite, monazite, ilmonite, quartz, phosphate rock and doing value addition and making them available locally. For example, chemicals to manufacture paint are exported from Sri Lanka and imported back to Sri Lanka with value addition and we must try to reverse this cycle.  

By opening some of the closed down factories and infusing new technology these objectives could be met.    

Weekly tea auction volume dips

This week’s auction offerings totalled 6.1 M/Kgs recording a continued decline in volumes over the past three to four weeks. Low Growns continued to meet with good demand, whilst High Growns Rotovane teas witnessed some recovery following improvement in quality particularly for teas from the Western slopes.

Ex-Estate offerings totalled 0.9 M/Kgs. There was improved demand and prices fluctuated selectively following quality for most teas from the Western and Nuwara Eliya planting districts. Teas from the Eastern Sector (Uva/UdaPussellawa planting regions) saw lukewarm interest and prices were somewhat disappointing, with most teas declining on last week’s levels. Nuwara Eliya’s continued to sell around last week’s levels.  

High and Medium Grown CTC teas continued to sell around last, with select BP1 invoices gaining in value. Corresponding Low Grown types were firm to dearer, particularly for the PF1’s.

Courtecy Forbes & Walker Tea Brokers  

Motorcycle sales dealers cry foul over Govtโ€™s import ban extension

Motorcycle sales dealers cry foul over Govt’s import ban extension

The All Island Brand New Motorcycle Sales Dealers’ Association Colombo and Gampaha Districts say that the ban gazetted by the government in the import of motorcycles to the country will have grave consequences and will affect the livelihood of over 100,000 direct and 500,000 indirect dependents.

Addressing a media gathering in Colombo on Tuesday the All Island Brand New Motorcycle Sales Dealers’ Association voiced their total dismay in the haphazard decision taken by the government to ban the import of motorcycles which they claim is a common man’s vehicle.

Over 100,000 directly dependent people will be severely affected due to the extension of the ban which was imposed in March for a period of three months. The association claims that this import ban has been indefinitely extended by the government putting in stake the livelihood of over 500,000 involved in the small and medium scale Motorcycle industry serving as sale dealers, shop owners and its employees, technicians and service providers and trainees and their dependents. Similarly, the economy of employees and their dependents in finance, insurance and motorcycle spare part production will also be badly hampered, the association pointed out.

The associations claimed that from August onwards the situation will further aggravate with the exhaustion of stocks and they will run out of business which will result in the inability to pay shop rentals, employee wages and loan repayments.

The association noted further that motorcycle users are those of low income earners in the country and 35% purchase motorcycles to indulge in small and medium scale businesses. Furthermore, in the backdrop of Covid pandemic the common man restored to motorcycles as a precaution to avoid public transport and to maintain social distancing as instructed by health authorities. The association questioned the rationale of the government’s decision to ban motorcycles imports in such a backdrop.

The association pointed out that even if the ban was lifted today for a period of six months no money will be moving out of the country as they would be making purchases opening LC’s. The suppliers provide them motorcycles on the ground of LC’s issued by banks and it would take nearly 8 months for money to be transferred out of the country.

They also questioned as to who will take responsibility for the  negative impact the ban will have on the economy when considering the Rs 122 billion contribution the motorcycle industry makes to the economy annually and Rs 40 billion tax revenue which goes to the coffers annually. 

Therefore the association urged the government to call off the ban without further delay.

โ€˜Pandemic accelerates need to re-look of transforming corporates digitallyโ€™

‘Pandemic accelerates need to re-look of transforming corporates digitally’

Lin Gong-Deutschmann

 The Corona pandemic has accelerated the need to have a ‘bold’ re-look of transforming corporates digitally by absorbing trending arenas such as machine learning, big data and robotics said Co-founder of Artificial Intelligence Academy (AIA), Lin Gong-Deutschmann.

 She was speaking at the annual CXO Forum of Chartered Institute of Management Accountants (CIMA) in Sri Lanka, held as a virtual event. This forum was built on the theme of ‘Visionaries: Building sustainable business for Sri Lanka’s future’, focusing on laying the cornerstone for resilient businesses, thriving on the strong grip of Big Data, Green Economy and managing investor climate.

She explained that having a clear digital transformation agenda in the overall corporate agenda coupled with wholistic approach encompassing adequate/right resourcing and building the employees’ digital capabilities play a pivotal role in success.

 Speaking Gong-Deutschmann spoke extensively on the key role played by digital transformation in building future proof organizations.  “Two thirds of transformation exercises fail though senior business leaders feel digital transformation is a key imperative”.

  The well-rounded panel was composed of Gong-Deutschmann - Co-founder of Artificial Intelligence Academy (AIA), Prakash Iyer– Motivational Speaker  and Leadership Coach (Former MD Best-selling Author Kimberly Clark Lever), Dileep Mudadeniya– Headof Brand Marketing of Cinnamon Hotels and Resorts (CEO and Vice President of John Keells Group’s Cinnamon Life Mall), Chanakya Dissanayake FCMA, CGMA – SeniorDirector/Country Head for Sri Lanka and Global Head of Investment Research Acuity Knowledge Partners.

 Despite the immediate significant impact experienced by Sri Lanka’s major service offering i.e. tourism sector, Mudadeniya spoke positively on the recovery prospects highlighting several measures on re-imagining Sri Lankan tourism through (1) Reconsidering source markets (2) Building strong support systems (3) Drafting a detailed re-launch plan and (4) Reviving tourism demand.

To realize the latter, Dileep suggested tightening the focus on wellness and luxury travel markets.

Dissanayake shared live examples of how Acuity Knowledge Partners executed resilient business continuity despite the pandemic impact.

While acknowledging that continuous capital injections in the western hemisphere has kept the capital market momentum up and running, he highlighted how the digital investments made in yesteryear’s have now become handy in business continuity attempts.  

Wednesday, July 29, 2020

Weaker remittances to weigh on Lankaโ€™s balance of payments

Weaker remittances to weigh on Lanka’s balance of payments

Weaker remittances will weigh on the balance of payments of remittance-dependent sovereigns, compounding the impact of lower exports and private investment inflows as the global economy weakens and investors seek safe havens.

Many affected sovereigns such as Tajikistan (293% in 2020),Ukraine (204%), Sri Lanka (201%) and Pakistan (181%)already exhibited significant external vulnerability before the coronavirus outbreak. For these sovereigns, lower remittances will exacerbate their already weak external positions,according to a latest Moody’s Investors Service Report.

“Even taking into account mitigating factors such as lower imports and increased concessional financing from development partners, we expect the EVI scores of Jamaica, Kyrgyz Republic and Kenya (B2 negative) to also approach or exceed 100% by 2021, broadly indicating a more material heightening of external risk.”

“We expect lower-rated remittance-dependent countries to meet their external obligations in 2020, in particular through increased availability of concessional financing from various multilateral and bilateral programs in response to the coronavirus pandemic. However, prolonged weakness in remittance flows, perhaps stemming from structural shifts in economic growth potential in source countries such as Russia – would put severe stress on the balance of payments positions of these especially vulnerable sovereigns.”

The global economic downturn precipitated by the coronavirus outbreak has led to a slump in demand for oil. This caused the price of Brent crude to collapse to a low of around $18 in April 2020, from $64 at the start of the year, before partially recovering to $40 in June, according to the latest Moody’s Services Report. “We expect Brent crude to average $35 per barrel and the West Texas Intermediate spot to average $30 per barrel in 2020. This will trigger falls in incomes and investment throughout hydrocarbon-focused economies, weighing on demand for migrant labour.”

As such, many countries that source a large share of their remittances from the GCC and Russia, where oil production plays a dominant role in the economy, will be indirectly hit by the fall in prices.A retrenchment in the Russian economy would feed into much of the Commonwealth of Independent States (CIS), with remittance reliant Kyrgyz Republic and Tajikistan being especially vulnerable.

The report also highlighted that weakness in the Gulf Cooperation Council (GCC) will especially hurt South Asian economies such as Bangladesh , Pakistan and Sri Lanka.

ADB approves USD 3 mn grant to India to combat COVID-19

ADB approves USD 3 mn grant to India to combat COVID-19

Multilateral funding agency Asian Development Bank (ADB) on Wednesday said it has approved USD 3 million (about Rs 22 crore) grant to India from its Asia Pacific Disaster Response Fund to further support the government’s emergency response to COVID-19 pandemic.

The grant, which is financed by the Japanese government, will be used to procure thermal scanners and essential commodities to strengthen the India’s COVID-19 response, ADB said in a statement.

“The new grant complements ADB’s ongoing support to the Government of India in strengthening its COVID-19 response. This support will enhance disease surveillance and help in early detection, contact tracing, and treatment. This will be further supplemented by other public health measures,” it said.

On April 28, ADB approved USD 1.5 billion COVID-19 Active Response and Expenditure Support (CARES) programme to support India in its immediate pandemic response efforts, including disease containment and prevention, as well as social protection measures for the poor and economically vulnerable, particularly women and disadvantaged groups.

The CARES programme is funded through the COVID-19 pandemic response option (CPRO) under ADB’s Counter-cyclical Support Facility.

CPRO was established as part of ADB’s USD 20 billion expanded assistance for developing member countries’ pandemic response, which was announced on April 13.

Lanka E-commerce develops rapidly - Daraz Index

Lanka E-commerce develops rapidly - Daraz Index

The e-commerce industry in Sri Lanka has seen a rapid development over the last year, with a large percentage of shoppers venturing on to the digital platform according to survey results of Daraz e-commerce Index.

An increase in confidence on available products and online payment gateways have supported the change of perception towards e-commerce.

As the one of the largest online marketplace in Sri Lanka, Daraz specifically saw an immense growth in terms of online orders. Collating data from their own platform, Daraz released an e-commerce index indicate a 1.5X YoY growth of active users with a 2.5X growth in number of orders last year.

The Western province owns the largest online order share with 50% whilst Central and North Western provinces follow with 10% and 9% order shares respectively. Colombo and Gampaha lead the District wise order share with 31% in the former and 15% in the latter. However, there is an indication of an expansion towards developing towns such as Kurunegala, Kaluthara and Gampaha.

The shoppers fall into 3 broad categories with diverse shopping behavior. The ‘young online shoppers’ within the age of 18 to 24 years are Recreational shoppers who enjoy shopping for the latest trends. They are tech savvy, loyal to brands, and less price conscious. The ‘well informed shopper’ consists of the age category 25 – 30 years, whose decisions are affected by quality and reliability.

Those within the age group of 31 to 35 years make the ‘settled adult shoppers’ who shop according to the needs and stay within their budget. They are quality conscious, less experimental and expect fast delivery. The Daraz e-commerce index uses two metrics; the percentage share of total net merchandizes value and the percentage share of orders. In 2019 the average order value has increased by 27.27%. In terms of category, LED TVs, Audio/Video, and Gaming Consoles has continuously maintained its growth with Health and Beauty products online coming a close second.

All categories show an increase in both sales revenue and order numbers in November and December. The local online shopper thus follows global trends, indicating a positive direction for e-commerce.

Electronics and fashion related products are the most searched items online. Mobile phones, smart watches, power banks, blue tooth speakers and laptops and notebooks lead the category while handbags and shoes are the most searched for fashion items.

During the lockdown, the public began to shift on to the digital platform more than ever before. Purchases in the FMCG category has doubled in March 2020 and is expected to grow from 20% to 70%.  

BOI signs with Vallibel Properties to construct Landmark Building

BOI signs with Vallibel Properties to construct Landmark Building

Susantha Ratnayake, Chairman BOI formally presents the Certificate of Registration to S B Rangamuwa, Managing Director, Vallibel Finance Sisira Weerabahu, Executive Director, Vallibel Finance is also in the picture.

The Board of Investment of Sri Lanka signed an agreement with Vallibel Properties Ltd to construct of its State-of-the-art 16 storey Office complex.

This project with a total value of US$ 8.1 Million will be set up at Colombo 3 and provide direct employment for 200 employees. The project will be completed within 18 months.

The agreement was signed on behalf of the BOI by Susantha Ratnayake, Chairman of the Board and Mr S B Rangamuwa, Managing Director of Vallibel Finace PLC.

S. B. Rangamuwa, stated “It’s our shared responsibility to rebuild Sri Lanka and our decision not to delay our most ambitious investment yet speaks volumes of Vallibel’s commitment to the economy and its preparedness to face the most daunting challenges”

Carrying the hallmarks of a unique architectural masterpiece, the 16-storey building is expected to stand out just the way it has on many fronts in its short but peace-setting 12 years.

Vallibel properties Limited has been incorporated in March 2020, as a fully owned subsidiary of Vallibel Finance PLC, to engage in the administration of construction, development and maintenance of the proposed head office building complex, for Vallibel Finance. Corporate trailblazer Dhammika Perera is the major shareholder of Vallibel Finance.

โ€œJKH business momentum displays a faster than anticipated recoveryโ€

“JKH business momentum displays a faster than anticipated recovery”

JKH Chairman, Krishan Balendra

Post the easing of the strict lockdown measures from mid-May onwards, the underlying month-on month performance of the Transportation, Consumer Foods, Retail and Financial Services businesses, displayed a faster than anticipated recovery momentum reaching almost pre COVID-19 levels for John Keells Holdings PLC.

The proactive cost containment and productivity improvement measures undertaken to strengthen the Group’s financial and cash position from the beginning of the quarter ended 30th June 2020, combined with the recovery momentum in business activity, enabled the Group to record cash profits despite the extremely challenging operating conditions.

Given the faster than anticipated recovery momentum in business activity and the generation of cash profits by the Group, a first interim dividend of Rs.0.50 per share, amounting to a payout of approximately Rs.659 million, was declared to be paid on or before 28 August 2020,Chairman JKH,  Krishan Balendra said.

The Group’s Leisure business was significantly impacted during the quarter given the suspension of operations of our hotels in April and May on account of the closure of the airports in Sri Lanka and the Maldives and the lockdown measures in Sri Lanka. The Maldivian airport was opened for arrivals in mid-July.

While bookings for the next few weeks are low, we are encouraged by strong forward bookings for the peak season of January to April 2021, exceeding the bookings we had for the same time last year.

The Consumer Foods businesses displayed a faster than expected recovery in volumes post the easing of the lockdown in May. In the month of June, the Frozen Confectionery and Convenience Foods recorded positive volume growth whilst the Beverage business recorded a low single digit decline. The week-on-week momentum of same store sales of the Supermarket business displayed signs of recovery.

The Group’s Bunkering business, Lanka Marine Services, recorded an increase in profitability driven by improved margins despite a reduction in the overall market volumes due to lower throughput in the Port of Colombo.

Construction resumed at ‘Cinnamon Life’ in mid-May after a 2-month closure and it is encouraging to note that the momentum is gradually reaching pre COVID-19 levels. The profitability of Nations Trust Bank recorded an increase despite pressure on margins, due to the positive impact on account of the removal of the Debt Repayment Levy from January 2020 onwards.

SL tea industry wages highest in region

SL tea industry wages highest in region

Dilhan Fernando

Today brands have become even more important than products they represent. And strong brands are more than globally recognizable and they are critical assets that can make a potentially significant contribution to the local economy as well as set growth targets of any business entity.

“A brand must be designed to suit resources because in turn it will help value creation in a big way. It is essential to design a brand that will be aligned with your resources. And it’s the value creation that helps us to address certain costs that involve the entire business operation. Moreover, value creation will help us to build sustainable as well as relevant products,” said CEO Dilmah Tea, Dilhan Fernando Today we have non -negotiable issues relating to the environment, global warming and inequality and so on. As a result of that , people will demonstrate a strong preference for brands that integrate those issues into  the brand value,” Fernando expressed these views  addressing  a webinar, organized by Export Development Board of Sri Lanka under the theme , ‘Global Brand Dominance -Leveraging Branding for long standing growth’. Noting that even volatility in a brand value signifies various opportunities, Fernando said a brand can be used to harness and address the problem of cost in a big way.

“A real brand needs to be original; a brand gives a product an identity.  If you’re producing cinnamon, tea or spices, the difference between a branded or unbranded product is the promise that the brand or the issuer offer. There is no point in branding a product if you cannot make sure that you‘re unlocking values or   harnessing the potential of that particular brand.”

Fernando said.  Speaking on Sri Lankan tea industry, Fernando said Ceylon Tea brand has significantly changed its fortune in terms of promotions and so on. Today, the tea industry is facing several challenges such as the high cost of production and wages. Despite all these challenges, Fernando said the industry has survived for the last 152 years.

“Today consumers are also asking for sustainability. Indeed we’re a sustainable industry and have a greater biodiversity than most. Moreover, consumers are asking for ethics. We’re also an ethical industry; but it’s all not perfect, nevertheless, we pay the highest wages amongst any key tea producing countries,” Fernando said.

Noting that branding in the current context is much about survival, Fernando said, “the world is currently undergoing unprecedented economic, social challenges and environmental pressures. Hence, especially during the Post COVID- 19 situation, building channels to communicate with consumers have become more important now than ever before.”

DFCC offers Rs 1.5 bn loan stimulusย to facilitatepost Covid revival

DFCC offers Rs 1.5 bn loan stimulus to facilitatepost Covid revival

In a bid to facilitate post Covid revival, DFCC Bank has dispersed over Rs. 1.5 billion loans to help Covid affected businesses and also to exporters to get them back to business DFCC Bank CEO Lakshman Silva said. These loans were on a single digit interest rate.

He also said that in addition the bank has facilitated transactions to the tune of over Rs. 20 billion since last February.

DFCC Bank recently launched many initiatives to cushion the negative impact of the Covid to the Tourism and SME and other related sectors. In addition ‘DFCC Sahanaya’ concessionary loan scheme was introduced aimed at providing relief to export-related businesses.

The ‘DFCC Sahanaya’ scheme amounting to Rs 2 billion was extended to export-related, export-oriented customers to provide immediate relief and encourage them to avail market opportunities of the future.

“The health and safety of our valued customers is of utmost importance to us. We hope that the aforementioned concessions would be of extreme benefit to them during this difficult period for the whole country,” he said.

He said that the ill effects of the Easter Sunday blasts and the Covid Pandemic will have negative impacts for the banking industry and will face additional pressure if the customers do not start paying their loans from September.

Notwithstanding the turbulent environment in the country, the Bank recorded a Profit After Tax (PAT) of Rs 2,828 million for the year ended December 31, 2019.

Confirming DFCC Bank’s role as a leading player in the banking industry, Fitch Ratings re-affirmed the Bank’s rating as AA-(lka). DFCC was also ranked 18 among Business Today’s Top 30 Corporates in Sri Lanka for 2018/2019.

DFCC Bank was honored internationally by HSBC USA in recognition of “US Dollar Straight through Processing Excellence Award 2018” for the Bank’s contribution based on strict selection criteria, evaluating many of their correspondent banks.

Following are excerpts of the Q&A session conducted with DFCC Bank CEO Lakshman Silva.

Q: How will Easter  Sunday and Covid  reflect on your bottom line for the next financial year?

A: After the twin tragedies, the country’s business are now limping back to ‘new normal’ and they need financial assistance. However the banks too cannot survive maintaining an increasing portfolio or Non Performing Loans and hence we expect some sectors to ‘pay back’.

However we don’t see the tourism sector to recover soon due to various travel restrictions and we may have to extend their moratoria further. As a whole, I believe the local banking and financial sector is resilient and have faced similar issues earlier and believe that we are well positioned to emerge stronger than ever after this crisis.

Q: Do you see new pressure on the banking environment due to the Covid Pandemic and debt moratoria that is offered?

A: Today leading rates in most schemes have come to a single digit. In addition as a responsible bank we have extended debt moratoria further and provided low-interest loans. These measures would certainly be challenging in the long run.

Q: What challenges and opportunities do you see for the next year?

A: The Bank has rightly been investing in digitalization for some time and this has proved to be a step taken in the right tie in the right direction. Due to this, during the lockdown, many customers came online since we had a readymade platform built for them.

We will push digitalization even further as we see prospects in this area. DFCC Virtual Wallet, credit cards scheme with interactive eStatements, DFCC iConnect and Premier Go has been well accepted by our customers and partners alike.

We also invested towards the expansion of Lanka Money Transfer (LMT) service to serve Sri Lankans in multiple countries.

In yet another step towards improving customer convenience with the aim to be the ‘Bank for Everyone’, DFCC Bank launched DFCC Chatz, an interactive, multi-channel chatbot to assist customers with any inquiries that can be fulfilled in a seamless manner.

One of the first chatbots in the country that will serve on multiple channels such as DFCC Bank website, Facebook, Messenger and Viber, DFCC Chatz has been developed using wit.ai, one of the most advanced artificial intelligence tools with natural language capabilities. DFCC joined with FineTech Sri Lanka to launch Google G-suit Enterprises by being the first in the banking industry in Sri Lanka.

We see opportunities in cost reductions and increasing customer engagement by introducing these products and services and shifting more towards digital.

DFCC’s vision for 2025 is to become the most customer-centric and digitally enabled bank in the country.

Q: How and what measures were taken to bring the customers closer to the bank during lockdown?

A: The Covid Pandemic crippled many sectors globally and locally but the banking sector which came under essential services carried on; taking new health and security precautions spelled out by health and security authorities. We took additional measures to safeguard our staff that went out of their way in executing their duties despite curfew and lockdown to ensure a continuous service for customers. From our staff strength of 2,000 plus we managed our operations utilizing 25% of them.

Some prudent investments made earlier on digital transformation and ATM/CDM expansion and our mobile units also ensured an uninterrupted service to our customers who were also facing numerous challenges during this time. DFCC Bank launched “Bank on Wheels Service” recently to visit customer’s doorstep to provide cash withdrawals and check bank balance services without stepping to a branch and encouraging them to stay at home.

Q: What measures are you taking to increase shareholder value?

A: DFCC Bank hosted its 64th Annual General Meeting (AGM) and Extra Ordinary General Meeting (EGM) on June 24, 2020,  seamlessly on a virtual platform aligned to Bank’s  goal of  being the most customer centric and digitally enabled bank by 2025 at the DFCC Bank Head Office Auditorium with shareholders connecting virtually through Zoom.

The virtual AGM and EGM facilitated shareholders to interact with the proceedings and vote remotely online which delivered instant results with secure access and tracked delivery whilst maintaining complete confidentiality.

The shareholder dividends were delivered to them soon after the AGM. The bank has maintained a very good dividend payout ratio over the years and would continue to do so. During the Pandemic lock down we also extended a special loan scheme for Senior Citizens and this was highly appreciated.

Q: How important is your Sustainability Division to the Bank’s progress?

A: DFCC Bank has always been on the forefront of promoting a green environment through its sustainability initiatives, as well as through its operations and credit policy. Therefore, minimizing adverse impacts on the environment remains a key area of focus of the Bank. As a provider of financial services, the Bank realizes that its consequences on the environment are mostly indirect.

DFCC Bank set up a separate Sustainability Division in 2016, to specifically focus on such efforts as a responsible corporate citizen, as well as to implement the Social and Environmental Management System (SEMS) with regard to project loans provided by the Bank. Over the years, this separate unit has been able to focus solely on sustainability initiatives and promoting sustainability among its staff, while ensuring that the Bank adheres to Sustainable Banking Principles. The Bank also has a Management Sub-Committee on sustainability.

DFCC Bank’s Sustainability Division has embarked on a number of sustainability initiatives over the years. Among the main initiatives is a program to plant trees to commemorate staff birthdays since January 2017. Bank had planted more than 25,000 trees under this initiative.In a campaign to reduce the use of plastic, especially focusing on single-use plastic, the Bank conducts regular plastic recycling campaigns to collect plastic items from staff and hand them to a plastic recycling company.

The Sustainability Division will also play a key role in the future by implementing the 11 Sustainable Banking Principles of the Sri Lanka Banks’ Association (SLBA) across the Bank.

In addition, the division will focus on social and environmental adherence of projects that it finances through the implementation of the SEMS. 

EFL 3PL extends support through flexible logistics model

EFL 3PL extends support through flexible logistics model

EFL 3PL Fulfilment Centre Providing logistics services for diverse client requirements

The outbreak of COVID-19 disrupted local and global supply chains as companies raced against time to manage their working capital, resources, balance inventory and storage and monitor other functions to ensure business continuity amidst a pandemic.

EFL 3PL, the 3PL arm of the logistics conglomerate Expolanka Holdings understands the pain companies are going through. Some of the common challenges being faced are more/less stock, varied utilization of warehousing space and increased costs of managing the supply chain. In this context, EFL 3PL has taken the initiative to support businesses to move away from fixed costs to variable costs.

Manufacturers and traders can now patronize EFL 3PL’s warehousing, value added services (VAS) and fulfillment services with little or no minimum commitment with a pay as you go billing model for general logistics requirements.

Sammy Akbar Director EFL 3PL & Freeport elaborates, “One of the biggest challenges faced by manufacturers, retailers and traders is the ability to bring their supply chains under control due to unpredictable business peaks and valleys. This is where EFL 3PL can help, by matching logistics demand with supply supported by a flexible billing model. We feel that this type of model will be here to stay, due to the nature of VUCA (volatility, uncertainty, complexity and ambiguity) events we have been facing and will continue to face, as such EFL 3PL will continue to leave a provision of its infrastructure and handling capacity to provide a flexible model to businesses”.

EFL 3PL is heavily compliant in many verticals such as FMCG, pharma, apparel, tech etc. as it adheres to different compliance requirements, such as food grade standards, humidity and temperature controls, etc. The company also maintains the highest warehousing standards in the country with a focus on using technology to deliver agility, scalability and accuracy.  

IIHS introduces โ€˜Doctor of Nursingโ€™ programme in Sri Lanka

IIHS introduces ‘Doctor of Nursing’ programme in Sri Lanka

International Institute of Health Science (IIHS), one of Sri Lanka’s premier and leading healthcare education institute provided for nurses in Sri Lanka has once again taken nursing education to a new realm by offering a ‘Doctor of Nursing’ to programme to help address the health care training needs of the nurses of South Asia.

The Doctor of Nursing degree programme is a 4 year coursework and dissertation-based international programme offered by the Open University Malaysia (OUM) and is ideal for Nurses in administrative and educational roles.

The entire programme will be offered via the distance and open learning model at IIHS in Sri Lanka and will be open for all those who meet the entry qualifications of a Master’s degree or have obtained BSc/Bachelors/MBBS from recognized local and international universities. The delivery and assessment for the Doctor of Nursing program is through a hybrid program where face to face sessions are augmented through the award-winning Learner Management System of IIHS.

Dr. Kithsiri Edirisinghe, CEO and Co-Founder IIHS commented, “We are truly pleased to be able to offer this new programme which will elevate the standards of nurses in Sri Lanka even further. We are passionately driven to provide our nurses with the best programmes to help them enrich their knowledge and garner the expertise and professionalism they need to match international standards. Our greater vision is to transform South Asian regional students to world class healthcare professionals and align with the government initiative of making Sri Lanka a knowledge hub giving opportunities to students across globe to access a quality health care qualification.”

IIHS will provide value additions to the programme by providing the necessary academic and technical support. Furthermore, IIHS will play a supervisory role in monitoring the programme backed by the support of the international panel of academics from OUM who will continue to give the necessary guidance to the students digitally.

In June 2020 a scholarship worth a total of Rs. 11 million was awarded to 11well deserving nursing leaders in the state sector of Sri Lanka to help motivate and inspire them to take nursing to a new tier.

The programme will be delivered by  the well-established and qualified department of nursing equipped with local and foreign lecturers to celebrate the year of the nurse.

Peopleโ€™s Bank main sponsor for Kandy Esela Perahera

People’s Bank main sponsor for Kandy Esela Perahera

Pradeep Nilanga Dela, Diyawadane Nilame of Sri Dalada Maligawa accepts the sponsorship cheque from People’s Bank Kandy Regional Manager D.M.D. Dasanayake .

People’s Bank has come forward as the main sponsor for the historical Kandy Esala Perahera.

The sponsorship cheque of the People’s bank was handed over to Pradeep Nilanga Dela, Diyawadane Nilame of Sri Dalada Maligawa by  D.M.D Dasanayake, Kandy Regional Manager of People’s Bank.

Pradeep Nilanga Dela,  Diyawadane Nilame of Sri Dalada Maligawa expressed his gratefulness  to People’s Bank for continuously offering this sponsorship towards the iconic cultural pageant culminating perennial customs and traditional dances.

ComBank support STEMup project helps set up Coding Clubs in 50 schools

ComBank support STEMup project helps set up Coding Clubs in 50 schools

The Commercial Bank of Ceylon has announced that Coding Clubs have been set up in 50 schools under a project supported by the Bank to set up 100 such clubs to advance computer programming knowledge among school children.

The Coding Clubs project was embarked upon last July by the STEMup Educational Foundation in partnership with the Commercial Bank and IRIM Croatian Makers, Micro:bit Educational Foundation, and Rotary Club Zagreb Centre to name a few. The STEMup Foundation’s mission is to inspire students to pursue Scientific, Technological, Engineering, and Mathematical (STEM) degrees and careers.

The ‘100 Schools, 100 Sessions’project’sprimary objective is to teach computer programming to school children and to encourage them to demonstrate their skills by developing innovative and useful applications. It involves assigning trainers to selected rural government schools, training of trainers and volunteers, handing over of ‘Internet of Things’ (IoT) kits and other resources to trainers and schools, team creation in schools for ideation to develop real-world applications through coding, and the conducting of hackathons.

The IoT kit included a BBC micro:bit – a pocket-sized codeable computer with motion detection, a built-in compass and Bluetooth technology, which allows students to express themselves digitally.It also connects to other devices, sensors, kits and objects, and is a companion to Arduino, Galileo, Kano, littleBits and Raspberry Pi, acting as a springboard to more complex learning.

The project’s target is to set up coding clubs in 100 schools before the completion of 2020. The 50 schools at which Coding Clubs have already been set up are located in Agalawatta, Alawwa, Anamaduwa, Athurugiriya, Battaramulla, Bomiriya, Bopitiya, Boralugoda, Ebilladeniya, Embilipitiya, Galle, Giriulla, Hanwella, Homagama, Ihalagoda, Kandy, Kattimahana, Katugastota, Kolonna, Kosgama,Labbala, Mahena, Matugama, Morapitiya, Nawagaththegama, NuwaraEliya, Padukka, Panadura, Polgahawela, Ratnapura, Waga, Warawewa and Yapahuwa.

The STEMUp Foundation is a non-governmental organisation consisting of young volunteers from professional organisations and universities with a mission to increase computer programming capabilities and empower every child in Sri Lanka.

Under its education-related Corporate Social Responsibility initiatives, which place emphasis on IT literacy, the Commercial Bank of Ceylon has donated 187 IT Labs to schools and other institutions and is a partner in the government – private sector ‘Smart Schools’ project currently encompassing 65 schools in the Western Province. The Bank has made substantial investments to develop the curriculum for all age groups for this programme and has also developed an online learning portal called Sipnena to benefit students.

Commercial Bank is also funding a 150-hour IT hardware course conducted in collaboration with SLT Campus (Pvt) Ltd. and Cisco Networking Academy as a pilot project in selected schools and has partnered with Cisco Networking Academy to offer an ‘IT Essentials’ course for teachers and students free of charge. Additionally, the Bank has supported the ‘IT Essentials-Instructor’ certificate course for teachers at the Cisco Networking Centre at the University of Moratuwa under this programme.

CMA Sri Lanka conducts speech craft programmes online via zoom

CMA Sri Lanka conducts speech craft programmes online via zoom

The Institute of Certified Management Accountants of Sri Lanka, under the Visionary Leadership and guidance of Professor Lakshman R. Watawala has conducted and completed three Speech Craft programmes online via zoom during the ‘lockdown’ period for Final Year students.

Batch 16 was stalled in its’ journey as the ‘Curfew’ and lockdown struck after Session 9, with three more sessions to complete the programme.

However, the enthusiasm to continue the momentum for the speech crafters, the Course Director Dian Abeyewardene proposed to conduct the sessions online and with many uncertainties on the outcome a bold decision was taken by Professor Watawala to proceed.

This also gave confidence to the students to attend classes online as they were in two minds initially. The results were very positive with the speech crafters able to restart on April 4  and dealt with the technological challenges to complete three sessions on zoom, in preparation for the final which is normally held in the classroom and needed to wait till the lockdown.

Nonetheless, batch 16 certainly took the credit for boldly consenting to connect online to complete the course.

The CMA Administration, the Course Director and President of CMA Professor Lakshman R. Watawala was directly involved in conducting a Speech Craft program mewith 24 participants, key note presentations, Project speeches by speechcrafters, evaluations and many other segments included in a comprehensive speechcraft programme connecting participants from their homes island-wide.

The confidence to succeed given by the Course Director, commenced session 2 of batch 17 on April 15 and duly completed 11 sessions on May 8, stalling for the final meeting to be held when the lockdown situation eased.

The specialty of Batch 17 was the participation of three students from overseas two from Dubai and one from the Maldives. The inter-action, the enthusiasm and the positivity of the students attending online from Hambantota, Kegalle, Jaffna, Bandarawela, Anuradhapura, alongside overseas participation was an opportunity solely provided by the Covid-19 Pandemic.

The Final meeting of Batch 17 was conducted on July 1, observing the rules and safety measures, with facemasks and social distancing at the CMA Auditorium. The gap between the last session 11 was held online and the rehearsal for the final online on June 29.

Overall the performance was very creditable with the participants overcoming several barriers completed the programme and received the Certificates from the President of CMA Sri Lanka, Prof. Lakshman R. Watawala Founder President CMA, Immediate Past President of CMA Toastmasters Club, Shemal Fernandopulle, President CMA TMC 2020/ 2021, Mayuran Ramanathan, with  restrictionsand social distancing were in attendance.

The awards presentation was conducted by the Course Director Dian Abeyewardene. Addressing the audience Prof. Watawala congratulated the participants for taking the challenge to learn online and prove to the many who felt that such a comprehensive and complicated inter-active workshop model cannot be conducted online was really possible.