business Sri Lanka

With an undisputed reputation in the steel industry, Lanka Special Steel Limited (Lanka SSL), a subsidiary of E B Creasy Group, stepped up to strengthen its long-standing partnershipwith TATA Steel Ltd’s Global Wire India(GWI), one of the world’s largest steel wire manufacturers with industrial facilities in India and Thailand.

Lanka SSL will be the sole agent and distributor in the country for all of its premium quality wire products, further expanding its existing portfolio. The products now include High Tensile wire (HTS) used in concrete reinforcement of electric poles and pre-stressed concrete pipes, Prestress Concrete Strand wire used in pre-stressing concrete for constructing various types of structures, Spring wirefor mattresses and body parts of motorbikes, Bead wire for tyresin automotive products, Shutter wire for roller gates, Heavy GI for Gabions and high-value products.

Its steel wires being used across various industry segments ranging from construction, automotive, and power to general engineering and retail. It takes great pride in having supplied wires for many iconic structures across the world. GWI is a division of Tata Steel which is one of the world’s most geographically-diversified steel producers.

With this strategic move, Lanka SSL will now ship and store its products in contrast to having to pre-order them. Customers can now seamlessly access these premium high-quality products with Lanka SSL taking all possible measures to assure its reach and availability in the market.

Mr. Anurag Pandey, Chief of Marketing and Sales said: It is with great pleasure that we announce the new level of relationship with one of the most respected and reputed companies: LSSL as our sole distributor in Sri Lanka. Tata Steel has a long-serving history of strong channel presence in the retail and institutional segments which Global Wires India Division now seeks to extend and leverage in International markets.’

‘With the appointment of LSSL as its sole distributor in Sri Lanka, the two decades of mutual trust between these two companies get further reinforced, besides opening up new avenues for business development, increase our market presence and significantly augments our customer serviceability in the market place, bringing us closer to the customers and market. Our commitment to our customers lies in the offering of high-quality products with differentiated top-notch service levels which gets further strengthened with this strategic alignment with LSSL. My warmest congratulations to LSSL on this appointment and best wishes for greater success and continued improvement of our business relationship.’

Mr. Pravin De Silva, CEO of Lanka Special Steel Limited, said ‘We are delighted to reinforce our successful partnership with a global leader in steel wires.’

Sabaragamuwa University Business Linkage Cell (UBLC) is passing a new milestone with its effort for the University-Industry Collaboration in partnering with the Sabaragamuwa Chamber of Commerce and Industries (SCCI) to create an environment where the university researchers and SMEs can meet together for mutual research collaboration and innovation.

The Vice-Chancellor of the Sabaragamuwa University of Sri Lanka, Director/University Business Linkage Cell, CEO, and Past Presidents of Sabaragamuwa Chamber of Commerce and Industries, university researchers and some owners of the SMEs in Ratnapura District participated in a meeting with stakeholders in this regard.

The University Business Linkage Cell of the Sabaragamuwa University of Sri Lanka was established with reference to the University Grants Commission Circular No.10/2016 from May 2018. The main role of this initiative is to transform the innovative ideas of the university into commercially viable products. Sabaragamuwa University has seven faculties with highly qualified academic staff with much intellectual excellence. In the technology transfer process, the UBLC transforms the ideas into intellectual property by filling the patents and other forms of Intellectual Property (IP) and with the help of industry partners, UBLC looks for commercial exploitation.

The UBLC of the Sabaragamuwa University of Sri Lanka is now stretching out helping hand to SMEs located in the region to address the issues faced by the SMEs with regard to intellectual property.

Professor Indunil Dayaratne pointed out that an alarmingly 99% percentage of Sri Lankan SMEs are not aware of and cannot identify the intellectual property (IP) or intellectual assets (IA) that they have within their business, or which of those assets they own.

The dearth of so-called awareness forgoes business opportunities that can be created with IP strategies. Further, he empathized that the SME sector contributes more than 50% to GDP, however, the sector is not fully empowered to cater for the emerging knowledge-based economy of Sri Lanka amid the lack of IP knowledge.

In the rural sector, most of the SMEs have emerged from the business models with the traditional knowledge they have in the communities which pass through generation to generation. Moreover, the ignorance or lack of effort in the exploitation of traditional intellectual assets due to lack of awareness of IP strategies leads to the disappearance of valuable knowledge from those communities. For SMEs, if IP is unprotected, a good invention or creation may be lost and goes to the hands of larger competitors that are in a better position to commercialize the product or service at a more affordable price, leaving the original inventor or creator without any financial benefit or reward.

The IP protection for SMEs encompasses numerous value creation propositions such as inducing Potential investors, licensees require reliable information relating to ownership, scope, and status of IP within the business. The UBLC of the SUSL is in capacity and has a keen interest to provide IP consultancy services to uphold the SME sector in Sabaragamuwa Province.

Aim of the Collaboration is to strengthen the university-industry collaboration in creating value in a knowledge-based economy in real sense.

Both parties agreed to form a committee to work on the task ahead. The representatives of the Chamber also agreed to organize an industry forum where SMEs and academia meet together for achieving mutual goals.

Sabaragamuwa Chamber of Commerce and Industries, CEO, D.A. Ranasinghe said, “The Sabaragamuwa Chamber of Commerce and Industries is willing to initiate an Industry Forum to support the inventors of Sabaragamuwa University of Sri Lanka by granting an opportunity to exhibit and demonstrate their inventions.” Further, he stated that they extend their fullest cooperation to bring the university inventions to the marketplace.

Sabaragamuwa Chamber of Commerce and Industries, Past President, Chamly Gunaseela said, “As Sabaragamuwa Chamber of Commerce and Industries our intention is to help add value to those inventions and make these investors into entrepreneurs, or create a platform for investors and inventors to meet, commercialize their products and bring them to local and international markets.” Moreover, he stated that this initiative would allow inventors in Sabaragamuwa University and Sabaragamuwa Province to gain much-needed recognition and pave the way for them to scale up their inventions in a successful marketplace. In the end, the parties came to an agreement to move forward with the initiative for a success story with many happy endings for the inventors in the region.

State-managed retail chain Lanka Sathosa, in keeping up with the ongoing digital trend, launched its first online shopping platform at Colombo Hilton recently.

Lanka Sathosa Chairman Nushad Perera said the platform, designed in partnership with Sri Lanka Telecom, is to be extended to Kandy and all-island soon according to Western Province and the Kandy district.

Over 300 products are listed on the website and purchases could be made all over the world. “As a promotion, we will not charge delivery charge for the first few days.’

He said that during the COVID pandemic the demand for online purchases grew and this is the reason they too decided to launch an online portal and home delivery system.

Sathosa’s online shopping platform can be accessed via

www.lankasathosa.lk

Creative Isle, in collaboration with Colombo City Centre, launched the weekly, 3-day Ceylon Artisan Network (CAN) Market, at the Colombo City Centre - Atrium on August 28, 2020. The launch event welcomed Chief Guest - Sri Lankan Cricket Legend, Muttiah Muralitharan.

The CAN Market was created as a platform to support micro-entrepreneurship from across the island and will take place every Friday, Saturday, and Sunday from 10.30 a.m. to 9 p.m.

The weekend market will feature vendors from around Sri Lanka, showcasing their export quality products at wholesale rates, whilst allowing them the opportunity to form new trade partnerships with bulk buyers. Focusing on sustainable and community-driven businesses, the fair will consist of home and lifestyle products, fashion accessories, artisan food products, herbal teas, and Ayurveda cosmetics, soaps and fragrances, etc.

Muttiah Muralitharan stated at the event, “There are many talented entrepreneurs in our country, but they lack the opportunity. Foundation of Goodness is all about empowering such individuals.”

The CAN Market further supports and features recycle and up-cycle initiatives and products, and will be an opportunity for creative entrepreneurs to showcase their innovative products and services to the B2C and B2B markets.

Speaking at the launch, iconic businessmen and corporate leader - Dilith Jayaweera, addressed the gathering as a means to encourage and uplift the spirit of entrepreneurship, noting, “I am passionate about entrepreneurship and commend this initiative. Sri Lanka needs to recognize true entrepreneurs and value innovators.”

Speaking with Creative Isle, Founder - Keshini Ann Suraweera, noted, “The crux of this project was birthed during the imposed COVID-19 lockdown, when many creative entrepreneurs experienced a downward trend in growth, stunting their ability to continue with their business efficiently. Identifying the gap in the current business landscape, I wanted to provide local vendors with space where they could showcase their raw talent, which may otherwise have been undiscovered simply due to the lack of a platform to present themselves.”

The CAN Market has received immense support from partners such as Colombo City Centre, the Foundation of Goodness, National Enterprise Development Authority (NEDA) and UNDP, in a bid to further uplift Sri Lanka and support its SMEs and Entrepreneurs, most affected by the recent COVID-19 pandemic. The initiative welcomes on board Scope Cinemas as the cinema partners and Antyra Solutions as social media partners.

OPPO has launched the OPPO Quick Repair service center in Colombo. The service will offer customers the convenience of having their OPPO mobile phones repaired within a short period of time, at the Service Centre eliminating the hassle of having to go hours, sometimes days, without a phone.

OPPO Sri Lanka deems this new, enhanced customer care experience in line with its global counterparts a step in the direction of effective customer care building on OPPO’s customer service philosophies of delivering a Fast, Reliable & Comfortable service.

The service typically takes an hour or less, allows for customers to sit back and relax in a comfortable, pleasant ambiance while the phone is being fixed, and in terms of reliability, OPPO Service Centre only uses official spare parts for repairs. Also, your handset is in ‘good hands’ as all repairs are handled by a qualified group of professional technicians ensuring the privacy and confidentiality of customers at all costs.

The service is currently available at the OPPO Service Centre located at W.A.D. Ramanayake Mawatha, Colombo 2.

‘Champion Saver’ sets itself apart from other products by offering depositors the best of both worlds, the freedom to withdraw any number of times from their Savings account while enjoying a high-interest rate.

Under this innovative banking product, staying true to its promise of encouraging Sri Lankans to save big for a secured future, Pan Asia Bank offers an unbeatable 5.5% (AER 5.64%) on all Champion Saver Savings Accounts, which is the highest interest rate offered to a savings account in Sri Lanka.

While offering these attractive interest rates, the Champion Saver account provides complete freedom for depositors to withdraw funds any number of times from any ATM that carries the VISA or Lanka Pay logo.

Champion Saver is an ideal account not only to grow deposits gradually but also to park your savings and receive a high-interest rate until the next investment opportunity arises be it purchasing a vehicle, property, or any other form of investment.

Champion Saver Account provides the best of both worlds and encourages you to save for a prosperous future while providing the freedom to withdraw your savings without any negative implications on the returns.

Lanka IOC always endeavors to enhance its footprints across the island with enhanced customer-centric facilities leveraging technology and connect with esteemed customers.

Underlining the importance of brand visibility and exploring new opportunities to serve valued customers, Lanka IOC added one more Petrol Shed at Battaramulla.

The Proprietor of the shed is Jayanta Udaya Kumara. It was inaugurated by Dr. Rakesh Pandey, Head (Economic & Commercial), High Commission of India, Colombo and Manoj Gupta, Managing Director, Lanka IOC in presence of local dealers, customers.

Dr. Pandey in his address appreciated efforts of Lanka IOC for increasing footprints and serving the Nation with commitment. He also said that this will go a long way in building strong bonding and bilateral relation of both the Countries, Sri Lanka and India.

Managing Director, Manoj Gupta while expressing his views during the occasion, highly appreciated the way country has handled the COVID-19 global pandemic and creating a role model for other countries. The supreme leader, the strict enforcement of the directives, the role being played by the Triforces and Health Care Sector, and the discipline exhibited by the citizens have been instrumental in containing the spread of the virus. Gupta also added that Lanka IOC has heavily invested in technological up-gradation and the Solarization of Petrol Sheds across the island.

Jayanta Udaya Kumara thanked all guests present during the inauguration of his shed.

LAUGFS Gas PLC, one of Sri Lanka’s most trusted pioneers in providing innovative and convenient LPG solutions has recently revealed its latest campaign, ‘Hasaralla Mawana Nil Della’. The campaign was initiated on August 14 and is available via dealers island-wide.

Customers will be able to contact the LAUGFS Gas hotline to inquire about retailers participating in the campaign.

Throughout the campaign, customers will receive a free refill or a discount for every new purchase of a 12.5 kg cylinder and a free refill or discount on new purchases of a 5 kg cylinder.

The campaign is also active in rural areas as LAUGFS Gas has deployed special teams to communicate and assist in the delivery of this special campaign. Customers can place their orders via the LAUGFS Gas hotline or through its online purchasing platform with the opportunity to pay via cash on delivery or through cards.

Commenting on the campaign, Director and Chief Executive Officer of LAUGFS Gas PLC, Chaminda Ediriwickrama, said, “Through the Hasaralla Mawana Nil Della’ campaign, we want to promote the conversion to LPG as the primary cooking fuel in the households of our nation. LPG is one of the cleanest sources of fuel for domestic use, however, the majority of households continue to use alternative methods. Increased adoption of LPG as the primary cooking fuel, results in a cleaner atmosphere and better health for households.”

The campaign was initiated as LAUGFS Gas joins in the celebrations of its founding company, LAUGFS Holdings Limited, as the group celebrates its 25th anniversary.

The objective of the Hasaralla Mawana Nil Dalla’ campaign is to promote LPG as a safe and convenient domestic cooking fuel and improving the affordability and accessibility of LPG cylinders island-wide. This campaign is the latest in LAUGFS Gas’s ongoing initiatives to increase the usage of LPG as a cleaner source of fuel for households in Sri Lanka.

“As we look back on nearly 20 years as a part of LAUGFS Holdings Limited, we at LAUGFS Gas are humbled by the trust our customers place in us. Our customer’s experience remains our primary focus in all of our operations as we provide unmatched service excellence and reliability. We wanted to truly celebrate this special occasion by providing more opportunities for local communities to get into LPG as a cleaner and safer fuel for domestic uses” said Ediriwickrama.

Commercial Bank of Ceylon has launched Sri Lanka’s first LANKAQR supported Android OS based Point-of-Sale (POS) device in collaboration with PAYable (Pvt) Ltd. to further facilitate cashless payments at merchant outlets countrywide.

Positioned as the most advanced Android POS device in the country, the Android Smart Terminal combines the functionality and portability of an Android terminal with tailored security-certified payments software, enabling it to process transactions via VISA, Mastercard, UnionPay, LankaPay, and JCB, as well as QR based wallet payments underLANKAQR. It offers consumers a frictionless payment experience and drastically reduces the waiting time at checkout counters.

The device is empowered to accept EMV/Chip, Magstripe, Near Field Communication (NFC) and QR based transactions – making it possible for merchants to offer customers the convenience of paying via the platform of their choice quickly and efficiently.

For merchants, the tailored PAYable solution offers the convenience of being able to perform a single settlement for all payment acceptance methods as well as the ability to integrate the solution with cashier terminals to facilitate fast checkout with a single swipe. The PAYable software also offers merchants a trilingual user interface and allows merchants to complete a transaction in three simple steps.

Speaking on the device and what sets it apart from other traditional devices in the market, Thusitha Suraweera, Head of Commercial Bank’s Card Centre said: “The Android Smart Terminal is the latest iteration of cashless payment acceptance devices. The device is of the highest quality – having been extensively tested and certified in order to offer the best and safest user experience in the market. By partnering with PAYable Pvt Ltd., we have combined the best hardware and software solutions in order to provide a single all-encompassing payment acceptance solution that is flexible and scalable – in addition to being cost-effective and accessible to all businesses.”

Co-founder and CEO, PAYable Yohan Wijesiriwardane said, “PAYable is proud to once again partner with the Commercial Bank of Ceylon to offer merchants the next generation of digital payment acceptance. Not only is the Android Smart Terminal a cutting-edge solution, but it also addresses the complete spectrum of options required by a merchant - from portability to receipt generation – all on one easy to use the device. Paired with the PAYable software, the Android Smart Terminal offers merchants island-wide a comprehensive digital payment solution.”

PAYable has empowered over 22,000 merchants across Sri Lanka, effectively making it the single largest mobile POS service provider in the country. By eliminating all major cost barriers, PAYable has successfully motivated merchants who were excluded from the ability to accept cashless payments to adopt and champion credit and debit cards and other cashless payment acceptance.

The Android POS terminals issued to merchants by Commercial Bank support the highest number of payment options available in Sri Lanka.

Sri Lanka’s market leader in LP Gas, Litro Gas Lanka Limited has partnered with popular ride-share platform PickMe to offer a discount on every cylinder or refill purchased via the PickMe app. The limited period offer will be valid from August 8 to September 21.

The offer is available for all Visa cards issued in Sri Lanka (Debit, Credit & prepaid cards) and the discount will be deducted automatically at the point of purchase without having to use a promo code.

Commenting on the promotion, Chairman and CEO of Litro Gas Lanka Limited Anil Koswatta said: “We are glad to be offering a small relief to our loyal consumers during this turbulent time. Also, we hope this serves to incentivize customers to embrace the digital, the same way Litro has.

“The delivery service for Litro Gas was launched in partnership with PickMe during the CoVid-19 outbreak; the service quickly became highly sought after in Colombo and suburbs – with this promotion, we hope the more customers in outstation locations will be encouraged to try the service which is highly reliable & convenient. We have managed to cover most of Sri Lanka but our goal is to make sure nobody is left out once the service is fully rolled out. So far the feedback from customers has been overwhelmingly positive. We look forward to forging meaningful partnerships in the next quarter too, as we have done with PickMe & Lanka Sathosa so far this year, to secure our number 1 position through improved accessibility,” he added.

Making use of PickMe’s infrastructure and resources, Litro delivers to any part of the country within an hour or less. Litro Gas was the first supplier & distributor of LPG in Sri Lanka to proactively invest in and adapt technological solutions to offer customers optimum convenience rising to the occasion when the island-wide curfew was imposed to mitigate CoVid-19.

HNB relocates Haputale customer center to new facility cementing its presence in the region and responding to increased customer demand,

HNB PLC opened its relocated Haputale Customer Centre is situated on the Badulla Road, Haputale.

The state-of-the-art customer center designed to offer customers in and around Haputale a new paradigm in banking services will be open for business every weekday from 9 a.m to 3 p.m.

The new premises provide customers with a completely new spectrum of banking services and products.

The customer center was inaugurated by HNB Assistant General Manager Network Management, Vinodh Fernando who was joined by Guest of Honour, Haputale Mayor, Sampath Lamahewa and senior representatives of the bank including, HNB Regional Business Head- Uva Sabaragamuwa Region, Susith Perera, HNB Regional Credit Head – Uva Sabaragamuwa Region, Prasanna Palihawadana and HNB Regional Operation Head- Uva Sabaragamuwa Region, Iranjan Fernando.

Speaking at the opening, HNB Assistant General Manager-Network Management, Vinodh Fernando commented on the unique relationship the bank had developed with businesses and retail customers in the town, “The new state-of-the-heart facility will be ideal for catering to the increasing number of customers, in and around Haputale, we have witnessed across the retail, microfinance, and SME business segments. This facility will allow us to offer the best possible services to all those who seek simple, reliable, and convenient access to banking and financial services.

We look forward to strengthening our relationship with businesses and ensure their development.” HNB also offer stellar digital payment solutions across a range of gateways while providing businesses convenient and digital platforms such as HNB Payfast, HNB MOMO, HNB Solo, HNB AppiGo which has seen remarkable growth in a post-COVID landscape

Seylan Bank partnered Ideal Motors, a fully owned subsidiary of the Ideal Group and the sole Authorized distributor for Mahindra Motor vehicles and motorcycles in Sri Lanka, to provide convenient leasing solutions for consumers looking to purchase Mahindra motor vehicles.

Through this partnership, eligible customers who wish to purchase any Mahindra vehicles including motors cars, light trucks, heavy commercial vehicles, and passenger vehicles through Seylan Leasing will receive special interest rates and free vehicle registration, warranty of up to 1 year or 50,000 kilometers, special purchase discounts, special insurance premiums through selected insurance partners, 20% on Apollo tires and a pre-approved Seylan Credit card.

Apart from the above-mentioned benefits, Team Seylan is ready to provide customized leasing structures to suit the consumer’s spending capacity with minimum documentation. Seylan customers now have the opportunity to pay a higher rental or bulk payment during months of higher income and a lesser or regular rental during months of average income.

These options are uniquely structured to help SMEs and consumers looking for opportunities to step forward as fresh entrepreneurs, as the nation slowly but steadily returns to normalcy.

Seylan Bank operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. Ideal Group initially began operations in Sri Lanka in the Light truck segment and later expanded its range to personal vehicle segment with Mahindra KUV 100 being assembled and rolled out in Sri Lanka.

The Bourse ended the week on a negative note as the ASPI decreased by 61.51 points (or -1.14%) to close at 5,320.87 points, while the S&P SL20 Index also decreased by 33.80 points (or -1.41%) to close at 2,360.38 points.

Turnover & Market Capitalization

Commercial Bank was the highest contributor to the week’s turnover value, contributing LKR 1.71Bn or 19.67% of the total turnover value. JKH followed suit, accounting for 14.58% of turnover (value of LKR 1.27Bn) while DFCC Bank contributed LKR 0.83Bn to account for 9.49% of the week’s turnover. Total turnover value amounted to LKR 8.72Bn (cf. last week’s value of LKR 11.06Bn), while the daily average turnover value amounted to LKR 1.74Bn (-21.22% W-o-W) compared to last week’s average of LKR 2.21Bn. Market capitalization meanwhile, decreased by 8.71% W-o-W (or LKR 220.63Mn) to LKR 2,312.51Bn cf. LKR 2,533.14Bn last week.

Liquidity (in Value Terms)

The Banks Industry Group was the highest contributor to the week’s total turnover value, accounting for 39.60% (or LKR 3.45Bn) of market turnover. Industry Group’s turnover was driven primarily by Commercial Bank, DFCC Bank, Sampath & HNB which accounted for 89.85% of the sector’s total turnover. The Capital Goods Industry Group meanwhile accounted for 24.98% (or LKR 2.18Bn) of the total turnover value, with turnover driven primarily by JKH & Access Engineering which accounted for 87.72% of the sector turnover. The Food, Beverage & Tobacco Industry Group was also amongst the top sectorial contributors, contributing 11.38% (or LKR 0.99Bn) to the total turnover, with turnover driven primarily by Melstacorp & LMF accounting for 72.64% of the total turnover.

Liquidity (in Volume Terms)

The Food Beverage & Tobacco Industry Group dominated the market in terms of share volume, accounting for 16.45% (or 46.30Mn shares) of total volume, with a value contribution of LKR 0.99Bn.

The Capital Good Industry Group followed suit, adding 14.90% to total turnover volume as 41.96Mn shares were exchanged. The Industry Group’s volume accounted for LKR 2.18Bn of total market turnover value. The Banks Industry Group meanwhile, contributed 39.89Mn shares (or 14.17%), amounting to LKR 3.45Bn.

Top Gainers & Losers

Laxapana was the week’s highest price gainer; increasing 28.2% W-o-W from LKR11.70 to LKR15.00 while Kelsey (+21.3% W-o-W), Trade Finance (+17.3% W-o-W) and Horana Plantations (+16.9% W-o-W) were also amongst the top gainers.

Tess Agro was the week’s highest price loser; declining 20.0% W-o-W to close at LKR0.40. Serendib Hotels[NV] (-12.8% W-o-W), LOLC Holdings (-12.6% W-o-W), and LOLC Dev Finance (-12.2% 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 2.37Bn relative to last week’s total net outflow of LKR 1.50Bn (-58.2% W-o-W). Total foreign purchases decreased by 85.7% W-o-W to LKR 0.09Bn from last week’s value of LKR 0.67Bn, while total foreign sales amounted to LKR 2.47Bn relative to LKR 2.17Bn recorded last week (+13.6% W-o-W). In terms of volume, Browns Investments & Distilleries foreign purchases while Access Engineering & Melstacorp led foreign sales. In terms of value, Aitken Spence & Distilleries led foreign purchases while JKH & DFCC Bank led foreign sales.

Dividend Announcements

Company DPS (Rs.) Type XD Date RENUKA HOLDINGS(V & NV) 0.25 First & Final 29-09-2020 ACL CABLES 1.50 Interim 03-09-2020 RENUKA FOODS(V & NV) 0.35 First & Final 29-09-2020 CHEMANEX PLC 2.00 Final 02-10-2020.

Key Economic Indicators July: Prime Lending Rate of 7.79%, Ave. Wtd. Deposit Rates 7.16%, Ave. Wtd. Fixed Dep. Rates 8.69%, CCPI Inflation Y-o-Y % (Base 2013) 4.2%.

Point of View

Equity markets snapped a 5-consecutive week rally as the broad share index slipped ~62 points or 1.1% W-o-W on profit-taking amid a persistent foreign-sell off from domestic equities while the CBSL extended the debt moratorium offered to the Tourism Industry this week. Despite starting the week on a positive note with a marginal gain, profit-taking in large caps this week led the ASPI to shed ~65 points between Tuesday and Friday. Profit-taking in heavyweights JKH (-0.7% W-o-W), and COMB (-1.9% W-o-W) weighed down the index during the week while LOLC also recorded a W-o-W loss of 12.6% despite reporting an extra-ordinary gain in earnings (Rs. 37.2Bn in Q2’20 vs. Rs. 5.6Bn in Q1’19) for the June 2020 quarter, arising from the sale of its Cambodian investment in PRASAC. Of the ~79% of corporates that have released their quarterly earnings thus far, nearly 58% have reported a drop in earnings.

Meanwhile, activity levels on the Colombo Bourse also declined this week as average daily turnover for the week fell from Rs. 2.2Bn last week to Rs. 1.7Bn this week despite improved local institutional and HNI investor participation. Consequently, the contribution from crossings to total market turnover increased from 20% to 24% this week. Select Banking sector stocks (COMB, DFCC, NTB, & SAMP) accounting for 54% of total crossings while buying interest was also visible in JKH, AEL, TKYO, and LMF. Index losses were also attributable to the continued foreign equity sell-off with a net foreign outflow of Rs. 2.4Bn this week (cf. net outflow of Rs. 1.5Bn last week) amid heavy foreign selling in JKH, DFCC, MELS, and AEL. Consequently, foreign investors have sold off ~Rs. 31.8Bn this year. Markets in the week ahead are likely to look for cues from economic and political developments.

CBSL Extends Moratorium for Tourism Industry

The CBSL has extended the debt moratorium on capital and interest for the tourism industry by 6 months up to 31st March 2021, assuring that the extension will not cause any undue stress on the banking system given the low exposure levels to the tourism industry and the current capital buffers maintained by the Licensed Banks. Licensed Banks have also been requested to convert the capital and interest falling due during the moratorium period between Oct 2020 - Mar 2021 into a term loan.

According to the CBSL, the interest charged on the converted loan should be a maximum of the latest auction rate for 364-days Treasury Bills, available by 1 April 2021, plus 1% per annum while the repayment period of the loan should be a minimum of 2 years.

Meanwhile, the Monetary Board at its meeting last week also decided to extend the deadline for the 4% Working Capital Loan Scheme until the 30th of September. Loans approved under the “Subagya” Loan Scheme topped Rs. 100Bn as of 18th Aug, of which Rs. 68.6Bn was disbursed by the Licensed Banks. The Monetary Board noted that of the Rs.100Bn that was approved, 50% was provided to business in the Services sector, while business in the Industrial and Agriculture sector accounted for 34% and 16% respectively. Meanwhile, national inflation levels in July decelerated to 6.1% Y-o-Y (from 6.3% Y-o-Y in Jun’20) driven by lower food prices and a higher base effect during the same period last year. Consequently, Food inflation fell to 12.9% Y-o-Y in Jul’20 relative to 13.6% Y-o-Y in Jun’20. However, Non-food inflation over the month increased to 1.0% Y-o-Y in Jul’20 (cf. 0.8% Y-o-Y in Jun’20) as a result of price increase in ‘Education’, ‘Housing’, and ‘Restaurant & Hotels’ which were offset to an extent by lower ‘Communication’ costs (voice & internet charges).

Despite easing national headline inflation levels in July, the NCPI Core inflation (which reflects the underlying inflation in the economy by excluding volatile items such as food, energy, and transport) increased to its highest level since last December, reaching 4.5% Y-o-Y in Jul’20 relative to 4.4% Y-o-Y in Jun’20.

Despite the short term fluctuations, the CBSL expects inflation to remain broadly within the 4% - 6% in the near to medium term. Source: CBSL, Department of Consensus Sri Lanka, DailyFT

‘FEEDME FESTIVAL’ will take place on August 30 Sunday from 10 A.M. to 4P.M. at the Prana Lounge (Horton Place).

FEEDMEFESTIVAL was founded to bring together talented home chefsand give them a common platform to showcase their delicious food.

Rayhana Jiffry and Shifani Mahroof, co-founders of the #FEEDMEFESTIVAL had this to say:

“#FEEDMEFESTIVAL is where people will come together to support these small businesses, hear their stories and be inspired to discover their own hidden talents – be it the inner-artist, musician, cultivator and so on.”

We’d like #FEEDMEFESTIVAL to be an example of people taking matters into their own hands and making the most of a less than ideal situation. We’d like to thank our families, friends, vendors and sponsors for the overwhelming support. The attention this event has drawn is just phenomenal.”

The event is limited to 21 stalls (from 75+ applicants) due to space constraints and the necessary COVID-19 prevention precautions. “Our only regret is the inability to accommodate more stalls but we’re confident that a successful first run will allow us to host many more of these festivals in the near future.”

#FEEDMEFESTIVAL has been sponsored by Anim8, Standard Holdings, Colombo Eatery, SAASH Photography, Emenze and Olu.

August 27 2020, Colombo: SriLankan Airlines wishes to inform our valued customers that the airline continues to fly to selected international destinations including Italy- Milan, United Kingdom-London, Japan – Tokyo, Maldives- Male, Germany- Frankfurt, France- Paris and Australia-Sydney during the current global lockdown period.

Passengers who are intending to travel with us to these destinations and beyond could book their tickets from our ticket office in Colombo, Galle, and Kandy or your preferred travel agent.

Dr. Dilhan S. Jayatillekewho well known in various service oriented and professional circles was unanimously elected as the Executive Vice President and National Treasurer of Junior Chamber International (JCI) Sri Lanka.

He hails from JCI Colombo Chapter to which he joined in 2015. During year 2016, he was appointed as Director – Individual of JCI Colombo.

In the very next year; 2017 he was the Chapter President of prestigious JCI Colombo the pioneering Chapter that introduced Jaycees to Sri Lanka in 1954. He served the National Board of JCI Sri Lanka for the First time as National Treasurer in 2018. Prior to that, he was the Treasurer of JCI Sri Lanka Training Institute during year 2017.

Under his Chapter Presidency in 2017, he was able to lead JCI Colombo to be at Second Place among the Best Chapters as per the ‘100% Chapter Excellency’ programme. In the same spirit, Dr. Jayatilleke is expected to take JCI Sri Lanka to much greater heights in the capacities of Executive Vice President and National Treasurer.

JCI is one of the strongest Youth Organizations in Sri Lanka and in the world where it is present in over 100 countries.

Shield, the new health oriented anti-bacterial and germ killing health soap launched recently by Hemas FMCG has once again joined the nation’s journey in combatting Covid-19.

Supporting the country during the pandemic and to prevent the spread of the virus among citizens, Hemas FMCG had successfully completed a range of initiatives during the past few months; a large quantity of Hemas FMCG personal care items including Shield products were donated to the Sri Lankan Army for use in the Quarantine Centres, Shield hand sanitiser packs were distributed to officers-in-charge of the National Hospital of Sri Lanka, Colombo North Teaching Hospital in Ragama and District General Hospital, Negombo, while a large quantity of Shield soap packs were also handed over to the Navy General Hospital Welisara for use by frontline staff.

Hemas FMCG acknowledges the importance of supporting children return to education and normalcy by reopening schools in a phased manner. Authorities have also emphasised the habit of regular hand washing with clean water and soap in playing a crucial part in ensuring school communities have a safe and Covid-19 free environment.

Continuing its commitment to assist authorities, Hemas FMCG stepped forward to help children return to school through the donation of hand washing units and Shield soap packs. Hemas donated Shield soap packs to schools in the Western province, covering all schools which are part of the Colombo North region consisting of more than 15,000 students at an event held at St. Anthony’s Sinhala Vidyalaya in Grandpass recently. The donation was in response to a special request made by educational authorities. Principals of these schools were present at the event to receive the packs of Shield soap. Hemas is committed to continue to distribute the soap packs to other schools in the island when classes resume.

Commenting on the project, Fiona Juriansz Munasinghe, Director Marketing at Hemas Manufacturing said, “Many parents are concerned about sending their children back to school. Our donation of Shield soap will provide schools the necessary support to instill confidence in both the parents and children that every possible effort is being made to ensure they can learn in a safe environment whilst keeping themselves protected.”

SubirChowdry, Sales Director at Hemas Manufacturing added, “As a local company we are dedicated in supporting the nation and are fully geared to provide the necessary assistance to the Education ministry in their endeavours to help children return to school.”

Hemas Shield oap is dermatologically tested and proven to be safe and non-irritant to the skin.

Sulton Rahimzoda, Extraordinary Plenipotentiary and Ambassador of Tajikistan to India with concurrent charge of Sri Lanka and Nepal and the Tallam Group organised a webinar to highlight “Investment opportunities in Tajikistan”. Industrialists, businessmen, entrepreneurs and investors from India, Sri Lanka and Nepal were the target audience. The event was targeted to creating awareness about the business potential and exciting opportunities in the Tajik Republic.

Speaking from Tajikistan’s capital city Dushanbe, Sharaf Sheralizoda, First Deputy Chair of the State Committee on Investment and State Property Management emphasised on the historical and strategic partnership of Tajikistan with other countries in the region. The participants were briefed with investment policy, guaranties and preferences for investors as well as existing investment projects in the Republic of Tajikistan.

Special attention has been given to the upcoming sectors for investment such as manufacturing, energy, tourism, information technology, banking, and pharmaceuticals which are of big interest to investors in the present scenario.

“Abundance of hydro electric resources make Tajikistan an attractive option for companies in the energy sector”, Ambassador Rahimzoda informed the participants.

Gold, silver, aluminium, coal and precious stone deposits are profitable areas to be prospected. Transport, infrastructure and tourism development are the priority of the government.

High level meetings of the Tajik President with Head of States of India and Sri Lanka in recent times have emphasised on cordial ties between Dushanbe and the region. “Industrialists and investors will enjoy a first mover advantage by entering into partnerships at this time when the Tajik economy and infrastructure is poised for growth and development”, said Sumit Bothra, CEO Inspiredge.

Karthik Tallam, MD Tallam Group remarked “The geographical and cultural proximity between us could spur many people to look towards Tajikistan as a new market, followed by a new chapter in trade and investments.”

Sri Lanka’s largest online market, Daraz, will open its best fashion deals on Daraz Fashion Week till August 31. Powered by Emerald as the main part ner,Daraz Fashion Week Sri Lankawill bring about the best deals for some of the most favoured fashion brands in Sri Lanka.

This year promises the largest variety of men’s and women’s clothing, fashion accessories, jewelry, bags, shoes, watches, sun glasses and many more fashionable items. With mega deals and offers of vouchers valued up to Rs. 1 million, all purchases on Daraz Fashion Week come with island-wide free shipping.

The best value online fashion event is also giving off an out of this world offer where shoppers can enjoy 25% discount from 25 leading fashion brands. Emerald, Signature, Vantage, LICC, Avirate, Dilly & Carlo and P. G. Martin will be part of the One-rupee game, in which shoppers who take part stand a chance to win vouchers worth Rs. 7,500. In addition, those who guess the nearest price of the LICC, Emerald and MIIKA gift boxes, also have an opportunity to walk away with the gift box.

DarazMall, the exclusive platform featuring leading brands by authorized dealers, gives a 14 days return policy for all fashion purchases during this period. One of the key brands from DarazMall, Emerald, has tied up with Daraz Fashion Week as Platinum partner, while LICC, P. G. Martin, Signature and Giordanojoin as Gold partners. The Silver partners are Zara Garments, MIIKA, Avirate, Vantage,Trendy Clothing and Zanzea.

Daraz Fashion Week is further enabled by leading Sri Lankan banks who have partnered to offer 10% off on credit cards. These banks include Commercial Bank, HSBC, Sampath Bank, Bank of Ceylon, Seylan Bank, Cargills Bank, FRIMI, NDB Bank and DFCC Bank. Moreover, Master Card owners will enjoy a further 12% discount on all Master Cards, complying to terms and conditions.

Samsung, Sri Lanka’s No. 1 smartphone brand opened pre-bookings for its flagship Galaxy Note20 and Galaxy Note20 Ultra – the ultimate smartphones for work and play which are both 5G ready devices.

Samsung is also offering the newly launched Galaxy Buds Live free on every purchase of the Note20 Ultra while Free Galaxy Buds+ come with the Note20. The series will be available in new Mystic colours-soft neutral tones that transcend changing trends with a brand new Timeless Premium Design that has a textured haze effect that cuts down on fingerprints and smudges.

“In Sri Lanka, we have a huge base of Note loyalists, who upgrade their Galaxy Note year after year because it offers what no other smartphone does – ultimate power and productivity. Galaxy Note20|Galaxy Note20 Ultra 5G take power and productivity to the next level and, help consumers maximize work and play while they stay connected. This year, we are also launching Galaxy Note20 Ultra 5G and Note20 5G, our first 5G ready smartphones in Sri Lanka,” said the Managing Director of Samsung Sri Lanka, Kevin YOU.

The series comes in two versions: Galaxy Note20 Ultra, designed for Note fans who demand the ultimate in power and productivity, and Galaxy Note20, for broader Note users looking to maximize their time for work and play.

A favourite among Note loyalists and multi-taskers, the Galaxy Note20 series’ enhanced S Pen offers the ultimate writing experience. To help you capture, edit and share your ideas whilst Samsung Notes app features auto-save and syncing capabilities.

Turn your phone into the Ultimate Gaming package: Flagship level processor (7nm), game booster and responsive 120Hz display puts gaming to a whole new level. For the first time in the Note series, Galaxy Note20 Ultra 5G offers a vivid and bright Dynamic AMOLED 2X display and adaptive 120Hz refresh rate delivering buttery smooth visuals on our best screen yet. Galaxy Note Ultra comes with Corning Gorilla Glass Victus, which is the toughest-ever glass on a smartphone. Samsung’s Galaxy 5G leadership delivers next-level power for what you love to do thanks to 5G (once 5G is commercially available in Sri Lanka).

The Galaxy Note series is available at island-wide authorized dealers of Softlogic Mobile Distribution and John Keells Office Automation which can easily be identified by the Samsung logo placed outside the shop. Also available at authorized partners - Softlogic Retail, Singer, Singhagiri and Damro. Network Partners are Dialog and Mobitel and through the online portals; Samsung E-Store, Daraz.lk, MySoftlogic.lk and mcentre.lk. Customers could reach out for any assistance by contacting the Samsung customer hotline which offers extended working-hours.

The Sri Lankan arm of the Women’s International Shipping & Trading Association (WISTA) celebrated 6 years of presence in Sri Lanka and also held their AGM on August 21, at the Kingsbury Hotel.

This event was graced by Kasthuri Chellaraja Wilson who shared her journey to have become the first female Group CEO of a Conglomerate in Sri Lanka inspiring the many WISTA members.

This truly was a momentous occasion for WISTA as Wilson who had been a WISTA member addressed the audience sharing her success story of how she broke the glass ceiling encouraging more women in a male dominant industry to come forward. She also outlined the key factors women should consider in taking up leadership roles and how to be successful, keeping the audience inspired and motivated.

Nilu Wickremasinghe, Director SALOTA International (Pte) Ltd was elected as the President of WISTA Sri Lanka during the event. Nilu brings in a wealth of knowledge and experience in the Shipping and Logistics Industry to lead and achieve the objectives of WISTA. Debbie Jones, Correspondent Manager at GAC Shipping Ltd was elected as the Vice President.

Felicita Alwis, Senior Executive Operations at GAC Marine Services (Pte) Ltd was elected as the Secretary, Ishani Caldera Assistant Manager at Ocean Network Express Lanka (PTE) Ltd (ONE) as Assistant Secretary. Sujani Kumarasinghe, Head of Finance/Director at Maersk Sri Lanka was elected as the Treasurer, Surangi Gunasekara, and Manager at Prudential Shipping Lines Pvt Ltd as the Assistant Treasurer.

The newly elected Executive Committee for the year 2020/21 consists of Shehara Jayawardana, Swabha Wickramasinghe, Diruni Chanmugam, Catriona Jayasundara, Anoma.V Ranasinghe, Chamila Bandara, Amali Mendis, Keshani Jayasekara, Shalinie de Silva, Kalani Dassanayake, Omalika Jayathilaka, Shiyamalee Karunanayake, Shamala Rebecca, Randima Krishnaratne, Chandula Rambukwell &, Kanchana Bopitiya.

Addressing the gathering the newly elected President Nilu Wickremasinghe expressed her confidence in leading WISTA to be a strong force in the industry during a very challenging period. She also stressed the importance of empowering women and encouraging more of them to join the workforce where the new normalcy has changed how we work with more flexible work patterns During the event felicitations were offered to Kasthuri Chellaraja Wilson as the “WISTA Personality of the Year” for her outstanding achievements and service to the Industry.

South Asia Gateway Terminals continue to power WISTA SL as the Corporate Partner and will extend their support for yet another successful year of activities that promote and strengthen gender diversity and women empowerment in the Industry.

Singer (Sri Lanka), has collaborated with Sri Lanka Institute of Marketing (SLIM), the apex body for marketers, to launch an Advanced Certificate in Retail Services Marketing in a bid to equip Singer sales force with the best practices and industry knowledge in marketing.

This collaboration would contribute the Singer’s aim of elevating the customers’ experience to the next level backed by a well-trained staff. As a corporate with a customer-centric vision, Singer has always been keen on providing a unique customer experience and this initiative further helps in its endeavors. The Advanced Certificate in Retail Services Marketing provides that all-important opening for its sales staff to become future leaders while enhancing their marketing skills to better serve the customers.

Singer has been repeatedly recognized as a “Great Place to Work” for its initiatives that earmarked for creating employee trust and satisfaction that ultimately led to increased productivity, efficiency and enhanced service offerings. Singer’s initiatives in building its team stature has placed the company at the forefront in Sri Lanka’s retail segment with a strong year on year sales growth.

“Singer is one of the largest conglomerates with an island wide presence and a strong sales network. The company is renowned for its best in class customer service that has propelled it to greater heights. This initiative will further assist in our endeavors to streamline the best practices in customer service and further reinforce our brand presence in Sri Lanka,” Chief Executive Officer at Singer (Sri Lanka) PLC, Mahesh Wijewardene said.

Apart from the newly introduced Advanced Certificate, Singer has established Singer Retail Academy, registered at the Tertiary and Vocational Education Commission (TVEC). The academy provides a Certificate course in Customer Care and Retail Operations, which acts as the foundation for a stellar career at Singer.

The sales personnel who successfully complete it are directed to the Advanced Certificate in Retail Services Marketing. This program is well structured to enable the participants to learn from fundamentals to advanced marketing concepts.

Roshan Kulasuriya, Director – Human Resources and Business Integration at Singer (Sri Lanka) PLC comments on the novel initiative: “Singer accommodates over 3000 sales staff who are keen on taking up leadership roles in our organization. It is of utmost importance to mould them to be sales professionals and providing them a validation with an Advanced Diploma offered through SLIM - a key investment that we are banking on. Prioritizing on employees and their future prospects have reinstated a sound environment where we can better serve our customers.”

Singer (Sri Lanka) PLC is the leader in consumer durables market and is renowned for offering a wide range of top-quality local and international brands to its growing number of consumers across the country. With over 430 retail outlets, Singer owns a portfolio of over 600 electronic items, 1200 home appliances and boasts more than 50 internationally renowned brands. Singer has been awarded as the number one people’s brand for fourteen consecutive years at the SLIM-Nielson people’s awards.

With a growing reputation as one of the largest detergent manufacturers in Sri Lanka catering to both domestic households as well as the industrial sector, Multichemi International Limited was recently awarded the ISO 9001:2015 Quality Management System (QMS) certification, reflecting well in its continuous and unparalleled commitment towards producing a wide range of detergents and cleaners that are of international standards.

Launched in 1993, ‘dash’ the flagship brand of Multichemi takes great pride in being Sri Lanka’s first biodegradable, non-toxic, phosphate-free and environmental friendly range of detergents. Its three dominant product groups namely Household Care, Laundry Care and Car Care have experienced a significant growth over the years.

‘dash’ emerged as the market leader in the car care category within just four years since its inception and remains in the same position today with its presence only growing stronger. Multichemi has also established other reputable brands in household care and laundry care categories such as ‘Gliz’ Dish Wash, ‘Safematic’ Laundry liquid, ‘Magic Soft’ Fabric Conditioner, ‘SpringTime’ Air Freshener, ‘Safeol’ Disinfectant and ‘Comox’ Toilet Bowl Cleaner under the ‘dash’ umbrella of products.

Since its inception the company has heavily invested in process and system improvements, energy efficiency, waste management measures, training, research and development amongst other initiatives.

‘We are delighted to be recognized with this international quality certification. It truly reflects our ongoing efforts and dedication in offering safe, high quality, and sustainable products to our loyal customers. In a market segment where multinational companies are currently dominant, we are ambitious in aggressively strengthening our product portfolio in order to become the most sought after Sri Lankan Detergent Brand by 2025,’ Asanga Rathnayake, Assistant General Manager said.

Founded in 1993, Multichemi Group of Companies has over 800 employees with state-of-the-art manufacturing facilities both in Sri Lanka and abroad. with business verticals in Cosmetics, Food and Beverage, Textile Enzymes, Bio-fertilizers and Detergents. Its ‘dash’ brand has evolved to be a household name, with new products being formulated and launched annually, catering to the ever-changing lifestyles of today’s consumer. The company is focused on innovation with its cutting-edge research and development activities, and has a strong island-wide distributor network.

Standard Chartered Sri Lanka has announced the appointment of Anuk De Silva as the Head of Corporate Affairs, Brand & Marketing, effective 19 March 2020. He will also function as a member of the Bank’s Country Management Team, and will report to Bingumal Thewarathanthri, CEO, Standard Chartered Sri Lanka.

Anuk is backed by over 15 years of experience in Marketing, Communications & Branding, Digital Marketing, Public Relations and Journalism. His last corporate stint was at Brandix, where he oversaw the Corporate Communications and Branding functions of the company. He has also been a part-time News Presenter at TNL Radio Network for over a decade and a Visiting Lecturer at the Human Resource Management Institute.

More recently, he took a few years off from work to pursue a Master of Commerce in Marketing at the University of Melbourne, as a recipient of the prestigious Australia Awards Scholarship given by the Department of Foreign Affairs & Trade, Australia. During his time in Melbourne, he also had a short stint at KPMG Australia.

Subsequent to his return to Sri Lanka, he re-joined the workforce with Standard Chartered, where he will be responsible for leading the Corporate Affairs, Brand & Marketing team, whilst supporting the execution of the overall country strategic agenda as well as the digital transformation of the Bank.

Accenture has helped Brandix, a leading apparel manufacturer in Sri Lanka, implement SAP® SuccessFactors solutions to consolidate all of its human resources (HR) processes into a single technology platform.

The platform, internally branded as ‘Brandix iConnect,’ is part of Brandix’s journey to future-ready its operations. As a central hub for the company’s HR services, Brandix iConnect brings together real-time data and consolidates processes to provide employees with a modern digital experience that is user and mobile-friendly.

Accenture helped implement the Brandix iConnect solution in just four months and continues to support Brandix in its digital endeavors through the transformation of its manufacturing, supply chain, finance and HR operations.

“As a company that passionately embraces its vision of ‘delivering inspired solutions,’ we always strive for and achieve world-class standards in everything we do,” said Ashroff Omar, Group Chief Executive Officer of Brandix Apparel Limited. “Our successful transition to a state-of-the-art HR platform is a testament to the willingness of our people to embrace change and adapt in ways to future-ready our operations. I look forward to leveraging our best practices in HR to energize our people to deliver inspired solutions to our customers.”

In addition to aligning the company’s executive HR processes with global best practices, Brandix iConnect also supports the company’s sustainability goals.

“It was truly rewarding to witness the dedicated efforts of all teams in driving this project to its fruition, attesting to Brandix’s commitment to delivering on excellence backed by teamwork,” said Ishan Dantanarayana, Chief People Officer of the Brandix Group. “We believe that the transformative system will inspire and enable the Brandix force of ‘Inspired People’ to perform at their optimal.”

Suvasish Mohapatra, who led this project for Accenture Operations, added, “People lie at the heart of any business, and this HR transformation initiative is a key milestone in Brandix’s digital journey.”

Aaron Green, who leads SAP SuccessFactors in Asia Pacific and Japan added, “Employee experience has become a strategic priority for HR leaders and delivering engaging experiences is proven to boost productivity and drive better business results. Human experience management solutions—such as Brandix iConnect— are designed around what employees need, how they work and what motivates them – empowering them to do their best work and giving HR leaders the tools to accelerate business growth.”

At the recently held Round Table Asia Pacific (ASPA) Awards Ceremony, Negombo Round Table 7 (NRT7) which was led by its Chairman Tr. Nuwan Siyambalapitiya was adjudged as “Best Table of the year”, “Best Service Project of the year” in recognition of their contributions during the Tabling year 2019/20 and further contributions of its Charter Chairman Tr. Randhike Cooray was recognised with a “Star Award” at the Ceremony.

Amidst many unprecedented challenges across the year from Easter Sunday Attacks to COVID 19, Negombo Round Table 7 commenced the year after a brainstorming session to have an agreed set of actions/events to carry out during the year, with a strategic plan developed around thekey aims and objectives in Tabling. NRT7 Tablers are a group of professionals from diverse professional fields of Banking, Finance, Engineering, Legal, Logistics and Tourism and these professionals have immensely supported the Round Table Sri Lanka community at a larger scale by providing valuable Professional advice and consultancy services for the upliftment of the community.

Round Table which is a network across the world with over 35,000 members, is a non-political, non-sectarian association open to young men between the ages of 18 and 40, from any profession or trade. The objectives of the Association are the encouragement of high ethical standards in commercial life, the promotion of fellowship amongst young professional and business men and to “empower each individual to make a positive impact at home, work and community’.

Life insurance professional M. Priyaviraj has earned international honour and approbation for himself and his company Ceylinco Life by becoming the only Sri Lankan to achieve ‘Top of the Table’ status on commission basis in 2019 at the Million Dollar Round Table (MDRT), the world’s premier association of financial professionals.

Mr Priyaviraj of Corporate Sales at Ceylinco Life, has qualified for MDRT thrice on the basis of his commission income, and thereby been accorded the prestigious Top of the Table designation for that accomplishment.

Announcing his achievement, Ceylinco Life said Priyaviraj is joined by another Ceylinco Life high flyer A. I. P. Manjula on the MDRT top performers list for 2019, by qualifying for the association’s ‘Honour Roll’ by meeting MDRT qualification criteria for 15 years, placing him among the top 6,200 elite life insurance sales professionals in the world.

Congratulating these prodigies, Ceylinco Life Managing Director Thushara Ranasinghe said: “Priyaviraj and Manjula are excellent examples of the dizzying heights life insurance professionals can achieve with the kind of support, motivation and opportunities Ceylinco Life provides. We were the pioneers in MDRT qualification, and some of our star performers consistently achieve performance levels that place them among the world’s best.”

Sri Lanka’s first MDRT qualifier was produced by Ceylinco Life in 1993. The company was also the first to produce a MDRT ‘Life Member’ by achieving the stipulated sales targets for ten straight years, and the first local insurer to produce an MDRT Top-of-Table Member. M. Priyaviraj joined Ceylinco Life Sales Force in 1989 He also won the Bronze Award in the ‘Frontliner’ Category for Life Insurance at the 2017 National Sales Congress (NASCO) Awards presented by the Sri Lanka Institute of Marketing (SLIM).

A. I. P. Manjula is attached to Ceylinco Life’s Ambalantota 2 branch and was accorded the honour of being Sri Lanka’s flag bearer at the 2014 MDRT Conference and was inducted in to the Ceylinco Life ‘Hall of Fame’ in 2018, receiving a Mercedes Benz C Class car for his performances and contributions to the company.

Amazon CEO Jeff Bezos, the world’s richest man, on Wednesday became the first ever person in history to amass a fortune of $200 billion. He crossed the milestone yesterday after a sharp rally in US technology stocks. According to the Bloomberg Billionaires Index, Bezos’ net worth now stands at $202 billion after an increase of $5.22 billion in a single day.

The sharp rise in his net worth comes after Amazon stock edged up two per cent in the previous trading session. While most billionaires have seen their wealth decline this year due to the coronavirus pandemic, Bezos’ net worth has surged over $87 billion due to rising preference for online shopping among customers.

The 56-year-old Amazon founder and CEO’s net worth is $78 billion more than Bill Gates, the second richest man in the world. According to Forbes, Bezos’ wealth is the highest ever amassed in history even after adjusting for inflation. His fortune is equal to 3.02 per cent of the total wealth of the 500 richest people in the world, according to the Bloomberg Billionaires Index. (indiatoday)

Seylan Bank recently declared open an off-site ATM at the Sri Lanka Technological Campus (SLTC), Ingiriya Road, Padduka, continuing their commitment towards supporting the financial needs of their customers.

The new ATM was ceremonially opened on the 17th of August by Chief Guest Ramesh Jayasekara- Senior Deputy General Manager, Seylan Bank. The ATM will provide convenience to students who are studying at SLTC, ensuring easy access to those who wish to carry out cash withdrawals at any given time. This expansion will mark the 216th ATM opened by Seylan Bank, further strengthening their ATM network across the island, enhancing customer convenience.

Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class service.

The Bank has a growing clientele of SMEs, Retail and Corporate Customers and has expanded its footprint with 173 branches and an ATM network of 215 units across the country. For more information on products & services, please visit https://www.seylan.lk/.

People’s Bank has stepped forward to support the Government’s development programme by introducing the “Business Power” loan scheme to empower small and medium enterprises operating in sectors of agriculture, manufacturing, construction, direct and indirect exports, innovation and technology, etc.

The loans are granted in order to boost financial strength of a large segment of the SMEs Island wide including credit facilities at concessionary interest rates through easy payment systems.

Sectors that are eligible for Business Power loan schemes include Agriculture (farming, livestock, fisheries, agro produce collectors and intermediaries, small rice millers), Manufacturing industries focused on direct and indirect exports and import substitution, food preparation and distribution, businesses based on innovation and technology as well as Essential Services (health, education, logistics, telecommunications).

Maximum Business Power loan amount for investment purposes is Rs.50 million and permanent working capital requirements is Rs.20 million while the maximum exposure should be Rs.50 million per borrower. For Investment Loans, the maximum repayment period is 7 years with a maximum grace period of 1 year, if required, whereas for working capital loans the maximum repayment period is 3 years with a maximum grace period, of 6 months on need basis.

Further information on the Business Power loan scheme can be obtained from the nearest People’s Bank manager or manageress.

Following the announcement by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) with respect to the implementation of Number Portability (NP), Dialog Axiata PLC (Dialog), Sri Lanka’s premier connectivity provider welcomed the re-initiation by the TRCSL of a roadmap to reach International Best Practice in maximising Customer Choice in the Telecommunications Industry.

Number portability which enables switching of mobile and fixed line numbers across competing service providers is a customer facility widely practiced internationally and is a key facet of a liberalized telecommunications market.

Dialog first proposed in July 2008, the initiation of a roadmap to alleviate consumer choice bottlenecks including number portability. The Company believed then and has continued to champion over the years the paradigm that maximising consumer choice would result in the enhancement and development of the industry overall resulting in benefits to all service providers and their customers.

“Dialog is honored by the trust placed in the brand and its services by over 15 Million Sri Lankan Consumers. The success and growth of the Company would not have been possible if not for our customers exercising their choice. Open competition and customer choice is at the root of our success and is a paradigm we deeply respect. Advanced technologies enable not only a suite of advanced facilities but also the freedom of consumers to choose the best”, said Supun Weerasinghe, Director/Group Chief Executive of Dialog Axiata PLC.

Dialog entered Sri Lanka’s Telecommunications market as the 4th entrant in the mobile sector. Sri Lankan consumers elevated Dialog to the pinnacle of the Mobile market in the Year 2000 and since then the Company has grown to become Sri Lanka’s largest Converged Connectivity provider spanning Mobile, Fixed, High Speed Broadband and Television service. The Company has been voted by Sri Lankan Consumers as the No 1 Telecommunications and Internet Service Provider for 9 years in succession at the SLIM-Nielsen People’s Choice Awards.

While Sri Lanka’s telecommunications market has been recognized globally for the affordability and quality of services as well as the state of the art in Technology and advanced facilities, enablement of the portability of mobile and fixed numbers across networks has not been implemented to-date.

“We are very happy to see the TRCSL moving forward with the next steps in the liberalization of our industry and we congratulate the TRCSL for initiating the process of implementing number portability in Sri Lanka. Dialog is also optimistic that the TRCSL will move forward swiftly with other similar enablers of consumer choice” Mr Weerasinghe added.

Dialog and its principal shareholder Axiata Group Bhd also hold the distinction of being Sri Lanka’s largest FDI with a total investment to date of USD 2.7 Billion directed at Telecommunications Infrastructure Development in Sri Lanka.
 

COVID-19 has created unexpected market opportunities for medical-related industries around the globe, providing openings for innovative entrepreneurs to exploit.

While no doubt the crisis suppressed the exports of certain sectors, it also shed a light on emerging opportunities for domestic exporters to capitalize on; in particular PCR testing components and anti-microbial coatings. The Sri Lanka Institute of Nanotechnology (SLINTEC) and the Sri Lanka Export Development Board (EDB) took advantage of this timely opportunity to enhance the export production capacity of such nascent sectors. Both SLINTEC and the EDB entered into an agreement through which the EDB supports SLINTEC to obtain FDA registration and CE certifications for their innovative, export-ready Covid-19 product range. Exploiting COVID-19-related market opportunities, SLINTEC ventured to innovate and commercialize two new products with high export potential: SLINTEC Swabs and SLINTEC Sterile. A spike in global testing has increased the demand for test kits and the widely administered PCR test kit requires a nasal swab for sample collection.

LINTEC has reverse engineered COVID-19 testing swabs and has been producing them in-collaboration with the Medical Research Institute of Sri Lanka, the Lady Ridgeway Hospital, and Hi-Fashion Holdings Pvt limited.

SLINTEC sterile is an antimicrobial nano coating that can be applied on numerous surfaces without tarnishing its aesthetic appearance.

This technology can eradicate microorganisms on the coating applied surface as well as the surrounding air with its protective effect lasting up to six months. The product can be commercialized via hotels, hospitals, airports, residential houses, offices, and supermarkets. SLINTEC, with its export production capabilities for Swabs and Sterile, has identified interested buyers in the European and US markets.The last bridge to gap was to obtain FDA (US market) and CE (EU markets) certifications for export market compliance. Seeking assistance to bridge that final gap, SLINTEC reached out to the EDB with a proposal to obtain assistance for market compliance certifications. The EDB National Quality Infrastructure (NQI) Advisory Committee has been a leading driving force of the Sri Lanka NQI strategy – a vital trade support function of the Sri Lanka National Export Strategy (NES). Given its strong alignment to the NES objectives of strengthening foreign market entry compliance requirements and the critical need to adapt to Covid-19 market needs, SLINTEC’s proposal was approved by the committee members.

Through the provisions of the NES 2020 budget, the Ministry of Industrial Exports and Investment Promotional provided a 5-million-rupee financial assistance to the EDB to facilitate this timely endeavour with SLINTEC.

Janashakthi Insurance PLC (Janashakthi) consolidated pre-tax profits showed a remarkable year to date growth of 44%, recording a Profit Before Taxation (PBT) of Rs. 427.37 million. Consolidated Net Income also showed a growth of 15% with Rs. 3.28 billion in comparison to the previous year’s Rs. 2.85 billion. Similarly, earnings per share showed a growth of 68% from Rs. 1.04 to Rs. 1.75.

The increase of 49% in investment income including realized gains and fair value gains significantly contributed to achieve this total Net Income, supported by 44% growth in Total Other Revenue, growing from Rs. 1.16 billion to Rs. 1.68 billion. Janashakthi delivered a Gross Written Premium (GWP) of Rs. 1.66 billion in the period under review.

As of June 2020, the company had total assets of Rs. 23.47 billion compared to Rs. 21.73 billion in Q2 2019.

“Due to the unprecedented impact of the COVID-19 pandemic, 2020 has proven to be an exceptionally challenging year for the economy.”

“Janashakthi continued to serve our customers through these unprecedented times, thanks to the dedication of our field sales force and having our digitization initiatives already in place to deliver a frictionless service experience. I am pleased to note that amidst a difficult quarter, we have delivered significant profit growth in the period under review,” commented Prakash Schaffter, Chairman of Janashakthi Insurance PLC.

He further added, “as we continue to set trends and drive the new normal of the life insurance industry in Sri Lanka, we strive to raise the bar on service excellence with increased levels of digitization in our operations as well as our customer interactions.”

“We will continue to honor our commitment as a purpose driven insurer, with reaffirmed assurance to provide solutions that cater to the ever-evolving customer needs. We are confident that this is the way forward for greater cost efficiencies and resilience.”

Board of Directors of Janashakthi PLC has resolved to issue Unlisted, Senior, Unsecured, Redeemable Debentures amounting to Rs 2 billion yesterday.

The company in a stock exchange filing said that approval has been granted by the Securities and Exchange Commission of Sri Lanka (SEC) for the said Debenture Issue in terms of section 29A of the SEC Act No. 36 of 1987 (as amended) subject to making an immediate market announcement identifying the salient features of the proposed Debenture Issue.

Sri Lanka Telecom Group welcomes TRC’s progressive move to bring number portability. One of the first decisions taken by the new Board of SLT was to lobby for number portability in Sri Lanka.

The SLT Group, being the fastest network connecting Sri Lanka’s deep rural to the world, is excited with the new possibilities number portability brings.

The SLT Group stands perfectly poised to offer its best-in-class plethora of communication solutions to a transformational nation on the cusp of unparalleled development.

SLT believes, this technological convenience will support President’s ‘Saubhagye Dakma’ to take every enterprise to its next stage of development, while introducing a new energy to a nation determined to build an export driven economy.

“We are the nation’s telecommunication service provider. Our mandate is to enable the country’s transformation. Sri Lanka Telecom and Mobitel are brands of the people of Sri Lanka and we will serve every requirement necessary for personal, professional and national growth with absolute pride,” expressed Rohan Fernando, the Group Chairman of SLT.

“We are very excited to offer the number portability solution to our customers. We have invented a basket of solutions that can transform any local enterprise. We are determined to give our pre and post paid customer base unparalleled 5G speed, convenience and affordability,” added Lalith Seneviratne, the Group CEO.

SLT applauds Oshada Senanayke, the DG and his team at TRC for their forward thinking and timely implementation plan of number portability.

The Information and Communication Technology Agency (ICTA) and the United Nations Development Programme (UNDP) in Sri Lanka signed a 4-year Memorandum of Understanding (MoU) today to support Sri Lanka’s aspirations for Digital Transformation.

ICTA and UNDP will collaborate towards the design and implementation of a comprehensive National Digital Strategy under the ‘Vistas of Prosperity’ national policy framework, with a specific focus on digital transformation of the public sector including re-engineering processes to ensure an effective uptake of digital mechanisms.

The collaboration will also implement initiatives to bridge the ‘Digital Divide’ ensuring an inclusive digital transformation that leaves no one behind. In line with the national emphasis on recovery, the transformational agenda will also develop and implement a national strategy on digital economy to revitalise the economy in a post COVID-19 context.

The partnership will leverage the capacity of Citra Lab, GoSL and UNDP joint initiatives and build on existing public sector excellence initiatives such as the NextGenGov Fellowship Programme, to provide capacity building support and support ICTA’s institutional strengthening and realignment to lead an effective digital transformation agenda in Sri Lanka.

The transformational agenda will utilize design thinking approaches such as human centred design in the development and implementation of these initiatives to ensure the people of Sri Lanka are the central focus of the transformation.

Citra Lab, will lend its expertise on such approaches to the digital transformation agenda to ensure a citizen centric digital transformation.

Speaking on the vital need for transformation Jayantha De Silva, Chairman of ICTA stated “The global COVID-19 pandemic further highlighted the urgent need for a digital transformation of our Public Sector in order to effectively respond to evolving challenges. We are confident that this partnership will enable us to build on this momentum for change and realise our overarching goal of an inclusive, digital Sri Lanka. Robert Juhkam, Resident Representative of UNDP in Sri Lanka stated, “Digital transformation is a hallmark of our time and UNDP is committed to supporting national digital transformation agendas for social and economic good, including Sri Lanka. Digital investments can help both to recover from COVID-19 and enable achievement of the SDGs.”

“This partnership will create a platform for engagement to leverage UNDP and UN sister agency expertise for efficient, citizen-centric and resilient public service delivery, innovation and economic growth.” As an immediate next step to the signing, ICTA and UNDP will work together to conduct a digital readiness assessment for the public sector to identify gaps within the system and design interventions that can be rolled out to strengthen the digital framework.