business Sri Lanka

The Planters’ Association of Ceylon marked World Children’s Day 2020 with a pledge to establish 35 Child Development Centres (CDC’s) on estates belonging to their membership of 21 Regional Plantation Companies (RPC).

This will add the total number of CDC’s on RPC estates to 258. The setting up of these centres will be carried out by the Plantation Human Development Trust (PHDT), a tripartite organisation of RPC’s, plantation trade unions and Government of Sri Lanka.

Although early childhood development care started in the plantations only in 2015, as of now 223 such centres have over 30,000 children, being taken care of by qualified teachers, all of whom are diploma holders in early childhood development.

“Our vision is to make sure that no child is left behind and any investments we have made towards the early development of children on our estates is so that they may thrive and have the mind-set for opportunities, which their parents did not have,” said Chairman Planters’ Association, Bhathiya Bulumulla.

“The work being carried out at our advanced Child Development Centres through the outstanding efforts of our dedicated officers represents a major advancement from the early custodial structures that used to exist. It is testament to how far child development and protection has come in our estates, supported by generous investments from RPCs. We will continue to promote the growth of our youth - investing in our future means investing in our children,” Bulumulla emphasized.

“These capable and qualified officers operate the CDCs, and PHDT reports that 365 of these officials are also trained to carry out Child Development Assessments to ensure the youth in their care are developing socially and academically, he added.

PHDT is registered to conduct diploma training courses and to award nationally recognized diplomas in Child Development. In 2019, 672 new diploma holders were recorded.

In addition, the Early Childhood Development programme also recognizes the parents’ role in the emotional, social, and physical development of their children. RPCs, through PHDT, have implemented Parental Awareness Programs to further safeguard the children of estate workers. Over 57,000 parents have thus far benefitted from awareness programs, which cover five modules - including intellect and skills development, and the prevention of domestic violence.

With the goal of improving the lives of children in the estate sector, the work to build and renovate CDCs is rapidly progressing. As part of the Early Childhood Development project introduced in 2015, the investment and tireless efforts of RPCs have generated 65 newly built and 158 renovated centres. Approximately 30,000 children have been registered for supportive custodial care across the estates.

As the industry emerges from a tumultuous year, ALFT Packaging shows us how long-term planning and proactive thinking can enable a business to survive and even thrive in turbulent times. The organisation which recently celebrated its third anniversary was started with the intention of filling the growing need for technologically advanced, international standard, flexible packaging solutions, without having to rely on expensive imports for customers.

ALFT began with the coming together of several leading minds in the packaging industry, determined to engineer a solution that would satisfy demand and cater to future trends in packaging. The factory is purpose-built to meet international safety and hygiene standards and it’s the country’s only British Retail Consortium (BRC) “AA” certified flexible packaging facility.

The production plant is designed to support automated machinery and minimum handling.

The goal since inception was to provide packaging solutions in accordance with global health and safety standards making ALFT uniquely prepared for the post-pandemic world.

Speaking about ALFT, Managing Director ChathuraJayatissa explained, “When starting ALFT we had the single-minded vision of providing flexible packaging solutions that were on par or even better than the best in the world. Today, the measures we have taken allows local manufactures to function seamlessly in a period with restricted imports and the highest levels of health and safety protocols. Throughout our journey, our clients have been equal partners with us, and we are very thankful to them for the shared learnings. As always, we remain environmentally conscious, socially aware, and customer-centric in everything we do.”

“Visiting dignitaries and representatives of multinationals are amazed at the size, scope, and sophistication levels of our operation. We have a policy of total transparency and allow all our clients to witness the inner workings of our factory any time they want to visit,” said Chathura Jayatissa.

The organization is all set to grow its operations to meet sustainability, and customization needs of the market. ALFT’s expansion into new ventures is based on its main vision to not only to reduce Sri Lanka’s import burden through supporting local businesses but also meet Sri Lanka’s export ambitions in the future.

The Forward Conference hosted by SIB and Uniba Partners on ‘Cyber Protection from the Digital 19 Outbreak in the New Normal World’, will be held on December 2, under the patronage of Chief Guest, State Minister of Money and Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal.

The Gold sponsorship of the Chartered Accountants (CAs) National Conference by Strategic Insurance Brokers (Sib) marks a new frontier equal to the launch of the novel concept of a National Conference in Sri Lanka by CAs four decades ago.

The Chartered Accountants’ Annual Conference is now an event that’s regarded as the most influential business and finance strategy deliberation in the nation, attracting in excess of full capacity, around 2,000 participants consistently.

The Strategic Partner SIB with strength of a century empowered by UNIBA Partners also function as a Gold Sponsor of the 41st CA National Conference.

‘Digital 19 Outbreak,’ and ‘Cyber Protection in the New Normal’ are the 2 presentations at the plenary sessions of the Forward Conference, signifying the Institute’s drive and dedication towards having the country see the ways out of the Covid-19 pandemic induced economic crisis.

“Businesses must realize that the pandemic-driven “new-normal” will demand a quick transformation to new processes and methods if they are to remain relevant”, said Minister Cabraal, making a broad-brush statement about the Forward Conference, and predicting the way its agenda is set to intersect with the economic imperatives of the day. ‘Issues such as how and why Sri Lanka’s Corporates and Banks are better prepared for operational resilience should be deliberated and proper responses provided to the stakeholders,’ he added.

‘Cyber Protection is the only guarantor of economic sustainability in our wired age and the relevance of the topic will harness the power of this brainstorming meet-up,’ said Indrajith Fernando, director of Strategic Insurance Brokers.

‘Though the cyber insurance market is still young and growing exponentially, it’s now accepted such cover as a stand-alone indemnification separate from all other corporate covers, is imperative. The Forward Conference will emphasize this fact and discuss the transformations in the industry at large that have happened as a result’, Ramal Jasinghe a veteran in the industry said.

‘We do not however plan on a conference theme or structure that invites panic. On the contrary, we are pooling some of the most recognized resource-person talents that will empower an attitude of positivity that will help charter a new course in these palpably tough times,’ said Manil Jayesinghe, President of the Chartered Institute.

ABS Courier –established in 2006 as the courier wing of AB Securitas (Private) Limited recently won the ‘Daraz 3PL of the year’ award at the Daraz Seller Summit 2020.The event, which took place at the Shangri-La Hotel recently witnessed ABS Courier being awarded the first place under Daraz’s third party logistics (3PL) partner category, in recognition of its steady and impressive performance.

This was the second Seller Summit organised by Daraz and the first introduction of the ‘3PL of the Year’ award.

The Daraz Seller Summit 2020 witnessed the participation of over 300 partners and sellers. The event unveiled exciting plans for the year including a glimpse into the biggest sale of the year – the 11.11 sale. The sellers were invited to join the revolution by sharing and showcasing key success stories, which was followed by a panel discussion as well.

ABS Courier partnered with Daraz earlier this year and has since then been able to rise through the ranks amongst other courier service providers with a spectacular 94 percent On Time Delivery (OTD) success rate. Commenting on the same, Sajid Suhail, Head of Strategy and Planning at DEXstated: “Last mile delivery is the most crucial stage in e-commerce logistics, and the continued support that ABS courier has been providing us over the past few months has helped us delight our growing customer base.”

“The ‘3PL of the Year’ award was introduced with the sole purpose of keeping the bar high with regards to customer service.And the dedication and commitment of ABS courier has definitely helped set that standard,” he added.

Elated at the win, Business Development Manager at ABS Courier Julian Anderson said: “Our vision since inception has always been to be the most professional, reliable and dependable courier service provider in the country, and winning this award affirms that we’re headed in the right direction.”

Having operated in the Sri Lankan market for 14 years now, ABS Courier leverages cutting-edge technology to offer comprehensivetransport and logisticssolutions to a wide clientele that comprises leading private and public sector organisations.

The company boasts a strong network of 21 branches in addition to strategically positioned Convenience Centres across important locations.

Daraz.lk is Sri Lanka’s largest e-commerce marketplace owned by the Alibaba Group. The Daraz Group operates e-commerce platforms and logistics services across five Southeast Asian markets including Pakistan, Bangladesh, Nepal, Myanmar and Sri Lanka.

NDB Bank was ranked number nine in Business Today’s Top 30 Corporates in Sri Lanka in its latest evaluation for the second consecutive year.

The Bank was honoured with this position in recognition of its successful performance during the 2019-2020 financial year.

Leaping in the rankings from number 27 in 2017 to number 18 in 2018 and to 9th in 2019, NDB has retained its position among the Top 10 in 2020 as well, a challenging year, due to its stable performance, steady organic growth, competitive strengths, innovative banking solutions and sustainability initiatives.

Business Today TOP 30 2019-2020 indicates how the top-listed corporates have performed even through challenging times. The financial year 2019-2020 can be considered as one of the most challenging periods for corporate Sri Lanka. The main factors that impacted the performance of the economy were political instability and insecurity that hindered growth. The country and corporate sector have weathered many storms in the past, therefore, in this uncertain environment corporate Sri Lanka forged ahead,” the Magazine wrote.

Commenting on this feat, NDB Group CEO Dimantha Seneviratne said, “NDB has demonstrated resilient growth amidst one of the most challenging times we have faced in recent history. Our financial performance in 2019 and uptoQ3 2020, particularly the growth rates have been exceptional and we can all be proud of the distinct mark NDB is marking in the industry, alongside much larger and mature peers”

“As we move forward to make NDB the Digital Bank of Choice, the digitization of our customer touchpoints, such as our NEOS App, Online Banking and branches has made rapid progress. The credit of this esteemed achievement should go to my leadership team for leading the transformation of the bank and our staff, for their unstinted loyalty and hard work, Chairman and the Board of Directors for their guidance, wisdom and strategic direction”.

The ranking, which was announced in November 2020 comes in the light of NDB’s Group CEO Dimantha Seneviratne winning the “Best Banking CEO of the Year 2020” in Sri Lanka by the International Business Magazine and NDB being recognized as the “Best Domestic Bank in Sri Lanka for 2020” by Asiamoney Magazine, as well as being named the “Best Consumer Digital Bank Sri Lanka 2020” under the Global Finance World’s Best Digital Bank Awards 2020 program for the second consecutive year establishing NDB as the Digital Bank of Choice in Sri Lanka.

Continuing with its winning streak, LOLC Al-Falaah, the Alternate Finance arm of LOLC Finance, Sri Lanka’s largest Non-Banking Financial Institution (NBFI) was crowned the Best Islamic Leasing Provider of the year by IFN’s 1st Non-Banking Financial Services Polls for 2020. Al-Falaah emerged the winner by the largest margin across all categories, acquiring a notable 60% of the global votes.

For the first time, IFN is awarding NBFIs for their exceptional performance and contribution to the global Islamic finance industry. In its latest update, IFN quotes, NBFIs play a crucial role in fulfilling the financing demand that cannot be met by banking institutions. For their indispensable contribution to the global Islamic finance industry, IFN is honoured to be recognizing the top Islamic NBFIs through the inaugural IFN Non- Banking Financial Institutions Poll 2020 as voted by the readers of IFN.

In a statement announcing the list of winners, IFN asserts that the diversified conglomerate with an impressive international footprint including across South Asia, Southeast Asia and Africa built over 34 years, ventured into alternate financial services under the brand Al-Falaah in 2007, offering a wide range of products from savings, investments, leasing and business financing.IFN adds, “LOLC Al-Falaah’sIjarah portfolio is one of its best-performing asset classes, supporting the Islamic finance unit position as one of the top-performing divisions of LOLC Finance in terms of non-performing financing performance, profitability and return on equity. Competitive rentals and diversity in types of leasable assets as well as solid branding equity anchored LOLC Finance’s position in the space of Islamic leasing”.

Shiraz Refai, Deputy General Manager of LOLC Al-Falaah stated that “We will continue to strive to offer our valued clientele the most convenient, competitive and tailor-made financial solutions that best fit the current times”.

Speaking about the achievement, Krishan Thilakaratne, LOLC Group Head of Alternate Finance said, “It’s a very proud moment for all of us at LOLC Al-Falaah as this award reinstate sthe company’s commitment towards providing some of the industry’s finest financial solutions. We will continue to be guided by the principles we uphold, and look forward to achieving many more milestones in the future.”

Emirates has been named as the World’s Leading Airline in three major categories at the World Travel Awards 2020: World’s Leading Economy Class, Airline Rewards Programme and Airline Lounge - Business Class.

Earlier this month, Emirates also took home four regional World Travel Awards for the Middle East’s Leading Airline Brand; Middle East’s Leading Airline Lounge - Business Class; Middle East’s Leading Airline Rewards Programme and Middle East’s Leading Airline Website.

The airline took top rankings across both the global and regional categories based on a record voter turnout from tourism consumers, a testament to its ongoing efforts and focused approach to continually enhance the customer experience in spite of challenges posed by the global pandemic.

The latest honours come hot off the heels of a flurry of other award wins over the last few weeks, including four wins at the Business Traveller Middle East Awards, the Best Airline for 2020 at The Sun Travel Awards, Best Long-Haul Airline at The Times and The Sunday Times Travel Awards, in addition to being rated as the safest airline in the world for its response to the COVID-19 pandemic according to the Safe Travel Barometer.

Cocobay Boutique Hotel in Unawatuna has been awarded the “Safe and Secure” Certification by the Sri Lanka Tourism Development Authority (SLTDA).

Cocobay Boutique is located at Rumassala Road, Unawatuna.

The certificate is issued to hotels that have introduced and maintain the highest level of COVID-19 Protocols as specified by the SLTDA and the health authorities.

The SLTDA launched the compliance certification process as one of their initiatives for the recuperation the industry following the stumbling blocks the country’s tourism suffered following the outbreak of COVID-19. About 650 tourism-related entities, individuals and service providers in operation took part in the event.

The respective tourism operational guidelines had been introduced to the stakeholders prior to the commencement of the assessment process in compliance with health protocols introduced by the Health Ministry and WHO linked to the COVID-19 epidemic.

The certification also permits the resort to entertain foreign tourists once the airport opens to welcome tourists.

Following the high-status attainment the Cocobay management is well organized to welcome all tourists, domestic or international since all the protocols are strictly adhered to at their acclaimed resort.

The World Travel Market (WTM) virtual event was held recently in London as a virtual event. Sri Lanka Tourism together with the Travel and Tourism industry participants took part in the WTM Virtual UK Travel Market which also included the Online Travel Conference and Exhibitions.

WTM is considered as one of the leading global events for the travel industry. It is a place where the professionals of the industry meet and conduct travel related business deals.

The show is an Annual event and has been staged in the Excel, London and has been acknowledged as the largest global platform for the tourism sector, which brings together and connects with, the leading tourism industry stakeholders in the world.

In 2019, Sri Lanka Tourism Promotion Bureau (SLTPB) collaborated with WTM as the Premier Partner of the Event, in which the entire world participated, paving the way for many invaluable international media interactions, prior to and during the travel fair as part of the benefits while maximizing strategic positioning of Sri Lanka as the Premier Travel Destination of the World.

This involvement as the Premier Partner of this event afforded Sri Lanka the strategic opportunity of being featured in the limelight.

The WTM virtual event was featured in “ConnectMe” meeting platform and all attended including the representatives from Sri Lanka Tourism, Sri Lanka High Commission in the UK and the industry participants were able to meet and network online with the stake holders of the UK Market including media, tour operators and other stakeholders related to the travel trade.

Appointments were made ahead of time with the UK stakeholders, allowing 30 minutes for each event throughout the three days, which enabled ‘one to one’ networking and meeting opportunities for many.

SLTPB created an eye catching virtual stand, which highlighted the unique features of the country with images and videos to entice and mesmerize the onlookers and relevant website links to those who interacted with the Sri Lankan representative contingent.

The UK market is one of Sri Lanka’s main markets for Tourism which generated a remarkable number of 254,175 arrivals in 2018. Participation for these events are critical to Sri Lanka in creating value in their minds, as a go-to destination that fits perfectly with the preferences of any age group, compatible with their demands, comparable with their dreams and copious with their wants.

Sri Lanka’s rich diversity of resources affords everyone to find their dream destination in some incredible corner or other in this picturesque, diminutive, intriguing and enchanting island.

Accordingly, Sri Lanka Tourism in collaboration with Sri Lanka High Commission in the UK also participated at a Virtual Media Networking session in the UK, “The Virtual Media Meet” which was organized by the Association of National Tourist Offices and Representatives.

The participation at the UK Virtual Travel Market and the ensuing Network with Media will hold untold value in drawing inundated visitor volumes from UK to Sri Lanka.

The government and the Ministry of Tourism should soon come up with a system to defer payments made by the stakeholders for licencing.

“Though most of hotels had to close from March 2020, till today we continue to pay hefty amounts of money to obtain liquor license and other licenses, therefore when renewing next year license the government should give concessions,” said Chairman, Managing Director, Thambapanni Leisure, Unawatuna, Prashan Dissanayake.

Statistics show F & B outlets and hotels together have 632 liquor licenses which will cost about Rs. 400,000 to renew them and a concession in this regard would be mostly welcomed. The government and the Ministry of Tourism should soon come up with a system to defer payments made by the stakeholders for licencing.

Commenting on the budget he said that in his opinion after many years this was one of the best pro development investment friendly budgets.

Positivity of this budget proposal is extending the concession and recovery of loans granted under the re financing facilities of the central bank of Sri Lanka until September 20, 2021. Further banks will be provided with a treasury guarantee covering 50% of such loans and the simplification of local government taxes.

“However the proposal charging 0.25% from the turnover towards the covid funds will negatively affect the already shattered tourism industry. This sector is struggling to pay the employees after COVID impact without any earnings. I think the government should look at the SME sector as well because some of them couldn’t get any loans to pay the employees, electricity & water bills. In that case many employees lost their jobs. We hope the government will find a solution for these problems.”

“Tourism is one of the most important industries in our economy. Tourism earning was US $ 570 million in 2010 accounting for only 1% GDP, thereafter by 2018 tourism earning increased up to US $ 4.4 billion now accounting for almost 5% GDP. However the industry was affected immensely in a negative way after Easter bombings and COVID 19 epidemic. Therefore we need to get back on track.”

“Over the last decade growth in the tourism sector not only supported GDP, but also covered up for our weaker trade balance and slowing worker remittance. If tourism grows at 15% over the next 5 years (similar to recent trajectory), it could become the single largest foreign exchange earner to the country surpassing worker remittances (USD 7bn) and be the largest contributor to GDP growth, hence it is essential to protect this industry and needs more assistance from the government during these difficult times.”

“The government should find the solution to re-open the airport, allowing tourists to come to Sri Lanka with a minimum stay requirement of 14 days which will be a great encouragement for the tourist sector. We are pleased to note that the English cricket team is playing two test matches in the Galle International Cricket stadium in mid-January 2021 and the tourist board should find a solution to attract the cricket fans, mainly the ‘barmy army’ which follows the English cricket team wherever they go. Usually these matches attract the best clientele who spend lavishly and would help the Galle Tourism belt.”

The National Chamber of Exporters (NCE), conducted a post budget webinar on 24th November to brief the impact of the budget proposals for 2021 in view of highlighting the identified issues adversely impact the Exports sector, based on the views of the exporter community.

The panel comprised the following:

Ramya Weerakoon – President of the NCE; D.R.S Hapuarachchi – Deputy Commissioner, Department of Inland Revenue; Subashini Abeysinghe – Director, Economic Research of “Verite Research”; Suleiman Nishtar – Senior Representative of Ernst and Young; Suresh Perera - Principal, Tax and Regulatory of KPMG. Concerns of member exporters were clarified to the best possible extent and discussed as follows;

Encourages exports

It was the general view of the Chamber, that the Budget proposal encourages value-added production and exports while discouraging imports. Tax rates remaining unchanged for 5 years, which began in 2020, encourages investment decisions to be made without uncertainty when planning projects. Also, the tax holidays offered for investments exceeding USD 10 Million will serve to encourage new investments.

Needs implementation

In regard to the implementation of the proposals, it was noted that each year there was much excitement at the proposal stage.

However, later there was little information available to the public regarding implementation.

The tracking process of Verite Research related to the implementation of 2019 and 2020 revealed that the percentage of implementation appeared to be as low as 30%.

Also in regard to 40% of the proposals which covered 37 project areas information on implementation was hardly available.

Turnover tax unfeasible

The tax of 0.25 % of turnover is payable by enterprises employing more than 50 people, to a special fund. This is to assist employees affected due to Covid-19 in the tourism sector, wholesale and retail trade etc. it was pointed out that export enterprises in many sectors are forced to operate on thin margins or at a loss due to adverse economic conditions the world over. For instance, the apparel sector accounts for only 40% value addition since 60% are imported inputs. This threatens the sustainability of enterprises in the sector. Hence the tax should not be imposed based on turnover at this critical juncture. It amounts to taxing one sector to support another.

No retirement age issue

Mandatory requirement for employees in the private sector, both male and female to retire at 60 years. It was stated that this will adversely affect enterprises, especially in the export sector. Currently, private sector employers enter into contracts, based on company policies to retire males at 55 years and females at 50 years. However, they have the flexibility to retain efficient employees of high productivity beyond the retirement age on a contract basis. Similarly, those of low productivity could be replaced at the retirement age, to be replaced with new young people, providing additional employment opportunities. Therefore, this measure will hamper the productivity of companies.

Insurance mechanism unfair

Requirement for export enterprises, to contribute an insurance premium of 1% of exports revenue to an insurance scheme through the Sri Lanka insurance corporation. This is to support those who export to risky markets, affected by Trade Embargos and markets faced with political risks etc. they are stated to have difficulties in receiving their export revenues through the established financial systems. However, it was pointed out that some of them do not utilize insurance schemes offered by the Sri Lanka Export Credit insurance corporations (SLECIC) to cut costs, therefore the 1 % contribution forced on export enterprises who export to stable markets and dependable buyers will be an additional burden on them, and discourage other enterprises to use the SLECIC facility.

Online taxation

From the point of view of the department of Inland Revenue(IRD), it was stated that export always receives preference. Therefore, consultation regarding taxes imposed on the export sector was good for tax administration. With regard to the requirement to file tax returns online, it was stated that online transactions with customs encountered problems. Since most companies were not ready for online transactions. However, the IRD is ready to do so. Therefore, making online transactions compulsory was stated to be beneficial considering efficiency and effective tax administration.

R&D triple tax deduction

In regard to setting off expenditure on R&D against profit for high-tech processing of mineral resources, fertilizer manufacture, graphene products etc., it was noted that the prevailing facility for triple tax deduction of R&D Expenditure is still in place while the requirement to prove R&D related yields within one year under this facility is not applicable.

Align trade and tax policy

Views were expressed in regard to the tax holidays alone to attract Foreign Direct Investments (FDIs). It was noted that consistency in policies including tax policies is a necessity. Also, the Trade Policy should be aligned to the Tax Policy. In the case of Sri Lanka although the desire to diversify the export basket has been there for a long time, yet the country still has the narrow basket of export products. Exports products should either be resource-based or factor-based. Currently, the exports are not aligned to the strengths of the economy, although the apparel sector has been an exception due to the adoption of innovative approaches. Promoting resource-based exports in the present context is going to be challenging. It was further stated that the Export Policy and the strategies of the Country have so far been inward-looking. On the other hand, South East Asian countries have had an outward-looking strategy. Sri Lanka should analyze which products are in demand, as well as the measures that are needed to attract investments to exploit available resources.

Other

In regard to the floriculture and horticulture sector it was noted there is great potential for exports in spite of the impediments faced by the sector. Concerns were expressed as to whether the sector will be included under agriculture to make use of the incentives offered. Which was noted that the agriculture sector is broad-based and should accommodate this subsector as well. However, it was proposed to get any doubts cleared.

In regard to protectionism practised by developed countries, and the strategy of Sri Lanka to encourage import substitution, it was stated that Sri Lanka will still need to import inputs to do so. The question of lower quality of domestically produced products was also a concern. It was noted the approach of South Korea was to encourage Foreign exchange earnings through exports with state intervention.

According to the IRD the panel noted that the prevailing requirement for 80% exports by manufacturing enterprise to enjoy tax incentives was redundant in terms of the current budgetary proposals. The panel also noted that since some of the policy proposals related to tax incentives and particularly applicable rates were not clear. Hence there is hope for discussion and negotiation with the relevant authorities to apply differently rates of tax to accommodate the specific needs of different sectors.

Past President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) Arjuna Herath earned high praise recently from outgoing President of the International Federation of Accountants (IFAC) Dr In–Ki Joo for his exceptional leadership in steering the global body’s Professional Accountancy Organization Development Committee (PAODC).

During an IFAC Council Meeting attended by delegates of the Professional Accountancy Organizations (PAOs) from across the world, Dr Joo applauded Herath for his achievements as the Chair of the PAODC of IFAC, the global body of the accountancy profession based in New York, United States.

“Arjuna embodies the volunteer spirit: he serves because he knows that a strong, vibrant accountancy profession will make a major difference in global, regional, and local economies…and therefore, in the public interest. The Advisory Group has evolved significantly since Arjuna joined. Arjuna’s enthusiasm, energy, and commitment have been indispensable to the Group through this evolution,” Dr Joo told the meeting.

Herath joined the PAODC in 2013, and in 2017 he was appointed as its Chair. He was the first Sri Lankan to chair a Committee of IFAC. The PAODC is tasked with building capacity of professional accounting institutes across the world. IFAC’s membership consists of more than 170 Professional Accountancy Organizations across 130 countries. The total membership represents more than 3 million accountants from around the globe, including members of CA Sri Lanka.

The outgoing IFAC President also added that Herath is a leading voice among the PAOs that make up the South Asian Federation of Accountants (SAFA), where he once served as President.

“In his IFAC role, his advocacy for PAO the development has extended beyond South Asia to include Vietnam, Uganda, Morocco, and Mozambique,” he said.

Herath has served as a Commissioner of the Securities and Exchange Commission of Sri Lanka and as a Board Member of the Sri Lanka Accounting and Auditing Standards Monitoring Board.

He also served as a member of the Company Law Advisory Commission. At present, Herath serves as a Board Member of the Colombo Stock Exchange.

Extending its support to the Sri Lankan Government’s intention to increase the use of solar power among commercial and residential sectors, Sampath Bank PLC recently announced the introduction of a solar loan facility, especially tailor-made for projects to set up solar power units on the rooftops of domestic households and industrial establishments.

Under the new loan scheme, owners of residential or commercial buildings can apply for a loan to install solar power generating units up to a maximum of 50 KWh. Multiple loans can also be obtained if required, subject to the 50 KWh maximum capacity. These loans will be offered at an interest rate of 8% while a maximum loan repayment period of up to 10 years will be granted.

Factories and offices too can obtain loans at attractive interest rates, with a minimum of Rs. 50 million required to be taken. These commercial-scale establishments will also receive a maximum loan repayment period of up to 15 years, with a 6-months grace period obtainable if required.

Speaking about the rationale behind the launch of this loan scheme, Nanda Fernando, the Managing Director of Sampath Bank PLC said, “The identification and utilisation of sustainable energy resources for electricity generation is one of the leading environmental concerns facing the world today and solar power has been identified as a key natural energy source that is both sustainable and practical for this purpose. The government has embarked on a project to increase solar power use across the island and we are honoured to support this environmentally conscious project by helping with the financing requirements.”

Explaining the benefits of switching to solar power, Manoj Akmeemana, the Senior DGM –Corporate Finance/ FCBU said, “Switching to solar-based power generation will significantly reduce electricity consumption costs in the short term and can even be a source of additional income in the long term. Furthermore, using solar energy will help reduce one’s carbon footprint, improve sustainability and enhance business by protecting nature. Using renewable sources of energy such as solar power is becoming increasingly popular due to the considerable cost savings and other benefits it offers.”

Prior to applying for the loan facility, applicants should ensure that their preferred solar system supplier is registered with the Sri Lanka Sustainable Energy Authority (SLSEA). Furthermore, a minimum 20-year warranty for panels and a minimum 10-year warranty for the inverter should be provided by the manufacturer and a minimum 3-year system warranty should be provided by the solar system supplier.

No cure or vaccine has yet been found for the COVID-19 virus, which is increasing the number of infected people every day, raising the number of deaths nationally and threatening the population for the second time.

Thus, following the recommended health habits and boosting up our immune system are the best practices to avoid contracting the virus. The role of Ayurvedic medicine in controlling the corona pandemic has become a major topic of discussion today. Various herbs that have been traditionally used in the past to boost the body’s immune system, are now being used widely not only in Sri Lanka but also abroad.

In such a context, black seed oil can be mentioned as the most talked-about potent herb in controlling corona all over the world. Through a number of current scientific experiments, it has been proved that black seed oil has the potential to boost the immune system.

Three thousand years old black seed oil is currently used as a traditional medicine for various ailments, including boosting the immune system. The use of black seed oil is highly recommended in Ayurvedic and Unani medicine.

Through studies conducted by several recognized universities around the world, it’s proven that Thymoquinone, the main pharmacologically active ingredient in black seed, supports to enhance the body’s immune system. This substance increases the number of white blood cells in the blood and its vigour and destroys toxins such as bacteria and viruses that enter the body. Thus, it can be said that fennel oil has great potential to fight against viruses such as COVID 19.

Gamata Marketing, a brainchild of SLIM which was initiated to expand the marketing horizons of Sri Lanka, resumed its first training in collaboration with SABAH at Mahara Divisional Secretariat Office and Kaduwela Divisional Secretariat office.

Many aspiring entrepreneurs from youth to elderly individuals participated in the training session. Adhering to the rules and regulations of COVID-19, the training was extended to groups of 100 participants each.

Gamata Marketing training focuses on empowering the rural entrepreneurs of the country and guiding them on the path of successful entrepreneurship.

Gamata Marketing training provides valuable knowledge inspiration and motivation to encourage both the young and old to navigate the entrepreneurial route which is most profitable for owners as well as communities.

The training entails different aspects of marketing which includes but is not only limited to branding, pricing strategies, the essence of new marketing matrix and promotion strategies, but further stimulates skills and alter the thinking patterns of successful entrepreneurs.

Speaking at the event, Roshan Fernando, President of SLIM, stated, “As the national body for Marketing in the country, SLIM is fulfilling the national responsibility to assist local entrepreneurs to establish their own sustainable brands. It is through the development of start-ups that the country will witness progress.

This initiative would help local SMEs’ to advance to the next level by streamlining their focus, skills and orientation towards providing customer-oriented product offerings. This project would also bridge the gap between rural and urban marketers, and open up new avenues and opportunities for aspiring marketers.

Dr Premasiri Gamage, President of SABAH said, “The Gamata Marketing training sessions conducted in collaboration with SLIM provides a source to impart knowledge and uplift small and medium scale businesses. Through these valuable programmes we aim to empower these small players in the market, who in reality play a big role in strengthening the national economy, with essential knowledge on marketing and product development to cater to the market needs. I would like to extend my gratitude to Dr Dilhan, Project chair for Gamata Marketing, President of SLIM and the entire RSL team for initiating this programme.”

Dr Dilhan Jayatilleke, Project chair for Gamata Marketing acknowledged the contribution of the campaign stating, “As this pandemic continues to impact our daily lives, there are major opportunities for existing brands as well as start-ups to leverage either short-term or long-term opportunities. In collaboration with SABAH, SLIM is determined to empower these grass-root entrepreneurs as we are sure that this pandemic will spawn some great start-ups including a host of new products and services. I would also like to thank Dr Premasiri Gamage, President of SABAH and Roshan Fernando –President of SLIM, for their immense contribution in making this session a success”.

As an advocate for marketing in Sri Lanka, SLIM believes in enhancing the marketing industry in the country by promoting the marketing philosophy among the new entrepreneurs throughout the island.

SLIM is the National body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970.

COVID-19 has disrupted the expectation for global and local growth and development. As economies adapt to the pandemic, there is a high degree of uncertainty about the future trajectory of global growth, trade and investment.

The first session of the summit on Post COVID-19 Economic Recovery will aim to answer some of the burning questions with regards to the global and local economy at Sri Lanka Economic Summit (SLES) hosted virtually by the Ceylon Chamber of Commerce. The session will discuss the policy options that will be leveraged in the recovery phase and how these would impact the speed of recovery. Sri Lanka’s economy will also be discussed in detail as it takes measures to meet key debt and growth challenges. The business perspective on navigating and adapting to the uncertain economic recovery will be discussed as well.

The presenters at this plenary will Eric Robertsen - Global Head, Research and Chief Strategist, Standard Chartered Bank and Deshamanya, Prof W D Lakshman - Governor, Central Bank of Sri Lanka. The presenters will be joined by Deshamanya Mahesh Amalean - Chairman, MAS Holdings and Krishan Balendra - Chairman, John Keells Holdings PLC. The session will be moderated by Shiran Fernando - Chief Economist, The Ceylon Chamber of Commerce.

The flagship the summit will be held on a virtual format in compliance with health guidelines and will bring together key policymakers, business leaders as well as the input of top international thought leaders that will come together to identify the steps in developing the pathway towards the accelerated and people-centric revival of the country’s economy. Participants may register for the entire two-day virtual summit, or pick the sessions of their choice, an opportunity offered for the first time.

Registrations for the event are now open. For further information, please contact Niroshini on niroshini@chamber.lk or 0115588852; or Alikie on alikie@chamber.lk or 0115588805.

Dialog Axiata PLC, MyDoctor, one of Sri Lanka’s pioneering digital health solution provider, recently partnered Union Assurance to provide unlimited doctor consultations for Smart Health Premier policyholders.

With this partnership, Union Assurance Smart Health Premier Policyholders are eligible for unlimited consultations with doctors via the MyDoctor platform, enabling them to receive immediate medical advice for any health issues at any time, from anywhere. As an added benefit, qualified doctors registered with MyDoctor can proactively call their patients to ensure their health and wellbeing. As a result of this collaboration, patients are enabled and empowered to receive seamless digital healthcare services at their convenience. This partnership will further amplify Union Assurance’s quest for digital-led innovations which will empower and better serve Sri Lankan communities.

MyDoctor combines visionary thinking and cutting-edge technology in order to present an integrated suite of health and medical services at a patient’s convenience. A leading digital healthcare provider in Sri Lanka, MyDoctor enables patients with video and audio consultations with qualified doctors, mobile lab facilities, online lab reports, doorstep medicine delivery and chronic disease management facilities.

Dialog customers can dial the toll-free hotline and non-Dialog customers can dial from any network to consult a doctor at any given time.

In addition to the above, Dialog customers enjoy a host of benefits on MyDoctor, including subscription packages with the option of receiving unlimited doctor consultations as well. Smartphone users can simply access services via the MyDoctor Mobile App.

Sri Lanka’s national provider of LPG, Litro Gas Lanka Limited was showcased on the international stage when its Chairman and CEO, Anil Koswatte was awarded the ‘CEO of the Year’ at the Sri Lanka Best Employer Brand Awards 2020 hosted by the World HRD Congress.

For the 15th consecutive year, The Sri Lanka Best Employer Brand Awards has recognized and feted industry leaders for their exceptional leadership in empowering key stakeholders of their respective companies and the community.

One of the biggest HR award ceremonies in the world acknowledging dynamic business leaders across diverse sectors, the Sri Lanka Best Employer Brand Awards were made on criteria set out by HR professionals and evaluated on core specialities and strengths within the HR sphere.

The Award Ceremony was held on November 24, under the current global COVID-19 pandemic conditions.

Commenting on the Award, Chairman and CEO of Litro Gas Lanka Limited, Anil Koswatte states that this award echoes the commitment and dedication of the management and employees at Litro Gas Lanka Limited, whose contribution towards the Company’s success, made it all possible.

“The Litro Gas Lanka team is powered by the support of our customers who make everything a possibility for us, our channel partners and our key stakeholders. As a customer-centric company, our focus is on enhancing and improving the level of service and the product portfolio we deliver to our customers, thereby strengthening our core competencies as the industry leader.”

He further added that the Company takes pride in being aligned with the Government’s National Policy Framework, ‘Vistas of Prosperity and Splendour’ (Saubhagyaye Dakma) in providing economic benefits to the people.

Several other key awards under various categories and segments were presented to leading Sri Lankan Companies and their personnel, highlighting the impact made by Sri Lankan HR professionals in their respective industries.

As the island’s leading provider of LPG, Litro Gas has consistently undertaken a national enterprise of keeping over 04 million Sri Lankan homes supplied with cooking energy, while ensuring the supply of LPG to industrial operations and business entities across various sectors.

The COVID-19 pandemic has seen the Company contribute tremendously towards the economic upliftment of the people by mitigating rising global prices of LPG and maintaining lower prices for consumers thereby passing on a great economic benefit.

The combined efforts of the Litro Gas team and their exceptional dedication during the COVID-19 lockdown was globally recognized with the Argus/WLPGA Award for COVID-19 Resilience presented at the prestigious LPG industry Awards held recently.

NDB was recently crowned as the Best Consumer Digital Bank Sri Lanka 2020 under the Global Finance World’s Best Digital Bank Awards 2020 programme, emphasizing the success of the Bank’s accelerated digital transformation.

NDB was the only Sri Lankan domestic bank to win an award at this programme for the second consecutive year and joined reputed regional peers such as DBS Singapore, Citibank, Standard Chartered, Maybank Indonesia and Ping An Bank China as other winners.

This is the 21st year Global Finance has named the World’s Best Digital Banks.

Winning banks were selected based on the following criteria: the strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.

“This year, a global pandemic accelerated the transition to digital banking but forward-thinking banks were already on that road,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance in a press release. “The Digital Bank Awards hone in on the institutions that are leading the shift toward a new world of banking.”

Digital Banking in Sri Lanka has become increasingly competitive over the years with banks implementing new technology and digital savvy offerings for consumers. In spite of such competition, NDB has made is a point to stand out once again at the forefront of digitalization.

The launch of the Bank’s NDB NEOS Mobile Banking application –known as the NEOS App Powered by NDB was the forerunner which enabled the Bank to launch the NDB NEOS Online Banking platform in April 2020, during the peak of Sri Lanka’s Covid-19 crisis.

The NDB NEOS Online Banking has garnered popularity nation-wide as a state-of-the-art digital banking platform, with absolute connectivity to all of NDB’s banking services especially during the lockdown period.

Because new users can easily register using their existing account or card details and continue accessing both channels simultaneously with the same credentials, NDB customers found the NDB NEOS platforms convenient, hassle-free and safe. Customers were able to schedule transactions, make bill payments & fund transfers, receive instant notifications, manage their entire financial portfolio, control their credit card payments and have control over all NDB cards, as well as to make direct inquiries and requests.

Meanwhile, during such a time where minimum contact with others is in the best interests of every individual, NDB introduced NEOS Pay, a QR payment method in which customers can make payments to merchants, pay bills and make a host of other transactions via the same platform.

This QR payment method will allow the customer to avoid using cash, and instead, make payments or pay bills via their NEOS App - Powered by NDB, from their NDB Bank account or their other bank accounts registered with NEOS.

We have witnessed an environment where everything has seen a paradigm shift, changing the way a customer banks, how brands are perceived.

Venora Lanka signed an agreement with Tri Zen by John Keells Properties and China State Engineering Corporation to supply Electrical Distribution Panel Boards.

The contract was awarded to Venora Lanka after a thorough technical evaluation conducted by industry experts complying with a high specifications of the project.

Venora Lanka has many experiences in similar capacities in supplying electrical panel boards to local and export markets. The company was established in 2014 with the vision of engineer Sagara Gunawardana the chairman and managing director of Venora Group.

The group operates its businesses under three business verticals such as electromechanical, telecommunication and manufacturing sectors. The group consists of three companies well known as Venora International Projects, Venora Telecom and Venora Lanka Power Panels which operate under BOI Sri Lanka.

The founder of Venora Group Sagara Gunawardana said that during the last six years of operation, Venora Lanka has contributed to the national economy by earning foreign currency through direct and indirect exports. Main export markets are Maldives, Bangladesh, Vietnam, Kenya, Ethiopia and Myanmar.

The company manufacturing process and procedures are guided and controlled by ISO 9001 and 2015 standards. The product quality has complied with IEC 61439 standard which is verified at each level of the manufacturing process.

The Embassy of Sri Lanka to the Republic of Korea and Korea Trade-Investment Promotion Agency (KOTRA), particularly New Southern Policy Team of KOTRA, in close association and coordination with the Board of Investments (BOI) of Sri Lanka and the Embassy of the Republic of Korea in Colombo, conducted a 90-minute high-profile webinar to promote and to encourage as well as to educate and to edify potential investors, business houses and corporate leaders concerning the investment opportunities and vistas in Sri Lanka, with particular focus on Foreign Direct Investments (FDI) and Foreign Institutional Investments (FII) respectively.

The webinar was attended and viewed by well over 500 select participants and potential investors, mostly from the Republic of Korea, and was held last week.

The President and CEO of KOTRA, Dr Pyung Oh Kwon, made the opening remarks and set the stage for the subsequent speakers and experts to expound and elucidate the opportunities in Sri Lanka for investors of the RoK to commit investments in FDI and FII. The President and CEO of KOTRA, Dr Oh Kwon, is a highly respected personality specialized on international trade and investments and has been the Deputy Minister for Investment at the Ministry of Trade, Industry and Energy of the RoK. The KOTRA, which is equivalent to the BOI of Sri Lanka, is the principal body which coordinates and facilitates most of the foreign direct investments and institutional investments.

The President of KOTRA stated in his address to look at Sri Lanka as the next investment destination for Korean corporates, companies and business houses since the investment milieu is highly conducive in Sri Lanka compared to most of the countries in the region. The Ambassador of the Republic of Korea to Sri Lanka, Jeong Woonjin, stated that the country has a very stable government and economy, which are two critically seminal factors for any potential investor to consider committing FDI and FII.

He further added that he had the opportunity to witness the Parliamentary Elections conducted in August 2020 and it reflected absolute trust and confidence of the people. Ambassador Woonjin further added that Sri Lanka is very safe and is well poised to receive FDI and FII, particularly, from the Republic of Korea since the two countries have been engaged in economic and commercial activity for well over four decades.

Ambassador Woonjin stressed and impressed the fact that the RoK used to be one of the largest Foreign Direct Investors of Sri Lanka in 1990s and urged large corporate houses and investors to seriously re-consider Sri Lanka as the next investment destination.

Ambassador of Sri Lanka in the Republic of Korea, Dr A. Saj U. Mendis, in his remarks stated that the newly elected Government of Sri Lanka under the National Policy Framework known as “Vistas of Prosperity and Splendor” considers FDI as one of the key strategic pivots in elevating and advancing the overall economy of Sri Lanka.

Dr Mendis accentuated the fact that Sri Lanka has all the inherent and intrinsic attributes and characteristics to attract and to woo FDI and FII than most of the other countries and all foreign direct investments are guaranteed by the Constitution of Sri Lanka. He listed out several positive attributes that Sri Lanka offers to foreign investors, which very few countries offer not only in the region but in the world.

Dr Mendis stated that the Republic of Korea has committed FDI and FII amounting to approximately USD 60 billion in the year 2019 and the primary objective of Sri Lanka would be to attract and woo 0.5% to 1% of the FDI of the RoK. This figure would translate to approximately USD 300 million to 600 million.

He also added that the equity and debt market of Sri Lanka are also highly attracted to FII since the Price Earnings Ratio (P/E) is approximately 10.5, which is lesser than in most of the markets around the world. Having delineated the opportunities and vistas of FDI and FII in Sri Lanka for potential investors of the RoK, Dr Mendis stated that both the BOI and the Embassy would strive tenaciously and resolutely to do the very best to match and to vie with any other nation which offers better incentives or better investment milieu vis-à-vis FDI.

Sung Hun Lee, Director General of KOTRA in Colombo and his team made a comprehensive and informative presentation of the entire investment climate and sphere in Sri Lanka.

The presentation encompassed almost all sectors and disciplines, where FDI and FII could be committed by large corporate houses and Chaebols in the RoK.

The Chairman of the Board of Investments of Sri Lanka Susantha Ratnayake urged and entreated potential investors to consider Sri Lanka very positively and favourably given the innate attributes and features in the realm of FDI and FII. He further added that the BOI and the Office of the Chairman and Director General of BOI would be totally at the disposal of potential investors and corporate houses of the RoK vis-à-vis FDI and FII.

The Director-General of BOI, Sanjaya Mohottala, expressed his sincere optimism and sanguinity as well as firm conviction of the interest displayed and manifested by both the countries concerning committing of FDI and FII to Sri Lanka by the RoK.

Director-General Mohottala added that the BOI would be eager and fervent to welcome any potential investor to Sri Lanka who wishes to commit FDI/FII in Sri Lanka, thus mutually benefitting both the countries. The webinar was concluded with a Q & A Session, which included several questions and clarifications from the audience.

The IFC is keen to increase women’s participation in the workforce and work to promote more women into business leadership in this country, said Manager Women in Work Program, International Financial Corporation Sarah Twigg.

“This year marks IFC’s 50th years of operations in Sri Lanka. IFC is pleased to be supporting the Women in Management conference this year, through our Women in Work partnership with the Government of Australia.”

“Together we have helped to create an environment for women to thrive and for businesses to reap the benefits of greater gender equality. We have collectively delivered Women on Boards training of trainers’ programs. We’ve launched mentorship initiatives and recognized women’s achievements through the WIM Top50 awards.”

The third WIM Top50 Conference titled under the theme ‘Leading Through Crisis,’ organized by Women in Management (WIM), in partnership with IFC, a member of the World Bank Group, and the Australian Government will be held as a virtual forum on December 1, 3, 4 and 5.

The conference will focus on setting the stage on leadership techniques in navigating challenges posed by crises such as COVID-19, followed by inspiring and innovative stories from an eminent panel of business and thought leaders in Sri Lanka and beyond.

“For us, working with partners such as WIM is critical to the success of our programs. We not only focus on delivering for the broader business community, but also building the capacity of our local partners such as WIM, on enhancing technical skills, on transferring knowledge, and all of this means that our efforts will continue to deliver results even after our IFC-DFAT supported projects are complete.”

This conference is an important part of our work with WIM to promote a more gender-equal private sector workforce. It provides a platform through which we can share lessons and experience, both locally as well as from around the world.

This year’s collection of sessions is designed to provide participants with insights, examples and tips for how to successfully navigate COVID-19 and to identify opportunities for professional growth and development.

“We are particularly pleased to be able to share some of our global knowledge and experience, including through sharing access to our COVID-19 guidance notes and tip-sheets which are built across a range of COVID-19 and business-related topics.”

“We cannot continue with business as usual, there is no business as usual, there is no leading as usual.

This is really an opportunity for all of us to take stock of how we can become better, more effective leaders, so I really do encourage everyone to join as many sessions as you can.”

Despite starting on a weaker footing, renewed buying interest in Sri Lankan equities led the benchmark index to hit a near 12-month high (6,206.40 on 4th Dec’19) on Friday supported by gains on index heavyweight JKH this week. Furthermore, the CBSL’s decision to keep policy rates steady and news of a fresh loan from ADB amounting to $165Mn to support the pandemic hit SME segment also improved investor sentiment.

Consequently, the Bourse ended the week on a positive note as the ASPI increased by 95.86 points (or +1.58%) to close at 6,180.86 points, while the S&P SL20 Index increased by 43.36 points (or +1.81%) to close at 2,433.63 points. Gains on the benchmark index this week helped pare down earlier losses as the ASPI recorded a YTD gain of 1.2% this week (cf. -0.4% loss last week).

Turnover & Market Capitalization

Total turnover value increased by 6.1% W-o-W to LKR 9.5Bn (cf. last week’s value of LKR 9.0Bn), while daily average turnover value amounted to LKR 1.9Bn (compared to last week’s average of LKR 1.8Bn) as turnover levels continued to improve this week. DIPD and EXPO continued to dominate weekly turnover levels, contributing ~24% to the total market turnover.

Activity construction-related stocks such as ACL and TKYO [NV] was also observed this week amid the Monetary Board’s decision introduce an interest rate cap of 7% on mortgage-backed housing loans to compliment concessional loan schemes proposed during the Budget reading last week.

Retail investors continued to drive activity levels as local HNI and institutional investors remained largely on the side-lines with crossings for the week accounted for a mere 4% of total market turnover (cf. 3% last week). Investor interest mainly focused on LION (30.2% of crossings), DIPD (22.2% of crossings), and JKH (24.2% of crossings).

Dividend Announcements

Company, DPS (Rs), Dividend Type, Date (XD; HAYCARB PLC, 14.00, Third Interim, 08-12-2020; HAYLEYS FIBRE 1.00 First Interim 08-12-2020; HAYLEYS FIBRE 0.45 Second Interim 07-12-2020; SINGER SRI LANKA 3.00 First Interim 23-11-2020; HAYLEYS FABRIC 15.00 First Interim 23-11-2020; MELSTACORP PLC 2.50 First Interim 04-12-2020; KELANI TYRES 5.00 First Interim 03-12-2020.

Key economic indicators October; Prime Lending Rate 6.42%, Ave. Wtd. Deposit Rates 6.1%, Ave. Wtd. Fixed Dep. Rates 6.23%, CCPI Inflation Y-o-Y % (Base 2013) 4%.

Net Foreign Position

The foreign sell-off on domestic equities eased considerably this week as foreign investors were net sellers to the tune of LKR 0.09Bn relative to last week’s total net outflow of LKR 0.3Bn (+69.6% W-o-W). Total foreign purchases increased by 3.4% W-W to LKR 0.57Bn from last week’s value of LKR 0.55Bn, while total foreign sales amounted to LKR 0.66Bn relative to LKR 0.85Bn recorded last week (-22.2% W-o-W). Markets are likely to take cues from Fitch Ratings’ decision to downgrade Sri Lanka’s sovereign rating to ‘CCC’ from ‘B-’.

The world’s largest home office experiment is underway, and it’s working. This forced digital transformation has fostered trust — or at least confidence — in the idea of a remote workforce.

While distancing may be part of the new normal, collaboration and connection remain more important than ever and WORX is leading the way. Architecturally pleasing, stylishly appointed and fully functional, WORX is where much of Colombo is getting their work done. “WORX is not just a coworking space, but a community and space where entrepreneurs and creative thinkers can collaborate, innovate and thrive. With beautiful, fully furnished workspaces, we like to focus on the little things, so our members can accomplish great things,” says Co-Founder of WORX, Azahn Munas.

The focus of this coworking startup is to change the way people feel about coming to work. It aims to offer a space where its members can not only accomplish a hard day’s work but also spend quality recreational time to replenish and relax. Azahn describes the community they’ve built at WORX as, “A diverse and eclectic mix of people. Ranging from tech startups and digital nomad’s to photographers, graphic designers and other creative professionals. Everyone is welcome and we pride ourselves on creating a safe space where people can connect, innovate and thrive.” Within the walls of WORX, there are several spaces to get work done, this includes open seats, communal spaces to start work, dedicated private offices or dedicated desks.

WORX also manages all other facilities such as cleaning, managing utilities, reception and guest management, handling company mail, and other background tasks. There’s also an on-site cafe and restaurant. Furthermore, with a focus on premium design and hospitality, this coworking space also has a few unique additions including a rooftop terrace, swimming pools, a zen garden, several outdoor cabanas, and a working art gallery.

Sharing his views on these challenging times, Azahn said, “While distancing may be part of our new normal, collaboration and connection remain more important than ever—and having a safe place to do that is essential. We want our members to know that they can make WORX a part of their daily life and still feel comfortable being with friends and family outside of work. That’s why we’re enhancing our spaces and services to protect the wellbeing of our community-ensuring that members can continue working in a safe, healthy work environment.”

Bolt, the leading European transportation platform committed to making urban travel easier, quicker and more reliable; announced its entry to the Sri Lankan market, with a pilot launch of its service in Colombo, on November 25, 2020, with over 2000 drivers ready to start accepting rides. Bolt pilots its services in South Asia for the first time with the launch of operations in Sri Lanka.

Committed to affordable trips and happy drivers, the company has announced that it will be charging drivers no commission for using the platform and offer fares 20% lower than other competitors, for a minimum of six months. It builds on being smart about how to grow the company, and focusing operations on efficiency, allowing Bolt to pass the savings on to customers, passengers and drivers.

Bolt has chosen to enter Sri Lanka during the peak of the COVID-19 crisis with the firm belief that people still need to move around in the city and doing its best to fulfil the mission to help them do so. Currently available only within Colombo.

Passengers looking for a ride can simply open the app, set their location and their intended destination. The app then gives an upfront cost estimate for the trip. Once passengers accept the cost estimate, the app alerts drivers nearby who accept the ride. Passenger safety is ensured by the App which allows passengers to see their driver’s details and track the driver in real-time, making it easy to get safely into the correct vehicle with the correct driver. Built by founder and CEO, Markus Villig with his brother Martin, in 2013; Bolt currently operates globally in over 35 countries and 150 cities, with over 30 million passengers and 1 million drivers. Bolt Food is operational in 13 countries in Europe and Africa and the company also offers micro-mobility services with e-scooters and electric bikes in 45 cities across Europe.

Bolt is the 3rd fastest growing European company for the second year in a row according to the Financial Times and has been named Europe’s Hottest Unicorn by The Europas Awards.

ACL Cables PLC, one of Sri Lanka’s no.1 cable manufacturer continues to forge ahead rebranding its former ‘VS Series’ circuit protection devices consisting of MCB, RCD (trip switches) and Isolator (main switches) under the new ‘Venus’ brand name.

Venus is positioned as the company’s premier circuit protection device range and along with the rebranding process, the products have also been extended to facilitate three-phase wiring systems. The additions include 2pole, 3pole and 4 pole miniature circuit protection devices (MCB) of 6A, 10A, 16A, 20A, 32A, 40A and 63A, 4 pole 40A and 63A Residual Circuit devices (trip switch) of 30mA.

This range also includes 4pole 40A and 63A Isolator. Moreover, these products have now been extended to include three-phase wiring systems providing a more efficient and effective system when large amounts of power are needed.

Commenting on the Venus rebranding, Suren Madanayake Managing Director, ACL Cables PLC said, “We are proud to announce the extension of our prevailing range to the scope of three-phase wiring under the brand name ‘Venus’.

This has been a longstanding strategic plan. However, we waited for the right time.

While we see positive results with our existing range, it served only single phase wiring requirements. Witnessing rapid growth in the last year, we believe this is the correct time to bring in the rest of the products as well as to offer our customers a complete range of circuit protection devices.”

The earlier range was launched initially in 2014 along with the VS series (button type) switches. Presently, the range has been in the market for six years.

The market has had positive acceptance for the past 6 years in these products due to its technical superiority and almost zero complaints.

Asia Securities Wealth Management (Pvt) Ltd., the investment management arm of Asia Securities, one of Sri Lanka’s leading investment firms, recently launched the Asia Securities Money Market Fund.

Regulated by the Securities and Exchange Commission of Sri Lanka (SEC), the Asia Securities Money Market Fund aims to provide an attractive alternative to traditional short-term instruments such as savings deposits. The Fund allows investors to diversify cash holdings across a range of high-quality money market instruments offers a higher return and good liquidity. As one of the leading investment services providers, Asia Securities recognizes that many investors place a high value on achieving the dual objective of higher-income generation from their investments, while simultaneously safeguarding their capital. The Asia Securities Money Market Fund is designed to achieve both these, by delivering competitive yields and liquidity with a low risk to capital, compared to other traditional fixed-income investments. The fund issue will be open for initial subscriptions from 26th November 2020 to 23rd December 2020. Commenting on the firm’s fund management expertise, Avancka Herat, CEO, Asia Securities Wealth Management stated, “Meticulous analysis and risk management is one of our core competencies. Our Private Wealth Management business which has managed a multibillion-rupee fixed income portfolio has comfortably outperformed other traditional fixed-income investments since inception. Our seasoned team of investment professionals bring over 80 years of unparalleled local and international expertise in research, risk management and portfolio management. With the launch of the new Asia Securities Money Market Fund, we hope to continue to bring dynamic investment opportunities for local investors looking to navigate different market cycles.”

The Money Market Fund will invest exclusively in high quality fixed income instruments issued by rated or listed banks, finance companies, corporates as well as Treasury instruments. The Asia Securities Money Market Fund is recommended for investors with low-risk tolerance who prefer to maintain high levels of liquidity while seeking higher interest yields.

The Fund will be accessible to resident and non-resident, individual and institutional investors. Building and actively managing a fixed income portfolio is not for everyone. Asia Securities Wealth Management will take this load off investors’ hands by offering professional fund management services.

Asia Securities’ highly experienced fund managers actively seek new investment opportunities, maintain close oversight and risk management on current investments, and continuously refine the investment strategy with ever-changing market dynamics to help investors stay ahead of the curve.

The iconic new Manning Market Complex in Peliyagoda was inaugurated on November 20, by Prime Minister Mahinda Rajapaksa. The complex will house 1192 shops and is part of the new commercial hub in Peliyagoda, bordering Sri Lanka’s most populous districts.

Relocation of the Manning Market to its new home in Peliyagoda provides vendors with larger, cleaner premises, and better access to storage, parking, and waste management. With on-schedule completion at this critical juncture, the new market complex will provide additional safety at Colombo’s primary hub for wholesale of fresh produce.

Initiated in 2013 by the Urban Development Authority (UDA) under the leadership of President Gotabaya Rajapaksa, the project is a long-overdue infrastructure and accessibility upgrade for one of Sri Lanka’s busiest marketplaces.

The new complex covers a total floor area of 450,000sqft and comprises five blocks that include a ramp, elevated road, and bridge link between two of the blocks. Alongside the shops and trading space that makes up the heart of the complex, the 15-acre property also comprises cool-rooms, restaurants and cafeterias, medical centres, banks, accommodation and rest areas, and a large car park.

Designed by the Central Engineering Consultancy Bureau (CECB), the complex features two large curved wings built around a central elevated road for convenient unloading and goods-handling. The new building complex also incorporates an environmental-friendly open design that maximises space and natural light. In addition, giant skylights and large solar arrays on rooftops provide further natural light and renewable energy for running of the premises.

As the Main Contractor, MAGA’s scope of work included all civil, mechanical, electrical and plumbing (MEP) and road works. Commenting on the completion of the project, Chairman and Managing Director of Maga Engineering M. G.Kularatne stated: “Despite a severely challenging period resulting from the COVID-19 pandemic, we were able to pool our resources and accelerate the construction of the complex with the guidance of the UDA and CECB.”

Maga Engineering is Sri Lanka’s largest construction company and a key partner in developing the nation’s infrastructure.

SDB bank’s Medawachchiya branch relocated to its new premises on November 16.

SDB Medawachchiya branch was shifted to Jaffna Road, Medawachchiya to provide more convenient and efficient service to its customers with more sophisticated facilities.

SDB bank is a licensed specialized bank regulated by the Central Bank of Sri Lanka, with a listing on the Main Board of the Colombo Stock Exchange and a Fitch Rating of BB + (Stable).

Through its network of 94 branches islandwide, the bank provides a comprehensive range of financial services to its Retail, SME, Co-operative and Business banking clients across the country.

Manager M. M. M. Nilam of the Medawachchiya branch has been serving the area for more than ten years.

The relocated Medawachchiya branch was opened with the participation of, SDB bank Chief Executive Officer Thilak Piyadigama, Corporate Management members of SDB bank, Thilini Ayoma Pathirage- Commissioner of Co-operative Development North Central Province and other prestigious invitees.

Ceylinco Healthcare Services Ltd. (CHSL), the pioneer of cutting-edge radiation treatment for cancer in Sri Lanka’s private healthcare sector, has announced it surpassed the 10,000 patients milestone just as its tomotherapy Centre, still the only facility of its kind in Sri Lanka, celebrated its eighth anniversary.

In the past decade, CHSL has successfully administered radiation therapy via a Linear Accelerator at the Ceylinco Radiation Treatment Centre and via its tomotherapy Centre, both located at Park Street, Colombo 2.

Currently used by more than 30 oncologists at the Ceylinco Tomotherapy Centre, tomotherapy is preferred by clinicians, as it allows them to see what they plan to treat immediately before beginning each treatment fraction, and ensures that tumours are not under-dosed and that radiation exposure to surrounding tissue is minimised. Succinctly put, this treatment method ensures that patients are exposed to shorter beam times with better targeting of tumours, the Centre said.

In the past eight years, tomotherapy has been used in the treatment of a wide variety of cancers, especially breast, abdominal, lung, and prostate cancers. The machine also performs ultra-advanced and precise treatments, for brain lesions.

Tomotherapy is an integrated, advanced form of 3-dimensional image-guided radiation therapy (IGRT). Because a patient’s anatomy can change from day-to-day, image-guided radiation therapy helps doctors make immediate adjustments to allow for tumour movement or shrinkage, weight loss and other changes. It also combines Intensity Modulated Radiotherapy (IMRT) with the accuracy of computed tomography (CT) scanning technology, all in one machine. The Centre broke new ground in Sri Lanka when it performed the first Stereotactic Body Radiation Therapy (SBRT) treatment in the country in its first year of operation.

A wholly-owned subsidiary of Sri Lanka’s leading life insurance company Ceylinco Life, CHSL’s two radiation treatment units are the most experienced and affordable private cancer treatment centres in the country. CHSL has upgraded its Radiation Treatment Centre with the acquisition of a new Linear Accelerator from Varian Medical Systems, a global leader in Radiation Oncology. The latest Clinac iX linear accelerator replaced the older unit, which when commissioned in 2007, was the first linear accelerator in the country.

Airtel Lanka was recognized as a ‘Company with Great Managers’ while its leadership team clinched three awards at the Great Manager Awards 2020.

Airtel Lanka Senior Manager for Service Operations and Risk Management Chaminda Wanasinghe, Senior Manager for Legal and Regulatory Senani Lrugalbandara and Head of Postpaid Retail Sales Isfar Anwardeen, were presented with awards for their efforts in leading successful cross-functional teams.

Celebrating his team’s accomplishments, Bharti Airtel Lanka CEO, Ashish Chandra said, “We are proud to be recognized as a company synonym with a rich organizational culture. The consistent recognition resonates with our reputation as being one of Sri Lanka’s Best Places to Work.”

The coveted Great Manager Awards aim to define and build an ecosystem and culture that nurtures great managers in Sri Lanka through a set of stringent leadership competency evaluations, measuring management style, execution, and integrity. Nominated managers are assessed on key managerial criteria based on a global benchmark and an evaluation model followed by an interview with industry experts. Skills development at every level of the organisation is another critical component of Airtel’s team including through flagship initiatives like “it’s Lead Right’ programme that specifically focuses on promoting effective management.

The Great Manager Awards, annually hosted by the Colombo Leadership Academy for Leadership Excellence, is an initiative taken towards identifying, assessing and recognizing organizations with ‘Great Managers’, benchmarking with the best of best in the arena.

The ‘Company with Great Managers’ award recognizes the organization for its credibility and practices in nurturing leaders of the next generation through a culture of high performance.