Traders openly flout price controls

Lak Sathosa introduces rice
rationing as shortages loom

Government's move to control spiralling rice prices by imposing price ceilings have resulted in the state controlled Lak Sathosa which has over 70 retail outlets islandwide, rationing rice at 2«  kilos per person, a scene reminiscent to that which existed in the 1970-77 period, an era marked by shortages, rationing, hoarding and black market prices.

"We began rationing our stock of rice from Thursday," the manager of a Lak Sathosa suburban branch who did not want to be named told The Sunday Leader on Friday.

The government through the state controlled Daily News on Thursday announced maximum retail prices on Sambha at Rs 70 a kg., Rathu Kekulu (red raw rice) at Rs. 65 a kg., Sudu Kekulu  (white raw rice) at Rs. 55 a kg. and Nadu rice at Rs. 65 a kg.

"We have only Sambha at the moment, around 900 kg.," this manager said. In conformity with the government's directive, we are retailing our Sambha rice at Rs. 70 a kg.," he added.

"I last got my stock prior to the Avurudhu, around April 10, since then I have not got any fresh stock, though I have placed new orders," the source said.

"Sales from my outlet vary according to  prices, and also according to the prices quoted by competitors; immediately prior to the Avurudhu I was selling around 150-200 kgs. of rice, of all varieties a day," he said.

"We then retailed Sambha at Rs. 88 a kg., and red rice, white rice and Nadu  at Rs. 65 a kg., each," he said.

However, the government's attempt to control rice prices were being openly flouted by some private traders.

Piyasena Brothers, one of the major grocery stores operating at Galle Road, Dehiwela, was selling, with prices prominently displayed, Sambha at Rs. 85 a kg., red raw rice at Rs. 73 a kg. and white raw rice at Rs. 65 a kg.

Those prices were Rs. 15, Rs.8 and Rs. 10 more than the government controlled prices in per kg., terms. Nadu rice was however out of stock at that grocery.

When The Sunday Leader asked H.P.Piyasena, the mudalali of Piyasena Brothers on Friday, why he was selling rice above its controlled prices, he said that he was compelled to do so, because this was a stock of rice that he had bought at a higher price, on April 10, from a miller in Polonnaruwa.

"If I sell my Sambha at the government controlled price of Rs. 70 a kg., I would be losing Rs. 1,000 on a 50 kg., bag of Sambha and Rs. 1,200 on a 60 kg., bag," Piyasena said.

He said that his stock of rice would be over in another three days.

After that, he would try to source rice from a cheaper source to conform with the government's directive.

"But with paddy being sold at Rs. 40 a kg., it is seemingly impossible to conform to that directive," said Piyasena.

 The manager of a major supermarket store in the suburbs who did not want to be named said that he has rice stocks sufficient for only two days.

The stocks remaining were mainly the packeted varieties, in five and 10 kg., bags respectively, and not in loose form, where the consumer, if he wished to, could buy only a kg., of rice,  and not 5 or 10 kg as he is currently mandated to buy.

 Their retail sales of all varieties of rice usually comprise around 3,000 kgs. a week. But during the Avurudhu period it went upto 5,000 kgs.

"At that time we retailed red raw rice and white raw rice at Rs. 79 a kg., each and Sambha at Rs. 99," he said.

They have placed an order for 5,000 kgs., of rice from a major miller, but they were yet to get that stock, with the price ceilings affecting supplies and deliveries.

Meanwhile, an executive of a Cargills supermarket store in the suburbs who did not want to be named said that they have exhausted their "loose" stock of rice, with only the packeted varieties remaining.

They were only the Sambha varieties in five kg. and 10 kg. bags and were being retailed at Rs. 350 and Rs. 700 respectively, ie it works out to  Rs. 70 a kg., as per the government's directive. He said that his outlet usually has retail sales amounting to about 10-12,000 kgs., a week.

They obtain their rice directly from the farmer.

An executive of a Keells outlet also in the suburbs who did not want to be named said that they have had finished their loose stock of rice, with only the packeted varieties remaining.

"We were expecting fresh stocks on Thursday, but that was not to be," he said. "We generally get two rice deliveries a week, but after the April 9-10 delivery, we have not got any fresh stocks," he said.

They were selling those rice bags, comprising 5 kgs.,  and 10 kgs., respectively, and which were the only stocks remaining, above the government controlled prices, which they were allegedly permitted to do, because that was the old stock of rice (ordered before the price controls became effective on Thursday) and also because they were considered value added.

This outlet was retailing a 10 kg., bag of sambha for Rs. 1,004 (ie Rs100.40 a kg);  a 10 kg. bag of white raw rice at Rs. 894 (Rs. 89.40 a kg.), a 5 kg. bag of raw rice at Rs. 454 (Rs. 90.80 a kg) and a 5 kg., bag of  Sambha at Rs. 506 (ie, Rs. 101.20 a kg.).

He said that his outlet use to generally retail around 60-70 kgs., of all varieties of rice for a day. "But during the Avurudhu season, ie on April 11-12, sales were brisk, touching around 150-200 kgs., a day," he said. "During that period, ours was the cheapest retail outlet selling white raw rice, at Rs. 54 a kg.," the source added.

He said that they obtain their rice through two major millers and also from their purchasing outlet directly linked to the farmer, and operated at Thambuttegama.

CB criticises wasteful expenditure

By Ruan Pethiyagoda 

Central Bank (CB) has, in its 2007 annual report criticised what it termed as "recruitment to the public sector on an ad hoc basis and the availability of non-performance based benefits in the public sector."

Attributing the country's drop in unemployment from 7.7% in 2005 to 6% as of end-2007 because of this, the report however warned of a possible "hindrance" to future growth prospects if labour productivity did not increase substantially in the public sector.

Meanwhile, CB Governor Ajit Nivaard Cabraal in a recent interview with Steven Sacceur of BBC's Hardtalk programme said positively that Sri Lanka's "unemployment is the lowest ever at 5.4%."

He added that "it is the same as the UK unemployment rate."

Cabraal however did not attribute the reduction in unemployment to overstaffing in the public sector, as was said in the CB's annual report.

The report warned that rampant overstaffing of the public sector by the government would breed "underemployment" and deprive the private sector of labour.

"Increasing public sector employment, not only leads to over staffing of public services, resulting in higher underemployment and higher recurrent expenditure to the government, but also creates a shortage of workers in the private sector," the annual report said.

The report also outlined the need for the government to be more prudent in providing public sector jobs.

"It is necessary for the government to formulate an effective recruitment policy to select only the required cadre for public service on merit basis," it said.

The report also called for realistic fuel price hikes, blaming current government fuel subsidies for the country's staggering double digit inflation rate.

"The cost of subsidies will have to be financed by the government through taxes and inflationary borrowing. Hence, ultimately, the costs of the subsidies are shared by the public, including the poor."

The CB accused the government of encouraging an "over-consumption of petroleum products" by "making petroleum products available in the market at an artificially lower price."

This practice, the report says, results in a "misallocation of resources." The report suggested that "the benefits of energy subsidies are enjoyed mostly by the non-poor," and proposed that the government "address the issue through targeted subsidies, as blanket subsidies tend to be more expensive and misused."

It also called for a revamping of the CEB, which runs up losses of several billion rupees by subsidising electricity sales.

Dismissing the effect of the recent staggering hike in electricity prices, the CB report warned that "Any delay in implementing the necessary improvements would weaken the financial viability of the CEB further, and adversely impact on the future growth of the country by retarding growth in all industries through higher tariff and inadequate and unreliable power supply."

The report also proposed that the government scrap certain fertilizer subsidies and instead focus on "agri-infrastructure such as irrigation facilities, tanks, extension and advisory services, a better road network in the backward regions and in research and development to ensure productivity improvement in the sector."

Emirates withdrawal hits N'Eliya economy

The Nuwara Eliya economy lost several million rupees as a result of SriLankan Airlines withdrawing their sponsorship of two key events in "Little England" this April season, a hotelier told The Sunday Leader.

Renuke Coswatte, Manager, St. Andrew's Hotel, Nuwara Eliya said last Thursday that his hotel alone stood to directly lose Rs. two million this month as a result of SriLankan withdrawing their sponsorship of the horse races and the golf tourney at the Nuwara Eliya Golf Club this April season.

"They used to partner us in this sponsorship programme which they had been hosting unbroken for the past three years since 2005," he said. But this year they have dropped out from those events.

St. Andrew's used to do the outdoor catering for those events.

"Suppliers too have been affected as a result of SriLankan's withdrawal from those 'traditional' sponsorship programmes, they are asking me why we are not having those events this year," Coswatte said.

SriLankan's withdrawal from these events coincided with Emirates not seeking the renewal of their management contract of SriLankan which expired this month.

"We sent feelers to SriLankan for the sponsorship of these events for this year as well, but the response was negative," Coswatte said.

SriLankan's sponsorship of these programmes used to bring in 150 high networth individuals (HNWI) mainly from Colombo which boosted the local economy. They also flew in Indian jockeys to participate in the Nuwara Eliya races, he said.

But this year it was not to be. If the indirect losses to the Hotel are also counted as a result of the withdrawal of those sponsorships, then the loss this month is greater than Rs. two million, he said.

Coswatte however said that this year's Governor's Cup Horse Racing Championship was being sponsored by Colombo Hilton.

 Coswatte said that the battle between the UNP controlled Nuwara-Eliya Municipality and the Central Government controlled Road Development Authority on the use of the roads for various festivities this season was also hurting the industry.

As a result, much of the activities are now scattered, which is also bad for the local economy, he said. Visitors like most activities to happen in one place.

This clash began last year, and is continuing this year as well, he said.

Coswatte also said that Nuwara-Eliya and his Hotel in particular were taking a further hit due to the rains and the short school holidays, with schools scheduled to open this week.

"Last year, from April 5, the hotel was full," he said.

However, the 50 plus room St. Andrew's Hotel was virtually empty when we checked in last Thursday, but gradually started to fill in from around last Friday night.

"We thought with Yala being 'closed' due to the security situation we would reap a windfall this season, but it appears that that this is not going to happen," said Coswatte.

He also said that the government's handling of the security situation was having a detrimental effect on tourism.

Hand in hand with the travel advisories, when the government makes war like statements, those have a deleterious effect on tourism, Coswatte said.

Fight the war, but don't proclaim it, he said.

The government has to do much more in the diplomatic front if it wants these travel advisories, which is having a detrimental effect on tourism removed, Coswatte said.

He said that recently the hotel entertained three beauty queens from Germany. They said that their government had advised them not to visit Sri Lanka.

"The industry is doing its best, like getting down those German beauties together with the Tourism Authority (a public-private partnership) to visit the island, but beyond that, the ball is in the government's court," Coswatte said.

Fowzie to plead  with OPEC

Petroleum Minister A.H.M. Fowzie who is due to meet OPEC Secretary General in Rome will plead for relief against high oil prices.

 High petroleum prices are de-stabilising democratically elected governments, Fowzie who was to leave for Rome late last week told reporters on Tuesday.

"I will present to him a proposal how this relief could be formulated," he said.

 OPEC is concerned only with the growth of their economies, but has been blind to the impact that high oil prices have on poor economies, the Minister said.

Demand  for short term TBs

Central Bank accepted 90.2% or Rs. 10,672 million of maturing Treasury Bills (TBs) that were re-issued to the market  (out of a total of Rs. 11,826 million that was re-issued) at Tuesday's  auction commensurate to TBs of 91 day tenure, which saw their weighted average yield (WAY) increase by 20 basis points (bp) to 18.70% over the WAY it commanded at the previous auction.

The other two tenures, namely 182 day and 364 day tenures were allowed to subscribe to the balance amount, a mere Rs. 1,190 million, with their tenures frozen at 18.97% and 19.01% respectively (ie the same tenures they commanded at the previous auction).

This auction was for the re-issue of Rs. 13.000 million worth of maturing TBs, of which Rs. 11.826 million was re-issued to the market, while the balance was retired.

The amount of bids received for TBs of 91day tenure was Rs. 12,766 million of which Rs. 10,672 million was accepted from the market, TBs of 182 day tenure-Rs. 5,340 million of which only Rs. 496 million was accepted and TBs of 364 day tenure: Rs. 5,882 million, of which a mere Rs. 658 million was accepted from the market.

Promoting business in ME

At the request of the Foreign Ministry, the Ceylon Chamber of Commerce (CCC) is exploring the possibility of forming business councils in the Middle Eastern region and Libya.

The Chamber has also set up Sri Lanka-Iran Business Interest Group.

The CCC acts as a counterpart Chamber and provides secretarial services for 19 bi-lateral business councils. The first such business council established by the CCC in 1979 was the Sri Lanka-Japan Business Co-operation Committee and the latest addition is Sri Lanka-Maldives business council set up in 2007. Other councils operating under the Ceylon Chamber cover Korea, Nordic, Indonesia, Pakistan, Canada, Benelux, Malays ia, Australia-New Zealand, Singapore, Italy, Poland, China, Russia, France and India.

These councils form a link for the CCC in promoting trade, investment, joint ventures, tourism and services between Sri Lanka and the partner country.

Showcasing Cannes exhibits

Sri Lanka's first ever exhibition to showcase award winning work at Cannes Lions International Advertising Festival 2007 will be held from the May 5 - 12 at the Lionel Wendt.

The Cannes Lions Advertising Festival-the world's global meeting place for those interested in creativity in communications-is recognised as one of the most prestigious and well reputed advertising festivals the world over.

Organised by the Metal Factor-Sri Lanka's representative organisation for the Cannes Lion International-in conjunction with the Sri Lankan Chapter of the International Advertising Association (IAA), the exhibition will showcase TV, Print, Direct Marketing and Promotional

metal winners from last year's festival.

Additionally a Creative Directors forum will be held to complement the exhibition. At this forum to be held on May 9, some of Sri Lanka's recognised creative directors will be on hand to speak to the audience on the future of the local advertising industry.

Germany is among the top three markets for Sri Lanka tourism. However, the German government has issued a travel advisory on Sri Lanka.

"Ten Indians making the trip to Colombo for shopping by taking advantage of the strong Indian rupee and living in a chummery does not fill hotel rooms," Coswatte said.

Of late, India has become the largest tourism market for Sri Lanka brushing aside traditional leaders, the UK and Germany.

However, Coswatte said that with a number of those Indian visitors living cheap and visiting Colombo mainly for shopping, did not benefit the hospitality industry.

"We are talking of a million arrivals for this year, but the reality is that we are finding it difficult to meet half that target," Coswatte said.

Nalaka, our driver from Nuwara-Eliya said that during this time last year the town was packed with visitors from Colombo, and the city was gaily decorated, a factor that was missing during our brief stay.

He attributed this decline to the high cost of living. "We are living a hand to mouth existence," Nalaka said. As the saying went: "Pol sambolai bathui kala apita jeevath venna puluvan nam athi. But now the fact is that even those two commodities are virtually out of reach from the people because of the high prices they command," he said.

400 bookings for Riverina

German TV audiences of the German Travel channel SonnenklarTV, selected Riverina Hotel, Beruwela as one of the 20 top hotels worldwide for attractive holidays, plus, the second highest hotel worldwide to attract bookings on a special programme telecast during the week of the ITB (over 400 bookings in one week) that took place last month.

  No other Sri Lankan hotels were feted by the channel.

Riverina is one of three hotels that come under the Confifi Group umbrella.

This Hotel Group bagged two of the three inaugural Presidential Awards for Travel & Tourism 2007 in the Classified Resort Hotel category. 

Group Chairman M.T.A. Furkhan recalled that when he opened these resorts several decades ago, the people in the area who were mainly engaged in fisheries, coconut plucking and rope weaving, were awe struck with the arrival of the first tourists to the area.

 Speaking at a recent function to fete the achievements of the Group, he said that many youth of the area who were engaged by the hotels' have since gone on to higher positions in life, many of them overseas.  The Group which has a 38 year history currently provides employment to 1,000.

 A multitude of others from Beruwela and the environs continue to derive their livelihood from the hotels as suppliers, beach operators, taxi drivers and shop keepers.

Under General Manager Chang Cey Wen, Riverina, one of the three Group Hotels, won the coveted Presidential Award for Travel & Tourism 2007.

Choice of 800 courses

Marking yet another landmark in increasing internationalisation of higher education in Sri Lanka, Staffordshire University, a leading university in the UK opened a permanent office in Colombo to promote its academic programmes and enrol students for study at its campuses in the UK.

With a variety of 800 courses, the University has become renowned for its groundbreaking courses and learning opportunities for both local and international students. The highly active student support service makes life of international students not only easy but quite enjoyable too, with their support extending to almost all the requirements of students before, on and after their arrival in the UK.

 'Staffordshire University Sri Lanka Office' functions at the Asia Pacific Institute of Information Technology (APIIT) City Campus premises at Union Place, Colombo.

 The opening ceremony was held recently, where the invitees were from the education and corporate sectors.  Staffordshire University was represented by its International Office Director Professor Peter Reynolds and South Asian Partnerships Director Dr. Hamish Main.

This appears to be the first instance that a foreign university has set up an office in Sri Lanka for the sole purpose of promoting its study programmes and facilitating enrolment and transfer of students to study "on home" campus.  Staffordshire University has a collaborative partnership with APIIT Sri Lanka and offers several degree programmes in Computing and Business Management through the APIIT City Campus in Colombo.

APIIT- Sri Lanka CEO Dr. Athula Pitigala-Arachchi  welcoming the guests elaborated on the longstanding relationship between APIIT and Staffordshire University.

 He said that the opening of the Staffordshire University Office strengthens and extends the collaborative partnership between Staffordshire University (SU) and APIIT.  He was confident that APIIT will be able to offer more SU degree programmes in Colombo while simultaneously facilitating the transfer of increasing numbers of students to study at SU in UK.

Reynolds speaking on behalf of SU said that the University was pleased to work with APIIT, a reputable higher education institute committed to high standards and quality of education.  He thanked APIIT for providing infrastructure facilities and resources to sustain the Sri Lanka operation.  He explained that the sole purpose of the Sri Lanka Office would be to provide detailed information to students about the academic programmes available at SU campuses in the UK so that the students can make informed choices about higher studies and future careers.  The office will also counsel prospective students on admission requirements, visa processing, accommodation in the UK and financial matters.

SU was established in the early 1990s and has evolved into one of UK's dynamic, progressive and forward-thinking learning institutions. Always quick to adapt as student requirements change, it has been acknowledged for its fresh approaches for learning such as its competitive two year degrees, introduction of tailor made programmes for fast growing global requirements and "unmatched" modern facilities.

Home on the hills

But if that home is built in an environment of calmness with security, life will be more relaxed and comfortable. A quiet surrounding, away from the busy city also makes a person healthy. Houses of this nature are available at Victoria Range, Digana, Kandy. "You can enjoy the serenity of three lakes which will calm and refresh your body, mind and soul after a hectic and a tiresome day."

These are not only structures with four walls and a roof, but really made to fit your needs.

The latest bungalows at Victoria Range, Digana are built for comfort to sooth ones mind and body. A value added atmosphere is added by the misty scenic hills and forests that surround the location.

Exclusive and luxurious bungalows raised above the foot hills of Digana are linked with excellent facilities. Obviously a nature bonded lifestyle can be experienced at this heavenly retreat. Digana is an attractive place for golf lovers as well.

If you invest your money it's not only a beneficial act, it's also an opportunity to add value to your money. When we invest our money it must be to our advantage. So now you have a chance to invest your money. If you buy a house from Victoria Range it can be a holiday resort, plus a good investment.

Nivasie offers you many flexible payment schemes to suit your budget and income level.Victoria Range Bungalows offers an interest-free  short term payment scheme and long term loans can be obtained   from state and private sector banks.   

Victoria range has a road network, environmental friendly and quality materials, playground, secured exclusive neighbourhood with 24 hour security, jogging track through a wooded reserve and star class facilities including a restaurant, swimming pool, gym, tennis and squash courts.

Reserve early and avoid disappointment.

SCB teams up with Arpico supercentres

Standard Chartered Bank Sri Lanka (SCB SL) expanded its credit card payment acceptance points to Arpico Supercentres.

"We are pleased to partner with SCB SL in using our outlets as payment acceptance points for SCB credit card customers, as it's part of our strategy of expanding our portfolio of value added services that shoppers could avail of under one roof, " said Richard Pieris Distributors (Pvt) Ltd., CEO Bertram Paul.

"We have been expanding our payment acceptance points network. Cardholders can now settle their credit card bill while shopping at any Arpico Supercentre. We are glad that Richard Pieris Distributors has signed up SCB as the 1st bank for credit card payments acceptance. This is yet another opportunity for us to prove to customers that we are the right partner, leading by example," said SCB Consumer Banking Head Anirvan Ghosh Dastidar.

SCB Credit Cards Head Sheahan Arasaratnam said: "We are pleased to partner Arpico Supercentres for credit card payments acceptance. With this partnership Standard Chartered cardholders can make a credit card payment at any of the Arpico Supercentres which are open till 10.00 pm daily and are located at Hyde Park Corner, Dehiwela, Battaramulla, Nawinna, Gampaha, Kandy, Wellawatte, Kiribathgoda & Boralesgamuwa."

 Other payment channels such as Standard Chartered branches and ATMs also allow customers to deposit cash or cheques to credit card accounts. Cheques or cash can also be deposited at any of the cheque/cash deposit boxes at SCB branches as well as through Commercial Bank Branches & MiniCom Centres.

SCB has also partnered several establishments for discounts up to 25%. These year-round savings are valid up to t December 31, 2008 and range from a holiday in the cultural triangle to sunny beaches, fine dinning to high fashion, and home furnishing to health spas, fun times for kids to entertainment for the whole family.

SCB is also the 1st Bank to launch the 'Smart Spender' programme through which a cardholder could opt to settle any transaction locally or overseas which is above Rs10,000 in 3,6,9,12,18 or 24 months at  2% per month. The Smart Spender programme is valid up to May 31, 2008.

Standard Chartered credit cardholders also enjoy overseas travel deals that include Chennai, Bangalore, Maldives, Bangkok & Pattaya, Malaysia, Singapore, Dubai, Egypt, Europe, America and a pilgrimage to India and Nepal. Cardholders are also offered the option to settle their payment on account of any of the travel packages via a 0% interest instalment plan in 3, 6, 9 or 12 equal monthly instalments. These deals are offered up to May 31, 2008.

The Bank also offers cardholders "True Value Bonus Points" by which customers may earn one rupee for every Rs100 spent on purchases both locally and overseas. Accumulated bonus points can be redeemed at a range of participating outlets including Arpico Supercentres.

 Other value added services offered include phone banking services enabling customers to pay their utility bills such as water, electricity and mobile phone bills free of charge and a range of insurance benefits.

More rewards from Seylan

Seylan Bank's array of savings accounts, having introduced highly successful loyalty schemes such as "Merit Rewards" and "Seylan 2 in 1" which provide lifestyle benefits to its customers, now offers a stepped-up interest rate through its "Ihalin Ihalata" scheme.

"Ihalin Ihalata" provides savers with the highest interest rates in savings.

The initial deposit to open an "Ihalin Ihalata" account is Rs. 5,000.  At present, overnight balances between Rs. 5,000 and Rs. 50,000 attract an interest rate of 5.5%pa and from Rs. 50,001-100,000, the interest rate would be 7.5% pa.   From Rs. 100,001 onwards an interest rate of 12.5% pa would be applicable-the highest rate payable among banks for savings.

Interest would be calculated on the end-of-day balances at the applicable interest rate and credited to the account on a monthly basis.

Customers could transact business as usual with any number of transactions being allowed, without the interest rate being affected.

Depositors would be issued a Seylan VISA  International Debit Card free of charge for the first year.  In addition, a free SMS Banking facility and free Internet Banking facility too would be on offer for the first year.

"Ihalin Ihalata" balances could be used as collateral for borrowings over the counter for upto 90% of the account balance.

The strength of Seylan Bank's channels could be utilized for the convenience of the customers who would be entitled to higher rates of interest from "Ihalin Ihalata."

Seylan Bank with its islandwide branch network and the "Anywhere, Anytime Banking" concept has taken convenience to different a plane with access to savings accounts through its branch network in addition to telephone banking, SMS banking, internet banking and a well spread ATM network.

The Bank also boasts of the only 24 hour, 365 day banking outlet with human interface, at its Millennium branch.

"Lankem look" at Crescat

Crescat Residencies, one of the prestigious condominium/apartment facilities in Sri Lanka and also a pioneer in this sphere is to get a new coat of paint from Lankem Robbialac in collaboration with TOA Thailand.

Built in 1998, Crescat gained "marquee" landmark status in Colombo and consist of 24 floors and 154 apartments. Currently managed by 'Management Corporation Condominium Plan No. 3206,' the council consists of eminent personalities in the Sri Lankan business field.

Lankem Robbialac in collaboration with TOA Thailand has contracted with Crescat Residencies to supply and apply a 10 year warranty high performance acrylic coating system. 

TOA is the leading coatings manufacturer in Thailand and is a market leader in the high performance coatings segment in South East Asia.  SuperShield performance warranty coating has resistance to fungi and algae formation, while been UV protective. It also consists of self cleaning properties resulting in minimal dirt pickup and has anti blistering/pealing/flaking and anti carbonation properties. SuperShield has alkaline resistance and does not contain any lead or mercury and is considered to be environmental friendly.

Complete look

Every woman likes to look pretty.

Yet, in the current day and age, with the pressures they have to face, very few women have the time or resources to dedicate away from their other duties towards the process of beauty culture and caring for their hair, skin and nails.

Most of the time the food you take may not contain the essential vitamins and minerals which are required to ensure healthy hair, skin and nails. This is why Biotex EC (BE) is the solution for the busy woman who wants to ensure lustrous hair, radiant skin and strong nails.

Any food supplement we take should contain the basic nutrients. This is more so when it comes to supplements taken to enhance hair, skin & nails. In particular, the supplement you take should contain Biotin. According to clinical tests carried out in the USA, medical research specialists have recommended that the human body requires 300 microgrammes of Biotin every day.

But whether all these supplements on the market contain that stipulated standard of 300 microgrammes is a question yet to be answered. Biotin deficiency can cause hair related issues such as premature graying, split ends, low hair growth, hair loss and discolouration as well as split nails.

In order to get those ravishing good looks along with strong nails, bones and teeth, you need to take on board Vitamin E and Calcium Pentothenate in addition to Biotin.

Made with the latest in pharmaceutical technology and containing the required 300mcg of Biotin as stipulated by medical authorities, BE is the answer.

 BE contains vitamin E and Calcium Pentothanate along with 300mcg of Biotin.

Unit Trusts collect Rs. 1.8 bn.

Unit Trust Association of Sri Lanka (UTASL) member firms collected more than Rs 1.8 billion from 585 unit holders in the financial year 2007/08.

They also launched three new close ended funds, namely NAMAL Amana Equity Fund and Gilt Edge Fund 1 respectively and Ceybank Gilt Edged Fund, increasing the number of funds in the industry to 17.

 "Out of the 17 funds, 13 funds are open end funds and four are closed end funds. These can be further sub-divided into "balanced" funds (4), "growth" funds (4), "income" funds (8) and one index fund," said UTASL President S. Jeyavarman.

Equity funds performed well, outperforming both stock market indices which declined during the year. On average balanced funds appreciated 0.81% whilst growth funds declined 3.2% against the All Share Price Index (ASPI) and Milanka Price Index (MPI) published by the Colombo Stock Exchange which declined by 8.5% and 17.1% respectively.

Unit Trusts invest in listed shares, government treasury bills, treasury bonds and corporate debt instruments.

UTASL consists of five licensed fund management companies namely Ceylon Asset Management Co. Ltd, CT Fund Management (Pvt) Ltd, Eagle NDB Fund Management Co. Ltd, National Asset Management Ltd and Unit Trust Management Company (Pvt) Ltd.

HSBC tops Forbes

HSBC has jumped two places to top the latest Forbes 2000 list of the world's largest companies, the first time a non US company has led the rankings since its launch in 2004.

The largest non banking sector company featured this year is General Electric which is placed second. Bank of America is placed third while last year's leading company, Citigroup, was placed 24th.

Citi Sri Lanka Global Commercial Bank Head Ravin Basnayake told The Sunday Leader that the reason for Citi Group's dismal performance was  because of its greater exposure to the USA's sub-prime crisis which resulted in Citi making a loss of US$ 32 billion after investing in commercial paper on sub-prime mortgages.

"But we have now been re-capitalised, with the status-quo re-established," he said.

 The annual index surveyed blue-chip firms in 26 industries across 60 countries and ranked them according to a composite of sales, profits, assets and market value. HSBC is one of five high performers from the banking industry, having delivered 26% annual average growth in revenue and 31% in net income over the past five years.

In total, Forbes 2000 companies now account for US$30 trillion in revenues, $2.4 trillion in profits, $119 trillion in assets and $39 trillion in market value. Around the world, these companies employ over 72 million people.

Measured by number of companies, 315, the banking industry has the biggest presence on Forbes 2000.

Banking also dominates in assets, with total assets of $58.3 trillion, and profits, $398 billion. The 123 companies in oil and gas operations lead all industries in aggregate revenues, of US$3.76 trillion, and take second place in total profits, of US$386 billion.

 USA still dominates in terms of geography, but its influence is on the decline with 61 fewer entries than last year. In contrast, China, India and Brazil are rapidly adding companies to the list.

Winner in "Change"

"To be resilient we need to monitor the art of managing change Resilient organisations are the organisations that transform themselves through change initiatives successfully.

"Understanding the fundamentals of change management and knowing how to use them in practice will make the difference you expect in implementing any type of change projects." 

Singapore Informatics Professional & Skills Development Centre (SIPSDC) together with Innova Strategies- a management and strategy consultancy presents a workshop on change management, responding to these crucial requirements many organisations are facing today.

"This one day workshop on change management will help you mange your change projects successfully. "

This workshop will provide insights on change management and will guide participants to deal with change management challenges in their organisations.  "Interactive nature of this workshop and the opportunity to discuss your change management issues with the presenters, Change Management guru from Australia, Adjunct Prof. Swinburne University, Melbourne, Dr. Neil Bechervaise and SIPSDC trainer Dr. (Ms.) Madhu Fernando will assist you with devising change management strategies that match with organisational objectives.

During this one day interactive workshop you will learn how to lead your team successfully through change and transition while understanding the fundamentals of change management and the change management process. You will also learn to appreciate that even with the most strategic changes, there will be resistance to change and how to respond to these change resistance and other obstacles to ensure the success of the change project."

 The key objective of the session will be building a team of change champions who can implement organisational change projects successfully.

"So, be the change and take initiative to drive your organisational change management strategies to success. Don't miss this opportunity to learn from the experts who have implemented change projects  all over the world and in Sri Lanka. Learning the secrets of successful change management strategies, you can be resilient through any change, and make your organisations resilient.

This Change Management workshop will be held on April 24.

CPC makes Rs. 2.7 bn. profit in '07

Ceylon Petroleum Corporation (CPC) made a Rs. 2.7 billion net profit last year compared to a Rs. 1.5 billion loss in 2006.

CPC Deputy General Manager Finance Lalith Karunaratne attributed this turnaround to the liberalization of retail petroleum prices.

The CPC also saved US$ 5,425,000 by hedging against high diesel and crude oil prices with Citi Bank last month.

"We also saved another $ 1.6 million by hedging with Standard Chartered Bank," CPC Chairman Ashantha de Mel told reporters on Tuesday.

The hedging differential on crude oil was some $ 20 on a barrel and that on diesel some $ 15 per barrel in CPC's favour, he said.

Citi Bank Sri Lanka Country Head Dennis Hussey said that a year ago crude oil was selling at $ 65 a barrel, but today it's over $ 100, and has been since the beginning of the year.

"Yesterday (April 14) sweet crude oil, one of our benchmarks, hit $ 111, that's where hedging comes to the fore," he said. Hedging pays off by minimizing price volatility.

Petroleum Minister A.H.M. Fowzie said that to date CPC has made more than six hedges, resulting in a saving of nearly $ 11 million to the Corporation since.

He however said that by selling refined petroleum products to the consumer at subsidized prices this year, the CPC has so far made a loss of Rs. 7.3 billion to date.

This loss has however been partly mitigated by the Sapugaskande Oil Refinery making a $ 10 million profit last month.

Fowzie however refused to disclose by how much he plans to increase fuel prices to mitigate this loss.

The CPC last revised their prices on January 13, resulting in petrol going up by Rs. 10 to Rs. 127 a litre, diesel by Rs. 5 to Rs. 80 a litre and kerosene by Rs. 2 to Rs. 70 a litre.

Fowzie said that at present CPC was losing Rs. 31 on a litre of diesel and Rs. 40 on kerosene.

It was however making a profit of Rs. 5 on a litre of petrol. But this was not sufficient to offset the losses incurred on the sale of the other two refined petroleum products.

"While 40 million litres of petrol are consumed monthly, that of diesel is more than three times that figure, 135 million litres," said Fowzie.

Central Bank (CB) Director Economic Research Dr. Nandalal Weerasinghe speaking at a ceremony held recently to mark the release of the CB's 2007 Annual Report said that one of the ways of curbing inflation was by reducing CPC's and CEB's exposures to bank borrowings.

Inflation as measured by the traditional Colombo Consumers' Price Index (CCPI) was 28.1% as per the point to point change of the CCPI last month.

Fowzie said that hoarders who thought that CPC would increase their prices immediately after the Avuruddha were in for a shock as a price revision did not take place.

CPC is investigating the activities of such hoarders which would result in them losing their licenses if found guilty.

He further said that the three offshore lots in the Mannar basin for which the government has called for oil exploration bids, such bid evaluations have been confined to only one lot for which three offers have been received.

In the case of the other two lots, the government has received two and one bid respectively and has decided to call off those tenders, he said.

Ronan International Centre opens

By Nabiha Ariff

Sri Lanka's first destination mall is now open to the public to enjoy "outstanding and amazing" entertainment for children and adults alike.

The new state-of-the-art luxurious destination comprising 68,000 square feet cost Rs. 644 million. Since it is the first of its kind in the island, its Chairman Rohan Nanayakkara hopes to see a positive response, especially from the elite in Colombo.

The mall will be full of surprises as soon as it opens with an upcoming water festival from April 26-27. The water festival will be the first of its kind in Sri Lanka where the water guns itself are imported for the kids, the chairman added.

He further said that it will be a fun filled two days for children along with their family. The water festival will not only have water guns to make children squeal with delight, but magic shows, fashion shows and several other activities as well. While the outdoor activities will have the adventurous children entertained, young artists will be ready to sketch portraits for interested visitors.

In the second phase, yet another building is dedicated to one of the most essential parts of any mall, will be the food outlet. This will be a four storey building, each storey will also be dedicated to a particular sport, including Formula racing, since racing is one of the much admired sports lately, alongside the ever-green cricket.

The mall will also concentrate on giving simply the best for its shoppers by providing them with world class branded items to choose from in their shopping. For the first time Sri Lanka will experience world class shopping experience and in addition will be able to do it leisurely.

Customers will have more features in the mall that will pamper them completely, with upcoming spas, salons and other beauty care products-"to let women feel free, set themselves free here."

Ronan International Centre (RIC) Chairman  Rohan Nanayakkara asserted that this mall will be a place not only to shop, but will have various activities for children while parents shop and enter a new world of "just the best designer wear brands from across the world." The unique features of this mall go to great lengths to make shopping a hassle free and relaxing endeavour. Unlike other malls it even offers classes in music, art and dancing for adults and children by the best of experts as tutors.

All this and more simply under one roof, these diverse and interesting activities are bound to get Sri Lankans and foreigners residing in Sri Lanka to experience shopping in a way they've never experienced before. A truly remarkable mall that meets international standards and much higher too, is located in a tranquil site in Narehenpita.

This season get ready to find yourself in a world of fantasy and utmost leisure while you shop at RIC. Here, each visitor will be welcomed warmly by courtesy guards who will make sure they will help you as pleasantly and as much as they can.

In addition to the calm and tranquil atmosphere there will also be amateur painters in a gallery made specifically for these budding artists whom Nanayakkara chose personally on his frequent visits to the Vihara Mahadevi Park-to observe genuine artists at work and give a few them an opportunity to showcase their talents at his mall in the gallery. This centre currently consists of two buildings, both equally equipped with the finest of facilities.

"This mall has 'happenings' unlike others," said the chairman.

The theme of this leisure and entertainment mall is mainly a combination of water, music, greenery and concentrates on being eco friendly. Every shop in the mall will be a branch of some of the most famous brand names around the world like Reebok, Fila, Adidas, United Colours of Benetton, Levis and a much wider range of perfumeries as well. The mall will have wi-fi connection throughout the premises including at its spacious parking area.

Yet another introduction will be the pet grooming centre which will be initiated for the first time in Sri Lanka at RIC. Here customers can leave their pets at this centre and be sure to find them as perfect as you would expect them to be after being groomed by experts.

Brandix spends $ 2.5 mn., to go "green"

Sri Lanka's Brandix Group will achieve an environmental milestone this month  when the apparel sector giant commissions the country's first redesigned "green" factory.

"With an investment of US$ 2.5 million, the conversion of this factory at Seeduwa was made more challenging by the fact it was originally built more than 30 years ago, and that it had to continue production during its transformation into a green manufacturing facility," Brandix Group Director A.J. Johnpillai said.

Transportation within the premises is by electric vehicles to eliminate use of fossil fuel inside the plant.

 A challenge was a decision that energy conservation targets would be achieved with air-conditioning, which accounts for about 70% of the energy consumed in a garment factory, said Johnpillai.

Sophisticated new air-conditioning systems have been introduced and the ducting redesigned for greater efficiency. Special prismatic material used for skylights in the roof allows only the passage of solar light without the accompanying heat.

Sophisticated new light emitting diodes (LEDs) used as task lights provide light to the sewing machines at needle point, supplementing the natural light provided by the skylights.

High bay lights are to be used only on cloudy or rainy days.

The 130,000 square-foot Brandix Casualwear factory at Seeduwa, the Group's lead manufacturing plant for top international retailer Marks & Spencer (M&S) will surpass stipulated "green" factory standards for energy consumption, water conservation, solid waste management and carbon emissions, the Group said.

The 30 year old factory has undergone a conversion that took nearly 10 months to complete and will support M&S' 'Plan A' initiative to encourage suppliers around the world to make their supply chains carbon neutral through "green" manufacturing processes.

"The commitment of M&S fired our passion for best practices in eco-friendly manufacturing," said Johnpillai. "The result is a redesigned factory that will reduce its carbon footprint by as much as 75%, achieve a 45% saving in energy and cut water consumption by nearly 60% cent."

He said the green factory is one of a series of initiatives across the group to reduce its carbon footprint by at least 35% by 2012. The factory's steam boilers and steam distribution systems have also been redesigned for greater efficiency.

Among the series of measures to reduce water consumption are recycling, a rain water harvesting system that will contribute 15% of the 64,000 litres of recycled water that the factory uses each day and the introduction of a tertiary filtration system and disinfection which allows water to be reused for toilet flushing and gardening.  The result is an overall reduction in water consumption by 60%, Johnpillai said.

The factory has also achieved zero solid waste disposal by recycling or reusing 100% of the solid waste it produces. Even canteen waste is being composted and will contribute to biogas generation. An advanced intelligent building management system controls relative humidity and carbon dioxide levels to improve comfort levels for associates in the factory.

Communication disruption

Sri Lanka Telecom (SLT)'s Avissawella telephone exchange has been affected by lightning. As a consequence, customers who are in Avissawella, Ruwanwella, Kosgama, Kithulgala and Yatiyantota areas connected to SLT's Avissawella telephone exchange are currently experiencing a service interruption.

SLT's emergency maintenance staff is on the site and engaged in the restoration work. SLT assures an early restoration.

US SAFE award for Chevron

For the first time in company history, Chevron Corporation has been awarded the US Minerals Management Service's (MMS) national Safety Award for Excellence (SAFE) - one of the highest honours in the industry for safe, clean and compliant operations.

The SAFE award recognizes companies who display the most exemplary performance throughout the nation, taking into consideration a company's performance in each of their respective Outer Continental Shelf districts where operations are held.

Chevron's Mexican Gulf business unit was also recognized as the Lake Charles District award winner and the Houma District award winner for the South Timbalier Production Group. Criteria for the awards include safety and environmental performance and compliance with regulations.

The ceremony, held in Houston recently was attended by more than 40 Chevron employees representing the operations, drilling and construction groups who earned this award. The award was accepted by Chevron Corporation Mexican Gulf business unit vice president Melody Meyer.

"This is the premier recognition in our industry meaning that we are admired for our safety, environmental, and compliance performance," said Meyer. "An honour that exemplifies our Chevron Way values and recognizes the outstanding performance of our employees and business partners who work with us in the Mexican Gulf."

DT's gift to poor kids

Dialog Telekom (DT) joined hands with Sarvodaya to donate school supplies to over 15,000 schoolchildren from across the island. Launched for the third consecutive year, DT's 'Share in the Joy a Toy Gives' campaign was launched with the objective of making a difference in the lives of underprivileged children, assisting them in their studies and encouraging them to perform better.

This year's project began in December 2007 with an islandwide donation drive which asked people to donate school supplies to the "Share in the joy a toy gives" project. The main highlight of the project was that every gift collected was matched one for one by DT. This year's campaign will enhance the educational status of underprivileged children aged 6-12 across all ethnicities. Children from low income families and rural areas who have limited access to educational resources are the main beneficiaries of this project.

While promoting education among the disadvantaged the 'Share in the Joy a Toy Gives' campaign also aimed to create awareness among people to take the initiative to provide assistance to children from low income families so that every child irrespective of their financial background will have an equal opportunity for education.

The school supplies collected were thereafter distributed by Sarvodaya and  DT to 258 schools in the districts of Anuradhapura, Gampaha, Kalutara, Kandy, Matale, Trincomalee, Monaragala and Ratnapura, and also Mahiyanganya, targeting schoolchildren from low income families.

SA ad. network formed

Burson-Marsteller, a global public relations and communications firm, on Thursday announced the formation of a 'Burson-Marsteller South Asia Network (BMSAN)' with the signing of strategic alliances with independent public relations companies across Pakistan, Bangladesh, Sri Lanka and Nepal.

The network will be coordinated through Genesis Burson-Marsteller, a wholly owned B-M company in India.

The agreements were signed in the presence of Burson-Marsteller Asia Pacific Chairman and Global Development Vice Chairman Bill Rylance, with Strategic Alliance, Sri Lanka; Mediators Pvt. Ltd., Pakistan; Cogito Marketing Solutions Ltd., Bangladesh and Media Tech Associates for Nepal.

"Creating new avenues for growth and network expansion is our strategic priority and we see South Asia as an important growth engine. The agreements signed today significantly strengthen our footprint and services in the region through Genesis Burson-Marsteller," said Rylance.

The building-out of B-M's South Asia footprint recognizes the emerging economic strength of the region. Growing at over 6% per annum, South Asia's 2006 GDP stood at 5,161,067 million international dollars1 (in purchasing power parity). The region has increased its share in world output from six to 8% over the past decade.

"Our Indian and multinational clients are increasingly looking for public relations solutions and reach in the region. The South Asia Network will offer clients the highest return-on-investment on their communication spends by combining the best available local expertise, seamless reach across countries and integration from India," said Genesis Burson-Marsteller Chief Executive Ashwani Singla.

B-M Worldwide CEO, Mark Penn, emphasized the significance of B-M's affiliate network: "Our affiliates are value-added partners who enable us to meet the needs of our global clients anywhere in the world."

UA covers EP

Union Assurance PLC  (UA) began its "7th Phase" in Eastern Province by installing crime prevention awareness boards.

This project is done in conjunction with the police and comprises the erection of display boards showing the telephone numbers of the relevant police stations.

 This project initially started out from the Western Province in 2005 and now includes the North Western, Southern, Central, Sabaragamuwa, North Central and Eastern Provinces. A total of 234 crime prevention boards have already been erected in these areas.

The latest project was "navigated" by Marketing Operations Manager Mahinda Gunesekara. He thanked DIG Eastern Province Rienzie Perera for his support.

CIM Annual Confab in May

Prof. Michael Morrison will be the keynote speaker at the Chartered Institute of Marketing Sri Lanka Branch (CIM SLB) annual conference that will be held from May 7-8.

It will be held at the Cinnamon Grand with Sri Lanka Telecom as the main sponsor. The theme of the conference is "Rediscovering Experiential Marketing."

Conference Chairman Ms. Chitrangani Herat Gunaratne said: 'Experiential Marketing' refers to a genre of marketing that gives customers an opportunity  to

engage and interact with brands, products, and services in sensory ways. It refers to customer experiences with the

brand/product/service that drives sales andincreasesbrandimageand awareness. "Personal experiences help people connect to a brandandmake intelligent and informed purchasing decisions. It's the differencebetween telling people about thefeaturesof a product or serviceand letting them experience the benefits for themselves. When done right, it's the tool out there to win brand loyalty."

CIM SLB Corporate Integration Head Asanga Ranasinghe says that the objective of this year's conference is to give participants a first hand experience from some of the trend-setters in the industry as to how Experiential Marketing could be exploited in order to create positive and lasting brand experiences, thereby building brand loyalty.

Technical sessions will start with an address on "The Power of Emotional Branding" by Morrison followed by the address of Dr. Uditha Liyanage on "Finding the Experiential Marketing Domain." Some "mind blowing" case studies of leading brands will also be featured.

MRM Worldwide & Momentum Worldwide, India Senior Vice President Aditia Atri, Principal Lecturer at the London College of Fashion Tim Jackson and Sri Lanka Tourism Development Authority Chairman Renton De Alwis will speak on Experiential Marketing from the perspective of advertising, fashion industry and tourism industry respectively.

Unilever-Asia, Africa, Middle East and Central & Eastern Europe Vice President Customer Marketing Dirk De Vos, Leo Burnett Solutions INC Managing Director Ranil De Silva, Diesel and Motor Engineering Company Ltd, CEO Ranjith Pandithage, HSBC Sri Lanka & Maldives CEO Nicolas Nicolaou, Dialog Telekom PLC Chief Marketing Officer Nushad Perera, APAC Communications Specialist Richard Wallace and 3 M's Susara Dinal, will be the other speakers.

Mobitel revises rates

Sri Lanka Telecom Mobitel (SLTM) has revised its rates for Mobitel numbers contained in the 'ANY 8' feature available to SMART users. 'ANY 8' was a "breakthrough" innovation, giving SMART users the opportunity to subscribe to the feature as well as the freedom to choose any eight numbers.

This was regardless of the network they belong to, enjoying special charges for outgoing video/voice calls and SMS to those numbers.

This is a sequel to the 'M Best Friend' feature that was introduced in February 2008.

'M Best Friend' feature comprised outgoing voice and video calls to the designated Mobitel number and free incoming calls from other Mobitel numbers.

Through the introduction of M Best Friend, the rates to Mobitel numbers registered under the 'ANY 8' feature are now reduced further to a level similar to M Best Friend rates.

With this revision, those who use the SMART 'ANY 8' and nominate Mobitel numbers will be able to enjoy the "best" deal when communicating with those numbers for voice, video and SMS.

A portfolio of rewards

"Sri Lanka Life," a portfolio of life insurance plans offered by  SLI give prizes through a draw, "SLI Life Rewards 2008' (SLR 2008) is one of its kind" in the industry.

Customers who buy a Sri Lanka Life Insurance policy this year will be eligible to enter the year end grand draw and quarterly draws once every three  months.

At the year end grand draw 15 families will get to walkway with an array of gifts worth millions. Five lucky families of first place will carry away electronic goods or furniture worth Rs. 250,000 each. The five families placed second will be awarded electronic goods or furniture to the value of Rs. 100,000 each. For the third place, SLR 2008 will give away Rs. 50, 000 worth electronic goods or furniture for each five lucky families under this category.

Apart from the grand draw prizes, a line-up of prizes awaits 100 winners every three months, with a range of house hold items on offer.

Sri Lanka Insurance  is acknowledged as the " strongest and largest"  insurance provider in Sri Lanka,  being the  country's first insurance company to be assigned a global rating of financial strength and stability with FitchRatings AA- (lka).

Incentivising online trade

At a ceremony held inside an aircraft at the Bandaranaike International Airport, Nations Trust Bank's (NTB's) American Express (AmEx) Credit Card together with SriLankan Airlines launched the AmEx Internet Payment Gateway (IPG) with SriLankan Airlines Internet Booking Engine.

Through the IPG, AmEx card members will be able to make online bookings of their airline ticket on any SriLankan flight.

Card members will enjoy a 5 to 10% savings on inflight duty free products in the Serendib Treasures. The duty free products in the Serendib Treasures catalogue can be booked online to enjoy the savings.

NTB Director/CEO Zulfiqar Zavahir said, "Online transactions are a growing trend and are at a rapid growth stage, particularly in the Asian region. Online bookings have replaced traditional modes of booking due to convenience and "enhanced" security it offers. We are confident this facility will add to the convenience of our AmEx card members."

1st prize winner

Chamara Nuwan De Silva from Aluthgama won the grand prize of a Suzuki Zen car in Tigo's SMS & Win campaign held to mark the company's first year anniversary celebrations.

The prize was handed over by Tigo CEO Dumindra Ratnayaka, at the  Tigo Zone in Colombo.

IN BRIEF

Helping agriculture

Seylan Agricultural Credit Company (SACC) has set-up branches in Akuressa, Buttala, Kamburupitiya, Polgahawela, Elpitiya, Siyambalanduwa and Nikaweratiya, serving the farmer community and small and medium scale entrepreneurs  with financial facilities.

Arising from the vision of Ceylinco Group Chairman Dr. Lalith Kotelawala whose concept is to provide the means to establish business and agricultural units islandwide to foster development, SACC now provides credit facilities for cultivation and self-employment.

It also provides loans and consultancy services to buy agricultural output and to establish markets for same. Financial facilities to buy agricultural  vehicles and equipment are also part of the deal.

The Company would also provide loans to buy or build houses/business premises for farmers and entrepreneurs.

SACC hopes to expand  rapidly so that its services could be availed of in most areas of economic activity in the island.

Inflation & markets

BENCHMARK, presented by LMD will this week feature Hayleys Consumer Products Ltd (HCPL) CEO Trevor Reckerman who will discuss inflation, markets as well as export-import related issues.

It will also feature the construction industry-and whether a bust cycle will sooner than later follow the present boom. Also on this show will be an update on how people feel about SriLankan Airlines, and how it is being managed.

Revelations at BMICH

Revelations, which is among the Top 10 choirs in the world in the Pop, Jazz and Gospel category as listed by the Musica Mundi World Ranking List, presented by the Interkultur Foundation, organizers of the World's largest choral competition, will perform at the BMICH on April 23. It's sponsored by Tigo.

Selling brands overseas

 Watawala Plantations PLC (WPPLC) has been awarded the 'Business  Superbrand' status for the year 2008.

It is the only company in Sri Lanka involved in plantations management to receive this endorsement.

In the FMCG sector, Watawala is the second largest branded tea company in Sri Lanka with Watawala Kahata and Zesta commanding a market share of over 28%, according to AC Nielsen reports published in January 2008. WPPLC Managing Director Vish Govindasamy said: "Our next step is to market our brands overseas, by which we hope to further enhance our brand equity.

We also aim at expanding into new markets, not only focusing on tea, but beverages as a whole. By these creative innovations, we can be confident of consolidating our business."

Recent improvements of their factories have earned them certifications with ISO 22000/HACCP quality/safety systems compliance, TASL/SGS product certification system and the Ethical Tea Partnership. The company has 14,000 employees.

CFLB PAT up 462%

Colombo Fort, Land and Building Company Ltd., (CFLB) in the third quarter ended December 31, 2007 saw net profit after tax increase by 461.7% year on year (YoY) to Rs. 632.2 million.

Cumulative earnings in the nine months ended December 31, 2007 increased by 60.1% YoY to Rs. 758.5 million. (Source: John Keells Stockbrokers)

Alliances  & Competition

The US Department of Transportation (DOT) and the European Commission (EC) announced a joint research project to determine how alliances have affected competition in transatlantic markets and the potential impact of the open skies agreement between the USA and the European Union that became effective last month.

The entities will interview airlines, travel agents, industry analysts and consumer groups and perform quantitative analysis on air traffic data. A final report summarizing the main findings of the research will be published in mid-2009. (Washington Aviation Summary)

Ships on legs

Most ships do not have legs.

But a jack-up barge has six, protruding high into the air when the ship is in transit. Extending to a length of 48m from the bottom of the ship and penetrating up to 5m into the seabed, the "legs" of these ships provide a stable "ground" in a place where there is only "roiling" water.

As the legs push down, the ship is lifted above the waves. Purpose-built at a Chinese shipyard, the œ60m jack-up barge MPIO resolution is an extraordinary piece of engineering to help with the construction of offshore wind farms. (Marine Talk)