raise alarm over JVP instigation
are voicing concern over JVP propaganda units entering the industries
sector, promising workers a better deal if the newly formed alliance -
United People's Freedom Alliance (UPFA) - is voted into power on April
have been raised as to how the JVP could promise such a deal given its
past track record, which has resulted in the closure of many
industries as well as creating losses amounting to millions of rupees.
These same reasons prompted many foreign investors to pull out from
local investments as well.
a result of JVP instigated labour problems, 65-70 companies have been
forced to close down in the past few years leaving thousands
large-scale local manufacturer explained that the JVP has adopted a
new strategy to visit well-established industrial and related
organisations, which are engaged in relatively peaceful industrial
promise is, that if voted into power, the mixed economic policy that
would be adopted by the regime would have direct control over the
activities of organisations, thereby benefiting the working force
directly. This, according to the manufacturer, would be considered as
a satisfactory point by the workers.
JVP goes on to highlight the luxury lives led by the top managements
and the economic disparities of the staff in a bid to create friction
among the workers and the management.
industrialist who wished to remain anonymous doubted if the JVP
genuinely has the best interest of the worker at heart as they make it
out to be. According to a senior official of Bata, back in the year
2000, when the Bata factory was threatened to be set on fire by
certain individuals protesting on the roof top, these same people did
not hesitate to communicate to their counterparts on the roof top, not
to be open for negotiations and in the event of being forced to
compromise, to go ahead and set the factory on fire and thereafter to
official stressed that it was only after the problem creating workers
were terminated, that Bata began to realise its full potential and
made a 20% to 30% increase in sales. Prior to this, sales had been low
due to the poor performance of the sales workers.
management of Bata expressed sadness that a situation of this nature
had to take place, stating that although more than 140 workers were
terminated, only around 25 of them, who were hard core members of the
JVP, were really responsible for the damage caused. As a result of
this conflict, Bata at the time lost around 10% to 20% of their
instance is where the Mortein production line, an offshoot of the main
line productions of Reckitt Benckiser, had to be closed down due to
problems caused by JVP infiltration into the workers union. The
factory operations terminated in mid 2002 and nearly 80 employees lost
employment as a result. Other multinational companies operating in the
country have also endured JVP trade union action, leading to strained
type of situation is particularly not healthy for the country at this
juncture, because investors have the choice of employing much cheaper
labour in other South Asian countries, such as China, Indonesia and
Vietnam with relatively less labour unrest and instability.
the country's economy gaining momentum, the question now is whether
the JVP, which has caused the closure/losses in many industries in the
past, will actually give a better deal to the workers if voted into
power come April 2.
on-line lottery game begins tomorrow
National Lotteries (Pvt.) Ltd. (ONL), which is fully owned by the
National Lotteries Board will launch 'Rapido', the first ever on-line
lottery game in Sri Lanka, tomorrow at selected outlets in Colombo.
will commence from 11:00 a.m. and will cease at 11:00 p.m., with a
draw every hour, seven days a week. Tickets will be sold from 9:00
a.m. onwards. To play this game you can use your coupon to select your
own lucky numbers. Alternatively, you can ask for a 'Quick Pick' and
the terminal will pick the numbers for you without having to fill in
the coupon. 20 numbers out of 80 will be drawn per game every hour. To
win, a player needs to match the numbers on his/her receipt with the
numbers drawn. These numbers will be displayed at every agent's
location. Instant prizes will also be awarded and will be randomly
drawn. In addition to this, a player could also be the lucky winner of
Rs. 600,000. Within a short period ONL will expand its dealer network
enabling it to create more winners. This will be possible, as ONL will
have more terminals available at strategic locations in and around
Colombo, providing the general public with access to the game.
Subsequently terminals will be installed outstation as well.
is managed by a well-reputed international organisation, whose vast
experience in the lottery industry will ensure that the highest
standards and transparency is maintained.
from the lottery will be directed to the Parliamentary Scholarship
Chief Cooray passes away
business head, Chrisantha Cooray passed away at the age of 60, after a
brief illness, last Thursday morning.
was the chairman, Browns Group of Companies and Hatton National Bank.
He was associated with the bank since its inception and took over as
its chairman in 1989. He recorded over 30 years of experience in
trade, commerce, industry and finance.
was a product of St. Joseph's College and then was also a student of
the Aquinas University College. He then continued his studies in
accountancy in UK. He was a fellow member of the Chartered Institute
of Management Accountants (CIMA) and a member of the British Institute
of Management. He is survived by his wife and three children.
government eyes Hambantota
Malaysian government has expressed interest in the impending
development projects in the Hambantota District and has decided to
deploy 20 potential investors to appraise investment
opportunities," said Director General, Hambantota District
Chamber of Commerce (HDCC), Azmi Thassim. Malaysia has expressed its
desire to partake in the large development projects, such as the
harbour, oil refinery and airport.
Malaysian diplomats had approached HDCC to request the Chamber to
initiate a forum to educate them on the investment potential in the
area. Accordingly HDCC will host such a forum scheduled to be held on
March 26 at the Peacock Hotel in Hambantota. Here, the Chamber will
showcase a presentation on the planned large scale development
projects. The proposed oil refinery project is estimated at US$ 1.8
billion, while a 700 MW power plant is also on the cards, while the
investment on the proposed airport, for cargo and aircraft repair,
would be US$ 100 million. A Free Trade Zone (FTZ) and a hotel city
have been slated in as future Hambantota development projects.
myth that is the Mixed Economy
advantage of professing market capitalism or for that matter leftist
ideologies, is that they are clear as black and white. Black is
dramatic while white is stark. They draw immediate attention to
themselves. It is also a fact that both models of economic development
steadfastly and persistently try to impose their solutions on all of
question then arises what is a mixed economy? Unbridled capitalism
without social responsibility, unencumbered in the pursuance of profit
at all costs, unconcerned with the misery of the poor tends to
construct unjust structures in society. It even gives the picture of
victimisation of the common man.
the other hand the Karl Marx doctrine is an ideology, which promotes
community ownership of the tools of production and questions the right
of private ownership of land. In the final analysis in a market
economy the nation is best served when the government leaves the
production of goods and services which meet market demand, in the
hands of the private enterprise. Why? Because the entrepreneurs and
the capitalists have a right to the profits that their enterprises
generate. In this scenario the more innovative the initiative the
larger are the resources required, more hazards and risk, the higher
are the profits.
the right to private property is not an absolute right. It should
contain the responsibility to use private property not only to enhance
wealth but also to meet the social obligations of the community.
then of the middle path? As one writer in a recent weekend column
explained a mixed economic model calls for social justice, fairness,
equity and an avoidance of extremes of economic policy.
this sense even in the most advanced capitalist countries such as the
USA, regulatory regimes control agriculture, education, defense and
the police functions.
the other hand even a communist state such as China, collectivisation
is not applied to all economic activities. There are some degrees of
privatised enterprises and industries in operation. This largely has
been responsible for the economic wealth created in key cities such as
Shanghai and similar industrial areas in China. The question which
arises foremost in one's mind, when the UPFA claims that its policies
are for the establishment of a mixed economy are- whether plantations
and estates be nationalised? Will the small farm agriculturist have a
place to own private property? Will private health and education be
discontinued? Will the state take over key industries and manage them?
How would they manage the Export Processing Zones? Are they going to
adopt two systems under a single regime of control?
Direct Investment (FDI)
for the foreign investor the other managed by the state. Is it
practical to manage such a mixed strategy efficiently? Where is the
level playing field, which will be available for any form of
enterprise? If you take our recent history, direct foreign investment
was US$ 171 million in year 2001 as compared to US$ 230 million in
2002. An almost US$ 60 million jump or 33% increase in FDI. GDP growth
was negative in 2001. The decline was minus 1.5% to a positive growth
of 4.0% in 2002 and 5.5% in 2003. How was this possible? What were the
reasons? Simply, Free Market Capitalism motivates not only the mega
entrepreneur, but also the small holder, the small and medium
enterprises in the country, particularly the growth in the apparel
industry and increase in investment in the leisure and the tourist
industry. This approach to development leverages powerful forces to
increase capital efficiency. However, there is a short term down side
to this success story. That the working class low income groups
invariably has to make sacrifices and be happy with the pittance
coming their way until the wealth that accumulates trickles down to
present, the development economists advocate the alleviation of
poverty and aim for total human development. Public enterprises are
largely privatised. While crucial utilities such as power, water and
in some instances transport are managed by the state. The model also
advocates technological upgrading and the training of human resources.
It sees the private sector as an engine of growth.
this the Mixed Economic Model which the UPFA is talking about? Or is
it the out dated and dysfunctional models, which was followed by the
Government that was in power in 1970 to 77, that is to be implemented?
If it is the latter, then the world trading arrangements will not
permit such a radical change to the past.
frame work of policies of the international and multilateral agencies
as well as the trading blocs such as ASEAN, NAFTA, the Asia Pacific as
well as SAARC will compel that they conform to an economic model which
is far from economic isolation. In actual fact more than 50% of the
national debt is foreign. 70% of the GDP and capital expenditure are
from foreign funding. This distortion is due to inadequate domestic
savings, much worse low efficiency of capital, low productivity
particularly in the state sector and continued deficit financing by
cannot be another Cuba or North Korea in the current scenario.
Incidentally these countries labour under a regime which ensures that
large sections of society continue to be impoverished. Where then is
business confidence is denied due to instability of the Government and
hazy thinking of the desired economic model for development, then the
out come is low efficiency of capital, poor investor confidence and
continued poverty. The UNF and the PA have both tread the path to
development very clearly. The 'Regaining Sri Lanka' initiative
promoted by the Prime Minister aims to bridge the immediate weakness
of overcoming deficit financing, rapid employment generation,
increasing productivity, mainly in agriculture, tourism, manufacturing
and service sectors. It also focuses on major infrastructure
improvement for increasing the linkage between a predominantly rural
population and the major economic and agricultural centres in our
country. These strategies in many ways can be described as a mixed
economic model. Even the post 1977 economic model could be described
as a mixed economy.
liberal state policies with control of imports commodities which are
locally produced or nationalisation of plantation agriculture does not
support a solution to the compelling problems faced by the country as
outlined above. In such a scenario the productive capacity of the
economy is reduced, continued losses in public enterprises, due to the
inability to match the demanding quality standards, investment in
technology and dynamic marketing strategies required in the
international market place, which will force a heavy burden on an
unsuspecting population. The question uppermost in the minds of the
voter now is whether Sri Lanka can survive in a vacuum and come out of
the current state of indebtedness and low per capita income through a
system of state ownership of property and enterprise and a selective
regime of controls while attempting to balance the trade pattern in
the country's favour. As one writer did observe, "half baked
muddled economics and capricious economic intervention" can
destroy altogether even the temporary platform on which we are now
earns record Rs. 4.187 bn pre-tax profit
2003 has been a landmark year for the National Savings Bank (NSB). The
year brought tangible evidence of the bank's capacity to deliver
demonstrably better results in a more accommodating environment
thereby achieving an unprecedented pre tax profit of Rs. 4.187
billion, an impressive 73 % increase over the previous year, and Rs.
26.6 billion in mobilization during the year.
income increased from Rs 16.8 billion in 2002 to Rs 18.8 billion in
2003. The NSB Fund Management Co. Ltd., a wholly owned subsidiary of
the Bank, made a contribution of Rs. 41 million towards the group
profit of Rs. 4.18 billion.
to the Chairman, NSB, D.M. Swaminathan, "the prudent investment
decisions taken by the Bank was the main reason for our outstanding
performance that enabled us to gain this profit."
NSB earned Rs. 475 million in capital gains from share trading and
derived a dividend income of Rs. 72 million, generating a total of Rs.
547 million. This is the highest profit ever earned from the Bank's
equity portfolio. In addition, profits from the sale of Treasury bonds
amounted to Rs. 69 million. Investment in government paper increased
from Rs. 113 billion as at year-end in 2002 to Rs. 138 billion as at
year-end in 2003. Housing loan portfolio increased by Rs. 1.2 billion
during the year, further expanding this sector. Total assets of the
Bank rose by 20 % during 2003 to Rs. 177.4 billion.
the continued trend of low interest rates on deposits, the Bank was
able to mobilize Rs. 26.6 billion, a remarkable 69% increase over the
mobilization of 2002. The total deposit base increased from Rs. 134.5
billion at the beginning of 2003, to Rs. 161.1 billion by the end of
2003. The Postal Agency network stands at 4042 outlets island wide and
the most remarkable feature in this sector is that funds mobilized
through savings accounts, especially in the rural sector, have
exceeded targets for the year 2003.
add to the success for the year, the National Savings Bank achieved
the coveted AAA rating by the internationally recognized Fitch
NSB introduced value additions to all savings account holders by
offering life Insurance Cover for account holders. In addition to the
existing products and services, a deposit account specifically
designed for senior citizens was introduced in May 2003. This Gaurawa
account offers higher interest rate than published deposit rate and
during the year 2003, the Bank mobilized Rs. 7.5 billion towards this
account. At present, the Bank pays two percent above the published
deposit rate for "Gaurawa" account holders. The Bank also
introduced the 'Alankara Home Loan', which allows a customer
additional loans to enhance his house into a home.
a bid to better serve the core customer base, eight new NSB branches
and one savings shop were opened in 2003. The total number of branches
now stands at 112 with branch credit facilities that include personal
loans, pawning and housing loans extended to cover around 95 branches
in all. The Head Office of the NSB is undergoing a face lift, in order
to provide a better service to its customers, at a cost of around Rs.
Bank is in the process of improving and upgrading its entire banking
services with high-tech facilities. Towards this, the Bank has
embarked on the implementation of the proposed three-year IT strategic
plan starting from the year 2003, which includes networking of
branches, connection of ATM network, and the introduction of core
banking solutions in a bid to improve the benefits to its customers.
posts highest revenue growth
(Sri Lanka) Ltd. made the year 2003 one of outstanding achievement,
earning its highest ever revenue growth in its 127 year history. The
Company recorded a 23% increase in net revenue, from Rs. 5.1 billion
in 2002 to Rs. 6.2 billion in 2003. Gross profit reached Rs. 2,046
million as against Rs. 1,671 million in the previous year, an increase
of 22%, and net profit grew by 79% reaching Rs. 378 million compared
with Rs. 211 million for 2002.
on the company's success in his annual review, Chairman, Singer (Sri
Lanka), Hemaka Amarasuriya says that it was a time of strategic change
with a shift in pricing policy, to price in line with the market
rather than at a premium, as market leaders often want to do. He
attributes the success to the availability of products, easy access to
markets, choice of models and brands, in-house consumer finance,
outstanding customer care and sales professionalism.
business was driven in 2003 by its Consumer Electronics segment which
grew by 44% over last year. Televisions, refrigerators and sewing
machines contributed to 85% of the Company's total turnover.
furniture segment made great strides during the year with the
introduction of its own dedicated line of furniture stores called
"Modern Homes". An immediate improvement in performance with
good prospects for the future will make furniture Singer's third core
business segment together with home appliances and financial services.
'first' for Singer in 2003 was the obtaining of ISO 9001-2000
accreditation for After Sales Service - the first company in
appliances to gain such recognition and one of the first companies to
be thus rewarded for after sales service.
terms of infrastructure, Singer signed up for a sophisticated new IT
system with its business partner IFS. The new system will intranet
sales and distribution into one domain. Sales will soon be on real
time, enabling the management to better monitor and respond to market
Company also commissioned a 60,000 sq.ft distribution centre close to
its Piliyandala factories which will considerably speed up getting
merchandise to the field, whilst at the same time bringing all
warehousing under one roof.
in terms of strategy, Singer took a singularly important step by
repositioning its brand to encompass its development over the years,
that of an international brand that whilst remaining synonymous with
the sewing machine, has moved into diverse product lines moving the
company even closer to people and homes across the world. 'Singer- at
home worldwide' has been chosen as the company's new theme globally.
This realignment of the Singer brand followed research, both
qualitative and quantitative, conducted in seven retail markets
including Sri Lanka and five 'sewing' markets.
the consumer durables market in Sri Lanka rebounding strongly after
several years of sluggishness, the future holds great promise for
Singer as consumer confidence returns.
station shows impressive growth in business
Lanka Ports Authority's Container Freight Station in Peliyagoda has
shown steady growth in its business. The number of Less than Container
Load (LCL) containers de-stuffed at the station had risen by 76% from
4,608 TEUs in 2000 to 8,121 TEUs in 2003. In 2001 and 2002 the number
of TEUs handled were 6,690 and 6,805 respectively.
SLPA purchased the Peliyagoda warehouse complex at a cost of Rs. 452
million from Urban Development Authority (UDA) in 1999 and modified
the yard area and the warehouse in order to use it as a LCL Container
Freight Station. It was commissioned in February 2000 with main
operations being de-stuffing LCL containers, provide warehouse space
and delivery to the respective consignees. All operational activities
and delivery of cargo including billing and recovery of charges are
done through a computer system, which had been installed specially for
this warehouse complex.
and Full container load (FCL) consignments of personnel effects
cleared have also increased at this station. LCL consignments growth
has increased from 322 in 2001 to 3,020 in 2003 while FCL containers
handled has increased from 140 in 2001 to 658 in 2003. The average
daily deliveries at the station is around 200 and during the peak
seasons from 200 to 300.
tax holiday for Noritake
Lanka Porcelain (Pvt) Limited (NLPL), winner of the export award in
the industry category for the second time for the creditable
performance during 2002 has received a further seven year tax holiday
from the Board of Investment (BOI) of Sri Lanka on successful
achievement of the specified level of exports and the substantial
increase of production capacity and orders within the first five years
of signing the agreement with the BOI in 1999.
includes an additional two years tax holiday for investing over Rs. 50
million for expansions and new projects during the last year.
NLPL, Nimal Perera said that the company has achieved phenomenal
success in every sphere of activity during last five years. In
addition to beauty and quality, he added, Noritake is internationally
known for is extensive selections of tableware patterns and
demonstrates the level of commitment in satisfying the demand of
customers. The latest additions to the prestigious range of products
have already captivated a wide segment of the world market.
has taken meaningful steps to introduce new management techniques to
raise the morale of workers and thereby boost the production to
achieve the targeted levels. Prominent amongst these are the
introduction of the much acclaimed 5 S House Keeping Concept and TPM
etc. The high pressure casting machine, installed at a cost of over Rs.
10 million, has helped to produce items in any given shape, as per
GRHK fast firing kiln has reduced the firing cycle from three days to
five hours and improved the quality of products.
flatware making machine and auto cup making machine have immensely
attributed to the improvement of quality, quantity and productivity.
NLPL was awarded the ISO 9001:2000 certification, which is the latest
version coming under ISO programme, in 2003.
added that the company's highest turnover, Rs. 1 billion, was recorded
in 2002 with a profit increase when compared with previous years.
further, Perera stated that NLPL then known as Lanka Porcelain (Pvt)
Limited inaugurated operations at Matale in October 1972 under the
patronage of the then Prime Minister of Sri Lanka, Sirimavo
Bandaranaike, as the first joint venture between Ceylon Ceramic
Corporation and Noritake Company Ltd., Japan. The first shipment of
the company's fine porcelain was exported on October 5, 1973. NLPL
thus created a precedent for many successful joint venture companies
between Japanese and other foreign companies and their counterparts in
1972, the company has enjoyed phenomenal success and brought
prosperity to many thousands of its employees in a rural corner of Sri
Lanka. The company has expanded in four stages in the last 30 years
and presently employs 1,200 personnel and exports approximately 9,000
Fine China Dinner Sets of 91 pieces to the global market per month,
earning a large volume of foreign exchange to the country.
has formulated its own vision to fall in line with their parent
company's vision which is aptly termed 'Total Productive Maintenance (TPM)'.
The company has envisaged to increase productivity by at least 5%
under this vision and has further integrated this vision with the
policy formation so that every employee is responsible in making some
contribution towards realising the targeted level of productivity. TPM
activities were launched during 2002 with an aim of pursuing the best
quality and the most efficient production system. At present, six sub
committees involved in and assist the TPM main committee activities.
Chairman, NLPL, H. Hirozawa, expressing his views to the paper,
stressed that creditable export performance showed by the company in
the past several years is the major reason for the successful
performance of NLPL. In spite of the severe competition in the world
market from low priced substitutes as well as competitors, the quality
of Noritake products, timely delivery and other services have provided
the pathway to continue with a sustainable growth as a leading
porcelain tableware producer. "We are seeking avenues of
automating the factory with modern technology and methodology. We are
eager to invest in large projects which will improve our product
quality and productivity. The estimated cost for the intended projects
would be over Rs. 200 million," he added.
further stated, "We are confident the benefits of the tax holiday
granted by BOI will bring significant returns to our Company."
glimpse into the future
GSM's Future Centre, Sri Lanka's first mobile discovery centre, opened
its doors to the public recently. Designed to international standards,
the Future Centre sets Duplication Road alight with its futuristic
neon glow, characteristic of the radiance of the high tech mobile
showrooms of Singapore and Hong Kong. Located at Deal Place (facing
Duplication Rd) Colombo 3, the Future Centre is a one-stop mobile
experience showcasing the latest in mobile technology.
Future Centre will showcase the most advanced GSM handsets and
gadgetry available globally, some of which are prelaunch models,
allowing Sri Lankan consumers an advance view of what global
developments in mobile technology will offer in the near future. The
Future Centre is hence designed to offer a complete mobile user
experience. Which would be unrivalled even in the developed work.
at the opening of the Future Centre, Chief Executive Officer, Dialog
GSM, Dr. Hans Wijayasuriya explained the unique features of the Future
Centre. "Our Future Centre has been modelled on the best in class
in discovery and experience centres worldwide, with a strong focus on
our customers who will be free to experience the latest gadgets,
devices and services at their leisure and convenience. Our promise is
to have the very latest available at the Future Centre We have
provided for a wide range of interests, ranging from the latest
handsets, through mobile infotainment such as downloads and multimedia
applications and games through to the very latest in high speed mobile
and wireless technology."
Future Center is designed on a 'Zone' concept, which enables visitors
to experience a wide range of hi-tech mobile technologies and
services. Technology Zones include EDGE, MMS and WiFi. Download Zones
are aimed at the younger generation of consumers with a rich
experience at hand in terms of Java game downloads, ring-tones,
picture and photo downloads and MMS zone featuring 'picture me'
services and MMS printout facilities.
Future Center experience is topped off with the very latest in
multimedia technology with running techno videos on high-resolution
plasma screens creating a truly futuristic
atmosphere for customers venturing into the Future of Mobile
made easy by BellTalk
is a new, innovative service made available by Lanka Bell for the
first time in Sri Lanka. It allows Lanka Bell's BellNet users to
retrieve, listen to and reply to their e-mails from any telephone,
anywhere in the world. Subscribers to the BellTalk service can listen
to the e-mails received in their BellNet e-mail boxes, and send verbal
replies. The received e-mails can also be read conventionally on a
listen to received e-mails, a user can dial 5 373 373 from any fixed
line, mobile or pay phone, and enter the personal identification
number (PIN). Voice-prompts then guide the user to retrieve e-mails
from the server and listen to them. The last received e-mail will be
played first. The user can select the e-mails to be listened to by
pressing relevant keys on the phone.
voice-prompts also help the user to make verbal replies, which can be
heard by the recipients on their multimedia computer speakers. Such
voice replies will be sent as attachments in the form of wave files,
which can be heard by the recipient simply by double-clicking them.
is ideal for busy people who are often on the move," says
Assistant Product Manager, Lanka Bell, Ramesh Sithambaram. "It
enables them to check their e-mails from anywhere without requiring
access to a computer. They can simply call in from any phone, anywhere
in the world. And they can send replies immediately from the same
phone to anyone who has a multimedia computer with speakers," he
is designed by Atlantis One Technologies, who also designed the
BellNet portal which provides Internet and e-mail facilities to Lanka
Bell customers. As Phase I of the BellTalk project implementation,
Lanka Bell is providing the service to 200 customers of BellNet, free
of charge until 31st March 2004. Thereafter they will be charged a
monthly fee of Rs. 50 for this service. Lanka Bell plans to extend the
BellTalk service progressively to all the users of BellNet.
Bell is a BOI approved company owned by several global giants
including Transasia Telecom (Singapore), Miel Investments (holding
company of Transmarco, Singapore), AIDEC (Japan) and Nortel Networks
geared to face global challenges
keeping with the rapid developments in business, the Chartered
Institute of Management Accountants (CIMA) has revised its
qualification, making it more attractive to employers and pertinent to
will be tested on the new syllabus for the first time in May 2005. It
will consist of more management content and will place greater
emphasis on ethics, corporate governance, human capital and soft
skills such as analysis and negotiation. An exam on risk and control
strategy has also been added.
new qualification is geared to keep students ahead of the game and to
empower them with leading edge skills, skills that employers are
rapidly changing business and regulatory environs and the new
International Federation of Accountants (IFAC) International Education
Standards, which will come into force on January 1, 2005, have been
the driving forces behind the change introduced to the CIMA
current structure has been divided into two elements. The Foundation
level will be called the Certificate in Business Accounting and is
positioned as a separate qualification. Intermediate and Final levels
have been renamed Managerial and Strategic levels respectively and
together will form the CIMA Professional Chartered Management
CIMA Sri Lanka Division, Pravir Samarasinghe said, "CIMA is an
organization responding to and sensitive to changes and requirements
of the business world and that once again it has renewed the
qualification, making it more attractive to the employers,"
addressing the gathering at the launch of the new syllabus, held last
Tuesday at the Ceylon Continental Hotel in Colombo.
of Product Development and Learning Support, CIMA UK, Paul Weymouth,
presented the new qualification during the launch
and MTI success story
Lankan Airlines and MTI Consulting came together to tell their story
on how they collectively weathered the storm and are now heading
towards clear skies. SriLankan came to the fore in a testimony as to
how MTI's 8S process helped in its strategic planning process and
engineered a complete turn around in terms of its profit and employee
Chief Executive Officer, SriLankan Airlines, Peter Hill stated that
SriLankan was in for turbulent times when double tragedy hit the local
airline industry in 2001, first in the form of the terrorist attack
where four of its fleet were destroyed and then the aftermath of 9/11,
resulting in a loss of Rs. 6.5 billion in that year. It was at this
juncture that SriLankan embarked on a strategic planning process with
a vision to become the most preferred airline in Asia, whilst also
making the airline profitable. These thoughts were expressed at the
evening meeting organized by MTI with the view of presenting the
SriLankan Airlines experience in strategic planning in conjunction
by a cross-functional team of SriLankan Airline Management, based on
MTI's 8S process and facilitated by MTI Consulting the process
culminated with the launch of SriLankan's new mission, vision and
Executive Officer, MTI Consulting, Hilmy Cader made a presentation on
MTI's 8S model and how it addressed each of the problem areas
encountered by SriLankan. The presentation was followed by an expert
panel discussion, where those present were able to put forward their
questions and clarify matters pertaining to the presentation.
on the profitability achieved by SriLankan, Hill stated that the
company has been able to record a revenue-per-employee figure of over
Rs. 9 million for the year 2003, which is nearly a threefold increase
in comparison to that of 1998/1999 when it was only Rs. 3.6 million.
SriLankan has now set its sights on a profit of US$ 48 million for the
acquires controlling interest in Cecil Food
Biscuits Limited (CBL), the market leader in the biscuits sector, has
recently acquired a 60% stake in Cecil Food (Pvt) Ltd., - a 100%
export based company which manufacturers organic and natural fruit
juices, cashew nuts and dehydrated produces for a very exclusive
company has been in existence for over 10 years and has been exporting
a unique range of dehydrate fruit and vegetable products to over 20
Chairman of Cecil Food, M. P. Wickramasingha, is also the Chairman of
the Southern Region Economic Development Commission of BOI. In keeping
with his vision of developing agriculture and adding value to farm
produce a grass root levels, Cecil Food has ventured into the rural
areas and has recently installed a third processing plant in the
Monaragala district of Athimale. The farmers sell their products
directly to the Semi-processing unit in Monaragala. The fair price and
buy back guarantee has simulated cultivators in the district. A
similar processing unit for fruits is in the pipeline of expansion in
Food's fully owned subsidiary under the name of Cecil Fruit Canneries
(Pvt) Ltd, compliments the product range, manufacturing natural fruit
juices for the domestic and export market.
the amalgamation with Ceylon Biscuits, Cecil Food has already made
inroads in the domestic and export market. Ceylon Biscuits has already
infused over Rs. 40 million for new equipment and working capital
requirements and is looking actively of relocating or starting a new
BOI export oriented factory to meet the export orders exceeding US$ 1
million in hand.
Spa opens at Deer Park
deluxe resort and spa chain Angsana Resorts & Spa has opened a spa
in Deer Park Hotel in Polonnaruwa. The hotel, which was recently
renovated and opened under the 'Colours of Angsana' banner, is managed
by Angsana Resorts & Spa as well.
and built by Architrave Design Pte. Ltd., the architectural arm of
Singapore-based parent company Banyan Tree Holdings, the spa complex
is adjacent to the hotel and occupies a sprawling 4,350 square meter
land area. It comes with four indoor air-conditioned treatment rooms
and five outdoor spa pavilions. Angsana Spa at Deer Park Hotel has a
complete range of spa equipment and specially created Angsana spa
facilities are designed to offer treatments that have been researched
and developed by the Banyan Tree Spa Academy based in Phuket,
Thailand, which also trains therapists for Angsana Resorts and Spas.
They include "Essence of Angsana" spa packages, the
signature Angsana Massage and a combination of traditional, Thai,
Indonesian and Hawaiian massages. Traditional Ayurvedic therapy, which
is a must for a visitor to Sri Lanka, will also be offered with the
fine touch and fitness in the true Angsana style.
Angsana Spa at Deer Park Hotel will bring to locals and visitors the
international standards of a world-renowned spa group. Angsana Spa
Double Bay Sydney (Australia) was recently voted number six in the
"Overseas Urban Day Spa" category of Conde Nast Traveller's
Readers' Spa Awards 2004. Readers voted for spas around the world
based on their satisfaction with the ambience, d‚cor, amenities,
body and facial treatments, cuisine exercise programmers and service
quality. Angsana Spa Double Bay scored 93.33 points out of a possible
engineer, versatile manager and respected banker, Moksevi Prelis, who
took over the helm of Nations Trust Bank (NTB) as its CEO in March
2001, retires on March 31. He will be succeeded by Zulfiqar Zavahir,
the Bank's Deputy CEO .
a long and distinguished career as the CEO of DFCC Bank, Prelis joined
NTB when the bank was still in its infancy .
Prelis' own words "the main reason for my acceptance of the
request to take the helm of what at the time was a young and
relatively small commercial bank was its potential and looking back
over the past three years, I am very pleased that my judgement was
successor, Zulfiqar Zavahir, was appointed Deputy CEO in February 2003
and has been progressively taking on greater responsibility during the
cottons on show
Cotton Textiles Export Promotion Council of India in association with
the High Commission of India will be organising an exclusive 'Indian
Cotton Textile Show 2004' at Lower Crystal Hall Hotel Taj Samudra
between March 16 and 18.
big Indian companies, Mafatlal Industries, Raymond Ltd, Malwa
Industries, Soma Textiles & Industries, K G Denim, JCT Ltd, Ginni
International, Nareeka Exports, Gujarat Ambuja Exports, Richa Knits,
Bathija International, Amar Embroidery, Singhania Fabexports,
Parmeshwari Fabrics, Goyal Associates, Jayshree International etc.,
will be exhibiting wide ranges of cotton and blended textiles, namely
woven fabrics of twill, drill, denim, dobby, satin, poplin, fine
cotton shirting, Madras Checks, prints, canvas, furnishing fabric,
dress materials for ladies and children, home textiles, knit fabrics,
besides cotton yarn of various counts in open end and ring spun.
the emerging opportunities for apparel manufacturers due to the
removal of quotas in 2005 ,which is expected to bring back buoyancy of
apparel exports from Sri Lanka, and the inherent advantages of Sri
Lanka being an efficient conversion center because of several
contributing factors ranging from managerial skill, good
infrastructure, minimum lead time, modern technology etc the
forthcoming show will be an well timed event for the apparel makers
here to plan for their rising needs of raw material for future and
will provide great opportunity for the local apparel and textile
manufacturers to source their raw material requirements, primarily
fabric and yarn, from India.
Indian cotton textile industry has certain unique advantages, which
have made India a major player in the world trade of cotton textiles.
Availability of wide Indian Cottons - Global Reach varieties of raw
cotton along with low cost of production has enabled Indian to emerge
as an extremely competitive supplier in cotton dominated products.
With operating experience of more than 150 years coupled with vast
pool of skilled manpower have positioned Indian as a force to reckon
with for supply of products, which combined traditional art and
contemporary designs and thus catering to the needs of global apparel
and textile industry. Due to the diversified structure and operational
flexibility Indian cotton, textile Industry is well equipped to handle
the supply of small and big quantity simultaneously.
is today the second largest supplier of cotton textiles with share of
14% of the world market. India has emerged as one of top ten suppliers
of processed and grey fabric, besides being number one and two in
cotton yarn and cotton made-ups suppliers respectively in the global
market. The impressive export figure of four billion dollar is an
indicator of the inherent strength and capability of the industry in
terms of quality and consistency.
geographical proximity and the existence of strong textile industry in
India can be an added advantage for the booming Sri lanka apparel
industry to look towards India as a first and natural choice for
sourcing. The dismantling of trade quotas will bring about significant
and wide spread changes in global textile and apparel trading system.
'Indian Cotton Textile Show-2004' will be a one stop source for all
type of cotton textile requirements of Sri Lankan apparel industry
which will facilitate the establishment of strategic linkages between
the Indian manufacturers and Sri Lankan converters.
The Show will remain open on March 16, 17 and 18 from to 10
a.m. to 6 p.m. and admission is free.
bottling changes hands
Sabco (Pty) Ltd (CCS) has reached agreement with The Coca-Cola Company
to purchase its company owned bottling operation in Sri Lanka as soon
as all regulatory and other consents are received. The acquisition has
been approved by the boards of both organisations, and the formal deal
closings are expected in the near future.
a Coca-Cola bottling partner currently based in Southern and East
Africa, will take ownership of the bottling operation in Sri Lanka on
formal closings. The Coca-Cola Company, through its subsidiaries, will
continue to run this plant until the formal closings occur.
Sabco has been The Coca-Cola Company's bottling partner in Africa for
more than 60 years and, during this time, has established itself as a
business that can grow successfully in challenging environments. The
company currently operates in seven Southern and East African
countries, and employs more than 7,000 people. It currently operates
21 bottling plants and aims to fulfil the refreshment needs of the
more than 156 million consumers who live in its markets. It is the
only Africa-based 'Anchor Bottler' in the global Coca-Cola system.
organisation has been able to produce sustainable growth in volume,
operating profit and Return on Capital Employed over the last five
years. These results are significant in that they have been achieved
in markets with very low GDP per capita.
Lanka represents a considerable opportunity with a young population
and low per capita consumption rates for Carbonated Soft Drinks. The
Coca-Cola Company has invested over US$ 5 million in Sri Lanka in the
last five years. The operation directly employs over 430 employees.
150 million FDIs lost - BOI
political instability in the country has resulted in a negative impact
on the economy. The latest casualty is where investment in housing
construction and road development by a Chinese delegation from
Chonging Province, has been cancelled even after requesting the Board
of Investment (BOI) of Sri Lanka to send in the documents for
pre-qualification. In another incident a group of leading business
personalities from CESMA Singapore cancelled their visit due to the
political impasse in Sri Lanka.
to The Sunday Leader, Chairman, BOI, Arjunna Mahendran said, "The
country is losing large-scale investment opportunities since the
political instability created in the country after the takeover of the
ministries. The country has lost over US$ 150 million (approximately
Rs. 1,500 million) of foreign investments and over 15,000 job
opportunities during this period." Mahendran said that these
proposed projects have been indefinitely postponed. He added "Any
investor, irrespective of being local or foreign, wants a stable
government without political instability. Having four elections over a
period of three years is doing the country and the economy no good.
Investors will not have an idea under which government to invest their
funds and it creates confusion among investors and therefore we need a
Minister, Ravi Karunanayake told The Sunday Leader that "The Sri
Lankan economy is taking beating due to the regular elections in the
country and it is becoming like a cricket match and this is not at all
suitable for our country. The people are confused with the regular
elections and the political instability in the country after November
is causing foreign investors to suspend their investments in Sri
Lanka, making large scale job losses and cancelled projects."
trade minister under the PA regime, Kingsley Wickramaratne said
"When the economy is down the foreign investors get better
bargaining opportunities and they invest in the market since the
prices would be low and the businessmen would get better opportunities
in the market."
reward for Ceylinco Life personnel
Life has rewarded a record 104 personnel with a holiday in Dubai to
celebrate its milestone achievement of Rs 3.042 billion in premium
income in 2003.
group, comprising senior managers, regional sales managers and sales
executives, is believed to be the single largest from the local
insurance industry to go overseas.
three-day tour comprised of sight-seeing, shopping and excursions
including an exciting desert safari, a member of the contingent said.
Life ended fiscal year 2003 with premium income growth of 29 %
becoming one of the first life insurers to cross Rs 3 billion in
premium income. The company's Life Fund stood at Rs 8.783 billion at
the year's end.
those whose hard work contributed to our performance motivates the
team to continue to strive for sector-leading performances,"
Director, Ceylinco Life, Thushara Ranasinghe said. Overseas trips to
reward performance are now an annual feature at Ceylinco Life. In the
past two years the company has sent large contingents to Kuala Lumpur