seeks approval for construction
Coast Conservation Department (CCD) has forwarded a proposal to
cabinet requesting approval for the construction of hotels and
buildings within the high elevation zones situated in the 100 metre
CCD, Dr. R. Samaranayake told The Sunday Leader these areas can be
used for development purposes and it would be beneficial for the
country if the government approves the construction of tourist
hotels and companies within these areas.
to the CCD, a lot of land is available within the buffer zone which
can be used for building purposes and in order to avoid illegal
construction taking place within these areas, a proposal has been
forwarded to cabinet. "The cabinet is awaiting recommendations
from the officials committee and as soon as it is approved, the
Tourist Board will be informed," he said.
officials committee consists of ministry secretaries including the
secretaries of the Fisheries and Tourism Ministries.
despite a government ban on building in low elevation areas within
the 100 metre buffer zone, the CCD claims there are unauthorised
constructions taking place without CCD approval. "Due to this,
coast guards have been deployed within the coastal areas. It is
government policy to allow the construction of damaged houses only
outside the buffer zone. Although there are many unauthorised
constructions taking place, the people have to be warned against
constructing houses within these areas," he said.
while the CCD maintains that construction cannot take place within
the 100 metre buffer zone, Director, Corporate Services, Sri Lanka
Tourist Board (SLTB), Upali De Silva maintains there is no
restriction on purchasing land within the 100 metre buffer zone.
and locals are not restricted from purchasing lands within these
areas. However, although there are many foreigners who have
purchased lands within the buffer zone, the SLTB has not been
officially informed," De Silva said. He added many foreigners
had also started occupying newly built houses within the buffer
Development Authority (UDA), officials refrained from comment
claiming they were unaware of people purchasing lands within the
interest rates revised
into the consideration the recent inflationary pressure the Central
Bank of Sri Lanka (CBSL) Monetary Board decided last week to
increase the repurchase (repo) rate and the reverse repurchase
(reverse repo) rate by 50 basis points to 8.25 percent and 9.75
percent respectively, from June 15.
to the June Monetary Policy Review released by CBSL, the monetary
policy tightening that has taken place thus far has helped contain
the monetary expansion to a certain extent.
liquidity in the money market had declined to a zero level by end
May as a result of the outright sales of Treasury bills by the bank
and the non-renewal of a part of the maturing Treasury bills held by
review of economic activity so far during the year has indicated the
performance of major sectors continues to be on the expected path.
"The agriculture sector is expected to rebound in 2005 with a
record paddy harvest in Maha 2004/05. Tea production and other
export crops have also shown a continuous improvement," the
industrial sector has shown a steady improvement, benefiting from
the improved performance of the apparel industry despite the intense
global competition. The services sector also continues to grow at a
healthy rate and export earnings during the first four months of
2005 have increased by 11.8 percent.
report shows the trade deficit has also narrowed down significantly
to US$ 675 million in the first four months of this year, compared
to the deficit of US$ 722 million in the corresponding period in
2004. Private remittances in the first four months reached US$ 654
million, recording a 24 percent growth.
arrivals have seen a steady growth in May. "Tourist arrivals in
May grew by 35.5 per cent to 40,878 arrivals. Total arrivals during
the first five months of 2005 were 208,389 - a growth of 8.1
percent. Tourist earnings grew by 8 percent in the first five months
of 2005," the report points out.
favourable developments culminated in increasing both gross official
reserves and total reserves during the period January to April,
resulting in the appreciation of the rupee against the US dollar by
4.6 percent during the first five months of 2005.
Institute files lawsuit
Institute - the global association which offers the internationally-recognised
Chartered Financial Analyst (CFA) qualification last week filed a
lawsuit in the Commercial High Court against ICFAI Education Lanka.
The Institute of Chartered Financial Analysts of India (ICFAI)
formed ICFAI Education Lanka purportedly to offer its unauthorised
version of a CFA programme in Sri Lanka along with its other
Institute is also engaged in litigation in India against the ICFAI's
use of the CFA and Chartered Financial Analyst trademarks there.
Since 1998, holders of the ICFAI charter have been prohibited by a
United States federal court order from using the CFA or Chartered
Financial Analyst designations in the United States or Canada.
Institute learned of ICFAI's plans to expand in Sri Lanka and
therefore lodged the trademark infringement and unfair business
practice suit seeking an injunction prohibiting all use of the CFA
and Chartered Financial Analyst brands by the ICFAI.
CFA Institute is the owner of five trademark registrations
for the brands in Sri Lanka, which date back to 1996.
General Counsel, CFA Institute, Rahul Keshap was in Sri Lanka this
month to attend the CFA examinations and meet with members of CFA
about the litigation, he said, "The international investment
community recognises the international CFA qualification from CFA
Institute as the gold standard for investment professionals.
By using our name, ICFAI is taking advantage of that
hard-earned and well-deserved reputation. We had no alternative but
to take the matter to court to protect the CFA name and to protect
the interests of Sri Lanka's investment professionals."
Institute is the global, non-profit professional association that
administers the Chartered Financial Analyst curriculum and
examination programme worldwide and sets voluntary, ethics-based
professional and performance-reporting standards for the investment
industry with over 76,000 members in 119 countries.
Department on the verge of derailing
Mandana Ismail Abeywickrema
future of the Sri Lanka Railways hangs in the balance as the
department is in dire need of funds for its smooth running.
department is currently surviving on government funds and subsidies
and owes close to Rs. 500 million to the Ceylon Petroleum
Corporation (CPC). The department spends close to Rs. 1,300 million
a year on diesel.
non-increase of train fares in keeping with the recent fuel
increases in expected to cost the railways department close to Rs.
240 million per year. Train fares are currently subsidised at the
rate of approximately Rs. 1 per kilometre, with a further increase
in the case of season tickets.
need to at least double just to compensate for the May fuel price
hike, which pushed the price of a litre of diesel to Rs. 46. The railway's last fare revision was in 2001 when diesel was
Rs. 26 a litre.
department's revenue through ticket sales amounts to only Rs. 1,000
million. General Manager Railways, Priyal de Silva said the
department's recurrent expenditure is Rs. 4,500 million while
earnings last year was Rs. 1,700 million.
to Silva, if the department is to run smoothly with a well
maintained rail system, it would need close to Rs. 15,000 million
explained that close to 1,000 carriages - 800 passenger carriages
and 200 power set carriages - in the current rail transport system
need to be replaced. Silva noted the normal usage period of a
carriage is about 20 years while in Sri Lanka some carriages have
been used for over 30 years. If carriages were to be duly replaced,
the government would have to allocate close to Rs. 1,000 million per
year for the purpose.
period to replace most of the carriages have been long over due and
the government has so far not allocated the necessary funds for the
purpose," Silva asserted.
railways needs over Rs. 20 billion this year alone for badly needed
engines and carriages and urgent maintenance to its track, signaling
and communication systems.
explained the devaluation of the rupee experienced during the last
year has worsened the financial problems faced by the railways
department as the amount the Treasury would have to spend on railway
maintenance has seen a drastic increase as a result. Currently, the
department functions on a Treasury allocation of Rs. 1.7 billion per
the government plans to address most ill effects experienced by the
rail transport sector through its proposed draft changes to the
Railways Act. Private sector participation is expected to play a key
role in the draft. The proposal is expected to be tabled before the
cabinet this month.
Minister Felix Perera was not available for comment.
labour and stakeholders
employment of Indian professionals in our corporate sector has
become an important issue that is generating some concern and debate
within many professional institutes in Sri Lanka. The level of
debate over the matter and the hostility towards this issue are all
a clear indication that employing foreign labour is becoming a hot
political issue in Sri Lanka.
all agree that organisations are experiencing an ever accelerating
rate of change and information flow amidst fierce competition and a
tight labour market. Managers are called upon to do more with less,
keep pace with the current information explosion and technological
revolution, and display breadth and depth in more areas than their
predecessors ever did, and therefore cannot be sentimental about
employing Sri Lankan labour only.
also know that Indian managers are known for their hard work and
commitment and are often sought after for jobs like finance and
nursing. However, it goes without saying that the private sector
cannot function effectively when social tension is riding high. Also
if one thinks of the social obligations of the private sector, it
must create an image of itself which is on the right side of the
moral values. If it fails to do so, it can contribute towards it own
downfall and invite state regulation.
social responsibility has never been more important than it is now.
Recently I was asked to speak at a forum on 'Managing Talent Across
Boundaries' in Bangalore, India. At this forum I was asked by an
Indian university student about the possibility of Indian graduates
finding employment in Sri Lankan companies.
response was that if Indian companies setting up businesses in Sri
Lanka need to employ Indian talent for managing key processes or
fill short competency gaps, they should be free to do so. However,
it was equally important for those Indian companies to look at Sri
Lankan talent to work with competent Indian managers so that
eventually Sri Lankan professionals too have an opportunity to hold
senior management positions in Indian companies both in Sri Lanka
and in India.
addition, Indian companies which cannot find the desired talent
locally for key positions in the short-term should bring in to their
businesses Sri Lankans who have the potential, drive and ambition
and groom them by providing them with smart developmental
opportunities by way of stretch assignments, project management
opportunities or on the job training in their Indian operations.
would help them to gain the required exposure so that Sri Lankan
managers can become potential successors to Indian expatriate
mangers working in Sri Lanka. This will also help these companies to
increase the organisation's talent levels to ensure they have people
who have the knowledge, skills, abilities and work experience to
succeed in the organisation.
Lanka began liberalising the movement of foreign nationals for local
jobs some years ago. Initially, employing of foreign expatriates by
multinational corporations and BOI companies were limited to the CEO
position and in some cases that of finance director.
this is changing. We are now seeing an influx of expatriate
executives at all levels, many of them being perceived to be doing
jobs that can be done by Sri Lankan professionals and graduates, the
argument being that Sri Lanka too has a pool of talented
professionals who are commercially savvy and can deliver the desired
levels of business performance.
managers can now be found at every level in some organisations.
Perhaps this is why even professionals like CEO, Caltex, Kishu
Gomes, have expressed concern about the need and rationale for
employing expatriate managers at all levels in the management
structure when there are plenty of qualified and competent locals.
would perhaps make sense for some of the companies employing foreign
managers at all levels of their structure to be mindful of local
sentiments and also of the foreign exchange drain that takes place
by employing foreign managers. For certain, multinational
corporations and foreign investors building a workforce that is
representative of the community in which the organisation is located
makes business sense because companies can only prosper in a society
that is permeated by social equity and a basic sense of fulfillment.
company operates in a vacuum and its success is dependent on the
fulfillment of certain obligations to society. Also for a
multinational corporate CEO like Gomes to raise this issue publicly
is clear indication it is time the Immigration Department
authorities put in place a robust process that makes economic and
business sense for a potential investor to invest in Sri Lanka and
also to prevent Sri Lankan professionals to look for greener
pastures in the West.
is also important for Sri Lankan managers to continuously upgrade
their skills and competencies so they are employable and can compete
with any foreign manager without looking to the government for
protection. In fact, some Sri Lankan managers present in the West
have made a considerable impact and they are admired for their
skills and hard work and are sought after.
we all agree in principle that employing foreign managers can be
justified in situations where the required talent is not available
locally and is required on an immediate and urgent basis to lead and
manage a 'business turnaround' that is critical to the survival and
continuity of a business. It should not be encouraged in situations
where there are plenty of qualified and competent locals who can
deliver the same or higher levels of business performance.
managers have to be compensated at international rates which can
lead to a foreign exchange drain. The question that is being asked
frequently is why recruit from oversees and pay more when locals
with similar skills and competencies exist.
this is a business decision the company should take, it may be
useful for the regulators to set guidelines that safeguard the
national interest while giving businesses the freedom to leverage on
their human capital within Sri Lanka and outside.
companies requesting expatriate staff should be asked to disclose
their efforts to find local human resources. They should have
explored all avenues to find a suitable successor for the position
with the necessary competencies from existing employee resources
within the organisation or within the country. The process conducted
to select the best candidate for the said position must be
transparent and available for scrutiny.
reasons for employing a foreign manager should be justified. For
example, does the person have the experience and expertise that
local candidates do not posses like international exposure to best
practices that can help the organisation to create new, relevant and
practical performance enhancement solutions in key business need
areas, where none currently exist to drive business growth?
what is the company doing to groom high potential local employees to
assume leadership roles either through technical training and
coaching or by providing short-term secondments to other markets? In
situations where companies have a track record of exporting talent
to other markets, they should be allowed to import talent with
minimal bureaucratic interference.
the final analysis, with competitive pressures increasing, share
holders becoming edgy, the need to cut cost, engage employees and
increase productivity is becoming the order of the day. Therefore,
businesses should have the freedom to operate and expand with
minimal bureaucratic interference. At the end of the day it is up to
the regulators and businesses to work out a model that balances the
interest of all stake holders without attracting too much of
initiates private placement of shares
Holdings Ltd. has initiated a private placement to issue 12,560,000
ordinary shares, which will be offered at a par value of Rs. 10 per
share. The issue opened on June 14, following the extra-ordinary
general meeting on June 13, which also saw the name change of the
company from Lambretta (Ceylon) Ltd. to Kotmale Holdings Ltd.
Sri Lanka's first-ever reverse takeover by its parent company,
Lambretta (Ceylon) Ltd., Kotmale Holdings Ltd. has become one of the
largest dairy processors nationally. Kotmale has a track record of
steady growth. The last four years saw the company recording an
accumulated growth rate of 200% in turnover. For the year ended
December 31, 2004, its consolidated profit after tax was
approximately Rs20 million.
on the company's current growth rates and the forthcoming infusion
of new capital, we would anticipate Kotmale to record a profit in
the region of Rs. 40 million for this year. That in turn would
increase the attractiveness of the share," said Chief
Executive, Kotmale Holdings Ltd., Ramesh Schaffter.
share issue is a part of the Kotmale expansion strategy. The net
proceeds from the offering will be utilised to strengthen the
company's balance sheet, broad-base ownership of the company and
finance expansion. An estimated Rs. 30 million will be invested in
strategic corporate enhancement such as upgrading the production
facilities at Kotmale and Colombo.
further Rs. 60 million will be used on debt repayment and to develop
the company's distribution network to an islandwide reach. The
balance will be used to finance working capital requirements. With
this offer, Kotmale intends to consolidate its presence in the Sri
Lankan market, where the company sees substantial potential for
share issue would also allow the company's current employees to
participate by becoming shareholders of the company. A 10% of the
shares will be available to employees at a par value of Rs. 10 per
share, thereby enabling them to purchase shares without any
in 1979, Kotmale has evolved from a small proprietorship into one of
Sri Lanka's largest manufacturers of fresh cream, pasteurised
flavored milk and cheeses and also pioneered in the introduction of
the 45-day long-life fresh milk using the Tetra Fino packaging
Holdings Ltd also sees great potential in the ice-cream market in
which it already enjoys a 5% market share.
Plantations remodels with MTI
Plantations Ltd. (EPL), managed by Aitken Spence Plantation
Management Limited (ASPM), has with the assistance of international
business strategy consultants, MTI Consulting, re-examined its
operations in view of growing local and international pressure.
on MTI's acclaimed 8S strategic planning model, EPL re-examined its
strategy through a series of several interactive planning, sessions
and research assignments, carried out by a strong management team in
EPL under the direction of MTI Consultant, Roshanga Wickremasinghe.
process included a sharp analysis of the plantation's key business
and environmental issues upon which new strategies and goals, unique
to each of the company's 13 estates were developed, in addition to
strengthening EPL's corporate strategy. Wickremasinghe said the
strategies were a combination of diversification and productivity
improvements coupled with cost cutting.
Director, ASPM, Dr. Rohan Fernando said, "The company's
strategic plan is aimed at strengthening its revenue portfolio to
remain resilient in the face of seasonal effects and other market
strategic alliances developed in diversification and vertical
integration of the business is also to be implemented. The plan is
expected to maximise profitability of the 13 estates whose bottom
line is expected to grow in the future. Strategies aimed at creating
a turn-around in some of the loss-making properties have also been
developed and are expected to contribute to the company's bottom
line in the future.
Sri Lanka - A decade of achievement
Chartered Institute of Marketing Sri Lanka (CIM) will celebrate 10
years of existence on June 20, at the Colombo Plaza. The chief guest
for the occasion is Chairman, CIM International, Paul Gostick, who
will make a special visit to Sri Lanka to attend the celebration.
CIM Sri Lanka Region, Suren Rajanathan said on June 20, CIM Sri
Lanka will not only celebrate 10 years of successful existence and
achievement but also a decade of careful preparation for the next.
He said that marketing plays a pivotal role in business decision
making because it is the marketers in an organisation who have a
clear perspective of their business environment.
marketing, as a department of dedicated marketing professionals,
must expand into a function that encompasses the whole organisation
if businesses are to succeed. Business organisations in Sri Lanka
have come to realise this in the last few years and as a result we
find that CIM graduates have been the driving force behind some of
the successful brands that have made a huge impact on the Sri Lankan
market," he said.
its focus to this maxim, CIM Sri Lanka has decidedto identify the
successful brands which have changed the landscape of marketing and
business management during the last decade and are forging ahead to
meet the challenges of the next decade and give them recognition as
winning products of skilful and enterprising marketing strategies
during the 10th anniversary celebrations.
the last 10 years, CIM Sri Lanka has produced 1,830 CIM graduates,
including 152 chartered marketers who continue to make noteworthy
contributions to Sri Lanka's business world as well as
internationally through their knowledge and expertise.
At present, CIM Sri Lanka has over 3,400 student members.
is the world's largest professional body for marketing with over
60,000 members worldwide.
exploring Colombo hospital
Medical Group (RMG), one of the leading integrated private
healthcare providers in Singapore and in the region, is exploring
the possibility of establishing a hospital in Colombo.
at the top level between the government of Sri Lanka and Raffles are
underway with a view to setting up one of the most sophisticated
hospitals in the country.
has a network of over 60 clinics across Singapore, four clinics in
Hong Kong and representative offices in Indonesia and Dhaka. It is
to also establish a representative office in Colombo soon.
delegation from Singapore recently met with some local medical
experts in Colombo to finalise the agreement.
experts say once the hospital is set up in Sri Lanka, it would
probably be the best in the country with facilities even to separate
conjoined twins. Raffles is one of the few hospitals in the world
that has undertaken to separate conjoined twins.
Hospital, situated in the heart of Singapore, is a 380 bed private
hospital offering a full complement of specialist services using the
most advanced medical technology. From aesthetics to cardiology, the
hospital's services span across 35 disciplines and is organised into
11 specialist clinics.
rooms at Raffles Hospital are outfitted to the standards of five
star hotels with an array of suites, single, double, four bed and
six bed rooms.
Hospital came into being only five years ago but it was borne out of
more than 28 years of healthcare service experience of the RMG. The
group started as a network of primary healthcare level medical
centres, which expanded over this long period and today there is a
strong base of about 60 Raffles Medical Centers which forms the
strong foundation and base network upon which the hospital was
hospital has been able to deliver medical services of the highest
order from complex neurosurgical management to aesthetics and
plastic surgery, cardiothoracic surgery, specialised orthopaedic and
spinal surgery and even bariatrics surgery.
hospital, bearing in mind the financial difficulties faced by most
patients, has created special fixed price packages with the primary
intention of providing affordable services to the public.
RMG does not only take care of the patients in the clinical sense
but also with regard to their personal needs through Raffles
International Patients Centres. It provides overseas patients with
the convenience of studio rooms for lodging at the hospital for
their loved ones while they seek treatment.
services of the Raffles International Patients Centre includes
medical referrals and appointments for specialist consultations,
hospital admissions and discharge services, travel planning and
visitor information (such as air ticketing, visa extension and
accommodation), airport meeting and transfer services, medical
evacuation and repatriation services, interpreter and secretarial
services and concierge services, including foreign exchange.
Health Screeners is a one stop health screening centre which offers
a comprehensive range of packages to identify risk factors and
detect early illnesses. The packages cater to various age groups and
include thorough physical and medical examinations as well as
nurse will accompany a patient through the whole health screening
process after which doctors will review the results of the medical
report and provide advice for maintaining good health.
Raffles Specialist Centre is organised into 11 specialty clinics to
meet the specific needs of the patients. The services range from
prevention, diagnosis and treatment of a wide range of diseases and
medical conditions, to aesthetic procedures such as
photo-rejuvenation and cosmetic surgery.
gynaecologists from Raffles provide general and sub specialty
services for the diagnosis and treatment of a whole spectrum of
women's conditions across the stages of a woman's life.
include the assessment and management of menopausal symptoms and
problems, colposcopy, diagnostic and therapeutic hysteroscopic
surgery, hormone replacement therapy, management of fibroids,
menstrual disorders, ovarian cyst surgery, urine incontinence and
women's cancer screening. Besides routine obstetric and
gynaecological ultrasound scans, specialised scans such as three
dimensional ultrasound and blood flow studies are available.
of the unique features of Raffles is that for the first time, the
designs of the wards exemplify the concept of a hopi-tel (that is, a
hospital with hotel like facilities) combining advanced medical
amenities with cosy patient rooms and dedicated nursing care.
room is elegantly designed and infused with warmth and tranquility.
All the rooms are designed and outfitted with attached bathrooms,
television, telephone and room safe. Internet access is also
available on request.
auction to go high-tech
Colombo Tea Traders Association (CTTA), which oversees the weekly
tea auction, has called for expressions of interest from companies
desiring to partner the CTTA in examining the feasibility of
automating the auction system. The CCTA has come a long way from the
first auction, which was held on July 30, 1883 in the office of
Somerville & Co Ltd. The
first auction consisted of five lots of tea. Somerville & Co
Ltd. still continues in its role as one of the tea brokers at the
weekly tea auction.
auction has now grown to be the largest of its kind in the world.
Nearly 700 different factories sell their produce weekly at the
auctions, while registered buyers are around 450. The original
single broker has now increased to nine, whilst the five lots
originally sold has now increased to over 8,000 lots per auction.
of these various teas on offer are made available to regular buyers
on a weekly basis while other buyers need to taste, examine and
evaluate these teas at the brokers' offices. The number of regular
buyers operating means that over a million different samples are
made available by the brokers to the buyers each week. It is seldom
that a buyer receives an incorrect sample. Consequently, the auction
proceeds in a smooth manner, with potential buyers being aware that
the quality of the sample they have tasted represents the quality of
the tea on offer.
CTTA is an affiliated association of the Ceylon Chamber of Commerce
(CCC), with which it has a long and mutually beneficial
relationship. CCC was instrumental in setting up the CTTA in 1894
with the objective of "promoting alike the common interest of
sellers and buyers of tea, and to uphold the good name of the
Colombo tea market." The original building of CCC at Chatham
Street had dedicated auction rooms for the Colombo tea auction.
Similarly, the present headquarters of CCC provides custom built
auditoriums to accommodate the Colombo tea auction. The tea auctions
are held every Tuesday and Wednesday in three auditoriums
to the infrastructure systematically built up over the years, the
Colombo tea auction is one of the most transparent auctions of its
kind, with buyers aware of who is competing on a particular lot,
thereby presenting them with an opportunity to bid up and prevent
their competitor in the market place from purchasing an individual
lot or lots of tea, competitively.
this healthy competition translates into better prices for the
producer with a result that tea prices in Colombo are substantially
higher than those for equivalent teas from any other origin.
The feasibility study will concentrate on examining where
this can be improved upon, without losing any of the inherent
advantages of the present system.
Hospitals Group records net profit of Rs. 282 million
Asiri Hospitals Group has announced an after tax net profit of Rs.
282 million for the financial year ended March 31, 2005 - up from Rs.
114 million last year. Profit from operating activities was up 36%
at Rs. 241 million, from 177 million last year. The profits came on
the back of a 46% growth in revenue from Rs. 739 million last year
to Rs. 1,080 million in 2004/05. Other income improved to Rs. 166
million, boosted mainly by profit on sale of subsidiary company
per share recorded a rise from 3.02 per share last year to Rs. 7.44
per share in 2004/05. Directors have declared two interim dividends
at 7.5% on May 31 for both hospitals AHL and AMSL for the year
2004/05. The date of the payment is to be announced shortly.
Hospitals paid an interim dividend of 10% on December 29, 2004 and a
further 10% final dividend for the year 2003/04 was paid on the same
day. Asiri Medical Services paid its first interim dividend of 7.5%
on December 29, 2004.
shares ended the year at Rs. 37, compared to Rs. 29 at the end of
last financial year. During the year the shares traded at a high of
Rs. 43 and a low of Rs. 35.
the two group hospitals, Asiri Hospitals Limited has recorded a net
profit of Rs. 259 million for the year ended March 31, 2005, up by
167.8% from Rs. 97 million last year. Revenue for the year stood at
Rs. 704 million, up by a marginal 7.5% from Rs. 655 million recorded
Medical Services Limited meanwhile recorded a profit of Rs. 71
million compared with Rs. 20 million last year. AMSL revenue was up
by 490% at Rs. 344.0 million - compared to Rs. 58 million a year
ago. A right issue of shares in February was oversubscribed while
Asiri Hospitals Limited has repaid most of its short term
Medical Services commenced fully fledged operations in the last
financial year and the income from in-patients, OPD services,
channeling, laboratory, radiology, dental, eye clinic, neurology,
pharmacy, health checkups, restaurant and other such services
contributed largely to the 490% increase in revenue.
Hospitals meanwhile maintained its 100% occupancy rate - a
remarkable achievement that the hospital has maintained continuously
for the past several years.
company has announced that a refurbishment of Asiri Hospital is now
underway. As part of the refurbishment, the group has imported
state-of-the-art medical equipment which will make a quantum
improvement to the services on offer at the two hospitals.
will shortly be commissioning a new cancer treatment facility at a
cost of over Rs. 175 million - this will be the first such system in
coming months will also see the company expand its operations island
wide with a laboratory just opened in Matara, a proposed hospital in
Kandy and laboratories to be opened in provincial capitals.
Leisure barmen the best in Cultural Triangle
Sigiriya won all three places in the cultural triangle regional
competition which leads to the final 14th Marie Brizard Bartenders
competition 2005 which was held at Culture Club. Susantha Mahawatha
was adjudged the winner and received the gold medal, whilst Ruwan
Premakumara and Chanka Diluka were placed as first and second
Serendib Bentota won the deep down south regional competition held
at the Light House Hotel in Galle on June 3. The first place was
secured by A.G. Preeth Dakshina for the best cocktail and Mohan De
Silva was placed as the second runner-up. The Negombo region
competition was also won by Club Hotel Dolphin after competing with
16 other hotels from
the region, when barman B.M. Wijekoon was placed first.
was the third win in two weeks
for Serendib Leisure Hotels and with Hotel Sigiriya also
winning the cultural triangle regional
competition, Serendib Leisure Hotels became
winner of all the three regional competitions where Serendib
Leisure Hotels participated, beating over 40 hotels including five
star hotels in the area.
year, Serendib Leisure Hotels won several first places in the
regional competitions which led to the final round of the Marie
Brizard Bartenders competition 2004 and became champions in the
flaring competition displaying unique skills and talents
with their innovation of the 'Doosra' and 'sweet lips'
the objective of motivating and developing staff to further improve
their creativity, selling skills and bartendering skills,
Serendib Leisure Hotels launched the 'Spirit of Serendib,' which is
held every year where all three hotels actively take part in an
inter group bartenders competition which also contributed to
motivate participate in the annual Marie Brizard competition.
HR conference and exhibition
Institute of Personnel Management (IPM) will hold the National HR
Conference 2005 and the HR service providers exhibition on July 6
and 7 at the BMICH.
theme of the exhibition will be 'People - The Leading Edge In
Business' and it is specially designed for HR professionals and
topics to be discussed will be the 'War Of Talent,' 'Do People
Provide The Leading Edge In Business,' 'Winning The Emotional
Commitment Of Employees,' 'Building A Performance Accountable
Organisation,' 'Is Trade Union Obsolete?' and 'E-leadership.'
moderator for the conference will be M.N. Jayaratne and the guest
panel comprises of CEO, DFCC Bank Ltd., Nihal Fonseka, CEO, Caltex
Lubricants Ltd., Kishu Gomes, CEO, Dialog Telekom Limited, Hans
will also be a presentation of the 'Suntel HR Gold Medal' to the
most outstanding HR professional of the year.
registration fee is Rs. 4,000 plus VAT (15%) for students, Rs. 5,000
plus 15% VAT for members and Rs. 6,000 plus VAT for non members. The
HR service providers exhibition will be held for the fourth
chief guest at the conference will be Dr. Geoff Armstrong, who has
had a distinguished career in HR management as the director of
employee relations at British Leyland. The guest of honour will be
Prof. Ronel Erwee.
warn of imminent power crisis
sector urges speedy action
private sector has urged the speedy construction of the Norochcholai
coal power plant and the Upper Kotmale hydro power plant in order to
save the nation from a crisis situation.
Ceylon Electricity Board (CEB), which is trying to increase its
fixed electricity charges by August, claims the board has no other
alternative but to pass the burden on to the consumers due to the
heavy losses the board incurs. According to the CEB, the price hike
will affect domestic electricity users as well as bulk users.
fixed charge for domestic consumers is currently Rs. 30 regardless
of the amount of electricity consumed but the new fixed rates will
be higher for larger domestic consumers.
at a media briefing last week, Chairman, Ceylon National Chamber of
Industries (CNCI), Nimal Perera said the CEB has failed to maintain
fixed electricity rates and it was time the government went ahead
with the Norochcholai and Upper Kotmale power plants in order to
relieve the industries from high electricity rates.
stressed it was time the people voiced their opinion as electricity
was a basic and major component for all. "The authorities have
blundered and are currently using the most expensive procedure to
generate electricity. Although the government can implement many
reforms, we urge them to give us what we want. The industrialists
are paying dearly for the high prices," the Chairman said.
of the CNCI added that at the beginning of April, the president of
the CEB Engineers' Union said even though local consumers are
charged tariffs that are among the highest in the world, the price
of electricity would have to increase by almost 50% if the CEB is to
break even and overcome the huge debt and operating losses it
April, the President declared the government intends to proceed with
plans to restructure the sector and said by the end of the year the
state power utility will be dismantled into independent
government-owned units of generation transmission. However, a month
later Prime Minister Mahinda Rajapakse announced plans for
restructuring the sector have been put on hold.
private sector now claims feasibility studies have been made for the
proposed Upper Kotmale and Norochcholai power plants and even
funding has been offered by foreign donors although the two projects
are being delayed. "The government should not give into party
politics and should concentrate on the private sector and the people
of this nation. We are willing to back the government on all its
projects in order to strengthen and develop the country, therefore
the government should support the private sector as well," the
CNCI Chairman said.
to the new price hike, consumers consuming zero to 30 units will be
charged a fixed rate of Rs. 60, consumers using 31 to 60 units will
be charged Rs. 90, those consuming 61 to 90 will be charged Rs. 120
and those consuming 91 to 180 will be charged Rs. 180 while
consumers using over 180 units will be charged a fixed rate of Rs.
to The Sunday Leader, President, National Chamber of Exporters,
Kingsley Bernard said Sri Lanka has the highest tariffs in the world
for electricity and the CEB should reconsider raising prices once
again due to the sharp impact it would have on the private sector.
60% of our electricity is thermal while 40% is hydro. Thermal is the
most expensive electricity generating procedure and it is time the
country constructs the Upper Kotmale and the Norochcholai power
plants," Bernard said.
from having a severe impact on the country's economy, Bernard said
the country would also lose its place in the global export market
due to the high prices manufacturers would have to levy on products.
"There is nothing the export companies can do other than raise
the prices of products. We have to cover up the losses as
well," Bernard said.
International Chamber of Commerce, Gamini Pieris maintained the
private sector has been severely affected by the increase in
electricity prices and the CEB and government should act fast to
keep the prices at a manageable level.
stressed the need to go ahead with the Norochcholai and Upper
Kotmale power projects urgently, claiming it was the only way the
country could maintain a fixed electricity rate.
World to change entertainment
world is Sri Lanka's only entertainment theme park located in
Colombo that offers magical experiences for the entire family,
ranging from exciting and impressive entertainment to signature
Excel World attractions. Among the most popular attractions are the
country's first and only 4-D simulation motion theater 'CINAMATRIX'.
The multi-player gaming areas 'Lazer Runner', 'Game Zone' and
'Ground Zero' which offers electrifying experiences for the youth
and thrill-seekers alike with state-of-the-art machines and vibrant
park's signature attractions are 'Strikes', a 12 lane cosmic bowling
area and 'Shotz' pool lounge which have become one of Sri Lanka's
most happening and fashionable gathering venues for teenagers. The
'Gecko Grip', an adventurous wall climbing facility, which fosters
team building, has turned out to be a hot favorite especially
addition, Excel World is now a premier location for a host of
functions and events, including conferences and exhibitions,
concerts and musicals, corporate events, company team building
programs, product launches, auctions, filming, Tv and radio
promotions, advertising, festivals, meetings, birthdays and themed
Excel World was launched in 2003, our goal was to provide fun,
excitement and memorable experiences," says Chairman, Excel
Global Holdings Group, Francis Chokatte. Elaborating further
Chokatte said, "A good example is the snow show in 2003 and
2004, created under the themes 'snow city' and 'magical Christmas',
which was held at the 'dome' famous for its unique architectural
design besides a galaxy of one-of-a-kind entertainment attractions
offered in the park."
world also offers visitors a variety in food and shopping escapades
such as Arena, Mighty Ones and Revolution. Creepers unisex saloon is
located in the arcade. 'Caff Latte' is the park's premium coffee
bar, which plays non-stop jukebox music.
up taste buds - 'Avenue', the park's food court dishes up a vast
array of freshly prepared cuisine and offers a daily lunch buffet
for the busy executive. The 'Food Court' comes alive every night
with a burst of outdoor entertainment activity such as theme and
movie nights, karaoke, DJ and live band performances. The KEG Pub
and Restaurant with its European ambience hosts regular theme
nights. PG Martin Wonder World is another popular area in the park
with a variety of rides for the whole family.
Global Holding Group, whose core business areas include garments,
international trading, information technology, real estate, and
education, owns and operates Excel World. This Rs.500 million
investment project has already created over 200 jobs. At its peak,
this five-acre complex attracts approximately 40,000 visitors per
World is open daily including Poya and other public holidays from
10am to 11.30pm from Monday to Thursday with the gaming areas
opening at 2pm. On weekends from Friday to Sunday the park will be
open from 10 am to 12 midnight with the gaming areas operating at
11am. Guests can enter the park free of charge and purchase
individual tickets for each facility.
about the future of Excel World, Director/CEO, Ravi Wijenathan said,
"special promotional discounts will be offered encouraging
schools to bring students on school day-outs and plans are on the
way to initiate a unique teen disco. Furthermore we intend to make
use of our 75,000sq.feet car park to encourage galactic concerts,
open-air shows and parties. However, our main highlight will be the
launch of Park Premier Banquet and Conference Lounge, which is
scheduled to be opened at the end of June
Professional Development Centre, Singapore Informatics is conducting
a three-day workshop and seminar on successful project management. A
practical case study based workshop attending to the real needs of
the Sri Lankan project management community, the seminar and
workshop will be conducted by certified Project Management
Professional (PMP), Project Management Institute (USA), Madhu
Fernando, a renowned management consultant and trainer. Fernando is
also a founder / president and immediate past CEO and a director of
Project Management Institute (USA) Sri Lanka chapter. This workshop
and seminar focuses on project management practitioners, including
project directors, project managers and project leaders. The
programme will cover skills, knowledge, tools and techniques used to
manage all the phases of project lifecycle, from inception to
conclusion. The workshop will be held on June 30 to July 2 at
opens ticket office in Matara
Airlines has opened its latest ticket office in Matara, the 14th
ticket office in the island that takes the national carrier's
services to the doorstep of its customers. SriLankan Airlines has
carried out a programme of steadily expanding its services
throughout the island and now has ticket offices at the World Trade
Centre, Colombo, Bandaranaike International Airport, Kandy, Galle,
Dambulla, Kurunegala, Badulla, Ratnapura, Jaffna, Vavuniya,
Trincomalee, Batticaloa and Matara and an agency sales office at the
World Trade Centre that liaises with travel agents nationwide. The
new office was opened by SriLankan's former Country Manager, Ranil
Wagiswara and Deputy Chairman, Golden Key Travels (Pvt) Ltd., Khavan
Perera. The office is conveniently located near the Matara Bodhiya,
providing easy access to customers. Customers in the Matara and
Hambantota Districts no longer need to travel to Galle, but can
obtain their air tickets in Matara. The office has services that are
on par with those offered in the airline's ticket offices in
appoints executive committee members
following were elected uncontested to the executive committee of the
Sri Lanka Institute of Marketing (SLIM) at the AGM held recently:
President, Nishan Nakaratne, Vice President, Wasantha Mallikarachchi,
Vice President, Sarath Fernando, Secretary, Jagath Gamanayake,
Treasurer, R.M.P. Dayawansa, Assistant Secretary, Lewie Diaz and
Members, Jayani Kasturiarachchi, Saliva Weerasekara, Lakith Peiris,
Sumitha Meegahawatte, Thushara Perera, Dhanushi Fonseka, Shazly
Oowise, Suranjith Swaris, Rohan Somawansa, Mohamed Zumri and
Executive Director by invitation, Nimal Wirasekara.
Union Assurance achievers at MDRT
top achievers of the Union Assurance life sales force will be
participating at the Million Dollar Round Table (MDRT) conference
2005 at New Orleans, Louisiana, USA from June 26 to 29. Union
Assurance will bear the full cost of sponsorship for all
participants and is the only insurance company in Sri Lanka to do
so. This is Union Assurance's sixth year of participation. Senior
Personal Financial Adviser, Union Assurance, Arunasalam
Edirveerasingam, who was the 'Champion of Champions (Life)' award
winner at UAL Annual Awards 2004, will be the bearer of the national
flag at the MDRT annual meeting. This will be his second year of
participation along with the Personal Financial Adviser, Upul
Priyantha. The other star performers who have qualified for this
event are Personal Financial Manager, Aruna Goonatilleke, Senior
Personal Financial Adviser, Praveen Kulasinhe and Personal Financial
Adviser, Prasanga Kumara.
introduces online call waiting
Lanka Telecom (SLT), through its internet service provider SLTnet,
is now offering the online call waiting facility at a zero cost in
addition to its wide range of quality products to further expand the
use of the internet in the country. Pre-requirements include
subscribing free of chargefor the online call waiting facility from
any teleshop or SLT sales outlet; the telephone line should have the
call forwarding facility; a minimum of Windows 2000 or Windows XP
with minimum of service pack 1 installed on the PC to install the
SLTnet OCW Phone; and a microphone and headphone or speaker
installed on the PC.
celebrates low-key third anniversary
Hospitals Colombo celebrated its third anniversary on June 6. The
anniversary was celebrated in a relatively solemn manner with a
religious ceremony at the hospital premises, reflecting on the
tsunami tragedy. Apollo Hospitals responded immediately to the
tsunami tragedy by providing emergency aid in terms of medicine and
health services in the first day itself. Emergency response
facilities were sent to affected areas hours after the tsunami
struck as part of its national disaster response plan, carried out
in consultation with the Health Ministry. Three ambulances were
dispatched on December 26 and 27 to Matara, Galle and Trincomalee.
Relief supplies worth Rs. 1 million were flown down from Apollo
Hospitals Chennai on the day after the tsunami, while a medical
support team in Chennai was put on notice in case additional
assistance was required.
acquires ISO 9001:2000 certification
in a press release issued last week announced its success in
acquiring the ISO 9001:2000 certification, accredited by the
internationally recognised accreditation body, DNV. The
certification is a verification that Eurocenter has established a
systematic approach to quality management, and continues to manage
its business to ensure that the needs of customers are clearly
understood, agreed and fulfilled. "Quality is one of our main
derivatives in delivering value to our customers. The certification
further reinforces our commitment to quality," said Chief
Executive Officer, Eurocenter, Mano Sekaram.
for landless at a low cost
pioneer in the business of land sales and a big name thereafter for
the past 28 years, Janaka Bogollagama, Managing Director/C.E.O. of
the limited liability company that bears his name, said that his
business, which caters basically to the low -income earners, was
born in Kurunegala in 1976. For the first year of operations the
business was just merely cutting its teeth, and was not that
successful. But with the open economy policy of the J.R.Jayewardene
government in 1977, it really took off.
was this concept called 'land
sales.' We starting selling land here and there in a haphazard
manner and our operations were mainly confined to the North-Western
Province of the country.
were clamouring for land. The land hunger was due to several
reasons. The land reforms of the '70s did not cater to the needs of
the people. After 1977, we introduced this concept for a large
estate, and the infrastructure was provided at better levels."
company really started then in 1978 in Kurunegala and then moved
into Puttalam, and the Kegalle districts.
years down the line the main operation is to offer low cost land.
The housing estates have the basic infrastructure with other
facilities like a kiddies park etc.
the main mission of the company the MD explained that it is to sell
a home plot at a reasonable and affordable price to middle and lower
offer a plot of land from Rs 5,000-Rs 10,000 a perch with the basic
facilities. We also cater to the Middle East returnees. We have a
large area of land of about 20-30 acres with readily buildable
plots. There is adequate ground water. There is also a common public
water system. As far as finance facilities are concerned there is a
no interest scheme for 18 months and there after on a long term, we
ensure that the customer gets a deal with a title which is
acceptable to any lending institution," explained Bogallagama.
land development basically takes place after the Kelaniya Bridge and
beyond towards Gampaha. The
climatic conditions are good and very suitable. As a company Janaka
Bogollagama & Co (Pvt) Ltd., has contributed a lot to this
segment of people who are landless
and in need of
land to purchase from.
poor people can't afford to buy a plot of land. A 15 perches block of land gives a person around 4250 sq. ft.
of area with about 1500 for the house and another 2400 sq. ft. to
play around with, to build a garden or whatever. There is a
complaint that we are felling coconut trees and this is affecting
the crop, but actually the nut yield production is down due to the
fact that the production per acre per annum is 2,500 nuts whereas in
Malaysia it is 6,000 nuts per acre per annum.
land is not for the up-market crowd but for the middle and poor
income earners. In addition we have done a lot to improve the
schools in the area helping with sports such as cricket and helping
in the hospital facilities as well. Further we have contributed our
mite to the disabled soldiers.
have so far had offices in the North
Western and Western Provinces as well but we hope to expand
the land sales to the Western Province as well in a similar manner.
At present we operate with a staff of 110 at different levels,
having begun with just 10. We would definitely hope to spread our
wings further and expand the existing staff," ended Bogallagama
on an optimistic note.
- dishing out a new brand of entertainment
is the latest up beat night club cum entertainment and dining place
in Colombo. Located at Castle Street in Colombo 8 just around the
corner from the plush residencies of Colombo 8 and a hop, step and
jump from McDonalds, this one of a kind location for lunching,
dining, dancing or just a getaway from the hustle and bustle of the
Colombo lifestyle is what you are looking for.
one is looking for a meal that is different from McDonalds, well
completely different, there is the French favoured Chef, Anslem
Baldsing, who is experienced enough to take you through the night
satisfying your taste buds.
inside of this extravagantly decorated restaurant is like a board of
checkers. An entrance fee of Rs. 400 is levied on Fridays and
Saturdays to cover the costs of the bands playing and should not be
a deterrent to having a good time. The prices are less than some of
the other similarly styled restaurants where one could be on fire or
rather 'Wildfire', because they would entertain the crowds that
throng Checkers on Wednesdays and Fridays.
there is the music of X-It with Kevin Almeida backed by his sister
Corinne on Saturdays. On Monday's there is DJ music for
entertainment and the management wishes to contract 'Sound Journey'
very soon to enable them on their journey to stardom.
are trying to promote our lunches" said the owner. "We
have a very good Lamprais at
Rs. 170 and Buriyani at Rs. 160 and also Nasi Goreng at Rs.
restaurant is open from 11 a. m. onwards and on Saturdays there will
be a fashion show with some of the top designers. "We are
hoping to have these nights very soon" added the owner, who
wishes to promote his concept rather than himself.
Fridays we are full as this is a central spot. We have a capacity
crowd of about 90 and we hope to expand to the premises upstairs
very shortly" added the owner.
having a choice of so many night clubs and restaurants why do the
1,500 odd night clubbers in Colombo have to choose Checkers as a
the food is tastier and cheaper than most places. We have a certain
type of clientele here that one doesn't get in those night clubs and
so far we have had only one skirmish here which we settled very
promptly. Unlike in other clubs this place is very peaceful. Some go
to other clubs for karaoke. We do not have karaoke here but by the
end of July we hope to have cable TV.
In addition we have an excellent cook in Anslem Baldsing, a
barman who will make special cocktails at a moment's notice. People
also like a cosy atmosphere and we have supplied that with our
furniture which is very comfortable. I have spent lakhs on the
furniture, and the results have been good as the customers say that
they like to relax in the couches that we have.
we want to create a 'garden caf' type atmosphere outside. There is
excellent parking, with enough of space and security as well. There
is a certain type of client that we serve so that it is not just the
person who wishes to have a Coke and sit around listening to music.
We are going to invest in pipe music for those who visit during the
day," explained the owner.
us on a tour of the place we found that the kitchen was very
speciality of the Chef who has immense experience working abroad and
at the Oberoi is the sea food area where he promises to produce some
he says that some of the dishes are "made in my way."
Maybe he is a follower of Frank Sinatra who did things his way. So,
if one is looking for high quality French cuisine, sea food with a
difference, then check out Checkers.
The flavour, taste and aroma is unique and satisfying.
dish is important" stressed the Chef, who added that it
"comes from the heart, not just the hand". Having worked
in quite a few night clubs in Colombo, he said that most people know
him. He was responsible for giving Clancy's a good reputation and he
is about to repeat the process at Checkers. So, a very hearty place
indeed, catering not only to the palate but also to the heart.
Having around 26 employees at present with two cooks and three
helpers Checkers is on the rise.
total of 4000 sq. ft. with ample dancing space is an added
attraction for the customer who like dancing. So, dance or waltz
your way to Checkers. It's worth checking out and who knows you
might come to stay because as the owner says he has invested in a
special apparatus that even takes the smoke away. So it is a
smoke free environment.
passion sets the pace
magic scissors working all 365
days of the year shearing away locks of human hair, making every
customer visiting their salon to acquire good looks, is the success
story of La Passion, located at Havelock Road. La Passion have in
their repertoire a fantastic range of exquisite hair styles now in
vogue in the West. They have handpicked men and women hair-dressers
who are skilled and trained in the job who could satisfy the
fastidious tastes of men and women of the new generation.
Passion's Tonsorial Artistes and Coiffure specialists are in a class
of their own. They don't simply believe in giving you the
conventional haircut. They study your head of hair, decide on the
most appropriate hair style that would click with your personality
and thereafter their scissors and clippers go into action.
will trim it to shape, shape it, straighten the curl or curl the
straight hair. In short they will repair your whole head of hair and
give it chic appearance of a sophisticated mademoiselle, or
dignified demeanor of a high society socialite. As for men, they
will give theYul Brynner look with shiny bald pate, a ruggedly
handsome look of a macho personality, the long haired look of an
artist or the urchin look of the wayward boys.
Passion's menu is vast and varied. Backed by up market equipment
imported from developed countries, La Passion is fully geared to
provide you with the best of services in style and comfort with
modern technology, but without levying fancy prices. Look at the
range of their service: latest hair cuts, blow drying, hair styling,
perms, spiral perms, rebonding, curling the straight, straightening
the curled, tint, scalp massage, facials with frequency treatment,
manicure, pedicure, waxing, bleaching etc.
add glamour to your face which is actually your fortune, they can
give you the ideal make-up that will suite the high points on your
face and your complexion.
that will not make you a complete woman, if you are not draped in
your saree with grace and dignity. La Passion will dress you up for
any occasion with their master dressers and make you a gorgeous
manufacturers given a run for their money
war is raging for the control of a market worth millions of rupees.
Printer manufacturers such as Epson, Canon, Hewlett-Packard and
Lexmark are facing a tough battle to keep control of the high margin
consumables segment; replacement ink and toner cartridges.
budgets are suffering as printing costs skyrocket to tens of
thousands - even hundreds of thousands of rupees per month. Cost
conscious companies and individuals are now saving a lot of money by
selecting quality compatible ink and toner cartridges that provide
equal utility up to half of the price.
the non-stop demand for ink, laser toners and ink cartridges provide
printer manufacturers a guaranteed revenue stream long after the
initial sale of the printer. The printer can literally be a
giveaway, while the most of the money is made in the supply side
over a number of years. The producers realise that once you buy a
new printer from them, you are
hooked. These sales are incredibly lucrative, with toners and
cartridges, in some cases only costing 5 per cent of the selling
price to mass produce.
myth is that third party toners and cartridges are not as good as
the originals while they void the warranty. However both compatible
and remanufactured cartridges can use high quality ink or toner that
provides high-quality prints, in some cases exceeding OEM standards.
The OEM cannot, as a condition of the warranty,
require the use of a certain brand of cartridge and the use
of a non-OEM product does not nullify or void the entire warranty.
the warranty does not cover damage directly attributable to the use
of a non-OEM consumable, saying that instances where the printer is
damaged due to the use of such a product are very
using remanufactured and compatible products is a growing trend in
the US and Europe. More and more companies and individuals alike are
moving in for non-OEM products, with sales of these products growing
12 per cent a year compared with 6.5 per cent of larger printer
makers. New non-OEM products provide high quality results at a
fraction of the cost tilting the balance in favour of the non-OEM
more you print, the more you save. Recent research based on five
leading laser printers in a typical workgroup environment printing
250 pages a day over five years, found that consumables easily cost
more than the printer itself. The research indicated that more than
75 per cent of the cost of printing is spent on consumables, while
only 17 per cent relates to the cost of the printer purchase. When
printing around 750 pages a day the consumables make up 94 per cent
of the total cost of operation.
you should definitely consider the cost of printing supplies when
you choose your printer. Look for printers that have third party
supplies available as purchasing those supplies can save your
company thousands of dollars a year.
launches 'Megabox' in Sri Lanka
Trading who have been dealing in computer accessories and
peripherals for over 12 years , launched
Megabox , the country's largest mobile IT demonstration
station recently. The entire project has cost over Rs. 2.5 million.
The Megabox which features the latest IT technology , will travel
around the island to all schools and IT institutes keeping both
children and adults abreast of, and enabling them to experience the
latest innovations in the field of IT" said CEO Barclays
Trading, Naleem Farook .
the attributes of the Megabox , Naleem said that they had named the
mobile unit Megabox for two reasons . "Barclays sells the
Megabox brand of computers, but we decided to name it thus due to
the fact that it is most definitely the big box of IT
Megabox is 40 feet long and is designed to help children and adults
experience the world of IT hands on,
in a user friendly environment , literally at their door
step. "This is a first for Sri Lanka as
it is the largest mobile demonstration station and is also
the first attempt by the IT trade to reach out and educate people on
how to purchase a computer and related hardware that is most suited
to their requirements."
the modus operandi of the project, Naleem said that the idea was to
visit schools and colleges islandwide, enabling both adults and
children to experience the Megabox first hand . "Interested
parties could contact us and we would be only too willing to visit
them and give a demonstration."
said that the sheer size and the range of experience provided by the
Megabox made it a unique facility even when compared with that of
foreign countries. He stressed the fact that the rural areas were a
primary target as it was here that the lack of IT was most keenly
felt . "In fact the Megabox is an ideal tool for developing
role of the Megabox will be primarily educational and depending on
the response to this initial Megabox , Barclays would consider
introducing more of them.
also took the opportunity of simultaneously launching their website
www.barclays.lk , which will be Sri Lanka's first online computer
Andrews' seminars successful
Consultants which is the brain child of Nayana Karunaratne, recently
concluded a successful series of seminars and workshops conducted by
world-renowned corporate image and style consultant Shobha Andrews,
on image building and personality development for corporate
decision-makers and executives both men and women, the modern woman,
as well as middle and junior management executives.
of these highly interactive seminars titled 'Lady Par Excellence'
and 'Corporate Image Dynamics' were held at the Hotel Galadari,
Colombo while the other session called 'Professional Image for
Business Executives' was conducted at Browns Beach Hotel, Negombo.
These programmes were mainly targeted for exclusive groups giving
individual attention rather than a large assembly.
a highly competitive world where first impressions make an impact on
personal and corporate endeavours, these innovative seminars
benefitted participants by addressing the importance of the power of
'image' to achieve individual goals and business successes. They
provided participants with invaluable knowledge and understanding on
how to develop confidence and achieve personal success through image
and personal style, along with etiquette and protocol instruction.
The tremendous success of these workshops was indicated by the
positive feedback received from the participants and the corporate
sector and a request for similar workshops in the future.
Consultants has been conducting these programmes for the past 10
years and the current employee training trend for the corporate
arena involves the categories of Professional Image through good
grooming and corporate dress sense, social and business etiquette,
customer servicing skills, effective communication skills,
presentation skills, leadership and group dynamics and many other
areas related to corporate training. After identifying the current
dire need of image building in the corporate world, the major
organisations in our country have realised the importance of an
employee's image, which has a direct impact on the overall corporate
into the country's leading service provider for corporate and
personal image enrichment, the academy strives to develop an
individual's personality by aiding them to discover their full
potential through positive attitude building by offering personality
development programmes for students, individuals and corporate
introduces new colour monitors
Micro Systems & Information (Pvt) Ltd. has introduced the LaCie
electroblue IV series CRT professional graphics colour monitors from
France for the first time in Sri Lanka.
Micro's CEO had this to say: "We are an authorised Apple
Computers dealer and service provider and are now proud to represent
LaCie as their authorised dealer and service provider in Sri Lanka.
We have been in the forefront of everything Apple in the past 12
years along with other graphic arts hardware and software products,
consumables and accessories. The experience and technical expertise
gained by Alpha Micro in the industry will help propel our efforts
in promoting LaCie professional monitors in Sri Lanka."
further said that individuals and companies in graphic arts,
especially graphic designers, design houses, video-editing
professionals and other digital content creators now have a precise
colour monitor, which also falls into a very affordable price
monitors offer some great features that graphics professionals
particularly look for, such as built
in colour profiles, LaCie Blue Eye Vision hardware calibrator
enabling further colour correction, a Super Bright Mode giving
enhanced image sharpness, wide viewing angle technology for viewing
accurate colour from virtually any angle without image distortion
and a dot pitch of 0.24mm (distance between pixels).
& Finance news
migrants get e-banking services
Bank recently launched an internet banking tool specially suited for
Sri Lankan migrants employed in the Middle East. The service permits
Sri Lankan workers in the Middle East to remit money to
Sri Lanka within seconds, open and operate savings and fixed
deposit accounts and Non
Resident Foreign Currency (NRFC) accounts at source.
Bank is the first bank in the country to introduce an internet based
remittance gate for migrant workers in the Middle East with a
tie up with UAE Exchange Company under Xpress money brand name.
Assistant General Manager, Operations and Branch Credit, Sampath
Bank, Nimal Tillekeratne told The Sunday Leader that traditionally
the credits to NRFC accounts was limited to Telegraphic Transfers (TT)
and Demand Drafts. The cost for Telegraphic Transfers is too high
for average remitter and the lengthy waiting
for realisations of paper based instrumentsmakes both the
remitter and the beneficiary really frustrated.
this in mind, since 2001 Sampath Bank has now tied up with nine more
agencies and banks to simplify and speed up the remittance process
under its own brand name, e remittance. This
enables the customer to remit money from abroad within
seconds to any city in Sri Lanka through the Sampath Bank branch
network spread across
the island to pay over the counter or credit an account of Sampath
can also be withdrawn in Sri Lanka using the remittance card on any
one of the nearly 450 ATMs connected to the CIRRUS or LEAP
networks across the island. The beneficiaries who are not Sampath
Bank account holders - monies are credited to their respective
accounts at other banks using the Sri Lanka Inter Bank Settlement
Lankans in the Middle East can also operate an open rupee savings
account at Sampath Bank
without even going to the bank and let family members in Sri Lanka
withdraw the money using a Family Card. Money can also be withdrawn
from any ATM in the world that is within the CIRRUS network.
added unlike most banks who believe their duty is over once the
money is credited to
the account, Sampath Bank will go the distance to ensure the
money reaches the relevant person if it is a credit through
want to shorten the expectation gap between the bank and the
remitter/beneficiary and make Sampath Bank the most preferred bank
for the remitter and recipient and also to the remitting agency. To
achieve this we began pay outs on Saturdays at 54 outlets as for
most Middle East countries the Saturday is the beginning of the new
said that by the end of 2004 over 200,000 Sri Lankan nationals have
been employed in the Middle East. Last year alone remittances from
the Middle East to Sri Lanka amounted to
more than Rs 36,000 million or 11 per cent
of the Gross Domestic Product of the island.
Bank also initiated a tie up in Italy recently targeting the large
Sri Lankan diaspora living there but Tillekeratne says breaking into
that market is not easy owing to non bank channels operating in
money transfer business. The
bank has also commenced a pay out operation on 24X7 basis at its
arrival counter in the Bandaranaike International Airport.
Bank has won a galaxy of awards in its brief history which reflects
its commitment, transparency and good governance. The latest
award received by the bank was the National Icon Award by the
Sri Lanka Institute of Marketing (SLIM), for the 'Most Liked
Advertising - Blue
Collared Segment' for the 'Double S' advertisement. Sampath Bank was
also shortlisted in the Most-liked Advertising category for
kids and teens as well
as the most preferred overall brand and the most liked overall
advertising brand at the awards ceremony.
assistance to help rebuild
for Development Cooperation (FDC) Executive Director, Beris Gywnne,
speaking at the Pan Asia Forum on Microfinance in Crisis Situations
said that once emergency needs have been met, microfinance is
essential to help people rebuild their lives and improve their
living conditions. By reducing vulnerability, microfinance can also
prevent or mitigate the effects of crisis situations, restoring hope
and dignity to traumatised communities.
international conference to discuss strategies to build awareness on
the importance of micro finance in emergency relief and development
responses to crisis situations and strengthen capacity in
communities commenced last Monday.
Pan Asia Forum on Micro Finance was held with the participation of
government, private sector and international representatives at the
Program Manager of FDC, Stuart Mathison said that microfinance needs
policy strategies and products to help reduce vulnerability of their
clients. Microfinance should be smart to maximise their impact on
rebuilding and recovery process in a natural disaster or conflict
situation. One of the objectives of organising this forum is to
identify capacity building needs and to design a regional capacity
building programme, he said.
Deputy Governor, Central Bank of Sri Lanka, W.A Wijewardena said
crises may occur due to various reasons. Some may think micro
entrepreneurs will not survive after a crisis and this is a
misconception. It is important to find solutions in recovery and
rebuilding micro entrepreneurs after crisis situations and enhance
their businesses he said.
of government, private sector and non-government organisations
gathered from June 13-15 to discuss strategies to build awareness of
the importance of microfinance in the emergency relief and
development response to crisis situations and strengthen capacity in
communities across the region.
Bank increases capital in Sri Lanka to expand business
Bank last week announced that it will increase its capital in its
Colombo branch by LKR 1.89 billion (EUR 15.54 million). "The
increase in capital is a continuing sign of our strong commitment to
further the development of our business in Sri Lanka," said
Deutsche Bank's Chief Country Officer in Sri Lanka, Stefan Mahrdt.
capital increase will be used to further develop Deutsche Bank's
general business in Sri Lanka, where the bank has a successful
corporate and investment banking and transaction banking franchise.
Euro 901 billion in assets and 64,500 employees, Deutsche Bank
offers unparalleled financial services in 74 countries throughout
Bank competes to be the leading global provider of financial
solutions for demanding clients creating exceptional value for its
shareholders and people. Deutsche Bank ranks among the global
leaders in corporate banking and securities, transaction banking,
asset management, and private wealth management, and has a
significant private and business banking franchise in Germany and
selected countries in Continental Europe. In Asia Pacific, Deutsche
Bank has over 45 offices in 16 countries with more than 6,500 staff.
expansion of Sinhaputhra's operations in Colombo
Finance Ltd. has made rapid progress.
It is today one of 10 leading registered finance companies in
the country with assets of approximately Rs. 2.0 billion and a
deposit base in excess of Rs. 1.2 billion.
(Deposits and Establishment), Susan Gunawardane highlighted that
with an employee strength of nearly 100 the company has exceeded
industry growth rates. For
example whilst the industries' deposit base grew by 14 per cent in
2004 Sinhaputhra recorded
a 22.3 per cent growth.
Finance which has historically mobilised a network of long standing
business promoters islandwide has developed strong bonds with the
rural agricultural sector of the country. The strategy behind having
a presence in Colombo is primarily to serve savers and depositors.
The credit disbursement arm of the company, will activate
itself at a later stage.
(Business Development) Saliya De Alwis, stated that Sinhaputhra
Finance Ltd. Kandy, with consistent growth in all its business
activities during a period of over 25 years in financial
intermediation has received the approval of the Central Bank to open
a Collection Centre to serve its customers in the Western Province.
The centre will be open for operations in early July and will
be situated at Liberty Plaza, Colombo 3.
will function in close co-ordination with the head office and have
hot-line connections as well as electronic communication systems in
place which will utilise the companies latest IT system.
It is expected the centre will be later upgraded as the first
branch office of the company enabling the office to carry out all
principal lines of business. Present
lines of business are acceptance of fixed deposits, acceptance of
savings deposits, finance leasing, hire purchase, business finance,
personal finance, real estate development and sub-agents for
proposed lines of business would in future include credit and debit
card issuance and construction of apartment complexes.
Vardana Bank records 236%
rise in income
Vardhana Bank has recorded a 236 % rise in income during the first
quarter of this year, boosting customer confidence in the bank.
Income during the first quarter of this year was at Rs.131 million
as compared to Rs.39 million the
of Credit, DFCC, Shanthi Goonaratne attributed the good performance
of the bank to loyalty it has with its customers and the experienced
management it processes.
the profits of the bank also rose to Rs. 15 million during the first
quarter this year as compared to Rs.8 million during the same period
the Central Bank has a regulation that all banks raise their equity
by Rs.2.5 billion by 2007 Goonaratne says it should be a simple task
for DFCC Vardhana because of the backing it has from the holding
noted that the bank has achieved a remarkable Rs.4.5 billion deposit
base within a short period of operation.
Vardhana Bank has grown from strength to strength since its
inception in August 2003 offering products that are customer
subsidiary of DFCC Bank, DFCC Vardhana Bank offers all commercial
banking facilities such as savings accounts, current accounts, fixed
deposits, certificate of deposits, long-term and short-term loans,
over draft facilities, L/C facilities, NRFC/ RFC and travellers
the novel products offered by DFCC Vardhana is the Super Savings
account gives the opportunity to optimise return of funds and the
flexibility to interchange funds via the current and savings
this savings account, DFCC Vardhana Bank is trying to focus on
mobilising both urban and rural savings.
a Super Savings account, customers have the flexibility to transfer
funds above a certain threshold to a fixed deposit from their
Savings Account, thereby enjoying a higher interest.
Super Savings account holders will also be provided with a life
insurance cover depending on their savings and
period of time, which the bank will look into, the Super
Savings account is not confined to Sri Lankan savings alone.
Resident Foreign Current Account
(NRFC) holders could also use this savings scheme and deposit
foreign currency in their savings account.
novel product of the bank is the Vardhana Junior Savings account.
account gives an opportunity for parents and guardians to start a
savings account from the day a child is born upto 18 years of age.
Vardhana Junior Savings account also offers computer training
programmes, computers, etc., thus investing in the child's future.
said that the bank believes in superior customer service and
identifies the personal banking needs of the customer.
is the key behind the success of the bank" Goonaratne noted.
veteran of more that 30 years in the banking industry Goonaratne
emphasised that having a good rapport with the customer is important
for a bank to be successful.
Vardhana has an experienced staff who are customer oriented. This
helps us safeguard our customer base and bring in new clients as
well," she said.
added backing of DFCC Bank that has earned the Fitch AA- rating
gives a boost to customer confidence when banking with DFCC Vardhana.
Chartered looks Skywards
Chartered Bank and Skywards, the frequent flyer programme of
SriLankan Airlines and Emirates, created history
when for the first time in Sri Lanka
they introduced a co-branded credit card which brings
numerous benefits to their customers.
celebrate the launch Standard Chartered is offering the first 800
successful gold card applicants 10,000 free Skyward miles and the
first 800 successful classic card applicants 5,000 free miles.
applicants of the Standard Chartered-Skywards credit card will earn
one Skywards mile every time they spend Rs.100 using the card. A
cardholders if not already a Skywards member, will be automatically
enrolled in the programme, entitling them to the privileges of
Skywards membership. There is also the additional benefit of
exchanging miles for a host of rewards - free flights and upgrades
on SriLankan, Emirates and on partner airlines, plus free hotel
stays, leisure activities and luxury goods.
Vice President at Emirates, Brian LaBelle mentioned at the press
conference that a new partnership with a company of the calibre of
Standard Chartered Bank reaffirms their commitment to ensuring that
the Skywards programme continues to deliver only the best to their
of Consumer Banking, Standard Chartered Bank, Sabry Ghouse
explained that for the first time cardholders could earn
miles while still being on the ground. For the first time, a
customercan use the card for both everyday essentialssuch as utility
bills oron bigitems, and earn miles which they can exchange for
benefits such as free flights, upgrades and much more.
a cardholdercan earn miles twice over when purchasing a ticket on
SriLankan, Emirates or partner airlines; once when they purchase the
ticket and again when they travel on the airline. This new
partnership gives cardholders the opportunity to soar to new heights
with privileges such as wait list priority, priority check in,
airport lounge access etc.
Chartered now employs 38,000 people in 950 locations in more than 50
countries in the Asia Pacific region, South Asia, the Middle East,
Africa, United Kingdom and the Americas. Standard Chartered PLC is
listed on both the London Stock Exchange and the Stock Exchange of
Hong Kong and is in the top 25 FTSE-100 companies by market
risk management in e-banking
seminar on 'Operational Risk Management in E-Banking' has been
organised for the first time in Sri Lanka by CISCO Information
Security Services (Pvt) Ltd. The seminar is aimed at equipping the
participants with the necessary inputs needed to implement an
operational risk management framework within their own organisations,
especially financial institutions such as banks, insurance,
investment, and finance companies.
seminar will provide an invaluable insight to all bank strategists,
risk managers and bank analysts. In particular it benefits bank
strategists and supervisors, management consultants, senior bankers,
risk managers, bank analysts, investment analysts, IT managers,
accountants, project managers, middle office staff, e-banking
supplier company managers and analysts, regulators, internal and
external auditors and investigators.
often operational risks are not properly identified due to lack of
understanding of inherent risks involved in e-banking technology.
This seminar would help participating organisations to obtain an
insight into six major categories of e-banking risks i.e.; strategic
risk, operational/transaction risk, technology risk, business risk,
reputation and legal risks.
the case of banks, Basel II (new) Accord compliance on
implementation would require additional
capital allocation for operational risks if no sound
e-banking risk management policies are adopted.
Ajantha Madurapperuma - (AIB, FCMA, MBA, CFA.) CEO Seylan Asset
Management Ltd., Deputy General Manager, Corporate and Foreign
Currency Banking - Seylan Bank
Dr. Kasun de Soysa - Ph.D. in Computer Security, Licentiate of
Philosophy in Computer and System Sciences, B.Sc. Special Degree in
Computer Science (First Class Honours), Senior Lecturer
UCSC, University of Colombo.
T.J. Pathirage - MBA (Sri.J), B.Com, CISA (USA), CISM, (USA), CCSE
(USA), AIB (S L), (BS7799 Lead Auditor), CEO - CISCO Information
Security Services (Pvt) Ltd, Assistant General Manager Information
Systems Audit & Security - Seylan Bank
Hisham Shariff - MBA (Sri. J), Diploma in Central Banking, Manager
Treasury - Seylan Bank
Hisham Y. Sally- B.Sc (Hons), CEH, CCNA, MCSE, MCSA, MCDBA - IT
seminar will be held at Continental Hotel on June 23 from
8.30 am - 5 pm.
Bank invited to Global Conference
on Millennium Development Goals
Bank Managing Director, Amitha Gooneratne has been invited to attend
an international meeting hosted by French President Jacques Chirac
at Elyse Palace in Paris on June 14. Secretary General, United
Nations, Kofi Annan and Prime
Minister of Great Britain, Tony Blair will join President Chirac for
objective of the meeting is to develop recommendations to
governments on how they can create better enabling environments so
that business can more effectively contribute to the Millennium
Development Goals. The Millennium Development Goals (MDGs) is an
ambitious agenda that world leaders embraced in 2000 for reducing
poverty and improving lives. These goals provide specific targets
that world leaders will strive to achieve by the year 2015 in the
areas of overcoming hunger, providing primary education, gender
equality, health and environment.
business community has a direct stake in contributing to the MDGs.
Reducing poverty in all its forms helps to create stable and
inclusive markets. It
also creates the purchasing power that allows markets to grow, while
contributing to healthy and dynamic work forces, thereby increasing
productivity and easing social tensions.
need to reach these goals in a concerted effort whereby governments
create optimum enabling frameworks to leverage and maximise the
contribution of business
is emphasised. In September 2005, world leaders will attend a summit
at the United Nations in New York to evaluate efforts undertaken
thus far to reach the Millennium Development Goals. The
recommendations developed by business leaders at this Paris meeting
will be presented at the summit.
invitation to Gooneratne was extended in recognition of the
commitment of Commercial Bank to the Global Compact Programme which
was initiated by the UN to promote Corporate Social Responsibility
(CSR) among business entities around the world. Commercial Bank of
Ceylon Ltd is one of the few pioneering Sri Lankan companies which
subscribed to this programme.
programme encompasses 10 CSR principles under three important
aspects i.e. human rights, labour and environment. The Commercial
Bank is committed to
and is working towards assisting national endeavours to eradicate
poverty and hunger in Sri Lanka. Since its launch, the Global
Compact has grown into an international network of more than 1000
companies, labour leaders, civil society and other participants.
Commercial Bank of Ceylon Limited as a member of this prestigious
network further strengthened the bank's position to be a responsible
corporate citizen in accordance with its policy of good corporate
governance and corporate social responsibility.
becomes third largest insurer in Sri Lanka
Insurance Co. Ltd.(JICL) has now become the third largest insurer in
Sri Lanka in terms of overall Gross Written Premium (GWP), with an
almost Rs. 1 billion GWP in the first quarter according to the data
submitted to the Insurance Board of Sri Lanka for the year 2005
results show that Janashakthi is well ahead of some of the other
established insurers who have been in existence much before
Janashakthi was inaugurated. As at end 2004, Janashakthi
outperformed all industry turnover records established by any single
insurer in the country in its first 10 years of operation by
recording Rs. 3.1 billion in the 10th year which is Rs. 1 billion
more than the next closest competitor.
to the excellent first quarter results, the company passed the Rs. 1
billion turnover mark by the end of the fourth month to reach Rs.
1.3 billion premium income where a significant contribution came
from the general insurance business, which has topped over Rs. 1
billion showing a 24% growth.
Life Insurance business of the company during the first four months
also has shown a remarkable turnaround with a 75% growth seen in new
business, 66% growth in First Year Premium (FYP) and 33% growth in
Life Gross Written Premium. " The total number of life policies
sold has shown an impressive 33% growth by reaching over 12,200 new
life policies during the first four months" says Chief
Executive Officer/Managing Director of JICL, Chandra Schaffter
commenting on the improved performance in life insurance at
In fact four of our top life insurance sales personnel have been
selected for the world's premier financial professionals'
association, Million Dollar Round Table (MDRT) conference to be held
at New Orleans, Louisiana in United States of America, which is a
reflection of the superior performance of the very focused efforts
of our competent sales force. We are witnessing a significant
turnaround in life business and I'm confident that this trend will
continue. The contribution from Janashakthi Full Option is also
significant with over 60% of general insurance accruing from motor
business" added Schaffter.
further on the outstanding performance of the company, he also said
these results manifest strong and continued confidence the
public has placed in Janashakthi Insurance. "We recorded the
highest amount of tsunami claims by any Sri Lankan insurer amounting
approximately to Rs. 5 billion and the performance of the company
during the first four months in the aftermath of the tsunami
disaster is indeed commendable. The country is slowly limping back
to normalcy and today the people tend to be more receptive towards
insurance because they wish to safeguard the future of their loved
ones against such calamities."
company has one of the widest branch networks in the insurance
industry with over 80 offices backed by a 2000 strong sales force.
Janashakthi Insurance, which adopts a continuous customer centric
strategy, recently introduced PAY via SMS, which provides customers
an opportunity to renew their policies and to pay their premiums
with the press of a button.
Bank opens a branch in Kollupitiya
NDB Group further strengthened its presence in the Colombo City when
it opened its 15th branch on June 14 at Galle Road, Colombo 3. The
new branch is located at the same premises as NDB Housing Bank,
offering customers the convenience of housing finance and commercial
banking services under one roof.
speaking about NDB Bank's world class Sri Lankan approach in
providing total solutions for one's financial needs, NDB Bank's
Chairman, S. K. Wickramasinghe said: "in addition, customers of
the NDB Bank also have access to the products and services of the
NDB Group, including project finance from the National Development
Bank, housing finance from NDB Housing Bank, insurance from Eagle
Insurance Company, and stockbroking from NDB's Stockbrokers among
others. We invite our customers to make use of these group services
branch will be a fine example in bringing out the group synergies of
the NDB Group. As we open this branch in the premises of NDB Housing
Bank, this gives the staff of NDB Bank and the NDB Housing Bank the
opportunity to work together as a team to achieve a common goal, by
delivering innovative solutions with 'best in industry service
Bank's Kollupitiya Branch Manager, Suzane Vethanayagam also spoke
about the integrated services that would now be offered by NDB
Housing and NDB Bank in Kollupitiya, and about the importance the
bank places on customer services.
staff are from different backgrounds and of varied ages and
experience. But they all have one thing in common and that's an
understanding of services. Also in addition to the expansion of our
physical branch network, NDB
Bank's VISA electron ATM and Debit Card means instant access to the
bank, through the vast VISA electron network. We also have in place
a banking-by-phone service, a state-of-the-art internet banking
service, which means that our customers have the option of banking
from home or office, for added convenience."
ORIX Securities launches branch in Kurunegala
ORIX Securities launched a new branch in Kurunegala to cater to the
increasing number of investors in the Wayamba Province. The new
branch which is equipped with Data Viewer Terminals and Automated
Trading Terminals will provide investors a value added service with
facilities such as internet trading.
will tap the potential of the Kurunegala market by providing
easy access to the stock market to new investors ," Managing
Director, Lanka ORIX SECURITIES (LOSEC), Tushan Wickramasinghe said.
"We expect the upbeat performance of the market to continue as
market friendly policies are being adopted by respective governments
providing enhanced investment opportunities for investors in the
stock market," he said.
are confident of providing sound investment advice with an
experienced team of investment advisors,"
Executive Director, LOSEC, Rohan Senewiratne said. The
Kurunegala branch is headed by Sanjeewa Perera who counts 12 years
of experience at the Colombo Stock Exchange.
Colombo Stock Exchange launched its Kurunegala branch in February
this year and the contribution to turnover from Kurunegala has
already notched 1.7 per cent of total turnover.
investors have been the driving force behind the record breaking
performance of the CSE in recent times. The expansion of operations
to the provinces is intended to cater to increasingly important
retail clients who usually invest between Rs. 100,000 and Rs.
500,000 and have been the mainstay of the Colombo stock market.
Local investors accounted for 84 per cent of turnover this
year, a reversal from 1993-1994 when 60- 70 per cent of turnover
originated through foreign investors.
new branch is located at the CSE Kurunegala Branch at the Union
Assurance Building, Raja Pihilla Road, Kurunegala.
LOSEC has been in operation since 1991 and caters to a
diverse client base of institutional investors, retailers, high
networth individuals, corporates and foreign investors. The company
is a subsidiary of Lanka ORIX Leasing Company (LOLC) which is an
associate company of ORIX Corporation of Japan. ORIX
Corporation is listed on the Tokyo and New York Stock
Exchanges and its network spans 23 countries. It is the single
largest independent leasing company in the world.
Bank reconstructs four tanks
Commercial Bank has undertaken the reconstruction of four tanks
under the 'Dahasak Wew' Project which was implemented with the
objective of enhancing productivity in the agriculture sector and
assisting farmers in drought stricken parts of the country.
reconstruction of three of the tanks in the Kurunegala District
under this project has been completed with the support of the
respective farmer organisations, the bank said last week. The three
tanks, reconstructed were the Aliyamada Wewa, Lahu Wewa and
Nugampola Wewa. The Udahingura Wewa in the Anuradhapura District is
still under reconstruction.
reconstruction of these irrigation tanks was funded by Commercial
Bank's Social Responsibility Trust, which was established by the
bank with a view to fulfil its social obligations in an organised
ceremony to hand over two of the reconstructed tanks, the Aliyamada
Wewa which covers 35 acres and the Lahu Wewa which is 24 acres in
extent, was held recently.
Bank Chairman, Mahendra Amarasuriya said: "Sri Lanka is a
developing country in the Third World where agriculture forms the
backbone of the economy. Therefore it is important to facilitate its
growth and development."
commendable efforts of the farmers who had a bumper harvest in terms
of paddy cultivation in the country for the Maha season even under
drought conditions should be appreciated and rewarded," he
also stressed that focusing on enhancing productivity where
agriculture is concerned is essential.
Bank's Managing Director Amitha Gooneratne said as a responsible
corporate entity, the bank is proud to be extending its support to
assist farmers in the agricultural regions of the country.
also expressed his confidence that this initiative would yield
improved results in terms of production in the year ahead.