Business

CCD seeks approval for construction

By Jamila Najmuddin

The 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 buffer zone.

Director, 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.

According 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.

The officials committee consists of ministry secretaries including the secretaries of the Fisheries and Tourism Ministries.

However, 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.

However, 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.

"Foreigners 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 zone.

Urban Development Authority (UDA), officials refrained from comment claiming they were unaware of people purchasing lands within the buffer zone.

CB interest rates revised

Taking 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.

According 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.

Excess 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 the bank.

A 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 report states.

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.

The 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.

Tourist 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.

These 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.

CFA Institute files lawsuit

CFA 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 courses.

CFA 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.

CFA 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.

Associate General Counsel, CFA Institute, Rahul Keshap was in Sri Lanka this month to attend the CFA examinations and meet with members of CFA Sri Lanka.

Speaking 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."

CFA 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.

Railways Department on the verge of derailing

By Mandana Ismail Abeywickrema

The future of the Sri Lanka Railways hangs in the balance as the department is in dire need of funds for its smooth running.

The 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.

The 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.

Fares 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.

The 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.

According to Silva, if the department is to run smoothly with a well maintained rail system, it would need close to Rs. 15,000 million per year.

He 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.

"The 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.

The 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.

Silva 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 year.

However, 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.

Transport Minister Felix Perera was not available for comment.

Foreign labour and stakeholders

By Dinesh Weerakkody 

The 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.

We 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.

We 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.

Corporate 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.

My 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.

In 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.

This 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.

Employment of expatriates

Sri 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.

Today 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.

Expatriate 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.

It 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.

No 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.

It 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.

Justification

While 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.

Foreign 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.

While 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.

Suggestions

Firstly, 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.

Secondly, 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?

Thirdly, 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.

In 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 criticism.

Kotmale initiates private placement of shares

Kotmale 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.

Following 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.

"Based 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.

This 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.

A 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 profitable growth.

The 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 restrictions.

Established 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 system.

Kotmale Holdings Ltd also sees great potential in the ice-cream market in which it already enjoys a 5% market share.

Elpitiya Plantations remodels with MTI

Elpitiya 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.

Based 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.

The 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.

Managing 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 fluctuations."

Sustaining 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.

CIM Sri Lanka - A decade of achievement

The 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.

Chairman, 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.

"Consequently 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.

Aligning 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.

During 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.

CIM is the world's largest professional body for marketing with over 60,000 members worldwide.

Raffles exploring Colombo hospital

By Wilson Gnanadass

Raffles 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.

Discussions 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.

RMG 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.

A delegation from Singapore recently met with some local medical experts in Colombo to finalise the agreement.

Local 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.

Raffles 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.

The 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.

Raffles 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 built.

The 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.

The 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.

The 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.

The 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.

Raffles 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 laboratory investigations.

A 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.

The 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.

The 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.

Services 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.

One 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.

Each 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.

Tea auction to go high-tech

The 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.

The 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.

Samples 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.

The 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 concurrently.

Due 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.

All 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.

Asiri Hospitals Group records net profit of Rs. 282 million

The 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 shares.

Earnings 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.

Asiri 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.

Asiri 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.

Of 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 last year.

Asiri 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 borrowings.

Asiri 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.

Asiri Hospitals meanwhile maintained its 100% occupancy rate - a remarkable achievement that the hospital has maintained continuously for the past several years.

The 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.

Asiri 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 Sri Lanka.

The 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.

Serendib Leisure barmen the best in Cultural Triangle

Hotel 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 runners-up. 

Hotel 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.

This 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.

Last 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' cocktails.

With 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.

National HR conference and exhibition

By Pelham Juriansz 

The 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.

The theme of the exhibition will be 'People - The Leading Edge In Business' and it is specially designed for HR professionals and people managers.

The 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.'

The 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 Wijayasuriya.

There will also be a presentation of the 'Suntel HR Gold Medal' to the most outstanding HR professional of the year.

The 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 consecutive year.

The 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.

 Chambers warn of imminent power crisis

Private sector urges speedy action

By Jamila Najmuddin

The 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.

The 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.

The 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.

Speaking 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.

He 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.

Members 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 currently incurs.

In 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.

The 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.

According 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. 240.

Speaking 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.

"About 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.

Apart 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.

CEO, 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.

Pieris 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.

Excel World to change entertainment landscape

Excel 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 lighting.

The 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 amongst expatriates.

In 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 parties.

"When 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."

Excel 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.

Spicing 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.

Excel 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 month.

Excel 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.

Talking 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

Snippets

Project management workshop

The 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 Singapore Informatics.

SriLankan opens ticket office in Matara

SriLankan 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 Colombo.

SLIM appoints executive committee members

The 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.

Five Union Assurance achievers at MDRT

Five 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.

SLTnet introduces online call waiting

Sri 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.

Apollo celebrates low-key third anniversary

Apollo 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.

Eurocenter acquires ISO 9001:2000 certification

Eurocenter 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.

Advertorial

Land for landless at a low cost

By Pelham Juriansz

A 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.

"There 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.

"People 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."

  The company really started then in 1978 in Kurunegala and then moved into Puttalam, and the Kegalle districts.

Twenty-eight 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.

Explaining 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 income groups.

"We 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.

The 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. 

"These 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.

"This 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.

We 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.

Checkers - dishing out a new brand of entertainment

Checkers 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.

If 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.

The 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.

Then 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. 

"We 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. 160."

The 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.

"On 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.

Well, 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 first choice?

"Well, 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.    

"Further 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. 

 Taking us on a tour of the place we found that the kitchen was very hygienic.     

Another 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 tantalising dishes.

But 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.

"Every 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. 

A 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.

La passion sets the pace

Their 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.

La 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.

They 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.

La 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.

To 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.

All 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 person.

Printer manufacturers given a run for their money

A 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.

Purchasing 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.

Given 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.

The 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.

However, 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  rare.

Companies 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 manufacturers.

The 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.

Therefore, 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.

Barclays launches 'Megabox' in Sri Lanka

Barclays 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 .

Explaining 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 knowledge."

The 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."

Explaining 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."

Naleem 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 countries."

The role of the Megabox will be primarily educational and depending on the response to this initial Megabox , Barclays would consider introducing more of them.

Barclays also took the opportunity of simultaneously launching their website www.barclays.lk , which will be Sri Lanka's first online computer store.

Shobha Andrews' seminars successful

Image 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.

Two 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.

In 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.

Image 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 image.

Evolving 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 establishments.

Alpha introduces new colour monitors

Alpha 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.

Alpha 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."

 He 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 bracket.

LaCie 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).

Banking & Finance news 

Mid-East migrants get e-banking services

Sampath 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.

 Sampath 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.

With 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 Bank.

Money 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 System (SLIPS).

Sri 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.

He 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 SLIPS.

"We 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 week."

He 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.

Sampath 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.

Sampath 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.

Microfinance assistance to help rebuild

By Pelham Juriansz

Foundation 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.

An 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.

The Pan Asia Forum on Micro Finance was held with the participation of government, private sector and international representatives at the HNB Towers.

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.

Senior 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.

Representatives 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.

Deutsche Bank increases capital in Sri Lanka to expand business

Deutsche 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.

The 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.

With Euro 901 billion in assets and 64,500 employees, Deutsche Bank offers unparalleled financial services in 74 countries throughout the world.

Deutsche 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.

Rapid expansion of Sinhaputhra's operations in Colombo

Sinhaputhra 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.

AGM (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.

Sinhaputhra 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.     

 AGM (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. 

It 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 insurance.

Whilst proposed lines of business would in future include credit and debit card issuance and construction of apartment complexes.

DFCC Vardana Bank records   236% rise in income

DFCC 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 year before.

Head 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.

Meanwhile 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 last year.

While 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 company.

She noted that the bank has achieved a remarkable Rs.4.5 billion deposit base within a short period of operation.

DFCC Vardhana Bank has grown from strength to strength since its inception in August 2003 offering products that are customer orientated.

A 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 cheques.

Among the novel products offered by DFCC Vardhana is the Super Savings account.

The account gives the opportunity to optimise return of funds and the flexibility to interchange funds via the current and savings accounts.

Through this savings account, DFCC Vardhana Bank is trying to focus on mobilising both urban and rural savings.

With 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.

While 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.

Non Resident Foreign Current  Account (NRFC) holders could also use this savings scheme and deposit foreign currency in their savings account.

Another novel product of the bank is the Vardhana Junior Savings account.

The 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.

The Vardhana Junior Savings account also offers computer training programmes, computers, etc., thus investing in the child's future.

Goonaratne said that the bank believes in superior customer service and identifies the personal banking needs of the customer.

"This is the key behind the success of the bank" Goonaratne noted.

A 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.

"DFCC 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.

The added backing of DFCC Bank that has earned the Fitch AA- rating gives a boost to customer confidence when banking with DFCC Vardhana.

Standard Chartered looks Skywards

By Pelham Juriansz

Standard 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.

To 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.

Successful 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.

Skywards 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 members.

Head 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.

Additionally 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.

Standard 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 capitalisation.

Operational risk management in e-banking

A 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.

This 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.

Very 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.

In 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.

The speakers:

1) Ajantha Madurapperuma - (AIB, FCMA, MBA, CFA.) CEO Seylan Asset Management Ltd., Deputy General Manager, Corporate and Foreign Currency Banking - Seylan Bank

2) 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.

3) 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

4) Hisham Shariff - MBA (Sri. J), Diploma in Central Banking, Manager Treasury - Seylan Bank

5) Hisham Y. Sally- B.Sc (Hons), CEH, CCNA, MCSE, MCSA, MCDBA - IT Security Consultant

The seminar will be held at Continental Hotel on June 23 from  8.30 am - 5 pm. 

Commercial Bank invited to Global Conference 
on Millennium Development Goals

Commercial 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 this occasion.

The 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.

The 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.

The 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.

This 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.

This 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.

Janashakthi becomes third largest insurer in Sri Lanka

Janashakthi 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 first quarter.

These 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.

Further 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.

The 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 Janashakthi.

" 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.

Commenting 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."

The 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. 

NDB Bank opens a branch in Kollupitiya

The 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.

While 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 as well.

"The 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 excellence.'"

NDB 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.

"Our 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."

Lanka ORIX Securities launches branch in Kurunegala

Lanka 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.

"We  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.

"We 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.

The 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.

Local 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. 

 The 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.

Commercial Bank reconstructs four tanks

The 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.

The 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.

The 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 manner.

The 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.             

 Commercial 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."

 "The 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 added.

Amarasuriya also stressed that focusing on enhancing productivity where agriculture is concerned is essential.

Commercial 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.

He also expressed his confidence that this initiative would yield improved results in terms of production in the year ahead.