Govt. borrows Rs 6 bn. to  part meet Rs. 24 bn. bond bill

Government is to raise Rs. six billion from the public through a rupee loan to partly finance a Rs 24 billion bond that matures tomorrow, informed sources said.

This will cause further borrowing pressure on the market, they said. Further, interest rates will continue to remain high next month due to the "paucity" of foreign inflows that has made the government to borrow from the market to meet its expenditure needs.

Overnight call money rates peaked at 27%* on Friday, 3% more than Thursday's high of 24%, as the government, through the two state banks, People's Bank and Bank of Ceylon have been virtually borrowing around Rs.4-5 billion from the market daily these days, they said.

These monies are rolled over, ie, as they are overnight borrowings, they are paid back and re-borrowed the following day, the sources said. As a result of this vicious circle, interest rates will continue to remain high, at least during the course of next month, they said.

The rupee has been kept stable in the Rs.    113.50 levels to the US dollar in the past week due to the prevalence of a high interest rate regime, the sources said.

This has prevented importers from borrowing rupees in order to buy dollars, thereby relieving pressure on the rupee vis-…-vis the dollar, they said. High interest rates are a key measurement of control that the CB is adopting in order to stabilize the rupee, the sources alleged.

 The CB released Rs. 600 million from its overnight repurchase window on Friday to infuse liquidity to the market. The market was short of Rs, two billion on Thursday.

Meanwhile, foreign inflows usually come in the form of foreign aid and donations, portfolio investments (in the stock market), foreign direct investments, exports and foreign remittances.

While exports and remittances have grown, the first three have virtually come down to a trickle, if not to a virtual halt, the sources said.  As a result, there is insufficient convertible foreign currency to meet the government's rupee expenditure needs, they said. Growth in exports and foreign remittances were "always" there, so those can be discounted, they said.This was however not the case 3-4 years ago when their was a steady inflow of FDI and portfolio investments that were convertible into rupees to meet the government's rupee expenses, while at the same time bolstering its foreign exchange reserves, the sources said.

Meanwhile the Rs. six billion worth of rupee loans called on Thursday carry annual interest payments varying from 18.40%-19%.Simultaneously  CB rejected the bids received in three treasury bond auctions of equivalent value cumulatively, ie Rs. six billion, in those auctions which were also held on the same day.

The tenures of these rupee loans are between 4-10 years. The breakdown of these loans are: Rs. two billion worth of loans of 10 year tenure carrying an interest with tax of 19%, Rs. two billion worth of rupee loans of seven year tenure carrying an interest rate of 18.70%, Rs. one billion worth of loans of six year tenure carrying an interest rate of 18.60% and Rs. one billion worth of four year loans with an annual interest of 18.40%.

The government in a statement said that these monies will be used for development work. Meanwhile, bids received in Thursday's treasury bond auction for bonds of two, three and five year tenures and totalling Rs. six billion were rejected by the CB  in all of these three auctions.

 Usually, bids received in such auctions are rejected if the interest asked by the prospective bidders, ie the primary dealers, are higher than what the CB is prepared to pay.

It is unclear whether the CB would now subscribe to these rejected bond auctions, wherewith there would be an increase in the money supply in the market if they resort to such a course of action, or, whether they would make captive funds such as the EPF to invest in these bonds, or, whether it would be a mix of the CB investing in part of the rejected bonds and captive funds in the remainder.

Each of these three tenures had Rs, two billion worth of bonds on offer. While the bonds of two and three year tenures carried a coupon rate of 7.60% per annum each, the bonds of five year tenure carried a  coupon rate of 6.85%.

* The CB said that call money rates peaked at 26% on Friday, up 3.5% over Thursday's peak of 22.50%.

Inflation17.3%in September

Inflation, as measured by the point to point change of the Colombo Consumers' Price Index (CCPI), remained unchanged at 17.3% this  month, the same rate it fetched in August.

However, the annual average rate of inflation marginally increased by 0.2% to 17.5% this month, when compared with a figure of 17.3% in August.

Meanwhile, the Central Bank (CB) in a statement said that inflation as measured by CCPI's point to point change declined till June 2007 to 13% due to the impact of monetary policy tightening.

 However, the unexpected sharp increases in commodity prices in international markets as well as revision in administered prices caused the CCPI to surge again in July to 17.6% before it declined to 17.3% in August and in September. The CB was able to achieve its quarterly targets for reserve money during the first three quarters of the year.  The level of reserve money at end September 2007 was Rs. 256.7 billion compared with the target of Rs.257.8 billion. Meanwhile, broad money growth in July reached 19.9%, exceeding the desired level.

The increase was due to the expansion in both the net foreign assets and net domestic assets (NDA) of the banking system. Within the NDA, private sector credit expansion which remained a key concern on account of its adverse effect on money supply and inflation has showed some deceleration, responding to CB's tight monetary policy stance. Credit to the private sector has decelerated since May 2007 to reach 24% at end July 2007 compared with the higher levels of around 26% recorded previously.

Budget 2008

The Ceylon Chamber of Commerce (CCC) Import Section will  host its  Pre-Budget Discussion at the CCC Auditorium on Thursday, said a statement.The pre-budget discussion would start with CCC Chairman Mahen Dayananda laying out the  "Expectations of the Business Community of a Budget", followed by KPMG Ford Rhodes Thornton  & Co, Precedent Partner   Rajan Asirwatham making a "Critical Review of previous tax proposals and the way forward.

CCC Import section chairman Ranjan de  Silva  will  speak  on the "Issues faced by importers and suggestions."

Saudi prince invests in UB

Union Bank (UB) recently got a capital infusion of Rs. 420 million from Prince Faisal Al Faisal Bin Abdullah Al Saud, grandson of King Faisal of Saudi Arabia, and Alex Lovell an investment banker from the UK, UB Chairman Ajita De Zoysa in a statement said.

Faisal and Lovell will each acquire a 10% shareholding in UB. They will also join the UB Board.

Sampath Bank and other UB directors have already committed Rs. 500 million as new capital to UB.

This new capital infusion signifies the bank's role to be compliant with Central Bank's minimum tier one capital requirement of Rs. 2.5 billion by 2009. UB is compliant of this requirement upto 2008.

The UB Board comprises Ajita De Zoysa (Chairman), Ajith Wijesekera, Ananda Atukorala, Jit  Warnakulasuriya, Malik Samarawickrama, Mahendra Fernando, Prince Faisal Al Faisal Bin Abdullah Al Saud and Alex Lovell.

Advisory services

Deloitte Construction Advisory Services will be launched at the Cinnamon Grand on Thursday.

Among the speakers at this occasion are Deloitte Financial Advisory Services LLP, Washington DC Senior Manager Dr. Gajanan M. Sabnis and Deloitte & Touche LLP,Philadelphia Director S. Jayant Pandiya.

Website on Companies Act

An analysis of the salient features of the Companies Act No. 7 of 2007, including the statutorily mandated features pertaining to financial statements, auditors' duties and reports, and annual reports toshareholders, is now hosted on a Web Site launched by  business and  management consultant Nihal Sri Ameresekere, said a statement.

There is also an analysed article giving an insight into foreign exchange mismanagement of the country, foreign exchange rates and the consequent impact on the cost of living with the government facing criticism in its endeavour to borrow US$ 500 million, in commercial bonds at commercial rates of interest and with charges and commissions.  The web site includes several public interest litigations and other public interest activity that Ameresekere has been involved in and some of his writings on topics of public interest, particularly on scandalous transactions and on fraud and corruption.

  The site will be updated with some analytical articles which have been published in the media by Ameresekere, including  articles published in The Sunday Leader.

APB honours Rienzie

Hatton National Bank Ltd. (HNB) Chairman Rienzie T Wijetilleke was honoured by the Association of Professional Bankers of Sri Lanka for his outstanding contribution to Sri Lanka's banking industry, said a statement.

Wijetilleke is a Fellow of the Chartered Institute of Bankers (UK), a Fellow of the Institute of Bankers, Sri Lanka and a Companion of the Chartered Management Institute (UK).

He is well known not only as a banker, but as a public spirited citizen. During his 47 year service in the Banking and financial sectors, Wijetilleke has made his presence felt in many ways.

Born in  November 10, 1939, this colourful personality had his entire education at Wesley College, Colombo where he excelled in his studies and later rendered great services to his Alma Mater, through her OBA of which he was one of its most distinguished presidents.

Having joined the Bank of Ceylon (BoC) in 1960 he served in its London Branch in the mid '60s.

After a successful career at BoC, he joined HNB in 1972. He functioned as a branch manager in several of its branches and was the Head of its City Office which was HNB's premier branch at the time he left its services in 1983 on receiving a high position in the British Bank of the Middle East in the capacity of Facilities Controller.

After a four year stint in the Middle East, he rejoined HNB when he was approached by that bank to be its Deputy General Manager. Thereafter, in July 1988, Wijetilleke was appointed as HNB Managing Director (MD).

He showed his versatility as a leader when he piloted HNB to the highest level among private commercial banks in Sri Lanka.

During the period at its helm, he increased its asset base from Rs. three billion to Rs.152 billion and its branch network from about 30 to over 140. In a major pioneering effort, he introduced the' Gami Pubuduwa' Scheme, his own innovation.

This scheme saw HNB reaching out to the poor and lending them a hand to start micro businesses with the promise of enhancing their scope to become large scale business entrepreneurs in the future.

It is therefore coincidental but appropriate that he is being honoured, at "today's" convention that focuses on "Financial Inclusion" as the vital process for sustained economic growth.

It was during his tenure of office as MD that HNB Towers, the venue for today's convention-undoubtedly a great edifice of our times-was started and completed.

HNB has more than 105 Gami Pubudu Units, two representatives offices overseas, 152 student banking units and more than 4,300 employees.

HNB was selected as the flagship of the private commercial banking sector in Sri Lanka by Asia Money and its annual report and accounts as the best in the Financial Sector category in the SAARC Region for two consecutive years by the South Asian Federation of Accountants.

 HNB was also ranked first among the top 10 Companies in 'Business Today'. The Bank also won the overall award for the Best Corporate Report & Accounts twice and came first in the Banking Sector award 13 times. All this progress, success and growth took place under  Wijetilleke's able leadership.

On the untimely demise of then HNB Chairman Chrisantha Cooray,  the Board of elected him as the Chairman which made him hold the three positions of Chairman, Managing Director and CEO at the same time, a unique achievement indeed in a commercial bank, till the latter two posts were relinquished by him later.

Wijetilleke is also Chairman of HNB Assurance Ltd., HNB Securities Ltd, HNB Stockbrokers (pvt) Ltd, Sithma Development (Pvt) Ltd. and Sunshine Holdings Ltd.

He is also a director of Ceylon Biscuits Ltd and Nawaloka Hospitals Ltd.

He is also a former Chairman and Director of the Colombo Stock Exchange and a former Director of DFCC Bank, President of the United Nations Association of Sri Lanka and immediate Past President of the National Stroke Association of Sri Lanka.

He was also Chairman of the Interim Committee of the Sri Lanka Cricket Board (SLCB) some years back when Sri Lankan Cricket was in turmoil. It was during his leadership that the  SLCB was revived and the Sri Lanka Cricket Team achieved much success.

 Wijetilleke's wife is Dhammika and he has three sons, all bankers.

His foresight and proactive leadership qualities as well as his human touch have taken him to the pinnacle of success whereby he has contributed immensely towards the banking industry.

He was also the founder President of the Association of Professional Bankers of Sri Lanka and with his initial leadership in 1988, the Association has been able to go forward and achieve great heights.

Environmentally friendly vehicles

Fiat Group Automobiles and Microsoft Automotive Business Unit has launched a new Blue&Me (BM) based system that enables drivers to minimize their impact on the environment, said a statement.

 At the 62nd International Motor Show in Frankfurt, Fiat Group Automobiles and Microsoft are set to unveil "Eco Drive (ED)." The Eco Drive solution spearheaded by Fiat Group Automobiles demonstrates that an auto maker's environmental responsibility should not stop when the car leaves the production line-but extend into the way consumers drive their cars.

Today the official fuel consumption and emission figures of cars certified by the European Union are obtained using cars driven by professional drivers on a Roller Dynamometer Test Bench. The test takes place in optimum ambient conditions (fixed temperature, pressure and humidity) on a predefined driving cycle (fixed vehicle speed, time and gear shift points) with air conditioning, radio, lights and other devices switched off.

This ensures the results are comparable. But real emission levels are substantially different. They depend on whether the car is driven in a rural or urban setting and on the condition of the car. And they are also affected by the driver's style.

 ED collects necessary data relating to vehicle efficiency and through BM's USB gate, transmits it into a normal USB key. The driver plugs this into a PC. The ED system presents the driver with detailed environmental performance of the car including the CO2 emission level for each trip. It analyses the driver's style and then provides tips and recommendations on how to modify style to achieve CO2 reductions - and save money on fuel.

 ED will encourage the driver to set himself challenges - CO2 reduction targets for specific journeys or over a set period of time. And in a community site will encourage drivers to come together and pool their savings-working towards much bigger collective targets and showing that a lot of small contributions join to have an impact.

Based on the award winning, jointly developed BM platform, ED will enable drivers to understand and adapt their driving behaviours to minimize their effect on the environment.

The partnership between Microsoft and Fiat was initiated nearly four years ago and has seen the solution rolled out across the Fiat, Alfa Romeo, Iveco and Lancia ranges. This latest ecological application was developed on Microsoft's flexible and updateable platform Microsoft Auto, which Fiat has innovated upon to together with Microsoft create the in-car infotainment solution BM.  ED will be available from 2008 in certain Fiat cars equipped with the BM system and marks yet another step in the innovative collaboration between Fiat Group Automobiles and Microsoft.

New directors at AAI

Asia Capital (AC) Chairman Harsha Amarasekera who is also a non executive independent director in a number of quoted companies and AC CEO Asanga Seneviratne are the major shareholders of Asian Alliance Insurance PLC (AAI), said a statement.

AC, which was the initial promoter of AAI, holds over 50 % of the issued capital of the Company.

BOI, Vallibel Holdings (Pvt) Ltd., Fortress Resorts Ltd., Hotel Reefcomber Ltd. and Didul (Pvt) Ltd., Chairman Dhammika. Perera who also has controlling stakes in LB Finance Ltd., Royal Ceramics Ltd. and a significant holding in PABC Bank Ltd., recently  bought a 15 % shareholding in Sampath Bank, the other promoter of AAI, through Vallibel Investments (Pvt) Ltd. 

He has subsequently through associate companies increased the Vallibel stake in the Company to over 20%. 

The progress of the Company is expected to reach higher levels of excellence with the infusion of the expertise of the aforementioned new board members who plan to further develop strategic synergies that will add value to the Company and its shareholders.

AAI incorporated in 1999 is a composite insurer transacting both Life and Non Life insurance business and has proved to be a successful niche player in the market. AAI's major shareholders are Asia Capital Ltd., Richard Peiris & Company Ltd and Vallibel Investments (Pvt) Ltd.

Scientific discovery for 3D imaging

Scientists who want to view fast moving images of the tiniest droplet or the smallest structure have, until now been able to see them as two-dimensional, but thanks to a team of Monash University physicists they can now see them in 3-D, said a statement

David Jesson, Konstantin Pavlov and Michael Morgan have solved a major problem in surface electron microscopy by developing a new technique to determine surface shape and depth.

The breakthrough discovery will enable scientists to see, in real time, 3-D images of materials evolving and be able to see how they behave and interact on surfaces.

"How materials develop and react with other materials forms the basis of a great deal of scientific research and what we have achieved is the ability to view small clusters on surfaces as they are evolve and interact," Professor Jesson said.

"Previously, scientists have had to freeze-frame each image by removing specimens from the growth or heating environment and link them together. Our discovery means that images can be now captured as a real time video which also shows the depth of the structure," he said.

"This will open up new opportunities for theorists to model and understand the changes in nanostructures being developed for a new generation of computers, lasers and communication systems, and is a new tool for studying surface shape dynamics on small-length scales," he said.

Monash is highly regarded for its innovative approach to research, teaching, and learning. Monash graduates are sought after by employers both within Australia and overseas. It's one of the best universities in the world and is regularly ranked among the top five universities in Australia.

Monash College is a company of Monash University and provides a guaranteed pathway to Monash University. Monash College Sri Lanka offers both local and international students accredited undergraduate diploma programmes with a guaranteed entry into second year of more than 50 selected Monash degrees at Monash University Australia or Malaysia. Students can enrol in a range of undergraduate diplomas in Engineering, Business, IT and Arts following successful completion of O/Levels or A/Levels.

Students are supported by lecturers of whom 70% are PhD qualified. They are  approachable and provide additional attention as needed.

Making graduates employable

CIMA Kandy launched the first in a series of career guidance programmes titled "Business" at the Peradeniya University yesterday, said a statement.

Over 300 students from the faculties of arts, agriculture, veterinary science, engineering, dentistry, and allied health science are expected to participate in the programme.

The "Business" programme is offered to undergraduates and has been designed to aid skills development and ultimately increase employability at graduate level.

Training sessions will be conducted by Bogawantalawa Plantations Ltd., CEO and a visiting lecturer at the Colombo and Moratuwa Universities Sarath Fernando.

In attendance at the opening ceremony were Peradeniya University Vice Chancellor Professor Gamini Abeygunawardane and Deputy Vice Chancellor Prof. Anura Wickramasinghe.

CIMA (Chartered Institute of Management Accountants) provides a range of learning resources to assist their members with professional development.

CIMA is seeking active involvement outside of the main market of Colombo to support education in Sri Lanka  to directly benefit the student population in smaller communities in aspects of professional development.

This year has already witnessed the opening of the first CIMA office outside of Colombo as a first step in this effort.

The CIMA Kandy office provides support for CIMA students and is working to raise the standard of training and education in the area. The office coordinates with local schools, universities and CIMA tuition providers to ensure that students get hands-on training and employment opportunities.

Ravana takes over Sinhaputhra

Ravana Wijeyeratne recently  took over the reign as Chairman and Managing Director of Sinhaputhra Finance, a 29 year old Central Bank registered finance company, said a statement.

A former Joint Managing Director of Sinhaputhra, his appointment was made possible after the company's outgoing Chairman and MD Kithsiri Wanigasekera who was at the helm for well over 15 years proposed his name from the Chair at its 1st board meeting following the AGM.

 In his farewell speech to the Board and the senior staff, Wanigasekera assured of his continued support to the company. He thanked the shareholders who proposed him to the board in the first place and the trust and confidence placed on him by founder Chairman Tissa Wijeyeratne. Although relinquishing his Chairmanship he has opted to remain as adviser and counsel to the newly appointed Chairman.

Wanigasekera's distinguished career with the company saw Sinhaputhra grow from an asset base of Rs. 40 million when he was Director Finance in 1986 to Rs. 3.5 billion in a matter of 21 years. Staff strength grew from 14 to over 100 employees during this period. He held the post of Chairman and Managing Director continuously from 1989, during which era he was involved in social service organizations, building up a Health Trust for the Kandy General Hospital, serving as Kandy Hotels Corporation Chairman and most importantly, the post of Finance Houses Association Chairman for three consecutive years.

Ravana Wijeyeratne, a graduate of Economics and Mathematics from Kenyon Colege, Ohio USA and Lady Margarat Hall, Oxford University, UK returned to Sri Lanka in 1995 after working for the French State Bank Credit Lyonnais in Manhattan, New York as a financial analyst. He held the post of Executive Director before being appointed Joint Managing Director.

The company's profits surged by 35% in the financial year ended (FYE) March 31, 2007 as Sinhaputhra Finance Ltd., recorded a Rs. 81 million profit.

 This achievement was positively impacted by a negative tax charge owing to a high deferred tax liability created as per Sri Lanka Accounting Standards. Considering a negative investment climate, the results were healthy and the company strengthened its total equity base by reaching Rs. 355 million. The Board resolved to further strengthen its capital by a rights issue and an employee share  ownership scheme by way of preference shares in the near future.

Singer appoints Sunil as brand envoy

Sri Lanka's no.1 home appliances retailer, Singer (Sri Lanka) Ltd., recently reappointed Gypsies Leader Sunil Perera as their brand ambassador, said a statement.

Singer Chairman Hemaka Amarasuriya signed the Agreement between Singer and the pop artist in the presence of Singer Marketing Director Asita Abayasekera and Piyal Perera from the Gypsies.

Commenting on the Company's decision to sign up the Gypsies Leader again, Amarasuriya said: "Our association with Sunil Perera goes back to the early '90s. We were the first to identify and use Perera as the ambassador for Singer range of audio and video products in the early '90s. Since he is very much a hit with the masses, we decided to renew our relationship with Perera to promote our unique easy payment plan."

He also said: "Easy Payment is one of the core competencies of the company and at a time when consumer durables are beyond the reach of consumers due to increased taxes being imposed, we believe that this value added service will be a critical trigger in the purchase decision making process of our consumers."

"Thus the new television commercial for Singer Easy Payment Plan (SEPP) with Sunil as brand ambassador communicates the core value of the brand: "affordability" across a choice of brands and products from low to high value items," he added.

SEPP with multiple options to suit any customer's wallet is made available through the entire Singer Plus islandwide retail network including  approved dealers and the smallest touch point.

Sunil and the Gypsies are world famous for their Sri Lankan baila music and is the only local pop music band to continue uninterrupted for 37 years in the music scene. The 'Gypsies' have performed abroad in many countries several times making at least two trips a year

  Sunil is a creative musician who touches rampant social evils when he does a composition. He writes the lyrics and creates the melody and music too. Having started off with the ever-popular 'Kurumitto,' Sunil and the 'Gypsies' have come a long way from the early 1970s, to becoming a national icon.

Exterminators targets 50% sales increase

Exterminators (Pvt.) Ltd., Sri Lanka's "number one" company in integrated pest management is affiliated to the NPMA-USA, International Pest Control Operators Network-USA, SPMA Singapore and The American Mosquito Control Association, said a statement. It is also accredited by AQIS- Australia and authorized by the ROP-Department of Agriculture Sri Lanka.

The company has invested Rs. five million in fumigation and pest management.

 Exterminators provides services to control pest such as rats, mice, ants, cockroaches, spiders, flies, termites, mosquitoes for both domestic and industrial, and also provides fumigation services.

The company carries out a risk assessment prior to the treatment using the latest technology in pest management by assessing pest biology and behaviour.

"We experienced a 200% growth in total sales for 2006/2007. The company intends to increase revenue by 50% for the 2007/8 financial year," said Marketing Manager Travis Ferreira.

" We have been in the pest management industry since 1998 and the CEO of the company has been in this field since 1992. He is the only Sri Lankan who holds the Diploma in Fumigation offered by the British Pest Control Association and Pest Control Diploma awarded by the Royal Society for the Promotion of Health, UK.

Exterminators has been successful in the recent audit carried out by the AQIS audit officers and has been accepted as methyl bromide treatment provider for Australia by AQIS- Dept of Agriculture Australia.

Exterminators provides fumigation services according to ISPN -15 Standards, AQIS & NPQS requirements.  "We are equipped with the latest equipment," said Fumigation Division Head Praminda Pelpola.

We are the only  pest management company in Sri Lanka to train our staff at prestigious pest management institutes and associations such as British Pest Control Association, Royal Society for the Promotion of Health-UK, Federation of Asia Oceania Pest Managers Association, Singapore Pest Management Association, Indian & Malaysian Pest Management Associations  and The Australian Environmental Pest Managers' Association. We invest over Rs. 2.5 million annually to train them, said General Manager Rasika Sampath.

 Exterminators has an employee base of 30 including 17 technicians.

"We, as a responsible pest management company has a legal responsibility towards the safety of our clients as well as the environment, also a professional obligation to use pesticides in a safe manner. Therefore we carryout a comprehensive risk assessment prior to the treatment, considering all safety and environmental factors," said Ferreira.

"We are on a campaign to educate the public on mosquito diseases, prevention, control measures and "Stop Dengue."

Epsi assists the arts

Epsi Computers (Pvt) Ltd, authorized resellers for Apple Inc, in Sri Lanka powers TNL onstage 2007, TNL Radio networks' popular annual event, said a statement.

 Epsi I store outlets carry a range of Apple products and related accessories and are located at the flagship store at Galle Road, Colombo 4, Majestic City showroom and island wide Singer Mega outlets.

Epsi Computers CEO Niranjan Canagey said that the main reason for sponsoring this event was to promote and expose originality music by local musicians and bands.

Canagey also said that this event lays down the right platform for the nation's youth by giving them an opportunity to recognize their music talents and creativity. Epsi Computers are happy to be a part of this event.

On a personal note, Canagey said that he is a fan of alternate rock music and has been following some of the local bands. He said that TNL onstage provides the opportunity for such talented musicians to be able to demonstrate and expose their talents at an early age in their careers.

Epsi Computers founded in 1992, has rapidly grown in the Sri Lankan IT industry bringing the latest array of advanced information technology equipment to the market.

Possessing over a decade of experience in the industry and with a turnover exceeding Rs.1.5 billion, Epsi is placed in becoming the market leader in the industry.

It boasts of its commitment to providing Sri Lankans with state-of-the-art innovations in technological products. Epsi has grown to become one of Sri Lanka's leading IT companies and has received several prestigious awards in the region.

Tigo partners BlackBerry

Tigo and Research In Motion (RIM) has made available BlackBerryr for Tigo's mobile customers in Sri Lanka, said a statement.

With the launch of BlackBerryr Enterprise Server (BES), BlackBerryr Internet Service (BIS) and the quad-band BlackBerryr 8700g, Tigo's customers will now be able to enjoy the BlackBerry solution that supports wireless access to email, phone, text messaging, Internet browser, organizer and other mobile data applications.

Tigo Pvt. Ltd., CEO Dumindra Ratnayaka said: "Providing innovative products and services that enable convenience to our customers has been a primary aim since we started this business venture. Now with BlackBerry solution on Tigo's network, our customers can stay connected to the people and information that matter most."

Informatics, for ICT degree

Informatics Institute of Technology (IIT) Dean- Assoc. Prof. Alfred Perera and Computing Department Head Ms. N. C Krishnarajah  speaking to The Sunday Leader, discusses what makes IIT the number one private institute for IT students in the country. Krishnarajah said that so far over 1,500 students have graduated from IIT since 1990. They hold prestigious positions in industry and academia. At the moment the institute has over 500 students.

She added that Informatics does not just produce IT graduates, but graduates who possess excellent communication and presentation skills. They are excellent team players who possess the requisite IT and Business skills, plus the soft skills to be a useful member of any organistion.

According to Perera, Informatics is the pioneer in providing internal IT and business degree programmes in this country. IIT is one of the oldest and reputed private institutes of higher education in Sri Lanka which carries with it an unblemished track record.

As customary, next month (October), IIT will host its Cutting Edge exhibition showcase final year projects to the academia, industry and the public. The organizers of this year's event will showcase a variety of projects including robotics, distributed systems, networks, mobile computing, web applications and graphics. Hence, it will interest all categories of students.

IIT employs the region's most skilled and resourceful IT specialists, IIT's team of experts in its faculty is committed to providing quality education at the highest level. The resources provided are of the state of the art and the facilities provide an excellent environment for studies.

Perera who joined Informatics in 1991 as a lecturer-on his return from the UK after completing his Advanced Masters in Data Communications, Networks and Distributed Systems at UCL, London in a statement said that the knowledge gained on the MSc programme has helped him to transfer knowledge to students in Sri Lanka.

Whether it be to students in the state university sector or to students at IIT, he has imparted this knowledge willingly.

Perera said that IIT provides the pathway to a progression in the IT educational field with programmes from undergraduate to post graduate degrees being offered in collaboration with reputed British universities. For those students who do not possess the requisite entry qualifications to embark on an undergraduate programme, a well compiled Foundation programme exists to cater to this category. 

Perera also carries with him the following qualifications: B.Eng (India), MSc (University College London) and MPhil(University of Glasgow).

Top brands in newest mall

A view of the Diyawanna lake as you dine at a specialty restaurant..  Wi-Fi access throughout a ¬ kilometre radius..  And of winning international brands to indulge in..These are a few of the attractions that await shoppers when Ronan International Centre opens doors late next month.  Sri Lanka's premier destination mall is expected to  "dazzle" the visitor with its offer of international retail, entertainment and leisure experience for the family.

Sri Lanka is in for a world-class shopping-leisure-entertainment experience with the opening of the country's premier destination mall (DM)-Ronan International Centre (RIC)-late next month (October), said a statement.

A host of internationally acclaimed lifestyle products and accessories from The Parfumerie, Damas Diamonds, Levis, Dockers, Signature, Puma, Field, Addidas, Nike, Triumph, Dilmah, Ritzbury, Link and Ceylon Biscuits have reserved retail floor space in the Centre, while more brands and products are vying for exclusive partnership with the Centre. 

The Rs. 644 million; 68,000 square-feet 'Mall with a Difference' is a concept of R-Group International (RGI) headed by Rohan Nanayakkara.  RGI builds on the legacy of one of Sri Lanka's pioneer companies, Ceylon Carriers Ltd., with over six decades of experience in the logistics and hospitality industries. 

Sri Lanka has been yearning for a DM to complement its culture scape of only "one" department store and a handful of malls.  By definition, a DM is one that offers a unique and attractive mix of lifestyle products, leisure and entertainment activities, that people are willing to travel a greater distance to shop, relax and be entertained there. 

And there are 'Theme Destination Malls (TDMs)' and 'Event Destination Malls (EDMs)' with RIC belonging to the latter category.  A TDM is one where the visitor could find in one location everything that's possible in only one category of products or services-for example, clothing.

 An EDM is one that offers a diverse range of experiences all in one location-say, from the launching ceremony of the latest automobile to a one-of-a-kind art exhibition, fashion shows, to even a beyond-imagination beach-volleyball tournament! 

As an EDM, the Ronan center (RC) will create an ambience at one venue that will take the definition of shopping and entertainment to an enriching experience!  It is sure to be a definite tourist attraction as well. 

RC consists of two state-of-the-art buildings (soon to be linked by elevators and walkways) complemented by a 120+ parking area and an eco-friendly outer area.  One of the buildings is already anchored by the Keells Flagship Supermarket, contributing to an 850-1,000 customer inflow on a daily basis.  The visitor inflow is expected to increase further given that the Centre is located outside of the City's high security areas and accessible by the highway.

Since 'parking' is the first encounter a visitor experiences, RC has paid attention to this and makes available parking space.  To reduce even the minutest possible aggravations, the area is facilitated by courtesy officers who will valet park the vehicle and escort you to boutique or restaurant you wish to first visit. 

Another feature of the Centre that also has a bearing to visitor comfort, safety and hygiene-is its investment on purified water.  To ensure quality and consistency, the Centre makes use of its groundwater by purifying it using a plant imported from Italy. 

Each floor is laid out to include brand/product focused centres-giving its "due" place to the "best and winning brands!"  The circulation pattern inside the mall is designed in such a manner that each floor has optimum footfall that eases consumer movement and provides higher visibility for retailers. 

The RC management is considerate of trade exclusivity where appropriate as a way to reduce merchandize duplication and repetition, as well as increase customer demand and a sense of prestige in the retailer. 

The design and architecture of RIC is based on the principle of delivering a unique retail, leisure and entertainment experience.  Stress-free shopping is possible with conveniently placed sit-downs on every floor complemented by elevators and elevated corridors linking each building.  The visitor no longer has to rush to the designated food court area as in other malls, since each floor in RC is equipped with restaurants, cafes and eateries. 

The eco-friendly design boasts of open-to-sky spaces, landscaped greenery and water fountains, as well as "alfresco" sit-outs to relax and interact.  A controlled microclimate and dust control regime makes the Centre friendly and safe also for kids and the elderly.  Each space in the Centre is designed as a linger zone where the visitor is not made to feel rushed and encouraged to stay and savour.  Nodal points are laid out to function as meeting points for first-time visitors.

Before long a body care centre including a luxury spa, areas for meditation, yoga, aerobics, a dance studio and function rooms plus a fine dining area will become a part of RIC.

Overall, RIC is a destination mall that is a win-win environment for the customer as well as the retailer, because of its promotion of an experiential environment in which consumption is facilitated, impulses promoted, social interaction encouraged and leisure consummated. A place unlike any other indeed-to congregate and celebrate and consume, the statement further said.

Ceylinco policyholders to S'pore

Life insurance brought an unexpected bonanza to 58 Ceylinco Life (CL) policyholders recently when they and their families won an all-expenses-paid holiday in Singapore from the life insurance market leader.

A statement said that 240 people from all walks of life and all parts of Sri Lanka spent four fun-filled days in the Lion City in the second phase of the 2007 CL Family Savari programme.

A city tour, a night "safari," a visit to Sentosa, dining at "exotic" restaurants, shopping excursions and a special event organised by the Singapore Tourist Board were the highlights of the 'Singapore Savari.'

In the first leg of the Savari programme, another 1,600 policyholders

were given a fun-filled day of thrills and spills at the Leisure World (LW) theme park in Avissawella.

CL's Chief Executive Director R. Renganathan said the Family Sawari (FS)programme was the first and only promotional campaign of its kind in the local market designed to increase the penetration of life insurance.

"This innovative campaign is part of our initiative to take the message of life insurance to the Sri Lankan public, while sharing our success with our policyholders."

Renganathan said a significant aspect of the campaign was its focus on the family and the importance of the family enjoying good times together. "CL has been able to organise events of this magnitude because of its strength and stability," he added.

Easily the biggest interactive programme to be conceived by a local insurer, the 2007  FS programme is the third in a series that began in 2005.

Participation in the CL Savari was open to company policyholders regardless of the value of their policies. All active policyholders as at June 30, 2007 were considered for the draws for the day-long visit to LW and the Singapore trip.

CL's FS programme is a success that has developed a deeper significance than originally envisaged. Besides rewarding policyholders with memories that will last their life time, it has also become a demonstration of the amity and bonhomie that is possible across racial, social, economic and geographical boundaries..

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