2nd only to UK
Latiff making his address
2007, the Chartered Institute of Marketing
Sri Lanka region (CIMSLR) broke new ground
by launching the 'CIM Knowledge Reel Series'
for CIM student members, a statement quoting
CIMSLR Chairman Shiraz Latiff said.
speaking at CIMSLR's recently concluded AGM
had further said that an initiative to
promote the CIM Apparel Marketing programme
was carried out in June and July, in
association with the Joint Apparel
Associations Forum and the Synergy School of
Institute also launched a corporate campaign
in October to complement the value created
around the CIM brand and to increase brand
to these efforts towards education and
student development, Sri Lanka recorded a
pass rate of 51.28% at the June 2006
examination, securing second place
internationally, with UK achieving 59.57%.
an endeavour to organize a versatile series
Professional Development (CPD) programmes,
The Institute also set up the
"Knowledge Enhancement Unit."
Several programmes were conducted under the
CIM Talking Point Series and the CIM
Professional Series as a part of its new
strategic intent, hosted by a variety of
speakers to give participants a broader view
of successful business management while
providing insights to the topics in
"today's" business world.
spelling out the strategy and the plans for
the ensuing year said that the strategy was
to take the marketer and marketing to the
this pursuit, the theme for the year was to
'Take Marketing Beyond The Conventional 4
he said that traditional marketers focused
their efforts on the 4Ps of the marketing
matrix by confining themselves to a
functional role in organizations.
an endeavor to take the marketers to the
boardroom, he advocated marketers to look at
the 4Ps at a macro level, where instead of
the conventional price, product, place and
promotion, marketers should look at people
(the stakeholders), processes (value and
supply chains), profits (ROI) and the planet
(corporate social responsibility). He said
that if the marketer is to take a strategic
approach in an organization, his or her
focus should encapsulate these four
said that the Regional Board and his team
will focus on the main five areas of
interest-Education, Membership Development,
Corporate Interface & Market Interest
Groups, Public Affairs & Communications,
and Networking & Relationship Building.
Chamber of Commerce Chairman Mahen Dayananda
who was the chief guest addressed the
audience on the challenges faced by the
private sector, where the audience was also
enlightened on the private sector
contribution to the economy, factors that
undermine its competitiveness and the way
is the world's largest professional body for
marketing with over 50,000 members
worldwide. CIMSLR is the largest CIM Region
outside UK and the fastest growing CIM body
with nearly 1,000 members and 3,000 student
New Year ahead
interest rates, inflation
to persist because of war
zooming defence expenditure, an end to the
country's high interest rate and high
inflationary scenario does not seem to be in
sight, a banker who did not want to be named
a result, the 23 licensed commercial banks (LCB)
operating in the country have seen their bad
debts going up by Rs. 10 billion
(13.3%)-from Rs. 75 billion to Rs. 85
billion in the nine months ended September
30, 2007 compared to the corresponding
period the previous year as borrowers have
found it difficult to repay their loans.
reported that Sri Lanka's defence
expenditure next year would increase by 7%
to Rs. 166.4 billion over this year's
the point to point change in the Colombo
Consumers' Price Index last month remained
unchanged over its October figure at 19.6%.
Further, commercial banks' average weighted
prime lending rate in the week ended Friday
was 17.95%, a 117 basis point (bp) increase
over the previous week and a 276 bp increase
over the figure that prevailed a year ago.
Lanka Banks' Association (Guarantee) Ltd., (SLBAGL)
Secretary General Upali de Silva was quoted
in The Sunday Leader in its November 11,
2007 issue as having said that high interest
rates have an all round effect as it
threatens to increase bad loans, while
simultaneously increasing borrowers' cost of
credit and cost of production.
country's 23 LCB, which also include the
state owned Bank of Ceylon and People's
Bank, are all members of the SLBAGL.
source further said that the absence of
political stability and good governance,
corruption, poor productivity and the
security situation, were other contributory
factors to the dismal economic situation
prevailing in the country.
knows what needs to be done, but no one is
taking the initiative to do it. I don't see
a light at the end of the tunnel for the new
year," he said.
what Trade Minister Bandula Gunewardena
recently said, the government will have no
option other than to print money to meet its
expenditure needs which will further fuel
inflation, the source said.
an economist close to the banking sector who
did not want to be named said that despite
the high interest rate and high inflationary
scenario prevalent in the economy, the
banking sector was doing well.
was because they have passed on the costs to
the consumer, he said. In absolute terms
NPLs in the banking sector may have
increased, but if one looks at the ratios
there is hardly a change, he said.
country's 23 LCB, in the nine months ended
September 30, 2007, saw profit before tax
grow by 32.4% to Rs. 45 billion when
compared with the corresponding period last
year, while profit after tax in the same
period grew by 26.3% to Rs. 24 billion.
source was of the opinion that the banking
sector could survive this environment even
if it persisted for another year because
their fundamentals were sound. The margins
they have to keep with the Central Bank are
intact, the source said.
economic activity is taking place in the
country, which is visible when one sees the
amount of construction works that are taking
place in Colombo, that is something
positive, he said.
the economy operating in a high inflationary
and a high interest scenario, Seylan Bank's
(SB's) bottomline in the first 11 months of
this year grew by 10-15% when compared with
the corresponding period last year.
is one of the larger LCB' operating in the
SB source who did not want to be named
attributed this performance to a greater
concentration in recoveries, a shift in the
lending focus from large project lending to
lending to small and medium enterprises and
a focus on credit quality.
source however said that SB's non performing
loan portfolio was slightly above the market
average. However, it has been gradually
coming down due to a focus on recoveries,
the source said.
source further said that even in this
economic scenario, their Bank could survive,
but at a cost, such as an erosion in their
the bright side, despite this high
inflationary and high interest rate
scenario, the economy too has been
experiencing high growth, the source said.
infrastructure projects such as the US$ 300
million Kerawalapitiya Power project has got
off the ground, the source added. "I'm
an optimist, I'm positive about the New
Year," this source further said.
wants certainty, peace
Ceylon National Chamber of Industries (CNCI)
Chairman Rangith Hettiarachchy told The
Sunday Leader that industries, despite
having to operate in a high interest rate
environment are able to survive because of
have been no known foreclosures. CNCI has
some 252 member companies.
they have virtually come to the end of their
tether, Hettiarachchy, who is also a
director at DSI warned. "We have been
raising this issue in various fora to no
avail," he added.
the private sector wants is certainty and
peace, said Hettiarachchy. "But what we
are experiencing are fluctuations in 'key
the government's duty to be a business
facilitator and not indulge in business, he
need to do their job right if the country is
to achieve economic stability, they have
been elected to govern, he said. They need
to ensure that a peaceful environment
exists, Hettiarachchy said.
Singapore, even the taxi drivers know for a
certainty that the third terminal at Changi
Airport for budget airlines will be opened
on January 8, but do we have that
certainty?" he asked. A case in point
is the Colombo-Matara Expressway, which,
even after all these years have not yet been
completed, he said.
farmers hit by rising costs
request by the Old Moor Street Traders'
Association (OMSTA) to temporarily stop the
export of raw material required for the
manufacture of poultry feed to protect
smalltime poultry farmers is expected to
receive a response from the President
Palaniandy, president of the OMSTA who met
Trade Minister Bandula Gunewardena on
Thursday, had received this assurance from
told The Sunday Leader that as a result of
escalating prices of raw materials needed
for the production of poultry feed, farmers
were forced to sell their eggs at below cost
to wholesalers on account of cartelisation.
As a result, a number of cottage industries
egg supply have had been forced to
close down, he said.
to Palan- iandy, the cost of production for
a single egg was Rs. 6.50, but the farm gate
price that a farmer received was only Rs. 6.
the meantime, eggs which were wholesaled at
Rs 8 per egg, were being retailed at between
Rs. 9 and Rs. 10 per egg.
had therefore requested the ban of rice bran
and rice polish exports till the end of next
month when the Maha harvest "comes
rolling in," which would bring down the
prices of these raw materials.
to Palaniandy, the principal raw materials
required for the manufacture of poultry feed
are rice bran, rice polish, coconut poonac,
maize and soya bean meal (SBM).
said that in the past few weeks rice bran
prices had gone up by nearly 300% to Rs. 20
a kilo, rice polish by over 100% to Rs. 25 a
kg. and coconut poonac by nearly 100% to Rs.
20 a kg.
had also requested that poonac exports too
be banned for a month.
had further requested the reduction of the
20% import cess levied on maize imports.
According to him, the earlier price levels
were Rs. 20 for a kg. of locally produced
maize and Rs. 25 for imported maize.
government had then imposed a 20% cess on
maize imports to protect the local farmer.
This had pushed the price of locally
produced maize to Rs. 35, but there was no
significant increase in the quantity
the price of imported maize escalated and
now stands at Rs. 45 a kg.
however said that the government has no
escalating SBM prices, the other key
raw material needed to manufacture chicken
feed as this commodity is not produced
said that SBM had increased by 100%, from Rs.
35 to Rs. 70 a kg., within the space of
however said that due to market forces,
broiler chicken was being sold at Rs. 225 a
kg., less than its maximum retail price of
Rs. 240 a kg., enforced by the Consumer
of 91 day bills up 116 bp
pressure on rates continues
weighted average yield (WAY) of treasury
bills of 91 day maturity rose by 116 basis
points (bp) to 21.30% at Wednesday's auction
compared with the WAY it fetched at the
previous week's auction.
the WAY of 182 day treasury bills stagnated
at 19.99%, probably because the Central Bank
(CB) allowed only 7% of the bids received
for treasury bills of this tenure to be
subscribed by the market, while rejecting
the balance 93% of the bids received.
value of the bids received for treasury
bills of 182 day tenure was Rs. 7,332
million; while the CB allowed the
subscription of offers worth only Rs. 512
million, or, only 7% of the total bids
in the case of bills of 91 day tenure, the
CB allowed for the subscription of 57% of
the offers received. The value of offers
received for treasury bills of 91 day tenure
was Rs. 11,311 million; of which amount the
CB accepted Rs. 6,421 million worth of
the CB rejected all the offers received for
subscription of treasury bills of 364 day
tenure. The CB in general rejects such
offers when the yields quoted by the market
are higher than
CB expectations. At the previous
week's auction, the WAY fetched for treasury
bills of 364 day tenure was 19.96%.
received for subscription of bids of 364 day
tenure were Rs. 10,546 million; or 36% of
the total value of bids received for all
auction in total was for the re-issue of Rs.
13,933 million worth of maturing treasury
bills. The CB accepted Rs. 6,933 million
worth of offers received from the market,
while the balance Rs. 7,000 million worth of
bills up for re-issue was retired. Retiring
of treasury bills means the CB issuing an
equivalent amount of new money to the
market, in this case Rs. 7,000 million.
rejects bids for Rs. 3 bn. bond auction
Central Bank (CB) on Friday rejected bids
received for two treasury bond auctions of
three and four year tenure and totalling Rs.
the CB rejects such bids received from the
market when the rates asked for by them
are higher than that which the CB is
prepared to pay for such treasury bonds.
these bonds are issued to fulfil the
government's borrowing needs, in general,
what usually happens in cases where the CB
rejects bids received from the market, they
usually get captive funds to invest in such
values of each of these bonds were Rs. 1.5
billion and the coupon rates they commanded
were 7.2% per annum for bonds of three year
tenure and 6.85% for the treasury bond
parcel which was of a four year tenure.
in a treasury bond auction for the sale of
treasury bonds of two and five year tenures
and held on November 5, the CB accepted bids
from the market at weighted average yields (WAYs)
of 15.5% and 15.55% respectively, while the
coupon rate prescribed for these bids were
lows of 7.5% and 6.85% respectively.
in a previous auction for bonds of six year
tenure and held on October 30, the CB
accepted bids from the market at a WAY of
16.05%, whereas its coupon rate was only
commodities contribute to 30% of inflation
increases of imported commodities such as
milk powder, wheat and petroleum contributed
to more than 30% of the inflation during the
2007 second half, the Central Bank (CB) in a
as measured by the point-to-point change in
the New Colombo Consumers' Price Index-CCPI
(N) was 19.3% last month
while the annual average inflation
was 15.4% as at November 2007.
order to contain demand pressures in the
economy, the CB set a tight growth path for
reserve money which is the appropriate
amount of new money to be injected by the CB
during the year.
CB has thus far been able to be within the
respective limits during the first three
quarters of the year and is expected to be
within the fourth quarter limit as well. The
containment of reserve money in turn has
succeeded in controlling the rapid expansion
in broad money as well.
in broad money which was around 20% during
the first three quarters declined to 17.5%
in October 2007 largely due to the decline
in domestic credit.
to the private sector which was in a higher
range of 24-26% during the year's first
half, gradually decelerated to 22-23% during
the second half in response to the tight
monetary policy stance aimed at curbing high
this downward trend, it further decelerated
to 21% during October 2007. Also, Net Credit
to the Government (NCG) from the banking
system declined substantially in October
with the repayments made by the government.
credit to public corporations, particularly
to the Ceylon Petroleum Corporation (CPC),
indicated some decline in October while a
further decline is expected
with improvements to the cash flow of
the CPC due to receipt of the Iranian credit
Decline in domestic credit would
to reduce money supply growth and
hence demand driven inflationary pressure.
economy was estimated to have expanded by 7%
during the third quarter of the year,
subsequent to registering a 6.2% growth
during the first half, said the statement.
This expansion was supported by the healthy
performance in the Industry and Services
sectors and the recovery in the Agriculture
sector output has been underpinned by higher
production of tea and rubber, benefiting
from favourable weather conditions as well
as continued high global demand.
the external sector, with the increase in
the average tea export prices, agricultural
exports strengthened further, given higher
industrial and mineral exports. Accordingly,
cumulative exports during the first ten
months increased by around 13%.
imports during the first ten months of 2007
increased by 7.3% over that of the
corresponding period in 2006, helping to
narrow the resulting trade deficit for the
period by 3.7%.
Subsequently, the balance of payments
was estimated to have recorded a US$ 696
million surplus, while gross official
reserves stood at US$ 3,226 million by end
appreciation of the rupee vis-…-vis the US
dollar following the international bond
issue was further upheld by expectations of
CB will announce the "Road Map for
Monetary and Financial Sector Policies for
2008 and beyond" on January 2, 2008.
The advance release calendar of monetary
policy announcements for 2008 will be published with the Road Map.
laws to control Prima
lacuna that exists in the current Consumer
Affairs Authority Act (CAAA) that precludes
intervention by the Consumer Affairs
Authority (CAA) to control wheat flour
prices will come to an end in February once
the necessary amendments are passed in
parliament, an official told The Sunday
Ministry Secretary Dr. R.M.K. Ratnayake said
that the draft amendments have already been
prepared by the Legal Draftsman. They will
be translated to the vernaculars next month
and presented in parliament to become law by
February, he said.
did not expect any opposition to the
Christmas Day, Prima, the country's sole
wheat flour miller, increased the price of a
kilo of wheat flour by Rs. 9.
to push up $
US dollar closed the week at Rs. 108.75 in
spot trading, up 10 Sri Lanka cents over
Thursday's close, market sources said.
Thursday, the dollar gained sharply by 60
cents in spot trading, where it went up from
Rs. 108.25 to Rs. 108.85 due to a mix of
alleged manipulation by certain commercial
banks to up the rupee value of their dollar
holdings before year end (where Thursday's
settlement is due tomorrow) and importers
coming into the market after the holiday
season, the sources said.
brought about state intervention via the
Bank of Ceylon which started to sell dollars
in the market, as a result of which the spot
dollar rate closed at Rs. 108.65 on
Thursday, down 20 cents from the high of Rs.
108.85 that it had reached on that day, the
sources said. However, there was no state
bank intervention on Friday, they said.
further said that on Thursday, largely due
to inter-bank trading, volumes were
pushed up to $ 100 million, as
against the previous week's daily average
low of $ 20 million and Friday's $ 30-40
rates increase 300 bp
overnight call rates, the rates at which
banks lend to each other for a day, went up
by 300 basis points on Friday, over
Thursday's close, to finish the week at 18%,
as the market was short by Rs. seven
billion, dealers said.
made the Central Bank (CB) to sell Rs. seven
billion to the market through the overnight
reverse repurchase (repo) window at the
concessionary interest rate of 12%, they
the CB in a statement said that the total
quantity sold to the market through the
overnight reverse repo window was Rs. 7.25
billion. It also said that the weighted
average overnight call money rate was
18.93%, while the maximum rate that it
fetched on Friday was 21%.
for EU shipbuilding
EU-funded IMPROVE project is developing
three next generation ship designs to keep
the competitiveness of European shipbuilding
competition from the Far East intensifies,
the only way for the once-dominant European
shipbuilding industry to survive is to build
on its technological advantage and offer
ships with added value.
the innovative use of advanced conceptual
design and manufacturing techniques, the
project will seek to develop concepts
for small series and highly
customised production environments, which
will take into account important factors
such as structure, production, operations,
performance and safety at the pre-production
stage of a ship's construction.
agro business in Moneragala
is one the poorest districts in Sri Lanka
where 56% of its population live below the
poverty line, the Federation of Chambers of
Commerce in Sri Lanka (FCCISL) in a
in terms of resources, Monaragala possesses
a vast resource base where fertile and
arable land is in abundance to grow
are different climatic conditions for these
is abundance of water and the forest cover
too that would attract environment loving
visitors-eco and agro-tourism.
it is a pity that with all these resources,
Monaragala has been classed as the poorest
district in the country.
on top of all these conditions, there are
problems with the agricultural community,
specially problems pertaining to market
such example is lime growing as in some
periods large quantities of lime are dumped
for want of a market.
is also no processing technology available
in the area.
is the background, the economic potential
and the current status of the Monaragala
one looks at the composition of industries
and businesses in this District, it would
appear that more than 50% of the enterprises
are agro-business and agricultural farming.
the case of agro processing, the largest
sugar processing factories are situated in
Monaragala-Pelwatte and Hingurana.
Micro and small enterprises are
there, but there would not be many medium
has identified the situation and as a
precursor, established its local District
Chamber in Monaragala few years ago to help
economic development within the district.
Secretary General Samantha B Abeywickrama
said that they received some funding support
said that later they were able to procure
new support from NORAD-the development arm
of the Norwegian Government.
have given financial support for the
development of business and economy within
FCCISL has negotiated with the Norwegian
Economic and Business Development Ministry
for an enterprises development programme for
project's key components are: Development of
macro and small enterprises providing
necessary business development services and
facilitating with credit and finances;
developing technologies for various
manufacturing and production programmes and
"most importantly," developing
will also introduce post-harvest
technologies to facilitate forward sales
will improve farming technologies that will
improve the prevailing informal system.
other areas to be introduced are
productivity and cleaner production
entrepreneurship is developed, investment
promotion is also promoted in Monaragala.
Project will also create a better policy and
regulatory environment for these micro and
small businesses to function by expediting
the decision making process and also
providing access to public sector decision
sells 10% of NDB
Sena Yaddehige, chairman and controlling
shareholder of Richard Distributors Ltd.,
sold his company's stake of 10% or 8.2
million shares of NDB to Jaya Investment
Fund (JIF), a fund operated by Indians for
Rs. 1.39 billion at Friday's trading, market
comprised the changing hands of 8.2 million
shares at Rs. 170 a share.
who is also the chairman of Richard Pieris
and Co.Ltd., also has a 5% stake of NDB
under his own name.
in October 2006 bought a 10% stake in NDB at
Rs. 160 a share and disposed of the same at
Rs. 195 a share in April 2007.
present major shareholders of NDB, a listed
company are: EC Global Fund Mauritius (10%),
Galleon Diversified Fund New York
(controlled by Raj Rajaratnam)-10%, JIF
(10%), Bank of Ceylon-BoC (10%), Yaddehige
(5%) and Central Bank through EPF (4%).
government, by virtue of the fact that it
has a 14% stake in NDB through the BoC and
EPF, voted Yaddehige as its nominee for a
board seat in NDB earlier this month.
banking to touch $ 1 trln.
carried out by both Mckinsey and MTI
Consulting point in the direction of total
asset base globally in Islamic Banking can
reach USD 1 trillion in the next 3-5 years,
said a statement.
key to continued high growth will be fuelled
by the adoption of Sharia-Compliant banking
products by the wider population than being
to a core group of niche Muslims, as has
allegedly been the case in Malaysia where
Chinese are among the major consumers.
rapid development of the Sukuk (the bonds
market) as a corporate finance tool has
drawn industry attention over the last year,
with more complex bonds and related
derivatives expected in the market.
successful development of a robust and
resilient Islamic financial system depends
on the ability to integrate its various
the Islamic banking industry, Takaful (an
alternative to insurance) as well as the
money and capital markets.
equal importance is the marketing and
branding of the salient features of the
Islamic financial service to reach the
sponsor, int'l IT event
Keells Computer Services (JKCS) sponsored
this year's IATA IT Summit 2007 along with
other aviation IT providers such as Amadeus,
Oracle, SAP, SITA and Lufthansa Systems,
said a statement.
event was held in Amsterdam from December
Airways IT Head Sourav Sinha was invited by
JKCS to be a guest speaker at the event. His
topic of discussion was "Passenger
service systems: commodity or competitive
advantage?" Qatar Airways, ranked among
the world's Top 10 by "Skytrax,"
is a key JKCS customer.
has engineered a host of mission-critical
and passenger facing systems such as
Internet booking engines, integrated
reservation solutions, self-service check-in
systems, loyalty programmes and holiday
International in Newburgh, NY, officially
was taken over by the Port Authority of New
York and New Jersey, which bought the lease,
to run through 2099, for $78.5 million.
Port Authority has the resources and
expertise to help Stewart realize its
potential as a major transportation hub,
said New York Governor Eliot Spitzer, who
announced $500,000 in state grants to local
communities to plan for increased growth and
will help ease congestion "currently
afflicting our increasingly stressed
metropolitan airports as we near their
capacity and plan for future population and
passenger growth," he said.
covers 2,400 acres and has two parallel
runways that can handle major jet service
outside of the crowded airspace over New
York Kennedy and LaGuardia and Newark
Liberty and Teterboro in New Jersey.
2006, Stewart handled 300,000 passengers
compared to 26 million at LaGuardia, which
sits on only 680 acres on land. (Washington
Asian Alliance Insurance PLC
(AAI) was recently awarded the BB+ Rating by
Lanka Rating Agency Ltd., said a statement
The Board and AAI Management
took this step, a year ahead of the
requirement of the Insurance Board of Sri
Lanka. The management views this rating
positively, given that they are a new
entrant to the industry. The rating achieved
was awarded on a stand-alone basis on the
soundness of the insurance operation. The
rating did not depend on the financial
strength of any parental or shareholder
support and affiliation.
It reflects the claim paying
ability of the Company taking into account
underwriting, and economic conditions as
well as the capacity to meet policyholders'
"Publishing of our rating
is a demonstration of corporate transparency
and professionalism. Moreover, we are
conscious of protecting our policyholders
and disclosure that our Claim Paying Ability
(CPA) rating is tangible evidence to this
2nd time sponsor
Hotel Show 2008 will be held
for the 5th time at SBMEC from July 11-13,
said a statement. The biennial event will
bring together local & international
hospitality suppliers to demonstrate their
products to the hospitality industry in Sri
Lanka and Maldives.
Singer Sri Lanka joins hands with Ceylon
Hotel School Graduates Association (CHSGA)
as the main sponsor for the second
Singer, the no.1 brand in Sri Lanka
is one of the leading multinational
companies operating in the country providing
an array of household products and services.
Sri Lanka Insurance (SLI) has
been affirmed by Fitch Ratings (FR) at AA-(lka)
in the National Insurer Financial
Strength(IFS) ratings and at A+(lka) in the
National Long-term rating, said a statement.
Outlooks for both ratings have
been changed to positive from stable.
The positive outlook was the
result of FR' tracking of SLI's progress in
reforming the company since privatization in
2003.In its commentary on the rating action,
Fitch said: "The changes made to
company's systems, products, controls and
management during this time have allowed SLI
to better exploit its good market position
in Sri Lanka. The agency considers that
premiums and claims processes and management
have improved over this period, as have
accounting systems and controls, management
structures and corporate efficiency."
According to Fitch a major
strength of the rating was SLI's reinsurance
programme. In addition Fitch said that SLI's
capital level at September 2007 remained
supportive of the ratings and superior to
that of many of its rivals.
Trans Asia Hotel's New Year's
Eve celebrations include a Dinner Dance,
celebrations at the Library and also at the
poolside for the family, said a statement.
also includes a fireworks display at
midnight and a complementary breakfast.
Lanka Telecom Mobitel has introduced a
re-charge card for making IDD calls that
doubles the number of minutes for outgoing
calls free, said a statement.
Sri Lanka Telecom Mobitel (SLTM)
recently entered into a partnership with
Microsoft Sri Lanka (MSL) where the former
would be entitled to services provided by
the latter, said a statement.
Mobitel has selected Ceylinco
Micro Technologies (CMT) as the Microsoft
partner to implement and support Microsoft
technologies under this agreement. CMT, a
Ceylinco Group subsidiary is a Microsoft
Gold Certified partner for Advanced
Infrastructure, Information worker,
Networking Infrastructure and Security and
also a Partner advantage partner for
SLTM is a wholly owned
subsidiary of Sri Lanka Telecom. In January
2004 the company launched its 2.5G GSM
network that is EDGE/GPRS enabled and in
December 2007 Mobitel launched South Asia's
first and only network with Super 3.5G HSPA
technology. Investments committed to date in
its 3.5G/2.5G networks and service offering
totals over US$ 200 million and is set to
increase its present 1000+ base stations to
1,500 base stations by the year end.
HSBC Global Payments and Cash
Management (HGPCM) recently completed a
number of integrations with clients'
Enterprise Resource Planning (ERP) systems,
said a statement.
HSBC's integration capability,
covering a range of accounting and ERP
systems enables companies to outsource
payment processing to HSBC through a
customized suite of solutions including
Cheque Outsourcing Service and electronic
payments to suppliers.
files generated from a range of ERP systems
can be uploaded to HSBCnet, the Bank's
global internet-banking platform, reducing
manual intervention and administrative time.
MAS Intimates (Pvt) Ltd.,
Treasury Manager Kishani Mannan said: "HSBC's
dedication ensured a 'seamless' transition
in the automation of our payments.We are
confident in their integrated solutions and
post implementation service. The global
platform ensured a common system across our
business entities globally."
An HGPCM team works with
customers' Finance and ERP teams to ensure
delivery of a customized solution.
HSBC Sri Lanka Deputy CEO
Trevine Fernandopulle said: "HSBC has
pioneered innovation in banking in Sri Lanka
and will continue to provide solutions to
companies to improve efficiencies through
the use of leading edge technology."
Plastics do not deplete
resources, on the contrary it conserves
them, a statement quoting Phoenix Industries
CEO Hasith Prematillake claimed.
As an example, he said that to
pack 500 grams of coffee one would need 200
grams of glass and 130 grams of tin, whilst
in the case of plastic, one would need only
Airtel has been recognized as
the Best Brand and the Best Mobile Operator
at the 'World Communications Awards (WCA)
2007,' said a statement.
The awards were announced
recently at an event in London that was
attended by some of the world's leading
brands in the communications industry.
Airtel was chosen as the best over
brands such as iiNet Ltd., Orange, StarHub
Ltd, TEO LT, AB and The Egyptian Company for
Mobile Services (Mobinil).
Airtel, recently received
approval to launch 2G and 3G mobile services
in Sri Lanka, and plans to launch local
operations early next year.