Admits no control over acts by independent entities

Currency buffer stock to meet contingencies-Cabraal

The Central Bank (CB) will maintain a buffer stock of currency this year  to meet contingency demands, CB Governor Ajith Nivard Cabraal said.

Unveiling CB's roadmap for 2008 and beyond on Wednesday, he further said that due to the action of independent entities that were beyond CB's control, the Bank may be compelled to veer away from the monetary and financial goals that it has set forth for the new year.

It's widely known that one key independent entity that the CB has no control of is the government/Treasury. This has resulted in high government borrowing, complemented by profligate spending, a key reason for the high inflationary and high interest rate scenario prevailing in the country for over a year.

Treasury Secretary Dr. P.B.Jayasundera was not available for comment.

Cabraal further said that these targets could be achieved if government credit to corporations and boards is limited to Rs. nine billion as declared in budget 2008.

Among some of the milestones set by Cabraal for 2008 were: 7% GDP growth over the 6.7% estimated growth last year; external reserves surplus of US$ 3.3 billion, sufficient to meet three months of imports as against a figure of  $ 3 billion as at end 2007.

A 10% export growth over 2007 led by duty free access to the EU market under the GSP + scheme, FTAs with India and Pakistan coupled by an expected 4.3% export growth in advanced economies for the year.

A 14% import growth caused by high oil prices and capital goods imports; a 7% budget deficit as against 7.2% in 2007 and an inflation rate of between 10-11% by end 2008. He also emphasized the need to reduce inflation to 5% in the medium term.

Among the other targets set by the CB for the year were: A 15% growth in reserve money as against 11.6% in 2007 and a 17% growth in broad money.

He warned that if oil prices increase from the predicted $ 85 to $ 90 a barrel in 2008, then the country could expect a higher inflationary rate of between 12-14% for the year, as against the predicted low inflationary rate of 10-11% for 2008.

Cabraal further said that the CB believes in the "pass through" method to contend with rising commodity and oil prices as the only way to lower the budget deficit and reduce inflation, rather than the government indulging in subsidy spends.

He also said that the CB will lay new guidelines on credit card issues this year. Cabraal further said that new laws will be passed on debt recovery and business recovery, while a Micro Finance Institution Act will also be passed.

Hayleys will retain Fuji agency

Considering the investments needed to continue with Hayleys' electronic business, the company felt it was prident to divest itself from this operation, a Hayleys source who did not want to be named told The Sunday Leader.

He was responding to a query made by this newspaper in connection with an announcement made to the Colombo Stock Exchange by Singer Sri Lanka on Wednesday, "that they have entered into an understanding with Hayleys Electronic (Retailing) Ltd., to manage their showrooms with effect from January 2."

The source however said that they will retain their Fuji agency. When asked whether they will be divesting their seemingly lucrative Phillips agency in this restructuring process, the source however refused to make a comment in this regard.

"Singer and Abans are bigger players than us in this sphere," the source said. "This move is part of our business rationalizing process," he added.

He further said that these showrooms that had been handed over to Singer were rented showrooms and not their own. The source also said that Hayleys will make an announcement in this regard.

He however said that they were looking into other areas of business. Asked whether they have been called for negotiations in regard to building the first terminal in the Colombo South Port expansion programme on a BOT basis, the source however answered in the negative.

 Hayleys, together with Carson & Cumberbatch and CMA/CGM France, were one of four bidders who made an offer for the construction of this terminal. The implementing agency, the Sri Lanka Ports Authority, recently asked bidders to extend the validity period of their offers, and the Hayleys consortium was one of the bidders that acceded to this request. 

Rienzie debunks Cabraal's excuse

CB Gov'nor independent entity like Chief Justice

Hatton National Bank PLC (HNB) Chairman Rienzie T. Wijetilleke debunked Central Bank (CB) Governor Ajith Nivard Cabraal's insinuation that the CB has no control over the actions of the Treasury leading to profligate spending that cause a high inflationary and high interest rate environment.

He said that he had served under several CB governors beginning with Warnasena Rasaputram in the late 1980s, but never has he seen such a politicized governor as Cabraal, he alleged.

Wijetilleke said that institutions such as the Treasury, CB and Customs, all come under the Finance Ministry, but the most independent of them all is the CB.

He alleged that the CB Governor has independent powers like the Chief Justice. Wijetilleke further alleged that Cabraal, being an accountant was allegedly good at cooking figures.

Wijetilleke also said that the country does not need a CB roadmap to tell it where it's going.

He further said that the Governor of the Bank of England Eddie George who was a guest of his five years ago, was so independent, that whichever government was in power, was unable to influence his decisions.

On the allegations by the IMF that a Treasury representative in the Monetary Board compromises its independence, Wijetilleke endorsed that view. He said that in this context the government preaching corporate governance to banks was similar to a mother crab trying to teach its baby crab to walk straight.

But profligacy will upset equation

Rates have peaked

Due to market liquidity increasing as a result of maturing government securities, overnight call money rates, the rates at which banks borrow from each other for a day, slipped by 100 basis points over Thursday's close to end the week at 14%.

Market sources however expected yields on short term maturing treasury bills to be kept high by the Central bank (CB) in order to counter inflationary pressure.

But yields on the longer term tenures will come down, they said. "I feel that interest rates have peaked," a source said.

But they admitted that if profligate government spending, like what happened last year, continues, this would upset the equation.

Average overnight call money market rates according to the CB on Friday were 14.68%, down 97 basis points over Thursday's average of 15.65%.

Banks' average weighted prime lending rate in the week ended Friday surged to 19.33%, a 138 basis points (bp) increase over the figure of 17.95% that prevailed a week ago, according to CB data. This figure a year ago was 15.41%, a 392 bp increase since.

Meanwhile, the rupee on Friday strengthened by eight Sri Lanka cents over the US dollar (over that of Thursday's close) to finish the week at Rs. 108.60, which sources attributed to foreign inflows coming into the market as a result of the CB increasing the band permitted for foreign subscription in rupee denominated treasury bonds from 5% to 10% from last month.

They further expected the rupee to at least hold on to these levels in the coming days, or to at least slightly appreciate, which would have a positive impact on inflation, as a result of the rupee value on imports having to come down.

According to the commercial banks' average middle rate prevalent at 9.30 am on Friday the dollar was trading at Rs. 108.65, a dip of seven Sri Lanka cents (SLc) when compared with the rate of Rs. 108.58 that prevailed a week ago, the CB said. This rate was Rs. 107.72 a year ago, a dip of SLc 93 since, or a 0.9% depreciation.

Meanwhile, daily turnover was in the region of US$ 40 million on Friday, with the market holding on to these volumes for the past few days, the sources said.

According to the CB, average daily inter-bank volumes in the week ended Friday was US$ 60.16 million, a 13.9% increase over the $ 52.84 million figure that prevailed a week ago and a 150% increase over the average daily figure of US$ 24.10 million that prevailed a year ago.

 'A (lka)' for HNB Assurance

Fitch Ratings (FR) Sri Lanka has given HNB Assurance PLC (HAP), a national insurer, a financial strength of 'A (lka)' and a national long-term rating of 'A- (lka)' with stable outlooks, said a statement.

 HAP is 60% owned by Hatton National Bank (HNB), one of the largest private sector commercial banks in Sri Lanka with a rating of 'AA- (lka).'

HAP is only the second insurer in Sri Lanka to obtain a rating of its financial strength from FR.

HAP Managing Director Manjula de Silva said: "The'A (lka)' rating reflects the financial strength and performance of the company as evident to a respected independent observer."

 While expressing his delight on the outcome of the first independent rating received by the Company, he is confident the management team with the support of the staff and the field force will endeavour to improve on it further in the years to come.

A public quoted company which has been consistently profitable since its launch in 2001, HAP became the first local insurer to record an annual turnover of Rs. one billion in its fifth year of operation, in 2006.  The Company is also backed by a share capital of Rs. 375 million, one of the highest in the local insurance industry.

Com Bank opens 160th branch

Commercial Bank (Com Bank) opened its 160th branch at Polgahawela in a spacious new building with ample parking facilities, said a statement.

The new branch is linked to all 159 Com Bank branches, MiniCom Centres and Service Points at Arpico Supercentres through ComNet, permitting online real-time banking.

It is also equipped with an ATM linked to all the other Com Bank ATMs and over a million ATMs belonging to the Cirrus and Visa networks worldwide.

Walk to keep diabetes away

 Twenty five people will soon receive an incentive to walk their way to good health, with the conclusion of the Ceylinco Diabetes Centre's recent campaign against obesity, said a statement.

The Centre, Sri Lanka's most advanced private facility for the prevention and management of diabetes and associated complications, recently offered visitors a chance to win 25 Pedometers, as part of its campaign to create awareness about the link between obesity and diabetes.

Every visitor who obtained a diabetes package at the Centre in November became eligible to win one of these portable electronic devices that "count footsteps."

The Centre recently conducted the draw to choose the winners.

It has been established that the risk of becoming diabetic increases as a person gains weight and that walking 10,000 steps a day can help keep a person healthy.

The Centre's campaign in November was intended to persuade people to eat healthy and to exercise adequately to maintain their ideal weight.

Play at TZ

The newly launched Tigo Zone (TZ) held its first gaming competition recently, said a statement.

TZ members participated in racing against each other playing "Need for Speed": "Most Wanted on Sony Playstation 2."

After the preliminary rounds there were 20 finalists. After almost five hours of hard core racing, some of the most extravagant racing cars found in the world, Zahid Muhammed emerged the champion racer and won himself a brand new Nokia 6300 from Tigo. Vinod Kumara was the runner up.

"Through events like these we want to popularize the value added services (VASs) that are being offered by Tigo which is mainly targeted at the young consumer," said VASs Brand Manager Channa Munasinghe.

Video gaming is among the many activities at the new TZ offered free of charge to its members. "The purpose of TZ is to give  customers a different VAS experience. "TZ is also the one-stop-shop for all your Tigo value added services," added VAS manager Chamila Fernando.  At the TZ, you can now enjoy new movies, challenge your friends to a PlayStation duel, listen to your favorite music tracks or kick back and surf the web with your friends.

Members can choose from a wide range of movies and games available at TZ, or they can bring their own.

Anybody can become a TZ member. All Tigo subscribers can obtain a premium membership, while those who do not own a Tigo connection can get a non-premium membership. Members get free access to the facilities available.

Premium members do get first preference over others. Many free offers are available for members who register. For anybody who becomes a premium member Call-A-Tune is registration is free and unlimited multi message services for a week. 

TPL expands to ME

Teleview (Pvt) Ltd, (TPL) won the Business Excellence Award for the 2nd time in succession for the Leisure & Entertainment Catagory at the National Business Excellence Awards Ceremony 2007, organised by The National Chamber of Commerce under the patronage of World Bank Country Director Ms. Naoko Ishii, said a statement. 

TPL was incorporated in 1984 as a television programme producing company.

It has begun supplying its services to international TV broadcasters and airline inflight services.  They have also established 2 educational Institutes in Dubai & Maldives, and also started a division to repair & service electronic equipment. 

            In the future it hopes to start a production house in Baharain & Qatar & also to supply Architectural Animation Services to these markets.

            They have also started producing DVDs on films & tele series and has also begun work in establishing a technology academy network islandwide.

It has also produced the highest number of tele series to the local TV industry and has won the most number of awards for a single teledrama so far.

'' Dandubasnamanaya'' won 20 out of 22 awards at the Sumathi & OCIC awards ceremonies. Further, Teleview has won the Prime Minister's Award for the Best Documentary and has also won awards for the outstanding TV/CM of the year twice which was presented by Sri Lanka Institute of Marketing.

            Badulla Video Village which was built for the purpose of TV Progammes has been the only video village in Sri Lanka with all modern facilities.  

            The Teleview Technology Academy (TTA) which started 15 years ago to train technical & performing artists has also been expanded as a multi media training academy. At present Teleview conducts computer courses-from small kids to adults.

            TTA has been the pioneer Acadamy which conducts courses for Graphics, Animation and also for Auto Cad. 

The '' Teleview Pariganaka Hapannu'' course which is affiliated with ''Learning.Com''  USA has been popular with schoolchildren.    This course comprises  computer studies, digital  photography, & video technology.

Teleview has produced several programmes for TV broadcasting companies and has expanded its services since 2007.  Teleview has identified 3 main areas such as Television Broadcasting Services, Producing Educational & Entertainment services for local households, and also International Services which are in operation.

Service Excellence

The Association for International Standards (AIS) affiliated to the Ceylon Chamber of Commerce will conduct a seminar on "Customer Service Excellence" (CSE)-to reach beyond Excellence" at JAIC Hilton on January 17, said a statement.

It will be conducted by Dhammika Kalapuge.

Programme contents include the importance of providing service excellence and developing the right attitude to serve the stakeholders; demonstration of the organization's personality as an efficient, professional, approachable, friendly and reliable organization; maximization of available resources to the best of its potentiality for enhancement of productivity; breaking the paradigm to transform problems into opportunities in providing CSE and setting standards in each individual's own role to extend an outstanding service to clients.

SLT & media technology

Sri Lanka Telecom (SLT) has enhanced its voice and data networks to next generation architecture, said a statement.

 This countrywide state-of-the-art Internet Protocol/Multi Protocol Label Switching (IP/MPLS) based communication backbone is capable of connecting "every corner" in Sri Lanka to deliver broadband content, said a statement.

The SLT core network has evolved towards IP/MPLS, which can help SLT to meet the challenges for IP bearer networks such as Quality of Service

(QoS), reliability, security, expansibility, manageability as well as multi service bearing.

As a result, the traditional IP network has non-quality internet service which is being transformed into carrier class IP bearer network, with multi-service. This includes Internet Protocol Television (IPTV), Next Generation Network (NGN) and IP Multimedia Subsystem (IMS) which allows SLT to enable Fixed-Mobile-Convergence (FMC).

This network is able to assist the company by CAPEX and OPEX reduction, flexible operation management, value added services innovation and business model improvement.

  SLT also uses the MPLS network to deploy NGN especially in provisioning traditional telephony services and more IP related services. The service is currently provided in Matara on the same telephone set but will evolve into broadband voice, providing VoIP into soft or hard IP telephone sets in the future.

Skype

These VoIP phones will be similar in appearance to Skype, with many added features such as online directory services and IP based messaging. MPLS networks are also used for IP multicasting to enable video applications such as IPTV on broadband access with IP converged triple play services to the end user.

  A high-speed islandwide optical fibre telecoms infrastructure is yet another goal for SLT with its Central, Metro and Southern Ring, North-East Central Ring and East-Uva Central Ring already in service.

The company's optical fibre (OF) ring network has been designed to provide high transport capacity which will have around 1500 km. of OFs to interconnect all provinces in Sri Lanka.

The network establishment facilitates Sri Lankan's to have seamless connectivity islandwide.

   In support of the fibre troduced the MPLS network, which is the next generation packet based IP transport technology.

The MPLS backbone expansion will enable the company to spread its converged next generation IP broadband services such IPTV. The MPLS based network has been in operation since 2003, covering  metro rings along with Kandy and Negombo in the Central Ring and Galle and Matara in the Southern Ring.

  SLT MPLS network infrastructure is expanding its coverage with the northern, central and southern parts of the country. Major cities already covered through FO connectivity with the MPLS network include Kandy, Galle, Matara, Gampaha, Negombo, Anuradhapura, Vavunia, Nuwara Eliya, Badulla, Awissawela, Ratnapura, Kalutara, Matara, Hambantota and Kurunegala. Also Trincomalee and Jaffna will be covered under the ongoing network expansion soon.

Internet-Take

  The company has already rolled out its Metro Ethernet Services (MES) to support advanced data, voice, video and higher-speed internet services. Metro Ethernet (ME) is a Metro access network of FO rings based on MPLS technology connecting high-rise buildings.

SLT MES are mainly for businesses as well as high-end business customers. It deployed ME to deliver end-to-end solutions to its corporate and SMB customers based on state-of-the-art MPLS technology. SLT Ethernet (SE) will provide integrated single port connectivity for multiple services such as voice, high-speed data and internet, video conferencing and networking solutions.

  SLT Metro Ethernet (SME) has already completed three access fibre rings in Colombo, connecting 18 buildings. Plans are in place to connect 100 buildings in Colombo soon. Each of these buildings has an MPLS capable ME switch which can provide native Ethernet interface to the customer. This is because Customer Premises Equipment (CPE) can be directly connected to SME.

  The main service provided by SLT IP/MPLS backbone is providing IP-VPN to its corporate customers. SLT started its remote VPN access based on IP-Sec which enables secure connection using any access technology in 2005.

This service provides advantages to customers by giving mobility and remote access. Customers can also connect to the corporate VPN using any access technology such as PSTN, ISDN, ADSL, CDMA, internet and Wi-Fi.

Remote VPN access will be available to any corporate VPN via GPRS in the future. Demand and growth rate of IP-VPN ports has increased 100% in 2006 compared to 2005. Globally, the growth of broadband is 500%, which is a vital utility for both business and residence entities and SLT ADSL showed the same trend in Sri Lanka, growing over 100% per annum during the past four years.

SLT customers can enjoy a host of value added services such as broadband internet, VoIP services, IPTV, Video on Demand (VoD), e-learning and gaming, ushering in a new era in communications technology in the country.

This initiative has a variety of national mega ICT projects running on its network such as SchoolNet, Nenasala, LEARN and e-government to provide connectivity to many schools, education institutes and homes across rural and urban Sri Lanka.

This helps the government and the Information and Communications Technology Agency (ICTA) achieve the objectives of creating 'e-citizens,' by giving people access to information through the internet at affordable prices.

ADSL

  ADSL technology has evolved into a new enhanced version such as ADSL2 with a maximum speed of 12 Mbps and ADSL2+ with a maximum speed of 23 Mbps.

In terms of broadband services, ADSL supports a downstream bandwidth of up to eight Mbit/s and upstream bandwidth of up to 800 Kbps. Such broadband access with the right QoS models is what is required to achieve high bandwidth consumed services such as IPTV.

SLT is positioned to provide Digital Subscriber Lines (DSL) through copper to "every" building where demand exists. It can also provide this service to locations where fibre connectivity is not practical. Also SLT is ready to introduce a High Bit Rate Digital Subscriber Line (VDSL) version 2 services to customers in the future.

With VDSL2 technology SLT can provide high bandwidth of up to 52Mbps Symetric connectivity or 96Mbps Assymetric connectivity via a VDSL connection.  The company's IPTV services are set to pioneer IP based TV broadcasting services in Sri Lanka as it is a popular entertainment media in the world.

It will "revolutionise" the delivery of TV programmes, delivering DVD quality video on MPEG 4 format IPTV which requires an ADSL service supporting a bandwidth of 2 Mbps for IPTV. The company offers ADSL in major cities with plans to expand the broadband network to make ADSL available in other regions.   With this initiative, SLT customers will be able to enjoy entertainment services delivered to their home via the same SLT wired connectivity. IPTV enables SLT, the country's only wire line service providers to offer real-time TV broadcast programming, Video-on-Demand and other advanced services over broadband connections to televisions. 

Airing Tamil content

Dialog TV (DTV), a Direct to Home (DTH) service provider on Tuesday  added Tamil Box Office (TBO) to its line up of channels, said a statement.

TBO is a 24hr. Tamil movie channel that offers the "latest blockbuster and ever-green movies" round the clock.

"We launched DTV with the promise of giving the best of high quality, affordable programming," said DTV CEO Nushad Perera.

Apart from movies, TBO will also telecast programmes such as TBO News.

Service Excellence

The Association for International Standards (AIS) affiliated to the Ceylon Chamber of Commerce will conduct a seminar on "Customer Service Excellence" (CSE)-to reach beyond Excellence" at JAIC Hilton on January 17, said a statement.

It will be conducted by Dhammika Kalapuge.

Programme contents include the importance of providing service excellence and developing the right attitude to serve the stakeholders; demonstration of the organization's personality as an efficient, professional, approachable, friendly and reliable organization; maximization of available resources to the best of its potentiality for enhancement of productivity; breaking the paradigm to transform problems into opportunities in providing CSE and setting standards in each individual's own role to extend an outstanding service to clients.

"Oscar" for Com Bank

Commercial Bank (Com Bank) Managing Director Amitha Gooneratne recently accepted a 'Bracken' award, the 'Oscar' of the international banking industry at a ceremony in London, said a statement.

Presented by 'The Banker,' the UK-based banking magazine, the award for Sri Lanka's Bank of the Year (BoY) for 2007 was won by Com Bank for the sixth time.

Some 457 banks from 143 countries vied for the 'Bracken' awards in 2007.

The BoY award reflects the latest results, growth rates and performance data of the bank and also takes into account the technology deployed, acquisitions and strategic developments.

The award is for the best overall performance in the country in the review period and incorporates performance criteria, qualitative achievements and strategic initiatives.

Perception, yields will continue to rise

CB releases Rs. 8.3 bn. to market

The Central Bank (CB) released Rs. 8,275 million worth of new money into the market at Wednesday's treasury bill auction which was held for the re-issue of Rs. 16,642 million worth of maturing treasury bills.

The balance amount (Rs. 8,275 million) was allowed to be subscribed by the market, but in a controlled manner, in order to rein in higher yields demanded by the system.

For instance, in the case of 364 day maturing treasury bills, though the market demand was for the subscription of Rs. 8,312 million worth of treasury bills of this tenure, the CB allowed for the subscription of only Rs 272 million or a mere 3.3% of the bids received for this parcel at a weighted average yield (WAY) of 19.96%, the same rate that it commanded in the auction held a fortnight ago.

 However, at last week's auction, the CB rejected bids received for the subscription of treasury bills of 364 day tenure.

Meanwhile, in the case of bids received for 182 day maturing treasury bills at Wednesday's auction, the bids received totalled Rs. 6,022 million; of which only bids totalling Rs. 165 million or 2.7% of the total bids received were accepted from the market by the CB at a WAY of 19.99%, the same figure it fetched at last week's auction.

However, in the case of short term, 91 day maturing treasury bills, the CB accepted 37.3% of the bids received at a WAY of 21.3%, the same rate that it fetched at the previous week's auction.

This particular tenure had Rs. 18,215 million worth of bids received, of which the CB accepted Rs. 6,786 million worth of bids, or 93.9% of the total amount of bids (Rs. 7.223 million) accepted from the market for all three tenures.

And indication, that the greater percentage (56%) or Rs. 18,215 million worth of bids made by the market out of a total of Rs. 32.549 million worth of bids received were for the short, 91 day tenure, may mean that the market feels that rates may go up in the near future, so that they could re-invest in government securities after their bills mature in 91 days, but, at a higher rate than what is commanded at the present.

Gold for SLIIT at Techno '07

Sri Lanka Institute of Information Technology (SLIIT) students won the Gold Award as well as three merit awards at the recently held Techno 2007 National Engineering and Technology Exhibition, said a statement.

First place was achieved by SLIIT students for their "Shortest Path Navigation Guidance System" project in the Student Engineering awards category.

Under the supervision of Dr. Malitha Wijesundara, team members W.P. D. S. De Silva, M.C.L. Perera, D.C.M. Thembiliyagoda, J.M.K.C.Jayamaha and C. O. Rupasinghe devised a guidance system which assists users to travel from one point to another along the best possible path through the use of packet routing concepts in computer networks. The system is built to calculate the best path based on road widths, lengths and traffic level which makes it a valuable tool for emergency services like fire trucks and ambulances as well as for tourists and locals.

Merit awards were awarded for the projects "A vision based system for goal directed obstacle avoidance," "Electric iron safety power adopter" and "Automated digital weather reporting system."

 An autonomous rover capable of detecting an object of a specific colour in the environment and also following it while avoiding collisions with obstacles on its path was the project premise for the above.

It was devised by I.H.B. Ahmed, L.L.C. Kasun, Y.A.M. Yehiya, C.M.G. Punchihewa and T.S.A. Gunawardena and supervised by Wijesundara.

"Electric iron safety power adopter," (EISPA project) by H. P. Welivitigoda, J. R. W. Vithanawasam, P. Meemaduma, K. Perera, D.R.S.D. Bandara under the supervision of Wijesundara consisted of the creation of an embeddeddevice which can automatically switch off an unattended electric iron when it is in idle state.

While B.A.M. Balasuriya, M.A.C.R. Karunaratne, M.H.G. Hasantha, N.A.A.P. Napagoda and K.I.A.I. Kariyawasam under the supervision of Roshan Chandraguptha created an embedded solution to be implemented for the achievement of three major goals: The measuring of rainfall in remote sites, the collection of them at a central location and conveying of the latest updates to the public effectively in their "Automated digital weather reporting system."

 All projects were evaluated on their application of engineering principles, the innovativeness of the idea and the benefit afforded by it to society.

 "We commend the Institute of Engineers' Sri Lanka for the opportunity their exhibition has provided for budding innovators to get a jump start for the betterment of our tomorrow," said SLIIT CEO Professor Lalith Gamage.

Air frt. hit by competition

Air freight growth continues to be sluggish, reflecting strong competition with sea shipping and uncertainty over the economic outlook for 2008, the International Air Transport Association (IATA) in a statement said.

International freight demand growth slowed to 3.5% in November, down from 3.6% in October. Over the first 11 months of 2007 freight demand grew 3.9%, well below the 4.8% recorded over the same period in 2006.

"It's a mixed picture," said IATA Director General Giovanni Bisignani. "The global economy ended 2007 on a surprisingly strong note. The November surge in passenger demand has been critical in combating high oil prices and helping airlines end 2007 with an industry profit of US$5.6 billion-the first since 2000.

But against a backdrop of robust world trade, sluggish freight growth continued to be a disappointment."

"We ring in 2008 with a warning bell. Passenger demand growth is expected to fall to 5% (it was 7.5% in the first 11 months of last year). And the expected increase in freight demand growth to 4.3% will only help us recover some of the ground lost against sea shipping.

High oil prices and the impact of the credit crunch will see industry profitability slip to US$ 5 billion in 2008.

Since 2001 efficiency gains have been impressive: 64% improvement in labour productivity, 25% reduction in sales and marketing unit costs and a 16% decrease in non-fuel unit costs.

The challenge for 2008 will be much more of the same-efficiency everywhere," said Bisignani.

However, year-on-year (YoY)international passenger demand rose 9.3% in November-the fastest growth rate recorded in 18 months, the International Air Transport Association (IATA) in a statement said.

This is higher than the 7.7% growth recorded in October and the 7.5% growth recorded over the first 11 months of 2007.

 Average international passenger load factors were 75.4% in November, 1.1% higher than in November 2006. Passenger demand results were strong across most regions: Asia Pacific (8.8%), North America (7.6%) and Europe (7.6%) saw robust growth in November with no sign yet of any weakening in demand as a result of economic uncertainty.  Latin American carriers recorded a 20.1% increase reflecting a strong recovery in traffic share following the impact of industry estructuring during 2006.

Middle East carriers continued four years of double-digit growth with an 18.3% increase. African carriers' growth slowed to 5.8% largely due to weaker demand in southern Africa and strong competition in long-haul markets.  

Withdrawal from CFA hits bourse

Interest by second tier foreign funds and individuals in selected stocks were witnessed in the market on Friday, but not sufficient to stop the downward slide in the market, which saw the benchmark ASPI declining by 19.56 points to close the week at 2,510.40 points, while the more sensitive MPI fell by 10.08 points to finish at 3,220.19 points.

The market, in the last two days of the week have seen the ASPI fall by 49.7 points (1.9%) and the MPI by 48.79 points (1.5%).

 The withdrawal of the government from the ceasefire agreement is having a detrimental impact on the market, the sources said.

On the bright side, foreign interest (albeit second tier funds and foreign individuals) on Friday was seen in JKH, Commercial Bank, HNB, NDB, Agalawatte and Kotagala. Foreign purchases on Friday amounted to Rs. 133 million and foreign sales, Rs. 22.9 million, resulting in a net foreign inflow of Rs. 110.1 million into the market.

Sources said that these stocks, barring Agalawatte and Kotagala have long term potential.

Foreign buying, which included part foreign selling in JKH of 600,000 shares at Rs. 125 a share; while the rest were mainly cases of foreign buying and local selling vis-a-vis 100,000 shares of Com Bank at Rs. 146 a share; 106,000 shares of HNB at between Rs. 120.50 and Rs. 121 a share; 50,000 shares of NDB bought at Rs. 163.50 a share; 279,500 shares of Agalawatte at Rs. 33.50 a share and 189,000 shares of Kotagala at Rs. 45 a share.

Turnover on Friday however was a modest Rs. 273 million.

Interest in plantation stock may have been driven by rubber and the possible positive fallback on tea due to the instability in Kenya, the sources said.

They further said that Sri Lanka, on an overall basis is not looked at as a key investment hub by foreign investors.

 "Most foreign fund managers anyway are still on holiday, as such, we may have to wait for a couple of days to see the direction that the bourse would take once these managers are back at work," they added.

SLT rated above country rating

Standard & Poor's (S&P) Rating Services raised its long-term foreign currency rating on Sri Lanka Telecom (SLT) to 'BB-' from 'B+,' said a statement.

It has also raised the rating on the US$100 mn senior unsecured notes due in 2009 to 'BB-' from 'B+.'           SLT is the only company in Sri Lanka to have received such an international rating in the country that is notably above Sri Lanka's sovereign rating, which is a B+.

This is a unique position as a sovereign rating is usually the highest other countries as well as companies could aim for.

SLT CEO Shoji Takahashi said: "I am pleased that S&P, a leading provider of financial market intelligence has recognized our potential to grow in order to become a fully integrated communication service provider.

We are proud of this achievement as it is also a reflection of how we continue to improve our global rating in terms of our financial capabilities. It clearly demonstrates that Sri Lankans can go forward for foreign funding offers."

The rating upgrade is based on S&P's annual review on the company's financial strengths and capabilities. S&P Credit Analyst Yasmin Wirjawan said: "This rating action follow's S&P's opinion that in the event of a reasonable operating environment stress scenario, coupled with potential sovereign intervention on foreign currency flows, there is a relatively material probability that the issue would still be able to service its foreign currency obligations. This is even if the sovereign does not do so on its own foreign currency obligations."

         She added: "It is also a reflection of the improved country risk factors and business environment in which the company operates. SLT continues to benefit from modest debt and positive free cash flow

generation from its core business."

SLT's liquidity is strong, with the company having unencumbered cash and equivalents of Rs. 18 bn., and undrawn committed credit lines of Rs300 mn. as at September 30, 2007.

This is in comparison to Rs 3 bn., of short-term debt due in the next 12 months. Despite government ownership of the company, S&P expects the government to continue to refrain from adverse intervention in view of the competitive nature of the telecoms industry as well as the active participation of domestic and foreign investors in the company.        

The company's US$100 mn., international bond offer in 2004 was yet another landmark transaction, marking several firsts for the country. These were namely the first international fixed rate bond from an entity in Sri Lanka as well as being the first entity to be assigned an international credit rating.

This created a new benchmark in the international debt capital markets for borrowers from Sri Lanka. The global bond issuance was studied and planned to diversify fund raising through global investors. It proved to be challenging for the company, considering the mammoth task which had to be carried out under the current economic situation. SLT however managed to proceed with the necessary preparations in order to meet tight deadlines.

Seylan takes kids to Disneyland

Seylan Bank, in the forefront of innovative financial services products and real value additions is also known for its imaginative promotions, said a statement.

The bank takes pride in identifying children's needs and satisfying them in the form of gifts for their savings, reimbursement of surgical expenses, recognition for representing the country internationally in sports, music or the arts and for obtaining the best Advanced Level results in the school.

These privileges are available to children in proportion to the balances maintained in their Tikiri accounts.

Seylan Bank's latest promotional drive for Tikiri accountholders was any child's dream-come-true-the enjoyment of the wonders in Disneyland, Hong Kong.

A two month deposit mobilization campaign with multiple chances in a draw saw enthusiastic participation islandwide.

The draw was held recently in the presence of Chief Executive Ajita Pasqual,  Seylan Bank Senior Management and  a Home Affairs Ministry representative.

The winners, 25 children along with one parent/guardian were selected from Seylan Bank's islandwide network and  became entitled to  this package.   Seylan Bank bore the entire tour cost lasting 3 days.

Tikiri's Brand Ambassador and child star Ms. Sarala Kariyawasam who played an emotional role in the acclaimed film "Water," also added  colour to this tour.

Sri Lankan Airlines made the tour enjoyable for the children by providing them with gift packs in the flight.  Participants also wore colourfully branded T-shirts and caps provided by Seylan Tikiri which captured the team spirit of the Seylan Bank Disneyland tour and on the first day the participants retired to bed dreaming of the wonderful visit to Disneyland the following day.

Children and adults were overwhelmed with joy as the wonderful world of Disneyland unfolded on the second day.   They moved around and enjoyed the delights thoroughly.  Boating trips, rollercoaster, merry-go-rounds, river cruising and "space shuttling" were some of the delights to name a few of the exciting and thrilling experiences the children had.

Adults too were afforded an opportunity to relive the dreams of their childhood.

On the final day, the participants were spotted shopping and "the words of appreciation uttered by accompanying parents as well as kids were encouraging," says Seylan Tikiri Brand Manager Ms. Dimmini Senaratne.

Seylan Bank would implement many more promotions of this nature this year  with the guidance   of its Chairman Dr. Lalith Kotelawala.

Singer launches PCs

Singer Sri Lanka, the number one retailer of consumer durables in the  Island, launched its latest pioneering initiative, the Singer IT Mobile  Knowledge Bus (SIMKB), said a statement.

Singer Chairman Hemaka Amarasuriya and Microsoft Sri Lanka (MSL)Country Manager Sriyan De Silva Wijeratne unveiled the bus amidst a large gathering of corporates and distinguished guests.

With the aim of linking people to the future, the concept of the IMKB took shape with Singer focusing on enhancing the use of computers by taking the knowledge and skills to the grassroots level as well as developing the market for AGC, their own brand of PCs.

With their unmatched presence throughout Sri Lanka as well as being driven by the vision of making the PC affordable to all, the SIMKB will cover Colombo and its outskirts this month, further expanding its coverage of the entire island except the north and the east.

Singer Deputy Marketing Director Ravi Balraj said, "There is a huge mass who has knowledge of the value of a computer and of having the right skills, but still do not know the basics such as how to put it on and use what is available.

The bus will open up the avenue of letting the individual walk into the bus and experience first hand our range of PCs. If he or she makes a decision to buy the product, the individual comes to the right source. "Singer is reputed for its trusted excellence, it is a household name, so it is an extension of the services we already provide.

Instead of having the customer come to us, we go to their doorstep and give them the opportunity of having access to a PC, whether it be a hands on session or being able to purchase a PC.

Our aim is to become the main player in the PC industry. We launched our own brand, AGC Personal Computers two years ago. It is the number one brand in the country to have genuine Microsoft software. We want to further develop our brand and this is our value proposition. We see this initiative as being in synergy with our efforts to help with knowledge building on PCs," Balraj added.

 Microsoft Sri Lanka (MSL) is supporting this initiative, with all of the AGC computers enabled with genuine Microsoft software. MSL's Wijeratne said, "In Sri Lanka, software piracy is at an extremely high level as per the IDC survey on piracy which was just released. This is an impediment not only to building the IT industry in Sri Lanka but also for the development of other industries such as the garment and manufacturing industries which contribute significantly towards the Sri Lankan economy.

International buyers and investors alike value the respect for IPR. On  the software side, from the customer's point of view, he is indirectly   paying more due to the substandard quality of pirated products and existence of virtually no support. In some cases, customers pay for software but may not be getting the real deal.

Therefore we are pleased to support an industry giant such as Singer in their quest to set an example by providing customers with genuine Microsoft software preinstalled in their computers.

Attention to minute detail is what makes a great brand and by emphasising its commitment to the genuine article, Singer is reiterating its dedication to giving customers only the best-a genuine

experience to their customers, with their product and services. Customers shopping at Singer outlets can shop with assurance of genuine quality and reliability.

Anyone can walk on to the IT Mobile Knowledge Bus and have a hands on, interactive experience in using PCs. An equipped, state of the art bus with a capacity to host about 25 people, it has a separate engine solely focused on running the A/C as well as back up inverters.

 There will be ten models consisting of a wide range of laptops and desktops on display, as well as a multi media projector for demonstrations and internet connectivity among others. There will be a  technical team to advise buyers.

Once a computer is purchased, the customer has the privilege of guaranteed after sales care and service at your doorstep. A technical  team will come to the doorstep of the customer and service the product  in terms of hardware or software.

They will also help in any user related issues that may crop up as well as any technical assistance. 

Finance literacy  to ascend to the board room

If you want to achieve the highest possible..in your career, nothing is more important than a sound knowledge of finance, said a statement.

This is probably one principle that every business big shot and every business guru would agree on. Everything we do in business has some effect on 'numbers'- whether they're sales, costs, profits, return on investment (RoI), gearing or overall solvency. So if you don't have a basic grasp of the financial implications of your actions, it's difficult to manage effectively and you're most unlikely to make it to the top.

It's true there may have been a time when financial literacy was not quite so essential. In the highly functionalized and hierarchical organizations common in the past, perhaps some successful managers could proceed through their entire careers with only a limited knowledge of finance. But not now in the flatter organizations of the modern world where responsibility is typically devolved to business units, managers need a broader range of expertise and the ability to qualify virtually all their decisions in financial terms.

In this business environment, to be taken seriously by CEOs, board members, FDs and other accountancy-trained colleagues, one should be able to talk the language of finance.

 So here is exactly what you need to know. First, there are the three main financial statements of company life: Profit and loss account, balance sheet and cash flow statement. Most managers are familiar with the first of these and its relatively straightforward formula that profits equals sales minus direct costs and expenses.

Fewer people however understand the balance sheet which indicates the real health of the business, how much it owes and how much it is owed. And fewer still grasp the vital importance of cash flow, how much money is coming in and out of the business. From these three statements come the key ratios that can be used to manage the business. These include gearing, RoI and gross and net profit margins.

At a more local level, financial literacy demands the ability to create a departmental budget-to lay out your plans for the coming year in terms of projected sales, production costs, selling and distribution costs and expenses. It also demands the ability to make a case for new projects through the process of investment appraisal. To get the resources to implement your latest great idea, you must be able to analyze the costs and benefits of the project, its future path of profit and cash flow, and its risks.

Most importantly, you need to understand the time value of money, that because of uncertainty, money expected in the future is worth less than money in the bank today.

But how could one go about improving the knowledge of finance? Most of the well established financial courses take years of hard work to complete and therefore not the best option for a mid career professional.

The Institute of Certified Management Accountants (ICMA), Australia now provides a solution to this problem with a unique opportunity for non financial managers to gain the essence of strategic financial literacy without spending years learning. The Graduate Management Accountancy  programme of CMA (Australia) is designed in such a way that a university graduate or some one with a professional qualification such as Marketing, Banking, Engineering, HR, IT or Law can obtain up to 12 subject exemptions from the 16 subject course to obtain graduate membership. 

ICMA Australia has three levels of membership. They are Graduate Member, Associate Member andFull Member. Holders of recognized non-accounting professional qualifications are entitled to certain exemptions at the graduate GMA level. For example a member of the Chartered Institute of Marketing (UK) or a Member of Asia Pacific Marketing Federation (APMF) can sit for only the final stage of GMA due to the 12 subject exemptions. 

This is an opportunity for a graduate or a non accounting professional such as a marketer, engineer,  banker, architect or a lawyer to gain a financial qualification. After completing the four compulsory subjects to become a graduate member you need to take two more strategic level subjects later to become a full member of ICMA(Australia).

ICMA Australiawas incorporated in 1996 with the objective of promoting the management accounting applications in Australasia. Over the last 10 years, the institute has grown to become a global organization offering its qualification in a number of countries spanning East Asia, South Asia, Europe, Middle East and Africa.

CMA (Australia) is the programme fast gaining popularity in Sri Lanka and within a short period of 2 years since its introduction, 3 student batches comprising a mix of graduates and professionals have enrolled for the programme. The 4th batch once again targeting  graduates and professionals from non financial disciplines will  start in January 2008 and those interested could get the details from Imperial College of Business Studies (ICBS), Colombo. 

The only provider institutes in Sri Lanka with exclusive rights to represent ICMA Australia are the Institute of Chartered Accountants of Sri Lanka (ICASL) and ICBS. ICBS is the exclusive provider institute for the GMA programmes, whereas the post graduate CMA programmes are conducted by both ICBS and ICASL. CMA (Australia) Course Director is Kapila Dodamgoda. Dodamgoda is MAS Investments Finance Director. He is qualified in Engineering, Accountancy and Marketing and serves on the Board of Study at ICBS.

Emirates/Dnata agent

Dnata, said to be the largest supplier of air travel services in the Middle East and part of the Emirates Group, has appointed Utopia Vacations (Pvt) Ltd., to promote and sell its "Marhaba" Meet and Greet Service (MGS) in Sri Lanka, said a statement.

Marhaba (Welcome in Arabic)-reflects the warmth and hospitality of he Arab culture, and was launched in December 1991 as an MGS service for passengers travelling through Dubai International Airport (DIA).

The Marhaba service caters to travellers in to and out of Dubai and also those who are transiting at Dubai airport. Marhaba representatives at the airport meet and assist passengers from the point of arrival to quickly pass through formalities, including visa delivery and passport control clearance and handing them over to the receiving party outside the airport.

This service is also offered to passengers leaving Dubai, where the Marhaba representative will expedite check-in formalities and process the rest of the departure formalities.

The City Stop package offered to transit passengers provides from visas to hotel accommodation.

Dnata was established by the Dubai Government in 1959 to provide ground handling services at the newly-opened DIA. Today, Dnata is one of the largest travel organisations in the Middle East employing a staff of more than 6,200.

Developing employee performance

Emsolve Consultants is organizing a half day seminar at Galle Face Hotel, Colombo on January 29 on how to manage employee performance, said a statement.

Cornucopia Lanka Ltd., Managing Director Dinesh Weerakkody will conduct the seminar. The seminar will conclude with a panel discussion on how Sri Lankan companies manage employee performance? Weerakkody will facilitate the discussion and the panel will comprise Virtusa Human Resources  (HR) Director Ishan Dantanrayana, Tigo HR Head Ms Nuzliya Fousdeen and Nations Trust Bank HR Head C.Hewapattini.

A good Performance Management System (PMS) helps to measure the way employees in a company work and also to evaluate their performance against agreed "SMART" objectives and that PMS at its core is driven by the gap between where your organization is at present and where you want it to be in the future.

Further, improved performance leads to higher productivity, higher pay for performance and preferred career paths to 'performers. Most management educators are in agreement that without a well developed PMS there will be no significant organizational performance. It was found in a recent research in 400 British companies (Schmidt 2002) that adoption of PMS had led to greater efficiency  and higher productivity contributing to superior earnings growth.

Jinadasa tie-up

Suntel recently signed an agreement with the Jinadasa Group to provide the latter with communication solutions, said a statement.

Jinadasa Group Managing Director Chula Jinadasa said "At Jinadasa Group our objective is to execute brand development and marketing in a unique manner. Our latest addition hotels.lk, provides the opportunity for people to plan their holiday online, we knew that Suntel's solutions would give us the ability to manage this new business in an effective manner, delivering the best results to our customers and partners alike."

Suntel Ltd., MD Jeremy Huxtable said: "This tie up is evidence of the company's versatility. Research and development at Suntel focuses on innovative communication solutions that will assist companies to perform their core business activities in an efficient manner.

When the Jinadasa Group spoke to us about their latest business initiative, we customized our services to ensure that this online reservation system would have uninterrupted voice and data links that were reliable and secure, thereby providing the solution. We will also be providing video conferencing, VPN, voice and data links that will ensure total connectivity and efficiency for the Jinadasa Group."

 Jinadasa Group was established in 1976 as a family business through a production unit that consisted of 30 machines. Today it's a 30 million dollar company with a team of over 5,000 associates and more than 3,000 machines in Sri Lanka and Ghana.

The Group diverted into Information Technology and Logistics in 2000, with hotels.lk being their newest addition.

Rupee dips 2.3% in 3 month "forwards"

The US dollar, in one month forward transactions, in the week ended Friday, fetched Rs. 109.93, a Sri Lanka cents (SLc) 31 depreciation over the figure of Rs. 109.62 that prevailed a week ago and a Rs. 1.49 dip (1.4%) over the figure of Rs. 108.44 that prevailed a year ago.

The dollar, in the period under review, vis-…-vis three months forward transactions fetched Rs. 112.93, a SLc 39 dip over the figure that prevailed a week ago and a Rs. 2.55 dip (2.3%) over the figure of Rs. 110.38 that prevailed a year ago.

Average daily inter-bank forward volumes in the week ended Friday was $ 19.35 million, a 13.4% increase over the figure of $ 17.07 million that prevailed a week ago and a near 200% increase over the figure of $ 6.51 million that prevailed a year ago.

Meanwhile, outstanding forward volumes as at Thursday stood at $ 707.99 million, a 5.4% increase over the figure of $ 671.72 million that stood a week ago and a 3.4% increase over the figure of $ 684.81 million that stood a year ago.

Reserves for 5 months imports

Total reserves as at end November 2007 increased by 24.9% over its end December 2006 figure to reach US$ 4,614.8 million. This figure is sufficient to meet five months of imports.

68% decline in forex sales

Central Bank (CB) purchases of foreign exchange (forex) from commercial banks at market rates last month was equivalent to US$ 48.50 million, a marginal 4.3% increase over the figure of  $ 46.65 million that prevailed in November, but a marginal 9.3% decline over the figure of $ 53.50 million that prevailed a year ago.

CB sales of forex to commercial banks last month was $ 39.45 million, a 67.6% decline compared to the figure of $ 121.9 million that prevailed in November and a 65.7% decline compared with the figure of $ 115.05 million that prevailed a year ago.

Source: Central Bank

Subsidies & concessions

The government may have to re-think giving certain tax concessions, when at the same time it has to dole out subsidies.

Central Bank (CB) Governor Ajith Nivard Cabraal unveiling CB's roadmap for 2008 on Wednesday said that among those were tax exemptions on capital gains made in stock market transactions, as well as BoI tax holidays and duty concessions.

Each year a challenge

Every year is a challenge, John Keells PLC Finance Director Ronnie Peiris told The Sunday Leader when asked how his company is looking at the New Year in the context of a high inflationary scenario.

He further said that he is looking at the New Year with optimism.

Price controls for Heathrow

The UK Civil Aviation Authority (CAA) proposed price controls for Heathrow and Gatwick  from April 1, 2008 to March 31, 2013, raising caps by 15.6% for Heathrow and 8.2% for Gatwick.

The hefty increases reflect costs of security operations and capital projects.

CAA also proposed financial incentives to airport operator BAA to raise service standards and bring investment programmes in on time; for example, the maximum level of rebates for poor service would rise from 3% to 7% of total airport charge revenue, while performance above target would result in bonuses. CAA based its proposals on recommendations of the Competition Commission, agreements with airports and airlines and two years of consultation, and will make its final price control decisions in March 2008. (Washington Aviation Summary)

Value for money

Sri Lanka Telecom Mobitel (SLTM) has introduced HOT IDD 250 for the "SMART" pre paid community, a re-charge card for making IDD calls, said a statement.

Reasonably priced, its value is greater than its cost. It includes facilities such as free outgoing calls and SMSs.

Complimentary hotel stays

Emirates will celebrate the launch of its services to Houston, its third North American destination, with the introduction of a complimentary hotel stay offer for passengers in all three classes of travel, said a statement.

Emirates is offering complimentary three nights stay at the Granduca Hotel, Houston for First Class passengers, two nights for Business Class and one night for Economy Class passengers.

Emirates' Sales Manager in Sri Lanka Devika Ellepola said: "To many Sri Lankans Houston is a name that conjures up images of space travel and mission control. Emirates is happy to celebrate the launch of services with an unbeatable fare and complimentary accommodation offer."

Emirates now flies to 97 destinations in six continents.

Emerchemie Board

 Rudi Van Anraat was recently appointed as a Director of Emerchemie NB Ceylon) Ltd., said a statement.

He is the former Managing Director of TEVA, Belgium and is on the Advisory Board of Teva for its European operation. Anraat is also the Belgium Generic Manufacturers Association Chairman and was previously the International Marketing Director of BV Pharmachemie of the Netherlands.

He will assist and overlook the interests of the Company in Europe whilst providing his expertise towards improving the productivity of the Organisation which is presently the 4th largest pharmaceutical agency house in Sri Lanka representing the interests of many international companies in the island.

The present Emerchemie NB (Ceylon) Ltd., Board comprises Ms. M. N. Dias Jayasinha (Chairman), N. Dias Jayasinha (Managing Director), Ms. Manisha Dias Jayasinha, Manoj S. Hettiarachchi, Dr. Ramesh Pathirana, Prof. (Mrs.) Preethika Angunawela, Nihal Fonseka & Anraat.

SLCC office-bearers

Midaya Ceramic Co, Ltd., Chairman Dayasiri Warnakulasooriya, was re-elected as Sri Lanka Ceramics Council (SLCC) President at its 5th Annual General Meeting held in Colombo recently, said a statement.

Warnakulassoriya, has 40 years of experience behind him and has been at the helm of his company since its inception in 1968. 

Dankotuwa Porcelain Ltd., Chairman Sunil Wijesinha will serve on the Management Board as the Immediate Past President. The rest of the Board Members for the year 2008/2009 are as follows: Managing Director Tiles Lanka Ltd., Mahendra Jayasekera (Vice President); Noritake Lanka Porcelain (Pvt) Ltd., Managing Director K Nakanishi  (Hony. Treasurer) and Lanka Walltiles Ltd., General Manager Niranjan Jayawickrama (Hony. Secretary).

SLCC represents tableware, tiles, walltiles, roofing tiles and ornamentalware manufacturers and serves as an independent  body for the ceramic industry in the country.

The chief guest at the event was Ceylon Chamber of Commerce CEO Prema Cooray.