Educating on insurance

Asian Alliance Insurance PLC (AAI) was invited to conduct a lecture with the objective of educating printers on the Importance, relevance and benefits of Insurance at Print 2008 Exhibition & Awards Night held recently.

 This event was organized by the Sri Lanka Association of Printers (SLAP) and was held at the BMICH.

SLAP identified the inadequacy of the knowledge pertaining to Insurance among the printers and hence decided to educate them on insurance which is becoming increasingly vital in today's risk and business context. The opportunity to conduct a lecture to an audience of professionals in the printing industry underscores the recognition of professionalism and confidence that is nurtured at AAI and the proficiency of its people.

General Manager Non Life Ainsley Alles represented the Company at this occasion and conducted the lecture to an audience which consisted of 250 entrepreneurs in the field of printing.

His presentation enlightened printers on the importance of both Life & Non Life Insurance for an individual and a company which operates in an environment of risks and uncertainties.

Alles is a Chartered Insurer holding Fellowships with the Chartered Insurance Institute of London (FCII), The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) as well as with the Insurance Institute of India (FIII). He also holds an MBA from Western Sydney University.

Another group to Egypt

Nkar Travels handled yet another group of 25 pax to Egypt from "Ceylon heavy industries & construction Company Ltd for their dealer network.

Its grandiose sites include Pyramids of Giza, Abu Simbel or the "west bank of Luxor," to name but a few. There are so many travellers who fly direct to Upper Egypt to see Luxor and Aswan, hoping that they will be stumble across the Pyramids as well, and then they realize that they have to travel 720Km to Cairo, where the Pyramids actually are, and end up paying $400 extra to travel and see one site, which is most probably about half ofwhat they paid for their entire trip!

Other places to be visited while on the nile cruise: Esna Temple, Temple of Edfu, Temple of Kom Ombo, Aswan Dam, the Unfinished Obelisk and the Temple of Philae.

Felucca boat outing to visit the Botanical Island, "trip to a Nubian village (options), visit to Elephantine Island and the Tombs of the Nobles (optional) "

Knowledge Economy

Ceylon Chamber of Commerce Deputy Vice Chairman Dr Anura Ekanayake will be the keynote speaker at The Chartered Institute of Marketing Sri Lanka Region organized programme titled "The Role of a Marketer in a Knowledge Economy" under the CIM Talking Point series at Galadari Hotel on Tuesday.

The programme is sponsored by HSBC.

The objective of the programme is to stimulate discussion on the implications of knowledge economy, and its current and potential influences on the Sri Lankan economic and business landscape.

Ekanayake says: "The newest phase of the global economy positions knowledge at the heart of economic activity and creation of wealth. The information technology revolution has provided a platform for such economic activities to thrive.

This does not mean, however, that all traditional businesses will eventually disappear.

What is already apparent is that traditional businesses will fast assimilate/adopt knowledge economy characteristics along with associated technolocations of these choices, and are exercising great power over market forces than in the earlier phases of the global economy.

The pace of growth of knowledge businesses is much faster in advanced economies compared to emerging economies. Marketers as the nexus between consumers/customers and businesses, even in emerging economies, have to understand the implications of this shift both on the supply as well as demand forces and must take a lead role in business development."

The Chartered Institute of Marketing Sri Lanka Region organizes the CIM Talking Point series as a part of its Continuous Professional Development (CPD) programmes, assisting its members to progress in their professional careers.

By organizing such programmes, The Institute also intends to educate marketers and the business community on contemporary topics of interest, empowering them to successfully overcome the challenges ahead of them.

Debit cardholders too to benefit

Commercial Bank of Ceylon PLC (Com Bank) has extended the benefits of its 'Comdeals'package currently enjoyed by the Bank's credit card holders, to its VISA Debit Card holders as well, enabling them to obtain attractive discounts at selected merchants.

With this step, over 200,000 Commercial Bank VISA Debit Card holders will become eligible for attractive discounts at over 50 selected merchants.

These discounts are offered by vendors ranging from motor vehicle care & spares, books & magazines, clothing & accessories, healthcare services, furniture & electrical appliances, restaurants & hotels, jewellery as well as to opticians and salons.

All Com Bank VISA Debit cardholders would enjoy these discounts till December 2008. The discounts on some categories would be as much as 50%.

According to Com Bank Chief Manager Card Centre Lakshman Perera, the

imposition of a 1% stamp duty on credit card purchases has resulted in a significant increase in debit cards usage.

"The Comdeals package has been in existence for some time and has become popular among credit card holders," he said. "This new offer would bring significant benefits to our much larger base of VISA Debit Cardholders as well."

Com Bank's dual-purpose ATM and Debit Cards can be used at more than a million ATMs of the Visa or Plus networks and are accepted at over 29 million merchant outlets worldwide. The Bank offers customers the option of setting their own point-of-sale purchase limits up to a maximum of Rs 500,000, provided funds are available in their accounts.

HSBC commits HK $ 300 mn.,

HSBC swept the board in the latest annual Asian Banker magazine Retail Financial Services awards, coming top in four categories.

In addition to 'Best Retail Bank in Hong Kong,' it beat over 150 other banks and financial institutions in 23 countries across the Asia Pacific region to win the most prestigious award for 'Best Retail Bank in Asia Pacific'.

HSBC in Hong Kong has also achieved recognition for 'Excellence in Distribution Network Integration' and 'Excellence in Internet Banking.' It was among the most profitable franchises surveyed with a branch and internet channel productivity exceeding all other regional players. In its report, Asian Banker magazine commended HSBC for the value of its franchise, strong overall financial performance, efficient distribution channels and customer service excellence.

This is the third year in a row that HSBC has distinguished itself as the bank with the strongest retail business in Asia Pacific and the fourth time it has been named Best Bank in Hong Kong in the seven-year history of the awards programme.

HSBC Hong Kong Personal Financial Services Head Louisa Cheang said: "To be named best retail bank in Asia Pacific is testament to the enormous amount of hard work that goes on to developing market-leading, innovative products and the importance that everyone at HSBC places in delivering the highest levels of customer service." To continue building on this success, HSBC will provide more value added products and services to meet growing customer demand. It has committed a capital investment of over HK$300 million this year to expand its branch network in Hong Kong.

This complements another capital investment of HK$160 million for expanding its automated channel coverage over the next three years. Following the opening of new Central Branch and Premier Centre in May, HSBC will open a new general banking service branch in Tseung Kwan O in June. There will be more branch opening and expansion later this year.

Singer's PAT down 9%

Singer Sri Lanka Ltd., in the first quarter (1 Q) ended March 31, 2008 saw quarterly net profits decline by 9.2% year on year (YoY) to Rs. 123.1 million.

Distilleries PAT up 17%

Distilleries Company of Shri Lanka Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits increase by 16.6% YoY to Rs. 674.2 million. However, the company in the financial year (fy) ended March 31, 2008 saw profit after tax (PAT) decline by 6.2% YoY to Rs. 3,381.3 million.

Tokyo's PAT down 54%

Tokyo Cement Co., (Lanka) Ltd., . in the 4Q ended March 31, 2008 saw quarterly net profits decline by 53.6% YoY to Rs.67.4 million. The company in the fy ended March 31, 2008 saw PAT decline by 39.1% YoY to Rs. 495.9 million.

Kuruwita's PAT up 5%

Kuruwita Textiles Mills Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits increase by 4.7% YoY to Rs. 121.6 million. However, the company in the fy ended March 31, 2008 saw PAT decline by 69.2% YoY to Rs. 120.4 million.

Laxapana ups losses

Laxapana Batteries Ltd., in the 4Q ended March 31, 2008 saw quarterly losses increase by 334.5% YoY to Rs. 2.7 million. The company in the fy ended March 31, 2008 made a Rs. 13.6 million loss, compared with a Rs.0.8 million profit in the previous year.

Swadeshi makes turnaround

Swadeshi Industrial Works Ltd., in the 4Q ended March 31, 2008 made a Rs. three million net profit, compared to a Rs. 19.1 million loss in the corresponding Q the previous year. The company in the fy ended March 31, 2008 made a cumulative net profit of Rs. 41 million, compared to a Rs. 59.2 million loss the previous year.

East West's PAT flat

East West Properties Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits marginally increase by 0.1% YoY to Rs. 4.1 million. The company in the fy ended March 31, 2008 saw PAT grow by 157.7% YoY to Rs. 63.3 million.

 Tea Services PAT up 34%

Ceylon Tea Services Ltd., in the 4Q ended March 31, 2008 saw quarterly profits increase by 34.1% YoY to Rs. 287.5 million. The company in the fy ended March 31, 2008 saw PAT grow by 8.4% YoY to Rs. 1.1 billion.

Printcare PAT declines 68%

Printcare Ceylon Ltd., in the 4Q ended March 31, 2008 saw quarterly profits decline by 68.4% YoY to Rs. 18.1 million. PAT in the fy ended March 31, 2008 however grew 16.9% YoY to Rs. 90.5 million.

CSD PAT up 3%

Ceylinco Seylan Developments Ltd., in the 1Q ended March 31, 2008 saw quarterly profits marginally grow by 2.8% YoY to Rs. 14.3 million.

Central Finance PAT increase 5%

Central Finance Co., Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits up 5.2% YoY to Rs. 344.9 million. PAT in the fy ended March 31, 2008 grew 6.3% YoY to Rs. 1.2 billion.

Kandy Hotels' losses increase

Kandy Hotels Co, (1938) Ltd., in the 1Q ended March 31, 2008 saw quarterly losses increase by 10.4% YoY to Rs. 2.9 million.

Asphalts' PAT up 44%

Industrial Asphalts Ceylon Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits up 44.3% YoY to Rs. 0.6 million. However, PAT in the fy ended March 31, 2008 declined by 6.4% YoY to Rs. 3.5 million.

Singer Industries' PAT increase 61%

Singer Industries Ceylon Ltd., in the 1Q ended March 31, 2008 saw quarterly net profits up 60.7% YoY to Rs. 6.5 million.

Leyland's PAT down 42%

Lanka Ashok Leyland Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits decline by 41.7% YoY to Rs. 15.9 million. The company in the fy ended March 31, 2008 saw PAT decline by 42.8% YoY to Rs. 69.8 million.

Paragon's PAT decline 76%

Paragon Ceylon Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits decline by 76.4% YoY to Rs. 0.1 million. However, the company in the fy ended March 31, 2008 made a Rs. 0.9 million PAT, compared to a Rs.0.2 million loss in the previous fy.

Mercantile Shipping PAT up 140%

Mercantile Shipping Co., Ltd., in the 4Q ended March 31, 2008 saw quarterly net profits increase by 139.6% YoY to Rs. 47.1 million. The company in the fy ended March 31, 2008 saw PAT up 102.8% YoY to Rs. 118.2 million.

Office Equipment makes turnaround

Office Equipment Ltd., in the 4Q ended March 31, 2008 made a Rs. 1.4 million PAT compared with a Rs. 0.4 million loss in the corresponding Q the previous year. The company in the fy ended March 31, 2008 saw PAT up 5.7% YoY to Rs.3.8 million.

Muller & Phipps makes loss

Muller & Phipps Ceylon Ltd., in the 4Q ended March 31, 2008 made a Rs. 5.8 million loss compared with a Rs. 1.7 million PAT in the corresponding Q of the previous year. The company in the fy ended March 31, 2008 saw PAT decline by 72.8% YoY to Rs.3.1 million.

LHPP's PAT down 93%

Lake House Printers & Publishers Ltd., in the 4Q ended March 31, 2008 saw PAT decline by 92.5% YoY to Rs. 2.2 million. The company in the fy ended March 31, 2008 saw PAT decline by 76.5% YoY to Rs. 4.8 million.

Eastern Merchants' losses decline

Eastern Merchants Ltd., in the 4Q ended March 31, 2008 saw its losses decline by 7.5% YoY to Rs. 34.4 million. However, The company in the fy ended March 31, 2008 saw PAT increase by 9% YoY to Rs. 48.6 million.

Hunter's PAT up 35%

Hunter & Co., Ltd., in the 4Q ended March 31, 2008 saw PAT up 35% YoY to Rs. 10.7 million. However, The company in the fy ended March 31, 2008 saw PAT decline by 30.9% YoY toRs. 33.9 million.

Palm Beach PAT increase 61%

Royal Palm Beach Hotels Ltd., in the 4Q ended March 31, 2008 saw PAT up 60.6% YoY to Rs. 37.5 million. The company in the fy ended March 31, 2008 saw PAT up 53.7% YoY to Rs. 30.6 million.

Grain makes loss

Ceylon Grain Elevators Ltd., in the 1Q ended March 31, 2008 made a Rs. 23.3 million loss compared to a Rs. 167.7 million PAT in the corresponding Q the previous year.

Browns PAT decline 27%

Brown & Co., Ltd., in the 4Q ended March 31, 2008 saw PAT decline by 27.1% YoY to Rs. 164 million. The company in the fy ended March 31, 2008 saw PAT decline by 40% YoY to Rs. 292.5 million.

CDIC PAT up 29%

Capital Development Investment Co., Ltd., in the 1Q ended March 31, 2008 saw PAT up 29.2% YoY to Rs. 100.3 million.

SMB's PAT down 1%

Seylan Merchant Bank Ltd., in the 1Q ended March 31, 2008 saw PAT decline by 0.7% YoY to  Rs. 12.02 million.

Three Acre makes loss

Three Acre Farms Ltd., in the 1Q endezd March 31, 2008 made a Rs. 5.85 million loss compared to a Rs. 34.1 million PAT in the corresponding quarter of the previous fy.

HSBC Lifestyle Show

HSBC recently announced the launch of an innovative education and entertainment (edutainment) TV game show which will bring financial decision making a part of your lifestyle.

 Introduced for the very first time in Sri Lanka by a bank, 'HSBC Lifestyle Show,' a twelve episode reality TV game show will begin screening every Wednesday on Derana TV from  this week (ie week beginning on June 8).

'HSBC Lifestyle Show' will be played out on a life size game board, with an "experience" that is larger than life where real people will be faced with making real life decisions in real time.

Each group of participants will be given a cash and  credit card limits to invest wisely during the game, thus making the game show an opportunity to provide participants with financial knowledge on how to invest, save and spend their money, and prove that money spent wisely is an earning.

Currently there is a trend amongst the public where they consider investments to be more of a rewarding financial instrument. Hence the key aim of the show is to educate viewers at large on how to invest wisely and maximize their returns.

Thinking on your feet is essential to survive the financial quicksand at every turn with strategies being thought through split second decisions made and  results showing immediately. With a range of investment opportunities such as My Lifestyle Saver, Fixed Deposits, and Children Savings to choose from, participants will be given the choice of making the "right" investment for a better future.

Cash prizes and gifts will be included in the competition, allowing contestants to try their luck by rolling the "virtual" dice to win. The ultimate winner will be the team that manoeuvres themselves through this maze of benefits and drawbacks, whilst enjoying the thrills and spills of the competition along the way.

HSBC has been at the forefront of pioneering, innovative cutting edge banking solutions to its customers. Its global network has enabled customers to enjoy the latest benefits and embrace modern banking trends along with the rest of the world. Having created a first in the banking industry with HSBC Lifestyle Fair that was a resounding success revolutionisng the loans market, HSBC carves yet another niche for itself in the banking history with "The HSBC Lifestyle Game Show".

Financial literacy

The burgeoning Asian economy, currently fuelled by high domestic demand and export activity is increasingly placing greater pressure on companies to search for and retain talented executives.

 In this endeavour, Asia has to compete for talent with the rest of the world. Sri Lankan based UTO EduConsult in partnership with Synaqumen Training Institute, Australia recently came together to address this challenge. The result of months of planning culminated in the launch of three Executive Level Training programmes this month (June) in Colombo. This initiative in Sri Lanka is a precursor to a proposed long term relationship between these two entities.

Those programmes are targeted at the financial services, accounting and financial management sectors and comprise: Advanced Corporate Finance, Mergers & Acquisitions and Investing for Financial Freedom.

UTO, through their specialist expertise in Islamic Banking and Finance and Synaqumen, through their expertise in western banking and finance are able to cover the full gamut of modern finance including asset management, investment banking, risk management, private equity and entrepreneurship.

Both UTO and Synaqumen have identified Sri Lanka's competitive cost base for hosting seminars of this nature, high levels of literacy and fluency in English as vital catalysts to fulfil their goals. As a result, they have also earmarked Sri Lanka as a lucrative destination for attracting inbound executive training tours.

The current round of seminars will be delivered by Australian based wealth manager Manesh Nathoo. Nathoo is the Chief Investment Officer at Ingenieux Consulting Group, a boutique institutional wealth management company with global presence. His experience includes corporate advisory, venture capital, business-turnaround and asset management over the last 18 years.  Having concluded numerous international mandates, Nathoo is a well sought after speaker around the world and has previously been interviewed by Radio 2cr, a Chinese radio station as well. Having obtained his MBA, with Cum Laude from Australia's Bond University,  he has delivered papers on a range of topics: from valuations and strategic analysis to quantitative finance and mergers and acquisitions.

Synaqumen and UTO intend to capitalize on this inaugural event in Sri Lanka by identifying a range of areas for future seminars.  They will be holding meetings with Sri Lankan companies to understand their training needs with the view to developing corporate training programmes that are tailored to each client's specific environment and challenges.

Seminars include: June 13 - Money & The Pursuit of Happiness - CEO Breakfast Seminar - Hilton; June 16,17,19 - Mergers & Acquisitions - Hilton; June 18 - Investing for Financial Freedom - Hilton and June 23-26 - Advanced Corporate Finance - Hilton.

SCB feted by Lions

 Standard Chartered was recently presented a special award at a felicitation which was held recently at the BMICH.

Lion's Club International President Mahendra Amarasooriya, handed over the award to Standard Chartered Chief Financial Officer Ozman Faizan, on behalf of Lion's District 306 A1 Sri Lanka, honouring Standard Chartered for its commitment to working with Lion's Gift of Sight Hospital developing eye care in Sri Lanka.

Standard Chartered Sri Lanka CEO Clive Haswell said "We are deeply touched and honoured by this award from the Lion's and we thank them for choosing us as the right partner to assist them on their mission and  look forward to working together in the future to curing curable blindness in Sri Lanka."

Apart from providing equipment for eye surgery to regional hospitals, Standard Chartered has funded training of ophthalmologists in Small Incision Cataract Surgery (SISC) as well as providing them the micro instruments they require, training ophthalmic theatre nurses and providing eye-care, training for over 175 health care workers. At a ground level, volunteers organized free eye testing for the public through mobile eye testing units, regular refurbishment of the Ratmalana Blind School, as well reading and recording for the visually impaired.

Through the Lion's Gift of Sight Hospital in Panadura,Standard Chartered funds cataract operations, providing them free of charge to patients who could not otherwise afford the operations and health care.

"We are proud to have Standard Chartered working besides us on this in such a crucial area as eye care for our country, because of the assistance this bank can give us is not just by way of funds, but by way of international expertise it brings to our projects. We can draw from the experiences of its similar 'Seeing is Believing" campaign all over the world,'" said Lion Abey Silva, who is the Project Chairman of the Lion's Gift of Sight Hospital Panadura.

Standard Chartered has made a global commitment to countering curable blindness in all the communities it operates in. The bank's "Seeing is Believing" initiative is a worldwide campaign to counter blindness through education, awareness, testing and medical assistance.

As part of the bank's 150th year celebrations, the bank committed to restore the sight to a number of patients to the number of staff globally. This target was exceed by raising USD 1.4 million and restoring sight to 56 000 people worldwide a couple of years ago. As a second challenge the bank aimed to raise USD 6 million to restore the sight of 1 million people in 10 developing countries, including Sri Lanka. The deadline was set for end 2007 but this target was successfully surpassed in mid 2006.