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Business |
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Militant labour the
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Nigel Austin |
Nisol Corrugated Cartons
goes into liquidation
Labour disputes in
an unfriendly economic environment has forced one of the
country’s leading manufacturers of corrugated cartons to
go into liquidation.
"A physical assault
on Nisol Corrugated Cartons Ltd’s factory management by
a militant labour force compelled the Board to call it
quits and go into liquidation," sources said. This took
place early this year.
Nisol Corrugated
were suppliers of packaging materials to the local
industry. The company had some 200 workers and around 20
staff. It began operations in 1978.
The company’s
chairman and managing director was Sohli Captain, and
its Deputy Chairman, Nigel Austin, two of the country’s
top businessmen, who however maintain low profiles.
Nisol had its
factory premises at Ekala. They were also suppliers of
packaging material to export industries such as tea and
garments, with 60% of their revenue derived from such
supplies.
They were also
suppliers of packing material to a leading multinational
milk powder company with operations in Sri Lanka.
"The last straw
that broke the camel’s back as it were was when labour
assaulted the factory management including its general
manager on December 3," sources said.
The Board then
decided to call it a day and go into liquidation.
"We have to protect
our staff," they said. "It was like in the ‘good old JVP
days’ when they used to ask us not to work, in such a
scenario could we have had asked our workers to report
to work when their lives were at peril?" the sources
asked.
"Matters have been
made worse because our labour laws are weak," they
alleged.
"The dispute was
not over salaries, but what led to them assaulting the
factory management was when one of its workers was asked
to do to some work by the management," the sources said.
They were asked to
work double shift, this was a double shift operation,
but some of them refused, because they had alternative
sources of income, such as operating three wheeler
taxis, the sources said.
Militancy in the
labour was building up over the years, they however
said. It did not happen overnight. And productivity was
also low. "We wanted to introduce performance related
increments, which were objected to by the workers," they
said. Their annual increments were over Rs. 1000.
"In the current
economic downturn where only banks are doing well,
operating in an unfriendly high interest rate scenario,
we were running the company for the sake of its staff,"
the sources alleged.
But they took
kindness for weakness, they alleged. They were asked to
improve on their productivity, way back in March 2008,
but to no avail.
The sources also
alleged that there did not appear to be any political
backing for Nisol Corrugated’s labour. They tried to get
the support of politicos, but they were told to fly a
kite, the sources said.
Meanwhile Nisol’s
chairman, Captain is also one of the major shareholders
of John Keells Holding Plc, besides having a 50% stake
in Akzo Nobel Sri Lanka, formerly CIC Paints. He also
has a controlling stake in the CIC Group of Companies.
Austin was however
the majority investor in Nisol Corrugated Cartons.
"Besides a number
of Sri Lankan retailers shop for clothes in India for
their retail operations here," he said.
Iyengar said that
their’s is a 45-50 crore company in India (one crore=
Indian Rs. 10 million). They have teamed-up with Emerald
a local shirt manufacturer for their operations in the
island.
"Our shirts are
priced at Rs. 1,200 a piece and above," said Iyengar.
Economy to take off
The economy is set
to take-off with the destruction of the L.T.T.E.,
complete with the killing of its leader Velupillai
Prabhakaran, market sources told The Sunday Leader.
The bourse, for the
first time for the year saw turnover pass the Rs. one
billion mark on two consecutive days (last week), while
the benchmark A.S.P.I. gained by over 100 points,
following the announcement of this news.
"It’s a 180 degree
turn, for the first time in 26 years the L.T.T.E. has
been wiped-out, the market never expected such a
positive outcome so quickly," the sources said.
Companies which are
in the red, will now once again become profitable.
The economy is now
set to take-off like it did in 1977 when the economy was
first opened up, and again in 2002, when the then Ranil
Wickremesinghe government signed the peace accord with
the Tigers, when there was "peace" in the island until
he was toppled in 2004.
"All local
investors, be it retail, high networth individuals and
institutions are once more actively involved in the
market," they said.
It will only be a
matter of time before foreigners too step in.
Foreigners have
been saying all along that they want to invest in the
Colombo bourse, but referred to the war as the stumbling
block, but now that is gone, the sources said.
They will now come
after first sorting out their problems at home because
of the recession, they said.
Signs are that the
recession is now waning, the sources further said.
Sell state assets to offset I.M.F. loan loss
Whilst persevering
with the effort to exterminate the L.T.T.E. leadership
with or without the support of the U.S. and British
Governments, Government of Sri Lanka (G.o.S.L.) should
look at alternative ways to raise foreign currency to
ward off the current balance-of-payments crisis, said
the Point Pedro Institute of Development (P.P.D.), a
think tank.
"Selling off
G.o.S.L’s majority shares in SriLankan Airlines,
privatisation of Ceylon Petroleum Corporation, Ceylon
Electricity Board, Sri Lanka Railways, and state-owned
banks and financial institutions to foreign investors
could be considered," Dr. Muttukrishna Sarvananthan, its
principal researcher, in a statement said.
He added: "Any let
up in the current state of war on the pretext of a
"humanitarian pause" or a "ceasefire" would be deadlier
than at present to the Tamil community in particular,
and to Sri Lanka as a whole, in the medium and long
terms.
The US Government’s
decision to delay or block the I.M.F. credit line would
embolden small groups of Tamil diaspora communities
around the world who have been hyper-active since the
beginning of this year in their defence of the L.T.T.E.;
the latest instance being daily demonstrations in front
of the White House since May 11, 2009. Sri Lanka’s
present predicament is similar to the one the country
faced 20 years ago when the then Sri Lankan President
naively ordered the Indian Peace Keeping Force (I.P.K.F.)
out of the country when the I.P.K.F. was on the verge of
eliminating the L.T.T.E. It should be noted that in 1989
the total number of deaths in the civil war was less
than 5,000, which has skyrocketed to over 80,000 as of
May 2009.
(This statement was received a few
days before the Government decimated the L.T.T.E.)
2nd tsunami
Winning the peace
may be as great a challenge as winning the war, made
worse by the seeming absence of international goodwill,
quite a contrast to the goodwill that existed after the
December ’04 tsunami when there was a gush of
international aid to the island.
And in the absence
of international goodwill, a broke Government of Sri
Lanka (G.o.S.L.) will be hard pressed to find the
necessary funds to ensure that the day to day needs of
the internally displaced persons (I.D.Ps), leave alone
their resettlement, are met, with several tens of
thousands, if not a couple of hundred thousands I.D.Ps,
virtually all Tamilians, rooted out from their homes,
now living in I.D.P. centres mainly in the Wanni as
refugees.
G.o.S.L. now has
the onerous task of trying to settle them quickly back
in their homes, or, otherwise in alternate areas,
followed by restoring their livelihoods, to make them
once more economically independent, and also to relieve
the burden on the exchequer, where the little resources
it has may then be put to more productive use such as
for the building of highways and roads.
And, naturally in
the interim, and until they get back on their feet, to
provide them with the bare necessities of life, namely
food, shelter and clothing.
In this regard
G.o.S.L. has said that one of their biggest constraints
in re-settling I.D.Ps is mines. It’s therefore
imperative that G.o.S.L. gets the help of friendly
countries to speed up on the mine clearing process.
G.o.S.L. has
promised that they will re-settle 80% of the I.D.Ps by
December, a tall order considering the enormous costs
involved in such an exercise, compounded by the fact
that G.o.S.L. is broke.
S.L. therefore is
badly in need of that "post tsunami" international
goodwill once again in relation to finding a solution to
the I.D.P. question if it’s to survive through this
difficult period.
In the midst of
this unfolding humanitarian crisis, unconfirmed reports
say that the I.M.F. has put aside Sri Lanka’s (S.L’s)
request for the US$ 1.9 billion standby arrangement (S.B.A.)
till July as a result of G.o.S.L’s diplomatic
blunderings in relation to the West in regard to the
L.T.T.E. question.
Meanwhile, G.o.S.L.
has had allegedly met two of the three I.M.F. criteria
for this facility, namely allowing for the free float of
the local currency vis-à-vis the U.S. dollar-a boon to
exporters who have had lost export orders to competitor
countries such as Thailand and India which devalued
their currencies sometime ago, while G.o.S.L. and
Central Bank of Sri Lanka (C.B.S.L.) were hell bent in
protecting the rupee at various levels until recently.
International
customers lost cannot be regained, and awful are the
economic implications as a result.
The second I.M.F.
condition was allegedly reining in monetary profligacy
as a result of which C.B.S.L. has now put a stop or
"lessened the intensity" of giving credit to G.o.S.L./Treasury.
However, allegedly,
the third I.M.F. condition which G.o.S.L has failed to
fulfil is reaching a consensus in regard to the L.T.T.E.
question.
The I.M.F. vote is
largely controlled by the U.S.A. and by the rest of the
countries in the Western world which don’t see eye to
eye with Sri Lanka in relation to this problem.
Some industry
sources said that a little more diplomacy exercised by
G.o.S.L. in dealing with the West on this issue would
have had by now won this facility to S.L.
As it’s, cashed
strapped G.o.S.L. is finding it difficult to meet its
domestic commitments vis-à-vis the I.D.Ps, and the
temporary stability of the rupee is because of the "war
win" sentiment and not on fundamentals.
Sooner or later
this bubble may burst.
Nevertheless
conventional fighting against the L.T.T.E. has now
ended.
They may now resort
to guerilla warfare which they conducted successfully
prior to the July ’83 riots. But to conduct guerilla
warfare too they need to have a chain of command and a
command centre in operation.
However, with the
destruction of their Wanni headquarters, resorting to
guerilla warfare, with no one to give orders to them,
may also not work.
This was confirmed
to this newspaper by Senior D.I.G. Wanni Nimal Lewke
recently, when he said that though the terrorists still
have their safe-houses in Colombo, complete with arms
and ammunition, but the disruption to their command
centre in the Wanni due to the current military
operation have rendered them impotent.
Therefore, in the
worst case scenario one may expect isolated incidents of
terrorism resorted to by "local area" commanders, or by
"headless" cadres, operating on their own, till they too
are probably snuffed out with time by the military.
But this may be
only the beginning of the end to the L.T.T.E. problem,
the crisis now at hand is the welfare of the I.D.Ps and
their subsequent resettlement. G.o.S.L. should use all
of its resources and diplomacy in trying to resolve this
problem in full, for which vast amounts of money and
other resources are needed, and for which G.o.S.L. alone
is ill-equipped to handle.
Exports down 8%
The trade deficit
contracted for the third consecutive month in March 2009
as imports continued to decelerate faster than exports,
Central Bank of Sri Lanka (C.B.S.L.) said.
It narrowed by
17.6% in March 2009, year-on-year (YoY), to record US$
383 million. The cumulative trade deficit decreased by
54% to US$ 645 million in first quarter (1Q) 2009, from
US$ 1,401 million in the corresponding period in 2008.
Private remittances
which recorded the highest ever value of US$ 278 million
in March 2009 led remittances to reach US$ 774 million
during 1Q, compared to US$ 787 million in the
corresponding period of 2008. As a result, remittances
during 1Q were US$ 129 million (about 20%) in excess of
the trade deficit.
Export earnings
decreased by 7.8% in March 2009 to US$ 627 million YoY
led by industrial exports. Cumulative export earnings
declined by 12.6% during the first quarter from US
dollars 1,878 million in 2008 to US dollars 1,642
million in 2009.
Despite the adverse
impact of the global economic crisis, textiles and
garments exports which accounted for about 50% of Sri
Lanka’s exports, recorded an increase for the third
consecutive month.
Textiles and
garments exports grew by 6% in March 2009 to US$ 310
million, largely due to the measures taken by the
government and the industry to adapt to global economic
circumstances.
While textiles and
garments exports to the European Union grew by 18.4% in
March 2009, those to the U.S.A. declined by 4.5%. Food,
beverages and tobacco exports also increased, while
other subcategories, including rubber based products,
depicted YoY declines during this time.
Agricultural
exports which declined continuously over the past four
months, grew marginally to record YoY earnings of US$
154 million in March 2009, led by tea and coconut
exports.
Tea, rubber and
coconut export volumes however increased in March 2009
compared to the corresponding period of the previous
year, and tea prices increased in March from the
previous month. Colombo tea auction prices continued to
hold its position as the highest among the major auction
centres of the world.
Import expenditure
declined by a comparatively higher rate of 11.8% to US$
1,009 million in March 2009 in view of the reduced
demand for imports of consumer and intermediate goods.
Consumer goods declined by 24.3% to US$ 209 million in
March 2009.
Among the major
food commodity imports, expenditure on rice, wheat and
milk decreased in March 2009, while sugar imports
expenditure increased during this period, reflecting the
22.4% increase in the average import price.
International prices of sugar has increased in recent
times in view of the tightening worldwide sugar supplies
amid lower production in some major sugar producing
countries.
Amongst the
non-food consumer goods imports, motor vehicle
expenditure declined by 65% and electrical household
equipment spending also declined in March 2009.
Intermediate goods expenditure declined by 23.8% in
March 2009 to US$ 475 million led by petroleum imports
which accounted for nearly 40% of this, as crude oil
prices continued to hover around US dollars 47 per
barrel.
Fertilizer import
expenditure declined significantly by 62.9% to US$ 9
million as prices have declined by 31.8% and the
fertilizer requirement for the yala (minor) season has
already been imported. Investment goods expenditure on
the other hand increased by 29.5% in March 2009 to US$
312 million in March 2009 owing to the significant
increases in expenditure on transport equipment and
building materials. The substantial increase in imports
of investment goods is an early indicator of the faster
recovery in economic growth in the near future.
Cumulative import expenditure decreased by 30.3% to US$
2,287 million by end March 2009.
Gross official
reserves, with and without Asian Clearing Union (ACU)
funds recorded US$ 1,373 million and US$ 1,272 million
respectively, by end March 2009. These include deposits
of US$ 200 million placed with two domestic banks which
were intended to facilitate payments of petroleum bills
without exerting undue pressure in the foreign exchange
(forex) market. Based on the previous 12 month average
imports (US$ 1,085 million per month), these reserve
values are equivalent to finance 1.3 and 1.2 months of
imports respectively. However, in view of the current
and expected low imports resulting from the sharp
reduction in the oil and petroleum product import bills,
the actual equivalent number of months of imports would
be much higher.
Recent rupee
appreciation in the forex market, without any
intervention by C.B.S.L.confirms higher forex inflows.
These forex inflows are expected to continue into the
future in view of the positive outlook brought about by
the end to the three decades of conflict. C.B.S.L. is
now in a better position to build up its official
reserves to a more comfortable level.
Stock market announcements
Four Carson
Cumberbatch companies, namely Indo Malay Plc, Shalimar
(Malay) Plc, Good Hope Plc and Selinsing Plc have
declared dividends of Rs. 1, Rs. 39, Rs. 3.25 and Rs. 3
respectively. Shareholders’ meetings, excluding dividend
(XD) dates and payment dates for all of these companies
are June 5, 2009; June 8 and June 16, 2009 respectively.
In the case of the
first two companies, dividend declared is their first
and final dividends and in the case of the latter two,
dividend declared is final.
Ceylinco Insurance
Plc has declared a Rs. 2 final dividend for the
financial year (fy) ended December 31, 2008 for both
voting and non voting shares. AGM May 28. 2009; XD date:
May 29, 2009 and payment date: June 8, 2009.
Ceylon Tobacco
Company Plc has declared a Rs. 2.50 interim dividend for
the fy ending December 31, 2009. XD date: May 7, 2009
and payment date: May 15, 2009.
Nestle Lanka plc
has announced a final dividend of Rs. 10 per share for
the fy 2008. AGM June 12, 2009; XD date: June 15 and
payment: June 23, 2009.
Hayleys Plc has
declared a Rs. 1.50 interim dividend (not liable to 10%
dividend tax) for the fy ended 2008/09.
Lanka Ventures Plc
informed the Colombo Stock Exchange recently that the
legal case pertaining to the company’s tax for the years
of assessment 1994/95 to 2001/02 has been settled at the
Supreme Court.
Accordingly, the
tax in respect of the above years of assessment has been
fixed at Rs. 137,411,564 and not Rs. 235,548,863 which
sum included penalties aggregating to Rs. 79,768,400.
As such the total
tax charge that will be recognized for the year ended
March 31, 2009 is Rs. 137,411,564. The contingent
liability of Rs. 105,301,796 appearing on the financial
statements will be removed.
Balangoda
Plantations Plc has declared a first and final dividend
of 75 cents a share for the fy 2008. AGM: June 26, 2009;
XD: June 29 and payment date: July 8, 2009.
Environmental
Resources Investments Plc has declared a rights issue in
the proportion of "three for one" subject to approval.
The issue also covers 2010 and 2011 warrants on the
basis of one warrant for one right at a price of Rs. 22
in the case of the former and one warrant for one right
at a price of Rs. 24 in the case of the latter.
Aitken Spence plc
has declared a Rs. 3.50 interim, tax free dividend. XD
date: May 14, 2009 and payment date: May 21, 2009.
DFCC Bank has
declared a first and final dividend of Rs.5 per share
for the fy 2008/09. AGM June 30, 2009; XD date: July 1,
2009 and payment date: July 10, 2009.
Watapota
Investments Plc has announced a first and final dividend
of Rs. 17.50 per share for the fy 2008/09. AGM June 10,
2009; XD June 11 and payment June 19, 2009.
Dipped Products Plc
has announced a first and final tax free dividend of Rs.
3 per share. Shareholders’ meeting: June 26, 2009; XD
June 29 and payment July 3, 2009.
Haycarb Plc has
announced a first and final tax free dividend of Rs.
2.75 per share for the fy 2008/09. Shareholders’
meeting: June 25, 2009; XD June 26 and payment July 2,
2009.
Hayleys-MGT
Knitting Mills Plc has announced a first and final tax
free dividend of Rs. 2 per share for the fy 2008/09. AGM:
June 24, 2009; XD June 25 and payment July 1, 2009.
Capital Development
& Investment Company Plc has announced a first and final
tax free dividend of Rs. 3.13 per share for the fy 2008.
AGM: June 26, 2009; XD June 29 and payment July 7, 2009.
Lanka Walltile Plc
has declared an interim dividend of Rs. 1 per share for
the fy 2008/09. XD: May 27, 2009 and payment, June 4,
2009.
Hayleys Plc has
announced a final tax free dividend of Rs. 1.50 per
share. AGM: June 29, 2009; XD June 30 and payment July
7, 2009.
Chemanex Plc has
announced a final dividend of Rs. 4 per share. AGM: June
30, 2009; XD July 1 and payment July 10, 2009.
Gold for "decent work"
Commercial Bank of
Ceylon (Com Bank) received the Gold award in the
Employer category at the National Decent Work Awards
2009, in acknowledgement of its outstanding contribution
to the advancement of the national goal of "Social
Dialogue on Decent Work for All."
This award stems
from the commitment made by the Government, workers and
employers’ representatives of Sri Lanka at the 13th
Asian Regional Meeting of the International Labour
Organization (ILO) constituents in 2001 to develop a
National Policy and a National Action Plan for Decent
Work.
The award which
recognizes Com Bank’s commitment towards creating a
decent work environment while sustaining high
performance in a competitive market was presented to the
Bank’s Chief Operations Officer Ravi Dias by President
Mahinda Rejapaksa at an awards ceremony organized by the
Labour Relations and Manpower Ministry together with the
ILO office in Sri Lanka.
ILO’s ‘The Decent
Work Agenda’ is based on the principles and rights of
workers at work, complying with international labour
standards, employment and income opportunities, social
protection, security and social dialogue, all directed
at creating jobs of acceptable quality.
Commenting on this
latest accolade, Com Bank’s Chief Human Resources (H.R.)
Officer Chitral Amarasiri said: "The bank has
demonstrated its commitment to comply with national and
international labour standards as well as to promote the
decent work concept by creating quality employment
opportunities with fair compensation packages and gender
equality. As a responsible employer we recognize
employee aspirations, promote and foster the fundamental
elements of social dialogue and the importance of having
a conducive work environment, while the employee
organizations operating in the Bank strive to achieve
improved productivity through positive influence on
their membership."
The Bank has
complied with ILO standards by ensuring freedom of
association and right to collective agreements by
practicing world class human resources strategies to
ensure rights at work, by providing necessary facilities
to ensure employee occupational safety and health and by
introducing terminal benefit and insurance schemes in
addition to traditional schemes, he said.
"This was a team
effort of all "employee organizations," Director Board,
Corporate & Senior Management, the Bank’s H.R. team and
the Employers Federation of Ceylon (E.F.C), as well as
each and every individual in the company, contributing
towards achieving this level of excellence," Amarasiri
said. "I would like to extend my gratitude to E.F.C. for
its constant advice and professional guidance towards
achieving this accolade."
Fresh bids for Seylan
Central Bank of
Sri Lanka’s (C.B.S.L.’s) Monetary Board has decided to
invite fresh proposals once again from all five selected
prospective strategic investors to buy a one third stake
in Seylan Bank plc, C.B.S.L. in a statement said.
They are John
Keells Holdings Plc, Lanka ORIX Leasing Company Plc,
National Development Bank Plc, Sampath Bank plc and V.
V. Karunaratne & Company.
This is because
the Committee for Evaluation of Bids on Seylan Bank,
after having had completed its evaluation of the bids
submitted by the two short listed prospective investors,
has found that the bids received were not fully
compliant with the requirements of the bid conditions.
At the same
time, the Monetary Board was also of the view that it
would be useful to review some of the criteria as set
out in the original bid document.
On that basis,
an addendum to the original bid document has been issued
to the aforesaid five institutions, with an invitation
to make fresh bids, C.B.S.L. further said.
Such
institutions have been given time till June 5, 2009 to
submit their fresh bids. The Monetary Board is expected
to make the final decision by June 16, 2009 and notify
the successful bidder immediately thereafter.
Lowe moves on
Lowe LDB, the
Sri Lanka office of Lowe Worldwide, moved over to its
new office at Green Path Colombo recently.
CEO Lilamani
Dias Benson looking back over a decade and a half of
being at the helm of the brand building Agency, renowned
for its strategic thinking and creative power that
attained market dominance for its clients told The
Sunday Leader, "We have insight, blazing passion and
foresight for the demands of the future, and take this
opportunity to thank all our clients, who believe in us
and with whom we have shared many adventures and market
experiences over the years. We also welcome our new
clients with whom we have recently begun a fruitful
partnership and commit to them all, our talents, spirit,
hearts, minds and creative energies. We have re-ignited
our spirits with a brand new flame that burns with the
promise of great things to come."
To carry the
Agency forward Lowe LDB has in place a multi talented
team who add the full strength of ‘through the line’
marketing communications to enhance traditional brand
building advertising.
A celebratory
flame lit by Lowe LDB founders Lilamani and Terry Benson
was passed to Chalaka Gajabahu, the Agency’s COO, moving
brightly from Lowe LDB player to player, flame igniting
flame with the hope of a bright future ahead. Everyone
carried the light into their new work areas, ignited by
the hope of a tomorrow bright with promise.
Two to S’pore
Two lucky
Commercial Bank (Com Bank) cardholders won air tickets
to Singapore at the conclusion of the Bank’s third ‘Shop
N Win’ promotion which was carried out just before the
Avurudu period.
Another 85 lucky
winners who won cash prizes totalling Rs.850,000 at this
promotion were paid their prize monies soon after the
promotion.
To win a cash
prize of Rs.10,000, Com Bank cardholders had to spend a
minimum of Rs.5,000 of their ComBank Credit, Debit or
Shopping cards per day. The Bank disbursed Rs.50,000 to
five winners each day and these cash prizes were
credited to the respective accounts of the winners. All
participants were automatically entered to a grand draw
at which two air tickets to Singapore were on offer.
Com Bank issues
Visa as well as MasterCard branded Credit and Debit
Cards. Last year the Bank began issuing ‘instant’ ATM
cum Debit cards at the point of opening savings or
current accounts.
Higher return
Nations Trust
Bank PLC (N.T.B.) announced the increase in the rate of
the Bank’s monthly interest long term fixed deposits
with the objective of offering a greater benefit to
their customers.
Moreover the
Bank will ensure that the monthly interest earned on the
fixed deposit is delivered to the customer’s doorstep
either at home or office through the Bank’s unique Bank
At Your Doorstep Service. The added benefit customers
will also have is the speedy access to these funds which
will be delivered to their choice of location through a
secure channel.
In keeping with
the Bank’s core value of offering simplicity and
convenience to their customers, the Bank will offer all
persons making the deposit immediate entry to the Inner
Circle membership-an integrated relationship package
that offers dedicated service and preferential rates and
services.
N.T.B. Consumer
Banking Chief Manager Irishad Ally said, "At a time when
there is volatility and downward pressure on rates,
N.T.B. is pleased to offer our customers an assured
monthly sum even for periods of up to five years. This
is based on a competitive rate of interest for their
deposit. As a Bank that has constantly driven the values
of innovative and dynamic banking services that are
convenient, we are delighted to bring this unique
product to our customers who will have the added benefit
of their monthly income being delivered to them."
No frills attached
EPSI Computers,
authorized distributors for Asus in Sri Lanka said that
that Asus has recently designed a series of notebooks to
provide a no-frills computing experience to users while
on the move.
The Asus K
Series Domino Collection boasts of the multimedia muscle
to provide cinematic audio and visual enjoyment via a
high definition LCD display, SRS Premium Sound and Altec
Lansing speakers.
Users can also
enjoy longer computing or entertainment hours with the
Asus Super Hybrid Engine for unplugged freedom, while a
clever Asus IceCool design ensures the temperature at
the palm rest area is kept to a minimum, even after long
computing hours.
These features
can be found on a notebook that is subtly iridescent
courtesy of the innovative Asus Infusion technology
which provides the Asus K Series Domino Collection with
its ‘Domino’ motif, lending a refreshing yet minimalist
approach to modern computing design.
EPSI Computers
Group Product Manager Sankha Jayaratne said that these
models would be ordered on specific requests and could
be delivered within 2-3 weeks He added that the Asus K
Series sports Altec Lansing speakers with SRS Premium
Sound for high definition audio reproduction as well as
a high definition LCD panel of up to 17.3" with a 16:9
golden aspect ratio, high contrast rate and colour
saturation. It is complemented by graphics solutions
from either NVIDIA or AMD for an entertaining visual
experience.
The K40IN and
K50IN are equipped with the NVIDIA GeForce G102M, which
uses 512MB of dedicated graphics memory to accelerate
1080p high definition video playback, photo and video
editing, video transcoding, and casual gaming.
The GeForce
G102M uses 30% or eight watts less power when running
graphically extensive applications compared to other
dedicated notebook graphics processors, resulting in
longer battery life per charge.
Jayaratne also
said that the Asus K Series includes models that feature
graphics solutions from AMD. The K40AB, K50AB and K70AB
and are equipped with the ATI Mobility Radeon HD4570,
while the K70AB and K51AB sport the ATI Mobility Radeon
HD4860 which tackles the latest 3D games with the
combined power of 640 stream processors. Users of these
models can experience "awe-inspiring" visual
entertainment courtesy of the higher data rates
delivered by advanced GDDR5 memory technology.
Winning photo
More than 350
professional photographers gathered at Waters Edge
Battaramulla to be a part of Sri Lanka’s first
professional photography seminar organized jointly by
Canon and Metropolitan Office Ltd.
A wide range of
photographers from fields such as advertising, media,
wild life, portraits, weddings, fashion, participated at
this event.
"This is the
first, a professional photographers’ workshop that has
been organized at an international level, it comes at
important time as a boost for the development of this
booming industry," participants said.
"We want to
support the industry, help professional photographers to
improve their skills to globally competitive levels.
Canon offered to send two of their top experts and
Metropolitan subsidized the cost to allow many to
participate," Metropolitan Ltd. Canon cameras Product
Manager Suresh Herath said.
The event
focused on special interest areas such as wild life,
wedding and media photography.
Canon experts
Roland Poon and Wrixon Wong who flew in for the workshop
shared some of the best kept secrets of Canon cameras
and the future technologies that are of benefit to the
photographer.
Local
specialists included renowned wedding photographer Bandu
Gunaratne, acclaimed wild life photographer Luxshmanan
Nadaraja and experienced media photographer Sri Lal
Gomes.
Diabetic footprint
It is estimated
that 15% of diabetes patients suffer from foot ulcers
during their lifetime.
Therefore, a
person’s footprint can reveal important clues to his or
her health, and this fact has prompted Ceylinco Diabetes
Centre to offer a new facility in preventive medicine.
The Centre has
introduced the use of Footprint Mats (F.Ms), an
innovative method that provides a "Foot Pressure Print"
of anyone who walks on it.
The new device
will be used to predict areas of the foot that are at
risk of developing ulcers and calluses, a common
complication affecting diabetics.
"The new method
only requires a patient to take a couple of steps on an
F.M. which generates pressure point measurements that
help to identify the abnormalities in the feet
associated with diabetes," said the Centre’s Senior
Medical Officer Dr. Charuky Weerasuriya,
She explained
that people with diabetes have more problems with their
feet than normal persons and therefore it is vital for
diabetics to take extra care of their feet. Risk factors
include foot ulceration, nerve damage (diabetes
neuropathy), poor blood supply, calluses, corns, high
planter foot pressure and foot deformities.
She pointed out
that international guidelines on the prevention of foot
problems recommend that people with diabetes should
examine their feet at least once a year for a range of
ulcer risk factors.
She said that
this new method also enables patients to understand
what’s happening in the soles of their own feet.
Labour rights in ME
Sri Lanka trade
unions leaders and their counterparts in Bahrain, Jordan
and Kuwait, signed cooperation agreements in Colombo
recently, aimed at granting Sri Lanka migrant workers
"the full panoply of labour rights included in
internationally-recognized standards."
According to Sri
Lanka Bureau of Foreign Employment (SLBFE) statistics,
there are over 300,000 Sri Lanka workers in Kuwait, over
75,000 in Jordan and 45,000 in Bahrain.
The text of the
agreements, which is based on a model developed under
the aegis of the UN’s International Labour Organisation
(ILO) and its Bureau for Workers’ Activities, is the
first of its kind covering Asian migrant workers active
in Arab States.
The four
national trade unions in Sri Lanka and their
counterparts in Bahrain, Jordan and Kuwait all belong to
the Brussels-based International Trade Union
Confederation, the largest global trade union body.
Clarification
Ravi Abeysuriya,
in regard to the article that appeared on these pages
last week under the heading "Ravi quits Amba," says that
he has not received an offer from Hayleys Plc nor
accepted a post as Strategy Head at Hayleys.
Business
Editor’s note: The story was got from a reliable source

In
Brief
Sluggish growth for shirt
manufacturer
A leading shirt manufacturer expects
growth to be sluggish this year due to the economic
downturn, but believes sales will pick up the following
year and for the company to return a record Rs. one
billion sales turnover that year.
Emerald International (Pvt.) Ltd.
General Manager Murad Rahimdeen told The Sunday
Leader that the expected downturn was due the fact
that their market, namely the corporate sector, neither
experienced salary increases nor received any bonuses.
Rahimdeen however said that in the
financial year ended March 31, 2009 the company
experienced a 20% growth in rupee terms year on year (YoY)
and a 10% YoY growth in volume terms.
He said that the company annually
manufactures around 1.5 million shirts, of which 50% are
for the export market, namely U.S.A. and Europe, and the
balance to the local market.
The company has three manufacturing
facilities, two in Panadura and the other in Maharagama
and provides employment to 800.
Rahimdeen said that 40% of their
turnover is derived from exports. Their shirts in the
local market belongs to the Rs. 1,000 price category, of
which market they have a 50% share, he said.
Yields decline
Tuesday’s Treasury (T) Bill auction
saw yields for all three maturities decline.
Weighted average yields for T Bills
of 91 day maturity declined by 15 basis points (b.ps) to
12.05%, those of 182 day Bills by 24 b.ps to 13.15% and
that of 364 day Bills by 32 b.ps to 13.41%.
ST & Monetary
Board
Central Bank (CB) Governor Ajith
Nivard Cabraal recently said that he believed that the
Secretary to the Treasury (ST) should be on the Monetary
Board to articulate Government’s viewpoint.
"But what is important is not to
allow him to be overbearing, so that it would not be his
will alone that will prevail when taking monetary
decisions," Cabraal, speaking at the LBR/LBO forum said.
Hayleys PAT
down 31%
Hayleys Group in the financial year (fy)
ended March 31, 2009 saw consolidated turnover grow by
5% year on year (YoY) to Rs. 32.4 billion.
However profits attributable to
equity holders of the company in the period under review
was down 31% to Rs 311 million.
Tea down 42%
Tea production in first quarter (1Q)
2009 declined by 42% year on year (YoY) to 48.4 million
kilos, coconut production however during this period
increased by 29% YoY to 722.2 million nuts, while rubber
production in the period under review increased by 2.7%
YoY to 37.9 million kilos.
Furnace oil
sales up 21%
Furnace oil sales in February 2009
increased by 21% YoY to 98,000 metric tons (mts).
Furnace oil sales in the first two
months of the year increased by 19.9% YoY to 211,000 mts.
(Source: Central Bank)
Crude oil
import volumes up 198%
Crude oil imports in February 2009
were 140,000 metric tons (mts). There were no crude oil
imports in February 2008.
Crude oil imports in the first two
months of the year increased by 197.9% year on year (YoY)
to 280,000 mts.
Other petroleum product imports
however declined by 5.6% YoY to 92,000 mts in February
2009.
Other petroleum product imports
declined by 68.6% YoY to 160,000 MTs in the first two
months of the year.
Rice imports
down 92%
Rice import volumes in February 2009
declined by 92.2% year on year (YoY) to 1,000 metric
tons (mts). However wheat grain import volumes in
February 2009 increased by 19.4% YoY to 95,700 mts.
Meanwhile, sugar import volumes in February 2009
decreased by 56.5% YoY to 24,600 mts. Additionally,
1,029,000 barrels of petroleum crude oil imports were
made in February 2009. There were no crude oil imports
made in February 2008.
Wheat prices
down 29%
Rice import prices in February 2009 increased by
67.1% year on year (YoY) to US$ 758.4 per metric ton
(pmt) c&f. However wheat grain import prices in February
2009 declined by 29.2% YoY to US$ 274.9 pmt c&f.
Meanwhile, sugar import prices in February 2009
increased by 19.5% YoY to US$ 399.7 pmt c&f.
Additionally, petroleum crude oil import price in
February 2009 was US$ 45.6 per barrel c&f. There were no
crude oil imports made in February 2008.
(Source: Central Bank)
Closing telecoms
gap
The number of fixed and mobile
telephone subscribers in the world jumped from 530
million in 1990 to over four billion by end 2006.
Mobile phone use soared with more
than 500 million subscribers added since 2005, bringing
the total to more than 2.7 billion by end 2006.
Growth has been strongest in regions
with few fixed telephone lines.
In Africa, over 60 million new mobile
subscribers were added in 2006, and almost every country
now has more mobile than fixed telephone subscribers.
With around 200 million subscribers
by end 2006, 22% of Africa’s population had a mobile
phone compared to 3% with fixed telephone lines and 5%
who are internet users.
With technological developments and
the deployment of wireless broadband technologies, there
are new opportunities to close the communications gap
between developing and developed countries. (Source:
UN’s 2008 Millennium Development Goals report)
True capabilities
Victory over the L.T.T.E.
demonstrates the true capabilities of the people of the
country when provided with proper leadership and
direction-Ceylon Chamber of Commerce.
Dialog makes Rs.
1.9 bn., loss
Dialog Telekom Plc in the first
quarter (1Q) ended March 31, 2009 made a Rs. 1.9 billion
loss compared to a Rs. 889.8 million net profit made in
the corresponding Q of the previous year.
Dipped’s PAT up
63%
Dipped Products Plc in the 4Q ended
March 31, 2009 saw net profit increase by 63% year on
year (YoY) to Rs. 178.7 million.
The company in the financial year
ended March 31, 2009 however saw net profits dip by 2%
YoY to Rs. 362.9 million. (Source: John Keells Stock
Brokers)
Buys 27% of A. Cap.
Asia Capital Plc informed the Colombo
Stock Exchange last Friday that 26.83% of its equity
comprising some 29,513,800 shares were bought by V.S.
Vijayaratnam.
Rs. 50 mn., for
I.D.Ps
Japan has provided a further 560
tents; 10,000 sleeping mats; 4,000 plastic sheets and
30,000 jerry cans worth Rs. 50 million; in addition to
the already provided for US$ four million worth of grant
assistance to the internally displaced persons (I.D.Ps)
earlier this month.
Largest ferry
Austal, Australia will build its
largest catamaran to date following an order from
Denmark’s Nordic Ferry Services for the design and
construction of a 113 metre high speed vehicle-passenger
ferry. Designed to carry 1,400 passengers and 357 cars,
the vessel will be among the world’s top 10 high speed
ferries in terms of capacity and will surpass the
landmark 127 metre trimaran ferry "Benchijigua Express"
to boast the highest vehicle-passenger capacity of any
Austal-built vessel. (Marine Talk)
One-Stop Security
International Air Transport
Association (IATA) welcomed France’s adoption of
One-Stop Security.
Passengers that have already been
screened at a European airport will not need to be
screened a second time when making flight connections.
With this decision, France is joining
the majority of the E.U. countries that already allow
One-Stop Security for passengers arriving from another
E.U. airport.
IATA estimates that this will impact
six million passengers and save US$30 million a year
with no compromise on the quality of security being
applied.
"I urge other states-particularly
U.K. and Ireland to come on board quickly," said IATA
Director General and CEO Giovanni Bisignani.
The next step is to integrate
One-Stop Security into the global system.The
International Civil Aviation Organization (ICAO) is
working on developing the concept of One-Stop Security
to promote it on a global scale.
New GM
Jeevaka Weerakone is the new general
manager (GM) at Earl’s Regency Hotel, Kandy.
A Ceylon Hotel School Graduate, he
recently joined Regency after serving as GM Heritance
Kandalama.
Training for IDPs
"We are in a position to mobilize
multi-disciplinary resources to assist the Government to
‘fast track’ the resettlement of the internally
displaced persons and provide training in construction
crafts."-Chamber of Construction Industry in regard
to the Government’s recent victory over the L.T.T.E.
New allowance
Emirates has increased its free
baggage allowances provided to passengers, allowing for
30 kilos for Economy Class passengers, 40 kg., for
Business and 50 kg. for First.
HRM forum
Pakistan’s Sixth International Human
Resource Management (HRM) Forum on the theme Prospering
in a Challenging Environment through HRM, was recently
held in Karachi.
Prominent international and national
human resource practitioners presented papers on
different important issues pertaining to hr which was of
benefit to the participants. Hayleys Group’s HR Head
Sunil Dissanayake was also a speaker at this event.
Nutshell Forum CEO Mohammad Azfar
Ahsan said, "The brain drain is a serious issue as large
number of trained professionals prefer to leave their
country as soon as they get the opportunity and it is
the responsibility of organizations of both public and
private sector to devise ways and means so that the
skilled worker prefer to remain in Pakistan." Telenor
Pakistan President and CEO Jon Eddy Abdullah also spoke
at this event.
The seminar was organised by Nutshell
Forum. Three hundred professionals from telecoms,
banking and finance, petroleum, pharmaceutical,
information technology, service industry and academia
participated in this two day event.
G.B.P. 5 mn., in
aid
U.K. will give a further £5 million
in aid of the internally displaced persons (I.D.Ps) in
Sri Lanka, the U.K. High Commission said on Monday.
This brings the amount of
humanitarian assistance to Sri Lanka given by the
Department for International Development to £12.5M."
The additional funding will go
towards providing life saving humanitarian assistance
such as emergency shelter, water, sanitation and medical
care.
CIMA Head’s visit
Chartered Institute of Management
Accountants (CIMA) president Glynn Lowth will be in Sri
Lanka to preside at CIMA’s 90th Anniversary celebrations
scheduled to be held on Wednesday.
Arrangements have also been made for
Lowth to address two forums, The Bankers Club and FCCISL
members on the topics "Leading in a Downturn" and
"Strategy under stress; Managing strategy in a downturn"
respectively.
Lowth is also billed to meet with
many ministerial and high ranking government officials
in a bid to discuss and share how CIMA could contribute
in developing the public sector in relation to the
aspects of financial management.
He is a director of the UK & Ireland
SAP User Group, which provides an independent forum for
the exchange of experiences amongst companies using SAP
software, and Visiting Fellow at Nottingham Business
School.
Bridging the gap
NDB Bank (NDB) recently tied up with
AFLAC International as a part of their Corporate Social
Responsibility (CSR) plan for 2009, in order to empower
youth across Sri Lanka.
This will entail sponsoring a
three-month long English Communications Programme (ECP)
for over 200 underprivileged individuals across Sri
Lanka. This is a key initiative under NDB’s CSR plan for
this year and it comes in support of President Mahinda
Rajapaksa’s declaration of 2009 as the National Year of
English and IT.
Youth from schools, universities and
even those employed will benefit from this programme.
NDB believes that improved
communication in English is a key ingredient to the
development of a globally competitive Sri Lankan labour
force. The Bank hopes that ECP will not only improve the
market value of these students, but will also bridge
income disparities.
Swine fever
In a rapidly evolving situation, at
least nine countries officially reported cases of
influenza A/H1N1, said the World Health Organization
(WHO) and the death rate climbed.
Most of the cases were in Mexico,
followed by the U.S.A.
WHO raised the level of influenza
pandemic alert to Phase 5, with six being a full
pandemic, and advised countries to activate pandemic
preparedness plans.
WHO advised no restriction of regular
travel or border closures, but advised sick people to
delay international travel. Several nations suspended
flights to Mexico. Some nations also urged avoidance of
travel to the U.S.A., which Atlanta-based Centres for
Disease Control (CDC) said was unwarranted.
Many nations initiated quarantine
measures at airports for sick travellers and other
measures. International Air Transport Association (IATA)
asked airlines to review their emergency plans. Air
Transport Association of America (ATA) was working with
government agencies to track the outbreak and make
necessary adjustments to travel procedures.U.S.A. and
other airlines allowed customers to change flight plans
to Mexico without penalty and airlines were complying
with longstanding protocols for identifying and
reporting passengers who may have swine flu symptoms.
(Washington Aviation Summary)
Papaw preservation
Dr. (Ms.) Ilmi Hewajulige of the
Industrial Technology Institute’s (ITI’s) Food
Technology Section recently bagged the SLAAS
Postgraduate Research Award 2008 for her research on
post harvest treatment of papaya using prawn shell
chitosan.
In 2007, Hewajulige who carried out
research on usage of prawn shell chitosan to extend the
shelf life of papaya for her doctoral degree, won the
Best Presenter award at the 18th Annual Congress of the
Postgraduate Institute of Agriculture, Peradeniya. (ITI).
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