In an era where public health standards are increasingly under scrutiny, the need for effective hygiene solutions has surged, leading to a vital partnership among Exterminators PLC, Pelsis Group UK, and Sentario UK Limited. This collaboration has resulted in the launch of a ground-breaking range of washroom and hygiene products in Sri Lanka and the Maldives, two regions where tourism and public interactions necessitate stringent sanitation measures. By merging innovative product design with effective distribution strategies, this strategic alliance exemplifies how global expertise can address local health challenges and set new standards in cleanliness and public health. Pelsis Group stands as Europe’s preeminent supplier of washroom hygiene products, boasting over 25 years of industry experience. They have meticulously crafted an extensive range of products tailored for the commercial washroom market. This portfolio encompasses various essential hygiene solutions, including efficient soap dispensers, the eco-friendly Nappease™ nappy bins, Sanibin® feminine hygiene bins, as well as hand dryers that prioritise sustainability. Each product is designed to work harmoniously within a coordinated range, enabling the creation of comprehensive washroom solutions that meet diverse service cycles and applications. The emphasis on a unified product range resonates particularly well in contexts where hygiene and cleanliness are paramount. Exterminators PLC’s strategic initiative to introduce these products into Sri Lanka and the Maldives highlights a profound understanding of local needs alongside an adherence to international sanitation standards. This alignment ensures that hygiene solutions are not only effective but also culturally relevant and accessible to the populations served. By tailoring these offerings to meet the specific requirements of the Sri Lankan and Maldivian consumer bases, Exterminators PLC enhances user experience, fostering a culture of hygiene awareness that has the potential for enduring public health repercussions. The ramifications of global health crises, notably the COVID-19 pandemic, have underscored the importance of maintaining effective sanitation practices. With varying levels of hygiene awareness and existing infrastructure challenges in both Sri Lanka and the Maldives, the introduction of high-quality hygiene products is indeed timely. As Marlon Ferreira, the Founder and Managing Director of Exterminators PLC, aptly stated, “The need for effective hygiene solutions has never been more paramount, particularly in the wake of global health crises.” His sentiment is reflective of the broader realignment towards personal and communal hygiene that many societies are currently undergoing. The role of Sentario UK Limited cannot be overlooked in this collaborative effort. Their innovative design capabilities and adept distribution mechanisms further bolster the reach and effectiveness of the product range. Together with PELSIS UK, Sentario ensures that these products are not merely introduced but integrated into the daily lives of Sri Lankans and Maldivians. The strategic deployment is likely to foster comprehensive hygiene practices among businesses, public institutions, and households alike. In collaboration with the Pelsis Group, Sentario ensures these products are not just introduced but seamlessly integrated into the daily lives of Sri Lankans and Maldivians. This strategic approach is designed to promote comprehensive hygiene practices across businesses, public institutions, and households alike. The product range offered is not only innovative but also eco-conscious, resonating with contemporary consumer expectations that increasingly prioritize sustainability. The eco-friendly cleaning agents and automated dispensers minimally engage with human contact, thereby significantly reducing the transmission of pathogens. This innovative approach is particularly relevant in an age where environmental consciousness is paramount, and consumers are more discerning about the products they use and the brands they support. The introduction of Exterminators PLC’s washroom and hygiene products in Sri Lanka and the Maldives represents a significant leap forward in addressing vital public health needs. The collaboration with PelsisELSIS and Sentario UK Limited underscores the essential role of strategic alliances in confronting public health challenges while promoting sustainable practices. As communities gradually embrace these innovations, the potential for enhanced health outcomes and improved infrastructure readiness is immense. This initiative not only lays the groundwork for a healthier future but can also inspire a more profound cultural shift towards hygiene consciousness in these destinations, thereby paving the way for a more hygienic and safer environment for residents and tourists alike.

The post Exterminators PLC launches innovative hygiene solutions in Sri Lanka and Maldives appeared first on Adaderana Biz English | Sri Lanka Business News.

PGP Glass Ceylon PLC (PGC), Sri Lanka’s only glass manufacturer and a global leader, has secured two prestigious Gold Awards – at the National Chamber of Exporters (NCE) Awards and the Sri Lanka Packaging Awards. These achievements spotlight PGP Glass as a frontrunner in glass manufacturing and underscore Sri Lanka’s growing prominence as a hub for world-class glass production. As one of Sri Lanka’s top exporters by volume, PGP Glass plays a key role in elevating the nation’s export profile. The NCE Gold Award highlights the company’s exceptional contribution to Sri Lanka’s export sector, with its premium glass containers reaching over 20 countries. PGP Glass Ceylon, with over 60 years of expertise, operates a state-of-the-art facility in Wagawatte, Horana, producing 300 tonnes of glass daily. As the first manufacturer in South-East Asia to produce coloured glass bottles, the company caters to diverse global markets, including liquor, food, and beverages, with an unmatched portfolio of 15+ glass colour options. Winning the Gold Award at the Sri Lanka Packaging Awards further validates its commitment to delivering innovative and sustainable packaging solutions. A publicly listed company, PGP Glass leads the way in sustainable manufacturing with solar energy initiatives, recycling programs, and water-saving measures. Holding globally recognized certifications like FSSC 22000, FDA compliance, and ISO 9001:2015, the company ensures the highest standards in quality and environmental responsibility. “These awards reaffirm our dedication to excellence and our pivotal role in showcasing Sri Lanka’s capabilities on the global stage,” said Mr. Sanjay Jain, Executive Director & COO, PGP Glass Ceylon PLC. “We are proud to contribute to the nation’s economic growth and global recognition.” PGP Glass Ceylon PLC’s dual Gold wins are not only a testament to its strategic vision but also a moment of pride for Sri Lanka. As the company continues to expand its reach, it remains committed to driving innovation, sustainability, and excellence in the glass manufacturing industry. 

The post PGP Glass Ceylon Shines with Dual Gold Wins in Packaging and Export Excellence appeared first on Adaderana Biz English | Sri Lanka Business News.

Hemas Pharmaceuticals donated LKR 10 million to the 1990 Suwa Seriya Foundation’s ‘Adopt an Ambulance’ initiative, funding two ambulances. The ambulances will operate within the areas of Moratuwa and Peliyagoda, amplifying community access to immediate medical aid, with resources being directed to maintaining the vehicles’ upkeep and their medical equipment. Hemas Pharmaceuticals aims to enhance the healthcare system by improving accessibility to emergency services through its donation to the 1990 Suwa Seriya Foundation. This initiative contributes to ambulances’ repair and refurbishment, staff training, procurement of uniforms, medical equipment, and safety equipment upkeep. Discussing the donation made to the 1990 Suwa Seriya Foundation, Jude Fernando, Managing Director of Hemas Pharmaceuticals (Pvt) Ltd said, “As a leading brand in the industry, and providing medicine to the nation for 76 years since 1948, Hemas Pharmaceuticals is deeply committed to developing Sri Lanka’s healthcare sector. We recognize the efforts of the 1990 Suwa Seriya Foundation as playing an integral part in supporting and safeguarding the collective wellbeing of the nation. As a group with shared goals, we at Hemas are eager to support the foundation’s contribution to the overall integrity of Sri Lanka’s healthcare system. We’re proud to sponsor the continued efforts of an endeavour whose mission highlights the universal right to effective and accessible healthcare.” Established by an Act of Parliament in 2016, the 1990 Suwa Seriya Foundation operates a fleet of ambulances, providing free pre-hospital care and emergency response solutions to all individuals in need across the country. The service has proved instrumental in providing lifesaving emergency medical aid, especially in rural and underserved areas throughout Sri Lanka. With an average response time of 13:08 minutes, the 1990 Suwa Seriya Foundation’s ambulances have become a staple of the healthcare industry since the pandemic. Sohan de Silva, CEO of the 1990 Suwa Seriya Foundation, stated, “Hemas Pharmaceuticals’ donation to the 1990 Suwa Seriya has resulted in the refurbishment of two ambulances, marking a step towards ensuring that emergency pre-hospital care and ambulance services are accessible to those most in need. Hemas Pharmaceuticals’ support enables us to continue our mission of providing timely and efficient care”.

The post Hemas Pharmaceuticals Partners with the 1990 Suwa Seriya Foundation for the ‘Adopt an Ambulance’ Initiative appeared first on Adaderana Biz English | Sri Lanka Business News.

Kelani Valley Canneries Limited (KVC), one of the leading companies in Sri Lanka’s food processing industry, has been awarded the coveted People’s Pinnacle Best Modern Food Processing Brand of the Year 2024 at the Pinnacle Sri Lanka Awards. This accolade reflects KVC’s unwavering commitment to quality, innovation, and a consumer-focused approach – hallmarks of its journey since 1968. This latest achievement builds on KVC’s prior success, having been named Best Brand of the Year 2023 in the fruit-based product category at the Pinnacle Sri Lanka Awards. These consecutive honours highlight the Company’s growing industry leadership and its dedication to creating high-quality products that resonate with consumers both locally and internationally. A proud member of the C.W. Mackie PLC Group, KVC specialises in manufacturing, marketing, and exporting processed tropical fruits and vegetables. Over its enduring journey, the Company has gained global recognition, serving markets across North America, Western Europe, and the Far East. Its worldwide reach is complemented by a string of accolades, including the prestigious Presidential Export Awards and Merit Awards earned over the last 20-odd years. Speaking on the occasion, Mr. Hemaka Amarasuriya, Chairman and CEO of C.W. Mackie PLC, remarked: “This prestigious award is a testament to our unwavering commitment to quality, innovation, and excellence since 1968. It would not have been possible without the support of our loyal customers, the dedication of our exceptional team, and the trust placed in us by all stakeholders. Together, we will continue to set new standards and deliver the very best.” KVC’s ascent to prominence is founded on its strict adherence to quality, which remains integral to its operations. Every step of the production process – from sourcing fresh produce to final processing – undergoes stringent quality control, bolstered by state-of-the-art testing equipment. The Company offers a comprehensive product range, including canned fruits and vegetables, chutneys, cordials, fruit juices, jams, nectars, pastes, pickles, sambols, sauces, treacle, and vinegar. First introduced to the Sri Lankan market in 1999, these products cater to households, the catering industry, and the hospitality sector, blending traditional tastes with contemporary culinary demands. KVC’s commitment to international standards has earned it certifications, including ISO 22000:2018, GMP, HACCP, and SLS. These credentials have bolstered the brand’s presence in international markets, including Australia, Canada, Europe, New Zealand, the Middle East, and the USA. Through its Scan Products Division, KVC ensures that its products are accessible across Sri Lanka, leveraging the country’s expanding infrastructure and improved connectivity. This robust distribution network has cemented the brand’s reputation as a household name, offering its sweet and savoury creations to consumers nationwide. As KVC celebrates this milestone, it remains committed to setting new benchmarks in food processing. With its steadfast focus on quality, innovation, and sustainability, the Company looks forward to achieving even greater milestones in the years ahead.

The post KVC Crowned People’s Pinnacle Best Modern Food Processing Brand of 2024 appeared first on Adaderana Biz English | Sri Lanka Business News.

The post China will continue to help Sri Lanka achieve financial relief appeared first on Adaderana Biz English | Sri Lanka Business News.

Unilever Sri Lanka has unveiled a state-of-the-art rooftop solar power system at its food factory and Distribution Center in Sapugaskanda. This project represents another step towards Unilever’s aim to convert to 100% renewable energy sources across its sites globally. The project combines 1,672 solar panels from the two facilities to produce a total of 970kW, with an 810Kva inverter to support it. This system is anticipated to generate an outstanding 1.25 million kWh of electricity annually, fulfilling 33% of the facilities’ energy needs. With this most recent installation, Unilever Sri Lanka’s overall solar capacity including that of the Horana factory has increased to 4MW, further supporting the country’s goal of generating 75% of the energy requirement from renewables by 2050. Speaking on the occasion, Damith Abeyratne, Supply Chain Director, Unilever Sri Lanka said: “At Unilever Sri Lanka, sustainability is a priority. Our recent solar installations in Sapugaskanda are an important step in our efforts to lessen our impact on the environment and support the country’s renewable energy targets. This project serves as a reminder of the private sector’s vital role in contributing to form Sri Lanka’s sustainable future.” Unilever has an approved science-based target to achieve a 100% reduction in absolute Scope 1 & 2 greenhouse gas (GHG) emissions by 2030, against a 2015 baseline. Achieving net zero emissions throughout its value chain by 2039 is one of Unilever’s long-term ambitions. Focusing on pragmatic steps, sooner rather than later, the company has created a comprehensive Climate Transition Action Plan (CTAP) that applies globally, guiding its actions to reduce GHG emissions over the next few years. Unilever is unwavering in its resolve to bring about real change amidst the pressing issue of climate change. By putting its ambitious climate goals into action and investing in solutions, the company wishes to lead by example and influence its peers in the industry.

The post Unilever Sri Lanka Powers Up Sustainability with Rooftop Solar Projects at Sapugaskanda appeared first on Adaderana Biz English | Sri Lanka Business News.

Sarovodaya Development Finance PLC (SDF) has achieved a new milestone as an ethical provider of financial services by becoming a full member of the prestigious Global Alliance for Banking on Values (GABV). This development is a significant step in SDF’s ongoing mission to promote financial inclusion and sustainable development across Sri Lanka. As the financial services arm of the Sarvodaya Shramadana Movement, and Sri Lanka’s oldest development finance institution, SDF has always championed a values-driven approach, prioritising community empowerment and equitable growth. This approach aligns seamlessly with the GABV’s global vision of transforming the banking system to support economic, social, and environmental sustainability. In fact, SDF’s financial performance in the 1^st Half of 2024/25 further highlights the success of its unique approach, with the company recording a net profit of LKR 215.7 million during the six months ended 30^th September 2024; a significant increase from LKR 78.9 million in the corresponding period of the previous year. Meanwhile, gross income rose 21.8% coupled with a 7.8% reduction in interest expenses, resulting in a 57.2% improvement in interest income, as total assets grew by 22.5% or LKR 3.3 billion, supported by a robust increase in deposits and borrowings. The company’s efficiency ratio also improved to 52.9% from 69.4% in the corresponding period in the year prior. To finance this exceptional growth, made possible by SDF’s commitment to equitable and sustainable development, the company secured both local and international funding, leading to a 17.4% increase in the deposit base and a 58.8% rise in borrowings. Nilantha Jayanetti – CEO of Sarvodaya Development Finance commented saying, “As an impact-driven development finance company, our strategy remains focused on growth and sustainable development throughout FY 2024/25. With improving financial stability in Sri Lanka, following the IMF programme, SDF has set a target to enhance its value distribution to the village economy. Consequently, we reported exceptional growth in the first half of FY 2024/25 compared to the same period in the previous financial year. Furthermore, as a member of the GABV, we now look forward to broader collaboration towards bringing accessible financial services to grassroots communities.” The GABV, established in 2009, is a global network of banks, credit unions, and microfinance institutions committed to using finance as a force for good. Its members work collaboratively to drive positive systemic change within financial systems, emphasising transparency and a focus on the real economy. Having joined this alliance, SDF is now part of a growing collective effort to reshape global banking practices, and deliver financial solutions that uplift individuals and strengthen underserved communities.   Photo Caption – 

1. Channa de Silva – Chairman – Sarvodaya Development Finance
2. Nilantha Jayanetti – Chief Executive Officer – Sarvodaya Development Finance

The post Sarvodaya Development Finance Becomes Full Member of GABV, Delivers Strong Performance in 1H 2024/25 appeared first on Adaderana Biz English | Sri Lanka Business News.

Small and Medium-sized Enterprises (SMEs) sector has been identified as the most crucial sector of strategic importance to re-orient the country’s economy considering the sectorial contribution to the economy which is more than 50% to the country’s Gross Domestic Production. Nevertheless, the recent upheavals experienced by the country during last few years, following the 2019 Easter Sunday Attack, the COVID-19 pandemic, 2022 economic collapse and other external impacts, have severely affected the SMEs, hindering their capacity significantly, grappling to conduct business as usual. This affected their prompt repayment behavior and led to take legal actions by banks and threat of confiscation their securities/assets by the banks due to default. For the period of 01.04.2019 to 30.09.2024, approximately 494,000 loans amounting to Rs. 886 Bn have been classified as stage 3 loans (Non-performing Loan – NPL) in the banking industry. It is noted that 99% of number of loans categorized under stage 3 are below Rs. 25 Mn. Considering all the factors, a relief package was designed by the government to support the SMEs who faced difficulties in servicing their debt due to the adverse impact experienced during the recent past. The relief package was developed in collaboration with the Central Bank of Sri Lanka (CBSL), the Sri Lanka Banks’ Association (Guarantee) Ltd. (SLBA), SME sector representatives, applicable government agencies and the relevant measures have been prepared with a long term insight to provide a breathing space for the affected SMEs while ensuring the stability of the banking sector. The SMEs which meet the below mentioned criteria are eligible to enter the proposed relief package.

1. SME borrowers obtained credit facilities from a licensed bank that have been classified as stage 3 (NPL) on or after 01.04.2019.
2. SMEs which commence discussions with the respective Relief Banking Unit on or before 31.03.2025, subject to submission of all required documents.

1. Suspension of Parate Execution until 31.03.2025 making room for SMEs to enter a revival plan by amending the Recovery Loans by Banks (Special Provisions) Act No.4 of 1990.
2. If required, grant a working capital loan for eligible SMEs, subject to repayment capacity and submission of credible business revival plan on a case by case basis to re-boost them to their pre-crisis operating status.
3. An adverse ‘CRIB report’ shall not be the only reason for decline loan applications from eligible borrowers under this.
4. Licensed banks in consultation with the Credit Information Bureau of Sri Lanka may develop an appropriate reporting modality to report restructured credit facilities under this reliefs.
5. SMEs on their request to be provided with a breakdown of the capital, interest and other charges of their credit facilities from their bank.

1. Introduction of a reasonable interest rate for restructured loans less than Rs.50 Mn category subject to maximum of Average Weighted Prime Lending Rate (AWPR) plus (+) reasonable margin (Ex: Maximum 2%).
2. Maximum loan repayment period is 10 years (unless original agreement has provided a period longer than 10 years) subject to grievance handling process for aggrieved parties.
3. Rename ‘Business Revival Units’ of the respective banks as the ‘Relief Banking Units’.
4. Suspend all legal actions for cases during the proposed relief period i.e.12 months for loans less than Rs. 25 Mn, 09 months for loans between Rs. 25 Mn and Rs. 50 Mn and 06 months for loans above Rs. 50 Mn, including a complete freeze on legal proceedings related to NPL loans in the relevant categories, other than dates already scheduled.
5. Establish a transparent mechanism to grievance handling in the event of a dispute over the valuation for auctioning a property between banks and the defaulter which ensures the borrower’s property is auctioned at the highest possible rate to maximize its value.

The post Government Introduces Relief Measures for Affected SMEs appeared first on Adaderana Biz English | Sri Lanka Business News.

The Commercial Bank of Ceylon has been ranked the best for service excellence among Sri Lanka’s banks in the 2024 edition of the annual Customer Excellence Survey of LMD, the country’s pioneering business magazine. This is the second consecutive year that Commercial Bank topped the banking sector for service excellence in the LMD survey. Conducted online, the survey received 4,100 responses this year. Respondents were asked to vote for their preferred establishment for service excellence in 34 categories of service organisations. The results were published in the December edition of LMD, with up to 20 organisations in each category ranked according to the number of votes they received. “This is a great way to end the year,” Commercial Bank’s Chief Operating Officer Mr S. Prabagar commented. “Customer service is paramount in banking, and includes a bank’s ability to provide tailor-made solutions that address an individual client’s specific requirements. This is one of our strengths, and continues to be an area of focus, despite the increasing emphasis on digital access to services.” Customer excellence is embedded as a core element of Commercial Bank’s business strategy. The Bank actively integrates customer feedback to continuously improve services and products, and also uses data analytics to anticipate customer needs to be able to proactively offer hyper-personalised financial solutions, Mr Prabagar said. Introducing the 2024 survey, LMD said: “In today’s competitive landscape where choices are plenty and customer loyalty is a precious asset, knowing what makes a customer tick is more important than ever,” and stressed that understanding customer expectations has become essential for businesses that are aiming to thrive. Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalization in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest lender to Sri Lanka’s SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon neutral bank. Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a Microfinance company in Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.  The Bank’s fully- owned subsidiary CBC Finance Ltd. also delivers a wide range of financial services via its own branch network.

The post ComBank tops banking sector for service excellence in LMD survey appeared first on Adaderana Biz English | Sri Lanka Business News.

The Planters’ Association of Ceylon (PA) has commended the Government of Sri Lanka for its decision to postpone the abolition of the Simplified Value Added Tax (SVAT) system to April 1, 2025. This decision, initially planned for January 1, 2024, followed strong opposition from a broad coalition of exporters and business chambers. While the postponement provides some relief, the PA called on the Government to further ensure that the SVAT system would be retained until a proper and effective alternative can be implemented in consultation with all stakeholders. “Such a system must ensure the Government does not face challenges with revenue while also protecting the cash flows of Sri Lankan exporters, who are already facing significant challenges in an increasingly volatile global economic environment,” Planters’ Association of Ceylon, Secretary General, Lalith Obeyesekere stated. The SVAT system, which has been a critical support mechanism for the industry since its implementation in 2011, remains vital for the survival of both Regional Plantation Companies (RPCs) and smallholder tea farmers. Stakeholders remain deeply concerned that the eventual removal of SVAT without a robust replacement could lead to significant income losses for all exporters – particularly tea and rubber smallholders – and disrupt the entire tea value chain. Historically, the Sri Lankan tea industry saw robust growth until 2014, with exports surpassing 300 million kg and generating earnings of approximately US$1.5 billion. “In 2018, the Government at that time set an optimistic target of doubling national tea production by 2025. But this trajectory shifted dramatically following the ban on Glyphosate in 2015, and a complete ban on fertilizer and agrochemicals in 2021. “Both decisions severely impacted crop yields. By 2023, tea production had plummeted to around 223 million kilos, with export earnings dropping to about US$1.3 billion. Approximately 480,000 smallholders in Sri Lanka depend on tea for their livelihoods,” The PA stated. Smallholders receive approximately 68% of the total price that the tea fetches at the auction for their green leaf. However, with average earnings around Rs. 23,000 per month for those cultivating an average of 0.5 acres, the financial strain is palpable. The anticipated loss due to the eventual removal of SVAT could amount to an estimated Rs. 24 billion annually for smallholders alone, representing 18% directly borne by smallholder families. The SVAT system’s role is particularly crucial as over 90% of Sri Lanka’s tea is exported. The industry is already grappling with cash flow issues exacerbated by delayed VAT refunds, which can get significantly delayed, taking up to six or seven years in some instances. As RPCs receive less revenue from auctions with tea exporters paying an 18% VAT on exports since January 1, 2024, the overall production levels are expected to decline further. For instance, with 1 kilogram of tea priced at Rs. 1,200, the 18% VAT amounts to LKR 216, totaling up to Rs. 1,416. Exporters are required to pay this VAT upfront, impacting their cash flow significantly. Delays in VAT refunds ties up capital that could otherwise be invested in production and operations. The cumulative financial loss for the industry in 2023 has already reached an alarming average of LKR 5 billion per month, totaling around LKR 60 billion per year due to VAT complications. The imposition of VAT increases operational costs for RPCs and smallholders alike, leading to reduced profitability and potentially lower production levels over the next five years. To ensure the long-term stability and growth of Sri Lanka’s tea industry, the PA emphasized the need for a strategic approach. Government intervention is critical, with policies that enhance access to fertilizer and essential agricultural inputs, thereby reducing production costs and boosting productivity. Additionally, streamlining VAT refund processes is imperative to ease financial pressures on exporters, enabling timely reimbursements and improving cash flow. Collectively, these measures aim to strengthen the industry’s competitiveness, drive sustainable growth, and place it back on a robust growth trajectory. In 2014, Kenya’s tea production reached approximately 415 million kilos, and by 2023, this figure had risen to around 550 million kilos, showcasing significant growth in the country’s tea sector. In contrast, Sri Lanka has experienced a decline in tea production, which has also raised concerns among stakeholders.

The post Planters’ Association commends postponement of SVAT abolition, urges further reevaluation appeared first on Adaderana Biz English | Sri Lanka Business News.

The Colombo Stock Exchange (CSE) and the National Commodity and Derivatives Exchange (NCDEX) of India, recently signed a Memorandum of Understanding (MoU) to collaborate and explore the development of derivatives and commodity products in Sri Lanka. This partnership will enhance the product offering and trading instruments at CSE. The collaboration will involve knowledge-sharing initiatives, technological support and capacity-building programs aimed at training and developing personnel in relevant areas such as technology, systems, and regulations. Additionally, this partnership is expected to create opportunities for mutual growth by enabling both organizations to expand their market offerings, attract new participants, and contribute to the development of a sustainable and efficient trading ecosystem. Speaking on the partnership, Mr. Dilshan Wirasekara, Chairman of the CSE, stated, “This initiative marks a pivotal milestone in Sri Lanka’s journey toward diversifying its capital market offerings. By partnering with NCDEX, we aim to be equipped to introduce world-class trading facilities that will empower market participants, create economic opportunities, and contribute to sustainable development.” Echoing this sentiment, Mr. Arun Raste, Managing Director and CEO of NCDEX, remarked, “This MoU reflects NCDEX’s commitment to creating globally benchmarked platforms that support regional development. It presents an opportunity to contribute to establishing a sustainable and well-regulated financial market ecosystem. Our expertise in derivatives and commodities trading, developed under the progressive policies and unwavering support of the Indian government and regulators, positions us well to share valuable insights internationally.” The signing ceremony was attended by representatives from CSE and NCDEX, reinforcing the commitment of both organizations to enhancing market infrastructure and advancing sustainable trading practices.

The post CSE Partners with NCDEX to Share Expertise and Explore Opportunities in Derivatives and Commodities Trading appeared first on Adaderana Biz English | Sri Lanka Business News.

AICPA & CIMA, together as the Association of International Certified Professional Accountants, announced Kaushala Amarasekara, (ACMA, CGMA), AGM – Brand & Marketing Communication at Hutchison Telecommunication Lanka (Pvt) Ltd Sri Lanka as the winner of the Digital Transformation Award of AICPA & CIMA’s inaugural CGMA Professional Awards – Asia Pacific in a virtual ceremony held recently. This award recognises and celebrates the efforts and achievements of CIMA members who have successfully embraced and implemented digital transformation projects, leveraging technology to drive innovation, efficiency, and growth for the organisation. The CGMA Professional Awards – Asia Pacific recognise the achievements of Chartered Global Management Accountants (CGMA designation holders), CGMA candidates, and partners, including employers, universities, and educators to drive innovation, foster a strong work ethic, and cultivate growth within the accounting and finance profession across the region, serving as role models for their peers and future generations. Kaushala Amarasekara, AGM – Brand & Marketing Communication at Hutchison Telecommunication Lanka (Pvt) Ltd Sri Lanka, said “Receiving the CGMA Digital Transformation Award Asia Pacific 2024 is a profound honour and a testament to the power of innovation, resilience, and teamwork. Being a CGMA member has been instrumental in equipping me with holistic and diversified knowledge, enabling me to make impactful contributions across various facets of the organisation. This recognition inspires me to push boundaries further, leveraging the transformative power of technology to drive progress, uplift communities, and create a better, digitally empowered future for all.” Venkkat Ramanan, FCMA, CGMA, Vice President – Asia Pacific at AICPA & CIMA, together as the Association of International Certified Professional Accountants, said “This year’s award nominees and winners were selected based on their outstanding contributions, commitment to growth, and their impact on the accounting and finance profession. We are proud to recognise the great work that these individuals and organisations do every day to advance and elevate the profession in Asia Pacific with the CGMA Professional Awards – Asia Pacific. Their dedication to excellence sets a high standard for all of us.” Over 1200 applications and nominations from individuals, businesses, and educational institutions in Sri Lanka, Malaysia, India, Pakistan, Thailand, Maldives, Australia, New Zealand, were submitted for consideration in four categories CGMA Leadership Award, CGMA Sustainability Award, CGMA Innovation Award, and CGMA Digital Transformation Award. Visit the AICPA & CIMA website for a complete list of the CGMA Professional Awards Asia Pacific 2024 winners. Visit the AICPA & CIMA website for a complete list of the CGMA Professional Awards – Asia Pacific 2024 winners.    Photo Caption: Kaushala Amarasekara, AGM – Brand & Marketing Communication at Hutchison Telecommunication Lanka (Pvt) Ltd

The post Kaushala Amarasekara wins prestigious CGMA Professional Award – Asia Pacific from AICPA & CIMA appeared first on Adaderana Biz English | Sri Lanka Business News.

The post CEAT unveils new high-performance tractor tyre in time for ‘Maha’ season appeared first on Adaderana Biz English | Sri Lanka Business News.

The Sri Lanka Economic Summit organised by The Ceylon Chamber of Commerce will host a session focused on “Maximising Tourism Potential,”, exploring strategies to position Sri Lanka as a leading global destination, on 29 January at the Shangri La Hotel, Colombo. Discussions will focus on how Sri Lanka can achieve the goal of USD 8.5 billion in tourist earnings by 2030, and factors that can support this goal including enhancing offerings, improving average tourist spend, and implementing policies that will support the sector’s growth. The session will feature Mr. Anand Jha, Vice President and Head of Government Engagement for India and South Asia at Visa, Prof. Ruwan Ranasinghe, Hon. Deputy Minister of Tourism, Mr. Henry Fitch, CEO of Teardrop Hotels, Mr. Mikael Svensson, CEO of Cinnamon Hotels & Resorts, and Ms. Stasshani Jayawardena, Joint Deputy Chairman and Managing Director, Aitken Spence PLC, and will be moderated by Mr. Dhananath Fernando, CEO of the Advocata Institute. As Sri Lanka aims to amplify its global appeal, this session will highlight the importance of innovative policies and private-public collaboration in achieving sustainable tourism growth. Industry leaders and stakeholders will share perspectives on enhancing Sri Lanka’s tourism product, fostering competitiveness, and creating a roadmap to elevate the sector’s contribution to the national economy. Standard Chartered Bank is the Platinum sponsor of the event, while Unilever Sri Lanka and Deloitte Sri Lanka are the Gold sponsors. The Asian Development Bank acts as the Knowledge Partner, while VISA is the Strategic Partner, and South Asia Gateway Terminals is the Session sponsor. Dialog Axiata PLC and Dialog Television are the Telecommunication and Television Partners respectively, while Economy.lk and Omnicom Media Group are the communications partners. The Shangri-La Hotel Colombo, is the Hospitality Partner of the Summit.    The Sri Lanka Economic Summit will take place on the 28^th and 29^th of January at the Shangri La Hotel, Colombo. Registrations are now open at www.sles.chamber.lk. For further information, please contact Lilakshi at lilakshi@chamber.lk / 5588818 or Alikie at alikie@chamber.lk / 0115588805.    Mr. Anand Jha Prof. Ruwan Ranasinghe Mr. Henry Fitch Mr. Mikael Svensson Ms. Stasshani Jayawardena  Mr. Dhananath Fernando

The post Maximising Tourism Potential: Exploring Growth Strategies at the Sri Lanka Economic Summit appeared first on Adaderana Biz English | Sri Lanka Business News.

Navigating today’s fast-paced and competitive business landscape presents organizations with a myriad of challenges, including inefficiency, excessive time spent on routine tasks, and difficulties in collaboration. These issues are intensified by the sheer volume of work and the complexity of managing both remote and in-office teams. Research highlights the extent of these challenges. According to Microsoft’s 2024 Work Trend Index (WTI), the overwhelming influx of emails, meetings, and chat messages significantly diverts workers from high-value tasks. For instance, 85% of emails are read in under 15 seconds, and employees typically read four emails for every one they send. This constant stream of communication contributes to workplace inefficiency and increased cognitive load. One solution to these hurdles is Microsoft’s Copilot, which integrates seamlessly into Microsoft Office 365 apps. Copilot uses generative AI to automate routine tasks, manage emails, assist with document searches, and streamline communication. By allowing employees to focus on higher-value work, Copilot enhances both efficiency and collaboration, helping organizations stay competitive in a fast-evolving market. Copilot is also helping to significantly enhance customer service operations by providing tools that improve efficiency and ensure high-quality customer interactions. Copilot helps businesses quickly draft personalized responses to customer issues. This not only speeds up response times but also ensures consistency, personalization and professionalism in communication, which is crucial for maintaining customer satisfaction. In addition, Copilot supports service agents by offering real-time suggestions and data driven insights, reducing the cognitive load on agents, allowing them to focus on problem-solving rather than spending time on searching for the right answers. With Copilot, teams are empowered to work more efficiently. One example is optimized customer meetings, where Copilot could help analyze prior customer interactions and generate actionable insights. This preparation ensures that sales teams and leadership enter meetings well-informed, thereby enhancing the quality of discussions and increasing the probability of achieving successful outcomes by appearing more prepared for meaningful engagements. One of the most valuable features of Copilot is its ability to streamline file search across various platforms, including Outlook and Teams. Traditionally, employees spend significant time toggling between different applications to locate documents or relevant conversations, leading to inefficiencies. Employees no longer need to switch between apps; they can instantly find the documents, emails, or calendar events they need without breaking their workflow. By reducing the time spent searching for information, Copilot helps organizations maintain smoother operations, ultimately improving productivity across the board. Copilot also excels in fostering unified team collaboration by integrating its features into Microsoft Teams. One key aspect of this is centralized communication, where Copilot tracks meeting notes and syncs updates across team channels. This ensures that all team members have access to the most current information, can follow the meeting and reduces the chances of miscommunication. In addition, Copilot simplifies agenda management by drafting and sharing meeting agendas and follow-ups, which saves time and keeps everyone aligned. By automating these administrative tasks, Copilot ensures that teams can focus on their core objectives, driving more innovative and strategic outcomes. This capacity to manage collaborative logistics enables teams to concentrate their efforts on execution and problem-solving, thereby promoting a more productive and unified work environment. AI tools like Copilot have proven to be a game-changer, helping companies across key industries streamline workflows and significantly reduce time spent on repetitive tasks. By automating routine processes, employees are freed up to focus on more strategic, creative, and high-value work, which has become increasingly essential in today’s fast-paced market. Looking forward, teams can explore materials like the Microsoft Prompt Gallery to maximize the potential of these AI tools. This resource offers a variety of prompts designed to integrate smoothly into workflows, helping teams get the most out of AI-powered productivity tools. Ultimately, the key takeaway is that integrating AI like Copilot into everyday business practices can make a significant difference, empowering teams and fostering a more efficient, collaborative, and innovative workplace.

The post How Microsoft Copilot Transforms Workflows and Drives Productivity Across Key Industries appeared first on Adaderana Biz English | Sri Lanka Business News.

Mr. Jayalal Hewawasam, CEO of Allianz Life Insurance Lanka Ltd., was recently honored with the prestigious Global CEO Leadership Excellence Award at Sri Lanka’s inaugural Global CEO Awards Night held on 5th December 2024 at ITC Ratnadipa, Colombo. Recognizing 50 of Sri Lanka’s most distinguished CEOs, the award highlights Mr. Jayalal’s  leadership and sheer commitment to driving Allianz Life Insurance Lanka Ltd towards continued success. Since joining the Allianz Life Insurance Lanka Ltd in 2020, with over two decades of experience in the insurance industry, his leadership has been instrumental in achieving key milestones and positioning Allianz Life Insurance Lanka Ltd. for sustained growth in the future. This achievement also celebrates the collective efforts of the exceptional team at Allianz Lanka, including Malaka Mihindukulasuriya (Chief Actuary and Strategy Officer- Allianz Life Insurance Lanka Ltd.), Ishani Senaweera (Chief People and Culture Officer- Allianz Insurance Lanka Ltd.), Samantha Perera (Chief Risk Officer- Allianz Insurance Lanka Ltd.), Sameera Dharmasena (Head of Operations- Allianz Life Insurance Lanka Ltd.), Chamila De Silva (Chief Financial Officer – Allianz Life Insurance Lanka Ltd.), Suran De Silva (Head of Agency Learning & Development and Corporate Sales – Allianz Life Insurance Lanka Ltd.), Janak Senanayake (Head of IT – Allianz Life Insurance Lanka Ltd.), and Cholitha Wijewardane (Head of Agency Planning and Salesforce Administration – Allianz Life Insurance Lanka Ltd.). Allianz Life Insurance Lanka Ltd. is a fully owned subsidiary of Allianz SE, a global financial services provider headquartered in Munich, Germany, with a focus on insurance and asset management services.

The post Mr. Jayalal Hewawasam, CEO of Allianz Life Insurance Lanka Ltd,  Honored with Prestigious Global CEO Leadership Excellence Award appeared first on Adaderana Biz English | Sri Lanka Business News.

Hutch collaborated with the Faculty of Computing at the University of Sri Jayewardenepura to conduct an exclusive knowledge-sharing session for third-year undergraduate students. The event, held at the university, was part of Future Connect, an innovative initiative aimed at preparing the next generation for the technologies of tomorrow. By bridging the gap between academic learning and real-world applications, the event highlighted Hutch’s unwavering commitment to empowering young minds with the skills and insights needed to thrive in an ever-evolving digital landscape. With a focus on emerging trends and future technologies, Future Connect ensures that students stay future-ready and equipped to become the tech leaders of tomorrow. The session covered key topics in telecommunications, starting with data communication and networking, including network traffic analysis, troubleshooting, and optimizing for real-time applications. Legal and ethical aspects of data transmission and strategies for assessing network performance were also discussed. The focus then shifted to enterprise resource planning (ERP) systems and their role in customer management, supply chain, HR, and billing. The day concluded with a session on soft skills, including CV writing, interview preparation, and career development. Prof. Prasad M. Jayaweera, Dean of the Faculty of Computing, University of Sri Jayewardenepura, emphasized the importance of such collaborations, stating, “We are delighted to collaborate with Hutch in this knowledge-sharing initiative, which bridges academia and industry. This session not only enriches our students’ understanding of real-world applications but also inspires them to innovate and excel in the evolving field of technology. Partnerships like these are instrumental in shaping the future of computing professionals in Sri Lanka.” Saumitra Gupta, CEO of Hutch Sri Lanka, shared his thoughts on the initiative, saying, “At Hutch, we believe in empowering the next generation with the tools and insights they need to thrive in a digital-first world. Collaborating with the University of Sri Jayewardenepura allows us to share our industry expertise, fostering innovation and nurturing talent that will drive Sri Lanka’s technological advancements. We are proud to support the development of future leaders in technology.” This initiative highlights Hutch’s steadfast dedication to technological advancement and education, reaffirming its position as a leader in knowledge-sharing and innovation in Sri Lanka.

The post Future Connect: Hutch and University of Sri Jayewardenepura Kick Off Exclusive Knowledge-Sharing Series appeared first on Adaderana Biz English | Sri Lanka Business News.

The post Sri Lanka and China extend $1.4 billion currency swap for three more years appeared first on Adaderana Biz English | Sri Lanka Business News.

The post Adani Group vindicated with Hindenburg Research closure appeared first on Adaderana Biz English | Sri Lanka Business News.

The post Kandy Myst by Cinnamon Opens for Pre-Bookings appeared first on Adaderana Biz English | Sri Lanka Business News.