Adaderana Biz English | Sri Lanka Business News

The S.W.R.D. Bandaranaike National Memorial Foundation (BMICH) joined the world community recently in celebrating International Women’s Day, and its 2017 theme “Be Bold For Change”. To mark this important day, the BMICH held an educational programme filled with inspiring speeches as well as a workshop on “How to meet the challenges that women face in a changing environment”. All female employees of the BMICH participated enthusiastically whilst remembering and paying tribute to two outstanding women leaders of Sri Lanka who were and are still closely associated with the BMICH. Late Prime Minister Sirimavo Bandaranaike, who was the first woman to be Prime Minister of Sri Lanka, was the founder and first Chairperson of the BMICH, and Madam Chandrika Bandaranaike Kumaratunga, the current Chairperson of the BMICH, was the first woman to be Executive President of Sri Lanka. BMICH was the first purpose-built convention centre in Asia, featuring distinctive architecture and sprawling gardens, which has made it popular as a multi-faceted iconic venue.

Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 8.2 per cent in February 2017 from 6.5 per cent in January 2017, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in February 2017. The low base that prevailed in February 2016 was the significant contributor to the sharp increase in year-on-year inflation in February 2017, in addition to the monthly price increase observed. The change in the NCPI measured on an annual average basis increased to 5.1 per cent in February 2017 from 4.6 per cent in January 2017. When the monthly change is considered, the NCPI increased from 119.3 index points to 119.9 index points from January 2017 to February 2017. This monthly increase was mainly due to the increase in prices of the items in the Food category. Within the Food category, prices of coconuts, vegetables, coconut oil, green chilies, and fresh fish increased during the month. In the Non-food category, prices of items in Transport; Education; Housing, Water, Electricity, Gas and Other Fuels; Furnishing, Household Equipment and Routine Household Maintenance; Miscellaneous Goods and Services and Clothing and Footwear; sub-categories increased. Prices in Restaurants and Hotels sub-category increased marginally. Prices in Alcoholic Beverages and Tobacco and Recreation and Culture decreased during February 2017 while prices in Health sub-category reported a marginal decrease. Meanwhile, prices in Communication sub-category remained unchanged during the month. The NCPI Core inflation, which reflects the underlying inflation in the economy remained unchanged at 7.1 per cent in February 2017. Annual average NCPI Core inflation increased to 6.4 per cent in February 2017 from 6.2 per cent in January 2017. press_20170321e2

The Ambassador of the USA to Sri Lanka, His Excellency Atul Keshap paid a courtesy call on the Governor, Central Bank of Sri Lanka, Dr Indrajit Coomaraswamy on Tuesday, 21^st March 2017 in the Office of the Governor.

The Commercial Bank of Ceylon has been named Sri Lanka’s Best Bank in 2017 by USA-based Global Finance, giving the Bank its third international accolade in as many months. Just released by the authoritative and widely respected publication, the list of the 30 Best Banks in Asia Pacific has Commercial Bank in the company of the giants of the region, including Commonwealth Bank (Australia), ICBC (China), The Bank East Asia (Hong Kong), State Bank of India, Bank Rakyat (Indonesia), Mizuho (Japan), DBS (Singapore) and Shinhan Bank (South Korea). This is the 18^th year that Commercial Bank has won this prestigious award as Sri Lanka’s Best Bank, in the 24^th edition of Global Finance’s Best Bank awards programme. The awards factor both objective and subjective criteria, and selections were made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants and analysts throughout the world. In addition, a poll of Global Finance’s corporate readership was conducted in order to increase the accuracy and reliability of the results. Objective criteria considered included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. “This is a great start to the year,” Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam declared. “According to Global Finance, the winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished better results while laying the foundations for future success. That is exactly what we have been focussed on.” Global Finance Publisher and Editorial Director Joseph D. Giarraputo said: “Global Finance’s annual Best Bank Awards celebrate financial institutions that excel at delivering customers the services and products tailored to meet their unique needs. These banks may not be the biggest or oldest, but their energy and adaptability make them stand out in the field.” A full report on the magazine’s selections for Best Bank will appear in the May issue of Global Finance, with winners chosen in more than 150 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, The Middle East, North America and Western Europe. The May report will also feature selections for the Best US Regional Banks and the World’s Best Banks By Region. Winners are to be honoured at an awards ceremony to be held during the IMF/World Bank Annual Meetings in Washington DC in October 2017 at the National Press Club. The Commercial Bank has already won two international awards this year — the award for ‘Developing Sustainable Strategies’ at the Global Sustainability and CSR Excellence and Leadership Awards in Mumbai, India, and the award for Best Internet Bank in Sri Lanka presented by Global Banking & Finance Review of the UK. Founded in 1987, Global Finance has a circulation of 50,000 and readers in 192 countries encompassing chairmen, presidents, CEOs, CFOs, treasurers and other senior financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Global Finance also targets the 8,000 international portfolio investors responsible for more than 80% of all global assets under professional management. The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively, Commercial Bank operates a network of 256 branches and 658 ATMs in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years. Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank opened a fully-fledged Tier I Bank in September 2016 and Italy, where the Bank launched its own money transfer service in November 2016.

The recent steep rise in duty and tax imposed by the government on synthetic lubricants effective mid-November is causing alarm in the market, as lubricant suppliers are now starting to pass on the hike to the end users.

The duty and taxes have been increased by 31 percent. This has forced suppliers in the local lubricant market to increase prices accordingly and consumers are affected adversely as they have to pay substantially higher prices as a result. Local franchise car agencies too are affected, as they are forced to pass on a substantial cost increase to the customer.

Unfortunately, this duty and tax hike will only result in discouraging the vehicle owners from using synthetic lubricants due to the high price. This is not a welcome development for the country as synthetic lubricants help vehicles to perform better, when compared with conventional oils, thereby saving exchange for the country and less emissions.

With vehicle manufacturers’ encouraging the use of synthetic lubricants for all types of vehicles, the move by the government will severely impact the vehicle owners.

Synthetic lubricants are proven to be more environmentally friendly, as emission levels are comparatively lower, draining intervals are higher and resultantly more mileage could be achieved.

The British tradition of High Tea began in the mid-1700s as an afternoon meal usually served between 3 and 4 o’clock. It was a meal taken standing up or sitting on tall stools, thus ‘high’. Tea was served with a range of “bite-sized” sweets and savouries. Recreating this delightful experience, Sri Lanka’s culinary hub Waters Edge together with principal sponsor and exclusive dairy partner Anchor Food Professionals present “Tea-licious” – a twist on the traditional high tea. On the 25^th of March, the Grand Lawn at Waters Edge will be transformed in to a garden party extraordinaire complete with the picturesque backdrop of the waterways that surround the hotel. The afternoon is all about fun and entertainment with good food, games and entertainment for the entire family. The multi-award winning culinary team at Waters Edge will also cook-up an international buffet of hot and cold hors d’oeuvres using a range of Anchor products. The spread will feature delectable delights from inter-continental, Japanese, Sri Lankan and other Asian cuisines. Waters Edge specializes in serving the best dessert spread in town and the high tea buffet will also include favourites such as éclairs, French macaroons, choux buns, cupcakes and pastries with fillings that are simply out of this world. Many of them will be made using the creamy goodness of Anchor butter which has been trusted as the best for baking for generations. In collaboration with the Tea Lounge at the Edge and Anchor Food Professionals – the principal sponsor and exclusive dairy partner for the event, “Tea-licious” will also concoct some interesting beverages like tea cocktails and dairy based cocktails to wash down the scrumptious food. The afternoon will be the perfect setting for a long-overdue meet-up for friends or a lazy afternoon family outing. To make sure that there is something for everyone, a special kiddie’s corner to keep the little ones entertained while the adults catch up on the latest news in town or relax to the soothing sounds of the Slipping Chairs. Tickets will be priced at 2,500 rupees per person and will avail all-you-can-eat from the buffet and a variety of teas. Kids 6-12 will be charged at 1,500 each while kids below the age of 6 will be absolutely free. A special cash bar will serve up the signature cocktails. For more information and to make reservations, please contact Dilrukshi on 0773 587419. Image I

French cuisine dates back to the 14^th century and since then has been an integral part of how the world eats. So much so that in November 2010, French gastronomy was added by the UNESCO to its lists of the world’s “intangible cultural heritage”. Recreating all things French, Sri Lanka’s premier culinary hub and events destination will for the third consecutive year take part in “Good France” – a global culinary program that celebrates the exquisiteness of French cuisine. Having hosted extremely successful French themed events such as Beaujolais Nouveau and French Village recently, the hotel has gained extensive experience in delivering the French touch right here in Sri Lanka. To add to this experience is the expertise of the award-winning culinary team at Waters Edge. General Manager Rohan Fernandopulle is a chef by profession with over 30 years’ experience in the culinary industry and the president of Bocuse d’ Or Sri Lanka, the most recognized French culinary competition in the world. The hotel’s Executive Chef Buddhika Samarasekera is the only chef from Sri Lanka to win Bocuse d’ Or Asia and compete in French cuisine against some of the best chefs in the world at Lyon, France. Chef Buddhi as he is fondly known also carries experience from Michelin Star restaurants across the world including Paris. He is also a part of the culinary Olympics Sri Lankan team. General Manager and culinary expert Rohan Fernandopulle said, “Established as a reflection of the changing lifestyle of the global Sri Lankan, Waters Edge today boasts of 10 conference/event halls, over 8 F&B outlets and state of the art recreation facilities. Our aim is to bring the cuisines of the world to our shores and take our unique brand of cooking to the world. Good France is an excellent opportunity for us to showcase the outstanding abilities of our culinary team.” On the 21^st of March 2017, the Waters Edge culinary team will simultaneously with the rest of the world prepare French delights such as truffle mousseline, pan fried scallops and lobster mousse, raspberry and bell pepper sorbet and slow roasted lamb. Paired with the perfect wines for each dish, the culinary extravaganza will conclude with desserts such as orange marmalade jelly, pistachio cremex, and berry fruit pate served with soursup ice cream. Each course will be paired with the finest bubbly, and exquisite white and red wines. The event will be held at the hotels premier venue “The View” overlooking the breathtaking grand lawn and beyond. The delicious 7 course menu at Rs. 7,500 per person will be accompanied by elegant tunes of a saxophonist. For reservations please contact Dilrukshi on 0773587419 or 0112 863863. Photo caption: General Manager Waters Edge Rohan Fernandopulle, the Ambassador of France to Sri Lanka, H.E. Jean-Marin Schuh and Executive Chef at Waters Edge Buddhika Samarasekera

London: Dusit Thani Sri Lanka co-hosted ‘Dusit Thani Sri Lanka Investors’ Forum London 2017” at The Grange City Hotel, London along with Real – Estate Intelligence Unit (RIU) the premier research and consultancy firm for many of the top corporations in the U.K, Sri Lanka and in many of the major cities in Asia. Mr. Roshan Madawela, CEO/Director from RIU opened the event giving an overview of the Sri Lankan economy which was backed-up by extensive research and evidence provided in a Power Point presentation. Mr. Ajit Wijesinghe, Director of Indola Group Pvt Ltd, the Developers for the Dusit Thani project addressed the audience of 80 plus people, mentioning how he was inspired to start this project and the benefits it gives for investors. Mr. Declan McNaughton, CEO of Indola Group Pvt Ltd drilled down into the project details further, presenting why this new concept of investment apartments in Sri Lanka is such a good opportunity. Many Sri Lankan expatriates liked the idea of investing in their Mother Country and especially in a luxury brand, 5–star project that gives them a Freehold Title. The opportunity to own a beachfront apartment, whilst earning a guaranteed 6% nett per annum that is paid in US$ seemed an opportunity not to be missed. Added to that, the fact that the apartment Owners can enjoy 21 days free stay per annum, appealed to all as they could use it during the time to visit family back home. “With the unique investment opportunity Dusit Thani Sri Lanka provides, we have come across a large amount of interest from foreign buyers giving them the best investment option. The Beachfront takes Sri Lanka’s luxury 5–star living to the next level by offering a range of luxury 1, 2 and 3-bedroom apartments”, commented Mr. Ajit Wijesinghe. Dusit Thani Sri Lanka is the one and only, luxury, high-rise beachfront apartments located on the West Coast of Sri Lanka that foreigners can legally buy. It is a perfect combination of opportunity, location, luxury and return on investment. The Beachfront is located on 500 meters of absolute pristine beachfront and every apartment will feature a large private balcony, 5–star designer interiors and stunning, uninterrupted ocean views. Apartments are priced from US$244,000. There are 3 Stages of construction and Stage 1 has just started and will be completed by the first quarter of 2019. Tower B of Stage 1 has already sold and sales for Tower A are flourishing. Stage 2 will consist of 15 international restaurants, cafes, bars, luxury spa, sauna and gymnasium and Stage 3 will be another two Towers of investment apartments. The Directors and staff of Indola have been very active promoting their project to interested investors in Australia, Singapore, Hong Kong and Russia. Dusit Thani will hold its next forum in Toronto, Canada on 2^nd April 2017. You can contact us on www. dusitthanisrilanka.com or +94 91 225 66 30 for further information or visit our display suite at Balapitiya Beach Sales Office at 786, Galle Road, Balapitiya.

The Ceylon Chamber of Commerce, Sri Lanka’s premier Business Chamber will complete 178 years of service to the nation on the 25^th March, 2017, marking yet another achievement for an organization, which has played one of the most decisive roles in transforming the commercial landscape of Sri Lanka, since its inception in the 19^th century.

The Chamber, Sri Lanka’s first and foremost Business Chamber was established in 1839, to foster and protect the growing commerce of Ceylon. The institution has since evolved with the growth of diverse economic sectors and today represents the interests of the entire business community of the country. In 1939 there were twelve Associations affiliated to the Chamber and nineteen members. Today, there are thirty six Associations and 581 direct members. In total the Chamber has an outreach which reaches to over 7000 companies, island wide.

Mr. Samantha Ranatunge, Chairperson of the Ceylon Chamber of Commerce said that the Chamber has remained a beacon of the private industry of Sri Lanka giving leadership to all sectors of commerce and being guided by the ten principles of the chamber governance which will stand for the development of the industry and the nation at large.

Mrs. Dhara Wijayatilake, CEO of the Ceylon Chamber of Commerce commenting on the event remarked that throughout its history The Ceylon Chamber has made a significant contribution to promote economic development of the country and has maintained its position as the foremost voice of private industry. The private sector has diversified and today offers new challenges which are more formidable than those accepted by the founders. The Chamber prides itself in having adapted to meet those challenges as a responsible voice and in compliance with its core principles in which it continues to place value.

Sri Lanka’s leading private sector commercial bank, HNB PLC hosted a special event saluting the dedication and determination of the Bank’s female staff and felicitating a group of loyal customers during celebrations in commemoration of International Women’s Day 2017. Organized exclusively by the female employees of the Bank’s Head Office branch, the event drew enthusiastic participation, including senior members of the HNB corporate management team. “The women in our workforce have been playing a very significant role in the expansion and growth of HNB and is now a force to reckon with. Over the years their contribution has been increasing – and I wish to express my sincere gratitude to all of our female employees, past and present, for their immense contributions to the Bank over the years. Their tireless efforts are a vital component of HNB’s continuing ability to serve as a partner in progress to the nation” HNB Managing Director/CEO, Jonathan Alles stated. “Providing a safe environment, equal opportunity and gender parity in the workplace, all contribute to empowering the women” said Chief Human Resource Officer/ Deputy General Manager – Human Resources, Chiranthi Cooray. Cooray went on to add that empowering female staff brings about a multiplier effect, further adding that happiness at work contributes to better results and achievement of the Bank. “We are proud to state that women account for 37% of our Hatna family, and drive economic wealth creation to the nation as financial advisors and professional bankers. At HNB we believe in the importance of fostering an environment of support and confidence for all our employees and especially for women, we have instituted family friendly work policies”. Over the course of the event, attendees were given an informative presentation on a range of important women’s health issues while tokens of appreciation were also distributed to the Bank’s long-standing female customers. A mini health camp for emlpoyees and customers was also part of the agenda. The total workforce of HNB constitutes 61 % male and 39 female employees out of a total of 4190 employees. The Bank’s senior corporate management team also includes four highly respected professionals who head up the Bank’s legal, human resources, finance and credit and transaction verticals. HNB’s Deputy General Manager – Credit & Transaction Banking, Ruvini Thenabadu, said the Bank’s future is focused on financial inclusion for women entrepreneurs. Believing that “equality for women is progress for all” HNB will hold a series of activities, with the goal of stimulating debate and building knowledge of Bank staff on gender and financial inclusion, as well as identifying entry points for advancing women’s roles in the financial markets in Sri Lanka. “We are proud to stand with the women leaders in our Bank on International Women’s Day. The day marks an ideal opportunity to demonstrate the power of women’s leadership and unite women in support of other women,” said Thushari Ranaweera, Deputy General Manager, Legal and its Company Secretary. Chief Financial Officer (CFO) of HNB Anusha Gallage, had this to say “Our celebration of International Women’s Day continues! This annual recognition of the United Nations-designated event distinguishes us as an employer of choice and a company committed to the success of women. “We’ve captured ideas that helped bring this year’s celebration to life and hopefully have inspired our female employees to go beyond boundaries and expectations to advance their career while empowering themselves to becoming leaders” concluded an upbeat Alles. Photo – A gathering of HNB’s most prestigious female customers together with the bank’s head office team at HNB’s International Women’s Day celebrations

Prominent Sri Lankan entrepreneur and a member of the Board of Directors of Lanka Ceramics PLC and Lanka Walltiles PLC, has been appointed as the Chairman of both entities with effect from 15 March, 2017. Meanwhile, A.M. Weerasinghe has been appointed as Deputy Chairman of Lanka Ceramics PLC and Lanka Walltiles PLC and also Chairman of Swisstek (Ceylon) PLC.

Renowned for ensuring each guest experiences seductive bliss, the Aditya Resort was recently recognized in three categories by internationally recognized travel review site Tripadvisor. This years win marks the 5^th consecutive year the resort has been recognized by Tripadvisor as one of the top 5 Best Hotels for Romance, top 5 Best Small Luxury Hotels and one of the top 5 Hotels for Best Service. Speaking on the win, Shamindra Fernando, Director – General Manager, said, “We are delighted to be recognized by Tripadvisor for the 5^th consecutive year. At Aditya our focus remains on offering experiences that seduce the soul – this goes beyond offering excellent cuisine, the highest standards in luxury and impeccable service – it consists of predicting and catering to each need and desire our guests may have. Our staff will go the extra mile to make sure each customer that walks through our doors leaves relaxed, rejuvenated and delighted with their experience with us”. Widely recognized as an oasis of tranquility and bliss, Aditya excels in delivering service that resonates with each guest simply by merit of attention to detail. By making it possible for each guest to truly experience unrivalled luxury, Aditya offers incredible experiences that are truly one of a kind. A guest endorsement from Valerie. B who stayed at the Aditya Resort in March 2017 reviewed her experience with the resort on Tripadvisor, “Our second 4 day stay at this exquisite boutique hotel exceeded expectations. The property is airy, spacious and beautifully appointed. Guest areas are elegant with stunning flower arrangements and soft furnishings. Maid service is sensitive with staff appearing to sense your next need. The restaurant serves excellent food from an extensive menu. The service provided by Indika and his team is exemplary – a perfect blend of discretion and professionalism. The waiters try to make each meal an occasion and they succeed. We cannot wait to return to this jewel of the Spice Island. It is definitely one of our favorite hotels in the world”. As a further extension of its delivery, the Aditya Resort will be hosting a selection of exclusive events and themed activities over the next quarter. Beginning with special promotions for the Sinhalese new year and a host of events centered around wellness and tranquility, the Aditya Resort will be a place to watch in the coming months. Aditya Resort Tripadvisor 1

Prestige Automobile (Pvt.) Limited, the sole importer and distributor for BMW, MINI and latest BMW i vehicles in Sri Lanka, won two major awards inclusive of the award for ‘Best Customer Satisfaction Service Performance-2016’ out of the four awards at the annual Aftersales Conference -BMW Group Asia held in Singapore from 7^th to 9^th March 2017. The company won the two awards, ‘Best Customer Satisfaction Service Performance-2016’ and ‘Best Accessories Performance-2016’ defeating 17 other South East Asian countries like Singapore, Malaysia, Philippines, Vietnam, Cambodia, Tahiti, Indonesia and Myanmar for the outstanding achievement of the team at the Prestige Automobile. “It is a challenge to be victorious after competing with countries like Singapore, Philippines and Vietnam. We care about all our customers by providing the best service to them. Our Aftersales team together with the call centre which was established in April, 2015, stands ready to ensure that not a single customer goes unnoticed,” said Mr. Volker Arnkens, Director-Aftersales of Prestige Automobile. The BMW, which is highly conscious about its customers, measures customer satisfaction via an online survey. Prestige Automobiles submits details of the customer inclusive of their email addresses to BMW so that BMW could invite the customer for a survey via email. Whether a customer would recommend the Service Center to other service receivers of BMW, the reliability-whether the service provider fulfills the task on time, the quality of the service, details of information on the repairs so a customer could make a decision, explanation of charges, friendliness of the service team and up-to-date service are some of the categories rated by the customer and evaluated by BMW to measure customer satisfaction. Prestige Automobile Aftersales Director Arnkens said customers were given the opportunity for a verbatim at the end of the each question and in general, so that they could provide additional information, if they have any. “Also, we hold quarterly meetings with the colleagues from BMW Asia to go through all topics we have and develop action plans in which we also include the valuable feedback we receive through the verbatim and rating from our customers ,” Mr. Arnkens said. Alternative mobility solution-which is i.e. providing a taxi for customers, financial supported vehicles- special rates on rental cars, meal vouchers for both driver and customer and sending service reminders to notify the customer when the service is due are some of the special facilities enjoyed by the BMW customers. Mr. Arnkens said Prestige Automobile Call Centre contacts the customers following a repair so as to make sure the repair was completed accurately. Prestige Automobile (Pvt.) Ltd, which was established in 1994, has today expanded with a workforce of more than 150 under the leadership of its Chairman Heinz A Reuter, who is also the founder of the company. Prestige Automobile re-introduced MINI vehicles to the Sri Lankan market back in 2014, October and introduced BMW i series in 2016, January. BMW, the most premium brand in the automobile trade, is a symbol for sporty and luxury class worldwide and stands for technical innovations combined with driving pleasure and lifestyle. “In Sri Lanka, the car park of BMW vehicles amounts to more than 3,000 and the numbers are growing year by year. There is an old saying; THE FIRST CAR IS SOLD THROUGH SALES, ALL FOLLOWING CARS ARE SOLD THROUGH AFTERSALES. It shows the importance of providing a comprehensive and a high-quality Aftersales service,” Mr. Arnkens said. Photo caption: (Above) Award for ‘Best Customer Satisfaction Service Performance-2016. (From left) Axel Panes (Managing Director BMW Asia), Sanjeewa Huruggamuwa (Parts Manager Prestige Automobile), Gudrun Stagen (Aftersales Prestige Automobile), Volker Arnkens (Director Aftersales Prestige Automobile), Brett Hocking (Director After-sales BMW Asia)

Prestige Aftersales Team

AIA teams up with David Beckham to help people live longer, healthier, better lives AIA Group Limited (“AIA” or the “Company”; stock code: 1299), the largest independent publicly listed pan-Asian life insurance group, announced today the signing of a multi-year agreement with David Beckham, under which he will become the Company’s Global Ambassador. In this newly created role Mr Beckham will support AIA in its goal of helping people in the Asia-Pacific region live longer, healthier, better lives. Mark Tucker, AIA’s Group Chief Executive & President, said, “We are delighted to welcome David as AIA’s Global Ambassador. David is an incredibly successful global sporting icon, a committed family man and is hugely respected for his longstanding community and charity work; most notably as a UNICEF Goodwill Ambassador over the past 12 years.” Ng Keng Hooi, AIA’s Group Chief Executive & President Designate, said, “David is a natural fit with AIA as we pursue our Purpose to play a leadership role in the social and economic development of the communities we serve and in doing so, helping millions of people across the Asia-Pacific region to live longer, healthier, better lives.” David Beckham, said, “Joining the AIA family was an easy decision for me. I am a passionate believer in the value of wellness and maintaining a healthy lifestyle and I share AIA’s commitment to encourage people to take charge of their health. “Throughout my career in elite sport, and in my role as a parent, I have always tried to be the best I can be by training hard and setting a positive example to those around me. I am looking forward to working closely with AIA and supporting the Company’s efforts to improve the quality of people’s lives across the Asia-Pacific region.” As Global Ambassador Mr. Beckham will be present at a number of AIA’s most important community and business activities to personify and demonstrate the benefits and the importance of maintaining a healthy lifestyle. These will include events for our customers, agents, partners and employees. The new role has been created following the launch of AIA Vitality, Asia’s first and only comprehensive science-backed wellness platform. It provides members with the knowledge, tools and motivation to help them make achievable steps to meet health goals and bring about long-term positive behavioural change regarding dedication to maintaining a healthier lifestyle. AIA Vitality members are encouraged and incentivised to actively engage in health and wellness initiatives and activities by offering them enhanced benefits, including premium discounts, on their insurance policies and other exciting and valuable rewards from a wide variety of third party providers. Learn more about AIA Vitality at http://www.aia.com/en/about-aia/aia-vitality.html

Reuters – Sri Lankan shares fell for a second straight session on Thursday to a more than one-year closing low as expectations of an interest rate hike continued to drag down the market ahead of the central bank’s monetary policy review. The Colombo stock index closed down 0.3 percent at 5,979.85, its lowest close since March 15, 2016. The index breached a key psychological barrier of 6,000 in the previous session. “There are no buyers as most of the local investors are on the sidelines awaiting the outcome of the policy review,” said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd. Sri Lanka’s central bank could raise its key policy rates in the coming months if it skips a chance to tighten at its second monetary policy review of the year on Friday, a Reuters poll showed, two weeks after the International Monetary Fund called for further tightening. Analysts said investors expected a rate hike. Turnover stood at 616.4 million rupees ($4.1 million), less than this year’s daily average of 671 million rupees. The index has lost 2.1 percent since March 7, when the IMF called for monetary policy tightening if credit growth or inflation do not abate. The bourse dipped further into oversold territory on Thursday, with the 14-day relative strength index at 24.614 points versus Wednesday’s 26.758, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. Foreign investors net bought shares worth 194 million rupees, raising the year-to-date net foreign inflow to 3.26 billion rupees in equities. The treasury bill rates have risen between 33 to 77 basis points since July 28, when the central bank last raised the key interest rates. Shares in Asian Hotel Properties Plc fell 2.9 percent, while Lanka ORIX Leasing Company Plc fell 0.8 percent and Sri Lanka Telecom Plc 0.9 percent.

The Monetary Board decided to increase the key policy interest rates of the Central Bank, namely the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) by 25 basis points each, to 7.25 per cent and 8.75 per cent, respectively, with effect from 24 March 2017

The Central Bank of Sri Lanka’s (CBSL) Monetary Board decided to increase the policy interest rates today (24 March) not due to any pressures from the International Monetary Fund (IMF), said CBSL Governor Dr. Indrajit Coomaraswamy in response to a query by Ad Derana. “We focused on several factors like inflation, balance of payment etc. If this decision is not taken now while considering all these factors, we realised that there would be a further increase in inflation in the future. We prepare our monetary policies while looking at the future. We expect to take necessary action with an eye on the future rather than delay implementing the decisions and taking action once a crisis situation has emerged. That is why we took this decision. “Furthermore, our attention was focused on external factors as well. There are possibilities of investments in Sri Lanka going out since the interest rates have gone up in the United Kingdom. This would not happen now. Similarly, it would discourage investments into the country. We took this decision after considering all these. “Despite the IMF urgings, we took this decision after having analyzed our economy. We have not carried out everything the IMF had wanted us to do. We discussed deeply with the IMF. We put forward our arguments and now we are in a better position. “I think we could reach an agreement when we visit Washington in April. However, we are implementing these within our own framework. We have provided the framework. They arrive once in a few months for monitoring. Our activities are proceeding well now,” said Dr. Coomaraswamy.

The Hambantota harbor transaction would make a huge positive impact on the economy of Sri Lanka, said Central Bank of Sri Lanka (CBSL) Governor Dr. Indrajit Coomaraswamy during a media conference today (24 March). While speaking to the media, he further added, “This deal would improve our foreign reserves. If these funds do not flow in within this year then the people in the country would have to face a serious crisis. “Initially, we would gain USD 100 million with the signing of this agreement. Another sum of USD 300 million would arrive after three months. The balance USD 700 million would be after six months. We would receive USD 400 million within this year without any doubts whatsoever,” he said.

India International Textiles Expo (IITExpo) – 2017 and Buyer Seller Meet organized by the Power loom Development and Export Promotion Council (PDEXCIL) India, will be held on 27th and 28th March at Hotel Galadari, Colombo.

More than 30 Indian companies will be exhibiting/ showcasing the latest range of textile fabrics, industrial fabrics, specialty fabrics, made-ups and home textiles like bed linen; kitchen linen; bath linen; living and dining linen and technical textiles etc. at the Expo.

Following the success of its inaugural Future Architects program, VirtusaPolaris recently inducted the second batch of potential architects in its core practice. As the breadth and depth of knowledge and skills required by a software architect keep expanding, VirtusaPolaris deems it necessary to spearhead this innovative program to help lead consultants prepare for the challenge of becoming software architects and ease their transition into the role. Thushera Kawdawatta, vice president – Technology, VirtusaPolaris, is the chief architect of this program. He is entrusted with ensuring engineering excellence, innovation and maintaining global engineering standards at VirtusaPolaris. “In recent times there has been a shift in client expectations,” says Thushera. “In order to respond to the rapid changes in demand by millennial consumers, architects must be equipped with the appropriate technology and be able to adapt to the shift in paradigm. Hence, the expectation is for us to provide thought leadership to realize their intended business outcomes.” “This is the responsibility of the software architect who is the key person on a project entrusted with providing a comprehensive solution to reimagine their business. Their job has always been one of epic responsibility but with these changing requirements and demand for quick turnaround time we needed to equip the future architects with the knowledge and soft skills required to take on these challenges,” he adds. The program developed in collaboration with the Talent Development team at VirtusaPolaris consists of four assignments, soft skills development training and one ultimate challenge delves into simulated client problems based on real world situations which may be solved in many different ways. This means candidates must accurately assess the situation and decide the best path to follow in order to fulfil client requirements. “Before enrolling for this program, I only had a vague idea about the responsibilities of an architect. Not only did this program enable me to learn how to technically perform these responsibilities as an architect, it also groomed my soft skills,” says Thilina Kularathna, a participant of the Future Architects program who is now working as an associate software architect at VirtusaPolaris. “Now I realize how important the training is as it made my transition to the role of an architect so much easier,” he adds. During the course of the program candidates will present their solutions to a panel of judges made up of senior software architects who will then evaluate each solution and provide candidates with feedback on their strengths and weaknesses, in the solution as well as the presentation. “A core value at VirtusaPolaris is passion. This program helps us identify those individuals who are truly passionate about their work and are willing to step out of their comfort zones, as the assignments have to be done in tandem with their regular responsibilities,” says Nishantha Hettiarachchi, senior architect – Technology at VirtusaPolaris, who is one of the panelists. “Ultimately, this program will fast track the participant’s career progress while identifying individuals who truly deserve to be in leadership positions,” he adds. The six month program is specifically designed to develop the expected skills of a software architect through mentorship, a series of assignments, continuous evaluations, and feedback. In this process the evaluation panel will not only expect the solutions to be technically brilliant but also for them to be pitched to the panel like they would to a client in real life. This is often the last mile which defines a capable software architect. “I wholeheartedly recommend this program to anyone who wants to become a software architect. It fully prepares you for the task of being a key solution provider to a client,” concluded Thilina. Captions: Image 1 – Thushera Kawdawatta, vice president – Technology, VirtusaPolaris and the chief architect of the Future Architects program Image 2 – Nishantha Hettiarachchi, senior architect – Technology, VirtusaPolaris and a Future Architects program panelist Image 3 – Thilina Kularathna, associate software architect, VirtusaPolaris and a participant of the Future Architects program

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