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Mobitel launches first “Smart Bus Halt” in Sri Lanka

March 26, 2017, 11:25 pm
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The National Mobile Service Provider Mobitel takes a pioneering step forward in the transformational change of Colombo in to a Smart City with its state-of-the-art Smart Bus Halt situated at Town Hall, Colombo. This significant step, spearheaded by the Mobitel Innovation Center, showcases the ways in which touch of technology can propel the experience of an everyday commuter to new heights. In line with the brand promise of Mobitel – we care always; the smart bus halt is equipped with 4G LTE and Wi-Fi with the aim of delivering superior service quality and an exceptional user experience to the customer. A Smart Vending machine at the premises is also ready to dispense beverages with a touch of your mobile, highlighting the effectiveness of cashless payments. For a limited time, the machine will also provide thirst –quenching relief to Mobitel customers, by allowing them access to a free chilled bottle of water via a simple SMS command. The interactive touch screen at the Smart Bus Halt with its integrated facial analytics has the ability to customize onscreen content to suit the audience based on a multitude of characteristics such as age and gender. It also doubles as a self-service information portal with information on bus routes, train routes/time tables and localised details of ATMs etc. which will provide immense value to commuters. In its quest to be at the forefront of technology Mobitel’s Smart Bus Halt, in-line with its IoT (Internet of Things) initiative is equipped with state-of-the-art environment sensors which monitor a variety of factors such as temperature, humidity, noise level and toxic gas concentrations. The data gathered from these sensors will enable the monitoring of air quality on a routine basis which will be of value to society. Among the many facilities accessible to commuters, the Smart Bus Halt will also be equipped with a mobile phone charging station. The Smart Bus Halt is the first step of a in a large scale deployment of similar ventures both in the Colombo City and across the island. In its vision to spearhead the ICT transformation of Sri Lanka, Mobitel together with the Ministry of Telecommunication and Digital Infrastructure has been at the forefront of innovation and it will continue to expand its technology footprint and serve the nation as the national mobile service provider. ASI_0995_cr The opening of the first Mobitel “Smart Bus Halt” by the Minister of Telecommunications and Digital Infrastructure Hon. Harin Fernando, Sri Lanka Telecom and Mobitel Chairman Mr. P. G. Kumarasinghe Sirisena.  Also present was Mobitel Chief Operating Officer Mr. Nalin Perera.
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NZ to open High Commission in Sri Lanka

March 27, 2017, 12:48 am
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New Zealand Foreign Minister Murray McCully has announced that New Zealand will open a High Commission in Colombo, Sri Lanka. “Establishing a High Commission in Colombo is a sign of New Zealand’s commitment to strengthening the relationship between our countries,” Mr McCully says. “Sri Lanka is rebuilding after a generation-long civil war, and we are keen to support that process politically and through a broader economic relationship. It is a growing economy, has a major dairy market and has expressed its interest in learning further about farming from New Zealand. “Sri Lanka offers increasing value and diversity to our exporters, and is a trade gateway to a fast-growing part of Asia.” The Government, through Budget 2017, has committed $6.2 million in capital funding to establish the High Commission and a further $8.9 million to cover operating costs over the next four years. The new funding was announced today as part of the launch of Trade Agenda 2030.   – http://www.scoop.co.nz
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India International Textiles Expo – Colombo 2017

March 27, 2017, 1:20 am
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India International Textiles Expo-Colombo 2017 has been organized by PDEXCIL with the active support & guidance of Ministry of Textiles and under the MDA Scheme of Ministry of  Commerce, Govt. of India.

The Inaugural function was held at the venue, Galadari Hotel Colombo. The event was inaugurated by Mrs. Chandani Wijewardana, Secretary ministry of development strategies and International trade, government of Sri Lanka. Also present during the occasion was Ms. Suja Menon, First Secretary, Commerce High commission of India, Mr. Felix Fernando, Chairman apparel exporters association, Mr. Sunil. S. Patil, Vice Chairman PDEXCIL and Mr. M. Duraisamy, Past Chairman PDEXCIL and various other dignitaries from Sri Lanka & India. Powerloom Development & Export Promotion Council (PDEXCIL) is set up by the Ministry of Textile, Govt. of India with the objective of overall development of powerloom industry in the country and promotion of export of powerloom products. To achieve these objectives PDEXCIL organises various market promotional activities such as organizing seminar, workshop, Buyer Seller Meet etc participating in international exhibition in India and abroad.

As a part of export promotion activities, PDEXCIL has organized this Buyer Seller Meet (BSM) at Colombo, which is held during 27th – 28th March, 2017. This will be an opportunity to interact the stakeholders of textiles in both country and develop business opportunities on mutual benefit.

16 Indian Exhibitors are displaying their products in this 2 days event. It is an unique opportunity for our manufacturers/exporters to show case their products before the buyers of Srilanka to interact with them and explore business relations & export opportunities. This is in line with the Govt. policy of boosting exports from small and medium manufacturers of India. Exhibitors from various state/clusters of India with their speciality products are participating in the event.

PDEXCIL has well experience in organizing such events, as could be judged from our past similar event at Colombo, Vietnam, Dubai, Etc…   The earlier event held in Colombo by PDEXCIL was in September 2013 which was great success in terms of the buyers visitied and business relation developed. This present event is also a preparation for a larger scale buyer seller meet being organized in November 2017 with more than 50 textile manufacturers from India..

Head Table 

Head Table (Seated from Left to Right)
  1. Mr. M. Duraisamy – Past Chairman – PDEXCIL
  2. Mr. Rajeev Arora – Second Secretary (Economic & Commercial) – High Commission of India
  3. Ms. Suja K. Menon – First Secretary (Economic & Commercial) – High Commission of India
  4. Mrs. Chandani Bandara – Secretary – Ministry of Development Strategies & International Trade
  5. Mr. Sunil S. Patil – Vice Chairman – PDEXCIL
  6. Mr. Felix A. Fernando – Chairman – Apparel Exporters Association of Sri Lanka
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Bernard Botejue joins hands with ReForest Sri Lanka for a greener tomorrow

March 27, 2017, 1:37 am
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A large scale environmental project was witnessed in Ratnapura recently, spearheaded by the oldest apparel manufacturing company in Sri Lanka. Implemented under its key annual CSR initiative, Bernard Botejue Industries (Pvt.) Ltd. joined hands with ReForest Sri Lanka to successfully reforest 7 acres of land in Ratnapura. The timely initiative was of great significance as it was recorded as the largest single-day reforestation project that has taken place in the history of Sri Lanka with the planting of 4,000 trees. The event was held with the participation of a large number of volunteers including the employees and staff of Bernard Botejue, members of ReForest Sri Lanka as well as the residents of the area.   Forests are rapidly dwindling due to various reasons including climate change, global warming and human interventions. A considerable number of bush fires were reported towards the end of 2016, and the situation continued in early 2017 destroying acres of land in forest reserves like Knuckles, Bibile and Moneragala. Bush fires not only destroy primeval trees, wildlife, and eco-systems, but also have a drastic impact on the climate and dry up water sources and springs, which in turn causes water scarcity throughout the island.   Mr. Janaka Botejue – environmental enthusiast and chairman of Bernard Botejue Industries, expressing his views over this momentous project said, “We began this reforestation initiative last year by distributing 850 samplings to all the workers of Bernard Botejue Kolonna and the residents of the area to be planted as a part of the factory’s anniversary celebration.  Following the success of the project, we wanted to continue the reforestation initiative in a larger scale this year. Unlike projects that give instant results, this initiative will be different as it contributes to the bigger picture of the deteriorating environment we live in. The thousands of trees we planted today will not only purify the air and enrich the soil, but also help the country immensely to restore its receding forest coverage and refill water springs in the long run. I would like to take this opportunity to thank ReForest Sri Lanka for the invaluable support they have extended to us throughout this initiative. This is only the beginning, we hope to conduct similar initiatives in the future and empower our communities further through better environmental standards.”   Bernard-Botejue-Image-one   Bernard Botejue Industries (Pvt.) Ltd.  was established by Mr. Bernard Botejue back in 1948. The company, which started with one knitting machine, three sewing machines and 6 employees including the founder himself, is today the oldest apparel manufacturers in Sri Lanka. Growing from its humble beginnings, Bernard Botejue today has diversified its business making strong foot prints in scores of industries and sectors including apparel manufacturing, luxury travel, and state of the art music studios. Furthermore, they also offer promotional T-shirts in addition to facilitating a versatile Business park providing ample parking for metropolis with high end retail shops.   The tree planting Project of Bernard Botejue Kolonna in collaboration with ReForest Sri Lanka took place under the guidance and purview of Mr. S.M. Samarasinghe, the Divisional Secretary of Kolonna. The 4000 trees were planted across seven acres of land in Galkadagoda, Koppakanda, Kolonna in Ratnapura District.  Sharing his views on the collaborative efforts of reforestation, Initiator and Partner of ReForest Sri Lanka Mr. Achela Meddegama said, “It’s a great privilege to partner with Bernard Botejue Kolonna, a company that has been well known for generations in the apparel industry. Their strong enthusiasm and focus on environmental protection which has led them to choose a CSR project of this nature is highly commendable. Considering the radical changes in the climate and the prolonged drought seasons, such initiatives are critical in the country and we hope this would set an example and create a ripple effect in spreading the message throughout the country.”   ReForest Sri Lanka is a non-profit society committed towards expanding the forest coverage in Sri Lanka.  Initiated by a group of students pursuing MBA in IT – 2015 batch of the University of Moratuwa, the society builds awareness among the masses on environmental protection and consequences of deforestation.
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European Investment Bank delegation to make historic visit to Sri Lanka to explore new opportunities for future investment

March 27, 2017, 2:38 am
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A high-level delegation from the European Investment Bank, the world’s largest international public bank, will make a three day official visit to Sri Lanka later this week at the start of a South Asia regional tour. Andrew McDowell, newly appointed Vice President of the European Investment Bank responsible for South Asia, will discuss recent engagement and future investment with Prime Minister Ranil Wickremesinghe and senior government ministers, business leaders, members of the diplomatic community and local and international financial institutions. Vice President McDowell will also inspect ongoing construction work to upgrade wastewater infrastructure in Colombo financed by the European Investment Bank in conjunction with the Asian Development Bank. The European Investment Bank is Europe’s long-term lending institution and owned directly by the 28 European Union member states. The European Investment Bank has supported investment in Sri Lanka since 2002 including backing climate related investment, private companies and post-tsunami recovery. This week’s visit represents the first visit of a Vice President of the European Investment Bank to Sri Lanka in more than five years. “The European Investment Bank has a strong track record of supporting transformational investment that improves lives and economic opportunities across Asia and around the world. This week’s visit to Sri Lanka builds on the fruitful discussions with Minister Karunanayake following the European Investment Bank’s first ever support for water investment in Sri Lanka and the first loan for public sector investment agreed with this government.” confirmed Andrew McDowell, European Investment Bank Vice President, before his arrival in Colombo. “The visit by the European Investment Bank is an opportunity for the Sri Lankan Government to showcase their plans for the sustainable development of the country. I am confident that strengthened engagement by the European Investment Bank will lead to new investment across the key sectors that are vital for the modernisation of the country’s infrastructure. These investments have the potential to deliver benefits for all Sri Lankans,” highlighted HE Tung-Laï Margue, European Union Ambassador to Sri Lanka and the Maldives. On Tuesday the European Investment Bank Delegation will visit a number of sites around Colombo to see how new investment is improving the supply of clean water and treatment of waste water in the capital city. The European Investment Bank is one of the world’s largest financiers of water related investment. “I look forward to seeing at first hand the hard work being done across Colombo to improve water services for the city’s inhabitants and discussions with government ministers and other Sri Lankan partners how the European Investment Bank’s unique global experience can contribute to strengthening new sustainable development and climate related investment across the country.” added Vice President McDowell. In January the European Investment Bank agreed to provide EUR 50 million to support improvement and expansion of sewage networks across the Sri Lankan capital Colombo. The loan will help Colombo Municipal Council to achieve its goal of providing full sanitation coverage to benefit people living and working in the greater Colombo area and represented the EIB’s fifth sovereign loan in the country. The new water investment programme will include provision of a new sewage network in currently un-served areas of Kirillopone. Under the initiative a new wastewater treatment facility will also be built to reduce pollution at the Wellawata sea outfall. The Asian Development Bank will also support the water investment project and this new initiative marks the first time that the European Investment Bank has financed a project alongside another International Financial Institution in Sri Lanka. Looking ahead the European Investment Bank expects to provide more than EUR 1 billion each year to support new investment across Asia. Last year the European Investment Bank Group provided EUR 84 billion to finance new investment around the world, including EUR 19.6 billion for climate related investment.
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Sri Lankan shares slump to one-year low as banks fall

March 27, 2017, 10:29 am
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Reuters – Sri Lankan shares fell to a more than one-year closing low on Monday in dull trade as investors sold shares of lenders after the central bank tightened monetary policy in the previous session, dealers said. On Friday, the central bank raised its benchmark interest rates by 25 basis points for the first time in eight months to contain high inflationary expectations and a possible acceleration of demand side inflationary pressures. The Colombo stock index closed 0.36 percent weaker at 5,974.94, its lowest close since March 15, 2016. The index broke below a key psychological barrier of 6,000 on Wednesday. “Margins (calls) are still affecting the market. Buying interest still hasn’t come back into the market,” said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd. “Investors took the rate hike as a positive as it will give some kind of stability in the economy and the hike was less than what they expected. But investors are still waiting for the market to bottom out to get in.” Turnover stood at 429 million rupees ($12.7 million), less than this year’s daily average of 688.4 million rupees. The index had lost 2.18 percent since March 7 after the IMF called for monetary policy tightening if credit growth or inflation do not abate. The bourse fell to “oversold” territory from “neutral”, with the 14-day relative strength index dropping to 27.488 points versus Friday’s 30.480, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. Foreign investors net bought shares worth 76.3 million rupees on Monday, raising the year-to-date net foreign inflow to 3.89 billion rupees in equities. Shares in Melstacorp Plc fell 3.06 percent while the biggest listed lender Commercial Bank of Ceylon Plc fell 1.59 percent.
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Invest SL Forums make a rallying call to Lankans living in Melbourne and Auckland

March 27, 2017, 9:34 pm
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Sri Lankans living in Melbourne and Auckland caught a rallying call to be a part of Sri Lanka’s growth at Invest Sri Lanka forums recently organized by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC). The two events drew a combined participation of over 300 individuals and were organized in association with the Sri Lankan High Commission in Australia, the Aus-Lanka Business Council in Melbourne and the Sri Lanka – New Zealand Business Council. Remarks made by policy makers and capital market leaders on the economic outlook for the country and investment opportunities surrounding progressive reforms were well received by participants, who conveyed a sense of optimism on the way forward.   United Drive for Growth Hon. Niroshan Perera, the State Minister of National Policies and Economic Affairs, making the keynote address at the events urged participants to recognize the economic and social progress made in Sri Lanka, and invited Lankans living overseas to join what is a united drive for growth. The Hon. State Minister said “We need to come together. We are building a united Sri Lanka where your race, religion or political affiliation does not matter and a united nation where all will be given an equal opportunity to go forward. I urge you to recognize the enormous promise and potential of the emerging New Sri Lanka.” The Hon. State Minister also noted that a number of initiatives are presently being implemented to include Sri Lanka in the global value chain, including ongoing negotiations on free trade agreements with China, Singapore, and the economic and technical partnership with India – which were noted as important steps in SL’s strategy to attract foreign investment. The state minister also mentioned that such initiatives will be implemented while supporting and strengthening local industries and added “We are conscious of our local industries and are taking moves to protect them during this process. These initiatives will drive the local industries to be more efficient and competitive”.   Capital Market Pitch   The capital market was pitched as a safe and mutually beneficial avenue through which the participants could take part in the country’s growth drive, where presentations by the Chairman of the CSE Mr. Vajira Kulatilaka and the Director General of the SEC Mr. Vajira Wijegunerwardane garnered a keen interest among participants.   The Chairman of CSE Mr. Vajira Kulatilaka, making a case for the Sri Lankan capital market, presented the many avenues through which Sri Lankans living in Australia and New Zealand could invest in SL. The local equities market, marked by rising corporate earnings and comparatively low Price Earnings ratios and the local debt market, which has indicated sustained growth in recent times were key features, along with investments made through professionally managed funds and investments in government securities. The presentation delivered a message of better returns in Sri Lanka compared to the ANZ and regional context, and helped address concerns overseas investors may have with regards to the ease of entry and exit into the Sri Lankan capital market. Stockbroking Firms and Unit Trust Companies present at the events further engaged and pitched capital market investment to participants who sought further clarity on the process of investing in Sri Lanka. The capital market pitch was backed by a strong commitment made by the SEC to secure the complete trust and confidence of the issuing and investing public by creating a level playing field for all. Director General of the SEC Mr. Vajira Wijegunerwardane speaking at the events stated that far reaching reforms implemented by the SEC over the medium to long term are expected to reclassify Sri Lanka as a Modern Index Strategy Indexes (MSCI) emerging market from the present status of a frontier market, which would offer Sri Lanka broader visibility as an attractive portfolio investment destination. He also went on to express confidence in the prospects for the market beyond 2017, and stated that the capital market of Sri Lanka has demonstrated its resilience time and again; whether in the face of sustained global economic and market uncertainty, or of divergent growth, volatility, or the many other challenges it has encountered in the past.   Eager to take part in Sri Lankan growth Participants at both events were appreciative of the effort made by the organizers to present Sri Lankan opportunities and ways in which they could contribute to the country’s growth. Interaction before and after the events and opinions expressed by participants translated a keen interest in contributing to the development effort and an already strong association with the country. Several individuals with an investment and business interest across a number of industries in Sri Lanka, which also included Australian and other foreign nationals, endorsed the strong investment potential of Sri Lanka and called for added reforms to create a facilitative and business friendly environment to attract further investment going forward.   The events focused on Sri Lankans living in Melbourne and Auckland marked the final leg of the capital market investment promotion effort in Australia and New Zealand, and followed fund manager and Australian investor focused events conducted in Sydney and Melbourne. The Sri Lankan delegation for the events was led by Hon. Niroshan Perera the State Minister of National Policies and Economic Affairs and included the Chairman of the CSE Mr. Vajira Kulatilaka, Director General of the SEC Mr. Vajira Wijegunerwardane, Mr. Maninda Wickramasinghe – MD & Country Head of Fitch Ratings Lanka, Dr. (Mrs.) Yuthika Indraratne, Director of Economic Research at the Central Bank of Sri Lanka, CSE CEO Mr. Rajeeva Bandaranaike and representatives of Sri Lankan Stockbroking and Unit Trust Companies. The events also featured several leading Real Estate developments in Sri Lanka in the capacity of event sponsors, including the Colombo Port City (Platinum Sponsor) One Galle Face by Shangri-La Hotels & Resorts (Platinum Sponsor) and the luxury apartment development by Altair (Corporate Sponsor).   (L-R) Fitch Ratings Lanka Country Director Mr. Maninda Wickramasinghe, Director General of the SEC Mr. Vajira Wijegunerwardane, SL High Commissioner to Australia HE Somasundaram Skandakumar, State Minister of National Policies and Economic Affairs Hon. Niroshan Perera, CSE Chairman Mr. Vajira Kulatilaka and CBSL Director of Economic Research Dr. (Mrs.) Yuthika Indraratne.   Invest-SL-Melb-1
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HNB Grameen partners with Developing World Markets

March 27, 2017, 10:37 pm
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HNB Grameen, a dynamic and fast growing finance company that pioneered microfinance in Sri Lanka, recently entered into an equity partnership with Developing World Markets (DWM), a leading emerging markets impact investing firm. DWM purchased 7.93% shares of HNB Grameen, which marks a significant milestone for the company. The partnership was formed after DWM recognized the strengths of HNB Grameen as a frontier financial institution in Sri Lanka with positive historical growth rates and strong shareholder support. HNB Grameen is backed by the financial stalwart, Hatton National Bank (HNB), the premier private sector commercial bank and Prime Lands, market leader in the real estate sector in Sri Lanka. Acuity Partners, a joint venture between DFCC Bank and HNB, was the financial advisor and arranger of the transaction. DWM is an emerging and frontier markets focused, impact investment firm. DWM seeks investments that provide risk-appropriate returns and measurable social or environmental benefits.  Since its founding in 1994, DWM has structured and invested over $1.5 billion into more than 170 companies across more than 50 developing countries. The firm is headquartered in the USA and has specialist teams in private equity, debt, risk, fund administration, legal and compliance. It has contributed 21% of its global investments to the growth of socially impactful enterprises in South Asia and South-East Asia. These enterprises encompass diverse sectors such as Agriculture, Education, Financial Inclusion, Renewable Energy and Women’s Empowerment.  (for more information see www.dwmarkets.com) Expressing his views on the matter Mr. Chaminda Prabhath – Managing Director/ CEO of HNB Grameen Finance said, “The partnership will be a crucial driver to further diversify HNB Grameen to be a leading financial institution in the country. We are certain this will further support the growth of our local SME’s as socially impactful enterprises, who can make a significant contribution to the national economy.” Commenting on the transaction Mr. Jonathan Alles, Chairman of HNB Grameen Finance said “HNB has worked closely with DWM for almost a decade on various transactions and are extremely happy to have them as a shareholder of HNB Grameen. DWM with its wide experience in microfinance industry across different Countries in Asia as well as other parts of the world will no doubt add significant value in further enhancing the business model of HNB Grameen.”
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Ceylon Chamber to hold seminar to discuss Implementation of WTO Trade Facilitation Agreement in Sri Lanka

March 27, 2017, 11:30 pm
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The Ceylon Chamber of Commerce will conduct a seminar on the topic ‘WTO Trade Facilitation Agreement – What Business Needs to Know,’ under the Trade Intelligence for Private Sector (TIPS) Initiative of the Chamber, which aims to help the private sector to stay up-to-date on international trade issues and advocate for policy changes. The seminar on the WTO Trade Facilitation Agreement, which will be held on the 3rd April, 2017 starting at 9 am at the Ceylon Chamber of Commerce will consist of presentations by co-chairs of the National Trade Facilitation Committee (NTFC) and focus on the TFA reforms that are underway and how businesses could benefit from those reforms. Ms. Sonali Wijeratne, Director General of Commerce, who is a co-chair of the NTFC will make remarks on Government’s Priorities in TFA implementation in Sri Lanka. Mr. S Rajendran, Additional Director General of Customs, who is a lead at Sri Lanka Customs for driving TFA reforms will make remarks on Customs Role in Trade facilitation and Next Steps. Mr. Dinesh de Silva, Chairman of the Import Section of the Ceylon Chamber, Mr. Anushka Wijesinha, the Chief Economist of the Ceylon Chamber of Commerce and Ms. Jayani Ratnayake, an economist of the Ceylon Chamber of Commerce will also share their insights on the private sector perspective on TFA reforms and implementation in Sri Lanka. Sri Lanka is a signatory of the WTO Trade Facilitation Agreement (TFA) which came into force last month and has agreed to do many trade facilitation reforms. The TFA can be a game changer for Sri Lanka’s international trade and could bring bigger benefits for business than trade liberalization. This is 2nd Seminar under the Trade Intelligence for Private Sector (TIPS) Initiative of the Chamber. If you wish to take part in this seminar, call Satheesha on 011-5588882 or email to satheesha@chamber.lk
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Motor vehicle imports to Sri Lanka drop by 41.5% during 2016

March 28, 2017, 12:08 am
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The expenditure incurred on motor vehicle imports into Sri Lanka during 2016 was 794.8 million US dollars, indicates a recent report on the activities of the foreign unit released by the Economic Research Department of the Central Bank of Sri Lanka (CBSL). Meanwhile, the expenditure on motor vehicle imports during 2015 has been 1,359.6 million US dollars and accordingly, this amount has dropped by 41.5 per cent during 2016 as against 2015. Furthermore, 58.3 million US dollars have been spent on motor vehicle imports during December 2016, which is a drop of 11.2 per cent when compared against the 65.7 million US dollars spent during December 2015.
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Sri Lankan Waves to hit the shores of Dubai

March 28, 2017, 12:24 am
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~ Sri Lanka’s only natural rubber flip flop now available in UAE Flip flops are a must have in an island culture. It has stood the test of time and is the popular comfort wear choice for all ages. Waves is a name synonymous to quality, fashionable and colorful flip flops in Sri Lanka, and the brand is a pioneer in taking the much loved foot comfort to the international arena. As a step of such expansion, Waves introduced its brand to the UAE in November 2016. Felicitating the establishment of the brand in the new market, the official launch happened recently at LaOla, Kite Beach in Dubai. Waves flip flops are available across all lulu department stores in the UAE. The stores include 3 in Abu Dhabi, namely in Mushriff, Madinat Zayed and Khalidiya; and in Al Barsh and Qusais in Dubai. The entrance to the Arabian market is an addition to the already existing brand presence in the Maldives and Seychelles, which reiterates Waves’ commitment to build a sound international platform for the local brand. The only natural rubber flip flop in the local market, Waves is entirely crafted from genuine Sri Lankan rubber. The rubber which is used as raw material as well as the complete process of production from harvesting, treatment to crafting, is done with total compliance to quality and health requirements. The flip flops are battered to a special recipe to provide ultimate comfort, which makes Waves unique and popular among the users. The softness of the rubber sole, composition of rubber content and use of modern skills have aided the brand to provide an authentic, playful and snugly product with a vibrant spirit, capturing the true tropical Sri Lankan vibe. Waves to hit 02 Waves to hit 01
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Daraz.lk brings Avurudu Wasi; probably the largest online shopping event in Sri Lanka this Avurudu season

March 28, 2017, 12:30 am
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One of Sri Lanka’s leading e-commerce platforms, Daraz.lk announced ‘Daraz Avurudu Wasi’ in partnership with Buffalo Energy Drinks, to be held from 24th March to 17th April 2017. Claiming to be the largest online shopping event in Sri Lanka, ‘Avurudu Wasi’ promises to offer discounts up to 70% for over 1500 products. The range of merchandize include fashionable clothes and accessories, health and beauty products, electronic and household items, and a wide array of brands such as Apple, Samsung, Huawei, Canon, Nikon, Asus and Sony. Daraz.lk revolutionized the e-commerce industry by introducing the first Black Friday shopping event to Sri Lanka last year, which proved to be an immense success. Building on it, the team has tirelessly created the ‘Avurudu Wasi’ platform to provide a wide opportunity for all online shopping enthusiasts. Partnering with Daraz.lk as Platinum sponsor is American Remedies (Pvt.) Ltd., sole distributor for Buffalo Energy Drinks in Sri Lanka. Commenting on the event, Saurabh Chauhan, CEO of Daraz Sri Lanka stated, “We are very pleased to have Buffalo on board to power our Daraz.lk Avurudu Wasi. Following our immense success during the Black Friday campaign, we were on the lookout to kick off an event that Sri Lankan’s can relate to, and the Sinhala and Tamil New Year was the perfect opportunity. All of us at Daraz have been gearing up towards Avurudu Wasi, for which we have ramped up the assortment to include a plethora of exclusive deals from a variety of brands at up to 70% off! We are looking forward to the campaign with the primary motive of offering the best shopping experience that shoppers can have, all from the comfort of their home.” “Every year we work with different event organizers and retail chains to offer discounts and free offers on all our products for the grand Avurudu Season. With the growing trend of e-commerce in Sri Lanka, we are very excited to work with Daraz.lk on their Avurudu Wasi Campaign this Sinhala and Tamil New Year. We will offer exclusive and special discounts on all our product lines including but not limited to Buffalo Energy (Swiss), Cool & Cool (Dubai), Arocafe Coffee, and Clear Fairness Cream”, added Rishard Rheyas, Director of American Remedies (PVT) Ltd. A wide array of exciting products await you at Daraz.lk Avurudu Wasi, and it is just a click away! Photo caption: Rishard Rheyas, Director – American Remedies (Pvt) Ltd. (left) and Saurabh Chauhan, CEO – Daraz Sri Lanka About Daraz.lk: Daraz.lk is one of the leading e-commerce platform in Sri Lanka and is also part of the Daraz Group which is a pioneer in E-commerce in South Asia. Daraz seeks to build the most customer-centric online destination for customers to find and discover virtually anything they want to buy online by giving them more of what they want – vast selection, best prices, fast and reliable delivery, and a trusted and convenient experience; and provide sellers with a world-class e-commerce platform.
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HNB celebrates opening of a new Student Savings Unit at St Joseph’s College, Colombo

March 28, 2017, 1:48 am
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Continuing in its pioneering efforts to inculcate the savings habit in children, Sri Lanka’s premiere private sector commercial bank, HNB PLC announced the opening of a new Student Savings Unit at St. Joseph’s College, Colombo. Timed to follow recent celebrations of the school’s 121st anniversary, the new unit was declared open by St. Joseph’s College Rector, Rev. Fr. Travis Gabriel together with prominent past pupil of the school and Managing Director/CEO of HNB, Jonathan Alles. Addressing a gathering of students and teachers, Alles said: “It is my distinct pleasure to be here with you all today to celebrate the 121st anniversary of this prestigious school, and the establishment of  HNB’s student savings unit at St. Joseph’s College. HNB was first established in 1888, nine years before St. Joseph’s, hence this new partnership is constituted of two of Sri Lanka’s oldest and most respected institutions. “Our primary goal with this unit is to help students to gain a better understanding of how to save, and the importance of saving so that when you need to fund your higher education or make other important investments, you can do so without stressing your parents.” “We will also augment this unit with unique technology so that all transactions will be carried out digitally. This will assist you as you progress in a digital world that is driven by automation. We sincerely hope that this early experience will go a long way towards securing a prosperous future for all of you,” Student savings units were first introduced to the Sri Lankan banking landscape by HNB in 1994. Since then, the bank has expanded its service to cover 153 Students Savings Units across Sri Lanka. Through the units, student managers are groomed to take leadership in running a mini bank in school and get actively involved in promoting the savings habit among fellow students. The bank trains over 1,000 students annually in this capacity.   CAPTION-01-(1) Rev. Fr. Travis Gabriel, Rector, St. Joseph’s College, Colombo and Jonathan Alles,  Managing Director/CEO of HNB opening the new Student Savings Unit. CAPTION-02-(2) Managing Director/CEO of HNB, Jonathan Alles with Rev. Fr. Travis Gabriel, Rector, St.Joseph’s College , Rev. Fr. Anton Ranjith, Vice Rector, St. Joseph’s College, Ms. Nimala Perera, Ms. Ronali Nugera, teachers in charge of Students Savings Unit and student managers of the college.
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Truecaller and Google Come Together to Improve Video Calling for Millions – As Truecaller Rolls Out New SMS and Flash Messaging Services to Users

March 28, 2017, 3:55 am
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Google Duo integration into Truecaller set to bring all-in-one communications app to millions, as Truecaller app adds new messaging and SMS blocking features   Truecaller today announced a strategic agreement to integrate Google Duo, a high quality video calling service, within the Truecaller app. This will add a crucial communications layer that strengthens the value of Truecaller’s wildly popular dialer, caller ID, and spam blocking app already used by more than 250 million users globally. Along with news of this integration, Truecaller announced a completely new redesign of the Android app, and now with a broader array of useful features including:
  • SMS: Instantly see who’s SMS’ing you and filter out all spam messages. Spam SMS account for 15% of all SMS messages sent globally, and represents 1.2 trillion spam messages each year.
  • Flash Messaging: which allows you to send quick pre-defined messages to any Truecaller user to let them know if you’re in distress, you’re on your way, your location, or that you’ve reached home.
“From the very beginning we have worked relentlessly to build a product that helps simplify communications for consumers across the globe, and help them address important needs such knowing the identity of those calling, and blocking unwanted numbers. With valuable partners like Google, we are excited to take the next step in our journey, bringing all your mobile communications under one roof and giving you the safest, most efficient, and most convenient experience possible without having to switch back and forth,” said Nami Zarringhalam, Co-founder and CSO of Truecaller. “Video calling should work for everybody, regardless of what platform they are on. Our aim is to make video calling simple, fast, and available to everyone,” said Amit Fulay, Head of Duo at Google. “With this Truecaller integration, we’re able to bring a better video calling experience to millions of new users.” The new look and feel of Truecaller is consistent with its ongoing commitment to provide a safe and efficient experience for millions of mobile users who’ve become increasingly frustrated by the growing problem of spam calls and texts from unknown users. Now as one of the fastest growing mobile apps in the world, Truecaller sits at the center of your mobile phone experience helping you connect with the people who matter, in the way you want to communicate, while avoiding calls and texts from those you don’t. Google Duo is a simple video calling app that takes the complexity out of video calling. The service has been built to be fast and reliable, with a single button push for connecting with other users. Truecaller integration with Google Duo will be available in the coming months for Android and iOS as a permission-based service, where users will be able to opt-in and out at any time. For more information about Truecaller please visit, www.truecaller.com or you may download the free Truecaller app on popular platforms including Android or iOS. Truecaller-8---Dark-Theme 3.-Truecaller-Google-Duo 1.-Truecaller-8---Messenger  
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Stock brokers to meet Finance Minister over unfavourable situation

March 28, 2017, 4:00 am
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The Colombo Stock Exchange (CSE) is reportedly facing an unfavourable situation due to the continued slump. By yesterday (27 March) the All Price Index has weakened 4.07% since the beginning of 2017. While the brokering companies are faced with several serious issues under these circumstances, Ada Derana Biz learned that some companies are mulling pay cuts from April. Meanwhile, an urgent meeting over the prevailing crisis situation had been held between the heads of stock broking companies and CSE authorities on 27 March. This meeting had been called for by CSE authorities to discuss steps to be taken to counter the continued slump. Inquiries by Ada Derana Biz revealed that this meeting had been inconclusive. During this meeting, brokering companies had explained that by now trading of three brokering companies have been already suspended due to the newly introduced Liquid Capital Requirements on brokering companies and that expecting new investments of funds is pointless within a slumping trend in the CSE. Furthermore, stock brokers had expresses dissatisfaction over the recently held investment forums in Australia and New Zealand. Several heads of brokering firms had stated that holding investment summits in foreign countries to attract foreign investors while spending huge sums instead of taking proper steps to develop the stock market is meaningless. Meanwhile, a meeting is to be held very soon between the Finance Minister and stock brokers to discuss the prevailing crisis situation.
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PUCSL Kicks off the 2nd edition of Consumer Rights Forum 2017

March 28, 2017, 4:37 am
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Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator held the second edition of  ‘Consumer Rights’ Forum, featuring an eminent panel of experts , on 28th March 2016 at the Bandaranaike Center for International Studies to mark the occasion of ‘Consumer Rights Day’. This noteworthy initiative by PUCSL reflects the thought leadership in driving Sri Lanka’s electricity, petroleum and water services industries in a strategic direction which will benefit the consumers and the nation. The panel of experts who participated for the forum shared the vision for the industry in consumer prospective and how to develop it in a sustainable manner. Director General of Public Utilities Commission of Sri Lanka, Damitha Kumarasinghe delivered the keynote speech and covered some of the latest trends in Consumer Rights around the world and topics related to Electricity, Water and Petrolium sector. Other speakers include the likes of H N Gunasekara ; General Manager of Lanka Electricity Company Private Limited, Eng. Chulani Perera; Additional General Manager- Distribution Division 01 – Ceylon Electricity Board, Nadun Fernando; Managing Director – Ceylon Petrolium Corporation, W B G Fernando ; Additional General Manager (Corporate Service) – National Water Supply and Drainage Board, Ranjith Vithanage ; President – National Movement of Consumer Rights Protection  represented at the Consumer Rights Forum 2017. Chairman of Public Utilities Commission of Sri Lanka; Saliya Mathew in the opening remarks, said: “Consumer Rights are one of the most critical subjects that involves with day to day life of people like you and me. Electricity, Petrolium and Water Services are three main things that we cannot live without. So identifying and been empowered by rights and obligations in those three utilities are vital for the society to demand for a better service.” Commenting on the occasion, Director General of Public Utilities Commission, Damitha Kumarasinghe said, “ The challenge for the utilities and the regulators is to strategize on how we should exploit the service quality and the product quality in a responsible manner and deliver a value that will be sustainable in the long term. We felt that conceptualizing the consumer rights and obligations was very timely for Sri Lanka, which is experiencing a boom in many developed countries,” “The Consumer Rights Forum 2016 has proven as a generator for valuable ideas for utilities and for the regulator. Taking forward the forum 2017, we plan to launch 11 rules and guidelines in the areas of Planned & Unplanned Power outages,Name changing of an electricity account,Billing,Acquisition of way leave,Entering into premises , Meter Tampering etc.” Kumarasinghe added. On 28 March, the agenda explored the most pressing issues with regard to electricity, petroleum and water services’s consumer rights and obligation, achieving quality service, smart utilities, clean water, affordable energy and  consumer’s obligations. Underpinning this will be a focus on collaboration and establishing new partnerships that bring together all the utilities from all arenas – public, private and the third sector – and the creation of new frameworks to support the development of the country.
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Trade and investment promotion event held in New Delhi

March 28, 2017, 6:46 pm
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Sri Lanka High Commission in New Delhi organized a trade and investment promotion event on 21st March at the High Commission premises. The main focus of the event was to promote Sri Lanka’s exports and investments among the members of BRICS Chamber of Commerce and Industry. The event was sponsored by the Department of Commerce Sri Lanka.
The inaugural speech was delivered by High Commissioner Chitranganee Wagiswara who spoke on the emphasis that have been placed by Sri Lanka on economic diplomacy and gave a brief introduction on growing bilateral trade and economic relations between India and Sri Lanka. She requested the BRICS Chamber to link Sri Lanka to their large business network by introducing the opportunities available in Sri Lanka to the business communities in India and BRICS countries. She encouraged the participants to look at the vast opportunities available, which would be mutually beneficial. Sumedha Ponnamperuma, Minister Counselor (Commercial) did a comprehensive presentation on products that could be exported from Sri Lanka and tariff concessions under various preferential trading arrangements. In addition he elaborated on areas that would interest Indian entrepreneurs and the incentives offered by Sri Lanka to potential Investors. Speaking on behalf of the BRICS Chamber Dr. B.B.L Madhukar, Secretary General of BRICS expressed the importance of developing trade links between India and Sri Lanka. He said that the Chamber is planning to organize a delegation by the end of May 2017 as the delegation intends to participate at the Sri Lanka Investment and Business Conclave 2017. A question and answer session was held which demonstrated the interest of the participants. Approximately 40 members of the BRICS Chamber of Commerce and Industry participated in the promotional workshop.
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Sri Lankan shares rise on foreign investor buying; turnover hits 1-mth high

March 28, 2017, 7:26 pm
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Reuters – Sri Lankan shares closed slightly stronger on Tuesday, recovering from a more than one-year closing low hit in the previous session, as foreign investors bought battered stocks while block deals pushed the day’s turnover to a one-month high. The Colombo stock index closed 0.17 percent firmer at 5,985.08, closing below a key psychological level of 6,000. It had closed at its lowest since March 15, 2016 on Monday as investors sold shares of lenders after the central bank tightened its monetary policy on Friday. The central bank raised its benchmark interest rates by 25 basis points for the first time in eight months to contain high inflationary expectations and a possible acceleration of demand-side inflationary pressures. “The market is up on continued foreign buying while block deals pushed the turnover up,” said Atchuthan Srirangan, a senior research analyst with First Capital Equities (Pvt) Ltd. “Retail investors are still on the sidelines as they want to see a clear picture.” Foreign investors net bought shares worth 401.2 million rupees ($2.64 million) on Tuesday, raising the year-to-date net foreign inflow to 4.29 billion rupees in equities. Turnover stood at 2.32 billion rupees ($15.29 million), the highest since Feb. 28 and well above this year’s daily average of 716.1 million rupees. As of Monday’s close, the index had lost 2.18 percent since March 7 when the IMF called for monetary policy tightening if credit growth or inflation do not abate. The stock index moved to “neutral” territory from “oversold”, with the 14-day relative strength index rising to 30.957 versus Monday’s 27.488, Thomson Reuters data showed. A level between 30 and 70 indicates the market is neutral. Shares of Dialog Axiata Plc rose 2.70 percent, while Sri Lanka Telecom Plc climbed 1.55 percent.
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CSE and Sydney Stock Exchange move to improve capital market ties

March 29, 2017, 12:22 am
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The Colombo Stock Exchange (CSE) and the Sydney Stock Exchange (SSX) recently entered into a memorandum of understanding (MoU) to broaden mutual development and create new links between Australian and Sri Lankan businesses and capital markets. The agreement was inked at the backdrop of the Invest Sri Lanka Forum that took place in Sydney last week. The agreement is intended to foster greater communication between both firms through staff exchange, training and the sharing of information relating to market development and dual listing opportunities. Mr. Tony Sacre, CEO of SSX, said “The collaboration between SSX and CSE will ensure an active and efficient market as well as enhancing the confidence and integrity of capital markets between Australia and Sri Lanka. This is a good story, as our mission is to solidify a connection between Australian and Asian markets and the rest of the world. Sri Lanka has been an important trading partner for Australia, and this bond is a strong sign of the relationship only continuing to improve. SSX and CSE will explore the possibility of collaborating regarding cross listing and trading of securities including stocks, bonds, ETFs etc.” Mr. Vajira Kulatilaka, Chairman of CSE, said “The collaboration with SSX marks an important development for the CSE, as we look to improve our avenues for cooperation and mutual development with peer international exchanges. Our countries share a long history of economic cooperation and we are pleased at the prospect of working with the SSX to broaden investment opportunities for market participants both in Sri Lanka and in Australia.” The MoU further demonstrates the commitment of both exchanges to the growth of capital markets through cooperation and mutual development, especially in the context of globalization and internationalization of markets. SSX is a securities exchange in Australia with a market licence granted by the Australian Securities & Investments Commission (ASIC). SSX provides opportunities for growth-oriented companies to raise the capital they need for expansion from a diversified range of domestic and international investors, especially from the Asia-Pacific region. SSX operates its official list of securities as a Main Board, but it has the flexibility that a Second Board provides. The Exchange provides and develops specialised markets in sectors including resources, oil & gas, real estate, technology, agribusiness, services and growth companies. SSX is a part of the APX Exchange Group, a wholly owned subsidiary of the AIMS Financial Group, an Australian diversified financial services and investment group active in the areas of mortgage lending, securitisation, corporate advice, funds management, property investment and high-tech investment.   CSE---SSX-MoU CSE Chairman Mr. Vajira Kulatilaka (Seated Left) and SSX CEO Mr. Tony Sacre (Seated right) at the signing ceremony (Standing L-R) CSE Director Mr. Anton Godfrey, CSE Director Mr. Shanil Fernando, CSE CEO Mr. Rajeeva Bandaranaike, SSX Deputy Chairman Mr. George Wang,  SSX General Manager – Listings Mr. Joseph Law, CSE Head of Market Development Mr. Niroshan Wijesundere
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Lankan Business Delegation Visits Moscow, led by Sri Lanka – Russia Business Council

March 29, 2017, 12:25 am
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A 25 member Sri Lankan business delegation led by Sri Lanka – Russia Business Council of the Ceylon Chamber of Commerce together with the Sri Lankan Embassy in the Russian Federation visited Moscow last week.

The business delegation, which was led by President of the Sri Lanka – Russia Business Council, Mr. Isuru Samarasinghe, Managing Director of Unitrades Private Limited was organized in conjunction with the official visit of the Sri Lanka President, His Excellency Maithripala Sirisena to the Russian Federation on the invitation of His Excellency Vladimir Putin, which coincided with 60 years of diplomatic ties between Sri Lanka and Russia.

During the visit, the delegation took part in business forum conducted by the Chamber of Commerce & Industry of the Russian Federation and also took part in B2B meetings with the Russian counterparts. During the forum, Mr. Upul Jayasuriya, Chairman of the Board of Investment of Sri Lanka, made a presentation on the FDI opportunities in Sri Lanka. During the visit, bilateral relations between the two countries were enriched by strengthening the trade ties, sourcing suitable business partners for trade, investments, joint ventures, technology transfer and services and also assisting in expanding existing business contacts of the participants.

The delegation comprised representatives from Akbar Brothers Private Limited, Basilur Tea Exports Private Limited, , Empire Teas Private Limited, Eswaran Brothers Exports Private Limited, Imperial Teas Private Limited, , Maltras International Private Limited, , Regency teas Private Limited, Stassen Exports Private Limited, Unitrades Private Limited, Andrew the travel Company Private Limited, Concord Exotic Voyages (Lanka) Private Limited, Mos-Lanka Holdings Private Limited, Galle Face Hotel, Mac Holdings Private Limited, Mega Trend Lanka Private Limited, Orofini Gems and Jewellery, Avian Technologies Private Limited, Lanka Tractors Limited, The Capital Maharajah Organization Limited, Built Element Limited, Rhino Roofing Products Limited, Jay Sea Foods Processing Private Limited, Consulting Engineers & Contractors Private Limited and The Ceylon Chamber of Commerce.

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