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“SLT SpeedUp Cycle Sawariya” Day 3 marks the finish line to Dambulla

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The Day 3 – SLT SpeedUp Cycle Sawariya started Trincomalee to Dambulla on 27th July morning. Forth day race will start from Dambulla to Badulla. This longest cycle race in Sri Lanka started in Colombo and travel through Puttalam, Vavunia, Trincomalee, Dambulla, Badulla up to Embilipitiya marking the finish on 29th July. The women’s race will commence on 29th July journey starting from Ratnapura and ending in Embilipitiya. The winners of day 3 marking the finish in Dambulla: The winner Sandun Kumara of Team SLT, 1st runner-up Sanju Deemantha of Team Air Force, and 2nd runner-up Pradeep Kumara of Team ARMY. Photo: The winners of day 2 marking the finish in Trincomalee: The winner Bandara Pemarathna of Air Force, 1st runner-up Dimuthu Sanjeewa_of Air Force and 2nd runner-up Kasun Nimesh of Port Authorty.  

Allianz Lanka Recognized as One of Nation’s Foremost Employer Brands

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Allianz Lanka announced that it has been recognized as the “Best Employer Brand” at the Sri Lanka Best Employer Brand Awards 2017 held recently. The event also saw the company’s Chief Executive Officer (CEO), Surekha Alles, being conferred with the “CEO of the Year” award.   “Around the world, Allianz is known to be the home for those who dare. This is a key element of our employer brand in Sri Lanka too where our teams dare to innovate and embrace the future every day. We believe that it is imperative to communicate these values to our external stakeholders too, especially to prospective employees. In line with this, I am delighted to see our strategic use of marketing communications for human resource development being recognized at this forum,” said Surekha Alles, Chief Executive Officer, Allianz Lanka. “I am also honored to have received the “CEO of the Year” award at the event.”   The Sri Lanka Best Employer Brand Awards 2017 was organized by the Employer Branding Institute and the World HRD Congress together with CHRO – Asia. The forum seeks to recognize organizations that have used marketing communications effectively in attracting talent, retaining talent, developing talent and in retention policy. Some of the key criteria are assessed include translating and combining vision with action with HR strategy, building line to mesh HR strategy with business and cultivating competencies for the future to enable building the organization to be future-ready.   Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE, a world leader in integrated financial services. Having started out as a Greenfield operation in 2005, it has emerged as one of the fastest growing insurance service providers in the country. The company prides on supporting its clients’ business strategy by understanding their risk profile and needs, and providing individual solutions from its world class portfolio of products and services. Around the world, over 140,000 Allianz employees serve some 86.3 million retail and corporate customers in about 70 countries, who place their trust on the knowledge, global presence, financial strength and solidity of Allianz to support them in their moment of truth. Surekha Alles, Chief Executive Officer, Allianz Lanka

Softlogic Life bags top awards for ‘Best Agency Distribution’ and ‘Excellence in Claims’ at Insurance Industry Awards

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Softlogic Life Insurance, Sri Lanka’s fastest growing and most innovative Life Insurer, has been conferred with the top two awards – Excellence in Agency Distribution and Excellence in Claims Service at the Sri Lanka Insurance Industry Awards 2017. Softlogic Life shared the stage with all the top Indian Insurance companies who were awarded at the gala Fintelekt event that combined India and Sri Lanka awards held on 21st of July in Mumbai, India. Life Insurance Corporation of India (LIC) and Apollo Munich Health Insurance carried away the Indian equivalent of the awards that were won by Softlogic Life. The high profile awards ceremony recognized and honoured the achievements of insurance companies in India and Sri Lanka that have met measurable and tangible business objectives. The Excellence in Agency Distribution Award was awarded for Softlogic Life for the excellence the company has achieved with its tremendous growth through its sales force which is widely regarded as the best in the country and its widespread agency distribution, by demonstrating the highest productivity as well as efficiency in business acquired. Softlogic Life was also honoured with the Excellence in Claims Service for its demonstration of overall leadership and commitment to effective and speedy claims settlement. Well over 80% of claims received by Softlogic Life are paid in one day. Acknowledging the awards, Softlogic Life Managing Director, Iftikar Ahamed stated, “It is a great honour for Softlogic Life to be felicitated with the two most important awards. What sets Softlogic Life apart is our will to be the best at what we do. Our range of innovative life insurance solutions are customized to meet each individual’s lifestyle requirements, driven by the best Agency Team in the country. We believe that insurance is about paying claims and not resorting to fine print to avoid claims. These awards are therefore an acknowledgement of our efforts towards excellence in Life Insurance.” From the year 2011 to 2016, Softlogic Life has grown way above the industry average and has more than doubled the industry growth rate; due to the exceptional performance of the company’s outstanding sales force. Their relationship management practices have enabled excellent customer service and delivered very high persistency levels that are far ahead of the industry. The productivity level of Advisors has also improved significantly where 1,565 Insurance Advisors generated Rs. 1.697 Billion of first year premiums with the average productivity exceeded Rs. 1 Million per Advisor which is the highest in the industry. Expressing his views on the company’s focus to provide best in class claim settlement services, Softlogic Life Chief Operating Officer, Chula Hettiarachchi said, “The Company has significantly improved its health claim settlements where over 80% to 90% health claims got settled within a day and overall 98% of the total claims settled within three working days which is at speed previously unheard of in the Life insurance industry and it is achieved through the technological innovations and focused customer service in the operation. These significant improvements in claim servicing have created a benchmark for other industry players to follow Softlogic Life.” “We believe every claim is an opportunity to serve a customer and paying a claim is the guaranteed way to build customer confidence towards life insurance, which will ultimately have a positive impact to improve penetration level of life insurance in the country,” said Hettiarachchi further. Softlogic Life Insurance PLC is a subsidiary of Softlogic Capital PLC and is part of the Softlogic Group, which is recognized as one of Sri Lanka’s most diversified and fastest-growing conglomerates, with interests in Healthcare, Retail, ICT, Leisure, Automobiles and Financial Services. Significant stakeholders in the company also include FMO and DEG, who are rated ‘AAA’ Development Financial Institutions from the Netherlands and Germany, respectively. Photo caption: (From left) Mr. Lasitha Wimalarathne – DGM Life Operations, Softlogic Life Insurance PLC, Mr. Kaushal K. Mishra – Jury Committee Member, Mr. Chula Hettiarachchi – Chief Operating Officer, Softlogic Life Insurance PLC, Mr. Suranga Ranasinghe – Senior Manager Claims, Softlogic Life Insurance PLC, and S B Mathur – Jury Committee Member holding the Award

Blind Men and the ‘Glyphosate Elephant’

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Dr. Parakrama Waidyanatha, BSc, MSc (Cey.), PhD (London), DIC: The recent sentimental assertions of representatives of three NGOs, Peoples Planning National forum, Movement of Land and Agriculture Reforms and the Peoples Movement of Plantation Lands Right in relation to the issue of glyphosate is reminiscent of the proverb of the blind man and the elephant, superficially touching on a real subject, to draw many ridiculous, unbalanced and unfounded conclusions with little or no factual substance on the matter of the ban. All substances are poisons said the founder of the science of pharmacology over 600 years ago. What matters is the quantity and how it is used. It applies not only to agrochemicals but pharmaceuticals too. If you swallow 50 pills of aspirin you may drop dead. Statins, for example, the cholesterol lowering drug now taken by nearly a quarter of the elderly population of the world, and once thought to be absolutely safe, is now known to cause diabetes! The columnist of this article says that glyphosate was banned ‘owing to findings linking the chemical with the kidney disease’. It must, at the very outset, be stressed that hitherto there has been no acceptable scientific evidence that glyphosate is the cause of the kidney disease or more accurately, the chronic kidney disease of uncertain aetiology (CKDu). She should do well to know that hitherto, despite substantial research, there is no aetiological agent identified. It is often the case, that many media personnel, just surface scratch issues and pick up only the sensation, leaving behind the true facts of the matter! Their only objective is to draw public attention rather than public education. A popular TV channel, had, for example, an entire programme for several months where CKDu was referred to as the ‘Agricultural Kidney Disease! There are various alleged etiolating agents such as heavy metals(arsenic, cadmium), hard water, fluoride and  ionicity ( dissolved salts) just to name a few. What is hitherto known, however, with a degree of certainty in that people who drank water from dug wells in the affected areas of the North Central Province and some neighbouring areas contacted the disease but not the people who drank river, reservoir, or spring water. This fact has been elegantly established by a study of two adjoining villages, Sarabumi and Badulupura in Girandurukotte. People in the highlands of Badulapura drink water from dug wells, whereas those in Sarabumi from the river or reservoirs. Villagers from both areas had common paddy tracts in the lowlands, and consumed their own paddy. In fact it is reported that one person in the Sarabumi area who diagnosed with the disease had previously lived for a long period in Badulupura before coming over to Sarabumi. The disease was not there before people were settled in the Mahaweli Scheme. The increasing population and settlements thereafter necessitated digging of wells for drinking water in homesteads. There are supposedly some 172,000 such wells in the Anuradhapura and Polonnaruwa Districts alone, and the government’s urgent task should be to give potable water to the people of all affected areas. Is it happening? The hypothesis, that hard water, metal ions and glyphosate was probably the cause of CKDu was propounded by a few scientists in the Rajarata University. In fact on top of that publication which appeared in a fee-levying, open access journal in 2014, the word “Hypothesis” was written in bold letters!  Several reputed chemists have been very critical of the hypothesis and no other scientific journal had any publication supportive of it. It has been argued that if such metal complexes form in hard water, they should precipitate making the metals unavailable in solution. There were two comprehensive WHO studies on CKDu in Sri Lanka, one was in 2013 and the other 2016, the latter being an International Expert Consultation of 54 participants, including local experts. None of those studies implicated glyphosate in CKDu. In fact the first study amongst other things reported that 3.5% of the CKDu patients had glyphosate above reference limits. However, for some unknown reason the percent of control patients with urine glyphosate values exceeding the reference level was not reported. On re-analysis of the raw data again in 2016, it was revealed that double (7.0%) the non-CKDu subjects had urine glyphosate levels exceeding reference limits! In fact the percentage of non-CKDu subjects with pesticide residue levels above reference limits was significantly higher than that of the CKDu subjects. The association of the disease with farming communities naturally tempts one to think of an involvement of agrochemicals in the disease. But the fact is that the great majority of people living in these areas are farmers, and the clue that it is probably associated with drinking water is what must be pursued in the pursuit for identification of the aetiology. The glyphosate levels reported by a study of the Registrar of Pesticides in 2016 are very low, being less than 1 part per billion in samples of soil, water and vegetables analysed. The maximum allowable limit in drinking water in the European Union is as much as 700 parts per billion! So there is no question of glyphosate pollution of our food, water or soil. Mr. Ganeshalingam of the People’s Movement for Plantation Land Rights speaking at this press meeting has even claimed that he has information of victims of CKDu in all estates. This is the first time we are hearing of the disease in the hill country! Has he brought this to the attention of the health authorities in the country? So far, the evidence is that the disease is confined only to the Dry Zone. It is unimaginable that all these representatives of organisations that have made various utterances, have not been mindful of the key issue of the tea plantations, and that is the grave scarcity of labour. It is impossible to use labour for weeding because of the shortage. Moreover, although a learned professor speaks of alternative weeding technologies, can he demonstrate them in tea lands? The only alternative other than chemical weeding is physical weeding with implements such as the mammoty and the ‘sorandiya’ which, prior to the 1960’s, caused serious soil erosion which led even to abandonment of vast tracts tea of land especially from the mid-country. It has been estimated that losses due to crop-weed competition and weed interference in field operations such as plucking and manuring has cost over Rs six billion in 2015 alone. It is true that rice can be cultivated without glyphosate, but weed control prior to land preparation needs substantial water use for impounding. It is estimated that some 20% of the water has to be used for weed control in rice, and water has a cost. There is clear evidence that the acreage under field crops has declined after the ban of glyphosate. In particular ploughing and harrowing cannot control the noxious weed Cyperus which must be killed with a contact herbicide, and glyphosate is ideal for this purpose. The corn farmers complain that their pre-plant weed control has shot up from Rs. 3,000 to   Rs. 10,000 after the glyphosate ban, especially because of the need to uproot mana grass by mamoty. Eight labour units are required each costing Rs. 1,250. Many of the dry zone farmers have been hoodwinked by the anti-glyphosate lobby that it causes CKDu. When explained to them that there is no evidence to associate glyphosate with the disease, they were aghast! It is unfortunate that we live in a country that scientific decisions are made by politicians. We need an organisation of professionals that make evidence-based decisions. India has an excellent one, the National Technology Commission which would have been the organisation making the decision on a matter such as the glyphosate issue were it necessary. The writer, has 45 years of experience in research and development in the agri and crop development sector, currently, the Chairman of the Review Committee of the Rubber Research Institute, Dr. Waidyanada has held several key positions in the Department of Agriculture, the Coconut Research Board and was Director General of the National Agri-Business Council. Some of the other key positions he has held are – Consultant to World Bank/IICA Project on Rubber Development in Brazil, Consultant to FAO on Rubber Development in Bolivia, Consultant to ADB on Perennial Crop Development in Sri Lanka, among a host of significant other positions. 

Ceylon Association of Shipping Agents elects Ruwan Waidyaratne of Hayleys Advantis as Chairman

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The Ceylon Association of Shipping Agents (CASA) announced that Mr. Ruwan Waidyaratne, Managing Director – Hayleys Advantis Limited, had been unanimously elected as its Chairman for 2017/18 at the Association’s 51st Annual General Meeting (AGM) held on the 26th of July, 2017. Having served as the Vice Chairman of CASA from the year 2014/15, Ruwan will be taking over as Chairman from Capt. Ajith Peiris, Group Managing Director of Ceyline Agencies. Commenting on his appointment, Ruwan said, “I am honoured to have been elected as the Chairman of CASA and would like to thank the members for placing their trust in me. With the support of my executive committee, I hope to continue the good work done by the past Chairmen and their respective Executive Committees in shaping the shipping industry in Sri Lanka.” Ruwan is a Board Member of Hayleys PLC and holds responsibility for its Transportation and Logistics arm Hayleys Advantis. He has contributed to the shipping and logistics industry for over three decades and he is a former Chairman and member of the Advisory Council of the Sri Lanka Freight Forwarders Association (SLFFA). He has also served in related committees such as the Steering Committee on Ports, Shipping, Aviation and Logistics affiliated to the Ceylon Chamber of Commerce. With his election as the Chairman of CASA yesterday, he becomes the only person to have held the Chairmanship of both CASA and SLFFA, two of the leading industry bodies in the shipping and logistics sphere. Addressing the Association’s members and other key stakeholders at a cocktail held later that day, Ruwan said, “We are all aware that the shipping industry plays an important role in our country’s economy. Statistics show that the transportation and logistics industry alone accounts for 12% of the country’s GDP. I firmly believe that the sector can make greater contributions to the national economy. We need to work together with all stakeholders, including the Government, on capitalizing on our strengths and emerging opportunities to realize our true potential.” Speaking on one such area of growth, he said, “We can anticipate high demand for deep water terminals given the wave of new generation ships that are rolling out. Therefore, we appeal to the authorities to make use of this opportunity by operationalizing the East Container Terminal (ECT) as soon as possible. We need to act fast, before the Colombo International Container Terminal (CICT) reaches capacity which could lead to potential berthing congestion and loss of business.” Welcoming the new Maritime and Logistics Policy, he extended the Association’s support to it and commended the Hon. Minister and his team who are working tirelessly to develop this legislation. “I sincerely hope that the opinions of our industry experts will be given due consideration, and we can collaborate our strengths and work together to come up with a pragmatic policy document that will help us achieve the country’s goal of becoming the maritime hub in the region,” he added. Ruwan also touched on several issues plaguing the shipping industry in Sri Lanka today. He noted that the removal of the terminal handling charge four years ago had affected shipping agencies and said “at a time when the country is aspiring to be a regional Maritime Hub, Colombo cannot afford to be the only hub in the world that doesn’t permit lines to recover a local terminal handling charge.” Speaking at the event the Chairman of SLPA Dr. Parakrama Dissanayake commented that there are many changes taking place in the shipping industry in Sri Lanka and that the industry needs to be prepared to embrace change. Acknowledging Ruwan’s thoughts on considering industry opinions for the Maritime and Logistics Policy he said “It is an inclusive approach that we have, and we are engaging all the stakeholders in the process”. He added, “We can see a Minister who is trying to walk the talk and who is trying to make things happen. Hambantota port is also becoming a reality and we have received cabinet approval to pursue the concessionary agreement on the Port with the establishment of two Sri Lankan companies. At the same time we have realized that we have an issue with the congestion of deep draft berths and the Minister has already given direction for the SLPA to launch the ECT as soon as possible.” Formed back in 1944, the Ceylon Association of Shipping Agents, acts as a leading voice for the Shipping Industry of Sri Lanka. With its ever expanding membership CASA has become stronger over the years and plays a major role in shaping the Shipping and Logistics industry of the country. CASA’s importance has grown over the years, especially with the country moving towards establishing itself as a Maritime Hub in the region. Photo caption: Ruwan Waidyaratne (left) being congratulated by Captain Ajith Peiris

Sri Lankan shares end steady, hover near 6-wk closing low

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Reuters – Sri Lankan shares ended steady in thin trade on Thursday as gains in financials were offset by losses in industrial shares, with foreign investors continuing to be net buyers.

The Colombo stock index ended almost unchanged at 6,669.05. On Tuesday, the index recorded its lowest close since June 13.

Shares of diversified conglomerate Hemas Holdings Plc fell 1.0 percent, while Hatton National Bank Plc rose 0.13 percent.

Turnover stood at a one-week high of 780.9 million rupees, but less than this year’s daily average of around 898 million rupees.

“The foreign buying is still there and we see local retail and institutional investors are settling for price,” said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

Foreign investors bought shares worth a net 203.5 million rupees ($1.32 million) on Thursday, extending the year-to-date net foreign inflow to 25.4 billion rupees.

Stockbrokers said market sentiment has improved after the government approved a key port deal.

Sri Lanka’s cabinet cleared a revised agreement for leasing its Chinese-built southern port of Hambantota on Tuesday, after terms of the first pact sparked widespread public anger in the island nation.

Colombo’s overall macro-footing will improve upon the conclusion of the port deal, said Shailesh Kumar, Eurasia’s senior analyst for Asia in a report.

Qatar Airways Boosts Colombo Service To Four Daily Non-Stop Flights From 1 August 2017

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Award-winning airline continues to demonstrate strong growth and expansion as passenger demand increases Weekly capacity to and from Colombo route increased by 20 per cent   Qatar Airways has announced it will introduce a fourth daily non-stop service from Doha to Colombo from 1 August, 2017. In addition two of the four daily flights will be serviced by the B777-300ER aircraft to accommodate the increased travel demand to and from Sri Lanka.   The increased frequency and aircraft upgauge will boost overall capacity to and from Colombo by 3,136 seats weekly, a 20 per cent increase from current weekly capacity.   Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker, said: “We are delighted to be able to cater to the buoyant leisure and business travel demand by increasing our frequency and capacity to Colombo, the gateway to Sri Lanka and one of the most vibrant cities in South Asia. Besides our acclaimed inflight service, our passengers can now also enjoy our modern B777 aircraft when they travel with us on our non-stop service to Doha and onward to destinations in Europe, Americas and the Middle East. The additional frequency will provide passengers with even greater flexibility and convenience when planning their next trip with Qatar Airways.”   Sri Lanka’s Minister of Tourism Development the Hon. John Amaratunga said: “Tourism is expected to be one of Sri Lanka’s major growth engines as we seek to further strengthen our economy. Sri Lanka, Asia’s leading destination for 2017, has a wealth of places waiting for travellers to discover. With the support of major carriers like Qatar Airways which has invested additional capacity, we are confident that Sri Lanka can achieve the target of 2.5 million tourists this year.”   The Qatar Airways Boeing 777-300ER features 24 Business Class seats and 388 seats in Economy Class. Besides a spacious environment throughout the entire aircraft, passengers across both cabins can enjoy up to 3,000 entertainment options throughout their journey with Qatar Airways extensive Oryx One collections.   Business Class passengers can relax in their comfortable, fully-flat beds with 78 inches of seat pitch. The on-demand à la carte menu service, luxurious Bric’s amenity kits coupled with Qatar Airways cabin crew’s renowned Arabian hospitality will ensure passengers arrive at their destination feeling refreshed and energised.   Qatar Airways has received a number of accolades this year, including Airline of the Year by the prestigious 2017 Skytrax World Airline Awards, which was held at the Paris Air Show. This is the fourth time that Qatar Airways has been given this global recognition as the world’s best airline. In addition to being voted Best Airline by travellers from around the world, Qatar’s national carrier also won a raft of other major awards at the ceremony, including Best Airline in the Middle East, World’s Best Business Class and World’s Best First Class Airline Lounge. Now in its twentieth year of operations, Qatar Airways has a modern fleet of 200 aircraft flying to business and leisure destinations across six continents.

Tech One Sanje honored as Microsoft Country Partner of the Year Award for Sri Lanka at Microsoft Inspire

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Tech One Sanje recently attended the Microsoft Inspire event which was represented by CEO, Lars Jeppesen along with Director, Thariq Sanoon representing the country partner of the year, Sri Lanka. Winning 2017 Microsoft Country Partner of the Year Award for Sri Lanka, Tech One Sanje is proud to contribute to the pool of knowledge that the Microsoft community celebrated and have cultivated throughout the years along with other visionaries worldwide. The picture captures Thariq Sanoon, Director of Tech One Sanje with Ron Huddleston, corporate vice president of the One Commercial Partner Organization of Microsoft at Microsoft Inspire 2017 claiming the award for the Microsoft country Partner of the Year for Sri Lanka.  

Commercial Bank introduces Sri Lanka’s first Chip & PIN debit card

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The Commercial Bank of Ceylon has introduced Mastercard debit cards with Chip & PIN technology for the first time in Sri Lanka.   These cards replace the existing Maestro debit cards with magnetic strips.  The new Chip & PIN debit card will minimise the possibility of fraudulent transactions at Point-of-Sale (POS) due to the PIN requirement, the Bank said. This technology renders the new Mastercard debit cards smart and significantly increases the security level of the card when transacting. Cardholders will receive their Personal Identification Numbers (PIN) via SMS to registered mobile numbers when branches issue the card. The Bank said cardholders are advised to change these PINs to PINs of their choice at a Commercial Bank ATM before they perform a point-of-sale transaction or an ATM transaction. Cardholders simply enter their PINs at POS machines to authorise transactions.   “Commercial Bank always believes in introducing technology that matters to customers. In this day and age, security is a primary concern of customers and this new card will ensure more secure purchases not only locally, but also when they are overseas,” Commercial Bank’s Deputy General Manager Marketing Mr Hasrath Munasinghe said.   The Mastercard debit card with Chip & PIN technology is deemed risk averse since it requires the card holder to authenticate each EMV transaction using a PIN, or use an OTP (One Time Password) for e-commerce transactions.   It does not support contactless transactions and cannot be used at e-commerce sites which do not support 3D secure technology, or at POS terminals which do not support PIN, the Bank said.   Commercial Bank said it will issue the new cards over the counter for cardholders who require an instant replacement.   Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of credit cards in the Silver, Gold and Platinum tiers of both Visa and MasterCard as well as Visa Signature, World MasterCard and Visa Infinite cards in the premium segment. The cards are equipped with ‘Tap & Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network. Commercial Bank ‘Max Loyalty Rewards’ scheme is the only loyalty scheme that offers loyalty rewards points on both Credit and Debit cards.

Finance Minister meets Deputy Vice President of MCC

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Minister of Finance and Mass Media Mangala Samaraweera met with Deputy Vice President of the Millennium Challenge Corporation Ms. Fatema Sumar and her delegation at his office in Parliament Wednesday (26th July).
Discussions centered on the potential investment opportunities in Sri Lanka. State Minister of Finance Eran Wickramaratne and Deshal De Mel, Economic Adviser to the Minister Samaraweera was also present.

SLBFE signs MoU with Japan

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The Sri Lankan Bureau of Foreign Employment and Japan International Manpower Development Organization signed a MoU to train Sri Lankan Technical Interns in Japan and give them an insight into their profession.
The agreement was signed by the Chairman of IM Organization Kyoki Yanagisawa and Foreign Employment Minister Thalatha Athukorala recently at the ministry. According to the MOU, Sri Lankans will get an opportunity to be trained in manufacturing/agricultural companies in Japan. This will result in knowledge and technical expertise exchange from Japan to Sri Lanka. This MOU will come into force from November according to the rules and regulations of the Government of Japan. Sri Lankan youth will get an opportunity to be trained under this scheme.

Feasibility Study on establishment of ICT Hub completed

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The Exim Bank of Korea has completed the KSP-ADB Joint Consulting Program for establishment of an ICT hub for secondary education project.
The dissemination seminar was held on 26th July at the Ministry of Education with the chairmanship of Secretary Sunil Hettiarachchi during which the Korean consultant team presented the final results of the study to the government officials. The proposed project covers an island wide plan targeting national, provincial and zonal level ICT education. National Content Development Center (NCDC) and 2 PICTECs (Provincial ICT Education Centers) in Eastern and Southern provinces will be newly built, and 5 PICTECs and 99 ZICTECs (Zonal ICT Education Centers) will be fully equipped with education materials, network system, office equipment etc. In addition, to make the ICT hub more sustainable capacity building programs for government officials and consultation on content development and e-Learning will be provided.

CSE branch-wide educational drive gathers momentum

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The branch-wide investor education campaign conducted by the Colombo Stock Exchange (CSE) has been well received over the first half of the year, with over 350 educational and awareness initiatives conducted in 2017. The initiatives have reached out to over 14,300 current and prospective investors around the country.   Initiatives driven through the CSE branch network play a significant role in facilitating the CSE’s investor education and awareness drive, which reaches out to a broad range of socio-economic and demographic segments. A range of events including regional investor forums, educational workshops, seminars on market conditions, programmes for schools and universities and other awareness programmes deliver stock market and financial literacy focused content in English, Sinhala and Tamil mediums.   A vast majority of these initiatives are conducted free-of-charge and feature experienced stock market practitioners as resource personnel. Commenting on the initiative, the Head of Market Development at CSE, Mr. Niroshan Wijesundere stated “Broadening the retail investor segment and attracting knowledgeable and long term investors is vital to increasing market liquidity and to the sustainable growth of the stock market. These initiatives offer the platform to achieve this and aim to offer prospective investors the awareness and perspective they require prior to entering the market as an investor.”   The educational and awareness programs are delivered through CSE Branches in Matara, Kandy, Kurunegala, Negombo, Jaffna, Anuradhapura, Ratnapura, Ambalantota and the Head Office in Colombo. Details of educational and awareness events are announced through the CSE website (www.cse.lk) and on official social media pages of the CSE.

Sampath Bank Offers the Best Leasing Rate in the Market

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In continuing to offer their customers the best leasing solutions in the market, Sampath Bank has once again introduced the lowest vehicle leasing interest rate in the country. Starting June 2017, the 14%, 3 year leasing rate will be applicable for all types of vehicles whether they are registered or unregistered. Keeping with their policy of providing their customers with an unsurpassed customer experience, Sampath Bank has further reduced the hassle involved with documentation and processing time.   Commenting on this unique offer, Mr. Tharaka Ranwala, Senior Deputy General Manager – Consumer Banking, said, “At the start of the year, we noticed a large spike in the leasing market with a notable increase in demand for registered vehicles and realized the necessity for a more flexible solution that would provide our customers with a wider choice while reducing their stress. It was a time where there was a perception in the leasing market that, leasing facilities for registered vehicles were provided only by Leasing Companies. But we are extremely happy to announce that Sampath Bank has come up with a flexible leasing solution which includes leasing for registered vehicles as well, starting from a rate as low as 14% p. a.”   “Further, we have reduced the administrative work involved with applying for a leasing facility, thus reducing the documentation and turnaround time which ultimately leads to a hassle-free experience. Everything from our solutions to our processes is tailor-made to ensure our customers have an unrivaled experience,” he added. Customers can enjoy the benefits of this special offer by visiting one of the 229 conveniently placed Sampath Bank branches across the country.   Taking this convenience of access even further are the Sampath Bank leasing fairs which will take place from June to August around the country including Kiribathgoda, Wennappuwa, Jaffna, Bandarawela, and Mahiyangana. Going beyond offering information on the Bank’s enticing leasing solutions, these fairs will also be showcasing a selection of popular vehicles for consumers to view and compare.   Established in 1987, Sampath Bank has become a state-of-the-art leasing provider that continues to be a market leader today thanks to their constant innovation and customer focused approach to business. Their unique tailor-made solutions, convenience of access and customized payment plans have allowed Sampath Bank to further differentiate themselves from the competition and made them the leasing provider of choice for many in Sri Lanka.

SLIM Kicks Off Brand Excellence Awards 2017

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The Sri Lanka Institute of Marketing (SLIM) announced the launch of the 16th SLIM Brand Excellence Awards at a joint briefing held for media and participants at the JAIC Hilton recently.   The organizers have fittingly chosen “Exhibit Your Masterpiece” as the theme for this year’s event which seeks to recognize some of the country’s foremost marketers and showcase how they have nurtured greater love for their brands during the year.   With the grand award ceremony scheduled to be held at the BMICH in November, SLIM called out to brand custodians around the country to send in their entries before the 25th of August. A series of special workshops will be conducted during the month of August to help participants better understand the criteria based on which their entries would be judged.   Contestants will be vying for awards across 13 categories viz. Product Brand of the Year, Service Brand of the Year, Innovative Brand of the Year, Turn-a-Round Brand of the Year, Local Brand of the Year, Best New Entrant of the Year, International Brand of the Year, SME Brand of the Year, CSR Brand of the Year, Export Brand of the Year, B2B Brand of the Year, Regional Brand Recognition Award and Online Brand of the Year. Digital marketing efforts across these categories too will be included in the evaluation process this year. SLIM is looking to actively encourage mobile platform brands to apply under the “Online Brand of the Year” category. The marketing body will also be reaching out to home grown brands of small and medium enterprises, promoting them to apply in the “SME Brand of the Year” category to recognize the efforts of the country’s entrepreneurs.   Entries will be reviewed by a preeminent panel of judges comprising some of the country’s most respected professionals with Dinesh Nalliah, Chief Operating Officer (COO), Richlife Dairies Limited at the helm.   “As the national body for marketing, SLIM has been organizing the Brand Excellence Awards for the past 16 years to celebrate the people behind some of the country’s most iconic brands. Forums like this also play a pivotal role in nurturing and developing our marketing fraternity, enabling them to better contribute to the country’s economic growth,” said Elangovan Karthik, President of the Sri Lanka Institute of Marketing. “As we embark on the grandest Brand Excellence Awards to date, I would like to wish all participants the very best and look forward to being inspired by their work.”   The Sri Lanka Institute of Marketing (SLIM) serves to produce initiatives in order to encourage strategic and result-oriented thinking in the fields of brand development, sales, advertising and research through events such as the SLIM Brand Excellence, NASCO, Effie and People’s Awards.   Often dubbed as the Oscars of the Sri Lankan brand marketing fraternity, the Brand Excellence Awards have the distinction of being the only awards in the country which recognize brands and brand custodians who excel in the area of marketing. The forum also highlights the contributions of Brand Managers towards the success of their brands. This has led to Brand Managers taking great pride and interest in participating in this event.   Inviting brand custodians to take part in the event, SLIM Brand Excellence Project Chairman, Nuwan Gamage said, “Over the years, SLIM Brand Excellence has continued to grow in stature, morphing into a noteworthy brand in its own right. I would like to invite brand custodians across the country to join us as we showcase their masterpieces at the SLIM Brand Excellence Awards 2017.”   “As members of the marketing fraternity, we are all aware of the pivotal role played by branding in today’s volatile marketplace. Businesses need to build iconic brands that are loved by consumers, now more than ever, to ensure their survival and continued success in the long run.  We at SLIM are excited about the awards and urge all brand builders to send in their entries at the earliest and be a part of this year’s event,” said Suranjith Swaris, Vice President – Events, Sri Lanka Institute of Marketing. From left – Mr. Suranjith Swaris, Vice President, Sri Lanka Institute of Marketing (SLIM); Mr. Dinesh Nalliah, Head of Judging Panel – SLIM Brand Excellence 2017; Mr. Karthik Elangovan, President, SLIM and Mr. Nuwan Gamage, Project Chairman, SLIM Brand Excellence 2017

SAP Demonstrates Power of Digital Transformation to Sri Lanka’s Businesses

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SAP SE (NYSE: SAP) organized ‘Digital Transformation Forum’ and ‘Design Thinking Workshop’ for Sri Lanka’s leading corporates in Colombo this week, respectively showcasing the power of SAP solutions including SAP S/4HANA and introducing the philosophy of Design Thinking.   In today’s digital economy, it is crucial for businesses to leverage technology and digitally transform business processes to meet the challenges of the hyper-connected future. The ‘Digital Transformation Forum’ showcased how SAP S/4HANA and Cloud Solutions can help Sri Lankan organizations tackle the challenges of the digital economy and obtain real-time value to the businesses. By providing a strong digital core and an easy-to-use system that supports innovations, SAP delivers tangible progress towards organizations’ transformation strategy without jeopardizing daily business operations. Furthermore, SAP solutions work in tandem to make the entire business of the organization more immediate, intelligent, and seamlessly integrated, irrespective of the size or industry.   The event also witnessed a panel discussion on “Running a ‘Live Business’ in the Digital Economy with SAP” by senior executives at Sri Lanka’s top companies including –
  • HEMAS Holdings
  • Rockland Distilleries
  • John Keells
  • B Creasy Group of Companies
  • Midas Safety
Other segments of the event dug deeper into the different facets of going digital, its impact & effect and as well as on driving success, especially in the domains of workforce management with SAP SuccessFactors, strategic sourcing with SAP Ariba and customer experiences & relationships with SAP Hybris.   The Design Thinking Workshop introduced how to begin incorporating the principles of Design Thinking into Sri Lanka’s corporate culture and understand how technology can enable business success through empathy and customer centricity. The participants of the workshop included C-level executives from the Sri Lanka SAP User Group (SLSUG) a not-for-profit, independent industry association made up of SAP customers and partners, dedicated to facilitating customer involvement and influencing SAP’s products and strategy.   Design Thinking is a new, fresh way of thinking to find human meaning and use for technology. With a focus on customers and the value propositions offered to them, Design Thinking is a powerful tool for uncovering insights and igniting innovation in companies – where the right solutions to drive business models are found through a holistic question approach. With more than 13 years-strong history with Design Thinking, SAP believes that focusing on the needs of people will unlock potential and create new value so you can lead in your industry and stay relevant in a changing market.   “Competing in today’s digital economy requires speed, agility as well as the ability to constantly innovate,” said Sunil Kharbanda, Chief Customer Office, SAP Indian Subcontinent. “SAP solutions as well as our Design Thinking philosophy can help our customers manoeuvre through the disruptive technology changes and set the course for successful digital transformation.” Photo Caption – The panellists from left are – Shyam Prasad Baddepudi, Vice President S/4HANA, SAP APJ (moderator); Chandima Cooray, Chief Digital Officer, HEMAS Holdings; Ashok Sirimane, Director/CFO, E.B Creasy Group of Companies; Isuru Gunasekera, Vice President, John Keells; Amila Bandara, Head of IT, Rockland Distilleries and Arjuna Jayasinghe, CIO – Midas Safety.  

SAKS Analytics leads the way for Sri Lankan corporates to understand & engage in Commercial Analytical Values of Data

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The scale and diversity of Sri Lanka’s economy makes it an ideal candidate for the deployment of advanced data analytics according to world renowned, Pakistani-born, data scientist and recently appointed Director at SAKS Analytics, Dr. Zeeshan-Ul-Hassan Usmani. Addressing a gathering of Sri Lanka’s most innovative pioneers and aspiring practitioners in data analytics at a seminar organized by SAKS under the theme: “Data Driven Excellence”, Dr. Zeeshan elaborated on the many varied applications of data science to real world problems with a view to driving innovative, cost effective, and ultimately, highly practical solutions to seemingly intractable day-to-day obstacles. Drawing on his trailblazing work applying analytics to non-traditional data sources in order to determine commercial analytical value (CAV) across an extremely diverse spectrum of fields spanning real-estate to garments, counter-terrorism to education, and health and insurance sectors, Dr. Zeeshan pointed to potential applications of his techniques at a national level through the SAKS Analytics. SAKS was a entrepreneurial idea of Founding CEO, Jeevan Gnanam, who saw the need for quality offshore services for companies that were looking at expanding their business services into overseas markets. Over the course of the seminar, participants were provided a wealth of information on the fundamentals of data science, and walked through multiple case studies where analytics, social media analysis and data science had been successfully utilized in order to accurately predict demographic behaviors and converted into commercial and social growth opportunities. SAKS Analytics is a subsidiary of SAKS Global & the St. Anthony’s Industries Group – One of Sri Lanka’s largest and oldest conglomerates. SAKS Global is a Business Services firm that provides a range of Accounting/Bookkeeping services, Research & Analytics and Contact Center Services. Deploying cutting edge technologies to generate new opportunities for growth and improvement, SAKS Analytics currently caters to a diverse variety of clients in the US, UK and Australia. Photo caption: Dr. Zeeshan-Ul-Hassan Usmani, Director at SAKS Analytics and world renowned data scientist speaks at a seminar on “Data Driven Excellence” by SAKS Analytics

Emerald International partners with CIM Sri Lanka

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The Chartered Institute of Marketing (CIM) Sri Lanka entered into its second year of  Corporate partnership with Emerald International (Pvt) Limited, one of the leading menswear brands in Sri Lanka, to further strengthen the knowledge and expertise of marketing in men’s fashion. The Memorandum of Understanding (MOU) signed between CIM Sri Lanka and Emerald International (Pvt) Limited will also further strengthen their respective brand identities in the market. Commenting on the partnership Kisani Dahanayake, Senior Head of Marketing and Business Development of Emerald International (Pvt) Limited, said, “We at Emerald are delighted to further strengthen our relationship and extend our support as a sponsor of a renowned professional body such as the Chartered Institute of Marketing Sri Lanka. It will be an ideal opportunity to sharpen our knowledge and skills as professionals in the industry in our unwavering commitment towards delivering the best to our consumers.” Brian Selvanayagam, Chairman of CIM Sri Lanka said, “We are proud to extend our partnership with Emerald and grateful to their continued support to help promote CIM and its activities in Sri Lanka.” Fazni Amanulla who signed the MOU on behalf of Emerald and Sanjay Hettiarachchi, Manager Membership Development of CIM Sri Lanka, were also present at the event. CIM Sri Lanka is the first International branch of CIM UK and is the largest membership outside the UK. Celebrating its 20th Anniversary, CIM Sri Lanka has always campaigned for high professional standards, greater recognition for the profession and marketing excellence in Sri Lanka through education, training and development. The Emerald Brand has continuously achieved substantial growth and brand leadership milestones through the years and proudly celebrates over 60 years of expertise in the industry. Continuing their leadership into the future, Emerald also offers their customers the convenience of shopping online via www.shop.emerald.lk and have their favourite fashion labels delivered to their doorstep. Customers also have the option of choosing between paying by credit/debit card online or with cash on delivery. Founded in 1956, Sri Lanka’s #1 Brand in men’s shirts, Emerald firmly believes that the Sri Lankan male deserves nothing but the best and focuses on quality, reliability, and innovation to create shirts that meet its own exacting standards. With noted International designer Arun Kumar Tiwari spearheading product design, its ISO 9001 certified production units manufacture a diverse range of products including woven shirts, T-shirts, innerwear, and formal trousers for local and international markets. Emerald represents world renowned fashion labels such as Crocodile and drives new fashion trends in the men’s shirt market through its Shirtworks retail outlets & the largest Dealer network in the country. Emerald is endorsed by Sri Lanka’s world renowned cricketing icons Kumar Sangakkara and Mahela Jayawardena. Photo caption: (From left) Sanjay Hettiarachchi, Manager – Membership Development of CIM Sri Lanka; Brian Selvanayagam, Chairman – CIM Sri Lanka; Fazni Amanulla, General Manager – Emerald International (Pvt) Ltd and Kisani Dahanayake, Senior Head of Marketing and Business Development – Emerald International (Pvt) Ltd.

Fitch Downgrades Lion Brewery to ‘A+(lka)’; Outlook Negative

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Fitch Ratings has downgraded Sri Lanka’s Lion Brewery (Ceylon) PLC’s National Long-Term Rating to ‘A+(lka)’ from ‘AA-(lka)’. The Outlook is Negative. The agency has also downgraded the National Long-Term Rating on Lion’s outstanding senior unsecured debentures to ‘A+(lka)’ from ‘AA-(lka)’. The downgrade reflects Fitch’s expectations that Lion’s net leverage, defined as lease-adjusted debt net of cash/operating EBITDAR, is unlikely to fall below 2.0x over the next three years due to lower beer sales from the higher taxes imposed over the last 18 months. We do not expect Lion’s EBITDA to recover to historical levels over the same period. The Negative Outlook reflects the potential for further downgrades should Lion’s sales volume not recover enough in the next 18 months to reduce leverage to less than 3.0x. Lion’s net leverage worsened to 6.3x during the financial year ended-March 2017 (FY17), from 1.9x at end-FY16, as the beer volume dropped by more than 50% due to successive tax increases and a six-month halt in domestic production due to floods in 2016. KEY RATING DRIVERS Shift in Market Dynamics: Beer industry volumes saw large contraction between 2014 to 2016, while hard-liquor volume increased by almost 27%, as excise duties per unit of alcohol of strong beer surpassed that of hard liquor due to tax increases in 2015. In addition, the reinstatement of VAT on alcohol products and the introduction of taxes on beer cans with effect from November 2016 prompted consumers to substitute strong beer, which has an alcohol content of more than 8%, with the consumption of hard liquor. Strong beer accounted for more than 75% of Lion’s sales volume in FY17. Lower EBITDA Margins: Fitch expects Lion’s EBITDAR margins to recover to around 24% in FY18, from 20% in FY17, after they were diluted due to a decline in the demand for beer caused by multiple tax increases and floods interrupting production in mid-2016, which led to Lion resorting to costlier imports. Fitch expects production to normalise and sales volume to improve as the company regains most of the retail shelf-space it lost last year. However, margins may remain below historical levels over the medium term because the excise duties on a unit of pure alcohol in beer surpassed that of hard liquor after the back-to-back tax increases, which could pressure beer volumes. We do not expect Lion to further increase beer prices as it may impede volume growth. Market Leadership: Lion has a leading market position in the domestic beer industry. Its market share is supported by its entrenched brand and widespread retail coverage, with access to more than 2,250 outlets around Sri Lanka. Lion’s market share is protected to some extent by extensive industry entry barriers stemming from stringent restrictions on advertising and retail licenses. Lion also benefits from ample production capacity, which exceeds 1.5 million hectolitres per annum, and is sufficient to meet demand over the medium term. Volatile Regulatory Framework: Frequent tax hikes and introductions inhibit the industry’s profitability. The government has consistently used excise taxes as a tool to boost revenue to bridge budget deficits; consequently, from October 2015 to November 2016 the industry – especially beer makers – was taxed from multiple fronts through higher excise duties, the introduction of beer-can taxes and reinstatement of VAT, dampening the competitiveness of beer. Fitch does not expect further drastic tax increases that could weaken demand, especially given the sector’s large contribution to government’s tax revenue. DERIVATION SUMMARY Lion’s rating is supported by its leading market position in the domestic beer industry, but counterbalanced by high regulatory risks in the form of frequent tax policy revisions that have caused operating cash flow volatility. Lion’s business risk profile is weaker compared with its closest rating peer, Hemas Holdings PLC (AA-(lka)/Stable). Hemas is a well-diversified conglomerate with exposure to the defensive healthcare and fast-moving consumer goods sectors. Hemas also has a conservative approach to acquisitions and expansions and has lower leverage than Lion, supporting its higher rating. Lion is placed four notches below the Distilleries Company of Sri Lanka PLC (DIST, AAA(lka)/Rating Watch Negative) – the country’s largest spirit manufacturer – reflecting DIST’s stronger market position as well as its stronger margins and lower leverage than Lion. The Rating Watch Negative reflects potentially higher financial risks following a September 2016 group restructure. Sunshine Holdings PLC (A(lka)/Stable) and Richard Pieris & Company PLC (A(lka)/Stable) are rated one notch below Lion, reflecting their significant exposure to the structurally declining agriculture segment and lower EBITDA margins. Sunshine also faces regulatory risks in its pharmaceutical distribution division, which act as a short-term rating constraint. KEY ASSUMPTIONS Fitch’s key assumptions within the rating case for Lion include: – revenue to recover with a 1.5-fold increase over FY18 and FY19 – EBITDAR margins to normalise at 24% over the next two years, but remain lower than historical levels of the high twenties due to heavy taxation on beer inhibiting volume and profitability – excise duty on strong and mild beer to remain unchanged during FY18 and increase by over 5% on average during in FY19 and FY20 – capex at 12% of net revenue in FY18 then remain low at 2.5% on average over FY19 and FY20, as Lion’s production is only likely to ramp-up to FY16 levels of around 96 million litres in FY21 – no dividends during FY18, then reverting to historical levels RATING SENSITIVITIES Developments that May, Individually or Collectively, Lead to Negative Rating Action – If Lion is unable to lower its adjusted net debt/operating EBITDAR to 3.0x by FY19 Developments that May, Individually or Collectively, Lead to Positive Rating Action – We may revise the Outlook to Stable if there is a meaningful improvement in sales volume that leads to adjusted net debt/operating EBITDAR falling below 3.0x on a sustained basis LIQUIDITY Adequate Liquidity: Lion has a comfortable liquidity position, with an unrestricted cash balance of LKR7.6 billion as of FYE17 and unutilised credit lines of LKR5.1 billion to meet LKR4.5 billion of contractual maturities falling due in the next 12 months. Lion’s strong market position in the domestic beer industry and consistent access to bank funding because it is one of Sri Lanka’s largest listed corporates further support liquidity. Of total gross debt of LKR18.9 billion as at end-March 2017, 41% relates to revolving loans – including the overdraft facility- and term loan facilities account for 34%. Lion had LKR3.9 billion of debentures in issue as at FYE17 (21% of total gross debt), with maturities ranging between FY19 and FY20. Debentures with a face value of LKR799.4 million were redeemed during FY17.

Sri Lankan shares hit over 12-wk closing low led by telcos, beverages

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Reuters – Sri Lankan shares fell on Monday to a more than 12-week closing low in thin trade as investors sold telecommunication and beverages stocks and as a right issue mopped up liquidity, but foreign investors were net buyers for a thirteenth straight session.

The Colombo stock index ended 0.43 percent weaker at 6,637.39, its lowest close since May 4. The bourse fell 1.63 percent during the month, but is up 6.57 percent so far this year.

Shares of large cap Ceylon Tobacco Company Plc fell 0.87 percent, while Dialog Axiata Plc lost 2.54 percent and Valibel One Plc ended 4.04 percent weaker.

Turnover stood at 508.2 million rupees ($3.31 million), well below this year’s daily average of around 893 million rupees.

Private lender Sampath Bank Plc announced a rights issuance of one new share for every six existing shares.

“The market dipped a bit on telecoms. The rights issue mopped up the liquidity, but market is looking positive,” said Hussain Ghani, associate director at Asia Securities.

Foreign investors net bought shares worth 121.8 million rupees on Monday, extending the year-to-date net foreign inflow to 25.8 billion rupees.

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