Adaderana Biz English | Sri Lanka Business News

– Entries closing on August 14, tournament on August 18 at Royal Colombo Golf Club- “There has been significant interest expressed by Asian-region junior golfers for this year’s NDB Private Wealth Management Junior Masters Golf Championships. A notable fact is that several players from overseas, as well as 80 Sri Lankans, took part in the 2016 tournament, a major accomplishment for junior golf locally,” said veteran golfer Chandana Weerasinghe, the tournament’s organizer. This increasingly popular event, now in its third consecutive year, is hosted by expert financial planner NDB Wealth. “NDB Wealth looks forward to welcoming large numbers of junior golfers to the NDB PWM Junior Masters Golf Championships 2017, as it did in 2016. We are particularly pleased that they will be empowered with the exciting opportunity of competing against some of the best young talent in Sri Lanka and abroad. I’m sure a thrilling morning of golf awaits them on Friday, August 18, at the historic Royal Colombo Golf Course,” commented Prabodha Samarasekera, CEO of NDB Wealth. Entries are now being accepted for the NDB Private Wealth Management (PWM) Junior Masters Golf Championships 2017. The tournament’s registration desk at the Royal Colombo Golf Course is currently signing up players daily from 7.00 am onward. Entries will be closing on August 14, 2017. Applications can also be facilitated by contacting Shehani Dharmakirti of NDB Wealth on shehani.dharmakirti@ndbinvestors.com or 0714308017. Categories at the NDB PWM Junior Masters Golf Championships 2017 mirror those at the National Junior Golf Rankings, which is an initiative of the Sri Lanka Golf Union in partnership with NDB Wealth. In 2016, the NDB Private Wealth Management (PWM) Junior Masters Golf Championships saw Januka Dilshan winning in the Gold category (aged 15 to 17 years); Taniya Minel in the Silver (aged 12 to 14 years); Yannik Kumara in the Bronze (aged of 10 to 11 years) and Shanal Binushka in the Copper (aged nine years and below).

The Commercial Bank of Ceylon has further broadened its social media presence with attractive new offerings on Viber, the free, cross-platform instant messaging and voice over IP (VoIP) app. The Bank currently maintains the only public Chat Account verified by Viber in the banking sector in Sri Lanka. Bringing spice and humour to frequent users, the Bank has launched a sticker series on Viber, enabling them to send messages with 24 different expressions. Some of these stickers and emoticons use banking associated lingo in funny dispositions and situations, and can be readily inserted into day-to-day conversations between friends and family. The official Viber public chat page of Commercial Bank has reached 100,000 followers within a short time of its launch. Commercial Bank forayed into social media with its official Facebook page in 2016. The Bank said it quickly became one of the most loved and engaged social media pages in the country, becoming famous among regular users for carrying out attractive promotions which give away tickets for a variety of events such as cricket matches, concerts of local and foreign artists and popular films. The Bank’s FB site also publishes relevant and inspirational content and is used as a medium to interact and engage with customers beyond product marketing. The success of the Facebook page prompted the Bank to launch its official Viber Public Chat and Instagram pages, the Bank said. Stickers are an integral part of Viber, especially designed for users to express themselves. The Bank also uses the app to share information about card offers, post TV advertisements, product promotions and seasonal greetings. With approximately 7.5 million registered users in Sri Lanka, Viber has been growing exponentially in the country. The phenomenon of branded stickers was introduced by Viber to enable multiple impressions and virality for the sponsor. Paid sticker packs that are free for users provide a way for businesses to generate revenue while increasing their brands’ exposure. One of the world’s leading messaging apps with more than 800 million registered users, Viber recently announced that Sri Lanka is now one of its top five sticker markets. The app gives people all over the world the ability to connect in the way that works best for them, whether that is through one-on-one messaging or group chats, voice or video calls, or by following brands and celebrities on Public Chats. Viber can be used on iPhone®, iPad®, Apple Watch®, Android™ phones and tablets, Windows Phone 8, Windows 10®, Mac, and Linux devices over data or Wi-Fi connections.

Sampath Bank embarked on the restoration of the Ambagaswewa in Kahatagasdigiliya under its “Wewata Jeewayak” program recently. Several officers of the Govi Samithiya, the Department of Agrarian Development and other government bodies attended the ceremonial inauguration of the project on 20^th July together with officers and customers of Sampath Bank and members of the Kahatagasdigiliya community. The Bank has been rebuilding such dilapidated irrigation tanks in the nation’s dry zones under this initiative. Improving the capacity of these tanks, Sampath Bank seeks to provide farmers in the area with continuous supply of water for their paddy fields, enabling them to cultivate during both the ‘maha’ and ‘yala’ seasons. This would allow them to cultivate inter-crops that would serve as a source of secondary income, thereby uplifting their quality of life. It will also have a significant positive impact on the environment at large, especially on the animals and birds dependent on these tanks. Commenting on this initiative, Mr. Lalith Weragoda, Head of Human Resources, Sampath Bank said “At Sampath Bank, we firmly believe that our farmers are the life blood of the nation and are committed to serving them. We noticed that several farming communities in the country’s dry zones were unable to cultivate all through the year due to the shortage of water for irrigation. Given that they depend largely on local tanks, we launched the Wewata Jeewayak initiative to rebuild these tanks and restore year round water supply to their fields. We look forward to working with the people of Kahatagasdigiliya on rebuilding the Ambagaswewa.” Spread across 28 acres, the Ambagaswewa has a capacity of 90 acres feet and is the primary source of irrigation for about 40 acres of paddy field belonging to the 30 families involved in farming in Kahatagasdigiliya. The tank has become shallow due to the accumulation of sludge resulting from the lack of proper maintenance. Its retention capacity has fallen drastically due to damages in its bund and sluice and spill gates leading to wastage of water. The resulting water scarcity has restricted farmers in the area to cultivating in only one season per year. During the next 06 months, Sampath Bank will work closely with local authorities and members of the Kahatagasdigiliya community to repair the Ambagaswewa’s bund and its sluice and spill gates. They will also be renovating the bathing area used by the villagers. Sampath Bank has scaled up its existing CSR initiatives and launched several new programs as part of its 30^th anniversary celebrations. The Bank will be engaging over 10,000 students sitting for the Grade 5 scholarship exams this year through its renowned “Pahe Shishyathwa” seminar series. Sampath Pasal project is empowering underprivileged schools around the country while the Sampath Green Inventor campaign is nurturing the next generation of green inventors and green entrepreneurs. The Bank is also raising greater awareness about the environment together with SirasaFM through the Parisarayata Vinadiyak initiative.

The beauty and harmony evoked by the name ‘Shangri La’ was much in evidence when Sri Lanka’s leading tyre brand CEAT recently felicitated top dealers at an entertainment-filled weekend gala at the Hambantota resort and spa of the same name. The top 125 dealers, their spouses and children were hosted by CEAT Kelani Holdings at this luxurious property in acknowledgement of their contribution to the CEAT brand’s continuing market leadership in 2016-17 across multiple tyre categories in the domestic market. This was the company’s first dealer awards event at a Sri Lankan venue in four years. The last three such events were held in Rome, Singapore and Malaysia. Speaking at the gala awards ceremony at the vast Shangri La ballroom, CEAT Kelani Managing Director Mr Vijay Gambhire said the company takes great pride in its achievements in the last financial year, especially because it was a period of challenge due to an economic slowdown, natural disasters, escalation of raw material costs and depreciation of the Rupee. Despite these challenges, CEAT Kelani had posted a resilient performance with 6 per cent sales growth and 7 per cent value growth in 2016-17, achieved an overall market share of 46 per cent and maintained its brand equity at the highest in the country in the tyre sector, Mr Gambhire said. In the radial category CEAT now has 39 tyre sizes and a market share of 32 per cent; in the motorcycle category a market share of 22 per cent with 32 sizes and in the Truck and Light Truck category a market share of more than 50 per cent, he disclosed. “All of this is possible because of the hard work, dedication and loyalty of our dealer partners, who are being honoured at this awards night,” Mr Gambhire said. Top dealers received cash awards, trophies and certificates in recognition of their performances in each of the product categories that CEAT manufactures, as well for overall excellence. They also had an opportunity to win gold through raffle draws conducted during the proceedings. Some of CEAT’s top dealers for 2016-17 were Sumidag Tyre Co., Sumith Marketing Co., U&H Wheel Service, Smart Wheels, Paramount Tyre Traders, M. J. R. Peiris & Sons, New Rizna Tyre House, Supiri Tyre Works and Abdeen Tyre Service. CEAT Kelani Holdings supplies nearly half of Sri Lanka’s overall requirement of pneumatic tyres and exports about a third of its production to countries in South Asia, the Middle East, Africa and the Far East. The company’s manufacturing operations encompass the radial, commercial, motorcycle, three-wheeler and agricultural machinery segments. Photo caption: CEAT’s Top 10 dealers with representatives of the management at the company’s 2017 awards at Shangri La, Hambantota.

Chartered Accountant Mr. Lakshman Athukorala was recently appointed to the Independent Audit Advisory Committee of the United Nations Industrial Development Organization (UNIDO), in Vienna, Austria as recommended at the 45^th session of the Industrial Development Board. This is the first time a Sri Lankan has been appointed to the top UN audit committee. Mr. Athukorala is a fellow member of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and, currently serves as an Advisor to CA Sri Lanka. The Independent Audit Advisory Committee is an advisory committee established to advise the Board and the Director General on issues within the Audit Committee’s mandate. Mr. Athukorala will represent the Asia-Pacific group and will serve in this capacity for a period of three years, alongside four other members; Mr. Elmar Vinh-Thomas from South Africa, Mr. Fernando Nikitin from Uruguay, Mr. Nikolay V. Chulkov from Russian Federation and Ms. Yuko Keicho from Japan. An eminent professional with over 40 years of experience, Mr. Athukorala was also the first Sri Lankan Chartered Accountant to be appointed to the international staff of the Asian Development Bank (ADB) in Manila, Philippines. During his 14 year tenure with ADB, he served across various capacities, including that of Senior Financial Specialist and Financial Management Specialist. Mr. Athukorala who works as an independent Management/Financial Consultant, chairs three Audit Committees at Hayleys Group of Companies and is also an independent Director of four companies at the Hayleys Group. With a Master’s in Business Administration (MBA) from the Warwick Business School, University of Warwickshire, UK, Mr. Athukorala fields of expertise covers; Business and Project Administration & Management, Finance & Financial Management, Corporate Structuring and Restructuring, as well as Human Resources and Audit. He is also a fellow member of the Chartered Institute of Management Accountants (CIMA) and a Certified Management Accountant (CMA) of the Institute of Certified Management Accountants, Australia. In the past he has served in various management level capacities, including that of Director – Corporate Structuring at Mercantile Merchant Bank (MMBL) Group – Sri Lanka, Partner at WD & Co (Chartered Accountants) and Director of M & A Consultants in Sri Lanka. He was also the Principal Auditor at the Auditor General’s Office in Papua New Guinea.

As bilateral trade recorded a huge 65 percent surge, the non-EU but central European nation Switzerland has called Sri Lanka to get on board its historic GSP facility and boost Lankan exports to Swiss market further. Meanwhile, UNCTAD says that a vast array of products from Sri Lanka including apparels, can enter the Swiss market at virtually zero tariff using the Swiss GSP stream. “Sri Lankan exporters should strive to exploit this facility” voiced HE Ambassador of Switzerland to Colombo Heinz Walker-Nederkoorn on 31 July. Ambassador Walker-Nederkoorn was meeting Minister of Industry and Commerce Rishad Bathiudeen on 31 July at the Ministry of Industry and Commerce, Colombo 3. “Bilateral trade between Sri Lanka and Switzerland shows a strong short term growth. Still that could be way below real potentials” said HE Ambassador Walker-Nederkoorn and added: “Switzerland is a central European country but is not part of European Union. Still, our own Swiss GSP was implemented in 1971. Sri Lanka is still a beneficiary of a pioneering GSP facility that came in to being at the same time as the EU GSP. Sri Lankan exporters should strive to exploit this facility. Switzerland’s economy has a well-developed service sector such as financial services. Still, Switzerland can take in merchandise products and there is a demand. Exploiting our GSP can help boost your exports and also increase total bilateral trade. Swiss manufacturing industry specializes in high-technology and production.” According to United Nations Conference on Trade and Development (UNCTAD)’s the Division of International Trade in Goods and Services and Commodities, the Swiss GSP facility that began in 1971, allows many Sri Lankan products to be exported totally tariff free to the Swiss market. Among them are Sri Lankan apparels and textiles (except HS 5001-5003, 5101, 5103,5201-5203,5301-5305, & 6310), coconuts and dessicated coconuts, footwear, headgear, electrical machinery, certain fruits tropical fruits and spices, live ornamental fish, certain types of freshwater fish, types of cut flowers and foliages, tomatoes, onions and garlic, cabbages and cauliflower, types of beans, sweet corn, chick peas and kidney beans, ginger, and even mustard and turmeric. Minister Bathiudeen, responding to HE Ambassador Walker-Nederkoorn agreed that present bilateral trade is far below its real potential. “I am given to understand that the Swiss GSP was implemented in 1971 at the same time as EU GSP and Sri Lanka too was a pioneering beneficiary of it. Last year our annual trade increased by a very strong 65%. Therefore this is a good time to look at how Lankan exporters can use the Swiss GSP facility. Though Sri Lanka – Swiss bilateral trade is on a growing trend, there are vast unexplored potentials and the GSP facility can help us to overcome them. According to the Department of Commerce, in 2016 our total exports to Switzerland was US$ 102.23 Mn. Interestingly, electronic machinery and electrical controls have been the main items of Lankan exports to Switzerland last year–around 44 % of our total exports. By using the Swiss GSP, we can expand our export basket with other products including foods, fruits and vegetables as well.” According to the Department of Commerce, overall bilateral trade between Switzerland and Sri Lanka leaped by 65 percent to $ 377 million in 2016 (from 2015’s $ 229 Mn). Sri Lanka’s exports to Switzerland last year was around $ 102 Mn, mostly unchanged from 2015’s $ 101 Mn. 24% of Lankan exports to Switzerland last year was electronic equipment and another 19% was electrical controls. The third leading Lankan export to Switzerland was diamonds-11% of total exports in 2016. Among the well-known Swiss investments in Sri Lanka are Nestle, A Baur & Co, Holcim, and Kuehne & Nagel. Both Minister Bathiudeen and HE Ambassador Walker-Nederkoorn also delved into other aspects of bilateral cooperation during their 31 July meeting in Colombo. Photo – Minister of Industry and Commerce Rishad Bathiudeen (left) and HE Ambassador of Switzerland to Sri Lanka Heinz Walker-Nederkoorn (centre) meet on 31 July at the Ministry of Industry and Commerce, Colombo 3.

CHEC Port City Colombo has signed up with MTI’s idea2fund, thus demonstrating their commitment to Sri Lanka by helping to identify and groom emerging Sri Lankan entrepreneurs.

idea2fund by MTI Corporate Finance is an enabling platform for prospective Sri Lankan entrepreneurs to present their venture ideas, be challenged and receive constructive feedback, get linked with investors / funders and receive start-up consulting advisory from MTI. “In the next 5 to 10 years, Sri Lanka (as it is globally) will witness disruptive business models that will challenge conventional business models. This will eventually lead to a radical change in the way wealth is created, accumulated and invested. Meanwhile, a new breed of entrepreneurs will challenge conventional and established businesses and business models.” said Hilmy Cader, CEO of MTI Consulting

CHEC Port City Colombo, a wholly owned subsidiary of China Harbour Engineering Company, whose parent company is China Communications Construction Company Limited (CCCC) is listed in the Hong Kong Stock Exchange and currently employs over 130,000 employees in 135 countries and regions. CCCC is the world leader in port, road and bridge design and construction, dredging and container crane and heavy machinery manufacturing. It has designed 5 out of the 10 largest container terminals and cross-sea bridges in the world. In addition, CCCC is a major real estate investor and developer with vast experience in real estate construction. CCCC, through its subsidiary companies, has been actively involved in Sri Lanka’s development since 1998. The have executed some of Sri Lanka’s largest construction projects, including the Southern Highway, Outer Circular Highway, Hambantota Port, Mattala International Airport and Colombo South Container Terminal.

MTI Corporate Finance is the corporate finance arm of MTI Consulting, a boutique strategy consultancy that provides a comprehensive range of services, including due diligence, feasibility studies, funding new businesses or capitalization of existing ones – from IPOs to private placement facilitation, M&A facilitation, and advisory on governance, compliances and risk management

From left to right: Ms. Malithi Herath (MTI Project Manager for idea2fund), Hilmy Cader (CEO MTI Consulting), Liang Thow Ming (Chief Sales and Marketing Officer, CHEC Port City Colombo) and Kassapa Senarath (Head of Public Relations, CHEC Port City Colombo)

Reuters – Sri Lankan shares fell for an eighth straight session on Tuesday, posting their lowest close in nearly 3-1/2 months, with blue chips such as John Keells Holdings Plc leading the decline while selling by foreign investors also weighed on the market.

The Colombo stock index fell 0.66 percent, or 43.30 points, to 6,524.13, its lowest close since April 26. It fell 1.5 percent last week in its third straight weekly drop.

“The market continued to come down on blue chips in low turnover,” said Dimantha Mathew, head of research at First Capital Holdings.

“We find it mainly due to the negative sentiment after the earnings with the economic slowdown.”

Foreign investors, who have been net buyers of 26.5 billion rupees of equities so far this year, net sold shares worth 29.1 million rupees (about $189,886) on Tuesday.

Turnover stood at 350.4 million rupees, less than half of this year’s daily average of around 893.3 million rupees.

Shares of conglomerate John Keells dropped 2.8 percent, Nestle Lanka Plc dropped 1.6 percent, Caltex Lubricant Lanka Plc ended 3.6 percent weaker and Dialog Axiata Plc declined 0.9 percent.

Analysts, however, expect equities to gain due to a fall in the yields of government bonds.

Sri Lanka’s central bank held policy rates steady on Thursday, and said tightening measures taken in the past are helping cool inflation and credit growth. Short-term treasury-bond yields fell between 41 basis points (bps) and 55 bps at a weekly auction last week, while the yields on a 59-month bond dropped by 99 bps, while that on a 118-month bond fell by 78 bps.

Sri Lanka’s stock and foreign exchange markets were closed on Monday for a Buddhist religious holiday.

First quarter fiscal 2018 revenue of $227.3 million increased 0.6% sequentially and 10.6% year-over-year.
First quarter fiscal 2018 GAAP diluted EPS was $0.10. Non-GAAP diluted EPS was $0.25, up 39% year-over-year.
Purchased $27.3 million of shares under previously disclosed share buyback program.
Raj Rajgopal appointed President Digital Business Strategy to expand Virtusa’s addressable market in digital.
Samir Dhir appointed President of Virtusa, assumes leadership of BFS and ETS industry groups.

Westborough, MA: Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that accelerates business outcomes for its clients, reported consolidated financial results for the first quarter fiscal 2018, ended June 30, 2017. First Quarter Fiscal 2018 Consolidated Financial Results Revenue for the first quarter of fiscal 2018 was $227.3 million, an increase of 0.6% sequentially and 10.6% year-over-year. On a constant currency basis, (1) first quarter revenue was flat sequentially and increased 12.7% year-over-year. Virtusa reported GAAP income from operations of $6.1 million for the first quarter of fiscal 2018, compared to income from operations of $10.2 million for the fourth quarter of fiscal 2017 and a loss from operations of $1.8 million for the first quarter of fiscal 2017. On a GAAP basis, net income available to common shareholders for the first quarter of fiscal 2018 was $3.0 million, or $0.10 per diluted share, compared to $10.5 million, or $0.34 per diluted share, for the fourth quarter of fiscal 2017, and a net loss of $6.3 million, or $(0.21) per diluted share, for the first quarter of fiscal 2017. Balance Sheet and Cash Flow The Company ended the first quarter of fiscal 2018 with $235.1 million of cash, cash equivalents, and short-term and long-term investments (4). Cash flow from operations was $1.1 million for the first quarter of fiscal 2018. In the first quarter of fiscal 2018, Virtusa repurchased 947,706 shares of its common stock at an average price of $28.80 for a total of $27.3 million. Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We are pleased with our first quarter fiscal 2018 results and the momentum we are building in our business. We are announcing key changes to our organizational model that will help us further position Virtusa for above-industry growth. Raj Rajgopal has been appointed President, Digital Business Strategy, and in his new role will lead our efforts to build our digital business strategy offerings. Samir Dhir has been appointed President of Virtusa, and will assume leadership of our Banking and Financial Services (BFS) and Enterprise Technology & Solutions (ETS) industry groups. I want to congratulate both Samir and Raj on their recent appointments. I firmly believe these organizational changes, combined with the investments we have made to expand our addressable market, position Virtusa well for long-term success.” Ranjan Kalia, Chief Financial Officer, said, “FY 2018 is off to a solid start as we delivered Q1 revenue at the high end of our guidance range and operating margins at the midpoint of our expectations. Non-GAAP EPS came in below the midpoint of guidance primarily due to non-operating income line items. We are pleased to raise the midpoint of our fiscal 2018 revenue guidance, which includes strong sequential growth in the second quarter. Lastly, I look forward to working closely with Raj and Samir in their new roles and intensifying our efforts to realize sustainable cost synergies.” Financial Outlook Virtusa management provided the following current financial guidance:

Second quarter fiscal 2018 revenue is expected to be in the range of $236.5 to $241.5 million. GAAP diluted EPS is expected to be in the range of $0.14 to $0.20. Non-GAAP diluted EPS is expected to be in the range of $0.32 to $0.38.
Fiscal year 2018 revenue is expected to be in the range of $940.0 to $960.0 million. GAAP diluted EPS is expected to be in the range of $0.78 to $0.96. Non-GAAP diluted EPS is expected to be in the range of $1.45 to $1.63.
Virtusa anticipates a total restructuring charge of $1.5 million in the second and third fiscal quarters of 2018 related to resource optimization initiatives. This charge is reflected in the current second quarter and full year GAAP EPS guidance, and not included in Non-GAAP EPS guidance.

In accordance with US GAAP, Virtusa will be applying the if-converted method to its newly issued convertible preferred shares when reporting its fiscal year 2018 results. The if-converted method is used to calculate the share impact of convertible securities. Under this method, only when the convertible securities are considered dilutive are they then included in the computation of weighted average shares outstanding in our reported results and full year guidance.

First quarter GAAP and Non-GAAP EPS were calculated by including the impact of dividends and accretion on the convertible preferred shares in net income available to common stockholders and excluding the impact of the convertible preferred shares from the weighted average shares
GAAP EPS guidance was calculated under the assumption that these convertible securities will not be dilutive until the fiscal fourth quarter 2018. Hence, when calculating EPS, dividends and accretion on the convertible preferred shares have been deducted from net income available to common stockholders and the convertible preferred shares have been excluded from weighted average shares outstanding.
Non-GAAP EPS guidance was calculated by excluding the impact of dividends and accretion on the convertible preferred shares from net income available to common stockholders and including the impact of the convertible preferred shares in the weighted average shares outstanding, as the Company expects these convertible preferred shares to be dilutive on a non-GAAP basis.

The Company’s second quarter and fiscal year 2018 diluted GAAP EPS estimates are based on average share counts of approximately 29.8 million and 30.8 million, respectively, (assuming no further exercises of stock-based awards). The Company’s second quarter and fiscal year 2018 diluted Non-GAAP EPS estimates are based on average share counts of approximately 32.8 million and 32.3 million, respectively, (assuming no further exercises of stock-based awards). GAAP and Non-GAAP average share counts assume a stock price of $33.08, which was derived from the average closing price of the Company’s stock over the five trading days ended on August 4, 2017. Deviations from this stock price may cause actual diluted EPS to vary based on share dilution from Virtusa’s stock-based awards.

Continuing on its journey to better serve a growing base of valued customers, Softlogic Finance PLC’s announced the further expansion of its branch network with the opening of a fully-fledged new branch in Kottawa on 2nd August 2017. Situated at No. 87A, Highlevel Road, Kottawa, the new premises will operate as a full-service branch, offering customers the superior products and service offering that has become synonymous with Softlogic Finance. The branch will offer Business Loans, Group Personal Loans, Leasing and Hire Purchase, Fixed Deposits and Savings. It will be open for business during weekdays from 8.30 a.m. to 5.00 p.m. Many senior officials of Softlogic Finance attended the opening including Deputy Chairman – Harris Premaratne, CEO – Nalin Wijekoon, COO – Indresh Fernando, AGM – Nalaka de Silva in addition to other senior members of the Management team and customers of Softlogic Finance. “With the addition of our latest Kottawa branch, Softlogic Finance is poised to capture a larger, more diverse segment of the local market, and we believe that this will place our Company in an even better position to cultivate improved relationships and enjoy improved growth moving forward. CEO, Nalin Wijekoon said. “While customers from the area would enjoy enhanced and more convenient access to our services, Softlogic Finance too can tap greater into the potential of the region.” Softlogic Finance PLC is part of the Softlogic Group that has interests in Healthcare, Retail, Financial Services, ICT, Leisure, Automobiles and Restaurants. The Company is a Registered Finance Company under Finance Business Act No 42 of 2011, as well as being a Specialized Leasing Company, licensed by the Central Bank of Sri Lanka under the Finance Leasing Act No. 56 of 2000.

~ An amazing collection of Ladies’ Office and Casual wear by local designers Launched amidst celebrities at the Fashion Bug store in Wellawatte Four trendy fashionable collections for ladies were launched by Fashion Bug at their latest outlet in Wellawatte recently. The brands which were showcased were; Nellrose, Aya, Amani and Miss-Me, by talented local designers who are making their mark in the fashion industry. The launch was attended by local celebrities Sachini Ayendra and Shehani Kahandawala, both who have set their own trends in fashion, along with many other celebrities, key Fashion Bug clientele, media and well-wishers. Commenting on the exciting venture, Director of Fashion Bug, Shabier Subian stated, “Fashion Bug has always insisted on uplifting the local fashion industry, and it is this objective that drives us towards such endeavours. We proudly boast of a fine collection of ladies’ office and casual wear for the modern woman who is on the lookout for the latest and unique designs. The new collections that are launched today will cater to the diverse fashion tastes across cultures, which is another important factor for us as a corporate brand.” “Throughout our journey of changing lifestyles, Fashion Bug has worked with many local designers and suppliers, some who have started with us from scratch and grown to become key players in the industry. Today we see the beginning of four more such labels. We are proud of the designs we see as well as grateful to the designers and brands for coming on board with us,” he added further. The Wellawatte branch is Fashion Bug’s newest entrant. Conveniently located in the hub of Colombo 6, the outlet comprises of 4 floors of inspirational fashion for ladies, gents and children, for formal and casual occasions. It is home to all new collections and exclusive designs both local and international. The outlet also hosts a range of fashion accessories including handbags and jewellery to provide a complete outlook to the fashion conscious. It also extends its offering to lifestyle products with home ware; household linen, interior deco and much more. The debut brand Nellrose offers unique designs to fashionable ladies. Inspired by stylish ladies being comfortable and confident in Nellrose clothes, only a limited number of pieces are manufactured from each design because ladies desire to be exceptional. The brand Aya represents the woman by its name itself, and encompasses modern, casual, trendy, hip and work wear. The pieces are cut to perfection and made with the highest quality of fabric to dress women and help them meet their daily needs while expressing themselves through their own fashion statements. Amani is a brand synonymous with Fashion Bug and one of the most valued brands by its customers. The colourful designs are made to suit customer needs taking to account the latest trends and seasonality. The range also caters to the plus size woman, who generally has a limited range to choose from, thus making the customer feel that she has everything she needs in her wardrobe. Miss-Me carries a stunning array of ladies’ jeans, offering style, comfort and a perfect fit. The collection is made of jeans featuring various varieties of washes and shades to match the ever growing demands of women. Aya clothing will be available exclusively at the Wellawatte showroom, while customers can purchase Nellrose designs at the Fashion Bug outlets in Wellawatte, Katubedda, Maharagama and Wattala. Amani and Miss-me are available at all Fashion Bug stores. About Fashion Bug: Fashion Bug was founded in 1994 in Bandarawela with a 7 member team, the first shop being a mere 500 square feet in Bandarawela town. Today it has evolved into a household brand that boasts of 16 outlets island wide. Fashion Bug currently numbers over 1250 Sri Lankans amongst its staff, who hail from diverse backgrounds and ethnicities; hence they constitute a truly Sri Lankan corporate entity. Very high on the Company’s list of priorities is the preservation of racial and ethnic harmony and unity which is evidenced by the fact that all communities and religions work side by side at Fashion Bug’s outlets and factories. All outlets currently stock ladies, gents and children’s clothing, as well as household linen. Both Eastern as well as Western wear is on sale, while a range of designer saris, kurthis and shalwars, together with accessories, handbags, shoes, etc. in a range of designs and colours to suit all tastes are available. In addition to the array of its own brands such as Givo, Amazing Lanka, Hush, Jobbs, Bigg Boss, Amy and Bug Junior, Fashion Bug also features international brands such as Disney, Crocodile, Triumph, Puma and USPA to name a few.

The National Forum for Life Insurance Advisors (NAFLIA) will take place for the 8^th consecutive year with 2017’s theme being, “Towards the Day All Sri Lankans are Insured- “Are we ready?” The forum is anticipated to bring together top-level Life Insurance advisors from across the country and provide them with a platform for knowledge sharing and networking. Subjects such as new developments in the Insurance Industry and technological entities will become hot topics for discussion among other things. “The overall structure of the event this year has been scheduled to include an extremely informative keynote address and the participation of movers and shakers from outside the Insurance Industry in panel discussions will bring in thoughts and views of key personnel who are not from the Insurance industry” explained Mr. Deepthi Lokuarachchi, the President of the IASL. Mr. Lokuarachchi further explained, “The Insurance Association of Sri Lanka (IASL) is a collective body representing all companies both in the Life and General Insurance fields. The IASL has various subcommittees that are tasked with the management of key areas such as, Actuarial, Finance and Technical sectors, which affect the industry. As such, the Marketing and Sales Forum (MSF) is a subcommittee of the IASL represented by key personnel involved in marketing and distribution of each company. Therefore, NAFLIA is the annual coming together of Life Insurance advisors and distribution management, facilitated by the Marketing and Sales Forum under the guidance of the IASL”. “NAFLIA is being organized by a dedicated team of like-minded individuals from the MSF and has been the focal driving force for events pertaining to both the General and Life Insurance sectors of the Sri Lankan Insurance Industry over the years. Their most recent undertaking was the General Insurance Sales Congress (GISCO), which was held for the 2^nd consecutive year with the participation of members from the General Insurance fraternity”, stated the Chairman of the Marketing & Sales Forum, Mr. Hashra Weerawardena as he discussed the role of the MSF. On the primary purpose of NAFLIA, Mr. Lokuarachchi said, “The primary driving force in organizing NAFLIA is to provide a forum for Life Insurance advisors to share experiences and gain knowledge. As such these events have in their agendas, presentations and panel discussions by eminent personalities in the management of Insurance firms, industry experts and top advisors from major industries in the country so that the audience will be able to receive input from a wider spectrum.” “Salesmen who would convince a customer to purchase an intangible product, and a benefit, which may not accrue to him or her during their lifetime, in particular and in the greater part of the world in general, predominantly drive the Sri Lankan Life Insurance Industry. The benefits of this unique product will be enjoyed by their loved ones, which will enable the continuity and prosperity of a family unit in society. Life Insurance will therefore bring in that certainty to the uncertainty that we all live in; the forum for Life Insurance advisors (NAFLIA) provides an opportunity for the Life Insurance advisors to sharpen their skills and share ideas about successes within the fraternity”, added Mr. Weerawardena. “Primarily the pre and post events publicity pertaining to the event and points discussed provide the general public information regarding the importance of Insurance and it also provides a stimulus for advisors to enhance their performance to be able to qualify for a part of this event. Together, these two facts help the industry boost its image both from the point of greater publicity in the media as well as greater activation at ground level,” said the President of the IASL as he described the manner in which events such as NAFLIA improve the position of Life Insurance in Sri Lanka. Mr. Weerawardena contributed by saying, “Until a sudden, unforeseen and unfortunate situation takes place the general population would not think of the significance of having Insurance. This is the real situation even though in today’s nuclear family setup it can be a necessity. Events such as NAFLIA enable the Insurance advisor to be more professional in the pre-sale approach as well as in post sale service that serves to be an integral part of a good life Insurance advisor’s key role in society. These events propel the advisor to be a financial consultant, risk assessor, and more importantly a friend when in need”. “The IASL through the MSF has been able to lobby the government with the help of the Insurance Board of Sri Lanka and have the 1^st of September 2017 declared as National Insurance Day along with the launch of a commemorative stamp that will be unveiled to mark the date. Further, the month of September will be commemorated as ‘Insurance Awareness Month’, where hype will be created in the media as well as on ground level through various activations and promotions”, Mr. Lokuarachchi announced. The Chairman of the MSF further emphasized about Insurance awareness and its penetration within Sri Lanka. Unfortunately, this is still known to be at a low level when compared with some countries in the region. “Our theme this year is very apt in this regard and speaks of our vision for Sri Lanka in the not too distant future when we wait for the day when Sri Lankans will embrace the concept of Insurance. Many events are being planned for the 1st of September and throughout the month of September in order to make the public aware of the need for Insurance and to take the message of Insurance to all corners of Sri Lanka,” he added.

Perceived Economic Opportunity PEO: May, 2017 This brief report of the Perceived Economic Opportunity (PEO) presents the analysis of a random survey carried out using a sample of 400 men and women in May 2017 covering all districts in Sri Lanka on their expectations of economic prospects in the ensuing twelve months. Status Of Job Prospects Or Business Performance Analysis of the perceived economic opportunities in the month of May 2017 indicates that the expectations in terms of job prospects of people or developing the status of their business in the ensuing 12 months has been increased compared to April 2017. The expectations in terms of job prospects of people or developing the status of their business shows a positive trend in the month of February 2017 compared to the month of January 2017. However the same was decreases in the month of March 2017. It is a significant status as the same expectation showed a continuous increase from December 2016 to February 2017. The same expectations were increased to 12 percent in the month of November and stabilized at same in the month of December 2016. Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 8.6 per cent in March 2017 from 8.2 per cent in February 2017, on year-on-year basis. However, it again decreased to 8.4 per cent in the month of April 2017 and 7.1 per cent in the month of May 2017. Meanwhile, exports earning showed a growth in the month of March 2017 compared to the downward trend of the months of January and February 2017. Export earnings were increased by 9.8 per cent in the month of March 2017 compared to the same in March 2016. Although exportearnings increased in April 2017, the higher growth in import expenditure resulted in an expansion of the trade deficit. Despite the increase in tourist earnings in April 2017, the decline in workers’ remittances together with the expanded trade deficit moderated theperformance of the external current account. The expectations in terms of job prospects of people or developing the status of their business in the ensuing 12 months stood at 15 percent in the month of December 2014 and increased to 40 percent in the month of January 2015 soon after the new government assumed office. Refer the graph below;

These reasons are likely to have had an impact on the expectations of job prospects and the business activities of the people in the month of May 2017. Ability To Save According to the analysis in the month of May 2017, expectation among the people to save a little more from their personal earnings in the ensuing 12 months had shown a continuous increase. The reason for the upward trend is most likely the decreasing inflation in Sri Lanka. (Please Refer the Graph 02)

Expectation For Reduction Of Corruption The expectation for reduction of corruption in the country started to fall in March, and the expectation continued to fall even for the third month, in the month of May 2017. The higher expectation for the reduction of corruption in the country that many expected at the time the current government came into office has gradually decreased in past months. But it is significant to note that this perception took a dramatic fall in October 2016 likely due to the much publicized issue of the probe by the Parliamentary Committee on Public Enterprises, or COPE. The same was continued in the month of December 2016, the survey showed. However, the expectation showed an increase in the month of January 2017 likely due to the reason as Sri Lanka appointed a Special Presidential Commission of Inquiry to investigate the controversial Central Bank bond issue and recommend action in the same month. (Please Refer the Graph 03)

PEO; Perceived Economic Opportunity is developed and surveyed by the Foundation for Economic Freedom in Sri Lanka. PepperCube Consultants carry out field research covering the entire country. The Perceived Economic Opportunity was developed and is measured by the Foundation for Economic Freedom in Sri Lanka (FEF) in partnership with Friedrich Naumann Stiftung Fur Die Freiheit.

IFC, a member of the World Bank Group, is partnering with Sri Lanka’s Commercial Bank of Ceylon on a $100 million financing structure to help the bank increase lending for renewable energy and energy efficiency projects in the country. This is IFC’s largest financing for its own-account in the country. This 7-year financing to Commercial Bank will help reduce greenhouse gasses, promote energy efficiency and support the expansion of conventional and non-conventional renewable energy projects. Commercial Bank CEO, Mr. Jegan Durairatnam said, “IFC’s multi-faceted partnership has been instrumental as we develop a green-finance business to make financing more available to our clients that want to mitigate climate-change risks and contribute to a cleaner, more sustainable environment.” IFC has been a long-term advisory and investment partner with Commercial Bank. Earlier this year, the partnership was further extended with an advisory project to help the bank develop its green-finance business. “IFC continues to innovate through our partnership with Commercial Bank by working together on our shared goals of clean, sustainable and inclusive growth,” said Ariane Di Iorio, IFC’s Regional Industry Manager for the Financial Institutions Group in South Asia. “As Sri Lanka’s financial sector comes together to develop a sustainable finance roadmap for the sector, IFC is keen to engage with banks that support businesses that are greener, climate friendly, and socially inclusive.” Sri Lanka is a priority country for IFC. IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.

On the 26^th of July, St Anthony’s Consolidated (PVT) Ltd. launched HOMEMART; A one-stop general hardware supermarket and homewares retailer, hosting the largest selection of the most trusted brands in the nation. This long awaited, first-of-its-kind offering in Sri Lanka; HOMEMART, is brought to you by St Anthony’s Group, one of the nation’s oldest and furthest-reaching hardware traders and manufacturers with over 75years in the industry since being founded by the late Deshamanya A.Y.S Gnanam. In an effort to provide consumers with the greatest selection of the best construction and homewares products, HOMEMART has partnered with some of nation’s Blue-chip houses of brands, the likes of JAT, CIC, Charterhouse, Softlogic, Singer, Tokyo Cement, Rhino Roofing, Anton PVC, Orange, Kevilton, WaterTech, Priyantha Distributors, Phoenix, Mans Lanka, ACL, Multilac, Jinesena, Delmege, Kelani, Harris, Laughs, DIMO, Reckitt Benckiser, 3M, and many more. With dozens of departments, over 70 brands and several thousand unique products either on the shelves or in the pipeline, HOMEMART provides both the contractor and the homemaker with the most varied selection in the local hardware market. HOMEMART’s general hardware consists of everything necessary for construction from the concrete in the foundation to the solar on the roof, from plumbing to paints, from electrical to pest control. Meanwhile, the homewares department consists of everything, including the kitchen sink! From bathroom fittings to common household appliances like blenders, fridges and water purifiers. In an effort to address one of the more common grievances of local retail; the inconvenience of operating hours and accessibility, HOMEMART’s centralized Nawala store will open from 9am-9pm, 7 days a week with parking facilities. In doing this they’re enabling consumers to purchase materials on the way home from work on weekdays, or even shop on Sundays when many outlets are closed. Additionally, the delivery or preorder & pickup is intended to work within consumers’ increasingly busy schedules. Designed to help you find what you need, when you need it. Contrary to the local assumption that superstores are “expensive,” HOMEMART will be offering some of the best value in the market through its rewards programs, facilitated through its close partnerships with its suppliers and targeted promotions for power users. As for contractors and applicators, such as masons, electricians, painters, and plumbers, to list a few; HOMEMART is developing credit facilities, inventory management and logistical support to help small businesses grow and service sites in the most efficient and cost-effective way possible. With labor being as difficult as it is to find right now, HOMEMART also intends to develop a comprehensive applicator and contractor databases, to create a point of contact between the skilled labor force, and the end user. “Like any construction site, HOMEMART is very much a work in progress. We’re nowhere near finished with what we’ve started here. There are far more products we have yet to introduce that aren’t even available in the local market yet. There are entire product categories and comprehensive support service offerings that we will continue to study and phase in, when the time is right, and the facilities are adequate,” stated Praveen Gnanam, Executive Director of St Anthony’s Hardware. “The paint isn’t even dry at this new Nawala location and we’re already planning our rollout for future HOMEMART sites, with an ever-growing portfolio of products and solutions to address the needs of our fast-shifting construction landscape.”

New machines set to become game-changer for label production and tea industry Printcare Plc, the nation’s top packaging exporter and pioneer in Sri Lanka’s tea packaging sector, recognised for its proven ability to redefine conventional printing and packaging capabilities through constant technological evolution, will break new ground again. Investing over Rs. 750 million (US $ 5 mln) in technology hitherto unavailable in this country, Printcare has once again expanded its capabilities to provide their clients with unrivaled functionalities. “We have a history of innovation and a track record of introducing new technologies. These investments follow our rich history of knowing where the curve is going and staying ahead of it,” said Krishna Ravindran, General Manager, Printcare PLC. With only limited technology of this nature in Asia, Printcare’s new Gallus RCS equipment is set to redefine local label printing capabilities enabling maximum flexibility in the selection of printing methods and an exceptionally high level of automation. “In today’s world of intense competition, brand owners crave innovation and will grab it when it becomes available. We have known our customers to be extremely progressive and they are anxious to keep pace with the rest of the world. Our goal is to facilitate this move.” Ravindran noted. He explained how the tea bag industry showcased higher growth in the 1980s after Printcare made superior packaging available to it. Prior to the advent of Printcare there were hardly 10 tea bag machines in the country and they were importing all their material. Today there are well over 500 and Sri Lanka is the largest tea bag producing country in the world. Also, the company’s introduction of high value box making and embellished cartons recently has produced similar results enabling our tea boxes to be showcased with the best overseas. Implicit in Printcare’s ambition is to help develop the label market; to help customers’ present superior and sophisticated product packaging, attractively positioned on supermarket shelves. “The current generation of label presses in Sri Lanka is basic. Our new hybrid machinery, the first of its kind in the country, will have the ability to use multiple printing processes and finishes in one pass exhibiting the differentiation on the shelf our customers seek through a visual advantage” explained Ravindran. Printcare understands that product labels are a key form of marketing for a brand on the store shelf and the vibrancy and detail offered by the new equipment will truly make it (labels) stand out. Printcare’s mission is to help its customers stay ahead in their respective industries, by going above and beyond every step of the way. They remain the leader in printing and packaging by going the extra mile. For over three decades Printcare has been playing a pivotal role in developing Sri Lanka’s pre-packaged tea industry by providing exporters with innovative packaging and is now the leading exporter of high quality value added packaging. Well known for being the global leader in tea bag tags and envelopes, Printcare is now a diversified Group which is also involved in printing and packaging for the apparel, FMCG, and Food and Beverage industries, as well as security printing for the lotteries and telecom industries.

Photo Caption: K.R.Ravindran, Managing Director, Printcare Plc with Ferdinand Ruesch, Senior VP of the Board of Directors and Anchor Investor Heidelberger Druckmaschinen.

Airline offers four additional weekly flights from 29th October 2017

Emirates, the world’s best airline according to TripAdvisor, will increase capacity on its services to Egypt from 29th October 2017, with the launch of four additional scheduled flights every week to Cairo. The four new flights will increase the number of frequencies between the two cities to three each day, and take the total number of weekly Emirates flights serving Cairo to 21. “Emirates is committed to offering customers more flights choices, which will enable them to seamlessly connect to points across the Middle East, Asia, Americas, Africa and Australia including Bahrain, Muscat, Kuala Lumpur, Bangkok, Hong Kong, New York, San Francisco, Cape Town, Entebbe, Melbourne, and Sydney; while experiencing the most comfortable and entertaining experience in the sky,” said Orhan Abbas, Emirates’ Senior Vice President Commercial Operations for Africa. “We will continue to invest in Egypt, empowering the local economy and helping it expand its business and tourism presence.” Similar to the current service between the two cities, the new flights will be operated by a 360-seat Boeing 777-300ER in a three-class configuration featuring 8 private suites, 42 Business Class and 310 Economy Class seats; adding 1,440 seats each way per week on the route as well as 23 tonnes of additional capacity for cargo per flight. The additional Dubai – Cairo flight EK 925 will leave Dubai at 2050hrs and will arrive in Cairo at 2305hrs. The return flight, EK926, will depart Cairo at 0045hrs and arrives in Dubai at 0615hrs. As with all Emirates flights, Customers travelling to and from Cairo can access more than 2500 channels of visual and audio entertainment on the airline’s award winning ice system, featuring the latest movies, music, audio books and games, as well as family friendly products and services for children, including complimentary toys, kids’ meals and movies, priority boarding for families and the use of free strollers at Dubai International Airport. In addition to the on-board comforts and products, customers will experience the world famous hospitality from Emirates’ multinational cabin crew while enjoying regional and international cuisine, as well as complimentary beverages. They will also enjoy extra generous Emirates baggage allowance of up to 30kg in Economy Class, 40 kg in Business Class and 50kg in First Class. The additional services also provide more opportunities for members of Skywards, the award-winning frequent flyer programme of Emirates airline, to earn Skywards Miles on their travel. Emirates started operations to Cairo in April 1986 with three flights a week. Operations have steadily grown with increases in both frequency and capacity between Cairo and Dubai to match customer demand. Today, Emirates operates 17 weekly flights between Cairo and Dubai. Globally, the airline employs more than 2,000 Egyptian nationals in a variety of roles across the Emirates Group, including over 800 cabin crew.

The Sri Lanka – Australia – New Zealand Business Council (SLANZBC) of the Ceylon Chamber of Commerce recently held their 22^nd Annual General Meeting (AGM) at Movenpick Hotel in Colombo, electing Mr. Gerard Victoria – Director/ General Manager of Qantas Airways Ltd as the President of the council. Australia’s High Commissioner to Sri Lanka H.E. Bryce Hutchesson and Honorary Consul of New Zealand in Colombo Mr. Senaka Silva graced the occasion as Chief Guests while Honorary Consul of Sri Lanka in Wellington, New Zealand Mr. Aruna Abeygoonesekara attended as the Guest of Honour. Addressing the gathering, Australia’s High Commissioner to Sri Lanka H.E. Bryce Hutchesson underscored the recent visit of Australia’s Foreign Minister Ms. Julie Bishop, and expressed the importance of her meeting with the Sri Lankan President, Prime Minister and her local counterpart. He also noted that Australian Monash University has partnered with Sri Lankan Ministry of Health to combat dengue fever, in addition to funding a WHO program dealing with the current crisis. “In all these meetings, and her meeting with Opposition Leader Mr. Sampanthan, Minister Bishop stressed the need for Sri Lanka to implement its reconciliation agenda.She noted this would form the bedrock of Sri Lanka’s future wellbeing and prosperity and was in Sri Lanka’s own best interests. And she stressed that Australia would stay a supportive partner.” H.E. Hutchesson said. Australian High Commissioner further elaborated that, in 2016 Australia has made A$440 million in merchandise trade and A$542 in services trade, adding up to a total of A$982 million two way trade. In addition, bilateral trade relations have noticeably grown in the services side, where Australia’s services exports to Sri Lanka has grown 18.6% last year, and Sri Lanka’s services exports to Australia has grown 19.4%. Newly elected President of the SLANZBC Mr. Gerard Victoria in his address thanked the outgoing President Mr. Manjula Lanerolle and his committee for their outstanding service. Expressing his views, he further added, “With the introduction of the Honorary Consul for Sri Lanka in New Zealand and the close network we have with the Sri Lankan Missions in Australia, and with a new Committee, the SLANZBC is looking forward to the cooperation of its membership and hope to further consolidate ties with the High Commission of Australia and New Zealand Consul in Sri Lanka. I strongly believe our close ties will continue to strengthen our journey.” Commenting on the occasion, outgoing President of the council Mr. Manjula Lanerolle from Glolan International noted, “SLANZ Business Council is steadily focusing towards developing a clearer position on trade and investment between Sri Lanka, Australia and New Zealand via relevant stakeholders of the three states. This is especially important at a time when Sri Lanka is aiming to become a regional and global Hub for trade and industry, and is vying to attract big global brands and headquarters of international firms.” Mr. Lanerolle further emphasized that three product categories account for 72% of Sri Lanka’s total exports to Australia, while three product categories account for 83% of Sri Lanka’s total exports to New Zealand. Two product categories account for 65% of Sri Lanka’s total imports from Australia, while a single category in other words dairy account for 93% of Sri Lanka’s total imports from New Zealand. Mr. Manjula Lanerolle of Glolan International will serve as the Immediate Past President of the council. Mr. Ruwan Rajapakse, Ms. Ramya Weerakoon, Mr. Nuwan Wimalana & Mr. Delano Dias were appointed as Vice Presidents. Several companies were elected to serve in the SLANZBC committee for the upcoming year 2017 – 2018 including 99X Technology, Abans (Pvt) Ltd., AGXINTL (Pvt) Ltd., Atlas Axillia Co. (Pvt) Ltd., Dart Global Logistics Ltd., Eduko Lanka (Pvt) Ltd), Fonterra Brands Lanka, Infotechs Ltd., Jiffy Products SL (Pvt) Ltd., John Keells Holdings PLC., Microcells Pvt Ltd, Millers Limited of Cargills Group, Taprobane Seafoods (Pvt.) Ltd., and Westmann Engineering Co. Ltd.

Seated (L to R), Mr Tim Huggins (Deputy High Commissioner for Australia in Sri Lanka), Mr Delano Dias (Vice President – SLANZBC/ Millers Limited), Mr. Ruwan Rajapakse (Vice President – SLANZBC/ Jiffy Products SL Pvt Ltd.), Mrs Ramya Weerakoon (Vice President – SLANZBC/ Infotechs Ltd.), H. E. Bryce Hutchesson (Patron SLANZBC – Australian High Commissioner in Sri Lanka) Mr Gerard Victoria (President – SLANZBC/ Qantas Airways Ltd.) Ms. Cherryl Rodrigo (Secretary – SLANZBC/ The Ceylon Chamber of Commerce), Mr Aruna Abeygoonesekera (Honorary Consul for Sri Lanka in New Zealand), Mrs Dhara Wijeyatilake (Patron SLANZBC – The Ceylon Chamber of Commerce), Mr. Manjula Lanerolle (Immediate Past President – SLANZBC/ Glolan International (Pvt) Ltd.) & Mr. Nuwan Wimalana (Vice President – SLANZBC / Atlas Axillia Co. (Pvt) Ltd. Standing (L to R) Mr Shameel Javahd (By invitation – SLANZBC / AusTrade), Ms Satheeka Kavisekera ( Committee member – AXINTL (Pvt) Ltd.), Dr. Dhananjaya Kulkarni (Committee Member – SLANZBC/ Eduko Lanka (Pvt) Ltd), Mr Sumith Law (Committee Member – SLANZBC / International Distilleries Limited), Dr. Saroshi Dubash (Committee Member – SLANZBC/ Abans (Pvt)Ltd.), Mr. S. Mohandas (Committee member- SLANZBC / Dart Global Logistics (Pvt) Ltd.), Mr. Fazi Moojood (Alternate – SLANZBC / Westmann Engineering Co.), Ms Dulani Guruge (Committee member- SLANZBC / Guruge Gems), Not in the picture : Mr. Senaka Silva, (By invitation – SLANZBC/ Honorary Consul for New Zealand), Mr Mano Sekeram (Committee Member – SLANZBC / 99X Technology), Mr Janaka Gallage (Committee Member – SLANZBC / Fonterra Brands Lanka), Mr Jit Gunaratne (Committee Member – SLANZBC / John Keells Holdings PLC), Mr Nazvi Hassan (Committee Member – SLANZBC / Microcells Pvt Ltd), and Mr Timothy O’ Reilly ( Committee member – SLANZBC / Tapbrobane Seafoods (Pvt) Ltd).

The cabinet has approved the appointment of Mano Tittawella as Senior Adviser to the Minister of Finance and Media.

He is expected to assist the minister in realizing the government’s economic and development agenda and drive its reform agenda. He will continue to serve as the Secretary General of the Secretariat for Coordinating Reconciliation Mechanisms (SCRM), which is entrusted with coordinating transitional justice mechanisms and national reconciliation in Sri Lanka.

President Maithripala Sirisena says the policy of the present government is to bring foreign investment in a way which will not harm the country’s sovereignty.

The President further said that when entering into agreements with a foreign country or a company regarding investments, a special clause will be included stating that in any way land ownership is not assigned to anyone and only the necessities of a particular investment will be fulfilled. He made these remarks addressing an intellectual dialogue held at the BMICH, yesterday (9th Aug.) to mark the 60th anniversary of the establishment of diplomatic relations between China and Sri Lanka. President Sirisena further said that when developing as a country, the assistance of the economically powerful nations in the world is needed and the present government has been able to get the assistance of all these countries through a friendly and cordial foreign policy. The present government was able to reduce many negative impacts on Sri Lanka internationally during the past two and a half years; the President said that presently we can see fruitful consequences of the steps taken by the government to increase foreign exchange reserves and to reduce the foreign debt burden. He also said that today we can celebrate the 60th anniversary of the establishment of the diplomatic relations between China and Sri Lanka in a happy status as a result of laying a solid foundation for the relations between the two countries during the past two and a half years and further said that the present government is committed to further strengthen those relations. During this event, the President presented awards for the winners of the competitions held to mark the 60th anniversary of the diplomatic relations between China and Sri Lanka. The President of Sri Lanka-China Friendship Association Amaradasa Gunawardena presented the commemorative book issued to mark the 60th anniversary of the diplomatic relations between China and Sri Lanka, to the President. Chinese Ambassador to Sri Lanka Yi Xianliang and many others participated on this occasion.

‘Significant interest’ for NDB Private Wealth Junior Masters Golf Championships 2017

Combank expands its social media offerings with attractive new features on Viber

Sampath Bank Commences Restoration of Ambagaswewa in Kahatagasdigiliya

CEAT honours top dealers in style at Shangri La weekend

Chartered Accountant Lakshman Athukorala appointed to top UN Audit Committee

Switzerland calls Sri Lanka to leverage historic Swiss GSP facility

Port City and MTI collaborate to develop Sri Lankan Entrepreneurship

Sri Lankan shares fall to 3-1/2-month closing low, blue chips drag

Virtusa announces First Quarter 2018 Consolidated Financial Results

Softlogic Finance opens new Kottawa branch to cater to growing demand in the region

New design ensemble launched at Fashion Bug Wellawatte

NAFLIA to enhance public awareness on insurance

Rise Of Job Expectation And Ability To Save Despite The Decrease Of Expectation Of Reduction Of Corruption

IFC Invests $100 million in Commercial Bank to Boost Green Financing in Sri Lanka

Homemart, Sri Lanka’s First One-Stop Hardware And Homewares Retailer Launches

Printcare breaks new ground with Rs 750 mln investment in revolutionary printing technology

Emirates ramps up services to Cairo

Airline offers four additional weekly flights from 29th October 2017

Ceylon Chamber holds 22nd AGM of SLANZ Business Council

Mano Tittawella Senior Adviser to Ministry of Finance and Media

Govt.’s policy to bring investments without harming country’s interests– President