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Sri Lankan shares fall to 3-1/2-month closing low; banks drag

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Reuters – Sri Lankan shares fell for the ninth straight session on Wednesday, posting their lowest close in three-and-a-half months, with banks such as Hatton National Bank leading the fall.

The Colombo stock index fell 0.28 percent, or 18.10 points, to 6,506.03, its lowest close since April 25. It fell 1.5 percent last week in its third straight weekly drop.

“Turnover levels improved with the increased foreign participation, but the market came down with the continued selling pressure on selected counters,” said Dimantha Mathew, head of research at First Capital Holdings.

“But the good thing is that foreigners are returning to the market.”

Analysts said the market is coming down due to the negative sentiment after the earnings with the economic slowdown.

Foreign investors net bought shares worth 124.3 million rupees (about $811,358) on Wednesday, extending their year-to-date net inflow to 26.6 billion rupees.

Turnover stood at 747.5 million rupees, less than this year’s daily average of around 884.6 million rupees.

Shares of Hatton National Bank fell 1.3 percent, Chevron Lubricant Lanka Plc ended 5 percent weaker and Ceylon Cold Stores Plc dropped 1.2 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 10 basis points (bps) and 16 bps at a weekly auction on Wednesday, while the yields on a 59-month bond dropped by 99 bps and that on a 118-month bond fell by 78 bps at the last week auction.

Ceylon Tobacco Company Recognized as the Second Most Efficient Factory in BAT

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Ceylon Tobacco Company PLC (CTC), a member of the British American Tobacco (BAT) was recently recognized as the second most efficient factory among BAT’s subsidiaries across the globe. Speaking on this achievement, the company’s Chief Executive Officer, Michael Koest noted: “CTC takes great pride in this recognition. This achievement is a testament to the manufacturing team’s relentless efforts to continuously raise the bar on its operations.” CTC has long since established itself as a benchmark for corporate excellence in Sri Lanka. During its over 100 years of operations in Sri Lanka, CTC has achieved many local, regional and global accolades for their commitment to continuous improvement and innovation. CTC achieved its groundbreaking results in efficiency improvement following the launch of its distinctive management system, the Integrated Work System (IWS), which was adopted in 2015. Following the implementation of IWS, in 2016, the company became a front-runner in manufacturing efficiencies among companies in BAT’s Asia Pacific region before rising to the second spot globally in 2016. Sajeewa Rajapaksha, CTC’s Manufacturing Manager said: “IWS aims to deliver ‘zero losses’ along the process by ensuring 100% ownership of people. In this journey the ‘zero loss’ mind-set is key. We continuously worked together with our manufacturing team to ensure they are always motivated to strive for “zero losses”. We inculcated employee ownership by showcasing critical behaviors necessary from individuals, recognizing effortsand rewarding individual, team and cross functional contributions.” As a result, in the span of 6 months, the company broke 10 average modular output records, which is a testament to the commitment of the team. Furthermore, the company’s safety and quality parameters also improved significantly during this period. The landmark results achieved are a tribute to CTC’s consistent drive towards executing innovative and globally acclaimed industrial practices, and the company will continue to be at the forefront of manufacturing with its unceasing determination to achieve maximum efficiencies in its production processes.

Annual License Fee and Excise duty non potable spirit

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The Government has imposed an Annual License Fee of Rs 50,000 for import of non potable spirit and therefore the Treasury has imposed an Excise Duty of Rs 25 for one liter of Methanol Spirit with affect from 1st August. Under the new regulations no person can import, export, manufacture, keep in possession, store, sell, transport, produce for sale, or display without a permit from the Commissioner General of Excise. Upto now Methanol spirit was not taxed.

Singer Group Revenue crosses Rs. 25 Billion at half year

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Singer (Sri Lanka) PLC announced today its results for the first half of 2017. Despite tough business conditions, the results for the six months ending 30th June 2017, showed a good Revenue growth of 13.6% to Rs. 25.1 billion compared to the same period in the previous year. There was a strong growth in several product categories such as smart phones that grew by 46%, bottle coolers & deep freezers by 32%, televisions by 22% and furniture by 14%. This is a commendable growth in view of increased Value Added Tax (VAT), higher interest rates and currency devaluation affecting customer purchasing power. The continuous drought in the dry zone and floods in the wet zone hugely affected households in Sri Lanka, 30% of which are dependent on agriculture. It should be noted that the Consumer Durables industry, where Singer is present is more susceptible to market conditions than other industries. When customer income increases, the demand for consumer durables is above that of the general market demand and when customer income decreases the demand for consumer durables is below that of general market demand. Due to slack market conditions, Singer’s gross margins were reduced to 29% compared to 31% in the previous year. Increased mix of smart phone sales with lower margins also impacted the overall group gross margin. The group was successful in lowering selling and administration expenses from 22.3% last year to 21.3% in the current year. As a result, operating profit had a marginal increase. Net Finance Cost for the half year increased by 45% to Rs. 956 million largely due to increase in interest rates. As a result, Group Net Profit was Rs. 666.5 million, a reduction of 27% compared to the previous year. In the case of the Company, Net Profit was Rs. 525.5 million, a decrease of 26%. The company highlighted its key business initiatives for the year are: • To accelerate the renovation and expansion of existing shops to increase the retail space to cater for additional products and brands (in particular, furniture.) • The company launched its 4K Ultra HD Television series and plan to launch new series of refrigerators. • To strengthen and enlarge manufacturing operations with new factories, additional machinery and more advanced technology. • To expand the Singer credit card that was launched in 2016. Company Comment Commenting on the Half Year results of 2017, Asoka Pieris, Group CEO stated, “We are anticipating gradual improvements in the business conditions during the remainder of 2017 and are pursuing strategies to improve margins and lower the costs.” He also said “I take this opportunity to appreciate the enormous services and guidance given by Late Dr. Saman Kelegama in helping the company to identify trends and evolve strategies based on those trends.” Dr. Saman Kelegama passed away in June.

Citrus Leisure offers fun in the sun for the whole family

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For those planning their August holidays, there is no need to look further than Citrus Leisure, which has a host of fun activities arranged with the entire family in mind, starting August 1st 2017. Citrus Waskaduwa, located 38 km away from the busy city of Colombo, offers the perfect destination for a delightful family vacation. It’s an all-inclusive venue that offers breathtaking locations and a high level of service, ensuring that the entire family can be pampered and enjoy a relaxing holiday. Kids can indulge in activities such as kids’ movies, games -badminton, cricket, beach rugby, beach volleyball, beach football & pool activities, while parents lounge on the beach or take a stroll through our impressive garden lawns. Located in the heart of Hikkaduwa – one of the most sought after beach destinations in the country, Citrus Hikkaduwa is a splendid location for a family vacation. While enjoying the sunshine kids can take part in pool activities, watch a movie or even learn how to prepare simple food items with our chefs, allowing mummy and daddy to also have a well deserved holiday away from the bustle of work. Citrus Leisure is all set to take the stress off your plate this holiday season, and welcomes you to relax and enjoy a refreshing August vacation. For more information and for bookings, please contact the Citrus Holiday Hotline on 0115755055

CDS relocates operations to Rajagiriya to support expansion

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In a move aimed at supporting the expansion planned for the organization going forward, Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), relocated its operations to a larger premises located at the Ground Floor of the M & M Centre, No.341/5, Kotte Road, Rajagiriya today. While the new address will be used for correspondence, all other details including the Company’s website (www.cds.lk), telephone number (+94 11 2356456) and fax number (+94 11 2440396) remain unchanged. The change of address will not have an impact on any policies or procedures presently maintained by the CDS. The expansion drive is focused on pursuing a new phase of innovation by the CDS and aims to surpass the initial objectives of streamlining the clearing and settlement of transactions taking place on the CSE and safekeeping of securities on behalf of domestic and international investors. Through the expansion, the CDS intends to enhance the services offered to all stakeholders and to encourage investors to take an active role in the management of their investment portfolios. The relocation is set to support the CDS to further strengthen its depository infrastructure and to diversify operations into selective value-added business ventures. A number of technology driven value added services including a range of online services for CDS account holders through the CDS e-connect portal, SMS alerts and eStatements have already been introduced. Photograph (L-R) CSE CEO Mr. Rajeeva Bandaranaike, CSE COO Mr. Renuke Wijayawardhane and Head of CDS Mr. Nalin Fonseka at the opening of the new office

Sri Lankan shares recover from over 3-mth low on bargain hunting

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Reuters – Sri Lankan shares recovered from a three-and-a-half month low on Thursday, snapping a nine-session losing streak, as investors bought battered shares.

The Colombo stock index rose 0.16 percent, or 10.29 points, to 6,516.32, edging up from its lowest close since April 25 hit on Wednesday. It fell 1.5 percent last week in its third straight weekly drop.

“Market moved up on bargain hunting and (there was) less selling pressure. We have seen the bottom for the moment and we have to see whether it will sustain,” said Dimantha Mathew, head of research at First Capital Holdings.

Mathew said the resignation of Sri Lanka’s foreign minister Ravi Karunanayake, a former finance minister, also helped boost the market.

Sri Lanka’s foreign minister resigned on Thursday over corruption charges in an investigation of alleged irregularities in government bond sales, maintaining that he was not guilty of wrongdoing.

“The resignation reduces risk of a splintering in the governing coalition,” said Hasnain Malik, Global Head of Equities Research at London-based frontier markets investment bank Exotix Capital, active in South Asia.

The coalition government between President Maithripala Sirisena’s centre-left party and Prime Minister Ranil Wickremesinghe’s centre-right party had differences over the alleged corruption deal, risking the stability of the government.

“We regard Sri Lanka equities as cheap versus history and the exchange rate as lower risk than before, now it is under the IMF umbrella, but we still see a struggle for sustainable growth,” Malik said in an emailed comment.

Foreign investors net bought shares worth 98.5 million Sri Lankan rupees ($642,740.62) on Thursday, extending their year-to-date net inflow to 26.7 billion rupees.

Turnover stood at 306.6 million rupees, less than half of this year’s daily average of around 880.6 million rupees.

Shares of Dialog Axiata Plc rose 0.9 percent while, Ceylon Tobacco Company Plc gained 1.1 percent and Sampath bank Plc ended 2.9 percent higher.

Analysts, however, expect equities to gain due to a fall in government bond yields.

Short-term treasury-bond yields fell between 10 basis points (bps) and 16 bps at a weekly auction on Wednesday, while the yields on a 59-month bond dropped by 99 bps and that on a 118-month bond fell by 78 bps at the last week auction.

Dialog Posts Strong Q2 Amidst External Challenges, Tax Remittances up 13%

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Dialog Axiata PLC announced its consolidated financial results for the six months ended 30th June 2017. Financial results included those of Dialog Axiata PLC (the ‘Company’) and of the Dialog Axiata Group (the ‘Group’) post-consolidation with subsidiaries Dialog Broadband Networks (Pvt) Ltd (‘DBN’), Dialog Television (Pvt) Ltd (‘DTV’) and Digital Holdings Lanka (Pvt) Ltd (‘DHL’). The Group concluded the 1st Half of 2017 on a strong note, continuing its growth momentum across Mobile, Fixed Line and Tele-infrastructure businesses to record a consolidated Revenue of Rs23.0Bn for Q2 2017 and Rs45.2Bn for 1H 2017, demonstrating a growth of 4% Quarter on Quarter (‘QoQ’) and 7% Year to Date (‘YTD’). Downstream of Revenue, Group EBITDA (‘Earnings Before Interest, Tax, Depreciation and Amortisation’) recorded a growth of 13% QoQ and 9% YTD to reach Rs8.1Bn for Q2 2017 and Rs15.4Bn for 1H 2017 respectively. The growth was achieved on the back of concerted efforts to drive revenue growth and aggressive cost rescaling initiatives. The Group EBITDA margin accordingly improved to 34% in 1H 2017. The 2nd Quarter Performance was impacted by externalities including the inclement weather and severe flood conditions during the month of May that dealt a significant impact on livelihood and commerce. Similar to the relief efforts made during the flood situation in 2016, the Dialog Group promptly came to the fore to assist the general public as well as employees affected by landslides and floods. Dialog’s intervention encompassed flood relief donations, the provision of consumption credits and extension of free of cost services which amounted to Rs80Mn. Further the consumer spending continued to be impacted by increased consumption taxes on communication services which moderated revenue growth across Mobile, Fixed, Broadband and Pay Television Businesses. The Group NPAT (‘Net Profit After Tax’) declined 21% YTD to be recorded at Rs3.9Bn for 1H 2017, impacted by increase in depreciation, net finance cost and non-cash translational forex losses. However, NPAT demonstrated a growth of 52% QoQ to record at Rs2.3Bn for Q2 2017 driven by higher EBITDA and lower non-cash translational forex losses. The Sri Lankan Rupee depreciated against the United States Dollar by a 0.9% in Q2 2017 compared to 1.5% during Q1 of 2017. Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs19.1Bn to the Government of Sri Lanka (GoSL) during 1H 2017 representing an increase of 13% YTD. Total remittances included direct taxes and levies (Rs5.7Bn) as well as consumption taxes collected on behalf of the GoSL (Rs13.4Bn). Sri Lanka achieved yet another milestone on the region’s broadband technology landscape during the quarter, as Dialog Broadband announced the launch of its commercial 4.5G TDD LTE network. The roll-out of South Asia’s first commercial 4.5G TDD LTE network with Dialog’s Home Broadband services will serve as a springboard for the rapid accession towards 5G services, and demonstrates Dialog’s readiness to deliver the most advanced suite of connectivity services to consumers. Dialog, also announced the first successful trial of next-generation, Massive MIMO (Multiple-Input Multiple-Output) Technology. In the race to 5G with unprecedented improvements in network throughput and capacity, MIMO is considered the most compelling technology with superior energy and spectral efficiency. Group capital expenditure for 1H 2017 was recorded at Rs9.5Bn representing a capex to revenue ratio of 21%. Capital expenditure was directed in the main towards investments in High-Speed Broadband infrastructure to further strengthen the Group’s position in Sri Lanka’s Broadband sector. Group Operating Free Cash Flow (OFCF) was recorded at Rs1.7Bn for 1H 2017. The Group continued to exhibit a structurally strong balance sheet with the Net Debt to EBITDA ratio being maintained below 1.0x as at end of June 2017. At an entity level, Dialog Axiata PLC (the ‘Company’) continued to contribute a major share of Group Revenue (83%) and Group EBITDA (79%). On the back of its Mobile customer base of over 12.4Mn subscribers, Company Revenue grew by 4% QoQ to reach Rs19.0Bn for Q2 2017 with Revenue for 1H 2017 being reordered at Rs37.4Bn, up 5% YTD. Company EBITDA grew 13% QoQ to reach Rs6.5Bn for Q2 2017 on the back of Revenue growth combined with cost improvements as alluded to earlier. The Company NPAT declined 24% YTD to be recorded at Rs4.1Bn for 1H 2017, impacted by increase in depreciation while NPAT demonstrated a strong growth of 35% QoQ to record at Rs2.3Bn for Q2 2017 driven by higher EBITDA and lower non-cash translational forex losses. Dialog Television (DTV) continued to consolidate its leadership position in the Digital Pay Television space with the subscriber base surpassing 910,000 as at end June 2017. DTV revenue grew 1% QoQ to reach Rs1.5Bn for Q2 2017 while declining 4% YTD to record at Rs3.0Bn for 1H 2017. Subscription revenue grew by 4% and 3% on a QoQ and YTD basis respectively. Driven by Revenue performance and aggressive cost rescaling initiatives, DTV EBITDA grew by 70% QoQ to reach Rs110Mn for Q2 2017 while EBITDA declined by 18% YTD to be recorded at Rs174Mn for 1H 2017 impacted by expansion in foreign currency denominated input costs. DTV Net Loss decreased 30% QoQ while the Net Loss for 1H 2017 increased to Rs528Mn relative to a Net Loss of Rs228Mn recorded in the corresponding period of 2016. Dialog Broadband Networks (DBN) recorded Revenue of Rs3.0Bn for Q2 2017 and Rs5.9Bn for 1H 2017, representing an increase of 4% QoQ and 36% YTD. Downstream of strong Revenue performance, DBN EBITDA grew 10% QoQ and 77% YTD to be recorded at Rs1.7Bn for Q2 2017 and Rs3.2Bn for 1H 2017 respectively. On the back of healthy EBITDA performance, DBN recorded its second consecutive quarter of Net Profit of Rs331Mn for Q2 2017 up 40% QoQ and Rs568Mn for 1H 2017 relative to a Net Loss of Rs40Mn in the corresponding period of 2016.

7 things to consider in buying a new smartphone in 2017

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Smartphones these days have become an integral part of everyday life and are used not for just communication but for taking pictures, saving documents on cloud, internet browsing and even as a power bank to charge other smartphones. But then, with so many smartphones on the market today, it can be kind of challenging to figure out as to what to buy. It is always tough deciding the one that may suit the needs best which makes choosing a phone pretty confusing.   Here’s a list of things to be considered which would help to decide to buy the next smartphone. By the end, hopefully a clearer view about WHAT phone to buy and WHY will be transpired.

1.    Build quality & Design

Build is all about durability of a smartphone. The entire handset market is largely divided in two types of builds – metal and plastic. Though the definition of a good or bad smartphone design is highly subjective, but if you care about build quality and aesthetics, look for a metal or glass design, or a phone that offers both or having glass-coated panels, though they are very limited. There are some cheap handsets that have plastic bodies, but in general, should be avoided unless the top consideration is to save money.   A handful of phones, go the extra mile by featuring a shatterproof glass display. But at the very least, one should shop for a phone that has a Gorilla Glass display, which should protect the device from short drops (though a protective case will help with that, too). If the user is one of those prone to dropping the smartphone, it’s advisable to go for a metal or a plastic built handset. These can sustain drops from 2-3 feet, while glass-based handset are sure to shatter.   Also there comes the element of gender. Females, might want to think about the size, does it fit nicely in to a handbag or not. For the males, does it fit nicely in one’s pocket without bulging out. OPPO F3 – 5.5-inch 1080p IPS LCD, Protected by Gorilla Glass 5 Huawei P10 – Gorilla Glass 5 Samsung – Corning Gorilla Glass 5    

2.    Price & What’s most important to you?

Price has to be affordable. One has to ask oneself what he or she will be ‘actually’ doing with the phone, as most modern flagships are built with ‘unnecessary’ list of specs that most people seldom take advantage of.   One can save thousands of Sri Lankan Rupees just by opting for a cheaper model, or an older model, for instance, and still get everything done that one needs to. If someone literally just using it for calls, texts, email and some web browsing, getting an older model is not a bad idea. Most will never notice the difference.   Battery? The camera? Overall cost? You need to decide what you want from a phone and have clear objectives and ideas about how you’re going to be using it. Think about what you use most in your every day-to-day life already. Huawei Price range – LKR: 8,000.00-100,000.00 Samsung Price range – LKR: 3,000.00 – 120,000.00 OPPO Price range – LKR: 22,000.00-70,000.00

3.    Operating System: Android, iOS or Other?

User interface and the OS version too are key factors to consider while choosing a smartphone. These are the interfaces that one would have to interact with each time to access anything, so it should be easy and simple. One need to consider what operating system suitable for his or her needs. Some applications might not be available on some operating systems. So, trying the handset before actually picking one is highly recommended.

Android

Android dominates worldwide smartphone sales, and for good reason. You’ll find many more choices than iOS when it comes to design, display size, specs, capabilities and price tag. Additionally, Android is an open OS, which means it’s easier to customize with awesome launchers and widgets. Huawei P10 – Android 7.0 (Nougat) OPPO F3 – Android 6.0 (Marshmallow) Nokia 6 – Android 7.1.1 (Nougat) Samsung S8 – Android 7.0 (Nougat)    

iOS 10

All of the latest iPhones — including the iPhone 7, iPhone 7 Plus and iPhone SE run the latest version of Apple’s operating system. iOS 10 offers several enhancements, including a more interactive and expressive Messages app, an improved Siri that plugs into more apps and a Home app that helps you control smart home gadgets.   iPhone 7 – iOS 10.0.1, upgradable to iOS 10.3.3

4.    Old Hardware, Doesn’t Mean Obsolete Hardware

Why? Simple, really: these modern things we call smartphones are exceptional pieces of technology. One does not need to buy a brand new phone to get decent performance.   Some phones will still feel like a new phone even if it isn’t the latest model. Phones get worn down by usage; buy an older model new and one will not experience this – these phones are future-proofed to the hilt!  

5.    Camera

Smartphone cameras are becoming even much better than there were ever before and we have arrived at a point in smartphone evolution where the camera matters more than the processor, especially considering most people use their phones as their primary capture moments. More and more smartphones boast cameras with at least 12 megapixels, but it is better not only to focus on that statistics as image quality, ISO levels, camera aperture, speed and the low-light performance are essential as well.   More number of pixels mean more the size of the image, which becomes sharper when seen on a small screen. A photographer enthusiasts might want a camera with 12 or 16MP sensor under f/2.0 or lower aperture for speedy shots even in low lights. A casual capture can go by even with an 8MP 0r 12MP camera with f/2.0-f/2.2 aperture.   Dual front cameras   VIVO V5 PLUS: Not available in Sri Lanka The V5 Plus has 20 MP primary plus 8 MP secondary sensor with f2.0 aperture and a selfie flash. There is a dedicated mode for taking selfies with background blur on the phone. It has a 5.5-inch full HD display and a 16MP rear camera with f2.0 aperture. Inside is a Snapdragon 625 processor, 4GB RAM, 64GB storage and a 3,160mAh battery. OPPO F3 PLUS: LKR 43,990.00 OPPO’S smartphone with dual front cameras is aimed at selfie enthusiasts who want to take wide-angle selfies. The OPPO F3 Plus has 16MP + 8MP front camera setup with f2.0 aperture and a wide-angle mode in the camera interface. The phone has a 6-inch full HD display and a 16 MP rear camera with f1.7 aperture. Hardware specifications include Snapdragon 653 processor, 4 GB RAM, 64 GB storage and a 4,000mAh battery.

6.    Internal Storage

A large part of the smartphone’s storage is taken away from the OS and the apps the device comes pre-installed with. It is better to opt for as much internal storage as possible given that some games can easily take up more than 1GB of storage — not to mention how many high-res photos and videos smartphone owners are capturing —The minimum on most premium handsets these days is 32 GB. 64 GB is recommended when there will be significant shooting of photos and video. On can also buy a 16 GB model that supports microSD card as well. A microSD card can help expand the storage. It’s available on many Android phones.

7.    Battery Life

This is very crucial and also very important. The battery usage differs from user to user depending on the way he/she uses the smartphone. Many factors — including the screen size, processor and operating system — determine how long a smartphone can lasts long on a single charge. Generally, we consider any phone that lasts longer than 9 hours of straight 4G LTE surfing to be very good & beneficial. Battery capacity is a specifications that can help determine a phone’s potential staying in power, but it’s not as reliable as test results. Nevertheless, look for a phone battery with at least 3,000 mAh if best chance at long battery life to be achieved. Some smartphones now have extra features that allows to actually put it in a mode where it can last longer. OPPO VOCC Charger – A thirty-minute charge will get the mobile phone to 75% of battery. With 4x faster charging speed than conventional chargers, the VOOC flash charging system will have your phone ready to go when you are on your way out the door. A thirty-minute charge will get the mobile phone to 75% of battery. With 4x faster charging speed than conventional chargers, the VOOC flash charging system will have the phone ready to go within in 30 mins.    

LSEG Sri Lanka wins two prestigious CEO Awards

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The London Stock Exchange Group – Sri Lanka (LSEG SL) was feted with two prestigious awards at the recently concluded Annual LSEG CEO Awards, taking top honours in the categories for Responsible Business, and Excellence.   A cross functional team from LSEG Sri Lanka won the CEO Award for ‘Excellence’ for their exceptional contribution to generate high volume, speed, and quality to support the opening of LSEG’s new technology facility in Sri Lanka.   LSEG opened its new state-of-the-art technology facility in December 2016. Headquartered at Trace Expert City in Colombo, the new technology hub was opened by the Prime Minister of Sri Lanka, Hon. Ranil Wickremesinghe and LSEG Chairman, Donald Brydon. Through this new facility, LSEG will directly employ 400 personnel in high-technology jobs, with an additional 1200 employed indirectly to provide technical support services for the Group’s global network.   Winning the CEO Award for ‘Commitment to Responsible Business’ was MillenniumIT’s team Mahoga for their launch of Mahoga: the Corporate Social Responsibility (CSR) platform. The project was recognised for its potential to be a major force in driving charitable involvement and fundraising, embodying the Group’s corporate responsibility objectives.   Mahoga is a web platform designed to match a social investor with a beneficiary that is in need of resources and support. With a reputation for powering over 40 stock exchanges and trading venues across the world, the team took up the challenge to create a platform that could match donors with beneficiaries to achieve a long-term, sustainable impact. Through Mahoga, the LSEG SL CSR team intends to bridge the existing gaps in the corporate responsibility domain and facilitate the allocation of resources in the best way possible to drive transformative CSR projects.   This year, over 150 nominations were accepted across seven categories. They were then reviewed by a cross-business, cross-regional judging panel chaired by the Group heads of Human Resources and Communications. Judges were then selected from across LSEG’s Leadership Team to ensure representation across businesses and geographies.   LSEG believes the annual CEO Awards play an important role in recognising and rewarding employees at all levels of the organisation. This year multiple category awards have been won by teams, indicating a strong culture of collaboration which has contributed to the Group’s success and helped fuel growth.   Image 01: Winner of the CEO Award for Excellence – Team Mahoga From left: Jayaruwan Mannapperuma, Isuru Herath, Dewmal Anicitus, Kishan Navaratne, Chris Corrado, Ishan De Silva, Shanaka Abeywickrama, Rukshan Abeyratne, Ramila Hettiarachchi (Absent in the picture: Dinu Kumarasiri, Supun Vithana, Thusara Jayasinghe)   Image 02: Winner of the CEO Award for Commitment to Responsible Business – Cross functional team LSEG Sri Lanka From left: Eranda De Silva, Devinda Wijenayake, Azam Ahamed, Dimuthu Kumara, Chris Corrado, Amiyu Andaraweera, Samunda Periyapperuma, Aadhil Majeed, Pramod Perera,  Sudeera Mudugamuwa, Malik Induruwana

Proparco grants €20 million loan to DFCC Bank to promote alternate energy projects and the SME sector

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Reaffirming its credentials as a preferred partner for international credit lines, DFCC Bank has been granted a long term loan of €20 million by Proparco, a subsidiary of Agence Française de Développement (AFD). This organisation is devoted to private sector financing, to finance renewable energy projects and improve access to credit for Small and Medium Enterprises (SMEs) in Sri Lanka. DFCC Bank has decades of experience in promoting development finance amongst the SME sector in the country, with an established record of a successful foray into the renewable energy sector.   Commenting on the new partnership, Mr. Grégory Clemente, CEO of Proparco said, “We are pleased to partner with DFCC Bank to strengthen the SME sector in Sri Lanka. SMEs account for 70% of all businesses, employ 26% of the active population and contribute 52% of GDP, which makes them a critical growth engine in the island. We believe that strengthening this sector represents a key growth opportunity, in line with the vision of the Sri Lankan Government which recently stressed the major role of banks in SME finance. DFCC will be able to use this €20 million loan to boost the proportion of SMEs in its portfolio – which already stands at nearly 50%. We are also pleased to support a Bank that is already active in financing renewable energy.”   DFCC CEO, Arjun Fernando further added, “DFCC Bank is pleased to be selected as the disbursement partner for Proparco, a reputed development finance body in the world. DFCC Bank is a pioneer in supporting renewable energy projects, having supported the first hydro project in 1996. Since then, we have supported many large scale renewable energy projects including wind and solar energy. As Sri Lanka’s pioneering development bank, DFCC has had extensive experience in financing renewable energy projects in the past and as a fully-fledged commercial bank today, we are well poised to empower more of such projects which will create greater energy security for the nation. We are proud of our past record in standing by SMEs in their early and risky stages, enabling them to eventually to become big names in their respective sectors today. The Bank also adds significant value by offering entrepreneurship training programmes and other technical and marketing support to SMEs. Long-term finance of this magnitude is difficult to obtain in the domestic market, and we believe the credit line by Proparco will empower us to propel the SME sector to the next stage of development.”   DFCC Bank financed Sri Lanka’s first hydro power project back in 1996, the country’s first wind farm in 2010 and its first solar power plant in 2015. The bank is currently providing funding for 70 hydro power projects, 3 wind farms and 2 solar energy projects as well as a biomass project.

Janashakthi Bags Inter-Insurance Company Cricket Title

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Team Janashakthi Insurance PLC emerged champions at the “Hema Wijeratne” Challenge Trophy 2017 held at the Colombo Colts Cricket Ground recently. 19 teams, including a joint team from the Sri Lanka Insurance Brokers’ Association, took part in this annual Inter-Insurance Company Six-a-side cricket tournament organized by the Sri Lanka Insurance Institute (SLII). The victorious Janashakthi team registered 67 for no loss against Softlogic Life in the finals, sealing the match with the highest total scored by an individual team in the tournament, while limiting the opposing team to 21/2. Sameera Fernando from Janashakthi was adjudged the ‘Best Batsman of the Tournament’ and the ‘Man of the Final’ while the team’s Ranga Dias was crowned ‘Player of the Tournament’. Organized as part of the SLII’s vision to create a social forum for its members, this year’s event was a great success with the active involvement of senior representatives from the industry. True to the spirit of sportsmanship, the athletes used this unique opportunity to fraternize and forge bonds with one another, despite being rivals in the business world. Caption: The Janashakthi Insurance team celebrate their victory at the recently held Hema Wijeratne Challenge Trophy 2017.  

Sri Lanka and Malaysia to boost economic ties

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Malaysia and Sri Lanka reiterated a keen desire to build on the outcomes of the recent highest level engagements and to achieve concrete progress on the decisions taken.
This was discussed during a meeting State Minister of Foreign Affairs Vasantha Senanayake had with Malaysian Foreign Minister Dato’ Sri Anifah Haji Aman, on 7th August. Both Ministers agreed to convene, at an early date, the bilateral dialogue mechanisms focusing on trade, investment, tourism, culture, and enhance business collaboration. It was also agreed to intensify efforts to finalize the several draft instruments which are being negotiated in time for the next highest political engagement. State Minister Senanayake also conveyed Sri Lanka’s desire to intensify closer cooperation with ASEAN including as a future Sectoral Dialogue Partner and sought Malaysia’s support for this intended partnership. State Minister Senanayake represented Sri Lanka at the Grand Celebration of the 50th Anniversary of ASEAN and the 24th ASEAN Regional Forum (ARF) in the Philippines. During the meeting, State Minister Senanayake referred to the rich contribution the Malay community has made to Sri Lankan society and thanked Malaysia for the opportunities made available for Sri Lankans to work in Malaysia. These factors, he said, contribute economically and culturally to Sri Lankan and Malaysian societies and enhance people to people contacts.

Government to promote Safe Adventure Tourism

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Since April, 2017 the government has been working with various stakeholders to uplift the Adventure Tourism services in Sri Lanka by formulating new policies.
As a result, they have come up with a new vision to uplift those services and ensure safety of those activities with an action plan that has already been given to the public. The project will be implemented as a major development strategy to uplift the national economy. All the information and activities related to the project have been published by the Policy Development Office on their official Facebook page: www.facebook.com/policydevelopmentoffice. While Sri Lanka Tourism Development Authority (SLTDA) plays the leading role to the entire process, adventure tourism activities related to water, air and land are governed under the supervision of Sri Lankan Navy, Air Force and Army respectively. Sri Lanka Telecommunication Regulatory Commission is responsible for immediate action regarding communication and rescue processes and Sri Lanka Standard Institution certifies the standards of adventure activities. Government, non-government and voluntary institutions are associated with this project.

IASL announces the approach of NAFLIA

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The Insurance Association of Sri Lanka (IASL ) has announced that the annual National Forum for Life Insurance Advisors (NAFLIA) will be held on the 17th of August 2017 at the BMICH. Held for the 8th consecutive year, the forum will bring professional experts and members of the Life Insurance Industry from all across the country. Gracing the event as Chief Guest will be the Chairperson of the Insurance Board of Sri Lanka (IBSL), Mrs. Indrani Sugathadasa, with renowned Management Consultant of Sensei International, Professor Ajantha Dharmasiri attending as Guest of Honor and Key Note Speaker. This year’s forum will be based on the theme, “Towards the Day All Sri Lankans Are Insured – Are We Ready?” The purpose of NAFLIA is to provide the Life Insurance fraternity with an opportunity to share key insights and knowledge on the importance of innovation to gain customer loyalty as well as to gather different perspectives from experts in the industry. The forum will make up a day of speeches, panel discussions and entertainment items, ensuring that attendees will be able enjoy a day rich with knowledge and inspiration. Mrs. Indrani Sugathdasa will deliver the first of the principal speeches, followed by Key Note Speaker, Professor Ajantha Dharmasiri and Motivational Speaker, Mr. Roshan Mahanama. The day’s events also consist of three panel discussions. All of which will discuss topics in relation to the forum’s main theme. The first will be made up of leaders of the industry who will examine the challenges and possibilities, while the second panel will be formed by the industry’s service leaders, providing an inside perspective of preparing for “the day all Sri Lankans are insured” and the third panel composed of top achievers/MDRT Winners who will discuss the breaking of barriers. “The purpose of NAFLIA is mainly to remind Insurance advisors of the significant role played by the Insurance Industry in a country’s society and economy, and to arm them with the inspiration and knowledge they need to ensure the evolution and spread of awareness about Life Insurance throughout Sri Lanka”, stated Mr. Deepthi Lokuarachchi, the President of the IASL. “The purpose of the MSF is to aid the IASL in ensuring the spread of Insurance awareness, thus making sure that the Sri Lankan Insurance Industry grows in strength and numbers”, said Mr. Hashra Weerawardena, the Chairman of the Marketing and Sales Forum of IASL. “Therefore, we find great pride in organizing the National Forum for Life Insurance Advisors for the 8th consecutive year”.

Waters Edge initiates Dengue prevention campaign

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As the dengue menace continues to spread across Sri Lanka overcrowding hospitals and claiming lives, many as a nation are coming together in a massive effort to eradicate the disease. Joining in this effort, Waters Edge today launched an extensive program to eradicate dengue-breeding sites and create awareness among the hotel staff the residents of the area. The campaign is the brainchild of Minister of Megapolis Patali Champika Ranawaka and was carried out under the direction of Chairman of Waters Edge Chamath de Silva. Endorsed by the Ministry of Health, the Waters Edge Dengue Prevention Program was initiated under the patronage of Minister of Megapolis Patali Champika Ranawaka and Minister of Health Dr. Rajitha Senarathne. Speaking at the ceremony Chairman Chamath de Silva said, “Waters Edge is pioneering this venture as a responsible corporate citizen and representative of the tourism sector in the country. We have taken initiative so that others will also follow suite and come together to educate staff and the general public on dengue eradication and prevention methods.” Dengue is a major topic of concern in our society today. This initiative taken by the staff of Waters Edge is mainly to educate the staff and public on dengue prevention methods. Each member of the staff will be involved in this initiative and look forward to extending their fullest support to the national campaign for dengue eradication. The campaign will also be extended to residents in the area where teams from Waters Edge will visit homes and businesses to educate them on dengue prevention methods. The sustainability team at Waters Edge will also donate recognized natural mosquito repellent plants like “Indian Tulsi” which have been cultivated in the property itself to residents in the area. On the inauguration day, the teams hope to cover a minimum of 100 houses. The homes will also receive “Citronella Oil” free of charge for further safety of their families. Photo caption: (Above) Minister of Megapolis Patali Champika Ranawaka addressing the launch press briefing

The Waters Edge Dengue Awareness Squad

General Manager at Waters Edge Rohan Fernandopulle distributing the Indian Tulsi plant to area residents

Eco Team appointed as Exclusive Dealer for World-Class Swarovski Binoculars

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The beauty of nature is best experienced firsthand. Sri Lanka despite being a small island is blessed with bio-diversity that ranges from lush green mountains to rain forests, arid dry zones and of course the endless blue ocean that surrounds us. These Eco systems have their own abundance of flora and fauna that have drawn many locals and thousands of tourists from around the globe to the Pearl of the Indian Ocean. With mammals like the majestic Asian elephant, elusive leopard, crocodiles, regal peacocks and more Sri Lanka has evolved in to a nature lover’s haven. Eco Team, one of the pioneers of experience based nature tourism has been in the business of promoting Sri Lanka as a wildlife paradise for more than 17 years. The company was also instrumental in introducing the concept of tented safaris with their “Mahoora” Tented Campsite, Big Games Camp and the recently opened Ahas Pokuna Bush Walks Camp. Adding a further dimension to their portfolio, Eco Team recently signed a partnership with Swarovski Optik to market their world-class product range of binoculars, spotting scopes and accessories. The world’s best optic brand for nature observation “Swarovski Optik” brings people closer to nature so that they can truly experience the preciousness of the moment and see the unseen. Speaking on the partnership, Anuruddha Bandara the Founder and Chief Experience Office at Eco Team said, “We are indeed proud to be appointed as the exclusive authorized dealer to market the prestigious Swarovski range. These high-end products are an investment of a lifetime because of their quality and precision. Swarovski has been trusted by some of the most famous wildlife warriors around the world. Through this partnership Sri Lankans now have the opportunity to purchase Swarovski products at competitive prices and can also get existing equipment serviced.” Swarovski’s entire product range will be available in Sri Lanka through Eco Team. As at now there are special offers for the Sri Lanka Wildlife & Nature Protection Society and its members.  HSBC and Standard Chartered Bank credit card holders could purchase products on a 5 year no interest easy payment scheme. Eco Team will come up with similar offers for other wildlife and birding societies in Sri Lanka and will look at tie-ups with other local banks for easy payment schemes. Promoted globally as the “must-have” products for all tour guides, nature-based resorts and adventure tourists, Swarovski Optik is a perfect addition for nature trails, bird watching, hikes, and safaris. For more information on the product range please visit www.swarovskioptik.com or contact Eco Team on 0710 682289 or amgr.mkt@wh.lk Photo caption: (Above) Founder and Chief Experience Office at Eco Team Anuruddha Bandara

South Asian Technologies announces partnership with Carbon Black

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~ Introduces next-generation Endpoint Security SaaS Offering South Asian Technologies (Pvt) Ltd. (SAT), a leading distributor of ICT products, announced its appointment as a National Value Added Distributor for Carbon Black, the leader in next-generation endpoint security. Carbon Black offers the most complete endpoint security platform to defend against advanced threats targeting endpoints and servers. The partnership strengthens Carbon Blacks reach into the enterprise-IT market in Sri Lanka and facilitates sustained engagement with new partners in larger cities and high-growth regions. Carbon Black is the leading provider of a next-generation endpoint-security platform designed to enable organisations to stop the most attacks, see every threat, close security gaps, and evolve their defenses. The Cb Endpoint Security Platform helps organisations of all sizes replace legacy antivirus technology, lock down systems, and arm incident response teams with advanced tools to proactively hunt down threats. Today, Carbon Black has approximately 3,000 worldwide customers, including 30 of the Fortune 100 and protects more than 9 million global endpoints. “This partnership with Carbon Black will help us and our partners diversify our portfolio, and help address the next-generation endpoint security needs of the diverse businesses in the country,” said Sanjaya Padmaperuma – CEO, South Asian Technologies. SAT focuses on distribution of ICT products for leading security, network and storage providers in Sri Lanka. It engages in a multi-layered software distribution and has holistically expanded its role from logistics of distribution to training, market development, product positioning, taking the product gospel direct to the customer and partner network building initiatives. SAT has operations in Sri Lanka, Bangladesh, Maldives and Nepal and has a partner network of over 150 companies. “Carbon Black is incredibly excited to be partnering with SAT to help protect organisations across South Asia. Daily, these organisations are facing increasingly sophisticated cyber attacks, and it is clear that a new defensive approach is required. SAT’s strong customer relationships and information security expertise make them the ideal partner for Carbon Black across South Asia”, said Kane Lightowler, Managing Director Asia Pacific & Japan at Carbon Black. Lightowler added that Carbon Black’s partnership with SAT aims to help address key business functions in the market by increasing security, reducing operational costs and improving compliance. Leading managed security service providers (MSSPs) and incident response (IR) companies have made Carbon Black a core component of their detection and response services. With this partnership with SAT, Carbon Black aims to diversify and tap the growing enterprise IT market in Sri Lanka. Photo caption: Kane Lightowler, Managing Director Asia Pacific & Japan at Carbon Black About South Asian Technologies (Pvt) Ltd: South Asian Technologies Ltd. is a private limited liability company registered in Sri Lanka for the purpose of value-added distribution of ICT products. SAT has operations in Sri Lanka, Nepal, Bangladesh and Maldives and works with a partner network of over 150 companies. We are proud to be the master distributors of leading ICT brands like Symantec, CheckPoint, Intel Security, Vision Solutions, IBM and many more. SAT believes that the success of any product in a market place depends entirely on how well the product is distributed. For more information, visit:  http://www.satl.biz/ About Carbon Black: Carbon Black is the leading provider of a next-generation endpoint-security platform designed to enable organizations to stop the most attacks, see every threat, close security gaps, and evolve their defenses. The Cb Endpoint Security Platform helps organizations of all sizes replace legacy antivirus technology, lock down systems, and arm incident response teams with advanced tools to proactively hunt down threats. Today, Carbon Black has approximately 3,000 worldwide customers, including 30 of the Fortune 100 and protects more than 9 million global end points. Carbon Black is a registered trademark of Carbon Black, Inc. All other company or product names may be the trademarks of their respective owners. For more information, visit: https://www.carbonblack.com/

Hitachi named a Leader in the Gartner Magic Quadrant for Solid-State Arrays

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~ Hitachi moves from Challengers Quadrant to Leaders Quadrant; Evaluation based on ability to execute and completeness of vision Hitachi Data Systems (HDS), a wholly owned subsidiary of Hitachi, Ltd. (TSE:6501), today announced it has been positioned in the Leaders Quadrant of the July 2017 Magic Quadrant for Solid-State Arrays by Gartner, Inc., a leading global research firm. Hitachi believes its significant growth and enhancements to its all-flash Hitachi Virtual Storage Platform (VSP) F Series product line resulted in the company improving its position, moving it from the Challenger’s Quadrant to the Leader’s Quadrant. According to Gartner, Vendors in the Leader’s Quadrant have the highest scores for their ability to execute and completeness of vision. A vendor in the Leader’s Quadrant has the market share, credibility, and marketing and sales capabilities needed to drive the acceptance of new technologies. These vendors demonstrate a clear understanding of market needs; they are innovators and thought leaders; and they have well-articulated plans that customers and prospects can use when designing their storage infrastructures and strategies. In addition, they have a presence in all four major geographical regions, consistent financial performance and broad platform support. Hitachi’s continued investments in the development of its flash software and hardware technologies have resulted in the delivery of a superior enterprise storage offering for its customers, backed by the most flash-related patents in the industry. Hitachi VSP F1500, which first debuted in October 2016, was purpose-built for businesses with large-scale data management requirements including mainframe. It provides seamless cloud tiering, integrated analytics software and a unique 100-percent data availability guarantee. All VSP F series models are enhanced with flat service pricing, ongoing media replacement, and quality of service (QoS) controls to provide consistent performance over time. For customers in highly regulated industries or where data security is mission critical, the VSP F series conforms with secure data eradication services and meets the National Institute of Standards and Technology (NIST) data security control standards. “Hitachi takes pride in bringing continuous breakthroughs to market that help our customers to be as competitive as possible in the digital age”, said Ryuichi Otsuki, CEO of Hitachi Data Systems. “We are pleased to be recognised as a leader in the solid-state array industry and we will continue to challenge industry standards, while positioning our customers to succeed”. To download a complimentary copy of the 2017 Gartner Magic Quadrant for Solid State Arrays report, visit: https://www.hds.com/ext/magic-quadrant-for-solid-state-arrays.html About Hitachi Data Systems: Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help global organizations open new revenue streams, increase efficiencies, improve customer experience and ensure rapid time to market in the digital age. Only Hitachi Data Systems powers the digital enterprise by integrating the best information technology and operational technology from across the Hitachi family of companies. We combine this experience with Hitachi expertise in the internet of things to deliver the exceptional insights business and society need to transform and thrive. Visit us at HDS.com About Hitachi, Ltd: Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer societys challenges. The company’s consolidated revenues for fiscal 2016 (ended March 31, 2017) totaled 9,162.2 billion yen ($81.8 billion). The Hitachi Group is a global leader in the Social Innovation Business, and it has approximately 304,000 employees worldwide. Through collaborative creation, Hitachi is providing solutions to customers in a broad range of sectors, including Power / Energy, Industry / Distribution / Water, Urban Development, and Finance / Government & Public / Healthcare. For more information on Hitachi, please visit the company’s website at http://www.hitachi.com. HITACHI is a trademark or registered trademark of Hitachi, Ltd. All other trademarks, service marks, and company names are properties of their respective owners.

PickMe expands operations to Kandy

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In a strategic move to expand its presence across the country, Sri Lanka’s leading taxi-hailing app PickMe officially launched its brand in the city of Kandy on 15 July 2017. The official launch came after PickMe commenced its operations in Kandy one year back, as part of a soft launch. The official Kandy launch at the Kandy City Center was graced by PickMe Chairman Ajit Gunewardene, Chief Executive Officer Jiffry Zulfer, board members and PickMe employees. Celebrated vocal artists also performed at the official launch and entertained the participating crowd, making it a memorable evening. Speaking at the event, PickMe Chairman Ajit Gunewardene said, “We are enabling Sri Lankan driver entrepreneurs to grow personally and professionally by building a robust ecosystem via PickMe and the app directly fuels the growth of mobility in Sri Lanka. Bringing our home-grown startup’s best practices and services to the Central province by opening an office in Kandy further strengthens our expansion plans in Sri Lanka. We are absolutely thrilled to be in Kandy and looking forward to nurture the city’s growing driver entrepreneur community through PickMe.” After the launch, PickMe introduced exciting promotional pricing for its Kandy passengers and the company will be rolling out several other exclusive offers for Kandy during the upcoming months. The new PickMe office is located at No. 07, Primrose Road, Kandy. As the largest organized taxi platform in Sri Lanka, PickMe currently services the Colombo region’s complete transportation needs and maintains a base of over half a million registered users of the PickMe app and a taxi fleet of over ten thousand, including three wheelers, mini cars, cars and vans.

PickMe Chairman Ajit Gunewardene cutting the ribbon at the PickMe Kandy Office (left) and Chief Executive Officer Jiffry Zulfer speaking at the event

Kandyan Dancers at the PickMe Kandy Office

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