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Port City Project Sustainability beyond Philanthropy

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Managing Director of Port City Colombo (Pvt.) Ltd, Jiang Houliang, speaking at the 11th Annual General Meeting of the Institute of Environmental Professionals Sri Lanka, said that Port City Colombo’s vision is to be the benchmark in environmental friendliness and sustainability. He said that the new city which will be a show piece for the rest of the world, would be a place where environmentally friendly people, organizations and visitors will want to live and do business and the transit population will be allowed to practice their environmentally friendly habits. Port City Colombo even plans to incorporate sustainability guidelines for third party developers to abide by, when they develop their individual plots of land; which is keeping with their commitment to build a completely sustainable city, extending beyond their scope as master developer. The Port City project has a huge international executive force working on every aspect of its sustainable development. “We are adhering to the best development practices. For us, corporate social responsibility and environmental sustainability are not just means to establish a relationship with our communities so that we can channel our philanthropy and do image management.  This project will go far beyond that.” “We genuinely believe that adhering to global best practices in sustainability is linked with economic and commercial success and this will be demanded by those who invest and live in Port City in the future. That is why we are continuing to forge real stakeholder involvement and innovative partnerships as we cannot succeed alone. Therefore, we are mindful that future generations will measure the success of this project by its environmental and social sustainability. That is why we are making investments in these areas today.” Speaking of Port City’s view on Corporate Social Responsibility (CSR) Mr. Jiang said “Being a good corporate citizen is an important factor for any organization; however CSR priorities are not the same in different parts of the world.  For example, in a country like Sri Lanka philanthropy and community engagement play an important role.   If you are in the driving seat of a project such as the Port City, you have to be in sync with this.  At the same time one has to also be sensitive to local norms and deep rooted cultural traditions; when it comes to philanthropy projects and community engagement. Therefore, our initial foray into CSR was looking at the well-being of adjacent communities, such as the Fishermen’s Livelihood Support Society(FLSS) project we have been sponsoring in Negombo.” “We have allocated 500 million rupees towards the Sustainability and well-being of a community living to the North of Colombo. The Fishermen’s Livelihood Support Society which operates under the Fisheries and Aquatic Resource Development Ministry and the Ministry of Megapolis and Western Development is an initiative supported and fully funded by the Port City and its primary objective is to find meaningful ways to support fishing communities in these areas, All the programs carried out are suggested by the community and evaluated independently by officials of the two Ministries.” The Managing Director of Colombo Port City, addressingsome of the initial doubts expressed by various parties about the project; particularly the ongoing dredging operation, said that sand dredging for the project is being carried out after a detailed environmental impact assessment, which had its public comments in December 2015. “It is carried out in a completely sustainable manner at distances of over 7km from the shoreline, and at depths of 15 m or more. The dredging has no impact on coastal erosion or fisher livelihoods. Representatives of fishermen have come on board the dredger to personally observe the advanced technology we use. The dredgers used are the best in the world and their GPS tracking records are available for public scrutiny via internet,” he said. The Port City Colombo was the main sponsor of the Institute of 11th AGM of the Environmental Professionals Sri Lanka, held under the theme ‘Rescuing wetlands for future economic development.’     Picture captions – M. Jiang Houliang, MAnaging Director of Port City Colombo (Pvt) Ltd giving his speech at the AGM   Managing Director of Port City Colombo (Pvt) Ltd, Mr. Jiang Houliang planting a Hodapara tree (Dilleniaindica/Elephant apple) at the Biodiversity Study Park in Sri JayawardenepuraKotte

President opens NIBM- Limkokwing National Innovation Centre

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President Maithripala Sirisena vested the new NIBM- Limkokwing National Innovation Centre in Kirulapone with the students, Friday (20th Oct.).
The National Innovation Centre is a result of a strategic partnership agreement between the National Institute of Business Management (NIBM) and Limkokwing University of Creative Technology. The National Innovation Centre aims to provide an empowering business education in disciplines for those who seek global professional knowledge and qualifications. After opening the National Innovation Centre, the President made an inspection tour. Limkokwing University Brand, Creativity and Talent Development Vice President Dato’ Tiffanee Marie Lim and Dr. D M A Kulasooriya Director General, National Institute of Business Management presented a memento to the President.

Allianz Lanka Launches State-Of-The-Art Automated Underwriting Platform AUSYS

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Allianz Life Insurance Lanka, in a bid to provide their customers with greater convenience, recently launched their automated underwriting platform ‘AUSYS’. The development of the platform is the result of the company’s renewal agenda which focuses efforts to adopt disruptive technology in order to reduce the turnaround time of life insurance applications and provide true customer centricity. “At Allianz we pride ourselves in providing our customers with excellent and convenient service by utilizing disruptive technology and innovative processes. We continue this tradition with AUSYS which has greatly improved the sales and underwriting assessment process. It has reduced the waiting period from two to three days to a few seconds for an underwriting decision to be given,” said Ruchera Perera, Senior Manager – Life, Allianz Life Insurance Lanka. “The opportunities that AUSYS has provided us are quite substantial and range from widening distribution, increase in advisor productivity, and increase in administrative efficiency to increase in customer satisfaction.” AUSYS is designed to support all digital insurance applications handled by Allianz’s “Digital Advisors” who transact business via tablets and use a rule-based underwriting engine that integrates with the agent’s portal “Allianz Advisor Arena”. This allows advisors to almost immediately confirm the status of the application to the customer. Since the adaptation of AUSYS, Allianz has accepted nearly 70% of new business cases as a direct result of using the platform. Allianz Lanka is currently working towards enhancing AUSYS features for online policy delivery in the near future. Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE, a world leader in integrated financial services. Having started out as a Greenfield operation in 2005, it has emerged as one of the fastest growing insurance service providers in the country. The company prides on supporting its clients’ business strategy by understanding their risk profile and needs, and providing individual solutions from its world class portfolio of products and services. Around the world, over 140,000 Allianz employees serve some 86.3 million retail and corporate customers in about 70 countries, who place their trust on the knowledge, global presence, financial strength and solidity of Allianz to support them in their moment of truth.

Quebee Den’s Rohanthi recognised as Western Province’s ‘Best Entrepreneur – Industrial and Manufacturing Sector’

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Quebee Den Founder/CEO Rohanthi Wijewickrama has won coveted “Best Entrepreneur – Industrial & Manufacturing Sector” honours at the recently concluded Entrepreneur Awards 2017 – Western Province. Rohanthi recently also acclaimed JCI’s Sri Lanka Top Outstanding Young Persons Award, Women Entrepreneur Award and International CEO Award taking the brand Bellybees to the next level. Organised by the National Chamber of Commerce of Sri Lanka (NCCSL), in partnership with the National Enterprise Development Authority (NEDA), this programme recognised Sri Lanka’s large-, medium-, small- and micro-level entrepreneurs, in a range of categories, for their significant contributions to the country’s development. The awards ceremony was held at the Sri Lanka Foundation Auditorium on October 17 2017 with the participation of large group representing entrepreneurs, as well as the private and public sectors and others.

Magnificent living spaces with skyline views at Elektra, Koswatte

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Coming up in the fast growing Koswatte suburb of Greater Colombo, Elektra is a condo development project by veteran builder Foreat Homes. The epitome of modernism, in combination with an at-home feeling, even in the sky, Elektra is a perfect blend of the new and the familiar, built upon a strong foundation of architectural and engineering excellence. Situated at 30 Pipe Road, Koswatta, Battaramulla, Elektra comprises 153 apartments with private balconies that face your choice of either the Colombo skyline or open fields opposite, where calming greenery provides a wholly picturesque view. For those willing to invest in the best of both worlds, Elektra has a penthouse currently available that features a stunning 180-degree view that spans multiple settings. Elektra is exclusively marketed and sold by My Property Pvt Ltd (www.myproperty.lk), a fully owned subsidiary of Dwellings Group – Australia. A true haven for expression and creativity, and especially geared for young professionals seeking to carve out their own space in a bustling megapolis, Elektra will, once completed, boast the enviable honor of being the tallest structure in the Koswatte zone. Beyond the obvious luxuries, including a pool and a rooftop clubhouse, every Elektra apartment provides best in class architectural and engineering functionality, such as incorporating uPVC windows and double coating, as well as double-glazed glass, which has a vacuum in between two sheets of glass, and is heat resistant to protect you from heat outside. Also utilized are doors with architrave doorframes, which are also fire resistant for your added safety. Further, apartment floorings comprise of homogeneous tiles, which is a superior form of ceramic tile composed of fine porcelain clay that is fired at much higher temperatures. This means that homogeneous tiles are denser, harder, less porous and therefore less prone to moisture and stain absorption than ceramic tiles. In addition, each apartment is outfitted with quartz worktops, international standard faucets, 4-burner hobs, an oven, a microwave oven, dishwasher, a wine cabinet, a washing machine and even a cleaning robot. Importantly, all materials and customized fittings are sourced by Floreat Homes who guarantees they are of a superior, international standard. Meanwhile, the innovate design of the Elektra building itself promotes the use of sunlight and wind whenever possible to facilitate natural light and ventilation whenever possible. Additionally, its best in class apartment layouts place bathrooms and kitchens close to balconies, enabling the rapid evacuation of unpleasant smells. It is also set up to run smoothly upon completion, with its own maintenance-free Sewage Treatment Plant, as well as a temperature controlled garbage collection room that minimizes odors. Elektra also offers up several modern conveniences such as parking on both the Ground and Third floors, which also includes a place to fix electric charging units, while entrances are on the Ground, First and Third floors to minimize waiting times. There are also two elevators and staircases, with one of each being fire proof for your added safety. “Offering a prime location at an unbelievable price, Elektra provides a number of exciting modern amenities, from microwave ovens and washing machines, to wine cabinets and even cleaning robots. A great place to live and work, Elektra is the ideal space to call your own,” said, Charitha Nugawela, Director of Floreat Homes. Elektra was designed by Thilan Koththigoda of KWA Architects, a registered Chartered Architectural practice with a wide portfolio of projects for private clients and developers in Sri Lanka and the Middle East. KWA’s special focus on Tourism, Leisure, Commercial and Retail, and Residential Architecture, as well as Master Planning and Urban Design, identified them as the natural choice for this remarkable feat of architecture and engineering.

DFCC’s Subsidiary SYNAPSYS bags silver award at NBQSA 2017

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Synapsys, a subsidiary of DFCC Bank PLC, was bestowed with two prestigious awards at the 19th National Best Quality Software Awards (NBQSA) organized by the British Computer Society, the Chartered Institute of IT in Sri Lanka. The award ceremony was recently held at the Taj Samudra. Synapsys won the Silver award for its RAPIDEX product under Financial Applications category and also the Best Mobile Payment Application, a special award sponsored by Lankapay. The Chief Guest at the event was Hon. Harin Fernando, Ministry of Telecommunication and Digital Infrastructure and the Guest of Honour was Mr. Paul Martynenko, President of the British Computer Society, The Chartered Institute for IT, UK. A further 43 commercial categories and 11 tertiary students’ products with 3 postgraduate students’ projects were recognized at this prestigious ceremony. Synapsys is a dynamic and innovative technology firm with an array of products and services supporting Banks, Capital Markets, Insurance and Retail Payments across Asia and Pacific. Commenting on the win, Dinesh Fernandopulle – CEO, Synapsys said, “We are delighted to win top honours at the 19th National Best Quality Software Awards (NBQSA). Our innovatively combined product for inward remittances and mobile wallet solutions, RAPIDEX, emerged victorious to win the Silver award by beating stiff competition. RAPIDEX is the first-ever solution designed and developed locally, demonstrating the potential of local IT companies on building solutions for the global finance industry. We are also proud of winning the Lankapay sponsored special award for the Best Mobile Payment Application. Synapsys is staffed by high quality computer engineering and banking experts, who enable us to devise financial solutions that have a strong practical element. Our solutions target real business needs by offering domain specific solutions rather than a one-size-fits-all approach.” Commenting further about Synapsys win, Lakshman Silva – CEO, DFCC Bank added: “I take this opportunity to congratulate the Synapsys team for winning 2 prestigious awards at the recently-held NBQSA ceremony. These awards are a testimonial to the vision of Synapsys and as its parent, the DFCC Bank, of delivering financial access to the unbanked and under-banked communities, by providing low-cost efficient payment systems and ultra-convenient financial services to consumers. Synapsys has evolved into one of the foremost financial solutions partners for diverse sectors and has established a global footprint. Its solutions like the Vardhana Wallet are already accelerating financial inclusion and easy access to cash for all and we expect it to build on it further to render it a widely adopted platform on an even wider scale as the market matures.” Celebrating its 10th anniversary this year, Synapsys has become a preferred IT partner for various industries such as the plantations, apparel, ceramics and financial services sectors by streamlining their operations on both trade and treasury aspects.

No official notification of 3-wheeler import ban in Sri Lanka yet: Bajaj Auto

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Sri Lanka’s budget is due next week and usually before that these kinds of reports come, said S Ravikumar, President of Business Development and Assurance, Bajaj Auto.

Bajaj Auto stock is under pressure on back of reports that suggest Sri Lanka will restrict import of 3-wheeler taxis and the company is one of the primary exporters of that segment. Discussing the impact of this on sales and overall exports, S Ravikumar, President of Business Development and Assurance, Bajaj Auto said they are yet waiting for official notification on the import ban in Sri Lanka for 3-wheelers and in touch with their distributors over there. He said Sri Lanka’s budget is due next week and usually before that these kind of reports come. In the current year, between domestic and international, the company is looking at sale of 6 lakh three-wheelers, said Ravikumar, adding that so the numbers are quite good. Moreover, the total dependence on Sri Lanka with regards to 3-wheeler exports is 6 percent of overall number. However, currently he says the demand for exports have risen in the current year and demand is outstripping production. The production is running at about over 100 percent installed capacity and will continue for next few months even if Sri Lanka news is true, says Ravikumar. So, see not impact on demand for the company and impact on earnings contribution of the company, he adds. Moreover, with de-risking strategy in mind the company has come out with a ‘Qute’ model which has all the benefits of three wheelers and is low risk and has low emission. With regards to festive sales, he says they in par with the guidance of 25 percent sales for the season. Saw good traction for Platina and CT100, and Pulsar is also doing great, he says. www.moneycontrol.com

Sri Lankan shares end steady ahead of corporate results, budget

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Reuters – Sri Lankan shares ended little changed on Monday, hovering near a two-week low hit last week, as investors waited for direction from upcoming corporate results and the national budget next month, brokers said.

Finance Minister Mangala Samaraweera will present the 2018 budget on Nov. 9.

The Colombo stock index finished 0.03 percent weaker at 6,570.56, hovering near its lowest close since Oct. 10 hit on Thursday. The index fell 0.9 percent last week, its first weekly fall in six.

“Block deals pushed the turnover, while the index is stagnant with low retail participation,” said Atchuthan Srirangan, senior research analyst at First Capital Holdings PLC.

Gains led by beverages and telecom shares were offset by losses in banking stocks, the data showed.

Shares of biggest listed lender Commercial Bank of Ceylon Plc ended 0.9 percent lower, while Sampath Bank Plc , which accounted for 51 percent of the day’s turnover on a block deal, closed down 0.9 percent.

Ceylon Cold Store Plc climbed 1 percent higher, while Sri Lanka Telecom rose 0.3 percent.

Turnover stood at 1 billion rupees ($6.51 million), less than this year’s daily average of 938.4 million rupees. Foreign investors were net buyers of shares worth 17 million rupees on Monday, extending the year-to-date net foreign inflow to 19.2 billion rupees worth of shares.

Inflation increased to 8.6%

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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 (DCS), increased to 8.6 per cent in September 2017 from 7.9 per cent in August 2017, on year-on-year basis. Both Food and Nonfood categories contributed towards the year-on-year inflation in September 2017. The change in the NCPI measured on an annual average basis increased from 6.5 per cent in August 2017 to 6.8 per cent in September 2017. When the monthly change is considered, the NCPI increased from 122.3 index points in August 2017 to 123.3 index points in September 2017. This monthly increase was mainly due to the increase in prices of the items in the Food category. Within the Food category, prices of coconuts, red onions, rice, limes, some fruits, big onions and sugar increased during the month. Meanwhile prices of vegetables, fresh fish, garlic and Mysore dhal reported marginal decrease during the month. Prices in Clothing and Footwear; Housing, Water, Electricity, Gas and Other Fuels (LP Gas); Furnishing, Household Equipment and Routine Household Maintenance; Education (School fees (International)); and Miscellaneous Goods and Services sub-categories increased. Prices in Communication (Internet charges) sub-category decreased marginally during September 2017. Alcoholic Beverages and Tobacco (Beetle leaves) sub-category also increased during September 2017. Meanwhile, prices in Health; Transport; Recreation and Culture; and Restaurants and Hotels sub-categories remained unchanged during the month. The NCPI Core inflation, which reflects the underlying inflation in the economy decreased to 4.6 per cent in September 2017 from 4.8 per cent in August 2017 on year-on-year basis. Annual average NCPI Core inflation declined from 5.8 per cent in August 2017 to 5.7 per cent in September 2017.

South Asia Textiles to implement MTI-enabled Strategic Plan

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South Asia Textiles Limited, a leading Sri Lankan textile manufacturer specialized in producing exceptional quality weft knitted fabric, is to implement the 5 year Strategic Plan developed with MTI Consulting.  In developing the strategic plan, MTI employed its internationally acclaimed 8S® Model framework to conduct a detailed review of SAT’s current position and chart its future strategic direction. The development cycle engaged the management team of South Asia Textiles through a highly inclusive process of strategic planning consisting of eight stages namely; Scope, Scan, Sights, Strategy, Structure, Staff, Sustainability/Social Responsibility and Systems. Given the dynamic, fast-paced and intensely competitive nature of the global fashion industry, the implementation of the strategic plan will enable South Asia Textiles to respond more effectively and profitably to the fast-changing dynamics of the industry.

South Asia Textiles, a subsidiary of Lanka Century Investments PLC, commenced its commercial operations in 2004. Strategically located in close proximity to garment manufacturing units and export processing zones that produces high quality garments for both local and international clients, South Asia Textiles continues to be a leading supplier to major international brands such as Victoria Secret L BRANDS, Columbia Sportswear, Levis, PVH/Calvin Klein and Tommy Hilfiger in the US and European brands Marks and Spencer, Tesco, LIDL, H&M, NEXT, George/AZDA, Decathlon and Hugo Boss/Diesel.

Commenting on the implementation of the five year strategic plan, Mr. Murali Prakash – Group Managing Director / CEO of Lanka Century Investments PLC said, “from a Group perspective, for the next five years, South Asia Textiles’ main focus will be on expanding capacity, quality performance, increasing productivity, innovation and implementing best practices along with techno driven efficiency improvements for management of costs.  This exercise has given clear guidelines on the actions and areas that South Asia Textiles needs to focus on, to be more profitable in light of the increased global competition”.

“In an industry where global markets are shrinking and competition is intense, MTI’s 360 degree approach to strategic planning has given South Asia Textiles a good guidance on the actions that need to be taken to take the business forward amidst the dynamic changes taking place in the industry.  By implementing the action points agreed, we will be able to create that sustainable competitive advantage South Asia Textile requires in order to compete within the global industry”, stated Mr. Prithiv Dorai – Managing Director/CEO of South Asia Textiles Limited.

“With the successful implementation of the strategic plan, South Asia Textiles will be able to enhance their potential and be better equipped internally to face change, counter challenges and seize future opportunities more profitably”, commented Hilmy Cader, CEO of MTI.

MTI Consulting is an internationally-networked boutique management consultancy, offering advisory services in Strategy, Strategic Planning, Corporate Re-structuring, Process Re-engineering, Performance Management, International Market Entry, Feasibility Studies, Due Diligence, Corporate Finance, Mergers and Acquisitions, HR, Executive Search / Head Hunting, Marketing Strategy, Branding and Market Research. Since its inception in 1997, MTI has worked on over 630 assignments in 42 countries, covering a diverse range of industries, clients and business challenges.

With an experienced management at the helm, South Asia Textiles continues to specialize in Knitting, Dyeing, Finishing, Printing, Brushing, Sueding and Preshrunk fabric for leading global giants. Meeting the challenges and demands of the global fashion industry, the company continues to attract new customers, maintaining quality and service parameters and focusing on growth through operational and cost efficiencies which will result in sustainable benefits in the years to come.

Photo : Prithiv Dorai – Managing Director/CEO of South Asia Textiles Limited. (2nd from right), Hilmy Cader – CEO MTI Consulting (3rd from right) and Murali Prakash – Group Managing Director/ CEO of Lanka Century Investments

TRCSL Ranks Mobitel’s 4G Network as the ‘Fastest Broadband Network’ in Sri Lanka

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Mobitel achieves yet another milestone by being ranked as the ‘Fastest Broadband Network’ on 4G by the Telecommunication Regulatory Commission of Sri Lanka (TRCSL). This is based on the latest speed tests conducted by TRCSL. Compared to the other telecommunication service providers, in terms of fastest and average speeds, Mobitel is the best, reflecting the superiority of its network. This affirmation of its credentials reflects Mobitel 4G’s position as the undisputed fastest network in the country and renders it as the preferred internet service provider in the country. Mobitel dominates rival networks in the country in terms of internet speed as per the assessment carried out by TRCSL. This ranking by the national telecom regulatory body provides customers with quantified data on which internet service provider offers the fastest speeds. Any customer can log onto www.trc.gov.lk (Speed Test) and check this comparison first hand. Customers can now leverage on this to get on board the Mobitel network as the best 4G network in Sri Lanka, without being misled by false claims by others. Mobitel 4G LTE technology offers users the superior experience of enjoying high definition streaming videos and Multimedia Online Gaming (MMOG). Mobitel is also the first operator in the country to open an Internet of Thing (IoT) Concept Store called ‘X Station’ where customers can experience the latest in technology using the superior connectivity the operator provides.

Commercial Bank affirmed ‘Strongest Bank’ in Sri Lanka in 2017

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Ranked once again amongst ‘500 Strongest Banks’ in Asia Pacific region by The Asian Banker

  The Commercial Bank of Ceylon PLC has emerged the Strongest Bank in Sri Lanka in 2017, according to the prestigious Asian Banker magazine, and has once again been ranked among the 500 strongest banks in the Asia Pacific region on Balance Sheet evaluation. Presenting the coveted accolade to Commercial Bank on the side-lines of the annual SIBOS Convention in Toronto, Canada, Asian Banker said: “The bank had strong liquidity and capital adequacy ratios, which demonstrated a sustainable balance sheet for the financial year as compared to other banks in the country. With a strength score of 3.08, Commercial Bank of Ceylon holds the top spot for the banks in Sri Lanka.” The Asian Banker award is based on a detailed and transparent scorecard compiled and analysed after an independent assessment of six areas of balance sheet financial performance – the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity. The Asian Banker 2017 ranking of the 500 strongest banks in the Asia Pacific region includes banking giants such as Bank of China (Hong Kong) which topped the ranking, Industrial & Commercial Bank of China (Macau), HSBC, Bank of Taiwan, Hang Seng Bank, OCBC Bank (Singapore), Standard Chartered Bank (Hong Kong) China Construction Bank Corporation, Sumitomo Mitsui Financial Group (Japan), and DBS Group (Singapore). Commenting on this latest international ranking accorded to the Bank, Commercial Bank’s Managing Director/CEO Mr Jegan Durairatnam said: “This award is an important independent affirmation of our ability to maintain our core strengths despite challenges. Asian Banker has also stressed the point this year that we have performed well despite substantial pressure on banks in the region to maintain profitability.” In its own assessment of the rankings, Asian Banker noted that in general, the Asia Pacific banking sector delivered better results in this year’s ‘The Asian Banker 500’ (AB500) ‘Strongest Banks by Balance Sheet’ evaluation, which it said is the most comprehensive annual evaluation that captures the quality and sustainability of the balance sheets of the banks in the region. The magazine however observed that “Despite the strength of their balance sheets, Asia Pacific banks continue to face massive challenges in growing profits, a conundrum created by modern capital rules.” The Asian Banker has been publishing its annual ranking of the Strongest Banks in the Asia Pacific region on the basis of balance sheet strength since 2007. The assessment ranks the top performing banks in each country by strength, an evaluation that is based on a belief that a strong bank demonstrates long-term profitability from its core businesses. The ranking is widely followed by investors, analysts and the media as the leading source to assess the financial strength of commercial banks in the region. Commercial Bank is the only Sri Lankan bank to be ranked among the Top 1000 banks of the world for seven years consecutively, and operates a network of 256 branches and 697 ATMs in Sri Lanka. The Bank has won more than 25 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications. Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake and Italy, where the Bank operates its own money transfer service.   Photo Caption: Mrs. Kalhari Gooneratne, Senior Manager – SWIFT/Institutional Banking of Commercial Bank of Ceylon PLC accepts the award on behalf of the Bank at the award ceremony held during the annual SIBOS Conference in Toronto, Canada.

Leading Cement Brands Come to Settlement Over Trade Mark Dispute

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Tokyo Cement Company (Lanka) PLC agreed to a settlement over a suit filed against Ruhunu Lanka Cement (Pvt) Ltd in the Commercial High Court of the Western Province. Tokyo Cement, one of the largest manufacturers and suppliers of cement in Sri Lanka, alleged infringement with regard to the similar trade names of the brands that the two companies distributed under. The Plaintiff’s Company, Tokyo Cement, distributes under various brands including Tokyo Super, Mitsui and Nippon. The Company stated that it was in joint venture with Japan’s Mitsui Mining Co Ltd (now Nippon Coke and Engineering Company Ltd), and used its brand name Mitsui and Nippon in its distribution brands. The Defendant’s Company, Ruhunu Lanka Cement, is part of distribution conglomerate, Hansagiri Group of Companies and is the sole agent in Sri Lanka for DG Cement Industries (Pakistan). It distributes under cement brands such as Ruhunu Cement, Maha Cement, DG Cement and Mitsuki. Thus, the Plaintiff said that the Defendant’s brand name “Mitsuki Cement” was confusingly similar to the Plaintiff’s own brand “Mitsui Cement” along with the prominent green and red horizontal lines and blue lettering, which were in both brand logos. The Plaintiff, who was represented by Eraj De Silva, instructed by Anusha M. Fernando, declared that the aforesaid stylized presentation and trade name had come to be used exclusively by the Plaintiff for which they have gained a market reputation. And stated that the Defendants were “attempting to piggyback on and usurp the goodwill of the Plaintiff’s products.” The Plaintiff argued on the basis that the defendant’s trade name was contrary to honest practices and that it can cause confusion and mislead the public with respect to the plaintiff’s activities. And thus, sought an action of an interim injunction to stop the Defendant from trading under their brand name “Mituski”, as well as demanding a recovery sum for losses and damages suffered. The Defendant’s Counsel was led by Manoj Bandara with Hasitha Gamage, instructed by Sudath Perera Associates. It was argued that the intellectual property right of the trade name “Mitsui” belongs to Mitusi & Co Ltd of Japan, which the Plaintiff had allegedly been using without the authority of Mitsui & Co Ltd. It was also questioned whether the Plaintiff actually had any intellectual property rights in Sri Lanka in respect of the “Mitsui” trade name, since they were not seen to be registered as a licensee of any “Mitsui” trademark. Further in regard to the confusion of the two similar names, it was stated that, since the Plaintiff was abandoning the brand “Mitsui” and changing to “Nippon”, therefore “Mitsui” and “Mitsuki” would not be seen in the market at the same time. The dispute came to an end as it became increasingly evident that the Defendant’s brand had established its own goodwill under “Mitsuki” with its own distributors and customers in the market. Both parties mutually agreed to a settlement, thus the Defendant, Ruhunu was able to continue to retain their trade name “Mitsuki”, putting any allegations of trademark infringement to rest. However, in order to ensure no confusion would arise again, the Defendant, in the settlement, declared that they would no longer use the aforementioned green and red horizontal logo getup in their packaging/ trade dress. Nevertheless, the Defendant would continue to distribute the remaining stock of cements with the aforesaid logo within a given time period. Cases such as this are evidence that a growing number of businesses in Sri Lanka are becoming more active in protecting their intellectual property rights. Nevertheless, it is important to note when there is a likelihood of confusion between trademarks a number of factors need to be considered. This includes the type of goods and services, customer base, purchasing channels, packing/ trade dress and so on, and not just the noticeable similarity of the trade names.

Digital transformation catalyst IQ announces partnership with Ydigital Asia

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Digital transformation consultancy Innovation Quotient (IQ) recently announced its partnership with Ydigital Asia – a collaboration that leverages learnings from the world’s fourth largest consumer market, Indonesia, to augment IQ’s mission to support Sri Lanka through the digital age. The two companies also announced the launch of ‘Digital Tomorrow’, a Digital Centre of Excellence that will leverage learnings from Singapore, Malaysia and Indonesia via the body of work carried out by Ydigital in these markets. IQ has spent the last two years building up to an imminent digital shift and believes Sri Lanka will undergo a rapid digital transformation in 2018/2019. “There’s no point in flipping the digital switch when it’s upon us, you need to prepare for it early on,” is what IQ founder Ahmed Irfan says, adding that “While many tech and innovation companies don’t believe Sri Lanka to be a lucrative market, the potential is mostly hidden and it’s a great test market to implement true digital transformation initiatives, we should not be guilty of not trying!” Armed with fresh talent and this new partnership IQ and Ydigital aim to bridge the gap between strategy, creativity and technology. They recognize the potency of digital transformation and its inevitability, offering expertise to firms that believe in staying ahead of the curve. The new collaboration with Ydigital will further enhance IQ’s existing capacity to service complex business needs with creative solutions and futuristic strategy. Ydigital is a hybrid management consulting and digital agency, headquartered in Jakarta with offices in Singapore and Malaysia. “Sri Lanka is on the cusp of a digital transformation that has already begun in our part of the region,” says Boye Hartmann, Group CEO, YGroup Asia. “It’s exciting to be positioned at its nerve center with IQ.” Commenting on the new collaboration IQ’s CEO Irfan Ahmed says, “There’s nothing like picking up tips and strategies from higher up the learning curve. Working with Ydigital will give us access to a myriad of proven case studies and a diverse pool of talent we can use to accelerate digital transformation in Sri Lanka.” Today IQ services the needs of clients from diverse fields. For example, it worked with Sri Lankan clothing label ‘Reborn’ (now RBN) to completely revamp the company’s business model from yarn to store. IQ also worked with GSMA, the global trade body of mobile network operators that wanted to conduct User Experience (UX) research in Sri Lanka’s agriculture sector. IQ is the only firm in Sri Lanka that possessed the unique capabilities required for this project with strong UX capabilities and a team skilled at combining this with creative human insight. IQ completed this social innovation successfully after visiting over 50 farming communities in three provinces of the country. The team is currently poised at the beginning of its journey with the ‘Digital Tomorrow’ centre, which will function as a Centre of Excellence for local enterprises. This IQ-Ydigital partnership initiative will offer expertise in digital customer journeys, user experience design, value proposition design, performance marketing, analytics, technology strategy and business model design. For more information visit iq.lk or http://www.ydigital.asia/ About IQ: IQ is a digital transformation consultancy founded in 2013, and based in Colombo. IQs portfolio covers brand management, campaign management, digital marketing, digital transformation and solutions, and a media lab. The IQ team includes a diverse group of 40+ creatives, tech specialists, strategists and managers, under the umbrella of the Aberdeen Holdings Group. About Ydigital Group: Ydigital is hybrid management consulting and digital agency, headquartered in Jakarta with offices in Singapore and Malaysia. The company commenced operations in Asia in 2014 and was the first Facebook partner in Indonesia. Ydigital drives growth and innovation in companies worldwide such as Microsoft, The Body Shop and e-Bay, with official partners Google, Facebook, Hubspot and Emarsys. Photo caption: Boye Hartmann, Group CEO, YGroup Asia (left) and Irfan Ahmed, CEO, Innovation Quotient (IQ)

Hitachi introduces Hitachi Vantara: A new Digital Company committed to solving the world’s toughest business and societal challenges

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~ Company formed to help customers achieve unprecedented outcomes by tapping the full potential of their data Hitachi, Ltd. (TSE:6501, “Hitachi”) launched Hitachi Vantara, a new business entity to leverage the broad portfolio of innovation, development and experience from across Hitachi Group companies to deliver data-driven solutions for commercial and industrial enterprises. This new company will unify the operations of Hitachi Data Systems, Hitachi Insight Group, and Pentaho into a single integrated business as Hitachi Vantara to capitalise on Hitachi’s social innovation capability in both operational technologies (OT) and information technologies (IT). More than a Century of OT Expertise combined with IT trusted by the world’s largest enterprises Hitachi has been a leader in OT for industries such as finance, government, manufacturing, power/energy and transportation for over 100 years, providing solutions that have positively impacted cities, industrial operations and businesses at large. The company has also been a leader in IT for over 50 years bringing IT applications, analytics, content, cloud, and infrastructure solutions to market that have transformed the way enterprises do business. Combining Hitachi’s broad expertise in OT with its proven IT product innovations and solutions, Hitachi Vantara gives customers a powerful, collaborative partner in data unavailable in any one company until today. “Hitachi Vantara marks a monumental change for Hitachi as we continue to advance our unified corporate vision of Social Innovation”, said Hitachi, Ltd. President and CEO Toshiaki Higashihara. “Hitachi has been helping customers harness the power of their data to support meaningful business action for years. Now as the world is being transformed by digital tools and processes, we are unifying our strongest digital solutions companies together as a new Hitachi company that delivers exponential business impact for our customers and the betterment of society. The formation of Hitachi Vantara underscores Hitachi’s commitment to  collaborative creation with customers and partners, and being a true innovation partner for the era of IoT”. The Opportunity in Data Hitachi Vantara is uniquely able to help customers extract all the value their data has to offer. By bringing new data-driven solutions and services to market, Hitachi Vantara will help its customers achieve tangible outcomes that positively drive business and society forward. The market opportunity for mission-critical data solutions has never been greater. Data has become a businesses greatest asset if they can extract actionable insights from it. Data holds the key to new revenue streams, better customer experiences, improved market insights and lower costs of doing business. However, a comprehensive offering has yet to emerge that combines both OT and IT expertise to uncover its true potential until now. Filling a critical gap in the emerging IoT market Hitachi Vantara will continue to provide superior infrastructure and analytics technologies that enterprises rely on for their mission-critical data in their data centers, in the cloud and at the edge of new innovations. The new company is targeting the emerging IoT market opportunity, in which there is no clear winner yet. According to Gartner, Inc., more than $440 billion will be spent on IoT in 2020, and the firm estimates that by 2020, there will be more than 21 billion connected sensors and endpoints, and digital twins will exist for potentially billions of things in the same timeframe. To address this market, Hitachi Vantara will harness business, human and machine data across OT and IT environments to build comprehensive, data-driven solutions. Customers will be able to manage, store, govern, blend, analyze, and visualize data and then take action based on uncovered insights. Hitachi Vantara’s breadth of solutions: From the Data Center to the Factory Floor Hitachi Vantara will continue to develop the trusted data management and analytics technologies Hitachi is known for, including Hitachi’s popular data infrastructure, storage and compute solutions, and Pentaho software. It will also be driving the development of strategic software and services solutions, including Hitachi Smart Data Center software and services, Lumada, Hitachi’s IoT platform, now available as a standalone, commercial software offering, and Hitachi co-creation services. Announced concurrently and now in its 2.0 release, Lumada has been fully updated with enhanced artificial intelligence (AI), machine learning and advanced analytics capabilities. It also has an elegant, portable architecture that enables it to run both on-premises or in the cloud, and supports industrial IoT deployments both at the edge and in the core. The company will focus on serving global Fortune 1000 companies with best-in-class data management, infrastructure, content and analytics products and industrial IoT solutions for a number of industries including financial services and insurance, government, industrials/manufacturing, telecom, and transportation. “No other company brings together more than a century of operational technology expertise with informational technology trusted in the world’s most demanding enterprise environments”, said Hitachi Vantara CEO, Ryuichi Otsuki. “Hitachi Vantara capitalizes on this unique combination by creating solutions that meet the needs of an increasingly connected world. Like our customers with whom we partner and co-create, Hitachi Vantara sees data as an opportunitya path to outcomes that matter”. About Hitachi Vantara: Hitachi Vantara, a wholly owned subsidiary of Hitachi, Ltd., helps data-driven leaders find and use the value in their data to innovate intelligently and reach outcomes that matter for business and society. We combine technology, intellectual property and industry knowledge to deliver data-managing solutions that help enterprises improve their customers experiences, develop new revenue streams, and lower the costs of business. Only Hitachi Vantara elevates your innovation advantage by combining deep information technology (IT), operational technology (OT) and domain expertise. We work with organizations everywhere to drive data to meaningful outcomes. Visit us at www.HitachiVantara.com About Hitachi, Ltd: Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society’s 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 Social Innovation and 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, please visit http://www.hitachi.com

Bileeta wins again at NBQSA and Digital Heath Awards 2017

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Bileeta Pvt Ltd, an award-winning Enterprise Resource Planning (ERP) solutions provider bagged two prestigious awards at the 19th National Best Quality Software Awards (NBQSA) 2017 held recently. Bileeta won awards in two categories- in-house learning, and health and wellbeing adding to their collection of wins over the years at this pinnacle awards ceremony that recognizes the best software products from industry peers. In addition, vying for the first time, Bileeta also won big at the Digital Heath Awards 2017 under the category Pharmacy Informatics for their product Entution Vesta. Sanji de Silva, Bileeta’s CEO said, “We are really excited to win at these two prestigious events. Our Product Entution Vesta is a solution that will streamline the health commodity and pharmaceutical supply chain management of a country, thereby automating a lot of the paper work to allow for the optimum management of medicines in any given hospital or clinic.” Entution Vesta is a solution that will ensure medicines and vaccines are available at any given time across all service delivery points across a country.  These service delivery points can be regional hospitals, dispensaries, mid wives, or registered pharmacies. Currently, the industry practice is based on a lot of paper work which results in incorrect or delayed order fulfillment. “With Entution Vesta, we bring the power of cloud and mobile technology to digitally transform this industry. The service delivery points are automated with a mobile app which allows the optimum management of the medicines and vaccines. It also allows to streamline procurement through comprehensive dashboards, demand forecasting to ensure that there won’t be any stock outages,” de Silva added. In 2014, de Silva was adjudged the ICT Entrepreneur of the Year for his outstanding efforts in venturing into organizational development in an IT company. The ICT Entrepreneur of the Year award was jointly awarded by BCS Chartered Institute for IT Sri Lanka Section and the Sri Lanka Association of Software & Service Companies (SLASSCOM). The main objectives of the NBQSA is to recognize outstanding achievements of individuals and organizations who have contributed to the development of ICT in Sri Lanka and to be able to compete in the international market space. NBQSA is organized by the Sri Lanka Section of the British Computer Society and the Chartered Institute of IT. Bileeta competed against 26 peers in the in-house learning platform. Their creative On-Line Complex Selling eCommerce site is based on over two years of R&D and the knowledge of 15+ complex selling experience. This site gives the same consultative experience to the prospective customers about the benefits, demonstrating the features and providing a hands-on experience. All these are done without any involvement of a real person. Applications were also received from seven universities and 15 Asia Pacific ICTA nominees. The panel of judges comprised 40 of the country’s best-known industry specialists. Meanwhile, Bileeta has also been nominated to represent Sri Lanka at the Asia Pacific ICT Awards (APICTA) 2017 to be held later this year. This is the second time Bileeta has been nominated for this award.

Sampath Bank introduces first Banking Robot in Sri Lanka

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Robotics enabled by artificial intelligence and machine learning is proving to be a game changer that will bring unique operational efficiencies to the financial service industry, worldwide. In Sri Lanka, continuing with their trend of pioneering innovative digital banking solutions, Sampath Bank is poised to revolutionize the financial industry with a banking robot that works in the form of a humanoid teller. A never before in Sri Lanka phenomenon, the robot uses artificial intelligence to understand customers’ requests and performs transactions. It detects the presence of a customer and automatically initiates a conversation. Currently the humanoid teller can speak and understand English and can perform seven functions; cash withdrawals, account balances, exchange rates, interest rates, details of loans & credit cards and information on how to open an account. With customer service and convenience foremost amongst the priorities of Sampath Bank, the robot is a part of their active digitalization initiatives. The humanoid teller will be programmed to perform more functions upon studying the customer requirements further. The bank is also planning to include Sinhala and Tamil language capabilities in the coming months. Currently Robot Banking is available at the Sampath Bank, Head Quarters Branch at # 110, Sir James Peiris Mawatha, Colombo 02. Speaking on the new project, Mr. Nanda Fernando, Managing Director, Sampath Bank PLC said, “Technological innovations will be at the heart of the banking industry for years to come. We are committed to delivering a seamless digital platform and easy to navigate services to our customers. Living up to our pioneering spirit we are proud to introduce Robot Banking services that will no doubt add more convenience whilst taking the country’s banking and finance industry forward.” Group Chief Information Officer, Mr. Ajith Salgado added, “We are witnessing a new and exciting era in financial service history, which is centered around customers’ emerging needs. To this end Sampath Bank has taken great strides forward with the introduction of the first banking robot, a landmark in banking industry.” Basking in the glory of this powerful new innovation, the bank takes time to look back on the many firsts that have placed them in the leadership position they are in today. Since its inception over 30 years ago, Sampath Bank has introduced Sri Lanka to many firsts based on the concepts of modern banking through a combination of innovative thinking and harnessing the powers of modern technology. Today it has emerged as one of the most progressive and forward thinking banks in Sri Lanka. While focusing on keeping abreast with global banking trends, Sampath Bank pays close attention to the needs, requirements and evolving lifestyles of its customers and is constantly developing new avenues to take its products and services to them, through simplified processes and digital solutions. The bank’s other main product innovations include the launch of Sri Lanka’s first Foreign Currency Exchange ATM which allows the exchange of US Dollars and Euro notes to Sri Lankan rupees as well as the Sampath mobile app which allows customers to conduct transactions on their smartphones. Sampath Bank auspiciously began this year with the launch of 10 digital products designed to save the customer time and money. They are also proudly celebrating 30 years of sterling service and offering futuristic banking options to the Sri Lankan public this year. Revolutionizing the banking sector is foremost in their mind and this new foray into the robotic era sets the bank firmly ahead of the rest. Photo caption: Mr. Nanda Fernando, Managing Director, Sampath Bank PLC, performing the first transaction on the humanoid teller banking robot at the Sampath Bank Headquarters Branch in the presence of the members of the Bank’s Corporate Management

IIT Offers internship opportunities at multinational and local blue-chip companies

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Informatics Institute of Technology (IIT), the pioneer in providing globally renowned British higher education in Sri Lanka since 1990, is offering a unique opportunity for its undergraduate students to gain invaluable professional exposure at multinational and local blue-chip companies. As part of the University of Westminster undergraduate degree, IIT students following BEng (Hons) Software Engineering, BSc (Hons) Business Information Systems, BSc (Hons) Computer Science (specializing in Mobile and Web Computing; Games and Computer Graphics Development; or Multimedia Computing disciplines) and the BA (Hons) Business Management programmes will be provided a one year industrial placement (internship) at renowned organizations. One of the biggest dilemmas faced by the educated youth currently is the issue of receiving suitable employment following graduation. Sri Lanka has been grappling with the problem of unemployed graduates for decades. With the objective of ensuring employability and high demand for their graduates, IIT is providing exclusive internship opportunities. The senior panel of academics at IIT says that the institute focuses on striking a balance between academic teaching and real world practical teachings. The industrial placements is an important component of the degree programmes offered at IIT as it will provide vital industrial exposure, help students inculcate the right attitude towards work  and will provide an opportunity to focus on specific specialized areas. Dean of IIT, Naomi Krishnarajah said that the industrial placement enables the student to understand the corporate environment and realistic preview of the ‘world of work, learn new skills and apply what was taught during the course. She added that the internship at prestigious organizations help groom students to make informed choices during the final year of their degree programme. “The exposure also enriches the students experience in making career path decisions after graduation and mesh into the corporate world with ease,” Ms. Krishnarajah said. “The educational foundation laid at IIT and co-curricular activities it offers, helps students to discover their potential. IIT also provides an environment for students to develop creative, entrepreneurial and leadership skills. The internship is also a valued entity that contributes towards the professional growth of the student. Finally it is the student who ventures into the real world and proves their potential,” Ms. Krishnarajah said. “This internship is undertaken during the third year of the degree programme and provides students with an invaluable opportunity to gain practical competencies and skills to complement the knowledge gained. Job experience, networking, academic insight and professional understanding are just some of the many benefits that an internship can provide. Students are placed in prestigious organizations in and around Colombo.  Those who have undergone this internship have found that it has added great value to their degree programme as it has given them the practical experience they need to underpin their theoretical learning and also exposes them to the industry, giving them first-hand experience in a real work environment.  All students are encourage to follow the one-year internship programme as it is invaluable in giving them a head start in pursuing their chosen career path, following graduation from IIT,” Ms. Shyani Siriwardene, Senior Lecturer/ Course Leader at IIT said. Early this year, IIT held its annual Career Day with the objective of providing a platform for their graduates and students to obtain employment and internship opportunities at some of Sri Lanka’s leading companies. During the 27 years of excellence in the tertiary education sector, IIT has produced over 3,000 graduates that are empowering over 250 organizations across the globe. Over the years IIT has won many accolades for innovation in local and international competitions such as Microsoft Imagine Cup, National Best Quality Software Awards (NBQSA), APICTA, British Council-HSBC Youth Enterprise Award, mBillionth Award South Asia and e-Swabhimani. Photo caption: (Above) The IIT Campus

IIT Graduation

Industry Interviews at IIT Careers Day

Industry Interviews at IIT Careers Day

Nawaloka Construction Achieves another Milestone in Sri Lankan Construction Industry for ITC 1 Colombo 1

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A forerunner in Sri Lanka’s construction industry, Nawaloka Construction Company (Private) Limited, recently completed the massive concrete pouring project at ITC 1 Colombo 1. Contracted through Larsen and Toubro Limited, India, Nawaloka Construction is the contractor for the 31-floor hotel tower and podium of the mixed development project. This undertaking by the 68 year old veteran construction company was the 2nd biggest continuous concrete pouring in the history of Sri Lanka. For 54 hours non-stop Nawaloka Construction’s highly-skilled team worked tirelessly to ensure that every aspect of the concrete pouring was carried out to the specifications. With the fastest concrete flow rate in the history of Sri Lanka at 103 cubic meters per hour, the team covered a total of 5650 cubic meters. Speaking on the completion of this project, Chief Executive Officer of Nawaloka Construction Company Kalana Alwis said, “We are indeed humbled to be involved with a globally recognized hotel chain like ITC and in turn to be contributing to the growth of infrastructure and the tourism sector in Sri Lanka. This project was a testament to Nawaloka Construction’s capabilities and strength that is backed by almost 7 decades of trust. We are looking forward to the completion of ITC 1 Colombo 1 which will be an icon in the Colombo skyline.” Nawaloka Construction used the highest quality thermal control concrete with a temperature gradient below 20 ºC for the project. They also used a high percentage of 40% fly ash and used 100% manufacturing sand in the production mix to ensure that the concrete met with global green building qualities and certifications. The Company places great emphasis on meeting environmental standards as required by the Central Environment Authority and have also maintained the quality control measures required under the ISO 9001:2008, ISO 14001:2004 and OHAS 18001:2007 and CIOB Green Gold Certification accreditations. The ITC 1 Colombo 1 project is a mixed development project of two towers on the Galle Face Road, consisting of 135 units of high end residential apartments in one tower and a five star hotel of 350 keys in the other tower. The project has a unique feature of a sky bridge with a swimming pool at 100 meters height connecting the residential tower with the hotel tower. For more information on Nawaloka Construction Company’s all-round capabilities in the construction industry, please call 0115 551111 or visit their website www.nawalokaconstructions.com

Pooja Visits Airtel Retailers

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During the month of October, Pooja Umashankar paid a series of surprise visits to Airtel retailers in Colombo, Gampaha, Kandy and across the East coast. Her presence on the ground created a massive hype in the Market, drawing large crowds interacting with her at the retail outlets visited. “It’s truly an amazing experience for Pooja herself to visit us. It is a dream come true. We are very thankful to Airtel for giving us the opportunity to meet Pooja.  Thank you Airtel, Thank you Pooja!” – Kumudu Jayasuriya, Minuwangoda
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