Adaderana Biz English | Sri Lanka Business News

Sir Arthur Conan Doyle brought to life the character of Sherlock Holmes almost a century ago. Known as the ‘Great Detective’, his analytical thinking and deductive abilities are admired universally. ‘How to think like Sherlock Holmes?’ is a unique book on personality development which shows you six ways to inculcate the analytical thinking patterns of the great detective into your life. Kelum Weligama, (www.kelumweligama.lk), the author of ‘Jeevithaya Wenas Karanna Katha’ 1, 2 and 3 (Stories that change your life), ‘Tharangaye Weeraya’ (Man of the Match), ‘Mahamolakaraya’ (Mastermind) and Persona, all bestsellers, is the author of ‘How to think like Sherlock Holmes?’ This can be considered the first Sinhala language personality development, inspirational and motivational book written based on the character of Sherlock Holmes and will help anyone interested in analytical thinking to change their lives for the better. The book, written in simple language, takes case studies of famous persons and companies that use the analytical thinking patterns employed by Holmes to demonstrate how to use this system of thinking in our own lives. The book is priced at Rs 450 and is published by Vishishta Publishers. The book is available at leading book shops including; Sarasavi, MD Gunasena, Samudra, Sadeepa, Minsara, Vijitha Yapa, Godage, Rathna – Maradana, Surasa – Maradana, Sooriya Publishers, Vicks- Maradana, Expographic, Multi Book Shop – Kadawatha, Samanala Book Shop – Minuwangoda and Negombo, Pethum Book Shop – Matale, Shan Book Shop – Matale, Anura Book Shop – Mahiyanganaya, Ganga Book Shop – Nittambuwa and Warakapola, Samayawardane, Dayawansha Jayakody, Thusitha Book Shop – Ratmalana, Ranathisara Book Shop – Kuliyaitiya, Dawasa Book Shop – Gampola, Puwasi Book Shop – Polonnaruwa, Sri Lankan Book Shop – Kegalle, Gunasekara Book Shop – Anuradhapura, Luminex Book Shop, and Ran W Book Shop – Embiliitiya. You can also order the book online at www.grantha.lk, www.kbooks.com and www.reading.lk and get it delivered home.

Association of Professional Bankers of Sri Lanka (APBSL) elected its new Council for the year 2018 / 2019 at its 29th Annual General Meeting held on 21st March 2018. Photo caption: (Standing – from left) Mr. Dishan Perera (Member of the Council), Mr. Anton Arumugam (Member of the Council), Mr. Dilshan Rodrigo (Member of the Council), Mr. B.A.H.S. Preena (Member of the Council), Mr. Jagath Gamanayake (Member of the Council), Ms. Manjula Herath (Member of the Council), Mr. E.A.P. Sisira Kumara (Assistant Secretary), Mr. Nishan Perera (Member of the Council), Mr. Thejaka Perera (Member of the Council), Mr. K.B. Rajapakse (Member of the Council). (Seated – from left) Mr. Halin Hettigoda (Secretary General), Mr. Aruna Fernando (Vice President), Mr. Bahanu Wijayaratne (Senior Vice President), Mr. Asanka Ranhotty (President), Mr. Senarath Bandara (Immediate Past President), Mr. C. Amarasinghe (Vice President), Mr Jeremy De Zilva (Treasurer)

~ 3 Month long campaign offers best leasing rates and host of other benefits Sampath Leasing is conducting its 4th annual “Leasing Wasi Thun Mase” mega leasing drive from 1st June to 31st August, 2018. The 3 month long campaign is part of Sampath Bank’s efforts to help ever more individuals and businesses across Sri Lanka realise their dream of owning a vehicle. Customers can avail special leasing rates starting from as low as 13.5%, the lowest in the market, over these 3 months. They will also be able to obtain leases for up to 7 years for brand new and unregistered, Japanese and European vehicles during “Leasing Wasi Thun Mase”. The low interest rates and extended settlement periods together are set to make leasing a vehicle more affordable, especially for salaried public and private sector employees and owners of small and medium businesses. Moreover, customers do not have to provide any guarantors to obtain a lease. Processing all applications swiftly, Sampath Leasing will provide them with a lease within 1 working day. “We are delighted to kick off Sampath Leasing’s annual “Leasing Wasi Thun Mase” drive for the fourth consecutive year,” said Mr. Thusitha Nakandala, Deputy General Manager – Branch Banking, Sampath Bank PLC. “While we continue to offer some of the best leasing rates and benefits all year round, the three month long campaign will see us offering even lower rates and a host of other added benefits. We invite consumers and businesses, especially the SMEs around the island, to avail the unmatched benefits on offer and realise their dream of owning a vehicle with Sampath Leasing.” Adding to the appeal of these already irresistible leasing solutions, Sampath Leasing will be hosting mega leasing fairs in partnership with leading automobile dealers in several key towns including Chilaw, Matara, Galle, Jaffna and Ratnapura. Customers will have the opportunity to test drive vehicles from several reputed brands on display at these events and also seek advice on them. Making the vehicles even more affordable, dealers will be offering special discounts. And the Sampath Leasing team will be on hand to provide counsel on the leasing solutions as well as on the spot lease approvals. They will also receive a free credit card with the joining fee and first year annual fee waived off. To learn more about the unparalleled benefits on offer during “Leasing Wasi Thun Mase”, call Sampath Leasing on 0777 66 33 77 or visit your nearest Sampath Bank branch.

~ Places second overall and wins category title for sixth consecutive year A mere point separated 99X Technology from the overall winners at the recently concluded Glitz Biz Quiz 2018, where top corporate masterminds battled it out over five rounds of questions that tested their general knowledge to the very core. The 99X Technology Quiz Team comprising of Associate Technical Leads Shirantha De Alwis and Rangitha Kuruppu, and Senior Technical Lead Sudath Thenuwara went head-to-head with over 30 corporate teams and after 50 questions, their efforts saw them emerge IT/Software category champions for the sixth year running and place second overall. Held at the Galadari Hotel, Colombo, the quiz attracted Sri Lanka’s premier corporate quiz teams including Dialog Axiata, People’s Bank, Hatton National Bank, DFCC Bank, Seylan Bank and SriLankan Airlines, among others. Having emerged the Mercantile Quiz Champions at the 2017 edition of this premier corporate quiz, the 99X Technology Quiz Team was keen to chalk up yet another victory to its name, yet conceded the title to the 2016 winners, People’s Bank. Initiated by a group of enthusiastic, like-minded employees with a keen interest in general knowledge, the 99X Technology Quiz Team has maintained a constant presence in the mercantile quiz scene over the past several years and continues to make its mark at a number of events annually. In addition to becoming overall champions at the Biz Quiz last year, some of the team’s highlights include placing third at the Biz Quiz 2015, becoming runners-up at CMI Corporate Quiz in 2015 and being crowned champions at the Governor’s Challenge Cup Quiz 2014. About Glitz Biz Quiz: Glitz Biz Quiz is Sri Lanka’s premier corporate quiz competition, organized exclusively for companies in the mercantile sector. The quiz covers a wide range of topics including current affairs, geography, history, world politics, sports, business and more. It is organized by Dashing Events and was hosted for the sixth consecutive year. About 99X Technology: Headquartered in Sri Lanka with offices in Scandinavia and Australia, 99X Technology has been adjudged one of Asia’s best workplaces for 2018 and is a regional leader in Agile software product engineering and technology innovation. Its expertise has been proven through a 150+ portfolio of successful globally serving software products developed since 2000, by partnering with leading ISVs across Europe, Australasia and USA. 99X Technology has been ranked as a Great Place to Work for in Sri Lanka for five consecutive years, and is among the first IT companies in the country to enter the Great Place To Work Hall of Fame (2017). Photo caption: IT/Software category champions and runners-up of the Glitz Biz Quiz 2018 (from left) 99X Technology Associate Technical Leads Rangitha Kuruppu and Shirantha De Alwis, and 99X Technology Senior Technical Lead Sudath Thenuwara

Sysco LABS has joined Educate Lanka on its Mentorship and Skills Development Program in an effort to support the next generation of Sri Lanka’s professionals. This student empowerment program is based on a unique social-private partnership model developed by the Educate Lanka Foundation. It leverages a network of corporate partners and their employees to develop the intellectual and professional capacities of the students who are supported financially through Educate Lanka’s micro-scholarships. Sysco LABS joined the mentorship program by pairing its staff members directly with students as they go through a 10-month structured peer-to-peer mentorship course covering a variety of topics ranging from educating yourself on career and tertiary education opportunities, to leadership skills, civics and workplace ethics. As part of the collaboration, Sysco LABS will also soon be conducting exposure and skills training sessions while offering internship and career placement opportunities for qualified Educate Lanka students and graduates. Founded in 2007 with an initial aim of preventing students from dropping out before completing their education, Educate Lanka has evolved into a social enterprise driven by a vision of making opportunities universal for everyone and a mission of empowering the socioeconomically disadvantaged children and youth by enhancing their access to education, mentorship, and employment opportunities. In creating this impact, Educate Lanka employs long-term micro-scholarship funding and targeted exposure, guidance, and training to provide its students with key tools and opportunities necessary to transform themselves into motivated leaders and productive change-makers. It also instils positive attitudes and a sense of accountability. Students are also committed to contribute to Educate Lanka and their own communities through financial and voluntary means. To date, Educate Lanka has sponsored over 4,500 years of education of 1,200 students through nearly Rs. 70 million in micro-scholarships while over 500 of them have completed their higher education and gained employment. Educate Lanka is currently supporting 500 children and youth between the ages 13 and 25 from all nine provinces across the country. The Mentorship and Skills Development Program is an element of the support Educate Lanka provides to students that goes beyond its financial intervention. The organization looks to professionals from Sri Lanka’s leading industries as well as Educate Lanka alumni to mentor and train aspiring students on their personal and professional journeys. With Sysco LABS, there are a total of 18 corporate and institutional partners both locally and internationally that have directly impacted nearly 700 Educate Lanka students and students of its community partners through this program since its inception two years ago. In relation to the partnership, Manjula Dissanayake, Founder and President of Educate Lanka, said, “Sysco LABS has been an instrumental partner of Educate Lanka since we first began to leverage the resources of the private sector and the business community in bridging the learning and leadership gaps of our students. As such, we are extremely thrilled and grateful to have their staff join us in providing our students with the 21st century skills, competencies, and exposure that will prepare them not only to meet the future talent need, but also to constructively tackle the challenges of tomorrow. Sri Lanka’s workforce and human capital will continue to be tested in a fast-changing world led by automation and artificial intelligence, and it’s imperative that we proactively and rapidly prepare our youth through innovative and collective approaches so that they could leapfrog into meeting the demands of future work and co-create an equitable and inclusive future for everyone.” On joining the Program Sysco LABS’ SVP and General Manager Rasika Karunatilake said, “We are happy to be able to deepen our support for the Educate Lanka Foundation and connect our employees with the students in the program. It has been a deeply rewarding experience for our team and we would urge other organizations to join the program as well. Academics are vital, they are the foundation that a professional’s career is built on, but without synthesis with personal development, it’s hard to really develop a leader and a force for change. We know this to be true in our organization, and it is a privilege to be able to share it with the students.” For further information visit https://educatelanka.org/. For information on joining the mentorship and skills development program please contact: Seevali Ratnakara, Program Manager, at seevali@educatelanka.org. About Sysco LABS: Sysco LABS is the innovation arm of Sysco Corporation (NYSE:SYY), the world’s largest foodservice company. Sysco is the global leader in marketing, selling and distributing food products as well as equipment and supplies to the hospitality industry. Sysco serves over 500,000 customer locations through its team of over 65,000 associates and operates 300 distribution facilities across the globe. Sysco is re-imagining the global foodservice industry: our Sysco LABS engineering teams based out of Colombo, Sri Lanka, Redwood City, CA and Austin and Houston TX, will lead innovation across the entire supply chain – sourcing of food products, merchandising, storage and warehouse operations, order placement and pricing algorithms, delivery of food and supplies to Sysco’s global network – culminating in the in-restaurant dining experience for the end-customer. Operating with the agility and efficiency of a tech–startup and backed by the domain expertise of the industry leader, Sysco and the Sysco LABS team is poised to revolutionize one of the biggest industries in the world. Photo captions: (Above) Dhanusha Amarasinghe, Country Director, Educate Lanka Foundation speaking at Sysco LABS’ inaugural Mentorship and Skills Development Program and (below) Sysco LABS Mentor Stefhan Sebastian, Associate Manager – Marketing welcomes his Mentee Sampath Gangala, an undergraduate from University of Peradeniya

The National Mobile Service Provider, Mobitel, has partnered with the Open University of Sri Lanka (OUSL) to provide yet another service through Mobitel’s mCash. Now, Open University students who are mCash users can make their student fee payments through the mCash mobile money service. Students can skip the tedious form filling at Banks and other payment points by simply making a direct payment to the Open University through their mCash account, using only their mobile phone. Through this partnership between Mobitel and the Open University, students can make multiple payments through mCash: university admission fees, examination fees and other university-related fees. Students can simply visit to Open University Website and logging into their MYOUSL account via https://payment.ou.ac.lk/ and select mCash as the preferred payment method, to pay all their fees and university expenses. Mobitel is determined to make the mCash service an inclusive one, which provides the ease of transaction and flexibility of mobile money payments to everyone across Sri Lanka, no matter where they live or their social or economic circumstances. Based on the firm belief that access to the emerging technologies and social benefits of mobile communications is a benefit which should be enjoyed by all Sri Lankans, Mobitel has been growing the services provided through mCash as well as expanding its network of vendors and service points in the country. The Open University of Sri Lanka is a national university that is the only university in Sri Lanka to offer programs of study which lead to Certificate, Diploma, Degrees and Postgraduate degrees up to PhD level through the distance learning system. With five distance learning centres across the Island, and the main campus at Nawala, the Open University provides tertiary education to thousands of students each year. To register for mCash simply dial #111# from your Mobitel or Etisalat phone to get started. Mobitel, has also recently partnered with JustPay©, a secure, real-time payment service, to enable Mobitel mCash customers to top up their wallet directly from their preferred Bank Account for the first time in Sri Lanka. In addition to that, Students and the parents can top up their mCash account using the mCash extensive retailer network of 16,000+ touch points Island wide including Mobitel Branches, SLT Teleshops, Singer Mega outlets, Singer showrooms, Abans showrooms, Amana Banks, Sanasa Development Bank PLC and they can top up via online using Commercial Bank, HNB, PABC and Cargills Bank. Photo caption: (Middle) Isuru Dissanayaka, Senior General Manage – Marketing of Mobitel exchanging the partnership agreement with S. Anbahan Ariadurai – Vice Chancellor of the Open University of Sri Lanka. Also present are (from left) Hiranya Karunarathne – Product Executive – Mobile Financial Services of Mobitel; D.S. Kasun Devpriya – Assistant Registrar – the Open University of Sri Lanka; Kalhara Gamage – General Manager Mobile Financial Services of Mobitel; G.M. Kamal B. Gunaherath – Deputy Vice-Chancellor – the Open University of Sri Lanka; W.L. Vindya Jayasena – Registrar – the Open University of Sri Lanka and Nadee Weerasinghe – Acting Bursar – the Open University of Sri Lanka

Lassana Flora, renowned as the most trusted online shop in Sri Lanka has teamed up with Softserve (Private) Limited to migrate to Microsoft Dynamics NAV Enterprise Resource Planning (ERP) Solution. This timely and strategic move will streamline the process and make it more efficient and customer-friendly, in keeping with globally recognised industry standards. “We at Lassana Flora have taken strategic leaps which have resulted in us being the No 01 choice in wedding décor, flower retail, online flowers and gift delivery business. Implementing an advanced ERP solution, improving efficiency, accuracy and service standards is a giant step in achieving our vision of becoming the benchmark service delivery company in Sri Lanka,” remarked Lassana Flora’s Managing Director Dr. Lasantha Malavige. “We are honoured to share our expertise and skills with Lassana Flora. Our core belief is to ensure the optimisation of business processes and leverage corporate knowledge leading to a competitive advantage for the company. This methodology is manifested through the implementation of the most apt ERP systems designed solely for the company,” said Mr. Mahesh Jayawardana, Managing Director of Softserve Pvt Ltd. Through the implementation of the NAV ERP on a Cloud Hosted Environment, the industry specific business process at Lassana Flora was re-engineered to support the event management and deliverables that are very much customer and cost sensitive and leaves minimum room for errors. NAV eliminates the staff dependent process and helps to increase customer services. Overall, NAV provides a scalable business platform that supports the growth of the company across diversified strategic business units. Ever since he founded Lassana Flora in 1998, Dr. Malavige’s far-thinking, out-of the box ideas have boosted the company from a mere floral supplying and event management company to the leading online delivery platform in the island. Lassana Flora offers a broad range of services by providing wedding décor services, bouquets, cakes, and much more, in addition to a virtual gift shop operation which has taken the local and international markets by storm. The innovative gift ideas and the ability to create the most unique selections make the portal a customer-oriented modus operandi. Hence, the fame earned as the best services and supplies delivery operation, eager to please the customer’s multi-faceted requirements comes as no surprise. Dr. Malavige’s broad vision has earned the company several accolades and certifications. Lassana Flora goes on record as being the first ISO certified florist in South Asia and a member of the largest florist network in the world. Softserve (Private) Limited has continued to pursue excellence in its field of expertise through a proven track record for delivering successful technology solutions to progressive companies in Sri Lanka. Photo caption: Lassana Flora’s Managing Director Dr. Lasantha Malavige (left) and Managing Director of Softserve Pvt Ltd. Mr. Mahesh Jayawardana

Building on strong momentum in Q3, Expolanka posted a 23.7% Year-on-Year (YoY) expansion in Company revenue up to Rs. 18.7 billion in Q4, enabling substantial improvements in group turnover for the financial year, which increased by 22% YoY up to Rs. 77.5 billion. As in previous quarters, Expolanka’s topline growth in Q4 was primarily driven by the logistics sector the implementation of concerted strategies aimed at driving growth in its operations. During the period in review, the company was able to generate a Gross Profit of Rs. 4.1 billion, representing a positive 51% YoY improvement which also resulted in a 22.5% YoY increase in Annual Gross Profits up to Rs. 13.2 billion. Strong top-line performances also enabled the group to post a Profit After Tax (PAT) of Rs. 372 million for the quarter up by 30% YoY, while annual PAT stood at Rs. 962 million, in line with company’s expectations for the year. The Logistics sector, which stands as the key driver of the group performance contributed Revenue of Rs. 17.8 billion, reflecting a 32% YoY improvement, while generating an annual revenue of Rs. 72.9 billion, reflecting growth of 34% YoY. The sector’s sustained performance during the year was largely a result of concentrated and focused efforts in increasing volumes, enhancing products and solutions across trade lanes. Consequently, the logistics sector was able to generate a Gross Profit that was 58% YoY greater, closing the quarter in review at Rs. 3.7 billion. The sector recorded an annual gross profit of Rs.12.4 billion, up by 28% YoY. The group further witnessed its GP margins improving over the last two quarters ending the year at 17.1% in line with margins recorded last year. The improvement in margins was a result of sustained efforts undertaken by the company to improve its procurement function. The improvements in margins coupled with focused efficiency initiatives enabled the sector to generate a PAT of Rs. 522 million for the quarter (growth of 17% YoY) The performance for the current year was driven by the growth in volumes across all key products with Air Freight operations contributing significantly towards the growth of the business. Ocean Freight operations too continued its positive growth trends tracking strong growth numbers. All key trade lanes performed to expectation during the quarter with the business being able to substantially consolidate its South Asia & East Asia operations. The Warehouse operations continued to show improvements delivering sustainable earnings driven by a focus on building operating scale and efficiencies. Furthermore, Expolanka’s Leisure sector continued to extend its strong performance during the quarter posting a turnover of Rs. 324 million and gross profits of Rs. 296 million to conclude the quarter with a PAT of Rs. 21 million and a YTD PAT of Rs. 169 million. Moving forward, the brands within the sector aim to maintain its focus on core operations complemented by a wide range of value added services. Meanwhile, the group’s investment sector, which includes the group’s perishable export operations contributed a further Rs. 603 million towards group turnover. The sector recorded a loss during the quarter primarily attributed to the cost of shared services provided by the corporate office, which functions as a strategic and support service centre to the group.

Sri Lanka Insurance is now providing enhanced and more streamlined services to customers through its redesigned, more user-friendly web portal. The web portal enables Sri Lanka Insurance customers to easily and conveniently access the services they require without having to necessarily visit the SLI head office or branch offices. Making payments online, managing their policies etc. could all be performed easily at the touch of a button. The web portal brings SLI services to customers’ fingertips, enabling them to perform most of their transactions online. It’s expected to give a welcome boost to customer services. Some of the services which would be available to SLI customers through the online portal are obtaining quotations, buying or renewing their insurance policies, obtaining policy schedules and cover notes, paying their premiums and viewing one’s premium status, policy details and tax certificates. Sri Lanka Insurance believes that in a world driven by technology, where time is of the utmost importance, it’s vital that customers are provided with improved services which they can access easily without any hassle. The web portal is available for both Life and General (Motor and Non-Motor) customers. The directory can be accessed via www.srilankainsurance.net.

ATrad, the Sri Lanka-developed online stock broking platform, recently celebrated the milestone achievement of 85 per cent deployment among stock broking firms operating at the Colombo Stock Exchange (CSE). The celebratory event organised for the management of leading stock broking firms was graced by the Prime Minister Hon. Ranil Wickramasinghe and was attended by stock market analysts and the senior management of IronOne Technologies, the developer of the platform. Speaking at the event, IronOne Technologies CEO Ms Lakmini Wijesundera said: “There can be no better testament to the success of ATrad than having 85 per cent of Sri Lanka’s stock broking firms using the solution. We have also introduced the platform to stock brokers of the Bombay Stock Exchange and are now poised to venture into more international emerging markets with ATrad.” ATrad CEO Rajitha Kuruppumulle thanked stock brokers for their support in making ATrad the undisputed leader at the CSE. A complete trading, back office, accounting and margin trading solution, ATrad facilitates stock trading for Advisers and Investors and has the added capability to act as back-end solution for brokers. Continuous enhancements have enabled a variety of services including direct integration to banks, and enhanced analytics to be provided to emerging market stock exchanges and broker communities. The recent appointment of Jit Seneviratne as the Senior Vice President Business Development at IronOne Technologies has strengthened the leadership and strategic global growth of ATrad, the Company said. ATrad is geared to effectively support and align with the Colombo Stock Exchange’s requirements, including those introduced with the new CDS system, ensuring a seamless experience for clients. It offers support for multiple classes of assets, easily encompassing the CSE’s two currently-offered asset classes – Debt and Equity. In addition, the ‘Risk Manager’ function is capable of providing a comprehensive risk management solution to broker firms, allowing them to adapt smoothly to the Delivery vs. Payment (DvP) settlement system that the stock exchange will require. With the drive to encourage foreign investment, both by the CSE and stockbroker firms, ATrad’s ability to handle orders placed by third parties with ease using their own systems and receiving backward status updates in real-time, is considered a valuable feature.

Photo caption: Prime Minister Ranil Wickramasinghe joins directors and senior management of IronOne Technologies and guests at the celebration.

Sri Lanka’s premier fashion department store Odel recently announced the addition of Casio watches to its extensive collection of original branded watches. Odel is now an authorized retailer for Casio, and will provide a host of after-sales services via its partnership with Blink International, the authorised service partner for Casio watches in Sri Lanka. Odel has long been known as a retailer that offers shoppers the luxury of choice. Over 250 Casio watches will be available at the store’s flagship store at Alexandra Place, forming a part of a watch collection that totals an impressive 650+ -the largest collection of watches at a retail fashion chain. These watches are duty-free, which makes them more affordable and on par with prices in markets such as Dubai or Singapore. Casio watches are masterfully crafted works of superior design and quality. Take, for example, the G-Shock GA 700, a highly resilient analog-digital watch with a bold new case silhouette featuring 3D dial and hands for a multi-dimensional, carved out of metal look. The new model launched in August 2017 improves reading and projects added toughness with a front button super illuminator LED light crafted in black and red. It is shock resistant and 200M water resilient-the perfect accompaniment on an island adventure or for active day to day wear. The Edifice EQB 500 is another watch that combines supreme wearability with the best of modern technology. Its Bluetooth Smart connectivity enables it to be the world’s first watch with smartphone link to the time in 300 cities and equipped with controls that enhance operability. The design is polished, with a keen-edged dial design in a tough, rugged metal case. Odel will also stock other Casio watches from collections including G-shock, Baby-G, Protrek, Edifice, Enticer and Youth. In particular, it will stock the G-Shock Premium MTG and GPW series with features such as automatic time setting and GPS services. Odel’s status as an authorized Casio retailer will allow it to provide a comprehensive range of after-sales services by working directly with the authorized Casio Service Center in Sri Lanka which has direct monitoring by Casio Japan. Blink International is fully equipped with the latest technology to handle any Casio watch repair within 72 hours or less, inclusive of the high-end MTG series. Blink International Director Muhammed Mansoor noted, “The partnership with Odel is a great way to expand our reach, and better way to cater to the middle-income segment of the local watch market. Odel provides a great retail space and shopping experience, which makes it an excellent place to make an informed decision when buying a watch. We look forward to catering to watch enthusiasts in Sri Lanka with this partnership.”

Captions – G-Shock GA 70 from the extensive range of Casio watches available at Odel

A recent study done by LankaPropertyWeb.com reveals the average residential land prices around Colombo and which areas the prices have gone up. In one of the most comprehensive studies done on land for sale asking prices (for-sale prices) around Colombo listed on their website, the suburbs of Nawala, Dehiwala and Rajagiriya have topped the list for the highest per perch average price. The cheapest areas for land within proximity to Colombo is Ingiriya, Padukka & Kosgama. While the above figures provide some interesting facts, it won’t surprise many as the prices tend to obey the proximity rule – where prices closest to the main city are the most expensive and as you go further away the prices decrease. The ‘Heat Map’ below illustrates the average land prices in each area. Price trends However, interestingly, even though the land prices in the country has been increasing, the rate of year-on-year increase has slowed down in the last 3 quarters, with the last quarter recording a 9.26% increase, according to the House Price Index. Colombo city has also shown similar characteristics to the national land prices, with Y-O-Y price rises slowing down to 8.5% in the last quarter, and rest of the Western Province saw average land prices rise by 13.5%. While land prices will continue to rise overall, and remains as a top investment, it needs to be seen if the slowdown in the price increase is temporary or will become the future trend. In terms of price increases, areas further away from Colombo have shown significant increases with Veyangoda, Mirigama and Hanwella showing above 50% year-on-year increases. Closer to Colombo, Thalawatugoda and Thalahena have shown the best increases with increases between 40-50%. It’s worth noting that these values represent statistical average prices for that whole area and prices within the area will have its own variances, such as land close to main roads or junctions being expensive and above average. If you wish to obtain more accurate prices for your land or neighbourhood prices, then you should view land for sale listings for that area, check with an estate agent or valuer in your area. Property transaction trends in Western Province The number of Deeds registered in a given region would be a good indicator of the number of property transitions in that region and how buoyant the market in that area is. Recent Deed registration statistics released by the Registrar General’s Department (for 2012-2016 period), shows that the number of deeds registered in Western Province and each of its districts has grown year on year, however the growth has started to slow down. 2016 has seen 472,316 property transactions / Deed registrations in Western province, with bulk of it coming from Colombo & Gampaha Districts. There was a 6% increase in registrations in 2016, compared to 11% in 2015.

The below graph shows annual growth of the registrations for each of the districts in Colombo

All graphs show a decline in 2012/13 period. While there could have been many factors for this, one factor could have been the high interest rates during that period. The below chart illustrates the interest rates during the 2012-2016 period.

This would have discouraged the real estate buyers to delay their investment. Once the interest rates declined to its lowest levels, it can be observed that the activity increased in 2014 & 2015. Once again, the actives were contracted in 2016 with the increase of interest rates. Islandwide, Mullativu has shown the highest increase in Deed registrations for the 2012-2016 period, while Polonnaruwa, Vavuniya and Mullativu has the highest growth in 2016. Full charts and further details about this can be found on the LankaPropertyWeb.com website.

~ DIMO announces MercedesTrophy Sri Lanka Country Finals 2018 Local automotive pioneer and sole authorized distributor for Mercedes-Benz in Sri Lanka, Diesel & Motor Engineering PLC announced the return of the island’s most luxurious golf encounter, the MercedesTrophy Sri Lanka Country Finals 2018. Teeing off on 16 June 2018, the tournament will be open exclusively to Mercedes-Benz owners, making it one of the most unique, prestigious and most anticipated events among the Sri Lankan golfing fraternity. “It is an absolute pleasure for us at DIMO to once again announce the upcoming MercedesTrophy Sri Lanka Country Finals. The event will of course be an ideal opportunity for Mercedes-Benz owners, who have a shared passion for the sport of golf, to compete and enjoy the game to its fullest. “This year’s tournament also marks the return of the trophy to Nuwara Eliya, and we are all excited to bear witness to the history that is made on the course later this June. Our tournament stands among the most prestigious in the country due to its exclusive nature, excellent organization, challenging courses and outstanding prizes and we look forward with great anticipation to a grand celebration of the sport and its connection to the Mercedes-Benz brand.” Head of Marketing for Mercedes-Benz at DIMO, Shervin Fernando stated. The winners from Sri Lanka Country Finals stand the chance to compete in the MercedesTrophy Asian Finals which will be held in Australia. Thereinafter, the winners of the Asian tournament will go on to qualify for the MercedesTrophy World Finals in Stuttgart, Germany. The tournament will also serve as a centerpiece to a series of mini-events hosted by DIMO at the luxurious Grand Hotel, Nuwara Eliya where the players will be staying for the duration of the tournament. In keeping with the past 27 years of tradition, participants at this year’s tournament will be welcomed to the luxurious Grand Hotel Nuwara Eliya with evening cocktails where they will be welcomed by DIMO Chairman, Ranjith Pandithage. Following the conclusion of the tournament, DIMO will also host a special Awards Ceremony to felicitate the event’s winners and best players, followed by a gala evening of fine dining and fellowship that celebrates the best of the sporting culture and the Mercedes-Benz brand. Previously taking place in Trincomalee, and most recently in Hambantota at the recently commissioned Shangri-La Golf and Country Club, the tournament has covered many parts of the island as it becomes a regular and much anticipated fixture among Sri Lanka’s golfing fraternity.

Reuters – Sri Lankan shares ended weaker on Monday to hit their lowest close in more than five months as investors sold telecom and banking shares, while foreign buying curbed further decline. Foreign investors bought net 318.2 million rupees ($2.01 million) worth of equities on Monday, but the market has witnessed a year-to-date net foreign outflow to 824 million rupees worth of shares. The Colombo stock index ended 0.1 percent weaker at 6,394.93, its fifth drop in six sessions. It fell 1 percent last week. “The market is completely dead and some block deals pushed the turnover levels,” said Dimantha Mathew, head of research, First Capital Holdings.

“Investors are adopting the wait-and-see approach for some positive news, especially on the economic front.”

Turnover was 771.8 million rupees, less than this year’s daily average of 994.2 million rupees.

A weaker rupee, political uncertainty and the recent fuel price hike also weighed on sentiment, as local investors mostly remained on the sidelines as they gauged the impact of the floods that killed 24 people in the island nation over the past two weeks, brokers said.

Shares in Dialog Axiata Plc ended 2.1 percent lower, while Ceylinco Insurance Plc closed down 4.3 percent and Hemas Holdings Plc ended 2.4 percent weaker. Foreign investors, who mostly sold shares of John Keells last week, bought the market heavyweight after the lower prices made it more attractive, stockbrokers said. Shares of John Keells ended steady on Monday. Reports that MSCI Frontier Markets 100 Index, which captures large- and mid-cap representation across 29 frontier markets, will remove Keells from its index triggered foreign selling. The rupee hit a fresh low of 158.80 per dollar on Friday owing to dollar demand from foreign banks and importers, but ended steady on late inflows from remittances. Analysts said market sentiment was dented by concerns over political instability following President Maithripala Sirisena’s decision to suspend parliament last month after 16 legislators from his ruling coalition defected. Last month, Sirisena urged his own coalition government and the opposition to end a power struggle to achieve ambitious goals including anti-corruption measures.

Sri Lanka’s most innovative bank, HNB announced a breakthrough partnership with popular retail department store, ODEL to lead the syndication of a Rs. 5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7. The syndicated loan, which will cover majority of the total cost of construction of the New ODEL Mall amounting to Rs. 9 billion, was arranged by HNB in partnership with Sampath Bank PLC and Bank of Ceylon with each party participating equally in the loan. DGM Corporate Banking of HNB Ruwan Manatunga signed off as the Lead Arranger together with Senior DGM Corporate Banking Sampath Bank Shashi Jassim and BOC DGM Corporate and Offshore Banking Russel Fonseka. “HNB is a bank which is a firm believer in the power of local businesses to build internationally renowned Sri Lankan brands. Hence it is a true pleasure for HNB to serve as lead bank to the syndicated loan that is powering the timely expansion of Odel. “Particularly at a time when local consumers are gradually increasing their spending while larger numbers of tourists enter the country each day, these investments by Odel will almost certainly help to position the store as a premium destination for any lifestyle requirement, on par with the very best experiences available internationally,” DGM Corporate Banking HNB, Ruwan Manatunga stated. The new development will consist of multiple floors of retail and recreational space of over 240,000 square feet that will cater to the life style requirement of customers by offering activities with a range of internationally renowned branded items and high quality local products as well as cinemas, food courts and several fine dining restaurants, all under one roof. The complex will be constructed as two seven stories structures with five basement floors for parking comprised of over 525 parking bays. The mixed-development complex will also include of 39 luxury apartments in the sixth and seventh floors overlooking the city of Colombo. Entire range of retail products under the Softlogic umbrella including ODEL, Softlogic Brands and Softlogic Retail will occupy approx. 50.0% of the retail space available in the new Odel Mall and the balance 50% will be rented out to selected group of retail brands food courts, themed restaurants, supermarkets while P.V.R. Cinemas India’s second largest theatre operator is already appointed to operate the seven movie theatre complex. With major part of the Piling work completed and the appointed civil contractor already in the process of mobilizing, this landmark project is expected to be completed in year 2020. While appreciating the efforts of Sampath Bank and Bank of Ceylon in successfully achieving the financial closure, Head of Project Finance HNB Majella Rodrigo elaborated that HNB’s Project Finance Division has supported in arranging several large scale syndications during the last 12 months specially in projects associated with infrastructure development. Operating across 251 customer centres island-wide, HNB PLC is Sri Lanka’s largest private sector commercial bank, having been declared Bank of the Year 2017 by the prestigious British financial magazine The Banker, in recognition of its performance as the most profitable banking group and for introducing unprecedented innovations to the domestic banking industry. The Bank has continuously won accolades in recognition of its outstanding contributions towards the elevation of service standards using cutting-edge technology. The bank has most recently been adjudged ‘Best Retail Bank 2018 in Sri Lanka’ for the 10th time while also being recognized for managing the ‘Best Microfinance Product 2017 within the Asia Pacific Region. HNB was the first local Bank in Sri Lanka to receive an international rating on par with the sovereign from Moody’s Investor Services while maintaining a national long term rating of AA – (lka) from Fitch Ratings Lanka Ltd., and amongst the Top 1,000 banks in the world by The Banker. Photo – Hiran Perera, Head of Corporate Finance & Treasury, Softlogic Holdings PLC, Ruwan Manatunga, Deputy General Manager, Corporate Banking, HNB PLC, Ashok Pathirage, Chairman / Managing Director, Softlogic Holdings PLC, Shashi Jassim, Senior Deputy General Manager, Corporate Banking, Sampath Bank PLC, Russel Fonseka, Deputy General Manager – Corporate Banking & Offshore Banking, Bank of Ceylon PLC

Huawei increased its brand value by 22% in the past year and now ranks 48th intheTop100 Most Valuable Global Brands according to the latest BrandZ

report published earlier this week. The annual brand study, compiled by WPP and Kantar Millward Brown, notes that Huawei has now featured for the third consecutive year in the Top50 global brands, as Chinese brands outperform their U.S. counterparts for the first time in the study. The total brand value of BrandZ

Top 100 reached US$4.4 trillion seeing an increase of 204% over the past twelve years. The total net growth of all listed brands is now close to US$750 billion with all categories achieving full growth for the first time on record. Technology companies by far lead the global list taking eight out of ten places in the Top 10, with a combined brand value of more than half (56%) of the total brand value of the Top100 companies. Chinese brands are arguably the most eye-catching group in this year’s edition of the BrandZ

report, now in its thirteenth year. Tencent, Alibaba and Huawei are just some of the leading names among the fourteen Chinese companies whose total brand value increased by 47% year-on-year. China’s brands have also seen their growth rate surpass that of their U.S. counterparts for the first time in the study. It is the fourth consecutive year for Huawei on the BrandZ

Top 100 Most Valuable Global Brands. The company’s brand value and ranking have grown steadily year-on-year thanks to the strong performance of smartphones, tablets and the brand’s global expansion. The rising influence of Huawei has not gone unnoticed in other major brand studies. Last week Forbes revealed its Most Valuable Brands of 2018 list in which Huawei, with a value of $8.4 billion, ranked 79thin the Top 100 as the sole Chinese brand. Earlier in February this year, Huawei was listed25thon the Brand Finance Top 500 Global Brand Value of 2018 with a brand value of US$38.046 billion. According to IDC, there were 336.1 million units shipped globally in the first quarter of 2018, down 2.4% year-on-year, showing an overall downturn in the global smartphone industry. However, despite an overall decrease in smartphone shipments, the average selling price of smartphones actually increased year-on-year by 21% to 374 US dollars, as reported by GFK. As the third largest smartphone supplier in the world, Huawei did not only outperform the market, but also grew the market share steadily (11.7%). Moreover, the market share of Huawei’s high-end models(above $500 US dollars) increased to more than 10% driven in part by the breakthrough growth in key high-end regions such as Europe and the Middle East. Along with the global launch of the P20 series, Huawei has firmly established itself in the global high-end market and its brand influence has further improved. According to Ipsos, in 2017, Huawei’s global brand awareness and consumer consideration increased to 86% making it the fastest growing brand among global technology companies in the past six years. Brand perception andattributes such as technology leadership, design and trustworthiness have all gradually surged. With its high-quality products and trend-setting technological innovations, Huawei is bucking the international industry trends as it gradually moves towards becoming a global and iconic tech brand.

IFC, a member of the World Bank Group, today announced its foray into venture capital in Sri Lanka with a $2.5 million equity investment in PickMe, the local technology company that introduced ride-hailing services to the country. The investment will help the company expand across the island and increase access to affordable, safe, and efficient transportation. PickMe, which launched operations in 2015, was founded by serial entrepreneur Jiffry Zulfer and helps customers call anything from an auto rikshaw to a luxury car using its smartphone app. This helps solve a critical problem, since Sri Lanka has as many as 31 people for each registered car and 20 for each auto rikshaw. The sharing economy—especially ride-hailing—has the potential to better serve women. “We at PickMe have a strong expansion program in place as we enter new cities and diversify our operations to reach more customers, and serve them better,” said Jiffry Zulfer, CEO of PickMe. “We are excited to be able to draw from the best practices and global knowledge that IFC brings.” Sri Lanka’s venture ecosystem is growing, but funding options are still limited. A mere 5% of the startups that get seed funding manage to raise Series A rounds. IFC’s entry into this space is expected to attract more capital, domestic and international, for the country’s technology startups. “Sri Lanka possesses many of the building blocks for a thriving digital startup ecosystem, but has been held back by a lack of global expertise and funding,” said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “Through this partnership, we want to help make travel safer, increase revenues for the company’s driver partners, and support the growth of Sri Lanka’s startup ecosystem.” IFC’s Venture Capital group invests in growth-stage companies that offer innovative technologies or disruptive business models focused on emerging markets. IFC’s investments mobilize institutional capital and better position companies for follow-on funding, sustainability, and further job creation. Sri Lanka is a priority country for IFC. IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.

Lanka Credit and Business Ltd (LCBL) a leading institution in down South of Sri Lanka acquired City Finance Corporation Ltd on 19th April 2018, after discussions and negotiations with Central Bank of Sri Lanka (CBSL). LCBL was gone through an in-depth evaluation by CBSL and made a correct assessment of the future Business plan of LCBL, to restructure and turnaround City Finance Corporation Ltd. LCBL has already made an initial capital infusion of Rs. 565 Million to City Finance Corporation Ltd According to the CBSL instructions we called the all depositors of the CFCL for the meeting at the Auditorium of Public Library, Colombo on 23rd May 2018. LCBL also comply with CBSL to repay existing deposit liabilities and accrued interest within 2 years in 3 tranches.

10% of deposits and interest liabilities on or before 31^st May 2018 (already continue).
45% of deposits and interest liabilities on or before 31^st March 2019.
Balance 45% on or before 31st March 2020.
Interest for the existing deposit liabilities will be paid at 4% per annum.

LCBL has big plans for development and Expansion of City Finance Corporation Ltd. They have already agreed with Central Bank of Sri Lanka to make further investment, in addition to the first capital infusion of Rs. 565.0 Million and 338 Million worth Net Assets (NAV) transferred to City Finance Corporation Ltd

400 Million before 30.06.2018 (Balance portion up to Rs. 1 Billion Core Capital)
A further Rs. 400 Million before 31.03.2019
A further Rs. 300 Million before 31.03.2020
A further Rs. 200 Million before 31.03.2021

With the acquisition by LCBL, City Finance Corporation Ltd become the first Southern based finance company, catering to the retail and Middle markets through Financial Products of Leasing, Hire Purchase, Mortgaged Loans, Pawning, Micro Finance, acceptance of foreign current deposits etc. At present the LCBL operates its head office in Galle city and the branches at Karandeniya, Mirissa and Pelawatta in down south of Sri Lanka. The LCBL has proposed to change the name of the company as the LCB Finance Limited after the merger of the two companies. The new head office and corporate branch are going be located at No 76, S De S Jayasinghe Mawatha, Kohuwala, Nugegoda, Sri Lanka. The LCBL expects to expand its branch network in the areas of Negombo, Kurunegala, Anuradhapura, Kohuwala and Rathgama in the near future. Our prime objective is to serve the people in this country by providing tailor made solutions to the needy people. Also, we expect to service to the nation irrespective of the race, religion or any other differences such as poor, rich, young or old. The new Board of Directors is as follows. The board of directors consists with well educated professionals and reputed and qualified businessmen in the Down South. Senior Professor Mr. W. M. Abeyrathne Bandara – Chairman Mr. K. G. Leelananda – CEO/GM/Executive Director Mr. Ranjan Lal Masakorala (Board of director) Mr. A. G. Mahin Priyantha (Board of director) Mr. U. K. Harith Ruwan Ranasinghe (Board of director) Mr. Kapila Indika Weerasinghe (Board of director) Mr. Jagathraja Weerasinghe Nanayakkara (Board of director) Mr. Sathyananda Wijesekara Subasinghe (Board of director) Mr. Vijitha Lokunarangoda (Board of director) Mr.Ramanathan Nadarajah (Consultant to the Board) Mr.Bandula Weerasinghe Nanayakkara (Consultant to the Board)

Ranked Most Loved Insurance Brand by Brand Finance

Sri Lanka Insurance has declared a Life Insurance Bonus of Rs 6.8 billion for this year, recording the largest Life Insurance Bonus ever to be declared in the insurance industry. The company achieved this historic milestone by surpassing its own record of Rs 6.2 billion declared as Life Insurance Bonus in the year 2017. Sri Lanka Insurance also recorded the largest Life Fund in the local insurance industry to date with a ground-breaking Rs. 98.5 billion in its Life Fund. Over the past years, Sri Lanka Insurance has been declaring increasing bonuses to its Life policyholders. It has given over Rs 50 billion in total as Life Insurance bonuses since 2006. Sri Lanka Insurance’s prudent investment management strategies and accumulating Life Fund have enabled the company to give higher returns to its policyholders. Sri Lanka Insurance, the pioneer as well as the leading National Insurance Company, has recorded an outstanding performance while reporting a significant growth in its Assets Base to Rs. 190 billion, which is again the largest in the insurance industry. Meanwhile, the Sri Lanka Insurance brand has also been ranked among the Top Five of the Most Loved Brands and the Most Loved Insurance Brand in the island in the ‘2018 Brands Annual’ published recently. The company has also introduced increased dynamism and expertise to all customer care and operational procedures, among which is the launch of its online portal for the convenience of busy customers. The company is also in the process of expanding its branch network, which currently stands at over 120, to provide even better services to its customer case. Sri Lanka Insurance, with over five decades of service to the nation is the island’s largest and strongest insurer. It is the first insurance company in the country to have been assigned a global rating for financial stability, AA+ (lka) from Fitch Ratings, London which is an assurance of the company’s long-term financial sustainability. The company has also been awarded ISO 9001:2015 certification for correct governing and operational procedures in line with accepted global standards.

Sri Lanka’s Comilla Bungalow was recently declared the Asian Continent Winner in the “2017 Luxury Country House” category at the prestigious World Luxury Hotel Awards. Situated near the historic town of Wathurugama, and perched at the summit of a vast coconut estate, the Comilla Bungalow surveys verdant fields of pepper and thickets of tropical fruit trees. The century-old plantation bungalow has been lovingly re-imagined as a luxury boutique hideaway, retaining its wood-hewn verandahs and Dutch period architecture while introducing a full range of modern conveniences, with novel touches like an Infinity Pool, a Private Deck, a Juice Bar, in-room Hot Chocolate facilities and Butler Service added into the mix. Featuring four large bedrooms in the bungalow property, as well as a detached chalet perfect for extended sojourns; the Comilla Bungalow is the answer to one’s search for serenity. With an unobtrusive service philosophy and a focus on the highest quality of life, guests can make their great escape at Comilla Bungalow. “The award serves as a recognition of sustained commitment to excellence in hoteliering and achievement in the international luxury hospitality industry”, according to the World Luxury Hotel Awards. Established in 2006, the World Luxury Hotel Awards is the pinnacle of achievement in the luxury hotel industry offering international recognition as voted by guests, travelers and industry players alike. Over 300,000 international travelers vote each year, during a four-week period to select the winners. Luxury hotels have the opportunity to participate in the World Luxury Hotel Awards by entering hotel categories that showcase their unique selling points and destinations.

A book on analytical thinking ‘How to think like Sherlock Holmes?’ now available

Association of Professional Bankers – Sri Lanka: Office Bearers – 2018/2019

Sampath Leasing makes vehicle leases more appealing with ‘Leasing Wasi Thun Mase’

99X Technology retains IT/Software category title at Biz Quiz 2018

Sysco LABS joins Educate Lanka Mentorship and Skills Development Program

Mobitel’s mCash partners with The Open University of Sri Lanka for convenient student payments

Lassana Flora migrates to Microsoft Dynamics NAV for greater efficiency

Expolanka ends Q4 with a strong and consistent performance – GP up by 51% & PAT up by 30%

Sri Lanka Insurance web portal brings insurance services to customers’ fingertips

ATrad celebrates success in Sri Lanka

Timely Additions: Odel brings an extensive range of Casio watches to its store in hand with Blink International

What are the top property hot-spots around Colombo?

The island’s most luxurious golf tournament takes to the hills this year

Sri Lankan shares hit 5-month closing low, foreign investors cap falls

HNB arranges the financial closure of Rs. 5.4 Bn Syndicated Loan to fund new multi-story ODEL Mall

Huawei features in BrandZ™ Most Valuable Global Brands Top 50 for the third consecutive year

IFC Invests in PickMe to Improve Access to Affordable Transportation in Sri Lanka

City Finance acquired by LCBL; Depositors to be repaid within 2 years

Sri Lanka Insurance declares highest Life Insurance Bonus in the industry of Rs. 6.8 Bn

Ranked Most Loved Insurance Brand by Brand Finance

Comilla Bungalow wins World Luxury Hotel Award