Adaderana Biz English | Sri Lanka Business News

Hatch continually strives to give startups and SME’s expertise, support, and mentorship through their entrepreneurial journey. Its commitment to bringing about lasting change has driven it to build strong partnerships with companies who share the same values. In this light, Hatch has announced its partnership with HubSpot, confident that the HubSpot product suite will play a key role in enabling startups to grow with speed, scale, and affordability. Through this strategic collaboration, Hatch will assist with the growth of their members and other startups even further, now equipped with the comprehensive suite of tools, resources, and opportunities HubSpot brings to the table. “At Hatch we continuously strive to create an innovative and collaborative platform for our members, startups and the larger enterprise tech community,” said Karthi Ratnam – Head of Marketing, Hatch. “This partnership with HubSpot will provide key enabling sales and marketing technology, as the HubSpot Growth Platform is a full suite of software for marketing, sales, and customer service, with a completely free CRM at its core; all at startup-friendly pricing up to 90% off.” The HubSpot for Startups program is designed specifically for startups and small businesses that need tools, strategy, and support for growth that’s both fast and scalable. The software grows with you and companies will have access to in-person product training. Companies using the HubSpot Growth Platform acquire and retain more customers with HubSpot’s software, educational resources, and robust integrations. “At an early stage, startups need to focus on their Go To Market (GTM), sales, and marketing strategies a lot closer than they would have a few years ago. Today, when we work with startups, a lot of them lack the basics of building out a scalable and repeatable marketing and sales process,” said Aditya Kumar, Growth and Partnerships Head of HubSpot for Startups, commenting on the current state of the startup ecosystem. “As a startup, nailing your customer experience is key to your growth and success,” he added. “The way your prospects and customers like to buy and engage has tremendously changed, and you’ll need to adapt quickly to build out effective and scalable processes. “Together with educational resources, an integrated platform of apps and a professional software at startup-friendly pricing, we are excited to partner with Hatch and support their member companies to be set up for success on their customer growth efforts.” With technology playing an increasingly critical role in every aspect of business, companies recognize that they need to accelerate the development of digital solutions to ensure they remain at the vanguard. The Hatch-HubSpot partnership brings together deep skills in sales and marketing strategy, automation and digital transformation. Startups looking to leverage the HubSpot platform now have five attractive membership options to choose from; ranging from Rs.9000/month ‘Biz’ package to a Rs.24,500/month ‘Office Flex’ package, making it more accessible to both small and large businesses. Hatch has proven yet again that at the heart of its business is the desire to see Sri Lanka’s economic landscape thrive.

The post Hatch announces partnership with HubSpot appeared first on Adaderana Biz English | Sri Lanka Business News.

Stocks of illegally imported tobacco leaves which are confiscated will no longer be auctioned but destroyed under strict supervision, according to a cabinet decision taken on Wednesday (09). The decision was taken by the Cabinet after considering the adverse impact on the health of those who consume Beedi leaves. Previously, the stocks of Beedi leaves that are imported illegally were seized by the Sri Lanka customs and vended at the auction following the customs procedure.

The post Customs to destroy all confiscated illegally imported Beedi leaves appeared first on Adaderana Biz English | Sri Lanka Business News.

The Central Bank of Sri Lanka yesterday (09) defended its money printing and stated that the bank has the necessary instruments to mop up excess liquidity if the need arises. “Excess liquidity is a result of that we pumping money into the system. I think it is the prime responsibility of any central bank, not just the central bank of Sri Lanka any central bank around the world – to provide sufficient liquidity to the banking system and also to ensure that the public has sufficient currency in their hands, especially in an unusual or exceptional circumstances we are facing like now, “Senior Deputy Governor of the Central Bank Dr. Nandlal Weerasinghe told media whilst addressing the monetary policy meeting in Colombo. “If we didn’t do that there would certainly be a liquidity crunch and if you look at the measures that we have implemented during this COVID-19 period it clearly explains that because we pumped sufficient liquidity into the system people have been able to conduct their transactions smoothly and also there have been sufficient money in the banking system for them to meet their day-to-day needs in this difficult period,” Weerasinghe added. Speaking further he also expressed the following: “The concern that anyone wants to raise is that basically whether this would lead to high inflation. But then I don’t think that will happen. Right now what we see is that inflation is very well anchored at the below of our target range and there is no evidence of any overheating of the economy in terms of growth rate and also no balance of payments (BOP) impact exhibited. That is why the currency is now appreciating and we are building up our resources.” “Printing money is providing liquidity to the markets and that wouldn’t have any adverse impacts as far as we can say for now but if we are going to see any adverse impact going forward we have lots of instruments to absorb liquidity any time through open market operations.”

The post CB has necessary instruments to mop up excess liquidity if need arises – Dr. Nandlal Weerasinghe appeared first on Adaderana Biz English | Sri Lanka Business News.

The gold price hit an-all time high on Thursday (09) with the price of 24 -carat gold sovereign reaching Rs.100,000 for the first time in history. According to the Colombo Gold Rates, 24-carat gold sovereign was recorded at Rs. 100,000, 22 -carat gold sovereign was at Rs. 91,700 and 21-carat gold sovereign was recorded at Rs. 87,500. On Wednesday (08) price of an ounce in the global market exceeded $1,800, with the precious metal benefitting from its haven status as the coronavirus outbreak triggers global economy fears. According to foreign media reports, a hike in the prices of gold is reported after 2011, with an increase of 40% in the past 14 months. Meanwhile speaking exclusively to Ada Derana, Indika Bandara- Assistant Director – National Gem & Jewellery Authority expressed the following: “There is a shortage of gold in the market. There is a decline in gold reserves. Currently, a lot of foreign investors are starting to invest in gold. However, there is a decline in the gold supply as well. Moreover, the gold auctions held by banks have been halted and gold importation has been blocked. Hence, the gold price has risen sharply” Meanwhile, the Senior Deputy Governor of the Central Bank Dr. Nandalal Weerasinghe also expressed the following whilst addressing the monetary policy meeting in Colombo yesterday (09). “There is no decline in gold reserves. I think the Monetary Board took a decision on the basis of strategic asset allocation in our reserve management; a prudent level of gold reserves compared to the total number of reserves is around 3%-5%. But, because we have bought gold reserves from 2010 onwards when prices were low, our share of gold reserves compared to the total reserves were close to 15%. Therefore, the problem that we could not sell those reserves were because prices were coming down and we cannot sell at a loss. So, as a result, whenever the gold prices are coming back again, the Monetary Board took a decision that we would bring our level of gold in our composition to a much more prudent level of approximately 5%. So, as a result, when prices were going up we have disposed certain parts in the global market and we are maintaining a prudent level of gold in our reserves.”

The post Gold price hits record high appeared first on Adaderana Biz English | Sri Lanka Business News.

The United Nations Development Program (UNDP) has provided COVID-19 protective and preventive equipment to 134 Local Government authorities across the Eastern, Northern, North-Central and Uva Provinces. The support to the Local Government authorities comes under the Capacity Development of Local Government Project (CDLG), which is a four-year project (2020-2023) funded by the European Union (EU). The project aims to strengthen the capacities of the selected Local Government authorities to be inclusive, responsive and accountable, so they are able to deliver better services to communities. The gear consisted of 600,000 face masks, 53,000 gloves, 400 protective goggles, 305 non-contact infrared thermometers (NCIT), and 8,000 500ml bottles of hand sanitiser, and other safety gear. Recently, the preventative kits for the Eastern Province were handed over to Eastern Province Chief Secretary Thusitha Wanigasingha by Resident Representative of UNDP in Sri Lanka Robert Juhkam during a visit to Trincomalee. Eastern Province Commissioner of Local Government Manivannan, assistant commissioners of Local Government, commissioners of municipal councils, other senior staff from the Chief Secretariat of the province, and UNDP colleagues were present during the handover.

The post UNDP and EU support COVID-19 response of 134 local government authorities appeared first on Adaderana Biz English | Sri Lanka Business News.

Seylan Bank PLC successfully concluded its 33rd Annual General Meeting on a virtual platform on the 24^th of June 2020. The AGM which was scheduled to be held on the 30^th of March 2020 was postponed due to the situation within the country. The initiative of hosting the program on a virtual platform was taken to ensure the health and safety of all stakeholders while adhering to the rules and regulations set by the authorities to combat COVID-19. Seylan Bank has been at the forefront of digitally transforming themselves towards the future. The Bank was able to live-stream the meeting from its Head Office to shareholders without any hindrance via a video communications app. The platform successfully allowed all stakeholders to interact and participate in the proceedings including voting on resolutions as usual optimizing convenience. Seylan Bank, the Bank with a Heart operates with a vision to offer the ultimate banking experience to its valued customers and is evolving rapidly with new technology, innovative products, and services to set a new benchmark in the banking sector. For more information on products & services, please visit www.seylan.lk or contact our customer service center at 0112 0088 88.

The post Seylan Banks Hosts Its First Fully Fledged Virtual AGM appeared first on Adaderana Biz English | Sri Lanka Business News.

Axiata Digital Labs (ADL) today announced its participation in TM Forum’s renowned collaborative proof-of-concept Catalyst program focused on co-creating innovative solutions to important industry challenges leveraging key TM Forum best practices and standards. ADL is participating in the App Trading Marketplace: a framework for CSP collaboration – Phase II, which will be showcased alongside other projects at TM Forum’s interactive Catalyst Digital Showcase which commenced online on 30^th June, while the Digital Transformation World is set to be held on 17^th October to 19^th, and it’s virtual Digital Twin event is scheduled to run online at the same time as the live event. The project demonstrates an end-to-end platform, which enables Communication Service Providers (CSPs) to collaborate and do business in innovative ways. The platform aligns with TM Forum Open Digital Architecture and Open APIs standards and empowers CSPs to embrace the Digital Platform Ecosystem Business and become digital champions by delivering new digital services and assets to their consumers and enterprise customers. It features extended use-cases, complexity, as well as partners and is focused on the B2B opportunity for enterprises and CSPs with 5G related use cases, whilst demonstrating how SD-WAN could be used to facilitate smart surveillance. Phase 1 of the project demonstrated seamless partner onboarding, product onboarding, the configuration in the product catalog, and end-user consumption. Phase 1 won the gold award for Outstanding Use of TM Forum Assets at the Digital Transformation Asia in 2019. This project is led by ADL together with five more technology players in the local industry. On the operator side, the project is championed by Dialog Axiata and Robi Axiata. TM Forum’s Catalyst program provides a unique collaborative environment where companies from around the globe work together to offer solutions to key industry challenges. At Digital Transformation World in October, over 30 Catalyst teams are scheduled to demonstrate their proof-of-concept work. “The App Trading Marketplace prototypes is a framework for CSPs to optimally utilize their assets and innovate to solve their business problems as well as empower CSPs to collaborate and share their success with each other. Collaboration will lead to multiple cycles of innovation, two factor monetization of CSP assets enabling new revenue streams and growth,” said Namal Jayathilake, Vice President – Engineering and Emerging Technology, ADL. “Championed by Dialog Axiata and in close collaboration with the other participants, Phase II of the project leverages 5G technology to bring newer, more complex, use-cases for CSPs and Enterprises” he further added. “Catalyst projects showcase the power of collaboration, bringing together a wide range of companies, industries and ecosystems not only in telecom but also in IoT, smart cities, smart energy, industrial manufacturing and more,” shared John Gillam, Chief Digital Officer, TM Forum. “Championed by the world’s largest service providers, Catalyst projects accelerate innovation, prove the application of new technologies, validate standards and make many other valuable contributions to our industry” he furthernoted. Over 145 different companies and hundreds of individuals participated in 34 Catalyst projects at Digital Transformation World 2019 in Nice. The projects included 5G use cases and monetization, IT and network transformation, applications of AI and blockchain, Open APIs, IoT, Digital Ecosystems and more. Photo Caption: Namal Jayathilake Vice President Engineering and Emerging Technology Axiata Digital Labs

The post Axiata Digital Labs Leads TM Forum Collaborative Catalyst Project appeared first on Adaderana Biz English | Sri Lanka Business News.

Across Asia, the issue of food security perpetually hovers over numerous poor and working class households. Many global social organisations list malnutrition as a major regional challenge, with several estimating that Asia houses 67% of the world’s hungry. This is an extremely relevant issue for Sri Lanka, as a national survey conducted by the World Food Programme indicated abysmal levels of acute malnutrition across all 25 of the country’s districts. These facts considered, Sri Lanka’s poultry industry stands as a crucial weapon in the battle to nourish the 22% of Sri Lankans who are undernourished and 33% who cannot afford an enriching diet. Prior to the 1950s, chicken was a delicacy even for the most well-heeled in Sri Lankan society. Over time though, with the rapid development of the poultry sector, its price quickly declined to beat out other animal-based food sources, making it a low-cost yet nutritious option for all consumers, regardless of income bracket. Chicken and poultry products are now a staple component of the Sri Lankan diet, and offer ample nutritional benefits aside from their obvious high quantity of protein. For instance, the maize used to feed the chickens is particularly rich in pro-vitamin A carotenoids, which are converted into Vitamin A once they enter the human digestive system. Vitamin A is vital for the body’s processes of growth, development and immunity. From an economic perspective, the sector’s yields have been exemplary, with the poultry sector accounting for roughly half of the livestock industry’s 0.6% contribution to Sri Lanka’s Gross Domestic Product. In recent years, poultry’s contribution to the agriculture sector is accelerating at a dizzying pace, and the potential for poultry production to contribute to Sri Lanka’s export revenue is forecast to be high. Presently, broiler hatching eggs and meat are exported to the Middle East and the Maldives, with plans in place for reach to be extended to the European Union market. Furthermore, the poultry industry is among Sri Lanka’s most structured and disciplined tax contributors. Additionally, the current government has offered a tax concession for poultry products and exports that in turn can be leveraged to strengthen the country’s poultry industry through an increase in export earnings. A number of companies have already taken advantage of this, especially in the Middle East, where significant market share has been thus obtained. In the current global climate, where massive international poultry markets are at a standstill, opening a line of exports will undoubtedly help Sri Lanka boost its poultry market. As a major player in this swiftly progressing industry, Crysbro has been at the forefront of battling food insecurity and delivering greater economic dividends through the provision of high-quality chicken. “Each year, Crysbro bolsters the rural economy by spending Rs. 1 billion to purchase maize from 2,000 farmers in regions such as Moneragala and Mahiyanganaya. Crysbro’s feed mill also allows farmers to engage in direct selling. This entirely erases their reliance on a mediating middleman and ensures that they are compensated immediately after the collection of stocks,” said Crysbro Senior Marketing Manager Amores Sellar. These strong local connections will prove invaluable in the weeks ahead, with the world closing its borders to international trade due to the novel coronavirus pandemic, making Sri Lanka almost entirely reliant on local production. The entire poultry sector will be confronted with the stern challenge of aiding national efforts to ensure food security, particularly within the poorest communities, while simultaneously maintaining the industry’s current momentum in order to nurture economic stability. Nevertheless, regardless of the approaching challenges, the poultry industry will be buoyed by its stellar track record as an economic overperformer, and will continue to act pragmatically to nourish the nation. Established in 1972 with just 100 chicks and a deep desire to be a market leader in quality and innovation, Crysbro has emerged as Sri Lanka’s first and most sophisticated, fully vertically-integrated poultry producer. Its operations span grandparent and parent farms, hatcheries, broiler farms and feed mills. This thriving ‘Farm-to-Fork’ concept has formed the core of its success. In turn, it has yielded unprecedented benefit for numerous stakeholders including direct and indirect employees, outgrowers, domestic maize farmers and ultimately Sri Lankan consumers. These local links have immeasurably aided domestic production and led to a reduction in reliance on imported poultry products. Photo caption: Crysbro’s state-of-the-art feed production facility in Kurunegala

The post Counting chickens: How the poultry industry delivers food security appeared first on Adaderana Biz English | Sri Lanka Business News.

The Central Bank of Sri Lanka (CBSL) approved 22,306 loans amounting to Rs. 60,250 million under the Saubagya COVID-19 renaissance facility as of 10th July 2020 with the approval given for 2,066 new loans, amounting to Rs. 6,978 million during the week ended on 10th July 2020. The licensed banks had already disbursed Rs. 30,528 million among 13,333 borrowers islandwide as of 9th July 2020. The CBSL, in consultation with the Government of Sri Lanka, has introduced the Saubagya Covid-19 Renaissance Loan Scheme to provide working capital loans at 4% (p.a.) interest rate to businesses adversely affected by the COVID-19 outbreak, through Licensed Banks, thereby supporting the revival of economic activity in the country. This Loan Scheme is available for COVID-19 affected businesses with an annual turnover below Rs. 1 billion, including self-employment and individuals. The Rs. 1 billion limit of annual turnover will not be applicable to businesses engaged in tourism, exports and related logistical supplies. COVID-19 affected businesses and individuals can submit their loan applications under the above Loan Scheme to respective banks until 31st August 2020.

The post Central Bank approved more than Rs. 60 billion working capital loans to COVID-19 affected businesses appeared first on Adaderana Biz English | Sri Lanka Business News.

The undisputed pioneer in Biscuit Manufacturing, Maliban Biscuit Manufactories (Pvt) Ltd was recently awarded with the COVID-19 Safety Management System certification from Sri Lanka Standards Institution (SLSI). This stands as a clear progression in the company’s strife to be current in line with standards implemented in the contemporary manufacturing space by SLSI. As a result, Maliban has become the first food manufacturing company to receive this sought-after certification. As a socially responsible and committed organization, this certification reflects a well-planned COVID-19 safety management system which will be vital for the safety of the company’s employees, customers and all other stakeholders. Additionally, as the nature of the progression of this pandemic is unpredictable, Maliban has made an effort to maintain and continually improve the COVID-19 safety management system so that their business operations may resume in an environment safe from COVID-19. Speaking with regard to the achievement of this certification, Mrs. Kumudika Fernando – Managing Director of Maliban commented, “As a key player in the food manufacturing industry, we understand the importance of operating in a sterile environment and carry out appropriate measures across the group to mitigate the spread of the pandemic. This certification means that all individuals and stakeholders associated with Maliban are protected from the threat of COVID-19.” In order to achieve this certification from SLSI, Maliban applied a well-thought out risk management process which will in turn boost employee morale and confidence. The trickle-down effects of such is expected to be reflected by the satisfaction of all Maliban’s loyal end customers. Additionally, as this SLSI standard is subjected to the guidelines issued from Ministry of Health and other applicable state legislative requirements. Maliban is also operating in line with the regulations put forward by the Government of Sri Lanka. Through other community related efforts in the past, Maliban has established a reputation for being an organization which cares of the well-being of all those who are involved with their business operations. The achievement of this standard once again reiterates this as the implementation of the COVID-19 Safety Management System certification safeguards all those associated with the company. As a trusted household brand, Maliban holistically supports the local community in its battle against the COVID-19 pandemic. Apart from its internal efforts to ensure a safe and secure environment for its employees, Maliban partnered with the Sri Lanka Red Cross Society (SLRCS) to mitigate the risk of the pandemic in school environments, through the ‘SAFE SCHOOLS’ project. Alongside these efforts, Maliban also donated its products, special cold storage facilities and highly essential medical equipment to the National Institute of Infectious Diseases Hospital (IDH), aided the Manusath Derana Program and contributed Rs.10 Million to the government’s COVID-19 fund. Image: Mr. A. G. Ratnapala Samaraweera – Chairman of Maliban Biscuit Manufactories (Pvt) Ltd receives COVID-19 Safety Management System certification from Dr. (Mrs.) Siddhika G. Senarathna – Director General of Sri Lanka Standards Institution (SLSI). Mrs. Kumudika Fernando, Managing Director – Maliban Group.

The post Maliban, first food company to get COVID-19 Safety Management System certification from SLSI appeared first on Adaderana Biz English | Sri Lanka Business News.

COSMI reveals frontline SME sectors of investment to Indian SMEs
‘NTBs and administrative stipulations hampering SME exports’-Rajabdeen
2019 Indo-Lanka trade at US$ 4.5 Billion

Sri Lankan SMEs have issued a siren call to their Indian counterparts for sustainable cross-border Joint Ventures on July 9. The invitation, issued via the online global leadership platform ‘Indo Sri Lanka International Trade, Investment, Technology Transfer Cooperation’ on July 9 conducted by no less than the Confederation of Indian Micro, Small and Medium Enterprises, called Indian SME investors to partner in six frontline segments in Sri Lankan on Joint Venture- metal, food processing, coconuts, tea and rubber and plastic. “We are thinking of bringing in new technology and machinery from India to revive Sri Lanka’s sick industries. Metal industries, food processing, coconut, plastic and rubber and value addition for tea are high potential sectors for partnership for Indian investors. Members of Confederation of Indian Micro, Small and Medium Enterprises (CIMSME) can join us in this. We at COSMI can form affiliations with SIMSME to support our SMEs. We can also facilitate our SMEs to visit and see Indian machinery and technologies with a view to acquire them to be competitive locally and globally. Our Prime Minister Mahinda Rajapakse has endorsed Public Private Partnerships to advance our SMEs” said COSMI Founder President Nawaz Rajabdeen on July 9. Representing Lankan SMEs at this pioneering global leadership session by India’s CIMSME titled “Indo Sri Lanka International Trade, Investment, Technology Transfer Cooperation” Rajabdeen also voiced that many women entrepreneurs are not coming forward to register their SMEs. “COSMI has requested the government to ask the women entrepreneurs to come forward and register so that they can avail of a host of facilities including access to finance” said Rajabdeen. Joining the Forum along with COSMI’s Rajabdeen, were Chairperson, GCPIT Ayanthi Gurusinghe, Secretary General /CEO of Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) Ajith D Perera and Thisath Wijayagunawardane, President’s Counsel and Lawyer. Speaking on his theme titled Cluster Development and its Challenges, Rajabdeen said that Non-Tariff Barriers (NTBs) have hindered Sri Lankan exports to India –some coming from local SMEs. “Most tariff barriers can be overcome through Free Trade Agreements. However, non-tariff barriers have become a serious issue for the development of clusters that are keen to get to exports. Standards and regulations such as conformity assessment procedures, inspecting, testing, and certifying for exports safeguard global consumers and their health but today, these procedures have turned to become nontariff barriers (NTBs) on Sri Lankan exporters, especially of SME levels, and the effects are stressful on SME production clusters. Bilateral Free Trade Agreements are seen as one way to overcome NTBs between trade partners. However, that too is not always fruitful. For example the utilization of India Sri Lanka Free Trade Agreement (ISFTA). The use of ISFTA by Sri Lankan exporters is only 65%. The reason is that even trade under the free trade agreement is locked with barriers. Non-tariff barriers hindering the prospects of free trade agreements. Studies have identified Import policy barriers, standards, testing, packaging, and certification requirements, anti-dumping and countervailing measures, Export subsidies and domestic support and government participation in trade as Non Tariff Barriers that block bilateral FTA trade. Even aside from FTA stipulations, administrative procedures are hindering exports. For example the Rules of Origin (ROO) ensures the goods are wholly produced from the country of export. In case goods are not under ROO criteria, ISFTA requires a combination of Domestic Value Addition (DVA) and Change of Tariff Heading (CTH). Value Addition in exporting country should not be less than 35% of freight on board (FOB) value of the finished product. Failing to show this results in that product removed from ISFTA and loses benefits of it” said Rajabdeen. India is Sri Lanka’s fourth largest export destination. 4400 product lines have been given to Sri Lanka tariff free by India under Free Trade Agreement. 65% of products exported from India to Sri Lanka comes in out of ISFTA. “Many Sri Lankan clusters depend for some of their raw material coming as imported material. Requirements such as 35% Domestic Value Addition hampers them from the very start. If they are unable to send their products as exports to their closest and neighboring market without 35% Domestic Value Addition, it is clear that the popular belief that FTAs are helpful for cluster development, may not be really true. For Sri Lankan SMEs & SME clusters, the great opportunity of Free Trade based exports has also become their greatest obstacle!” Rajabdeen stressed. The Confederation of Indian Micro, Small and Medium Enterprises is an Indian entrepreneur network consisting of more than 4500 firms as members. Sri Lankan exports to India have increased substantially in the past 18 years since 2000 –the year Indo-Sri Lanka FTA came into force. In 2019, bilateral trade between India and Sri Lanka totaled to US $ 4.59 billion. Exports from India to Sri Lanka surged from US $600 million in 2001 to $4495 million in 2018. The Confederation of Micro, Small and Medium Industries (COSMI) was formed in 2019, and aims to revive and foster the MSME and industry sectors of Sri Lanka. PHOTO – At bottom row from left, Ashwani Kumar (Chairman (Northern Region) Federation of Indian Export Organisations (FlEO) India, Ayanthi Gurusinghe (Chairperson, GCPIT, Sri Lanka), Ajith D Perera (Secretary General /CEO of Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) join Nawaz Rajabdeen (Founder President, COSMI-at top row centre and right) on July 9 during the “Indo Sri Lanka International Trade, Investment, Technology Transfer Cooperation.”

The post Sri Lanka SMEs initiate global platform call to India for frontline JVs appeared first on Adaderana Biz English | Sri Lanka Business News.

IFS, the global enterprise applications company, was recently recognized in the top five Export Corporate Brands for IT Services in the latest edition of the Brands Annual magazine. IFS secured this achievement on the back of outstanding financial performance and delivering best-in-class ERP solutions to both local and international customers. As a key player in the market, IFS has garnered substantial revenue through its operations in South Asia and other regions. Shiraz Lye, Managing Director and Vice President IFS South Asia shared, “We are extremely proud to be recognized as one of the leading export corporate brands in Sri Lanka. This is a sheer testimony to the fact that we have been engaging in impact-driven services, empowering our customers with our years of expertise and excellence in the region. During this long journey to success, we passed many hurdles and faced challenges as a team, helping each other whilst contributing to the economy of Sri Lanka.” One major factor that has contributed to IFS’s success is its leading enterprise software, designed and developed in collaboration with IFS customers. In addition, IFS’s highly skilled people have among the highest tenures in the industry and have established a track record of helping customers create more efficient operations and enhance their bottom lines. IFS serves thousands of customers globally, including 150 customers in the South Asia region in Manufacturing, Energy & Utilities, Engineering, Construction & Infrastructure, Field Service Management and Aviation and Defense industries. IFS is the only tier one global ERP provider that has its own R&D center in Sri Lanka which is an integral part of the IFS’s Global operations. Over 60% of IFS’ global product development and 80% of global product support is carried out in Sri Lanka. As one of the largest IT employers in the country, IFS has provided significant input to the IT skills and job market of the country. IFS recently celebrated 22 years of operation in Sri Lanka, with an employee base of 1,400, Recognizing the importance of the communities in which the business has been able to thrive, IFS has established relationships with many local universities and supports scholarships to star students who wish to focus on computer science and programming disciplines. In recent years, IFS provided nearly 120 scholarships and, of those, 105 students were offered permanent employment. In 2019, the company also established the IFS Foundation to support rural villages in Sri Lanka by providing access to healthcare, water, sanitation and education with the objective of building more self-sustaining communities in the country. IFS remains committed to, and invested in, the economic growth of Sri Lanka and the well-being of its people. For more information about IFS visit, ifs.com Photo Caption – Shiraz Lye Managing Director/ Vice President Sales IFS South Asia

The post IFS recognized as a Top Export Corporate Brand by Brands Annual appeared first on Adaderana Biz English | Sri Lanka Business News.

People around the world cherish US manufactured SUV’s and Pick-up trucks for their premium look and features coupled with the ample spaciousness which is a key for travelling purposes. But most of these vehicles are unfortunately designed for left-hand driving which does not pertain with rules and regulations in most other regions. People who are used to right-hand driving usually convert their vehicles from the few available international companies specializing in vehicle conversion. Autogroup International is one such company and the first of its kind in the world to convert a 2020 Lincoln Navigator to a right-hand drive. Autogroup International is a fully Australian owned BOI approved company specializing in automobile conversions with offices in Dallas, USA and Melbourne, Australia. The company celebrates 25 years of international presence in 2020 as a global leader in conversion and re-manufacture of high-value American vehicles from left to right-hand drive. After a few years of its inception, Autogroup expanded its wings to Sri Lanka and the fully-fledged facility situated in Kaduwela provides a top-notch service in vehicle conversion with industry leading expertise. At present, the company exports left to right hand drive converted vehicles to countries such as India, United Kingdom, Indonesia, South Africa and Malaysia while 90% of company’s output goes to Australia. The company is Australian Design Rules (ADR) compliant, a motor vehicle standard accepted by The Commonwealth and most other right-hand drive markets. ‘’We at Autogroup act as a turnkey operation where customers can purchase a vehicle from us or they can convert their vehicles bought from other suppliers while we take care of the entire process from shipments to insurance, loading or unloading the vehicles to ports around the world. We prioritize safety as well as the overall design to provide an unmatched service to our customers and our highly skilled workforce make it possible for us to sustain the level of ingenuity.’’ said Peter Norman Hill – Chairman/Founder of Autogroup International. “Converting a vehicle is a daunting task and it involves a lot of planning, R&D, new manufacturing processes such as 3D printing and lots of new ideas – we encourage it all the time. Major changes include dashboard – 100% manufactured in Sri Lanka, currently transitioning to plastic injection molding, steering rack, HVAC system and the ergonomics of the relationship with the driver – seat, steering wheel, pedals, gear shifter etc. Safety systems are a critical aspect, which need to be properly re-fitted and re-calibrated for their effective operation. The vehicle’s electronic system also requires major tweaks such as lane departure, collision alert, auto park, heads-up-display (HUD), keyless entry, seat memory, seat heating, screen controls and on-screen menus. A skilled work force and a highly qualified engineering team take care of the whole process to bring out a product of international standard. We are geared to convert the latest 2020/21 models, which have also opened-up a new market opportunity for us” commented Chamath Tennekoon – Managing Director of Autogroup International, Sri Lanka Autogroup is an ISO certified company which is also approved by the BOI. Being an industry leader, the company specializes in conversion of all types of American vehicles from cars, Pickup trucks and SUV’s including Chevrolet Silverado, Chevrolet Camaro, GMC Sierra, Dodge Ram, Ford Raptor, Cadillac Escalade, Lincoln Navigator and many more. Autogroup collaborates with brands such as Chevrolet, GMC, Cadillac, Hummer, Dodge, Ford, Lincoln, Toyota and Nissan. Photo Captions – Right Hand Converted Dashboard Peter Norman Hill, Founder/Chairman of Autogroup International (seated) with Chamath Tennekoon, Managing Director Right Hand Converted 2020 Model Lincoln Navigator

The post Autogroup International steers into 25 years in conversion and re-manufacture of high-value American vehicles appeared first on Adaderana Biz English | Sri Lanka Business News.

Regular trading at the Colombo Stock Exchange (CSE) was temporarily halted for 30 minutes from 11.02 am to 11.32 am this morning (13) as S&P SL20 index dropped by 5% during the trading session. S&P SL20 index fell 108.36 points or 5.06% to 2,031.83 and the All Share Price Index also fell 2.63%% or 131.28 points in early trade to 4,861.34. The market turnover was Rs. 379.8 million. However, when regular trading at the CSE recommenced at 11.32 am, All Share Price Index was down by 183.20 points to 4,809.42 while S&P SL20 index indicated a fall of 137.07 points to 2,003.12. This is a decline of 3.67% and 6.40%, respectively, in comparison to the last trading day.

The post CSE trading halted for 30 minutes appeared first on Adaderana Biz English | Sri Lanka Business News.

The Central Bank’s (CBSL) Monetary Board has decided to suspend the business activities of ETI Finance’ and ‘Swarnamahal Financial Services’, effective from 13 July 2020. The decision has been taken by the Monetary Board of the Central Bank at its meeting held on 10 July 2020. Earlier, the CBSL has taken a number of measures on ETI Finance Ltd. (ETIF) and ‘Swarnamahal Financial Services’ to address various irregularities taken place since 2011. However, considering the extremely vulnerable liquidity position of ETIF and ‘Swarnamahal Financial Services’, the Monetary Board of the CBSL has decided to suspend the business operations from today.

The post Sri Lanka regulator suspends business activities of ‘ETI Finance’ and ‘Swarnamahal Financial Services’ appeared first on Adaderana Biz English | Sri Lanka Business News.

The Government of Sri Lanka introduced the Special Deposit Account (SDA) on 08.04.2020 to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country. It is encouraging to note that there is a favorable response on the same and so far, Sri Lanka has received USD 87 mn (approx.) into SDAs. The Government of Sri Lanka in consultation with the Monetary Board of the Central Bank of Sri Lanka has taken further measures to encourage opening of SDAs as stated below. 1. Expansion of the sources of funding SDAs a. Any person who has arrived in Sri Lanka from overseas on or after 01.01.2020 can open SDAs with any Authorized Dealer on or before 07.10.2020, out of foreign exchange legitimately acquired and brought into Sri Lanka by such person subject to: i. a declaration made to the Sri Lanka Customs at the port of arrival where the amount of such foreign exchange exceeds USD 15,000 or an equivalent amount in any designated foreign currencies. ii. a declaration to the relevant Authorized Dealer where the amount of such foreign exchange is equal or less than USD 15,000 or an equivalent amount in any designated foreign currencies. b. Any person in, or resident in, Sri Lanka can open SDAs with any Authorized Dealer on or before 07.10.2020, out of foreign currency notes in his possession up to the limit of USD 15,000 and subject to such terms and conditions of the prevailing Regulations and Orders, subject to a declaration on the source of funds to the Authorized Dealer. c. In this regard, the amount of foreign currency that can be retained by a person in, or resident in Sri Lanka in his possession has been increased from USD 10,000 to USD 15,000 with effect from 01.07.2020. 2. Obtaining loans against SDAs SDA holders can obtain loans from Authorized Dealers against SDAs as follows; a. Residents in Sri Lanka Rupees b. Non-resident SDA holders who are eligible to obtain loans as per the prevailing regulations Further information on the above can be obtained as follows: a. By accessing the following which are available under “Downloads” in the official website of the Department of Foreign Exchange of CBSL (www.dfe.lk). i. Regulations published in the Government (Extraordinary) Gazette Notification No. 2170/4 dated 08.04.2020. ii. Regulations published in the Government (Extraordinary) Gazette Notification No. 2182/32 dated 01.07.2020. iii. Order issued under Section 8 of the Foreign Exchange Act, No. 12 of 2017 published in the Government (Extraordinary) Gazette Notification No. 2182/33 dated 01.07.2020. iv. Directions No. 06 of 2020 dated 06.07.2020 issued to Authorized Dealers b. From the Director, Department of Foreign Exchange, Central Bank of Sri Lanka, No.30, Janadhipathi Mawatha, Colombo 01. Tel: +94 112 477 255, + 94 112 477 244, +94 112 477 433 Email: dfe@cbsl.lk c. From any Authorized Dealer in Sri Lanka

The post SL’s Special Deposit Account receives $87mn. Further measures to encourage opening of SDAs appeared first on Adaderana Biz English | Sri Lanka Business News.

Ceylinco Life recently laid the foundation stone for a purpose-designed environment-friendly building for its branch in Piliyandala, continuing the greening of the Company’s operations undeterred by the effects of the COVID-19 pandemic. The new three-storey edifice will on completion be the Ceylinco Life’s 40^th building on land owned by the Company. Located at Nos. 190, 192 and 194 Horana Road, Piliyandala this 5,683 square foot office conforms to the environment-friendly specifications adopted by the Company for all new branches on owned land. The new building will be powered entirely by a 20kW solar power system that results in zero consumption of electricity from the national grid, will have its own rainwater harvesting facility and waste water recycling system, minimising the use of pipe-borne water. The building is also designed for optimal use of natural light and will be equipped with the latest energy-efficient lighting and air conditioning systems. The construction will minimise the use of timber, the Company said, and a number of new trees are to be planted on the property. The building will function as an office for the Ceylinco Life branches in the Piliyandala area. With adequate dedicated parking bays for visitors, it is designed to enhance customer convenience. In September 2019, Ceylinco Life opened its 36^th building on company-owned land at Kanathiddy Road, Jaffna. Extending to 17,290 square feet, this was the Company’s second largest construction. In January this year the Company opened its 37^th branch on company-owned land at Malabe, and is in the process of constructing Green buildings for its branches in Divulapitiya and Nelliady. It is also extending the capacity of its Negombo branch. Ceylinco Life currently owns the buildings housing its offices in Anuradhapura, Trincomalee, Jaffna, Batticaloa, Kandy, Kalutara, Kurunegala, Gampaha, Galle, Matara, Tissamaharama, Negombo, Ratnapura, Kotahena, Mount Lavinia and Wellawatte, many of which have already been converted to solar energy. New branch buildings purpose-built to the company’s sustainable energy model are those at Horana, Panadura, Wennappuwa, Bandarawela, Chilaw, Kadawatha, Jaffna and Malabe. Ceylinco Life operates the largest network of 250 plus branches in Sri Lanka’s life insurance industry, giving it a physical presence in 142 cities, towns and villages in every one of the island’s 25 districts. Sri Lanka’s leading life insurer for the second half of the 32 years it has been in existence, Ceylinco Life was ranked the most valuable life insurance brand in Sri Lanka by Brand Finance this year and declared the ‘Peoples Life Insurance Service Provider of the Year’ for the 14^th consecutive year at the 2020 SLIM-Nielsen Peoples Awards. The Company was ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL in 2019 and in the same year was named the Best Life Insurer in Sri Lanka for the sixth consecutive year by World Finance, and ranked sixth overall in the Business Today ranking of the country’s top 30 companies. Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility. Photo caption: Ceylinco Life Chairman Mr R. Renganathan and Managing Director/CEO Mr Thushara Ranasinghe (3rd and 4th from left respectively), Directors, members of the Senior Management and branch staff at the foundation stone laying ceremony.

The post Ceylinco Life continues Green journey with foundation stone for new Piliyandala branch appeared first on Adaderana Biz English | Sri Lanka Business News.

As Asia Pacific shifts rapidly to digital commerce, Mastercard is bringing the next generation of seamless payments to the region with an online checkout solution that eliminates passwords, protects data with smart security and makes transactions a breeze with just a few clicks. Accelerated by COVID-19, digital by default is becoming the norm and shoppers now expect maximum convenience as they seek on-demand goods and services more than ever before. Mastercard research shows e-commerce and touch-free payments will be enduring habits long after the pandemic passes. To give consumers and merchants the best experience, Mastercard is broadening the reach of the Click to Pay online checkout solution to Asia Pacific as part of a global expansion with American Express, Discover and Visa. Based on the EMV® Secure Remote Commerce industry standard, Click to Pay delivers streamlined payments across any digital checkout environment or network. “Simplicity and security are at the heart of Click to Pay. Rather than having to key in account numbers and personal information every time, people simply click to make online purchases safely and quickly on websites, mobile apps or connected devices,” said Tim Fletcher, Senior Vice President, Acceptance Product Management, Asia Pacific, Mastercard. “For merchants, Click to Pay drives customer satisfaction and loyalty with a simpler, smoother digital checkout experience that lowers shopping cart abandonment and offers people the choice of paying with various card brands. The intelligent authentication helps to distinguish customers at checkout, reducing fraud and false declines.” In line with the industry goal of interoperability, Mastercard and the three other payment networks announced Click to Pay in the United States in October 2019. Since then, more than 10,000 merchants have enabled the universal digital checkout solution for the benefit of their customers. In Asia Pacific, the Click to Pay expansion includes technical preparations in Australia, Hong Kong, Malaysia, New Zealand and Singapore, with others to follow. Brazil, Canada, Ireland, Kuwait, Mexico, Qatar, Saudi Arabia, United Arab Emirates and the United Kingdom are also among the markets in the first wave of Mastercard’s global rollout of Click to Pay beyond the United States. To expand acceptance beyond existing merchants, Mastercard is working with payments service providers, gateways and acquirers across the ecosystem to prepare for a streamlined online checkout that supports all participating networks. Two recent studies by Mastercard – SpendingPulse and a worldwide consumer survey – highlight just how quickly and permanently people are moving to digital commerce. Large numbers of consumers in Asia Pacific say they plan to make more purchases online and think less in-store shopping is here to stay. At the same time, they are using less cash and see the shift to touch-free payments as a lasting trend. “Mastercard’s digital mission started long before COVID-19 to deliver a range of fast, frictionless and secure payment options to consumers and merchants,” said Fletcher. “Now that shopping habits are shifting online so strongly, the expansion of Click to Pay is the next step in Mastercard’s commitment to offering the best digital experience everywhere and in every way.” For more details about Click to Pay, please visit mastercard.com/whyclicktopay

The post Click to Pay: Mastercard expands simple and secure digital checkout experience in Asia Pacific as consumers flock to online shopping appeared first on Adaderana Biz English | Sri Lanka Business News.

With its aim to assist in the process of reviving the country’s economy, the Agri Machinery Division of DIMO together with its partner Mahindra tractors came to the fore in supporting the country’s national initiative to recultivate barren paddy lands across the island. The government has identified the need to recultivate these lands in its vision to bring forth a self-sufficient economy and the national project “Waga Saubhagya’’ was launched as a result. The national event of Waga Saubhagya 2020 was held in Kegalle district. As the Official Machinery Partner of the event, DIMO supplied Mahindra Yuvo tractors for preparations of these abandoned lands, empowering the national initiative commencement. The government’s initiative has encouraged social responsibility among Sri Lankans and it is highly commendable to see the youth of the country rallying behind it, shouldering the responsibility and committing to cultivate barren lands. Yuresh Eranga, the Founder of “Mr. Farmer” is one such aspiring farmer from the young generation who has been engaging in recultivation of barren lands. He is on course to implement organic cultivation methodology in these lands with the objective of producing and introducing organic rice to the local market under the brand name of “Mr. Farmer”. DIMO has already collaborated with “Mr. Farmer” to recultivate 12 acres of an abandoned land in Malabe by providing Mahindra Yuvo tractors to prepare the lands. As a responsible corporate, DIMO expects to provide machinery assistance alongside technical instructions to “Mr. Farmer” and encourage them to recultivate more lands. ‘’Agriculture sector has a huge potential in developing the Sri Lankan economy. It is a vital factor that the country utilizes abandoned paddy lands for recultivation and optimizes the resource management in the agriculture sector. DIMO is privileged to support this endeavor”, said Ranjith Pandithage Chairman and Managing Director of DIMO. Commenting on the development Sanjay Jadhav, Vice President, International Operations (South Asia) of Mahindra & Mahindra Ltd, said “We at Mahindra and the team at DIMO Agri Machinery Division are proud to introduce Mahindra’s next-generation tractors to the youth under the “Waga Saubhagya” program; modern tractors, with all the right attributes and developed to drive productivity, as the youth of Sri Lanka drive the change in making the country self-sufficient. DIMO is Mahindra’s sole partner in Sri Lanka and together with them, we are fully committed to supporting the ‘Waga Saubhagya” initiative. “This inspiration from the youth has already created a certain buzz around the island and if they are provided with necessary support, they are capable of continuing the government’s vision as one country,” said Viranga Wickramaratne, Chief Operating Officer (COO) – Retail Cluster of DIMO. “Apart from supporting the national initiative, I applaud DIMO’s initiative to support young entrepreneurs to make our country self-sufficient once again,” said Yuresh Eranga, Founder of Mr. Farmer. “Land preparation costs account to nearly 50% of the total cost for recultivation on abandoned paddy lands and with DIMO coming forward to help us as the machinery partner, we were able to vastly reduce project costs. We were also able to accelerate the land preparation process with Mahindra Yuvo tractors while saving time,” Eranga added. DIMO Agri Machinery Division brings state-of-the-art technology in the field of agriculture and is dedicated to improve the country’s agriculture by empowering local farmers with necessary equipment and valuable knowledge. DIMO is the Sole Distributor of popular Mahindra tractors and CLAAS harvesters in Sri Lanka, the company is renowned for offering best-in-class after sales services and certified genuine spare parts. Photo Caption – Mahindra Yuvo tractors at Waga Saubhagya national event

The post DIMO Agri Machinery Division together with Mahindra Tractors supports “Waga Saubhagya” and youth-led Barren Land Recultivation appeared first on Adaderana Biz English | Sri Lanka Business News.

Sri Lanka’s gross official reserves grew by US$193.3 million to US$ 6,693.2 million in June 2020 from US$ 6,499.9 in May 2020, latest Central Bank data showed. By the end of June, foreign currency reserves were 6,485.1 million dollars while the reserve position in the IMF was 65.8 million dollars. Reserves in Gold were 138.6 million and other reserve assets were one million US dollars.

The post Sri Lanka official reserves increase to $6.6bn in June 2020 appeared first on Adaderana Biz English | Sri Lanka Business News.