Carmart (Pvt) Ltd, the official representative for Peugeot in Sri Lanka, are set to revolutionise the automotive maintenance sector thanks to the introduction of Peugeot parent group’s (PSA) “VIDEOCHECK” platform. VIDEOCHECK allows Peugeot Sri Lanka to digitize aftersales service support via a video link and online estimation and customer approval. A First for Sri Lankan Aftersales While being the need of the hour in the new climate of social distancing, VIDEOCHECK goes further than just ticking a box. The platform has been refined after extensive testing in Europe and is a core aspect of Carmart’s long-term strategy to digitize processes and improve efficiency. Initially deployed in France, Switzerland and Austria, initial results have shown a high level of customer satisfaction when using this innovative way of adding value to the service process. Today it has been implemented in PSA aftersales networks throughout France, Spain, Belgium, Italy, and Poland, with further tests ongoing in Germany. Sri Lanka is the first country in Asia Pacific Region to implement VIDEOCHECK. How VIDEOCHECK Works The principle behind VIDEOCHECK is fairly simple. It eliminates the need of a customer being present in the hazardous workshop environment but allows them to be next to their vehicle virtually. Once a car is handed over for servicing or repair the assigned technician, who will put the car on a car lift, will carry out an inspection and record video footage. The uses a checklist defined by the manufacturer to highlight the maintenance or repairs that are necessary, with two degrees of importance or urgency, the highest of which relates to passenger safety or roadworthiness. This also includes visual indicators of tyre tread and brake pad wear, which are measured during the checks. Once the video has been filmed, a quote is entered for the work to be carried out. It includes the original customer request (for example, scheduled servicing), as well as an optional portion, with suggested repair work. The report is sent by email and SMS to the customer, who can open the full graphical report with video on a computer or smartphone and give approval online. This is a marked innovation over the traditional method of emailing back and forth. Being an industry-first, Carmart has high hopes for this new and exciting innovation to the Peugeot ownership experience. Carmart has been the sole manufacturer-authorized importer/distributer in Sri Lanka for Peugeot since 1953, making it the longest-running partner for the brand in Asia, and the 4th oldest in the world. Visit www.peugeot.lk  or call 0114447888 for more details.  

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Axiata Digital Labs (ADL) is pleased to announce the addition of Sanharsha Jayatissa, Fawaz Ashraff and Niresh Samaranayake to their Senior Leadership Team. ADL, an innovative software service provider, has added three new members to the company’s senior leadership team in order to facilitate its growth as the preeminent leader in software innovation. These appointments bring valuable industry experience to the company that was founded in 2019 and will position ADL to scale rapidly to meet the demands of their stakeholders. “I am very pleased to add Sanharsha, Fawaz and Niresh to the ADL family. Our parent company, Axiata, has a clear digital strategy in place and ADL is a crucial part of that vision. We are uniquely positioned to deliver digital transformation for all Axiata operators, and our goal is to become a global leader in IT, telco middleware and managed services. I trust that this talented group of leaders will help take our company to the next level,” said Thushera Kawdawatta, CEO of ADL. The new appointees join Uresh Duminduwardena, Vice President – Engineering, Platform and Products; Namal Jayathilake, Vice President – Engineering and Emerging Technology; Chandima Wijekoon, Country Head – Indonesia and Shifan Saleem, Country Head – Malaysia; on the senior leadership who have been with the company since inception. Sanharsha Jayatissa, Associate Vice President – Global Operations and Client Services Sanharsha has over 14 years of diversified experience and a proven track record of accomplishments in some of the most competitive markets and complex industries in Sri Lanka and the Asian region. He joins ADL after an illustrious career with a large-scale Sri Lankan company and an Australian based multinational, and spearheading IT and servicing as the COO of D Tech (Pvt) Ltd, a leading IT solutions company in Sri Lanka. He was also the General Manager for Camms Group and responsible for all the Asia Operations. He possesses exceptional operational and people management skills and practical knowledge on leading initiatives, building teams and developing innovative platforms. Sanharsha will be overseeing all operations and marketing initiatives at ADL. Fawaz Ashraff, Head of Business Development Fawaz Ashraff has over 20 years of experience in various industries and held senior managerial positions in business operations, relationship building, strategic business development, client services, program management, consulting services and software development and support. He joins ADL from Lanka Government Information Infrastructure Ltd and spent many years honing his skills in client services at Virtusa. He has worked globally in the US and Europe. Fawaz is responsible for strategizing and managing ADL’s business development ensuring consistent and rapid growth in sales across all channels Niresh Samaranayake, Head of HR Niresh has over 26 years of work experience starting with 16 years in software development and IT. Over 10 year ago, he transitioned to running human resources for IT companies and gained valuable experience in talent acquisition, performance management, learning and development, compensation and benefits and HRIS. He has conducted numerous training on personal development, leadership, time management, coaching, communication skills and mindfulness. He was previously responsible for the overall HR functions of John Keells Information Technology (Pvt) Limited, a newly formed through a merger of two business units of the John Keells Group. Niresh will oversee all of ADL’s HR systems including talent acquisition and employee relations. About ADL ADL, a subsidiary of the Axiata Group headquartered in Kuala Lumpur, Malaysia, is an innovative software service provider founded in January 2019, that offers telco focused digital and IT services and solutions that enable individuals, startups and enterprises and the society as a whole. With over 800 professionals spread across 7 countries, ADL helps global customers in the space of telecommunications, digital services & financial services. Our convergent digital design experiences, innovative platforms and reusable assets connect numerous technologies to deliver tangible business value and experience to our customers. Axiata Digital Labs is the technology hub of Axiata Group Berhad Malaysia which is one of the leading groups in telecommunication in Asia with approximately 350 million subscribers in eleven countries with a staff of 27000 and an annual revenue of USD 5.8 billion. In pursuit of Axiata’s vision to be a New Generation Digital Champion by 2020, Axiata Digital Labs positions itself as a key driver to deliver a range of innovative telecommunication products and services. Image Captions: ”From left: Fawaz Ashraff- Head of Business Development at ADL, Sanharsha Jayatissa- Associate Vice President – Global Operations and Client Services at ADL and Niresh Samaranayake- Head of HR at ADL” 

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• Uber’s Tuk Rentals is now live in Colombo; prices start at LKR 399 for a one-hour/ ten km package
• All Tuks to observe strict safety guidelines and highest hygiene standards
• Tuk Rentals provides a personalized experience with affordable multi-hour, multi-stop options

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The Angel Fund, an initiative of the Lankan Angel Network (LAN), established with the support of ecosystem development partner Ford Foundation, has begun accepting applications from early-stage startups in Sri Lanka with regional and global growth potential that is not limited to the tech industry. These could encompass innovative ideas in the verticals of BFSI, Agriculture, Education, Healthcare and Supply Chain and Logistics, to name just a few of the Fund’s areas of interest. Established in early 2020, the Angel Fund is a LKR 100 million fund, and a first of its kind in Sri Lanka. It is managed by LAN’s fund management team, which will identify and evaluate opportunities every three months for investment across the island, including in traditionally underserved regions. Fund applications are available online at https://bit.ly/3eZ1t47 and via the Lankan Angel Network Facebook and LinkedIn pages. The Fund will accept applications for the current evaluation cycle until 31st August 2020. The Angel Fund aims to invest in approximately six to ten early-stage startups in Sri Lanka, irrespective of their sector or geographic location. In addition to providing investment, the Angel Fund offers a pool of centralized professional services, from accounting, finance and legal advice, to local and overseas market access expertise. Additionally, a dedicated team is on hand to fully support these startups throughout their journey, connecting them with domain experts that will be required to fast track their success. Lankan Angel Network CEO Chalinda Abeykoon said, “The entire world is a much different place than it was when we launched the Angel Fund in early March. We believe entrepreneurs now have a much bigger role to play in Sri Lanka’s economic revival. By leveraging the strengths of some of the greatest minds Sri Lanka has produced, we strongly believe startups could play a pivotal role in a post-COVID economy.” An early-stage startup fund created by the Lankan Angel Network, the Angel Fund supports high potential startups that can be scaled across the country, and even regionally or globally. The Fund comprises 100 angel investors, including many high-profile entrepreneurs and corporate leaders. They represent almost a dozen industries with proven competencies in over 20 functional domains. Approximately 30% of the Fund’s angel investors reside outside Sri Lanka in countries like Singapore, USA, Canada, UK, UAE and Australia, facilitating never before seen access to regional and global markets for early-stage startups. Lankan Angel Network Chairman Mano Sekaram said, “Representing some of the greatest business minds in Sri Lanka, our membership continues to help drive Sri Lanka’s economy, irrespective of any short-term shock we may face. We are pleased that the Angel Fund is a part of Lankan Angel Network’s enduring legacy, connecting 100 of our best and brightest members with the next generation of young entrepreneurs, so that they will learn from each other and enrich the startup ecosystem immeasurably.” Angel Fund investor Imal Kalutotage, the Founder of NCINGA, commented, “The Lankan Angel Network makes a real difference for the country as there aren’t many angel investors in Sri Lanka. The caliber of members/investors that LAN has attracted will surely positively impact the startups and their ecosystem by helping them to scale into international markets. As an entrepreneur who has gone through the full cycle with NCINGA, I am excited to be part of this journey to help the next generation of founders in building globally scalable companies in Sri Lanka.” Picture above is the investment team for the Angel Fund. From left to right: Kishan Nadarajah – Principal, BOV Capital, Chalinda Abeykoon – CEO, Lanka Angel Network, and Aloka Gunasekara – Program Manager, StartupX Foundry

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LONDON/DHAKA (Thomson Reuters Foundation) – Garment workers supplying global fashion brands have been underpaid or not paid at all during the coronavirus crisis, with lost wages potentially amounting to nearly $6 billion, researchers said on Monday. With the pandemic leading to store closures and falling sales, many retailers cancelled orders or demanded discounts from suppliers, jeopardising the livelihoods of tens of millions of workers in the sector. Pressure group Clean Clothes Campaign said garment workers in South and Southeast Asia, many already surviving on “poverty pay”, had only received three fifths of their regular income on average from March to May. In some regions of India, workers received less than half their income, according to the group’s report “Un(der)paid in the pandemic”. Clean Clothes Campaign, a network of labour rights organisations and unions, urged brands and retailers to stop passing the buck and publicly commit to ensuring all workers in their supply chains received what they were owed. “The wage gaps caused by the crisis mean that workers are not able to feed their families properly,” Khalid Mahmood, director of the Labour Education Foundation in Pakistan, said in a statement. “They are not able to pay for school fees … or pay for medical expenses and … many of them are in debt.” Clean Clothes Campaign said a lack of data limited the research to seven countries – Bangladesh, Cambodia, India, Indonesia, Myanmar, Pakistan and Sri Lanka – but the situation was probably no better in other low-wage regions. Extrapolating the data, researchers estimated garment workers worldwide had lost $3.19 billion to $5.79 billion in the first three months of the pandemic. They estimated $500 million in wages had been withheld in Bangladesh and more than $400 million in Indonesia. Bangladeshi seamstress Shorifa Begum, 25, told the Thomson Reuters Foundation she was sacked by text message in May after fellow workers protested over unpaid wages. Begum, whose husband is too ill to work, said her former boss owed her 60,000 taka ($708), mostly in unpaid overtime – a sum equivalent to more than a third of her annual income. “I’ve been living on loans since May. I owe money for rice and lentils to many shops and I don’t know when I can pay them back,” she said, adding she could often no longer afford milk for her toddler. In desperation, Begum is joining another factory paying 6,000 taka a month – less than half what she used to be paid after overtime. “It obviously won’t be enough, but I need to survive,” she said. Clean Clothes Campaign said clothing companies had long profited from low wages in countries with lax labour laws. “We are asking brands individually to make a public commitment to avoid a situation in which everyone in a supply chain has responsibility, but in practice nobody assumes responsibility,” said Clean Clothes campaigner Christie Miedema. Brands including Adidas, H&M Group, Primark and Ralph Lauren, unions and the International Organisation of Employers (IOE) announced a working group in April, convened by the United Nations, to help manufacturers pay wages. “Most brands have acted responsibly, but there’s much more to do on all sides – with the brands, governments, manufacturers and retailers,” said IOE Secretary-General Roberto Suarez Santos. Suarez Santos said they were working with governments, employers and workers in the countries cited in the report to create or boost social protection schemes. The British-based Ethical Trading Initiative said it expected its members, who include H&M and Primark, to cover costs incurred for orders already in progress or completed and to work with suppliers to avoid cancelling orders.

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The Ambassador-designate of Sri Lanka to Myanmar has held a meeting with the top management of Myanmar Airways International on establishing direct air connectivity between the two countries, the Foreign Ministry said in a media release recently.

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The Board of Directors of the Colombo Stock Exchange (CSE) congratulates the new Government led by His Excellency President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa on receiving a convincing mandate at the recently concluded General Election. The CSE welcomes the decisive expression of support for the new Government by the Sri Lankan people and is confident of the establishment of a strong, pro-growth socio-economic policy framework by the new administration which will strengthen the investment climate in Sri Lanka.  In particular, the CSE applauds the specific inclusion of Capital Markets under the gazetted responsibilities for State Ministers within the Ministry of Finance and looks forward to meaningful engagement on developing the nation’s capital markets. The mandate given to the new Government will be an opportunity for much needed policy reforms to be enabled in order to drive an accelerated and sustainable socio – economic development program for Sri Lanka. The CSE  strongly believes that the capital market in Sri Lanka should play a pivotal role in facilitating capital formation for commercial enterprises and wealth generation for citizens, and look forward to working in partnership with the relevant ministries, the Securities and Exchange Commission of Sri Lanka, other government agencies and market intermediaries to actively support the Government’s vision of development.

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The inauguration ceremony of SLIMs ‘License to Sell’ (LTS) 2020 batch 6 was held on 8^th July at SBS, Colombo. The event was graced by the CEO of SLIM, Mr. Sanath Senanayake, Dr. Pradeep Edward, Past President and Advisor Business Development – SLIM, Mr. Lalith Fernando, MD/CEO MBSL Insurance and distinguished Sales professionals. ‘License to Sell’ (LTS), developed by SLIM Trainings, is a programme aimed at producing trained sales staff to the job market and honing the skills of those who are already employed in the profession. The core objective of the program is to provide a 360-degree skill development to sales staff, which will accelerate their performance. LTS has been designed by utilizing the latest teaching techniques, which provide the optimum knowledge and skills development of Sales professionals. With a blended focus on theoretical and practical aspects, the programme is conducted by professional trainers with expertise from numerous industries in the country. ‘License to Sell’ consists of 11 modules, which focus on Personal Grooming and Personal Branding, Creating a Winning Attitude, Developing Confidence, Leverage Technology for Better Prospecting, Productivity, Multitasking and Time Management, Social Media for Sales, Meeting the Client and Sales Presentation Skills, Handling Objections, Closing Techniques, Building Business Relationships and Basic Finance for Sales. ‘License to Sell’ is aimed at developing the soft skills required for sales and enhancing the confidence levels of the sales staff. With a study duration of just 11 weeks, LTS provides a well-rounded education for those who are interested in pursuing a career in sales, and also for those ambitious professionals, to enhance their sales skills and to progress in their careers. Commenting on the LTS programme, President of SLIM, Mr. Roshan Fernando stated, “Sales has an immense impact on the growth of a business. An ineffective and traditional sales pitch would lower the profits, while an innovative and intensive sales approach would boost up sales. It is therefore, necessary to keep up with the rapidly changing world of marketing to enhance the competency levels of sales professionals and to accelerate the growth of a business. With ‘License to Sell’, we at SLIM offer you an opportunity to develop your skills and embrace innovative sales approaches that would enable you to excel in any market in the world.” This programme was specially designed for Sales Professionals by combining industry knowledge and marketing strategy. It is a programme much in demand and we are confident that it would definitely help participants contribute in a more productive manner and also possess the ability to maintain a more fruitful relationship with customers to ensure success of their companies,” said Mr. Nuwan Gamage, Vice President of SLIM. Dr. Pradeep Edward, Past President and Advisor to the Business Development of SLIM said, “The knowledge that will be imparted to the sales staff through this LTS programme will be a platform to successfully climb up the corporate ladder. Sales and Marketing are very important aspects in business and contribute greatly to the success of any organisation. The course is designed to equip them with professional skills in Sales, boost their confidence as a sales professional and increase their access to more opportunities in the local and global context”. CEO/Executive Director – SLIM, Mr. Sanath Senanayake added, “As the pioneer in marketing education in the country, SLIM focuses heavily on providing quality coaching with the latest study material, and maintains very high standards enabling students to deliver exceptional results with value additions. The educational sessions at SLIM provide a proper guidance for the students to segment and prioritize their careers accordingly. We motivate the students to achieve success in their academic environment by putting their skills into practice.  SLIM provides a platform for the students to grow, build leadership qualities, experience new bonding and plan their future.” Considering the demand and the requirement in the market for trained sales professionals with exceptional sales skills and exemplary levels of confidence, SLIM launched ‘License to Sell’ to help Sales professionals gain the needed competency levels to compete in the industry. SLIM has made its mark in the Marketing fraternity by creating professional marketers through its internationally recognized educational products and training programmes. As the National body for marketing in Sri Lanka, SLIM continues its efforts in enhancing the marketing fraternity in the country and providing quality education to future marketers in Sri Lanka. SLIM is the National body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970. It is a member of the National Chamber of Commerce of Sri Lanka (NCCSL), Organisation of Professional Associations of Sri Lanka (OPA) and Federation of Chamber of Commerce and Industry of Sri Lanka (FCCISL). Internationally it is affiliated with ESOMAR, the Federation of Marketing Research Industries and is a member of the Asia Marketing Federation, which is affiliated to the World Marketing Association. Photo caption: Mr. Sanath Senanayake – CEO/ED SLIM, Dr. Pradeep Edward Past President and Advisor Business Development – SLIM and Mr. Lalith Fernando, MD/CEO MBSL

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INSEE Cement enters into a three-year corporate partnership with the national body of marketing in Sri Lanka, the Sri Lanka Institute of Marketing (SLIM), by becoming the official corporate sponsor of SLIM’s annual hosted events. Having garnered a strong and successful working relationship in the past with SLIM, INSEE Cement works to further strengthen the partnership by endorsing the institute’s strong repute for best practices in marketing through the participation of corporate training programs and sponsorship of events. The sponsorship was formalised on the 29^th of July, 2020 between Mr. Roshan Fernando, President Sri Lanka Institute of Marketing and Mr. Jan Kunigk, Executive Vice President, Sales, Marketing & Innovation at INSEE Cement, which will place INSEE Cement as the corporate sponsor of SLIM events such as the People’s Awards, Brand Excellence Awards, Digi awards and National Sales Congress (NASCO) Awards. “As the foremost cement manufacturer in the country, INSEE Cement has been at the forefront of driving transformation across the construction industry in Sri Lanka by empowering key stakeholder groups and supporting competency development and upskilling through sharing of knowledge and expertise. Through this partnership we hope to collaborate with SLIM in encouraging the industry leaders to share the knowledge and expertise they have accumulated over the years and be recognised for their valued services at events such as Brand Excellence Awards, People’s Awards, Digi awards and National Sales Congress (NASCO) Awards,” stated Mr. Jan Kunigk, Executive Vice President of Sales, Marketing and Innovation at INSEE Cement. Photo caption: The sponsorship was formalised on the 29^th of July, 2020 between Mr. Roshan Fernando, President Sri Lanka Institute of Marketing and Mr. Jan Kunigk, Executive Vice President, Sales, Marketing & Innovation at INSEE Cement.

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You can always count on great food from Mandarina; it’s the place to go if you’re a foodie on a budget! Now, Mandarina has once again innovated a Sri Lankan classic. We all know about the iconic Nelum Kole meal but Mandarina has completely revamped it, you get to choose from: 3 different types of local rice, a range of 10 rich curries,5 mouth-watering meat dishes and not to mention any condiment you could think of. Once again Mandarina is opening its doors to their famous restaurant “On the Eleventh” along with their array of 80 rooms, each offering true relaxation. Mandarina Colombo launched the authentic Sri Lankan menu ‘Nelum Kole’ on the 10^th of August 2020, whereby the city hotel is ready to host guests to a tantalising local lunch menu that would become a novel experience for food lovers. Guests will experience the true meaning of lunch served on a Nelum Kole, in the midst of a star quality restaurant backdrop. The whole new ‘NELUM KOLE’ menu promises mouthwatering cuisine. The secret of the rich flavours and their mastery in the local dishes is because of the local ingredients that are used. “In the post-Covid situation, its needless to point out that not only the hospitality industry, but also a sub section of the society whose livelihoods were based upon the industry have been affected. Mandarina Colombo, as a part of the leading Sri Lankan conglomerate, Macksons Holdings is on the strong footing that our post-Covid revamp mission is not only catering to the reinstatement of our hotel’s commitment towards the local food culture but also as an avenue to give back to the society. We have initiated several attractive promotions including the new NELUM KOLE menu” informed Dinesh Hettiarachchi, General Manager, Mandarina Colombo. Mandarina’s local suppliers are scattered around the country, this includes the raw materials that are sourced from Kumbukgate in the North-Western Province along with daily vegetable and lotus leaves being supplied from the Colombo Suburb, Bandaragama, and many more. “Especially through the new NELUM KOLE menu, our lunch will offer an array of authentic local cuisine. Hence, we do believe that as a local organization, at this context we have been able to contribute to the Sri Lankan community at our level best as a part of our CSR commitments. Furthermore, I need to add that for a Hotel, the food is the key-value addition, hence we are very proud of the quality and unique taste of the food that has been prepared by our chefs who have over 60 years of combined experience in the industry being sure to tantalize the taste buds of our guests,” added Hettiarachchi. Drop by Mandarina Colombo and try their newly iconic “Nelum Kole” on weekdays from 12-3 pm. Photo caption: Mizver Makeen, Group Managing Director, Macksons Holdings being served the new Nelum Kole Menu at Mandarina Hotel

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AIA Sri Lanka is proud to be recognised as Sri Lanka’s Best Life Insurance Company in 2019, by the internationally acclaimed Global Banking and Finance Review. This prestigious recognition followed a detailed assessment of key performance indicators by the UK-based media powerhouse, that analyses the financial industry and the global economy. The award is testimony to the significant contribution made by AIA Sri Lanka to the life insurance industry in terms of outstanding products and services, enhancing customer experience and serving local communities. AIA Sri Lanka has always remained strong and maintained financial strength and stability. The recent COVID19 pandemic proved that AIA Sri Lanka has indeed been built strong and built to last.  With the highest Capital Adequacy Ratio (CAR) in Sri Lanka’s life insurance industry (of more than 600% and 5 times the required CAR by the regulator), AIA Sri Lanka has an unmatched ability to absorb risks and withstand crisis. This is supported by the company’s prudent investment strategy and high quality of investments. AIA Sri Lanka’s focus is always on delighting the customer. With a track-record of paying better than promised policyholder dividends for the past 30 years, the company is constantly evolving to meet customer expectations. The company’s pioneering digitalisation efforts and focus on ease-of-doing-business has strengthened its reputation of being a truly customer focused insurer. AIA Sri Lanka was the first and only insurer to win the LIMRA International Quality Award (IQA) for Growth in the world (2018) and also boasts IQA qualifiers for 2019- not to forget topping the number of MDRT qualifiers in Sri Lanka for 5 consecutive years, to date. (MDRT is internationally recognised as the standard of excellence in the life insurance and financial services business.) This is a fitting acknowledgement of the relentless commitment and high level of professionalism shown by the company’s advisors in both the Agency Distribution and Bancassurance channels. The company has also been recognised as a Great Place to Work® in Sri Lanka for eight consecutive years, in addition to being recognised as one of the ‘Best Workplaces for Women’ in Sri Lanka, in the inaugural awards presented by GPTW® Sri Lanka. These accolades demonstrate the company’s great workplace culture which encompasses equality, inclusivity and opportunity to grow. Be it a donation to the Sri Lanka Heart Association, a partnership with the Sri Lanka Cancer Society, renovating underprivileged schools and hospitals around the island, saving lives during Poson or providing higher education scholarships, AIA Sri Lanka is a company with a big heart and giving back to the community has always been a priority. During the COVID pandemic, the company sprung to action in donating much needed PPE equipment to a hospital treating COVID patients, not to forget, providing free life insurance cover to all staff at three main hospitals dealing with the disease. The pandemic saw AIA Sri Lanka being the first insurer in the country to offer free COVID cover to all customers while also providing free telemedicine services to all customers during the curfew. AIA Sri Lanka pursues its mission of helping people live healthier, longer, better lives through proactive efforts to promote health and wellness to all Sri Lankans, mainly through the AIA Vitality programme. This includes pioneering initiatives such as ‘Sri Lanka’s Healthiest Workplace Survey’ which aids workplace wellness. Throughout it all, AIA Sri Lanka’s priority has been to help Sri Lankans become physically and financially strong, while enjoying life to the fullest, with those they love the most!              

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Soon to be completed luxury condominium ‘447 Luna Tower’, offering impeccable value to those seeking to purchase real estate in Colombo, recommenced construction as of 18th May 2020 adhering to the guidelines issued by Ministry of Health & other government institutions. Therefore, strict hygiene protocols have been implemented within the site that includes special provisions for safety equipment, body temperature checks, regular sanitizing procedures, dedicated lifts for visitors etc. Commenting further, Sandun Hettige Jt. Group COO Asia Capital PLC said, “We strongly believe that it is our role and responsibility at this difficult time to achieve development progress while ensuring the safety of everyone involved. In this regard, we have controlled the level of activity with sensible compromise on the number of workers within the site for the moment. Rest assured, we are taking all possible mitigation actions to regain for the lost time.” Having commenced construction in the fourth quarter of 2016, 447 Luna Tower is located in the heart of Colombo at Union Place and offers investors an affordable yet unique value proposition through a 44-storey architectural masterpiece accommodating 202 spacious apartments. This development is perfectly positioned to offer its clients the convenience of living in the heart of the city, with easy access to workplaces, leading supermarkets, banks, and schools. With a total investment of approximately USD 50 million, the project is fully funded by the Japanese conglomerate Belluna Co. Ltd along with the local partner Asia Capital PLC. 447 Luna Tower is Belluna Co.’s third project in Sri Lanka which collectively amounts to an investment in the country of over USD 450 million. Belluna Co. Japan has also invested in a 300-room city hotel on Marine Drive in Colombo 3 which is planned to be open mid-2021; an ultra-luxurious 57 room resort known as Le Grand in Galle which opened in August 2018; as well as their first resort endeavor with Marriott International, debuting the Westin Maldives Miriandhoo Resort entailing 70 villas opened in October 2018. 447 Luna Tower has been designed and constructed in consultation with Japanese engineers thus ensuring technical and structural expertise throughout the construction process. A team of representatives from Belluna Co. Ltd regularly inspects the quality of construction to reaffirm their unwavering commitment towards delivering only the highest quality offering. The partnership with Belluna Co. Ltd, Japan and the initiative to run the project as a fully equity funded development continues to re-affirm investment security for clients of 447 Luna Tower. Furthermore, Belluna Co. Ltd has expressed their unwavering confidence during this time towards the success of 447 Luna Tower and the overall Sri Lankan real estate market. Exclusive to its residents, the apartment is further equipped with facilities and amenities that offer a 360-lifestyle solution. The show floor has been completed on the 18th floor and is available for viewing to inspect the quality of the finishes. With a payment of 20% of the total price, investors can buy into the offering and pay the remaining 80% at handover.

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The condominium developers of Sri Lanka are being terrorized by a new kind of threat that is smothering the continuation of the industry in addition to other limitations that developers currently face. A group who has made it a practice to blackmail condominium developers with the threat of submitting caveat notices for planned projects has been breeding in the recent past. As a result, many condominium projects have experienced prolonged legal processes, immensely endangering the progress. The submission of a single caveat can bring 10 to 15, or in certain instances, 100 to 200 transfers of properties to a standstill. A property developer has to undergo a rigorous approval process from a series of regulatory bodies, including the Urban Development Authority, Local Government Authorities, Condominium Management Authority and several others before registering the Condominium property in the relevant Land Registry. Once the approvals and clearances from all these institutes are obtained, and the Condominium Deed of Declaration is submitted to the Land Registry, the so-called Caveat notice becomes a major barrier to the developer, and is fast becoming a regular occurrence. Since all registered Sales and Purchase Agreements become un enforceable, due to registered Caveat Notices, all transfers of apartments to the purchasers who had paid in full, come to a halt. The rest of the buyers who are prepared to pay the balance through Bank loans also become helpless as the banks deny issuing loans.     Property developers are also unable to continue loan repayments and face unwarranted interest rates as a result while having no fault from their end. As the prices of the projects are already agreed and finalized with the buyers, the developers cannot increase the unit prices in order to cover this additional cost. The ease in which a caveat can be registered has made this situation lucrative for a group who have transformed it into a means of business through pure extortion. According to the Section No. 26 of Registration of Document Ordinance, a caveat has to undergo proper inspection prior to registration. However, in a letter sent to the Attorney General by the Registrar General, dated 19.02.2020 practical limitations have been cited as the cause of not being able to conduct substantial investigations. Even though the letter states that the Registrars of Lands have been notified regarding the same, there does not seem to be any inspection in reality. Condominium developers are facing a loss of millions of rupees as a result of a Caveat Notice that can be registered for a mere Rs. 2,500/-. The simple solution given to the affected is to file a case in the District Court, which is a time consuming and drawn-out process. Property developers are drowned in debt as interests continue to add to their borrowings. Also the Condominium property developers have to continue to pay unwarranted interests and potential buyers face longer waiting periods to claim ownership unless this matter is sorted out. By Kapila Gamage – Attorney-at-Law and Condominium Consultant

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Leading infrastructure developer Iconic Developments relaunched the website for its ongoing project in Rajagiriya, the Iconic Galaxy inclusive of a 360 virtual walkthrough and dynamic customer service portal for prospective buyers. The redesigned site features a sleek, modern interface with improved functionality and easy access to essential information for potential buyers to make well-informed decisions. “We are thrilled to debut our revamped website to those who are looking to discover and experience luxury living offered at the Iconic Galaxy. Our new website is easier to navigate and allows current and potential customers to understand the full breadth of the stellar amenities we offer at their leisure.” stated Iconic Developments Managing Director Rohan Parikh. The scintillating virtual tour of the Iconic Galaxy apartment complex gives customers the opportunity to explore the unique facilities of this 33-storey modern complex in depth; including its breathtaking zen gardens, observatory deck, the model for a fully-furnished two bedroomed apartment and 360 degree views from the sixth and 19^th floor as well as the rooftop garden. The tour is further complemented by an active customer service portal and a ‘Site Updates’ page where customers can view and keep track of the progress of the Iconic Galaxy’s construction. Customers can visit the Iconic Galaxy website (https://bit.ly/ICGTour) to experience the virtual walkthrough and observe the spectacular views and amenities available at the apartment complex. Internationally minded and locally inspired, the Iconic Galaxy offers 272 super luxury, two, three, four and five bed-roomed apartments amidst a plethora of world-class amenities and services. The apartment complex brings together the ‘pulse’ and ‘texture’ of a green Colombo, to offer spectacular views from a rooftop fragrance garden, open cafeteria and a glimpse of the stars from an observatory. The self-contained apartment complex also provides a  7-level private club worthy of a 5-star hotel, private guest suites for overnight visitors and on-site conveniences that include a supermarket, business centre, ATM and electric car charging facility. Accessible from two roads the Iconic Galaxy is perched on the trunk route of Buthgamuwa Road. The Iconic galaxy was recently recognized in the residential high-rise development category for Sri Lanka at the Asia Pacific Property Awards 2020-21. Photo caption: Sample image of walkthrough on Iconic Galaxy website

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Consumer sector of the Sri Lankan conglomerate Sunshine Holdings (CSE: SUN), has completed its acquisition of a leading Sri Lankan confectionery company Daintee Limited, adding several prestigious brands to its portfolio, including Daintee, Milady and Bensons. The transaction was valued at Rs. 1.7 billion. This move comes at a time where Sunshine as a Group looks to strategically expand its presence in Sri Lanka’s fast-growing FMCG segment by extending its portfolio beyond tea, where they hold the No. 1 position. Daintee joins Sunshine Consumer’s growing portfolio of businesses that markets and distributes some of the country’s most-loved tea brands—Watawala, Zesta and Ran Kahata. The acquisition is in line with the Group’s strategy to nurture and build local brands. Daintee Limited, founded in 1984 in collaboration with Barker and Dobson, a prestigious U.K. confectionery company, is a market leader in the sweets and toffee category in Sri Lanka. At present, the company boasts of an extensive product range consisting of toffees, sweets, jellies, chocolates and cocoa-based confectionery, bubblegum, desserts, biscuits and snacks where Daintee maintains a 40% market share in toffees and sweets. The products are marketed under the brand names such as Daintee, Milady, Bensons, Chito, Chix, X-tra, Mr. Bitz, Excella and Longlive. “We are pleased to welcome Daintee Limited’s confectionery brands and its talented employees to the Sunshine Group,” said Sunshine Group Managing Director Vish Govindasamy. “Daintee’s portfolio of brands are household names which have gained popularity and loyalty across generations. The addition of the Daintee portfolio of brands is a significant step towards Sunshine Consumer’s aim of being a strong player in the FMCG sector. With our marketing prowess that has enabled us to be the No.1 branded tea company in Sri Lanka, we hope to achieve the vision we have for every one of our brands to be the No. 1 in their sector of influence.” The company has two primary manufacturing sites and four other locations for warehousing and packaging in the Ratmalana industrial zone. Furthermore, Daintee Limited is certified with ISO 9001:2015 and is the only confectioner in the country with an advanced microbiology testing centre. Photo caption: Sunshine Holdings Group Managing Director Vish Govindasamy

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Tikiri Toys – the hugely successful Sri Lankan brand of natural play products – has been awarded the prestigious ‘Ethical Gift of the Year’ title at the recently held NEC Spring Fair Birmingham 2020. DSL Lanka (Pvt) Ltd., manufacturer of the locally-designed and produced toys that have captured the hearts of toddlers and infants the world over, and chief exporter of organic toys from Sri Lanka – was one of only 14 honourees at this year’s Gift of the Year Awards ceremony, organised by the Giftware Association UK. The CEO of DSL Lanka, Mano Sheriff, and Dr. Lakmini Mendis, the Minister of Commerce, Sri Lankan High Commission in London, were present at the awards ceremony to receive the distinguished title. Backed by over a decade of producing and exporting toys, DSL Lanka officially launched the Tikiri brand in 2013 with its inaugural range of handcrafted, ethical dolls: the highly successful Bonikka collection. The first -and still, only- Sri Lankan toy brand to export high-quality, organic stuffed toys across the globe, DSL Lanka has created its lovable Tikiri, and Meiya & Alvin collections, much to the delight of clients in over 46 countries across the globe. From a humble production facility in 1991, the company’s signature brand of safe and endearing playthings has since received many a prestigious industry certification, and now also operates from Sales & Marketing offices in the UK and the USA. Just last year, DSL Lanka produced and shipped nearly 2 million toys, contributing significantly to the country’s GDP. What differentiates Tikiri products from others is its wide portfolio of only top-quality, handcrafted toys that not just promote childhood physical and emotional development, but are also environmentally sustainable, as well as ethical in production. All components of each Tikiri play product are made with reverence to the child as well as the environment, with materials that are eco-friendly, non-toxic, and durable. The stuffing elements comprise of reclaimed recycled plastic bottles – a superior alternative to other natural materials which dry poorly and have a greater risk of forming mould – and all rubber components are fashioned from natural rubber – that is BPA-free, phthalate-free and PVC-free – sustainably harvested from the Hevea tree. Paints used are made from non-toxic dyes, making it safe for teething newborns, and even the packaging is manufactured from recycled board and soy-based inks. Furthermore, the toys are machine washable for hygiene and longer use. “This award is a highly respected industry accolade, and we are absolutely delighted that Tikiri, an inherently Sri Lankan brand, was chosen as ‘Ethical Gift’ of the year,” said Mano Sheriff, CEO of DSL Lanka. “Tikiri and its wide portfolio of infant and toddler products have always stood by the physical and emotional developmental benefits of play, and we will continue to promote to our local and international customers its positive impact on childhood, alongside our own personal values of ethical and sustainable production.” Also a strong advocate for ethical manufacturing practices, DSL Lanka has always stayed true to its commitment to fair trade by seeking to ensure that wages, working conditions, and employee access to management, are just and fair. More information is available on www.tikiri-toys.com Photo caption: (Above) Peter Hawkins, Director Marketing, Tikiri Toys (centre left) and Mano Sheriff, CEO, DSL Lanka (centre right) receives the award for ‘Most Ethical Gift’ at the NEC Spring Fair, UK on behalf of Tikiri Toys All pure natural rubber Tikiri toys are hand painted, including this best-seller of the Fairy Tale collection (left) and Mano Sheriff, CEO, DSL Lanka with Dr. Lakmini Mendis, Minister of Commerce, Sri Lankan High Commission in London (From left) The storybook about popular natural rubber toy characters Meiya & Alvin has been translated to 12 languages to the delight of children across the world; ‘Ocean Buddies’ are biodegradable and 100% non-toxic, and an excellent alternative to plastic toys, which destroy marine life and Multiple award-winning ‘Bonikka’ dolls originate from a family tradition dating back to 1895, and have now been adopted by over 350,000 children worldwide

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Once again proving its environmental consciousness, Sampath Bank published its Integrated Annual Report 2019 as a carbon neutral product for the fifth consecutive year. The carbon footprint of the publication has been measured and reported in accordance with the requirements of ISO 14067: 2018 (E) Standard and Greenhouse Gas Protocol (Life Cycle Accounting and Reporting Standard) developed by the World Business Council for Sustainable Development and World Resource Institute. Sampath Bank was able to offset their Integrated Annual Report’s carbon footprint of 20.58 tCO₂e by purchasing United Nations Certified Emission Reductions (CERs) from the project activity 2,342 registered under the UN Clean Development Mechanism. Speaking about this development, the Group Chief Financial Officer of Sampath Bank PLC, Ajantha de Vas Gunasekara said, “We at Sampath Bank have always ensured that our corporate values are inclusive of achieving environmental sustainability in our day-to day-operations. By taking such measures to minimize our carbon footprint, we are driving our customers and stakeholders to follow suit and be environmentally conscious citizens. As our Integrated Annual Report has been a carbon neutral publication for the fifth consecutive year, it stands as an example of our commitment to reduce emissions that could cause irreversible damage to the environment.” In order to map the carbon footprint of Sampath Bank’s Integrated Annual Report, comprehensive data was gathered by Climate Smart Initiatives (Pvt) Ltd. Following this in-depth analysis, the total amount of Green House Gas (GHG) emissions accumulated at each stage of the product lifecycle of the Annual Report 2019 was then measured in CO₂ equivalent. The CEO of Climate Smart Initiatives (Pvt) Ltd, Eng. Buddika Hemashantha voicing his thoughts on Sampath Bank’s repeated efforts to publish carbon neutral Annual Reports stated, “By producing a carbon neutral Annual Report for five consecutive years, Sampath Bank stands as a benchmark entity which has responded to the call of mother nature. In an effort to mitigate the climate change phenomena, it is encouraging to see the motivation of the private sector and their commitment to protect planet earth through such timely efforts. With the help of private sector institutions such as Sampath Bank, we can move from incremental to transformational change that will bring environmental sustainability.” With an environment policy that has been formulated to fulfil diversified roles in its operational framework, Sampath Bank will extend its commitment towards a greener and safer environment by educating the masses on the social norms that are relevant to the communities Sampath Bank operates in. The Bank will continue to initiate more corporate sustainability actions for the betterment of the economy, the nation and the earth. Photo caption: Integrated Annual Report 2019 (left) and the Carbon Neutral Certificate

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The Group revenue reached Rs. 44.1 Bn during the first six months of 2020 demonstrating a moderate growth of 3.6% YoY, primarily due to the relief packages and free data offers to customers by SLT together with its mobile arm Mobitel (Pvt) Ltd to assist the customers during the pandemic. The unexpected delays in investment projects owing to the pandemic too impacted adversely on the top line. Nevertheless, surge in utilization in Broadband, IPTV and Career Business services in both residential and business sectors due to the work from home arrangements and temporary closure of many educational and business entities lifted the revenues of the Group.

Stringent cost management measures reduced the Operating Costs before Depreciation and Amortization by 7% YoY raising EBITDA margin to 40.5% from 33.4% in the year before. EBITDA of the Group stood at Rs. 17.8 Bn, up 25% YoY. The Interest Expenses and Finance Costs rose to Rs. 1.4 Bn from Rs. 0.6 Bn as a result of increased borrowings to finance the growing capital expenditure in order to align with the global technological trends and fulfilling the changing customer demands. FOREX losses of the Group mounted to Rs. 0.9 Bn from Rs. 15 Mn in the same period last year due to the depreciation of Sri Lankan Rupee against USD arising from the adverse impacts of Covid-19 pandemic. Other Income of the Group grew to Rs. 0.5 Bn, up 85% YoY which improved the Group profits.

Group Profit Before Tax (PBT) recorded at Rs. 5.7 Bn, a 22% growth compared to the year before while Profit After Tax (PAT) posted at Rs. 4.6 Bn, demonstrating a YoY increase of 31%. Growth in revenues coupled with efficient cost management techniques pushed the PAT margin up to 10.4% from 8.2% for the same period the year earlier.

The Group experienced a drop in customer collections during early stages of the pandemic emanating from the low disposable income levels of customers. However, the effective collection strategies of the Group improved collections in later stages of the pandemic, normalizing the cash flows from collections for the period. Regulatory instructions to refrain from disconnecting the unpaid subscribers, brought challenges in collecting the billed revenue. Managed profits coupled with healthy bill collections and limiting capital expenditure to critical areas and shifting to deferred payment plans for procurement led to a positive Cash & Cash Equivalents balance of Rs. 6.5 Bn at the end of the reporting period.

During the first-half of 2020, SLT Group paid out a total of Rs. 8.1 Bn as Direct and Indirect Taxes and Levies to the Government of Sri Lanka.

Rohan Fernando, the Group Chairman, commented, “We are pleased to announce our financial results for the first-half of 2020 which, yet again proved the growing strength of our organization to be one of the best corporates in Sri Lanka. The Covid-19 pandemic has posed an entirely new set and scale of challenges to business leadership which most have not experienced before. I convey my gratitude to my management team and my staff for working together as a one close unit in proactively managing the unprecedented challenges brought by the pandemic. We have provided an uninterrupted service to the nation whilst offering relief packages and free data offerings to our valued customers. I believe leading with empathy and a sense of connection with employees, business and community partners, and customers is the root cause of our success. It must also be stated that we ensured the welfare and wellbeing of all our staff members and their families during the recent pandemic”.

Lalith Seneviratne, the Group Chief Executive Officer, remarked “In this challenging situation, it is imperative to concentrate on health and safety measures of our employees, customers and other core stakeholders while maintaining resilience in our supply chain, workforce movements and financial liquidity. As a Group operating in the telecommunications sector, we have made several initiatives with an eye towards reaping synergies within the holding company and subsidiaries in the long term, and absorbing contract workers in SLT Human Capital Solutions (Pvt) Ltd (HCS) to the permanent cadre of SLT being a one such initiative, which strengthened the bond between the staff and the management”

Kiththi Perera, Chief Executive Officer of the Holding Company stated, “SLT as a responsible corporate citizen is engaging in a variety of CSR activities including the donation of one million face masks under the theme “SMILE WITHIN” jointly with our mobile arm Mobitel and “Manusath Derana”. Further, as a response to the need of the hour, with the prevailing social distancing requirements of the Country, SLT launched “AL Kuppiya” and “e–Siphala” online learning platforms to facilitate distance learning to the students. Furthermore, SLT partnered with Lanka Sathosa Limited to create an online retail store and joined hands with EPIC to launch “Helaviru” Digital Economic Center online platform for the first time in South Asia to facilitate the trading activities of agricultural and farm produce”.

Priyantha Fernandez, Chief Operating Officer of SLT added, “Though the unanticipated challenges caused by Covid-19 pandemic slowed-down the deployment of accelerated Fiber Expansion Project to provide FTTH (Fiber-to-the-Home) connections under the National Fiberization Program to a certain extent, we are successfully continuing with our journey to increase the fiber footprints across the country to provide an ultra-speed experience to our valued customers. SLT recently signed an agreement with Sri Lanka Ports Authority (SLPA) to provide data and voice solutions powered by fiber. Further, SLT introduced Microsoft Azure stack hub as the latest addition to the SLT Akaza cloud family which is implemented at the state-of-the-art Tier III data center located at Pitipana, to address the modern needs of many enterprises across the Country”.

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Former Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal was sworn in as the new state minister for Finance, Capital Market, and State Enterprise Restructure. The swearing-in ceremony of new Cabinet of Ministers and State Ministers commenced a short while ago, under the patronage of President Gotabaya Rajapaksa. The new ministerial structure consisting 28 Ministries and 40 State Ministries was announced by President Gotabaya Rajapaksa through an extraordinary gazette notification. Accordingly, two-state ministries were appointed under the Finance Ministry. They are the State Minister for Capital Market and State Enterprise Restructure, and the State Minister for Samurdhi, Domestic Economy, Self-Employment, and Project Development. Among the tasks assigned to the State Minister of Capital Markets will be to facilitate the setting-up of main offices of international business giants in Colombo and the Port City, and engaging in international promotional campaigns to attract foreign investors with the assistance of the private sector.  

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HSBC has been named the International Retail Bank of the Year in the Asian Banking & Finance Retail Banking Awards 2020. This is the fourth time HSBC Sri Lanka has won the award, since 2016. In the 15th year of awards, over a hundred exceptional banks from 30 countries were recognised for providing the best service to clients and being able to navigate these changing times. As the largest foreign bank operating for 128 years in Sri Lanka, HSBC Sri Lanka is committed to continue its position as the pioneer financial institution in the country. This was reaffirmed with Asian Banking and Finance citing this year’s recognition for the bank’s outstanding ingenuity in providing ease of services to serve the needs of thousands of Sri Lankan international students, as well as offering market-leading and innovative banking services. Commenting on the award win, Nadeesha Senaratne, Country Head of Wealth & Personal Banking in Sri Lanka said, “It is heartening to be recognsied for the efforts and hard work of our Wealth and Personal Banking team who strive to stay connected to our customers. Even though the consumer landscape has changed over the years, our desire is to look after our customers and we continue to stay current and focused on customer needs, and will continue to help customers navigate these difficult times.” After learning that over 20,000 Sri Lankans study overseas at any given time, the bank launched the country’s first fully-integrated International Student Proposition. This provided support to students by enabling pre-departure account opening and international banking services. Students can immediately move funds across the globe free of charge through the Global View/Global Transfer and Global Transfer Friends and Family service. Further, ‘Premier Next GEN’ was launched for HSBC Premier customer’s children aged 18-28 years who are recognised as Global Premier customers under the premiership of their parents and enjoy similar global privileges. Building on the earlier ‘Cashback’ card released in 2018, the bank unveiled the ‘Rewards Credit Card’ service last year, offering customers up to 5x rewards on everyday spend categories, and enabling them to redeem rewards instantly from over 40 partner establishments around the country across 1,000 reward hotspots. As a result, the bank recorded a 50% YoY growth of new card acquisitions in 2019 compared to the year before. HSBC Sri Lanka also refined its online banking experience by expanding the services offered to include multiple device optimization. This gave customers the convenience of banking from home 24/7 to move and transfer money and pay bills.

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