Suntel strengthens partnership with ABC Insurance Standing from left-Nishan J Thavachchelvam -Business Accounts Manager, Suntel, Thilak Fernando - Assistant General Manager – Finance, ABC Insurance Co. Ltd., Nihal Fonseka – Director - Finance, ABC Group of Companies, Vinnie Gunaratne – Managing Director, ABC Insurance Co. Ltd., Hasitha Abeywardena - Director Marketing & Sales, Suntel, Sanjeev Wijesinghe – Director Human Resources, Suntel, Felix Felthman - Sales Manager – Business Sales, Suntel and Chrishantha Tissera - Product Manager, Fentons Ltd. Suntel has signed an agreement with ABC Insurance Co. Ltd, to provide them with an E-1 solution connecting their head office with 13 branches island-wide. The solution was designed specifically to meet the customer’s requirements to maximize resource utilization and increase productivity. Its tailor made features will make operations more convenient and cost effective, whilst providing reliable connectivity and improved efficiency. Plans are underway to provide a similar solution to 18 other branches of the company which would be established in the near future, Suntel said. Founded by the ABC Group of Companies, ABC Insurance Limited provides both Life and General Insurance in Sri Lanka. With an Island-wide branch network of 15 branches currently in operation, the company plans to expand into several other cities such as Gampaha, Rathnapura, Anuradhapura, Moneragala, Chilaw, Nuwara Eliya, Kurunegala, Matara, Mahiyangana, Avissawella, Malabe, Negombo, Kaduwela and Colombo with branches opening shortly in Badulla and Kandy.

Sri Lanka’s biggest apparel exporter pledges support to 8th ICAAP Picture shows from left - ICAAP’s Local Organizing Committee (LOC) co-chair Bradman Weerakoon, LOC co-chair Dr. Sujatha Samarakoon shaking hands with Trevine Jayasekera, Director Brandix and Feroze Omar, Director –Brandix after handing over the cheque. Brandix Lanka Ltd, ranked Sri Lanka’s largest apparel exporter by the Export Development Board (EDB), last week pledged support worth Rs 5 million as main corporate co-sponsor of the 8th International Congress on AIDS in Asia and the Pacific (ICAAP) – the biggest ever international conference to be held in Colombo. More than 3,500 delegates from over 60 countries are expected for the August 19 to 23, 2007 meeting.

Stringent laws to protect coconut industry

Stringent laws are to be introduced by the government against the felling of coconut trees and fragmentation and sale of coconut estates. Land auctions and cutting coconut trees have ruined the island’s coconut industry.

The government has banned the dividing of coconut plantations in area of four hectares to protect the industry, according to Minister of Coconut Industries Salinda Dissanayake. Speaking at the launch of packed pure coconut oil manufactured and marketed by a local firm, he said. The government while taking all the measures to improve the coconut industry and ensure a better margin for the cultivators, was introducing laws to tackle the crisis in the industry.

Dissanayake said in a concession to the industry the VAT on coconut industry has been removed while the cess has been increased from Rs 3 to Rs 6. He noted that at least two million coconut trees are needed to revive the country’s coconut industry. The minister disclosed that a sum of 7,000 rupees has to be allocated for planting coconut in an area of one acre.

iOM closes another Oracle deal

iOM, a pioneer IT solution provider in Asian Pasific region based in Colombo, closed yet another Oracle deal with Tiong Woon Corporation Holding Ltd in Singapore.

Tiong Woon is a leading one-stop integrated service provider in heavy lifts, heavy haulage, marine transportation and equipment installation works, operating in numerous countries in the Asia Pacific region.

iOM said after a few months of software/implementer evaluation, Tiong Woon finally chose Oracle eBusiness Suite and iOM Pte Ltd as the implementer to help roll out this holistic solution covering Oracle Financials, Distribution, Project Costing & Billing, Oracle CRM TeleSales, Quoting, TeleService and Field Service.

Advisory committee on tourism issues

The Ministry of Tourism is in the process of setting up several advisory panels and working committees. The idea is to broaden the tourism stakeholder network almost to the grass roots levels in the country and to get actively involved all interested individuals and agencies to work on a common platform for the development of tourism, according to a ministry statement.

Three such committees relating to hotel school operations, niche tourism product development and Kalpitiya Resort Development were appointed this week.

These committees comprise professionals, intellectuals and active business operators not only in the field of tourism but in various other fields such as garments, tea, arts and culture etc. Each committee will have terms of reference and a specific time frame ensuring at the end to suggest workable proposals for implementation by the government.

Cathay to resume flights after temporary suspension

Cathay Pacific Airways said on Thursday it has decided to resume daily flights to and from Colombo from Sunday April 22 after a temporary suspension after the LTTE aerial attack on the Katunayake air base at midnight on March 25. The airline said it suspended flights out of concern for the safety of its passengers and crew. Cathay Pacific Chief Operating Officer Tony Tyler said: "Safety is always our top priority.

Cathay Pacific remains committed to Sri Lanka and now that enhanced security measures are being put in place we are happy to be able to resume flights to the country.”

IFS’ Three Gorges China project ready before schedule

IFS which has the largest research and development Centre in Colombo, developed the software for the US$24 billion Three Gorges Hydropower Plant (TGHP), the world’s largest hydropower plant and the largest water conservation project in the world currently under construction, located on the Yangtze River in Hubei province, central China.

“The project was aimed at improving flood control, producing electricity, and improving navigability on the river and has installed capacity of 18,200 MW and an annual output of nearly 84.7 billion kWh,” Jayantha de Silva- Vice President IFS Asia Pacific, told The Sunday Times FT. He said that currently TGHP units developed by IFS includes two power houses, 26 power generators, the spillway for the Three Gorges Dam, and the control centre.

De Silva said that IFS, comprising of over 700 personnel who develop and supply component-based business applications for medium and large enterprises and organizations, sent application consultants for the implementation. “Now Sri Lanka could implement the same applications here for our power and utility projects as we have it available,” he said. The Three Gorges project in China manages a total installed capacity of 18,000 megawatts and over 350 employees.

Cambridge training sessions for Lankan teachers

The University of Cambridge International Examinations (CIE) last week organised a training workshop for teachers and principals from various Sri Lankan schools to familiarize them with contemporary teaching practices and techniques. The workshop brought together around 80 school teachers and principals and provided them with a forum for exchange of ideas and best practices, the CIE said in a press release through its local representative.

William Bickerdike, CIE’s Regional Manager, South Asia, said “The ways and methods of imparting education have changed immensely with time. The teachers and institutions need to constantly enhance their skill set to keep pace with the changing environment.” Philip Rylah, Deputy Director, British Council, Colombo, speaking as the chief guest praised CIE’s initiative in providing a notable platform to the teachers of Sri Lankan schools. The workshop concluded with an interactive session conducted by Ms. Nirmali Hetteriachchi, Regional Representative for Sri Lanka, CIE.

Upliftment of Ruhunu Chamber

President Mahinda Rajapakse recently handed over a Rs 1.4 million cheque to P. Sirisena, President of Ruhunu Chamber of Commerce and Industry and Agriculture, for capacity building and to uplift the chamber network in Hambantota. This chamber was initiated by the President three years back to support the rural development in industry and agriculture.

The Ruhunu Chamber is supported by the Federation Chamber of Commerce & Industry for sustainable industrial development in the region for micro and small Industries. Picture shows the President presenting the cheque to Sirisena. Also seen are FCCISL President Nawaz Rajabdeen, Sumith Wijeyasinghe Co-coordinating Secretary to the President and Kosala Wickramanayake, Senior Vice President of FCCISL.

Fitch Ratings on Seylan Merchant Leasing

Fitch Ratings Lanka said it has assigned a National Long-term rating of 'BB+(lka)' to Seylan Merchant Leasing Limited (SML) with the outlook on the rating being stable. The principal factor determining SML's rating is the implied support available from ultimate parent Seylan Bank Limited.

SML's asset base grew by 37% to Rs 1.9 billion at FYE06, while after-tax profits grew by 22% to Rs 37 million. Profitability was constrained by increased funding costs and high operating expenses.

SML obtained funding predominantly through borrowings mainly in the form of promissory notes, instruments akin to deposits, which accounted for 67% of SML's funding mix at FYE06. Equity of Rs 151.4 million was infused through two rights issues, bringing SML's capital base to Rs 362 million at FYE06.