Biz brief

On-ally Holdings revalues properties

The Board of Directors of On-ally Holdings PLC having approved revaluation of their investment properties and owner occupied property, has managed to increase the value to Rs.91 billion. According to a disclosure filed by the company the capital value of the investment properties increased to Rs.894,897,604, while the value of owner occupied property increased to Rs.21,504,396.

Saving on power bills through AMEX

American Express, the credit card acquired and issued in Sri Lanka solely by NTB, has announced the launch of a new benefit which will offer all American Express Cardmembers a 5% saving on their monthly electricity bill.

This is available for all Cardmembers who register 3 or more bill payments on the Automatic Bill Settlement Programme, thereby benefiting from a 5% reduction from their first months electricity charges. American Express will offer this savings on all electricity bills registered before end June, the company said.

DGM Consumer Banking at Nations Trust Bank PLC Renuka Fernando, commenting on the benefit, said, “We believe in offering value additions that are unique, specific and meet with the needs of today and we are confident that this facility will be of great value to our Cardmembers.”

Chevron Sri Lanka’s parent Group helps in Myanmar relief

Chevron Corporation is contributing $2 million to provide assistance to those affected by the recent devastating cyclone in Myanmar, the company said through its Colombo office. The International Federation of the Red Cross will receive a $1 million contribution. An additional $1 million will be allocated to four other organizations: the International Organization for Migration, Mercy Corps, Pact and Save the Children, the company said.

"We share the concerns of the global community for the welfare of those affected by this terrible tragedy," said Chevron’s Vice Chairman Peter Robertson. "We are pleased to partner with these aid agencies to provide immediate help to victims of the cyclone."

ComBank ATMs dispense record Rs 1.32 billion in 3 days

The Commercial Bank said last week that a staggering Rs.1321.5 million (through 228,000 withdrawals) was withdrawn from 311 ATM machines over a recent three day period, making it an average Rs 5,796 per customer visit to an ATM.

This was during the 2008 'Avurudu' weekend, of the Bank. "There can be no better demonstration of Commercial Bank's involvement in the lives of the people of Sri Lanka," the Bank's Chief Operating Officer Ravi Dias said in a press release. "This is in itself is justification, if any is needed, of the Bank's heavy investment in technology and network expansion. This all-time record also illustrates the robustness and technical capability of our ATM network under heavy pressure."

Mercs building two cargo ships

Mercantile Shipping Company Ltd (MSCL) has established a 100 percent owned subsidiary Mercantile Emerald Shipping (Private) Ltd to construct two multipurpose cargo vessels in the Netherlands, MSCL said in a communication to the Colombo Stock Exchange.

"For the finance of the construction of the ships Mercantile Emerald Shipping entered into two loan agreements- one agreement for each vessel - with the Bremer Landesbank, Bremen, Germany amounting to EUR 8,060,675 - per vessel, totaling EUR 16,121,350," the statement said.

Agalawatta profits down in 1Q

Agalawatta Plantations Ltd (APL), a subsidiary of the Mackwoods Group, posted a profit of Rs.42.4 million for the three months ended 31st March 2008, lower than Rs.69.7 million in the same period last year, according to a release sent to the Colombo Stock Exchange by the company.

However, the company's revenue was up by Rs.114.6 million for the said quarter with Rs.563.1 million as against Rs.448.5 million for the quarter ended 31st March 2007. APL has three crops - namely tea, rubber and oil palm. However it was unclear as to which crop sector showed low performance.

CIMA Mind Challenge, 2008

The popular quiz programme, the CIMA Mind Challenge, was held recently 25 teams taking part as students and passed finalists from CIMA Tutoring Colleges, Mercantile Institutions and independent groups.

The Wisdom Business Academy emerged victorious, securing the Mind Challenge Trophy and a weekend holiday package at Habarana Lodge, with the complements of John Keells Holdings. Dialog Telekom followed in second place as runners up, CIMA said.

Visual Computing Systems recognized as a Microsoft Certified Partner

Visual Computing Systems (Pvt) Ltd, a member of the Informatics Group of Companies, has been recognized by Microsoft Sri Lanka as a Certified Partner in providing Microsoft solutions. The company said in a statement that it operates as an innovative systems integrator and a solutions provider and boasts of an impressive clientele with many leading companies turning to them for solutions.

VCS said it has a group of highly trained and dedicated professionals which includes Microsoft Certified Professionals, Software Administrators, Software Engineers. The team has expertise in active directory installation, exchange server and exchange clustering, MS SQL server and Clustering and WSUS implementation among other solutions/technologies.

Founded in 1993, VCS employs over 50 professionals in various fields. Commenting on the expertise of its Microsoft Solutions Team, Prasanna Wijerathne, General Manager, VCS said, "Our relationship with Microsoft has been growing over the years and we feel this is the right time to forge a stronger relationship with Microsoft.”

MAS Active gets WRAP certificate

Worldwide Responsible Apparel Production (WRAP), an independent, non-profit corporation dedicated to the certification of lawful, humane and ethical manufacturing throughout the world, has certified all nine MAS Active manufacturing plants for ‘the outstanding dedication to global compliance standards,’ MAS Holdings said. Steven A. Jesseph, President and CEO of WRAP was quoted as saying in the statement, that, “MAS Active now has all manufacturing facilities certified to the WRAP standard.”

Modern day enlightened Master to speak on 21st Century

Dhyan Vimal, President and founder of the Zazen Group of Companies and The Dhyan Vimal School of Mastery Inc., Canada, will on June 24 speak on the topic “Success in the 21st Century” at a workshop organised by McQuire Rens and Jones. Vimal has been involved in the field of training and personal transformation for over 15 years and is also the founder of Friends to Mankind, which is an action towards creating an awareness where people can live in peace by simply choosing to be a Friend to Mankind.

Dubai-based airline to launch daily flights to Durban

Emirates Airline is planning to introduce daily flights to Durban, effective 1st December 2008. The new service – Emirates’ third direct connection between Dubai and South Africa – underscores its commitment to the South African market, and comes close on the heels of the launch of its third-daily service to Johannesburg in 2007 and daily service to Cape Town in 2008. “Our flights will provide travellers from key cities in Europe, the Indian-sub continent and Middle East a direct access to Durban and will strengthen inbound tourist arrivals. At the same time it will open up a direct link to over 90 global destinations for Durban’s outbound travellers who can now avoid travelling via Johannesburg,” noted Tim Clark, President Emirates Airline.

Public-Private Housing Project in Kandy

The first project under the Public-Private Partnership (PPP) Programme of the National Housing Development Authority (NHDA) will commence shortly at Pallekele, Kandy.

The plan will be implemented with the financial and technical assistance of national and international investors to bring together the experience and resources of the public and private sector to provide services to the public at the ‘best value for money’, according to an NHDA press release. The projects will be implemented on land owned by NHDA and while the developers will provide finance and technical inputs to the projects. Planning and implementation of the project will be done by the developers in consultation with the NHDA.

Houses will be marketed by the NHDA to the needy people on affordable rates taking into account the market value in the area. According to Mohamed Rafeek, Chairman, NHDA, this is the first time that the PPP housing development programme is being implemented in Sri Lanka under this frame work.

Recently an agreement on the first PPP housing project for the construction of 25 housing units at Pallekele, Kandy was signed with ASPIC Residencies (Pvt) Ltd in Colombo. Nine housing projects are being planned under this scheme.

Promoting Ayurvedic tourism

The Ministry of Tourism and the Ministry of Indigenous Medicine this week organised a workshop to explore the possibility of working together to evolve a new concept called ‘Ayurvedic Tourism’.

Ayurvedic Tourism is a booming industry in the region with large numbers of Westerners growing disenchanted with the high cost of healthcare of their allopathic system of medicine and its many side effects. The growing emphasis of the world over is now on natural/herbal and holistic methods of healing and the ancient science of Ayurveda, which fulfills all these requirements, is gaining widespread popularity.

Tissa Karraliyadda, Minister of Indigenous Medicine, George Michael, Secretary of Ministry of Tourism, Asoka Malimage, Secretary, Minister of Indigenous Medicine, Dr. Cooray Widasekara, the sub committee chairman of Ayurvedic Tourism and more than 200 resource personnel participated at this workshop.

JKH - AMW - Finlays to develop property

John Keells Holdings (JKH) and Associated Motorways (AMW) have extended their agreement for property development, which they struck in 2006, by bringing in James Finlays (Finlays) in a deal that would optimise the prime real estate value of the 10 acres the three companies own in Colombo 2. "We have set up a joint venture to develop the three properties the three companies own," Susantha Ratnayake, Chairman JKH told the media on Thursday.

JKH and AMW in 2006 struck a deal on a voluntary partial offer where JKH was to take 20 percent holding in AMW in a two tier strategy to develop AMW land at Union Place and the adjoining properties of the JKH at Vauxhall Street. "This is the very same deal that we spoke about two years ago. The only difference being that whilst we were in discussion, we had Finlays who were also looking at optimising their real estate. That is why the next step got a little delayed in the context of Finlays also coming into the JV," a JKH spokesman told The Sunday Times FT.

"Now it is the very same thing - which was earlier JKH - AMW now has become JKH - AMW - Finlays," he added. The development project where JKH has 480 acres, AMW has 280 acres and Finlays has 350 acres is planned as a city within a city and a mixed development consisting of residential, commercial, retail and recreational facilities.

Lankaputhra Development Bank recognises war heroes

The ‘Rana Viru Seva Commemoration Month’ – between May 7 and June 7 - to recognise war heroes was launched by Lankaputhra Development Bank at its office recently. Minister of Finance and State Revenue Ranjith Siyambalapitiya, speaking on this occasion, said the revenue expected from the sale of flags – during this period -- will be utilized to fulfill the family needs of the war heroes.

He also said that the government has implemented several programmes for the welfare of these heroes. Accordingly , arrangements have been made to sell these memorial flags through every branch of Lankaputhra Development Bank, according to a Bank statement.

Deutsche Bank captures nearly 25% of FX trading volumes in Asia

Deutsche Bank is responsible for nearly 25 percent of all foreign exchange market turnover in Asia, according to a survey conducted by respected capital markets publication, Euromoney.

“The result is stark reflection of the trust that Deutsche Bank has earned from its clients in Sri Lanka and across Asia, especially as the weak US dollar, rising oil prices and strengthening regional currencies has meant that Sri Lankan institutions have been actively seeking currency and broader hedging advice over the past 12 months,” the Bank said in a statement.

According to the 2008 Euromoney FX Poll, which gathers information from over 9,800 corporate and institutional foreign exchange clients globally, Deutsche Bank’s market share in Asia grew to 24.08 percent from 21.74 percent in 2007.

Rohan Rodrigo, Chief Country Officer for Deutsche Bank in Sri Lanka, says Deutsche Bank has increased market share this year as its clients turned to the Bank for currency solutions during the recent period of high market volatility. “Companies and investors in Sri Lanka have faced a challenging 12 months due to the extreme weakening of the US dollar and the rising cost of many commodities. They have therefore been actively looking for foreign exchange solutions and it’s been a great privilege to have provided this advice”.