Business News

Employers feel the pinch of wage hike

The recent private sector wage hike gazetted under the Public Security ordinance has left industrialists across the board wringing their hands. Widely seen as a pre-election gambit the move has been criticised by the private sector as detrimental to free market forces. The regulations require a Rs. 400 increment in monthly private sector salaries. Daily paid employees wages have been increased by Rs. 16 per day. The additional allowance which will be subject to EPF and ETF payments is not applicable to employers who have entered into collective agreements between January and July 2000. Where wage increments outside collective agreements have been entered into during this period the difference between the gazetted increment and the actual increment will have to be forked out by employers.

"This totally distorts the wage structure in the apparel industry," Past President, Exporters Association, Lyn Fernando told The Sunday Times Business. "For example, a machine operator would previously have been granted a Rs. 400 increment and an unskilled helper Rs.50. This across the board increment ensures the unskilled helper gets a Rs 400 increase in wages and the machine operator gets nothing," he said.

Hotel and travel industry players painted an even more dismal picture. "The industry is already hard hit by the impact of 12.5 per Goods and Services Tax (GST) and National Security Levy. In a country which is seeing low tourist arrivals due to the political situation in the country this is a further burden," Managing Director Aitken Spence and Company Ltd, R Sivaratnam said. Aitken Spence remains the conglomerate with the highest exposure to the hotel sector.

This arbitrary increase in private sector wages is also discourages collective agreements, private sector officials wishing to remain anonymous said. "If a collective agreement implementing a wage hike was entered into in a period other than between January to August 2000, another wage increase would now have to be factored in," they said.

"While we understand the cost of living has increased and private sector employees need these increments the government should consider the impact of wage increases on companies before imposing add hoc levies," Senior Vice President, Federation of Chambers of Commerce and Industry of Sri Lanka, Macky Hashim said.

New code for governance

By Chanakya Dissanayake

A new complete Code of Corporate Governance will be introduced in the near future which will supplement the existing Code of Best Practice. Among the new features introduced by the new code are; a periodic CEO performance review scheme, a Non Executive Director performance evaluation requirement and provisions to create a more vibrant role for the Non- Executive Directors in the decision making process.

" This new Code will look beyond the bottom line. It will have a fresh look at the relationship between stakeholders and management, we will be taking a step forward from a mere set of controls to sustainable governance which will recognise the society at large as an important stake holder", said the past Chairman Committee to make Recommendations on Corporate Governance Mr. Ajith Cabraal. Sri Lanka's current Code of Best Practice mainly emphasise on financial matters.

The new Code will be introduced as an voluntary code which is open to be debated and amended by the business community. It is expected that it will reflect new trends in Corporate Governance especially regarding Non- Executive Directors.

The role of Non- Executive Directors will be transformed from a mere spectators role into a team player's position. They will be people of sufficient calibre as to keep working directors on their toes.

" The role of governance is not to eliminate business risk, but to ensure that important decisions are reviewed at the time they are taken. This will ensure better reasoned decisions. There should be a balance between regulations and flexibility to ensure sufficient room for executive management to operate in today's competitive world", Mr. Cabraal added

Fresh capital for Union Bank

The Union Bank is negotiating a capital infusion with a strategic partner. This is to increase our capital base from Rs. 360 mn to Rs. 500 mn in keeping with Central Bank capital adequacy requirements, bank officials said. The statement put paid to market rumours that the bank was up for sale.

Plans to raise funds on the Colombo Stock Exchange have been shelved due to adverse market conditions. The bank has been plagued by a bad financial performance in 1999. The bank is required to provide Rs.267 mn against overdue interest and loan losses in keeping with Central Bank guidelines on provisioning,Chief Executive Officer, Union Bank, Shan Shanmuganathan told shareholders in his annual report. Rs.110 mn has been provided in the 1999 accounts and the balance Rs 157 mn is to be provided over the next two years. Profit before tax plunged to Rs.6.4 mn in 1999 in comparison to Rs. 69.4 mn the previous year.

The Bank's gross income increased 11.8 per cent to Rs.664 mn in 1999 reflecting a low growth of its loan portfolio. Net interest income dropped 19 per cent to Rs.144 mn. Meanwhile Personnel expenses increased 16.6 per cent to Rs.72.9 mn.

Earnings per share in 1999 was Rs.0.15 and its Net asset value per share was Rs. 11.80 per share.

The bank will diversify credit risk in the future and move from a niche market player to a brand name in the consumer market, Shanmuganathan said, outlining initiatives for future growth.

Mind your business

All in good time

The aborted bid to enact a new constitution has handicapped the blues for the upcoming polls and they are keen to regain lost ground.

That they hope to do by offering the people an economic bonanza just before the polls- on which the boys in the treasury are burning the midnight oil these last few days.

On the cards are a wage hike, reduced GST and an enhanced cost of living allowance...

Seeing blue

The controversial blue eyed boy who looks after those who invest is on the lookout for a new job, insiders say.

It is not that he has fallen out with the powers that be- in fact, he is still very much in the good books of the boss.

The problem then is that the boy is not sure whether the blues will be returned at the elections. And if they are not, he knows that his days will be numbered, even if the boss will be the same...

Seeing is believing

A soft drinks retailer which was marketing three popular brands is faced with a problem. It launched an aggressive campaign to promote one brand and it has turned out to be a huge success- but at the expense of the other two brands.

Now the company is wondering whether to re-launch the other brands. But since the most popular brand has a major market share, it is likely that they will just and wait and see...

Dairy industry not milked to the full

By Chanakya Dissanayake.

Urgent infrastructure development is needed for the local dairy industry to cater to the rising demand for milk. Sri Lanka currently imports more than 80% of its total milk requirement amounting to Rs.11.94 billion per annum. This is a total reverse from the situation 30 years ago when the country produced 80% of its milk requirement. Also the dairy industry is seen as one of the best alternatives for rural poverty alleviation, by supplementing the farmers income.

Sri Lanka's dairy production has only increased by an meagre 1.1% during the last five years.

On a regional comparative India recorded a massive growth in milk production of 30.8% over the past five years and became self sufficient. Thailand , Nepal and China have all recorded growth of more than 10%. Livestock experts say that this is due to the rapid expansion of dairy facilities and upgrading the standard of cattle.

At a seminar on Infrastructure Development for Dairy Industry last week, Secretary of Life Stock Development ministry said, "One of the key reasons for slow growth in the industry is the reluctance of the private sector to invest on a commercial scale.

During the past few years there was a large influx of foreign dairy products to the market, expanding the demand for milk powder.

Because of the unavailability of cold storage facilities in rural areas many farmers who produce milk are also consuming imported powdered milk. What we need is clean commercial scale milk production to develop the industry".

The seminar was organised by Analytical Instruments (Pvt) Ltd with a view to provide a forum for provincial heads of livestock development ministries to discuss the developments in with experts from Denmark, Australia and India.

Sri Lanka currently has a cattle population of 1.62 million spread all over the country. The national average herd size is two. The average farm gate price is Rs.13 per litre, whereas the retail price is Rs. 58. This has resulted with the farmer getting a low return of only 22.4% out of the end price. In comparison the Indian farmer earns a return of 53% out of the end price and has been one of the main factors that motivated the farmers to invest in cattle development. This sustained low production and the low return has created implications such as, farmers losing interest in milk production, apathy towards implementing necessary dairy management practices and low spending on good feeding.

Speaking about the necessary infrastructure developments, Director Analytical Instruments Mrs. Renuka Jayasundara said, " If we want to develop milk production we should develop all areas of the dairy industry to a commercial scale. Local cattle should be upgraded to give a higher yield, this can be done by embryo transfers from high yielding foreign breeds such as Holstein or Jersey which gives an annual yield of 6000 litres compared to local yield of 540 litres per cow. Cold storage facilities should be set up on a regional basis, this will help to maintain the high quality expected of commercial milk production. Finally a proper milk quality control system should be set up to constantly monitor the production quality. India achieved its miraculous growth because they identified the vital points in milk infrastructure and developed them, with equal contributions from both Government and private sector".

A cattle genetic expert from R & B Australia, Mr. Richard Slani said the infrastructure developments should aim at raising the national milk production by 5 times within 5 years to renew the interest among the milk farmers. " If the farmers realise they are earning high returns, they will improve their cattle on their own. What the private sector and the government need to give is the vital start". Speaking about cost effective methods of milk storage, Managing Director of Roca Denmark, Mr Ole Sindberg said, " Since the herd sizes are small in Sri Lanka, the low capacity 500 litre cold storage systems are the best alternative. If we can establish them on a regional basis, farmers can even go for a second milking during the day. This will increase the farmers profit by an large margin". He also pointed the benefit of shifting the government funds spent on subsidies towards infrastructure development by presenting examples from Denmark and India.

However many senior government officials pointed out that the biggest barrier remains heavy capital expenditure. They said that it is unrealistic to expect the government to bear the full cost of infrastructure development and called upon the private sector to increase their involvement in this high growth sector.

" The demand is there, the potential is high and profits are good, this is the time for the private sector to lead the Sri Lankan Dairy industry", Mrs Jayasundara added.

Flaws in FTA hold exporters back

By Udeshika Dissanayake

Certain flaws in the Free Trade agreement (FTA) could make exports more beneficial under other agreements like the Bangkok agreement, GSTP agreement or the SAFTA an Indian High Commission official pointed out recently.

Mr R.Swaminathan Counsellor (Economic and Commercial) told the media at a seminar on exporting to the Indian market that it would be better to export cloves, for example under the SAFTA. The seminar was organised by the Export Development Board.

Meanwhile a Commerce Department official pointed out that .Sri Lankan exporters have not exploited the Indo Lanka Free Trade Agreement which was activated by their budget announcements.

Mr.Saman Udagedara, Deputy Director, Department of Commerce pointed out that most exporters found it difficult to gain the tariff concessions granted under the agreement due to problems faced with getting a clear Certificate of Origin.

The exporter is expected to comply with the rules of origin to ensure that the product is genuinely originated from the two countries, he said. The seminar held prior to the single country exhibition to be held at Mumbai, India was to educate exporters on the FTA and how to face various hassles in exporting their products.

Mr. Arul Goyal author of the book 'Easy reference to Customs and Tariff' and an expert on the Indian tax system explained the prevailing tax system in the country.

He cautioned the exporters that doing business in India was not easy .But if the exporter has all his documents in place with

proper knowledge of the market the maximum advantage of the free trade agreement could be taken he said.

He explained the tax system in India, and the step by step procedures that should be followed by the exporters highlighted the importance of identification of the proper market segments.

The exhibition will be held from September 1-4, with 71 participants and will include the public and private sector of the country.

The exhibitors under 20 categories will include exporters of tea, natural rubber and rubber based products and footwear, apparel, textile and other textile articles spices and gems and jewellery.

New categories at Exporters' Award

Members of the business sector will salute entrepreneurs generating foreign exchange to the country at the 8th NCE Export Awards Ceremony of the National Chamber of Exporters(NCE) of Sri Lanka.

The award ceremony to be held on August 18 at the Colombo Hilton. Dr.Nadeem UL Haque Senior Resident Representative of the International Monetary Fund will be the chief guest

The applicants were invited under six sectors namely Agriculture, Traditional and non Traditional, Industry, Gems and Jewellery, Service Providers to Exporters and Exporters of Service a spokesman for the organising committee said at a press briefing recently.

The exporters classified under small, medium, large and extra large in the case of industry sector will be awarded gold ,silver and bronze and merit awards.

The Most Outstanding Exporter under each sector and the most outstanding exporter among all exporters, the best woman exporter and a new addition this year for the most Valued Added and Innovative Product will be recognised under the scheme.

The performance of the applicants will be evaluated using criteria as export performance, market/product development and effective management of marketing mix variables covering all facts of export operations.

Due to the high response from tea exporters to this scheme they will be judged separately from next year onwards adding to the present six categories Mr.Kingsley Bernard, Chairman of the Awards Committee said.

The award scheme will be open to all Sri Lankan exporters next year not limiting it to the members due to it being the only scheme which presently recognises export performance, Mr.Bernard added.

Marine Asia 2000 in Nov.

The Nautical Institute's Sri Lanka branch has announced the launch of Marine Asia 2000 International Exhibition & Conference on November 10th-12th at the BMICH. This event was announced previously and postponed due to the prevailing situation in the country and in keeping with the wishes of the government.

The first of its kind in South Asia, the exhibition will cover all aspects of ports, shipping, fisheries, boats, equipment and services. The two day conference will comprise international and local speakers addressing topics such as the Mega Hub concept on ports, regional repair facilities, growth of the leisure industry, fisheries and aqua culture, regional MOU on port state control. The topics set will help the professionals and others in the marine industry attending the conference, keep abreast of global trends and meet demands of the trade and industry.

The organizers, the Nautical Institute have identified neighbouring shipping countries projecting their image rapidly and effectively, and colombo ports and facilities diminishing in significance as a result. Through the exhibition and conference the organizers collectively aim to promote Sri Lanka as a regional hub of the marine industry.

The government through its various offices like the Ministries of Shipping and Shipping Development, Ports Development, Fisheries and Aquatic Resources Development and the Board of Investment have endorsed the event. Besides stalls and facilities, international exhibitors will also be provided with assistance in arranging meetings with state and private sector.

The Nautical Institute is a branch of the institute in UK and comprises Sri Lanka Navy and Merchant Navy seafarers. It also enjoys a membership of over 7,000 throughout the world.

Cold Stores signs up with Kigali Plantations

Ceylon Cold Stores signed an agreement for the supply of ginger the core ingredient for Elephant Ginger beer, with Kigali Plantations recently.

Billy Walpola, Director Ceylon Cold Stores said that with the signing of the document the company will ensure an improved and continuous supply of quality ginger beer.

The plantation company supplying the best ayuruvedic ginger used for the production of ginger beer has been associated with supplying ginger to Elephant House since 1995 a spokesman for the plantation company said.

Kegalle Plantations supplies ginger which is naturally sun-dried grown in their own plantations as well as those of their out growers .

Elephant house uses oleoresin as the only substance which is added to their ginger beer Mr.Walpola said. Now Elephant ginger beer is also available in cans at selected outlets while the beverage is exported to several countries including France, UK, Canada, USA, Netherlands, Germany, Japan and the Middle East he added.

'Dewdrops' from Masons Mixture

Masons Mixture Ltd., dealers in paints and floor polish launched last Saturday ' Dewdrops' water maker, a product that makes water from air around you.

Killicks Dewdrops is an Indian invention by Killick Nixon Limited, Mumbai which has been developed after two years of research and tested by 12 laborataries.

The appliance weighing 16 Kgs, is first of its kind and can make 16 litres of fresh water in 24 hours time. Managing Director of Masons Mixture Mr. Siri Fernando, said that no price has been decided yet though the company is planning to market the product in a month's time.

Before its launch in Sri Lanka, Masons Mixture has tested the water at the Industrial Technologies Institute in Colombo where it has been found to be extremely good.

Dewdrops is water drawn from air. The water maker makes 16 litres of water at 80% humidity (30 degrees celsius) in 24 hours. Water is purified by a three way filterisation method. In one hour, approximately, 700 ml (3 full glasses) of water can be made, General Manager of Killicks Nixon Ltd, Mr. Aditya Goenka said.

An 'auto stop' countwells the water making process once the bucket or container is full. The appliance is on wheels.

The product was first launched on April 20 this year in India and has been well accepted. Other countries where the product has been launched include Singapore, Malaysia, Thailand, Indonesia, and Brunei where 7000 units have already been sold.

Killicks Nixon is also hoping to launch the Dewdrops fresh water maker in Australia, New Zealand, UK, the Gulf, Europe and America.

Mr. Goenka said that the product will soon be available in various sizes to suit the different markets.

Chamathka, the first in Sinhala

A simple occasion, celebrating with the disabled heroes of the Sri Lanka Army - that was what the management and staff of Shila Publications, the publishing company of Satyn, Sri Lanka's leading women's magazine chose to do when they launched Chamathka, Sri Lanka's first ever lifestyle magazine in Sinhala. As a vehicle that target rural and urban youth, Chamathka would use a message of optimism and positive thinking, Managing Editor, Mrs. Nayomini Ratnayake Weerasooriya, says in a news release.

The first copies of Chamathka were given away to disabled soldiers at a simple ceremony held to mark the occasion at the Army Headquarters. The event was followed by a musical show exclusively for the disabled soldiers who are warded at the Army Hospital. Chamathka inaugural cover depicts a soldier - the issue is dedicated to the fighting men who reflect the spirit of the nation according to Chamathka.

"The magazine market in Sri Lanka is growing" says Mr. Asoka Weerasooriya, Attorney-at-Law, Chairman of Shila Publications, "Particularly in the Sinhala segment, publications so far have been limited to niche markets such as women's publications men's and children's. There isn't a publication that reaches across to a youthful audience and understand their aspirations."

Jet breaks time barrier

The first prototype of an automated Tea Roller using advanced electronics and complex pneumatics, was recently introduced at Geragama Estate in the Kandy District, managed by Pussellawa Plantations Limited. This machine is an innovation of Jinasena Engineering Technologies (Private) Limited, a subsidiary of the Jinasena Group of Companies.

Established in 1905, Jinasena Limited is one of the oldest engineering companies in Sri Lanka. From its beginnings Jinasena's have had close links with the plantation sector. Jinasena Engineering Technologies (JET) aims at revolutionising the plantation industry by modernising machinery that is currently outdated and introducing new technology alongside the old.

Mr. Tissa Jinasena, Director of JET, an Agricultural Engineer by profession, says his aim is to use the Jinasena Engineering skills to develop other areas in the plantation industry as well, by enhancing efficiency through automation. Another subsidiary of Jinasena's, Loadstar (Pvt) Ltd., one of the largest producers of solid rubber tyres in the world, bears testimony to this with an annual growth rate of above 30% for the past 15 years in operation. The reason for this phenomenal growth is attributed to their ability to produce their own process equipment, which ranges from ovens to complex fire moulding and curing machines. These production lines are fully automated with computer based programmable logic controllers (PLCs).

PLCs can be put to a variety of applications. A team of young engineers, most of them locally qualified, are responsible for the design of all this machinery. Engineers at Jinasena's are given the opportunity of utilising their skills in a highly practical environment. They are encouraged to be innovative, and are overseen by very senior engineers.

Re-designing of the tea roller has been carried out under the guidance of a plantation engineer with over twenty years experience in the industry, who now works with them directing the skills of the young engineers. The JET retrofit does away with the cumbersome cast iron pressure cap and bridge of the conventional roller, replacing them with a fabricated pressure bridge, controlled pneumatically and electronically. The discharge door is also pneumatically controlled. The pneumatic controls allow the machine to be operated by a computer instead of a factory worker.

In the conventional roller, tea is manually fed into the machine, and pressure is applied onto the tea at pre-set intervals. After a rolling cycle the tea is discharged manually. The time the tea is rolled at pressure, and without pressure has direct bearing on the quality of the tea produced. The manual system is always prone to errors as the machine operator, in practice, is not always at the machine to monitor the times accurately. Furthermore the tea being rolled should not reach a temperature of 90 degrees Fahrenheit. The new machine uses a sophisticated computer controlled system to monitor and maintain the required temperature at all given times while retracting and applying the correct pressure automatically.

Mr. Jinasena firmly believes that this will make a positive impact on quality and cost of production. JET plans to introduce numerous other innovations in the plantation sector soon with the engineering skills of the team of engineers at Loadstar. Their main objective is to make reliable, efficient and affordable equipment for the plantation industry.

Coke in cans

Coca-Cola new comes in a Can at Rs. 20/- per 330Ml. Mr. Ruchi Gunewardene, Country Manager Coca-Cola Beverages, Sri Lanka said in a news release that Coca-Cola Cans will be available across 30,000 Coca-Cola outlets islandwide. Coca-Cola Cans are available in over 200 countries and we wanted the Sri Lankan consumers to have the choice of drinking canned Coca-Coala.

Since it was first introduced to Sri Lanka in 1961, Coca-Cola has ensured that it stays close to the heart of the Sri Lankan consumers. Coca-Cola Beverages Sri Lanka had recently launched the new "Enjoy" Campaign. Earlier this year the Lion flavours and Mixers had been re-launched.

Three Coins launches white beer

Sri Lanka's only "white" beer, also known as wheat beer, will begin flowing at friendly Colombo restaurants and pubs shortly, following the product's launch in Colombo on Sunday, August 6.

Planned to be the first of a range of innovative specialty beers from the Three Coins brewery, "3 Coins White" as the brew is branded, is possibly the only European summer beer to be brewed in a tropical country, its brewer The Three Coins Beer Company said in a news release.

The white beer, known in Germany as "Weissibier" or "Weizen" is a unique brew that uses top-fermenting yeast and wheat malt. The yeast, containing a variety of vitamins, trace minerals, and proteins, is allowed to remain, unfiltered, in the finished product giving the beer a cloudy appearance. According to Three Coins, the distinguishing aspects of wheat beer are its distinctive mild flavour and uniquely refreshing quality.

"3 Coins White" will initially be available on tap (via 30 litre kegs) at trendy Cafes such as Delifrance at Crescat Boulevard - where the product is to be launched - and at the Gallery Cafe the Union Bar & Grill at the Hilton JAIC Tower, The Pub at Millennium Park, and at several five star hotels, including Trans Asia, Galadari, and the Mount Lavinia Hotel. The brew will also be available in 625 ml and 330 ml bottles at a later stage, the company said.

IIT Diploma

Informatics Institute of Technology (IIT) has taken yet another giant step in bringing to the doorsteps of Sri Lankans an internationally recognised Diploma in Information Technology from Australia. It is a totally job oriented Diploma from the Holmesglen Institute of TAFE, and is within the reach of many Sri Lankans, a company release says.

Informatics Institute of Computer Studies (IICS) was established in 1990 by Informatics Pvt Ltd. (IPL) Informatics Institute of Technology (IIT) a BOI registered educational institution, was started in 1999 to extend the scope of educational activities. The Institute has been conducting from 1990, two B.Sc. Hons degree courses in Information Systems and Computing in collaboration with a reputed British University, Manchester Metropolitan University (MMU). In 1995, B.Sc. Hons degree course in Business Studies was added.

These degrees are the same internal degrees of MMU, which are awarded to the full time students of the University in U.K. The cost of degree education in IIT is just a small fraction of the cost in U.K. Therefore, the IPL initiative in bringing British higher edcuation to Sri Lanka, is a great boon to Sri Lankans.

Ranaviru IT Centres

The National Apparel Exporters Association in a set-up together with the Sri Lanka Garment Buying Offices Association and the Sri Lanka Freight Forwarders Association will establish an IT Training Institute for family members of armed forces.

The project proposal has been prepared by the Sri Lankan Army, a news release said.

The first pilot project would be established at Nittambuwa and several other training centres will be established islandwide. The objective is to provide free IT Training to immediate families of serving army personnel, families of army personnel either killed or missing in action and those of disabled army personnel. This will facilitate the families of army personnel to seek suitable employment opportunities to ensure the welfare of their families.

The National Institute of Business Management (NIBM) has been earmarked to assist in designing and implementation of the training programme.

Three separate courses, namely Certificate Course in Computer Awareness (CCICA), Certificate Course in Computer Science (CCCS), Certificate Course in PC Based Application (CCPCA) will be conducted. Total number of students to be trained for a year is targeted to be 1500 and it is envisaged all would find ready employment in both the private and the public sectors.

National Apparel Exporters Association represents investors under the 200 Garment Factories Programme. It has a membership of over 160 investors, whose members have undertaken several social projects in the past. Their employment strength of the Association is in excess of 100,000.

Sri Lanka Garment Buying Offices Association consists of 70 Buying Offices both local and international who are operating in Sri Lanka.

Sri Lanka Freight Forwarders Association consists of 60 Trade Forwarders for both local and international companies established in Sri Lanka.

Phone banking from Seylan

Seylan Bank joined hands with Mobitel by signing a memorandum of understanding to introduce the latest banking product available from Seylan Bank-mobile banking over a wireless network, a news release said.

Deputy General Manager, Information Technology at Seylan Bank Dr. Nihal Ramanayake said that in future, mobile phones will be much more than just a communication device and will be capable of running computer applications over a wireless network where, mobile phone technology will dominate the PC based internet culture.

For this, bandwith constraints and content management issues should be first addressed by the computer industry.

Dr. Ramanayake added that it will be a dramatic revolution in Banking Technology since the introduction of ATMs a few decades ago.

The tie up between Seylan Mobitel will provide Seylan Bank customers the freedom of mobile banking no matter where they are. The benefits will include receiving exchange rates, the ability to make out cheque book orders, information of the last few transactions made and the ability to make account transfers.

Customers will also have the choice of pre-programming their phones to receive credit alerts where they will be informed of each new transaction concerning their bank account. Furthermore, a customer's account balance may be displayed on their mobile phones at any time without the customer having to phone the bank. Likewise, Mobile users in general, too, will benefit from this joint venture as they too will have access to foreign exchange rates from Seylan Bank, a bank release said.

Browns into new business

Walker & Greig Limited, a member of the diversified Browns Group of Companies has been appointed as the new sole importer and distributor for all pharmaceutical products manufactured by the US multinational giant - Bristol Myers Squibb Company, now ranked among the top five pharmaceutical companies in the world.

For the Browns Group and Walker & Greig Limited, both public quoted companies and inaugurated in the years 1875 and 1854, this is new line of business in their diversification programme. Walker & Greig is already into the import and distribution of the prestigeous Gillette branded products such as Gillette, Wilkinson, Oral-B, Duracell, Parker and Waterman. In order to cater to these needs, Walker & Greig has set up two new divisions i.e. Consumer Division and Pharmaceutical Division, situated at two different locations for its functions as S.B.U's.

The inauguration of the Pharmaceutical Division of the Browns Group through Walker & Greig, was done at a ceremony held at the Colombo Hilton recently, which was attended by eminent persons of the medical profession in Sri Lanka and distinguished personalities from the government and private sectors.

Bristol Myers Squibb's commitment to the business and association with its new partner was displayed by the presence of 17 members of their Senior Mangement team both from Cairo and Karachi offices. The event was inaugurated by H. E. Shaun E. Donnelly, Ambassador of the United States of America and H. E. Abdul Basit Haqqani, High Commissioner for the Islamic Republic of Pakistan.

New Xerox copiers and printers from Hayleys

Xerox, the company known globally as "The Document Company" has enlarged its range of photocopiers and printing systems in Sri Lanka with nine new models unveiled earlier this month.

According to Hayleys Photoprint Limited (HPL), the company's new agent, these high-end office utilities are packed with features, are faster than their counterparts, and are built for higher outputs over a longer period of time says a news release.

"These new products will clearly position Xerox as the technology leader in office automation in Sri Lanka," Hayleys Photoprint's Director Ashan Abeyesundere said. "They will provide an appropriate launching pad for HPL to increase Xerox's market share here."

Xerox Country Manager Aditya Narang said the introduction of these products would be the prelude to the unveiling of truly leading-edge technology office automation products in Sri Lanka in the near future.

The new photocopier range comprising five machines, can produce 16 copies a minute at the low end and 55 copies a minute at the high-end, ensuring that customers have a choice of machines to match their individual requirements.

These copiers also contain many standard features that are usually optional on competitor brands, HPL's Operations Manager for Xerox Sanjika Perera said. These include "center erase" which deletes the center when an open book is copied, "end-job timer" to inform users when a copy job is completed, "job-time calculator" which times each job to check productivity and "Comet Sorter" with 20 bins for sorting, stacking and stapling documents.

The new printer range comprises a laser printer, a colour inkjet printer, a laser printer cum photocopier, and a sophisticated multi-functional work center consisting of a colour inkjet printer, fax machine, colour scanner and photocopier. "The prices of these products are very competitive, starting at just Rs 10,000," Mr. Perera said. "They will bring a new dimension in functionality and reliability to offices in Sri Lanka."

Hayleys Photoprint was appointed Xerox's sole agent in Sri Lanka in April this year. The company is also the local agent for Fujifilm photographic, imaging and information products and Conqueror fine papers and boards and is a major player in the X-ray and medical requisites sector.

Xerox, which commenced business as the Haloid Company in 1906, is now represented through 130 sales offices in 70 countries and employs more than 92,000 people. The company invented the photocopier and the fax machine, and continues to be one of the most prolific innovators in the field of office automation.

Office Bearers: 2000/1

Sri Lanka Association of Inbound Tour Operators (SLAITO) Committee

At the 20th Annual General Meeting of the Sri Lanka Assocation of inbound Tour Operators held on 27th July 2000 at Hotel Ceylon Inter- continental, the following members were elected to serve on the SLAITO Committee for the year 2000/2001.

President : Mr. Vasantha Leelananda, Managing Director, Walkers Tours Ltd.; Vice President: Mr. Gehan Perera, Director, Aitken Spence Travels Ltd.; Hony. Secretary : Mrs. Bobby Jordan Hansen, Managing Director, Columbus Tours; Hony. Treasurer :Mrs. F. C. Farook, Director Finance, Lanka Vacations Ltd.; Past President: Mrs. Shiromal Cooray Jayaweera, Managing Director, Jetwing Travels Ltd.

Committee: Mr. Chandra Wickremasinghe, Chairman, Connaissance de Ceylan Ltd.; Mr. Nilmin Nanayakkara, Managing Director, N-Car Travels & Tours Ltd.; Mr. T. M. F. Packeer, Executive Director, United Holidays (Pvt) Ltd.; Mr. Dirk Grigson, Director/General Manager, Hemtours (Pte) Ltd.

Pata Sri Lanka Chapter committee

At the Annual General Meeting of the PATA Sri Lanka Chapter held on July 14, 2000 at The Lanka Oberoi, the following members were elected to serve on the Committee of PATA for the year 2000/2001:Chairman : Mr. G.L.A. Ondaatjie, Tangerine Beach Hotels Ltd., Vice- Chairman: Mr. S. Nagendra, Travelserv Ltd., Vice-Chairman : Mr. Jayantha A. Panabokke, Mahaweli Reach Hotels Ltd.

Committee: 1. Mr. Ravi Subramaniam, Aitken Spence Travels Ltd., 2. Mr. Mahen Kariyawasan, Andrews Travel Services Ltd., 3. Mr. A. K. Mallimarachchi, Associated Hotels Ltd., 4. Mr. Lalith Rodrigo, Galle Face Hotels Ltd., 5. Ms. Lakshmi Moosa, Hemtours (Pte) Ltd., 6. Mr. Hiran Cooray, Jetwing Hotels Ltd., 7. Mr. E. J. De Soysa, Serendib Hotels Ltd., 8. Mr. Shiran Gunawardena, Sigiriya Village Hotels Ltd., 9. Mr. Stefan Pfeiffer, The Lanka Oberoi, 10. Mr. Stefan Furkhan, Travlanka Ltd., 11. Ms. Zahara Cader, Tallman Tours Ltd., 12. Mr. Michael Elias, Walkers Tours Ltd.

Ex Officio

1. Ms. Chamarie Maelge, Ceylon Tourist Board, 2. Mr. Chandana De Silva, SriLankan Airlines, 3. Mr. S. Gopinath, Sri Lanka Convention Bureau.

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