Fancy offer from Crescat Developments

The company plans to retain ownership in 40 apartments and will therefore continue to offer maintenance, security and rent collecting services while undertaking all legal agreements for the apartments in the long term. An experienced marketing team will also be in place to market the apartments which facilitate web based reservations. 

Planned expansion in the vicinity including an office tower, sports complex, club house and swimming pool will increase the value of the residencies and provide for long term value appreciation, Nanayakkara said. 

In 1995 Asian Hotels Corporation commenced constructing 100 apartments but was faced with reneged bookings when market sentiment dipped and the stock market crashed. The company opted to avoid deep discounting their product to facilitate sales and chose to differentiate their product instead. 

Central Bank evaluates its goldreserves

By Chamath Ariyadasa

Deputy Governor, Central Bank Mr. W.A Wijewardena said at a news conference that they presently hold 2 tonnes of gold and would consider the various ways of increasing its yield as suggested by the WGC representatives. 

The team described to the bankers various financial products such as swaps and options that could be used to increase its yield. 

According to Ralston Thiedeman, consultunt WGC, the value of gold is inversely related to the US dollar and it performs well if there is inflation. "Taking a 30 year perspective it has been a good investment," he said even though the price has dropped in the last decade. 

Interestingly however a lot of western economies have a high percentage of their reserves in gold going up to 50% in some countries. Sri Lanka's holding is about 2 percent. 

While the Central Bank maintains 2 tonnes of gold as reserves, 3 tonnes are thought to be imported every month into Sri Lanka mostly for manufacture. Suprisingly half of this is unofficial according to best estimates. 

Money Market Update First Capital Ltd.

The inter-bank call money market and the overnight repo market

On Wednesday the Central Bank lifted the open market rates by 200 basis points. Given the enlarged liquidity shortfall in the money market, the inter-bank call money rate immediately reflected the changes in the open market operations rate. 

The liquidity shortfall remained in the range of Rs. 12Bn~14Bn. The weekly call money average stood at 16.9%, marginally higher than the previous week. Similarly, the term money rates too soared and given the uncertainty prevailing in the money market the gap between the borrower and the lender was widened. The term money across the board quoted at 18.5%~20%. With the changes in the Central Bank's Open Market Rates, the market repo rate found a new ceiling. During the week, the market repo rate started at 16% and closed at 18%. 

Central Bank open market operations

However, the amounts recorded at the reverse repo window did not depict any significant change, as the market had no choice bridging the liquidity shortfall. During the week market borrowed Rs. 67.7Bn from the window, averaging Rs. 13.54Bn a day. Given the prevailing liquidity shortfall in the money market, we expect the Central Bank's reverse repo window to remain as the main lender in the market. 

Treasury bill auction

The Central Bank intervention in the bill auction was kept at a modest level of Rs. 295Mn. However, as there were 400Mn worth of other maturities, impact on the market liquidity was extremely minute. The treasury bill yields continued to strengthen further. We expect the pressure on the treasury bill yields to remain, as we do not foresee a significant improvement in the near future. 

Treasury bond auction

Though the auctions were fully subscribed the bond yields rose extensively, as the investors were expecting much higher yields to compensate the prevailing uncertainty in the economic out look. 

However, a correction was witnessed in the yield curve, as the 2-year weighted average came below 3 year yield. Nevertheless, the market prefer longer term maturities at the prevailing yields. 

Foreign exchange - dollar spot movement

In spite of the increased money market interest rates, the spot rate was ranged bound by the Central Bank selling rate. Though the Central Bank would have pumped dollars to the market, the buying interest remained strong. During the week the spot opened at Rs. 80.20~80.40 and closed at Rs. 80.28~80.35. Three months forward was quoted at Rs. 82.80 to Rs.83.00, while six months was at Rs. 84.85 to Rs. 85.10. 

Unique diagnostic system from Citroen 

Known as Proxia, this unique computer aided diagnostic tool has been developed by Citoren through Sagem, a software company, Mr Sadath Nizar, Service Executive of Brown & Co said in a press release. Explaining the system, Mr Nizar says that Proxia system should be plugged in to the vehicle - when the access code is entered so that the system automatically connects to the Citroen mainframe computer in France and the process of determining what is wrong, commences. Each Citroen car has its own access code, a unique Citoren feature which enables the Citoren mainframe computer to establish the car's identity and data at once. 

When the Proxia system gets plugged into the mainframe, the computer can correct most of the minor faults - the system can read all the functions of the car, enabling the user and the servicing agent to obtain a sound understanding of the vehicle. 

Proxia system technology was transferred to Brown & Co about 3-4 months ago- according to company sources, the availability of such a high-tech diagnostic system for a brand of cars is a first ever in Sri Lanka. 

Proxia system is connected to the Citroen mainframe through an ISDN line, enabling speedy connection and swift attention - company sources point out that the advantage of the system lies in the ability of Citroen head office to assist in the procedure of fault detection. 

Any problem that cannot be solved locally, can be rectified at once with the expertise of Citroen head office personnel located in France - if any spare part is not available locally, the mainframe will direct shipment and details of the required part to the local agent. 

Called the champagne of French cars, Citroen has always been recognised as a brand of French cars that has set its mark in the European automobile industry. Since launching Citoren this year, already about 20 cars have been introduced to the Sri Lankan market. 

Alternate energy systems from SLBDC

The Administrative Unit of the DFCC Bank had appointed the Sri Lanka Business Development Centre (SLBDC) to provide consultancy services to design and implement a promotional programme for achieving the project objective of setting up 30,000 solar home systems and 2,000 off-grid village hydro projects in Sri Lanka. 

A Programme to promote the setting up of solar home systems and off-grid village hydro projects was held on October 31, 2000 at the Divisional Secretariat Office in Siyam- balanduwa in the Moneragala District. Fifty participants attended the programme. 

Representatives from SLBDC, Shell Renewables Lanka and Resco Asia as well as the Hatton National Bank were present, a Sri Lanka Business Development Centre press release said. 

A series of such Promotional Programmes have been conducted since 1998 by SLBDC. Thirty-seven programmes have been conducted in Kurunegala, Puttalam, Anuradhapura, Badulla, Matale, Hambantota, Kalutara, Polonnaruwa, Ratnapura, Kegalle, Kandy, Galle, Matara, Nuwara Eliya and Moneragala. 

Alcatel launches one stop shop and service centre

By Akhry ameer 

This concept will see the availability of the wider Alcatel range of GSM mobile phones, PABC systems, screen phones and cordless phones. Since its introduction of the first GSM mobile phone the brand has developed to offer hands free speakerphone and of late phones with the W@P internet access capability. Locally, CBE has been known to offer some of the lowest prices in GSM phones with many features to the most advanced models, making mobile phones affordable to all segments of the market. 

The service centre will be equipped with advanced tools to carry cell phone repairs. One of its unique features will be that Alcatel GSM mobile phone users will be able to get their phones repaired within 3 hours while they wait. 

Alcatel is a worldwide name known for building next generation networks and end-to-end integration of voice and data networks for large enterprises and consumers. Operating in over 130 countries it reported international sales of 23 billion EURO's last year. 

CBE, apart from being Alcatel's authorized distributor conducts a wider range of business comprising telecommunication, fire equipment, solar, security papers and cards. The company enjoys a client base of over 3500 with an average annual turnover of Rs. 190 million. CBE also celebrated its 10th year in business recently. 

French Investment mission to arrive here

The intention of this mission is to lay the foundation towards commencing joint venture projects in Sri Lanka. The CGPME has 2 million member firms throughout France and over 2000 firms in Lyon alone. The visit of the delegation is coordinated by the BOI and Mr. Tima Lazarus, President of the Franco-Sri Lanka Business Council. Several potential French investors and representation from the French media that includes a photographer for the "Marie Claire" magazine, Mr. Claude Perard and a leading broadcaster for French radio, "FranceInfo", Mr. Thierry Beaumont will constitute the delegation. 

French companies have been operating in Sri Lanka for many years, and are protected by the bilateral agreement (investment protection and guarantee) that exists between the two countries. Key projects that are important to Sri Lanka's infrastructure and overall economic development include sectors such as Telecommunications, Power and Energy, and Water Treatment. Additionally in 1995 French assistance was granted to the Medical Sector by the provision of Cardio-thoracic equipment for the Kandy General Hospital. Leading French companies operating in Sri Lanka are ALCATEL and SOFRECOM, CEGELEC ALSTHOM and DEGREMONT. 

Whilst the BOI welcomes investment in almost all sectors, it has identified electronics, IT/software development, light engineering, runner-based products, cosmetics/perfumery and agriculture/food processing as major investment-worthy sectors from France. These sectors have been targeted on the basis of comparative and competitive advantages available, the need to promote export diversification through backward linkages, higher technology and value addition. 
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Granwille new chairman

The centre established by an act of Parliament is committed to engaging itself in Commercial Mediation. The project involves the participation of the Ceylon Chamber of Commerce, Federation of Chambers of Commerce and Industry, National Chamber of Commerce as well as members of the Bar and representatives from the University of Colombo, an FCCISL press release said. 

One of the long term objectives of the project is to introduce commercial mediation in the curricula of institutions teaching law. 

The Centre will be located at the Ceylon Chamber of Commerce and it will resort to the settlement of disputes outside the ambit of traditional Court procedures and Arbitration process. Trainee mediators from leading Chambers will conduct mediation proceedings in an environment of conviviality and cordiality. 

Informatics to offer eSecurity solutions

Software Intelligence Pty. Ltd. was formed in 1988 and is known for a wide range of software solutions to internet applications such as security, intrusion detection, access filtering, firewalls, auditing and automated system management and console management. The company has a large Australasian reach with various other services such as consulting services, Windows NT solutions and enterprise wide solutions. Its commitment to quality has been ensured by an ISO9002 accreditation, in addition to other International Security Methodologies Standards certifications. 

The joint venture SI-Informatics will be based in Colombo and managed by both organizations. The company aims to provide industry specific security solutions to both private and government sectors. In addition its services will include consultancies like Business Analysis and Design, Business Re-engineering and Modelling culminating in Implementation. SI-Informatics will also act as an Asian region R&D and support centre for Software Intelligence of Australia. 

Informatics (Pvt) Ltd. was established in 1983 and has been known to be a pioneering IT services organization in the country. The company's involvement in software development is more than decade old with offshore development for companies in UK, Germany, Holland and Singapore. Informatics has also joint ventures with the Swedish ERP solutions provider IFS which develops application locally and with Markus Data AS of Norway developing Credit Management Applications. The software arm also develops and markets packaged Telecom Billing and Customer Care software whose clients includes SLT and internationally NTT, Cable & Wireless and Millicom. 

Informatics is also known for its involvement in IT education. Informatics Institute of Technology offers qualifications in alliances with Manchester University (UK) and Holmesglen TAFE (Australia). Its graduate program has been a constant supplier of quality IT personnel to the leading software developers in the country. 

Tom Peters here in December

The presentation will entail 2 sessions, the afternoon session being a repeat of the morning session. Tom is best at initiating the transfer of your organisations' managers into leaders at every level, work assignments into projects, departments into professional service firms and employees into 'Brand You' professionals to name but a few a media release says.

Peters is a graduate of Cornell (B.C.E., M.C.E) and Stanford (M.B.A., Ph.D.) He was a senior White House Drug Abuse Advisor. He is a fellow of the International Academy of Management , the Worlds Productivity Association, the International Customer Service Association and Society for Quality and Participation. He was for many years a consultant at McKinsey & Co. 

Tom Peters has over 7 best sellers worldwide which includes 'In Search of Excellence' 'Passion for Excellence' 'The Pursuit of Wow!. Tom has his comments and opinions sought after and pored over, his books described as professional bibles and his seminars on business management considered to be the stuff that legends are born out of the release adds. 

Senisei is respansible for brining in Tom Peters to tell Sri Lankans "How to win everyone" 

DFCC Bank buys Forbes' brokerages

The purchase consideration to be paid by DFCC has two components. The first amounts to Rs. 9.8 million, which is equal to the amount of cash held by Forbes ABN AMRO. the second component amounts to US $ 50,000( Rs 4.0 million) being the payments towards the fixed assets of the company, the stock broking license and goodwill. 

Citibank selects Affno as e-business solutions partner for Sri Lanka

Citibank is a global bank having its origins in the United States and is widely recognized as having popularized ATMs and credit cards. 

More computer graduates 

The chief guest was Vidyajothi Professor V.K. Samaranayake. Mr. Cliff Lineker, the Marketing Manager of the British Computer Society UK was also present. 

One student won the Ferrenti Award for obtaining the world's highest marks in the final examination, a media release said. 

As the chartered professional institution for the field of information systems engineering, The British Computer Society exists to provide service and support to the IS community, including individual practitioners. Employers of IS staff and the general public. 

The Institute was formed in 1957. 

The BCS is also an engineering institution, fully licensed by the engineering council to nominate chartered and incorporated engineers and to accredit university courses and training schemes. 

The present council of the BCS Sri Lanka section: 

Section Chairman - Mr. B. Ranasinghe 

Section Secretary - Ms. Dilanthi De Silva 

Section Treasurer- Mr. R.B. Ekanayake 

Committee Members-Dr. D.R. Amerasingham 

Mrs. S. Illangaratne 

Mr. J.M.C. Silva 

Mr. J.De Silva 

International symposium on corporate governance 

The resource personnel are George Bartlett, the International President of ICSA, Patrick Mahoney, Group Company Secretary of Bell Equipment Limited South Africa, Michael Gillibrand, Director of the Management & Training Services Division and Special Advisor on Commercialization and Privatization of the Commonwealth Secretariat UK, Y.R.K. Reddy, Chairman of Yaga Consulting India, Darcy Smith, former partner of Pricewaterhouse Coopers, Jenny Varcoe-Cocks, a Foundation Fellow of the Institute of Company Directors who is actively involved with the World Bank and CACG, Nedeen UL-Haque, Senior Representative, International Monetary Fund, A.S. Jayawardena, Governor and W.A. Wijewardene, Deputy Governor of the Central Bank of Sri Lanka, Mano Tittawela, Director General of PERC and Deva Rodrigo, Senior Partner of PricewaterhouseCoopers. 

The symposium to be held at the Hotel Lanka Oberoi over the two days, should be the foundation on which good corporate governance is constructed. 

Dilmah Does It

Known as Hazard Analysis and Critical Control Point, or HACCP (Pronounced hassip), the new standard has become the norm in the industry. 

Traditionally, industry and regulators have depended on spot-checks of manufacturing conditions and random sampling of final products to ensure safe food. This approach, however, tends to be reactive, rather than preventive, and can be less efficient than the HACCP system. 

MJF Group is a pioneer in branding Ceylon Tea. Its flagship brand, DilmahTM, is sold in over 80 countries. Dilmah Tea was launched locally at select stores and hotels earlier this year. 

Creative people are made 

"In the past it was thought people are born with creativity, that it was inherited or inborn," Dr. Kuhathasan said. Today psychologists have found that creative people are made not born. Creative people take the initiative. 

The basic principle is that people have to develop brain power, said Dr. Kuhathasan. People's brains have two sides- the left brain and the right brain. The left brain deals with routine, words, parts and breaking up parts and is instrumental in closed thinking. The right brain deals with imagination, creativity, new thoughts and ideas, pictures, wholes and the relationship between parts. 

It is essential to tap the right brain. If you are positive and constructive it is possible to tap the right side. If you are negative this is impossible to tap. Positive people believe in themselves, are ready to face challenges and are confident. Negative people say it is difficult or hard let us try tomorrow and it is difficult for them to tap the right side. 

In order to encourage staff to cultivate creativity and innovativeness you have to make them positive, creative dynamic people. You are the captain of your soul, master of your goals and maker of your destiny. 

Fear is your greatest enemy. Negative thoughts are self erected fences which need to be uprooted. The man who wins is the man who thinks he can. All your nerves are connected to tour brain. The moment you think you can not do it you send signals to your nerves. The majority of us depreciate our self and kill initiative and enthusiasm. 

To develop creativity first develop positive thinking. This helps you send messages to the right side of your brain, that you are open to creativity.

Always think you are born to achieve- to do something great. Then you become a creative person. To be a positive, constructive , dynamic person first create a better self image. That self image will motivate you. The moment you create a constructive self image it will help you innovate 

People have two minds. The mind proper or conscious mind and sub conscious mind. The more powerful of the two is the subconscious mind which works all 24 hours of the day. The conscious mind works when people are active and alert. To be a creative person you must tap your subconscious mind and register in it that you can achieve. 

Most psychologist say you must practice auto suggestion or self suggestion.

As you wake up early morning, you are active alert and smart. It is time to inform your subconscious mind. It will connect you to the right people at the right time. Even Bill Gates is a firm believer in auto suggestion.

To alert the right side of your brain get up early and plan your day. To start, you must have three types of goals. Industrial goals signify work place achievements, social goals focusing on relationships and professional goals. 

To achieve something great you must have goals. Think of these goals each morning and plan your day. Before you go to sleep audit the day. These two activities must form part of your day. 

Think about how you will achieve goals daily and what prevents achievement. This will help you enhance your self and become a creative dynamic achiever.

Record quarter for UAL

This brings UAL's net income for the nine months ended 30 September 2000 to Rs 81.4 million, which is 8.8% above the corresponding figures for the previous year a company release said. 

Total revenue for the nine months this year increased by 10%, from Rs1.15bn to Rs 1.28bn, with revenue growth coming from both the life and general divisions. 

UAL's net assets grew by 13.9%, from Rs 661.1 million in September 1999, to Rs 753.0 million this September

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