Sri Lankan firm opens trade centre in Dubai

"With an initial investment of US$ 100,000 the trade centre will be opened in January 2002," said Suranjith Premadasa, managing director of PGL. "The display charges would be $150 per month," he added.

"This is a good opportunity for Sri Lankan small and medium scale enterprises to display their products. Our main aim is to support Sri Lankan exporters," said Dulal Wijesinghe, group director.

Officials said exporters will be offered space to display their products while the company will carry out the advertising and promotion campaign as well.

The management also said that they would be responsible for the delivery of goods.

"The company would play a foster parent role," said W.C. Dheerasekere, Secretary to the Ministry of Constitutional Affairs and Industrial Development.

Celltel package doubles in value

The company's new "Double" package is available to existing as well as new post-paid subscribers on Celltel's GSM network.

The package allows a subscriber to receive the first two minutes of an incoming call free of charge for a monthly rental of Rs. 499, with outgoing calls at Rs. 9 per minute during peak hours (7 am to 8 pm - Mondays to Friday) and at Rs. 6 per minute during off-peak hours (8 pm to 7 am from Monday to Friday and full day on Saturday, Sunday and holidays), the company said.

Celltel's Chief Executive Officer, Dumindra Ratnayaka, said the new package is the most affordable and the best value package offered by any cellular company in Sri Lanka to date.

Lankan firms on global network

The newsletter said currently over 200 Sri Lankan companies have submitted their offers and requests and are featured in the global Euro-Tips Network database in English, Spanish, Portuguese and Chinese languages.

National Agribusiness Council office bearers

The council said in a statement that it represents major agribusiness interests in Sri Lanka as an apex body with 18 agribusiness-related trade associations representing over 3,000 members.

The office bearers are:

Michael Mack, Chairman

Mario de Alwis, Secretary, (Food Processors' Association)

Anura Weerakoon, Treasurer, (Seedmen's Association of Sri Lanka)

Sarada de Silva, Committee Member, (Spice & Allied Products Producers and Traders' Association)

Sarath Wickremaratne, Committee Member, (Sri Lanka Coir & Allied Products Manufacturers' Association)

Leo Nanayakkara, Committee Member, (Seed Producers' Association of Sri Lanka)

D.D. Wanasinghe, Committee Member, (All Island Poultry Association)

D. Subasinghe, Committee Member, (Dairy Development Milk Producers and Processors' Association)

W.V.D. Albert, Committee Member, (Protected Agricultural Entrepreneur's Association)

Dilip de Silva, Committee Member, (Floriculture Produce Exporters' Association)

Sarath de Silva, Committee Member, (Sri Lanka Fruits & Vegetable Producers, Processors and Exporters' Association)

Business leaders unite to save the nation!

The Sunday Times news item under the heading "Blasts and you" on July 27 is very timely and nation-awakening. The suggestion therein was salutary and wise, it's in no way a harsh step, but a far reaching one that should be taken immediately to save the country from the impending disaster. Everything is collapsing around us except power hungry politicians. 

They are more interested in their survival and personal gains than in the nation's future. The camp in power is playing all types of dirty tricks to cling on to power while the opposition is doing the same to regain lost power because they both know the taste of power. Neither of them is bothered about the future of the nation nor the sufferings of poor masses. 

We have faced many shocks in the past 18 years hurting the growth of the country. The destruction caused to our economy by terrorists is too heavy for a poor nation like ours. The Orugodawatta fuel tanks, Kelanitissa power plant, Central Bank and the recent attack on the airbase are a few of them. The damage caused to the international airport is incalculable. These are apart from the destruction to our historical and national treasures like the Dalada Maligawa and the killing of thousands of poor villagers. The burden of re-building the country falls on the shoulders of the taxpayers. This will further burden the lives of the poor people but never the politicians and their stooges.

I believe if the business community extends their full support and co-operation to the religious leaders and all other peace loving, right thinking people of this country we can build a powerful force against our selfish leaders.

K.A. Abeysinghe,
Giriulla

Seylan and ICICI Infotech of India sign IT agreement

Under this arrangement, Seylan Bank will use "Kastle" an integrated treasury management product and "Pinnacle" a risk management and asset and liability management product.

ICICI Infotech is a leading information technology services company from India and a part of the US$ 19 billion ICICI Group, one of the largest financial services conglomerates in Asia. Today, the ICICI group is recognised as one of the most tech-savvy financial groups in Asia, strategically leveraging IT for all its business requirements.

SAARC chamber confab to boost image of Sri Lanka

"This meeting would boost the image of the country," said Macky Hashim, President of Sri Lanka's Federation of the Chamber of Commerce and Industry (FCCISL). "It will be a boost to the industry as well," he added.

Vice presidents of chambers from SAARC-member countries - Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka - will attend this meeting.

The meeting will discuss the present economic situation in the region and steps to develop and revitalise regional co-operation in the SAARC countries. A seminar on the topic "Benchmark on international standards" is to be conducted at the meeting.

Hashim said that SCCI is lobbying for the creation of a "SAARC cell" to allow the free movement of labour and resources within member countries.

SCCI helped establish the SAARC Preferential Trading Agreement (SAPTA) and is also actively engaged in the formation of the South Asian Free Trade Area (SAFTA).

"SAPTA has benefited Sri Lankan industries," he said. 

The liberalisation of the Indian market had helped Sri Lankan products like Munchee, Maliban and DSI.

"With the global recession in the west and industrialised countries, investors are now turning to Asia," Hashim said, noting that this would be a great opportunity for SAARC countries.

Nawaz Rajabdeen, Vice President of the FCCISL, said approximately 15 foreign delegates and 250 business leaders would attend the meeting and other connected events.(DM)

People's Merchant Bank records profit

The Annual Report said the lease portfolio of the bank had grown by 45% during the year, while the interest earned from leasing increased by 57% when compared with the previous year. The portfolio of bills discounted decreased from Rs. 298.6 mn to Rs. 245.6 mn during the year under review, while income from bills discounting facilities decreased from Rs. 49.2 mn to Rs. 44.1 mn.

The fee income generated by the Corporate Finance Division (CFD), however, was not up to expectations. A significant portion of the fee income earned by the CFD was from the syndication of loans arranged through the bank's major shareholders.

The bank's chairman, Mano Tittawella stated that a comprehensive corporate plan covering the next five-year period was prepared and approved by the board in the early part of 2001. The implementation of this plan has already begun.

Real Estate Development, which commenced in the early part of the year, will be pursued with the support of the Corporate Finance Division. The People's Merchant Bank has also started offering operating lease facilities and is at present working on improving the service levels to customers. The bank also intends to venture into insurance brokering in the near future, the press release stated.

Walt Disney's strict guidelines for Dankotuwa

"In future, the Walt Disney Company will evaluate Dankotuwa Porcelain Ltd on the Disney code of conduct which will make the company an approved supplier for Walt Disney. An audit is underway to implement certain procedures and ensure that by September 1 all administrative practices comply with the Disney Code," a company statement said.

Under this code no minors can be employed, every worker must have one day off per week and workers are required to work for a stipulated number of hours each day. There are also restrictions on the amount of overtime the company can request from employees. This is to ensure that they are able to perform their tasks at optimum level, it said. Dankotuwa said it was making a special commemorative plate for the Walt Disney Company, which celebrated its 100th anniversary this year.

The company said the plate is decorated with Disney characters: Mickey Mouse and Minnie Mouse, Donald Duck, Goofy and Pluto. These characters have been in existence as long as the company and have a place in the hearts of both children and adults around the world. The first shipment of plates was sent to Disney World in Japan and a second order also taken. Being a limited edition product, these plates will eventually become collector's items. Dankotuwa Porcelain currently exports to 25 countries around the globe, supplying international buyers such as Macy's, Ralph Lauren and Muirfieldeci with quality porcelain ware.

Telecom gets tough with defaulters

After a careful study, SLT has found that the defaulters are an obstacle towards servicing genuine customers due to the additional precautionary measures and other procedures that have to be in place, the company said.

SLT has sent almost 24,000 letters of demand with more being sent. The statement was unclear at to whether these represented 24,000 individuals or companies, or whether letters were repeated to defaulters.

So far SLT has filed over 100 court cases against their worst defaulters with more to follow. The company has also increased the number of debt collectors.

Two new products on offer at the Millennium City

The Home and Company Shop Houses permit the owner to live and work at the same premises. This is a two story unit of 1864 sq.ft with dual entrances built on 6 perch land and the shop and the house both are priced at Rs. 3.575 Million. The Shop is located at the ground floor and it consists of a Shop, corridor, rear verandah and toilet. The house is located in the upper floor and it consists of Living/Dinning, 02 bed rooms, Lobby, Kitchen, Toilet and two balconies. This unit will also be provided with a telephone free of charge.

Among the main advantages of owning a Home & Company shop house at the Millennium City will be its location which is adjacent to the superior Commercial Complex with over 100 parking lots, ability to cater to a ready market of over 1875 families within the Millennium City, residents in Athurugiriya and suburbs, and the freedom to operate day and night. The Home & Company Shop Houses are ideal for entrepreneurs, self employed individuals, and private practitioners such as Doctors, Dentists etc., Out of 21 Home & Company Shop houses which were on offer 14 have being already sold out as it is considered to be a great investment opportunity.

The Tulip is a three roomed single story detached house with 24 hour security and its priced from Rs. 2.24 Million onwards.

Lanka Herbals marks six years

Lanka Herbals had a humble beginning 6 years ago, with a few products. Today the company is marketing a range of natural products, which has gained wide popularity among the medical profession and health conscious customers the company release further said.

The Director marketing J.M. Ruzzan (A Chartered Marketer) says that in response to a growing number of people seeking historic medical treatment that originated in ancient India, Lanka Herbals launched nature based systems of medicine and created new concepts in the market to help and protect the country's ancient wisdom in ayurveda.

Recently the company launched an ayurvedic bath soap "MEDIMIX" to the local market, which was scientifically tested and proven for the treatment of skin disease.

The company is also conducting a feasibility study to invest in plant and machinery at Galewela. This project is expected to generate exployment and cater to the local and export market.

Our objective is to provide natural medicine at a reasonable price, to the patients because natural medicine is nature's blessing.

Legal issues affecting banking and financial sector stability 

By Sonali Siriwardena

Speaking at the 13th Anniversary Convention of the Association of Professional Bankers recently, Mr. de Silva highlighted the need for banks to establish joint safeguards coupled with necessary checks to prevent bad debts. Giving an overview of the laws in banking in Sri Lanka, he explained that self-confessed defaulters of one bank can easily move to another due to the lack of a self-regulatory system of control within the banking industry at present.

An effort to remedy this situation is accentuated by the fact that a bank is no longer a mere place of storing money or gaining interest. The progression beyond investment banking has in today's context transformed banks to mean everything to everybody. The Banking Act of 1988, which currently governs the sector, is ill-equipped to deal with this development and it is in this backdrop the formulation of new laws to govern new areas of expansion within the sector becomes apparent, he said.

Issues relating to banking policy and the responsibility towards its customers and activities should also be firmly established as these reforms embody the challengers faced by modern banking in the relevant legal sphere, he said.

The theme for this year's convention was, "Legal issues affecting banking and financial sector stability" and a presentation, "Electronic banking and the law" by Dr. Toh See Kiat, a Singapore expert on cyber laws, raised some interesting issues on e-banking, which is now a catchphrase in the new millennium. The replacement of core hard cash with various other modes of payment for e-commerce such as credit, debit and charge cards, e-currency or cyber-cash and electronic credits highlight that the banking equation has now changed in step with global changes.

Central Bank cuts interest rates 

The bank said on Friday that the overnight reverse repo rate would be reduced to 15 percent from 18.5 percent while the overnight repurchase rate would fall to 13 percent from 15 percent. The changes are effective from tomorrow.

"We decided to bring down the rates due to an economic slowdown and a drought that has adversely affected agriculture and power generation," said Dr. A.G. Karunasena, research director at the Central Bank.

These interest rates have been progressively coming down since end January 2000 when the Central Bank allowed the rupee to freely float against the US dollar and other foreign currencies. In February the reverse repo rate was 23 percent while the repo rate was 20 percent.

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