Pure Beverages changes name

Shareholders of Pure Beverages Co. Ltd approved a board resolution last Tuesday, to change the company's name to Coca-Cola Beverages Sri Lanka Ltd.

Coke's regional bottler Singapore's Fraser & Neave (F&N), now control 89.8 per cent of the new company.

The name change is merely a streamlining process with F&N's regional practice, Chairman Coca-Cola Beverages Sri Lanka Ltd, Dhammika Fernando told shareholders during an extraordinary meeting.

The company also said that they had paid Rs. 24 mn as a golden handshake to former Managing Director Ana Punchihewa.

F&N Coca-Cola is a major bottler for the Atlanta based Coca-Cola Company in the region.

Based in Singapore, F&N is a joint venture between the Coca Cola USA and Fraser & Neave Ltd., Singapore. Together with its subsidiaries, F&N is responsible for soft drinks operations in Singapore, Malaysia, Brunei, Nepal, Vietnam, Cambodia, Pakistan and Sri Lanka.

Minority shareholders of the company have formed a group, fearing F&N will buy up the company's remaining shares and de-list it.

The group's audited financial statements for the 12 months ending September 30, 1998 reported a 97.23% turnover growth, and the after tax profit of Rs. 108.69 mn.

Turnover for the 12 months to 30/09/1998 stood at Rs 1,405.91 mn. An interest charge of Rs 64.35 million was made during the current period, this exceeds 4.58% of the turnover

Meanwhile, shares of Coca-Cola USA slid last week after the soft-drink giant blindsided Wall Street with a warning that case-volume sales would decline in the first quarter.

Coca-Cola Co., after announcing a likely early drop in soft-drink volumes in early 1999, said on Monday that it does not expect to meet its traditional seven-to-eight percent annual growth target in 1999.

Coke's case-volume sales, a key indicator of how well the company is doing, have been struggling for much of the past year amid a sharp slowdown in many foreign markets, particularly Asia and Latin America.

Currency devaluations have also cut into results. Coke derives about three-quarters of its profit outside the United States.

"A seven to eight percent volume increase over time is still our goal. But we're not going to have the kind of growth this year that we did over the past five to 15 years,'' Reuters quoted company spokesman Rob Baskin as saying.

"It is going to be very challenging for us to reach that goal in 1999, but that is still our goal over time, over five years," Baskin has said.

The world's largest soft drink maker said that it expects its worldwide sales to drop as much as two percent during the first quarter because of weaker demand in overseas markets.

The biggest declines were expected in Latin America and Europe, where decreases of four to five percent were expected for the quarter compared with the year-ago period.

In the 1998 quarter, the company reported a 14 percent increase in unit case volume worldwide.

The company expects increases of two percent in the United States and through its entire North American group, but said the overall decline is symptomatic of the soured global economy.

Analysts took a dim view of Coke's forecast. Goldman Sachs dropped Coke from its recommended list, Morgan Stanley Dean Witter, Christopher O'Donnell and Lehman Brothers downgraded estimates for Coke's earnings per share in 1999 and 2000.

Coke targets average annual growth in case shipments of 7%-8% and increases in earnings per share of an average 13 percent or more.

Meeting such targets helped lift Coke's market value from US$ 4.3 bn in 1981 to US$ 147 bn last year.

Coke hasn't seen annual sales decline since 1954.

Vanik into IT

Vanik Incorporation is floating a new IT company to provide Smartcard network to existing and future Smartcard holders.

The Rs. 100 mn venture known as 'Smartnet', will have Vanik Incorporation as its major shareholder together with Central Finance and People's Bank, Vanik Chief, Justin Meegoda said.

The technical providers will be Veriphone of USA, a subsidiary of Hewlett Packard. The network will be managed by Smartnet, who in turn would levy a fee each time a Smartcard terminal is used.

ABN launches 'BankStation'

ABN has introduced BankStation, an electronic delivery system, an old concept with 21st century approach.

This is part of a six=month project carried out in the Asia Pacific region to give their corporate clients direct and easy access to cash management and trade services.

Transactions will be carried out through a terminal set up in the client's office. The system is designed to interface with the client's own accounting system thereby eliminating the need to acquire new software for the system and the need to transfer the data from one system to another.

BankStation also allows the client to operate the system from any part of the world, once the same software is installed in the laptop of the authorized person.

Officials said 30 Sri Lankan companies had already signed up for the system and the system was being tested in five of these companies. The cost of the system depends on the clients' requirements and transitive relationship with the bank.

Other systems offered by other multi-national banks have been around for more than a decade.

Mind Your Business by Business Bug

Other Ways

People whose profits literally go up in smoke are a worried lot these days what with laws prohibiting the sale of their merchandise in state institutions being enacted.

But there may be other approaches to the problem and they are being explored, we hear.

The question that is being asked is whether the new regulations could be a violation of fundamental rights and if so, whether they could be challenged in a court of law…

Won't Bite

The "restructuring" of the diversified conglomerate where the Number Two was virtually demoted took many by surprise.

But the Boss was quick to explain that there were no differences of opinion with his schoolmate and that all was well.

But other diversified Blue Chips are now offering the Number Two many carrots, we hear, but the man is not rising to the bait, so the Boss may after all be right…

Cricket?

The ugly scenes at the Board that controls the "gentleman's game" last week could have many repercussions.

The vanquished in the battle for the presidency has a lot of clout in the business world, we all know.

Now, there is pressure on some companies to withdraw sponsorship offers to the willow-wielders as long as the present office-bearers are at the helm.

ABC and XYZ of swaying people

Poise, Pause, Pitch, Power and Pace are the P's that make a strong speech, said Director of Maritime Placement Limited, Romayne Diasz at last week's Sunday Times/Celltel Business Club meeting.

At the meeting members of the club debated if privatisation had achieved its objectives. Ms. Diasz also a member of the Toastmasters Association of Sri Lanka, sat in as a judge for the debate.

The proposing team put forward a strong argument that was rather convincing. Their fact and figure filled argument highlighted the need for privatisation and the main benefits.

They said that state owned companies were making huge losses and constantly depended on the government coffers to bail them out. This drained money, which otherwise could have been used to develop the country. The companies suffered a serious bout of idleness and were buried under administrative red tape.

Privatisation has also brought about technical advances such as e-mail and the Internet. The privatisation of Sri Lanka Telecom was a good example they bruited out. Getting a connection meant a long waiting list that was so long, it took more than two years to get connected.

But with the telecommunication sector privatised, two more telephone operators came into the market. As fundamental economics states that competition leads to efficiency and profitability. Another example given was the privatisation of the plantation sector. Privatisation has also meant customer satisfaction. Employees too benefited from this, because they gain technical and managerial experience. In certain companies they were offered shares. These were some of the points highlighted by the proposing team.

The opposing team killed their counterpart's arguments. They started off saying that due to privatisation prices had gone up. AirLanka made profits before it was privatised. Strikes, another factor that are associated with privatisation. Employees of almost all the companies that were privatised went on strikes, they said. An employee of the steel corporation hung himself just before it was to be privatised.

Countering the proposing team's examples, they asked if SLT was running efficiently, why did the rates go up? They also said that the public sector's management was lethargic because they did not have any initiative to work efficiently.

A member of the club and Deputy Director Research, Nouzab Fareed spoke on how privatisation evolved and the need for it. Overall he said, privatisation in Sri Lanka had not met its exact targets.

Ms. Diasz commented on the speaking styles of the members and how they could improve on their techniques. She gave some points that could be useful at any occasion, such as ABC - Ability to Be Confident and XYZ - Examine Your Zipper meaning the way you dress or your appearance. She stressed on the fact that a speaker should captivate his audience and keep them interested in what you say. She also spoke on the importance of body language when making a speech.

'Furnature' for eco friendly living

Their commitment to nature begins right outside their Liberty Plaza first floor shop. Furnature, an eco friendly, modern casual living furniture shop is a demonstration of using nature's gifts for modern living, without destroying its balance.

Space saving, light, stackable or collapsible furniture is Furnature's specialty.

MD, Lakshman Wanniachchi, who began Chemwood Industries 16 years ago with standard rubber furniture for the domestic market, went into export markets next, before shifting focus to his new range of space saving, affordable furniture.

A folding oval table and four chairs can go into the boot of a car, Wanniachchi says.

Rubber wood, a plantation timber is sustainable and is one of the most environmentally friendly types of timber used for furniture, throughout the Asian region.

Furniture at Furnature is mostly in its natural form, showing off its natural grain.

Customers prefer the natural finish, but wood stains and lacquer can also be used on furniture.

Among Furnature's popular products are the wooden rocking chair, fishing chair, deck chair and a cradle cum bookshelf.

Chemwood Industries embarked on exports in 1988 but turned in to an almost 100% export company about five years ago, developing and stabilising markets in US, France, Norway and Denmark with their trade mark-space saving, treated rubberwood furniture. But pressure from Asian crisis has affected exports despite aggressive marketing at top international furniture fairs like the Milano Furniture Fair and the Furniture Fair at Copenhagen Mr. Wanniachchi says.

A design team led by Waniachchi, design their range of casual furniture. Waniachchi, a Chemistry graduate with post graduate qualifications, ventured out to the furniture industry to team up modern casual living styles with his deep commitment to nature, through his exclusive range of casual furniture which is fast becoming a fashion statement in stylish yet casual living.

Rs. 26m grant aid by Japanese

An exchange of notes, providing Yen 44 million (about Rs. 26m) in Grant Aid, was signed by Ambassador of Japan Yoji Sugiyama and Secretary Ministry of Finance and Planning Dixon Nilaweera on March 24, at the Galle Face Secretariat.

The Debit Relief Grant will make adjustments to the past bilateral aid from Japan to Sri Lanka to relieve the debt repayment difficulties Sri Lanka is likely to face. This grant has been extended annually since 1978 by Japan in keeping with Resolution 165 of the Ninth Special Session of the Trade and Development Board of the UNCTAD, dated March 11, 1978.

These "Unieted Cash Grants" will enable the recipient country to purchase such goods as vehicles, locomotives or spare parts from other countries, thus lessening international balance of payment difficulties.

It is the earnest wish of the Japanese Government that these bilateral grants, together with other Japanese Development Assistance (JDA) to Sri Lanka, will promote the further development and prosperity of the country.

Now the sixth flight to the Gulf and beyond

Gulf Air announced the inauguration of the sixth frequency to Colombo from March 28. All the six frequencies will be with a day-light departure, operated with modern B767 aircraft with Business and economy class of service.

Convenient connections will be available to those passengers bound to the Gulf, Middle East, Europe, Africa, USA and Canada. This will enable travellers to experience high standards of service and quality customer care. Frequent Flyer members will also be rewarded double mileage points for their loyalty and support by flying on Colombo route, says a press release.

Gulf Air's Country Manager for Sri Lanka and Maldives, Mahfood Alharthy said, "Colombo has been one of our important markets which has recorded a significant growth. We therefore decided to consolidate our presence and enhance our participation in the traffic growth to/from Colombo.

"Increase of capacity is also in response to the ever-increasing demand from our customers. Consequently, it will scrutinize the trade link between the Gulf Region and Sri Lanka. Today, an executive traveller or a visiting family member will have the flexibility of schedule to/from the Gulf and beyond. The sixth frequency will enhance our available capacity from Colombo by 5% and will improve the freight capacity by 60 CBM".

The General Sales Agent is Mack Air Ltd.

Television Media products on sale

One of Asia's largest and most popular Direct Response Television (DRTV) companies. TV Media (Pte) Ltd., has appointed Innovations Worldwide (Pvt) Ltd., as exclusive distributor in Sri Lanka for its entire range of consumer products, according to a news release.

Innovations Worldwide, which is to be formally launched at the Grand Hotel, Nuwara Eliya during the holiday season in April will bring innovative products from all over the world to Sri Lankan consumers who look for high quality durability and value for money, the company said.

Customers can buy products that TV Media has on offer at these events or from the company's chain of exclusive retail outlets which will be established throughout the country.

The products will be priced lower than in overseas markets with an initial pricing between Rs. 175 and Rs. 5000.

Established in 1994 TV Media (Pte) Ltd., presently achieves an annual turnover of over US $225 million. The company's alliance with BJ Global Inc., one of the largest DRTV companies in USA resulted in the formation of TV Media BJ Global Inc., which made it one of the largest and most popular DRTV companies in the world.

EU negotiator woos Asia for new trade round

KUALA LUMPUR, April 2 (Reuters) - The European Union appealed to Asia on Friday to support a new round of global trade talks as a way of reviving their damaged economies.

"I strongly believe that a comprehensive round of multilateral trade negotiations is necessary in the current economic climate to stimulate trade and growth and to reduce the risk of protectionism," EU Trade Commissioner Sir Leon Brittan said.

Brittan was speaking to businessmen in the Malaysian capital, his first stop on a four-nation tour of Asia that will also take him to Indonesia, India and Pakistan.

The European Union's top trade negotiator hailed financial reforms in Malaysia, saying they had prompted a return of foreign investment, but said more was needed.

"The relaxation of capital and exchange controls in recent months has been particularly welcome, but progress in key areas such as corporate debt restructuring and bank reform deserve greater focus," he said.

Malaysia, which imposed controls on capital flows in September, recently scrapped a rule that had barred the repatriation of foreign portfolio investment for a year.

The EU trade negotiator urged Malaysia to roll back an across-the-board increase in tariffs that it adopted after Asia's financial crisis erupted in mid-1997.

Brittan was scheduled to meet Trade Minister Rafidah Aziz and Second Finance Minister Mustapa Mohamed in Kuala Lumpur.

Masons promotes acrylic emulsion paints

Masons Mixture Ltd., the decorative and protective coatings specialist has launched an islandwide campaign to boost sales of the company's acrylic emulsion paints, says a company release.

The promotion will enable customers of Masons who buy a four litre can of paint to win a voucher for a bottle of King's beer, said the company's Accountant, Marketing & Production Gihan Cooray. The promotion commenced on March 15 and will continue till May 31.

Masons Mixture's islandwide network of 13 distributors and over 3000 retail outlets will be provided with vouchers by the company to be given to customers. The promotion will be advertised in the media and through posters and banners at strategic locations around the country.

Levi Strauss no bad failure

Hong Kong, March 25 - "Levi Strauss & Co., is a failed utopian management experiment; it's a story of what can happen when well-intentioned but misguided managers run a private company answering to no one."

That's the conclusion Fortune senior writer Nina Munk draws after interviewing nearly two dozen former and current senior Levi executives about how CEO Robert Haas took one of the world's most successful and recognizable brands, shrunk its market value and now is strategizing a company comeback. The article appears in the April 12 issue of Fortune.

Haas' failed reengineering of Levi Strauss to the tune of $850 million, along with its second-rate advertising campaigns, its bloated manufacturing costs, and its drop in market share among males aged 14 to 19, contributed significantly to the decline of the company's sales and the tarnishing of its "cool" reputation.

Despite all its troubles, writes Munk, Levi's is still one of the world's great brands, better known than Marlboro, Nike or Microsoft. And no other company comes close to its jeans sales numbers. Seventy-five percent of American men own a pair of Levis Dockers khakis. Levi Strauss is a private company which doesn't publicly release its profits. Fortune, however, learned that last year, on revenues of just under $6 billion, the company produced $1.1 billion in cash flow, more than Tommy Hilfiger, Polo Ralph Lauren, Nautica and Liz Claiborne combined.

Eslsewhere in this issue, Neel Chowdhury examines the Asian conglomerate and its role in Asia's post-crisis economies. From Ayala Corp, in the Philippines to Mahindra & Mahindra in India and Siam Cement in Thailand, a new view of management and strategy is taking root in Asia's largest and most diversified companies.

Finally, Eryn Brown writes about the E-Consultants. They used to be the geeks who designed Web pages, says Fortune. Now they're "Web strategists" running $100 million consulting firms. Fortune looks at how a host of new service firms are getting closer and closer to the people who are deciding how big business will deal with the Internet.

The Levi's article and other stories are also available online at www.fortune.com.

Fifty years of tea bagging

H&S Tee GmbH & Company of Germany, one of three main players, in the world tea bagging machinery market celebrates their 50th anniversary this year. They have been supplying the Sri Lankan market for the last 15 years and have emerged as one of its key suppliers with a market share of 20% in the last three years. Its sole agents are Ferntea International (Pvt) Ltd, exporters of value added tea.

H&S Tee produce state of the art machinery with automatic tea bagging and cartoning.

Automation in Sri Lanka is restricted to tea bagging and does not include cartoning. Production capacity of tea bagging machinery marketed is 170-180 tea bags per minute.

Trends in tea bagging machinery in developed markets veer towards faster machinery with the capacity to produce "fashionable" tea bags such as round tea bags, pyramid shapes, draw string tea bags etc. Heat sealed tea bags manufactured with foil are a development which facilitate storage for long periods of time and prevent contents aging.The Sri Lankan market is primarily for double chamber tea bags. H&S tee GmbH & Company market their tea bagging machinery as being a comparatively economical solution to tea packaging, which is easy to operate and requires relatively few spare parts. Thus its popularity in Asian markets. It also has a strong foothold in European markets and Egypt.

Trans Asia Hotel first five-star to receive ISO 9001

Trans Asia has become the first five=star hotel in the South Asian Region to receive the ISO 9001 quality standard certificate, a hotel release said.

The process of obtaining the ISO 9001 for Trans Asia commenced with the appointment of Somaratne Consultants (PVT) Ltd. as the consultants in January 1998. Thereafter a steering commitee of all senior managers was appointed.

Once the quality process was formulated the procedures were implemented after finding solutions to the complaint and non-conformity reports. The hotel was audited by SGS auditors for the recommendation of certificate in January and was awarded the certificate on February 26 .

"The quality standard will help Trans Asia to provide a better service, as it is not a foreign affiliated body,"said Director Finance, Sunil Pieris.

" Every complaint will be addressed individually, every single day. The cause of the problem identified, and if a flaw in the system is addressed appropriately, action will be initiated immediately and permanent preventive measures will be implemented, helping to stop re-occurrence of similar problems," Mr Pieris said. ISO is the International organisation for standards, a worldwide federation of national standard bodies. The work and preparation of international standards are carried out by ISO technical committees who represent each member bodies interested in different subjects.

ABACUS comes to Lanka

ABACUS International officially set up a national Marketing Company (NMC) in Sri Lanka with the Travel Agents Association of Sri Lanka (TAASL), and Softlogic Holdings (Pvt) Ltd. The three partners signed a joint venture agreement to distribute the ABACUS system in Sri Lanka. This agreement follows a Memorandum of Understanding signed last November.

The agreement was signed by ABACUS President and CEO, William Liu, Chairman and MD of Softlogic Holdings, Ashok Pathirage and TAASL President Udaya Nanayakkara and Vice President, Finance and Human Resources Siri de Silva.

"ABACUS is happy to partner with TAASL and Softlogic. We all share the same vision of providing travel agencies in Sri Lanka with the most advanced travel automation system. To date, we have signed up more than 60 out of the 170 travel agencies in Sri Lanka," Mr. Liu said.ABACUS is Asia Pacific's largest Global Distribution System (GDS) and Computerized Reservation System (CRS). It provides travel information and reservations specially tailored for the Asia Pacific. It is 65 percent owned by ABACUS International Holdings and 35 percent by the SABRE Group, a US based world leader in the electronic distribution of travel and travel related services.

Canadian Technology seeks partners

Bringing High-Tech partnerships to South Asia is the goal of an incoming Canadian Mission to Sri Lanka this month, says a press release.

A representative of the Canadian Advanced Technology Association (CATA) a flagship association in the Canadian high-tech sector will be in Sri Lanka to establish alliances and close business partnerships between Canadian and Sri Lankan companies, (one of four South Asian nations identified as potential markets).

A senior executive from CATA alliance will represent a full range of Canadian knowledge sector interests in meetings with South Asian companies and knowledge workers in Bangladesh, India, Pakistan and Sri Lanka.

The mission, which has the active support of the Canadian Department of Foreign Affairs, is the first in a series of initiatives to connect more closely the knowledge sectors of the two regions.

Canada has one of the world's most sophisticated high-tech communities, which has created breakthrough products in critical fields such as computer hardware and software, telephone and the Internet, biotechnology, energy and resource applications and manufacturing.

"We are uniting Canada's business, human development and high-tech support elements into a full spectrum of 'rainbow' connection between the peoples of South Asia and Canada, " said John Reid, President of CATA.

"Our objective is to go beyond the single focus commercial mission, and create multi-layered links that reinforce each other and build over the years. We want minds as well as businesses to be in partnership."

The goal is to spur high technology partnerships for mutual gain. A number of benefits for the south Asian high-tech community are expected.

Sales of new high-tech products: Canadian companies are looking for partners throughout South Asia, to profit from the distribution of Canadian high-tech products. Inquiries from distributors and agents are welcome.

Business partnerships: Canadian companies are also looking for business partners to establish an ongoing Canadian presence.

Electronic Tools: CATA will introduce to South Asia two online tools to create ongoing business partnerships and skill-set linkages.

Techno Gate is an interactive information database on the World Wide Web. It links buyers and sellers of technology, by providing information about specific business opportunities and information about individual business capabilities.

TechnoGate provides "virtual business corridors" to continuously form growth partnerships and can be accessed on http://www.technoGate.com/vcorridors/asi/southasia/frame,him. TechnoSkill is a Web-based industry source for jobs and high-tech talent.

The torchbearer for the mission is Adam Clark, Manager of Strategic Partnerships for the CATA Allaince. Mr. Clark has helped develop some of CATA's most strategic business tools, including TechnoSkill and TechnoGate.

Mr. Clark is gathering specific information about the business and skills, needs of Canadian companies, and will meet Sri Lankan high-tech companies, industry associations and regulatory officials. The meetings comprise of seminars for business and one-on-one sessions with company clients and potential partners.

Business leaders who would like to contact Mr. Clark may arrange meetings through the Trade Section, Canadian High Commission.

The first seminar will be held on Monday 19 at 9.30 a.m. while one-on-one meetings could be arranged from the afternoon on the 19 upto (including) April 21.

About CATA Alliance: CATA Alliance is a results driven national trade association, comprised of over 1000 "new economy" enterprises. CATA Allaince's mission is to stimulate 'Global Business Growth" through the forces of Canadian innovation and strategic partnership. Viewers are welcome to visit their web site at http://www.cata.ca

Training classroom for young executives

Outward Bound is an internationally recognised Professional Development Programme implemented worldwide by Outward Bound International of Vancouver, Canada and implemented under licence in Sri Lanka by the Outward Bound Trust of Sri Lanka (OBTSL) in collaboration with the Sri Lanka Business Development Centre (SLBDC).

The OBTSL with SLBDC support trained 1,300 executives from many leading private sector organisations in Sri Lanka by conducting 50 Outward Bound Training Programmes.

Using the outdoors as a classroom Outward Bound Training (OBT) provides an opportunity for young executives to get away from the routine and familiar day to day lifestyle and setout on an adventure in life and learning.

This programme introduces the participant to new skills and range of totally different opportunities and experiences. It builds determination, commitment, total involvement and team spirit. Outdoor activities such as rope course, obstacle course, rock climbing, absailing, rafting are included in the programme.

A management consultant explains the relevance of the principles of management theory to these exercises at the end of each activity. This programme is aimed at enhancing the management competencies of the executives in a professional manner.

OBT was designed by Dr Kurt Hahn founder of Gordonstoun School in England together with Chairman of P&O Lines, Lord Holt in 1941. It was first introduced to Sri Lanka by the legendary Dr Hayman of St Thomas' College, Gurutalawa in 1950s. OBT programmes are now conducted worldwide by Outward Bound International in the United States of America, Europe - UK, France, Germany, Rumania, Slovak Republic, Asian countries such as Japan, Singapore, Malaysia and Sri Lanka, in Africa and also in Australia and New Zealand.

Qantas/British Airways annual awards ceremony

Qantas/British Airways arranged to have their annual awards ceremony to recognize and reward their top agents, made it an evening to remember. Almost all the invitees came to the Trans Asia Hotel in their school uniforms.

The top awards for the year 1997/1998, the Gold Awards for both Qantas and British Airways went to Gabo Travels, and CEO Gabo Peiris in Royal College collected his awards. The British Airways Silver Award went to Mackinnons Travels while the Qantas Silver Award was collected by Hemas Travels. Thomas Cook Overseas Ltd., were the winners of the British Airways Bronze Award and Mackinnons Travels were presented the Qantas Bronze Award.

Shiran Perera, Deputy General Manager of Air Global Limited, General Sales Agents for both Qantas and British Airways, received a special award for conducting a training course in customer skills for travel agency staff.

Staff members of British Airways and Qantas received South Asia Awards for excellence. Present to give away the awards were Kevin Steele, British Airways General Manager for South Asia and Ms. Khursheed Lam, General Manager Qantas South Asia and India.

LOL and Dow Jones give market news live

Lanka On-Line (LOL), a pioneer in delivering live market information via the Internet, recently teamed up with international news giant Dow Jones to give Sri Lankan market players live local and regional financial news, the local company said.

Dow Jones Newswires, apart from its own reports and editors around the world, draws its resources from Associated Press, Wall Street Journal, Barron's, CNBC, Far Eastern Economic Review and Smart Money, is a leading provider of live financial news to the global business community.

"Lanka On-Line is the first alliance that Dow Jones Newswires has formed after the sale of Dow Jones Markets to Bridge" said Michael Bergmeijer, Managing Director and Senior Editor - Asia/Pacific of Dow Jones. It is a significant step in the use of Internet-based technologies for disseminating real-time Dow Jones news.

"In a market-driven global economy, the name Dow Jones is synonymous with markets because Dow Jones is the news that moves markets", said Jivaka Weeratunga, Executive Director of LOL.

He also said the tie up should have a bright future as LOL will use cost effective Internet base technology and user friendly software to deliver live Dow Jones news at around Rs. 4,000 a month, opposed to satellite based proprietary services that cost over US $1,000 a month.

The Dow Jones news services will be made available to customers in Sri Lanka by Lanka On-Line via a Real-time Workstation and a Continuously updating Website, using Internet based technologies.

The Real-time Workstations that will deliver the news to the enduser will contain live Dow Jones news from 15 equity markets in Asia and the Pacific, in-depth corporate analyses and market commentaries, live stock market information from the Colombo Stock Exchange (CSE) and continuously updated economic data.

Bartercard saves Rs. 800,000 for AISEX

Sri Lanka's premier garments industry event, the Apparel Industry Suppliers Exhibition (AISEX) recently received the benefits of cashless trading when its entire printing requirements were supplied on barter via Bartercard Lanka, the country's only cashless trade exchange, says a company release.

Adding to Bartercard Lanka's growing list of international trades, this transaction worth Rs. 800,000 was between the exhibition secretariat, CDC Conventions and Direct Printing Company of Hong Kong. In addition to the printing, CDC Conventions also obtained hotel accommodation for its staff members in Hong Kong for one month on barter. "Our members are becoming more innovative and utilising Bartercard to its full potential," said Bartercard's Managing Director Johnny de Saram. With its diverse member base spanning seven countries, Bartercard is opening up new arenas for local businesses, he said.

Bartercard Lanka also exhibited its services at AISEX. "Our objective was to provide the apparel industry suppliers with an awareness of the benefits Bartercard can bring them," said Bartercard's Manager Trading Angela Jumar. "AISEX is a meeting point for local and foreign businesses involved in this industry, and was an ideal forum for us," she added.

Hayleys opens duty free shop

Hayleys Electronics, the sole agents in Sri Lanka for Philips, Daewoo, Usha and Daytron home appliances recently opened a Duty Free Shop at the Arrivals Terminal of the Bandaranaike International Airport.

The Hayleys Electronics shop will offer a wide range of home appliances such as TV's, refrigerators, washing machines, kitchen appliances, air conditioners, Hi-Fi systems and fans.

The Duty Free shop which has a staff of 15 adds to Hayleys Electronics' existing distribution network of 15 showrooms, 300 authorised dealers and an after sales service of 40 authorised centres.

In the picture (from lelt): Hayleys Electronics' Assistant Manager B.L. Rajapake and Managing Director Sujiva Dewaraja, Chairman of Airport & Aviation Serviccs (SL) Ltd., Capt. Sudashan Manamperi, and AASL's Director Finance/Planning/Security Vernon Mapitigama and Chief of Security N.M. Mansoor.

Photoprint wins fifth award

Hayleys Photoprint Ltd., the sole distributor in Sri Lanka for Fujifilm Imaging & Information Products and high quality paper products from Arjo Wiggins has received the award for the Best Annual Report and Accounts in the category Non Group Companies - Quoted, for its 1997/98 annual report.

The award which is presented by the Institute of Chartered Accountants, has been won by Hayleys Photoprint for the fifth year and is its seventh since the company commenced publication of an annual report. In the two years the company did not win, it was adjudged runner-up.

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