Sampath Bank was recognized as Sri Lanka’s ‘Best Retail Bank’ and ‘Best Commercial Bank’for the 5th consecutive year at the prestigious World Finance Banking Awards awarded by UK based World Finance magazine.

Continuing to win accolades both within the island and around the world, the Bank has reigned supreme at this forum, bringing home the two awards, consistently, ever since 2014.

Being the only Sri Lankan bank to have been recognized at this year’s event, the awards are a reflection of the strong growth in Sampath Bank’s overall profitability, its healthy liquidity levels, higher earnings per share, dividends and returns to shareholders in general and the consistent growth in its market share in both asset and liability class products and services.

The World Finance magazine statesthat the 2018 edition of the awards “have sought to identify the banks that have successfully held their nerve during a period of uncertainty and are now preparing tools to last them for the foreseeable future and beyond.”

“Standingalongside some of the world’s best banking and financial service providers, we are honoured to have been recognized at the World Finance Banking Awards for the fifth consecutive year,” said Nanda Fernando, Managing Director, Sampath Bank PLC.

“The awards are a testament to our overall performance, financial ratios, the variety and clarity of our products and services, alternative financial product offerings, corporate governance, parallel market interaction and competitive strategy.”

The World Finance Banking Awards are one of the most respected accolades in the banking and financial services sector, globally.

The honours received at the World Finance Banking Awards join the multitude of recognitions that have been bestowed on Sampath Bank in 2018.

Earlier this year, the Bank was included to the MSCI Frontier Market 100 Index, becoming the only Sri Lankan company in the Index with a weightage of 0.36%.

Tamil Nadu Global Food Expo and Summit 2018 organized a roadshow in Colombo at Hotel Galadari on July 5, 2018 with the support of High Commission of India, Colombo.

The roadshow was focused to strengthen the bilateral trade relations between the India and Sri Lanka in food sector and with a view to promote participation of Sri Lankan companies from food, agro-products and related sectors to attend Vibrant Tamil Nadu Global Food Expo and Summit 2018 which will be held at Madurai in Tamil Nadu State of India during August 12-15, 2018.

The roadshow was hosted in the presence of Neha Singh, Deputy Head, Economic & Commercial Wing of High Commission of India, Colombo and Chathuri Ranasinghe, Chairperson, Women Chamber of Commerce, S.W. Alahakoon, President, Sri Lanka Food Processors Association and representatives of Sri Lanka Tea Board.

Around 45 Sri Lankan officials and representatives of companies from food, agro-products and related sectors attended the roadshow. Presentations were made to highlight the opportunities offered for various stakeholders in agro-food, agri-business and related sectors of Sri Lanka to learn more about latest technological developments and innovations in agriculture, food and beverage sector, food processing, packaging, logistics, cold chain, cold storage and warehousing, etc. The facilities being offered by the organisers for the participants, including exhibition visits, business-to-business meetings, factory visits, networking, sight-seeing etc. were also highlighted.

India is Sri Lanka’s closest neighbour. The relationship between the two countries is more than 2,500 years old and both sides have built upon a legacy of intellectual, cultural, religious and linguistic amalgamation. India and Sri Lanka enjoy a vibrant and growing economic and commercial partnership, with bilateral trade growing rapidly in the last decade and a number of leading Indian private sector companies investing in Sri Lanka and vice versa.

Sri Lanka is India’s largest trade partner in SAARC. India in turn is Sri Lanka’s largest trade partner globally. In recent years, the relationship has been marked by close contacts at the highest political level, growing trade and investment, cooperation in the fields of development, education, culture, defence and food Industry.

Vibrant Tamil Nadu Global Food Expo & Summit is organised by TN Chamber foundation, TN chamber of commerce, EPC, YES, Grain Yard, Global Network & FICCI.

Speaking on the occasion, the speakers focused on the opportunities offered by the new India 4.0to the Sri Lankan businesses which would nourish and strengthen the bilateral trade relations where they shared about how the new tax reforms, enhancement in sea and air connectives, mutual trade agreements, and other favourable technological enhancements encourages the trade between the two nations. The dignitaries and decision makers from food and related sectors were formally invited and explained their benefits to participate in Vibrant Tamil Nadu Global Expo and Summit 2018 by the organisers. Complimentary accommodation for three nights is being offered to Sri Lankan companies.

SAARC Chamber of Commerce & Industry (SAARC CCI) President, Ruwan Edirisinghe led delegation attended the SAARC Development Fund Partnership Conclave 2018 on Regional Integration through Project Collaboration and Investments and the event has strategic and regional importance in South Asia.

SAARC Development Fund (SDF) Partnership Conclave 2018 was held on July 2- 3, 2018 in International Centre, New Delhi, India.

The conclave was aimed towards Strategic Growth in the South Asia region through Project Collaboration and Regional Integration and proposes to: Solicit Cross-Border Project Co-Financing under the Social, Economic & Infrastructure Windows of SDF in SAARC Member States. Build partnerships with various organizations for Fund Mobilization and Investments in SAARC Member States.

Speaking at the event SAARC CCI President, Ruwan Edirisinghe highlighted importance of improving Intra-regional trade within South Asia to reduce poetry and boost job creation and SDF is the main instrument that will facilitate economic cooperation via financial connectivity among the SAARC regions.

For the Conclave Amitabh Kant, CEO, NITI Aayog, Government of India was the chief guest.

SAARC CCI an apex body of South Asian Association for Regional Cooperation (SAARC) is to promote economic cooperation in South Asia and has augmented the efforts of SAARC to achieve the milestones of regional integration.

SAARC CCI believes that intra-regional investment, intra-regional trade and joint ventures among the SAARC member states is the way forward to address the key challenges the region faces; poverty and job creation. SAARC CCI is committed to unleashing the true potential of SAARC region. The SDF is currently implementing 12 regional projects with more than 70 implementing in all the eight SAARC member-countries under the social window funding.

Currently, the two main projects finalized by SDF are; a waste-to-energy project in Sri Lanka involving participation of India and a hydro-power scheme in Nepal with participation of Bangladesh and India.

As per SDF Chief Executive Officer, Sunil Motiwal, the two projects entail a cumulative investment of $30 million. Other potential regional connectivity projects are under SDF’s active consideration to co-finance in SAARC member-states. Therefore, SDF is well poised to contribute significantly in achieving its developmental role in the SAARC region along with SAARC CCI.

SAARC Chamber of Commerce & Industry (SAARC CCI) President, Ruwan Edirisinghe led delegation attended the SAARC Development Fund Partnership Conclave 2018 on Regional Integration through Project Collaboration and Investments and the event has strategic and regional importance in South Asia.

SAARC Development Fund (SDF) Partnership Conclave 2018 was held on July 2- 3, 2018 in International Centre, New Delhi, India.

The conclave was aimed towards Strategic Growth in the South Asia region through Project Collaboration and Regional Integration and proposes to: Solicit Cross-Border Project Co-Financing under the Social, Economic & Infrastructure Windows of SDF in SAARC Member States. Build partnerships with various organizations for Fund Mobilization and Investments in SAARC Member States.

Speaking at the event SAARC CCI President, Ruwan Edirisinghe highlighted importance of improving Intra-regional trade within South Asia to reduce poetry and boost job creation and SDF is the main instrument that will facilitate economic cooperation via financial connectivity among the SAARC regions.

For the Conclave Amitabh Kant, CEO, NITI Aayog, Government of India was the chief guest.

SAARC CCI an apex body of South Asian Association for Regional Cooperation (SAARC) is to promote economic cooperation in South Asia and has augmented the efforts of SAARC to achieve the milestones of regional integration.

SAARC CCI believes that intra-regional investment, intra-regional trade and joint ventures among the SAARC member states is the way forward to address the key challenges the region faces; poverty and job creation. SAARC CCI is committed to unleashing the true potential of SAARC region. The SDF is currently implementing 12 regional projects with more than 70 implementing in all the eight SAARC member-countries under the social window funding.

Currently, the two main projects finalized by SDF are; a waste-to-energy project in Sri Lanka involving participation of India and a hydro-power scheme in Nepal with participation of Bangladesh and India.

As per SDF Chief Executive Officer, Sunil Motiwal, the two projects entail a cumulative investment of $30 million. Other potential regional connectivity projects are under SDF’s active consideration to co-finance in SAARC member-states. Therefore, SDF is well poised to contribute significantly in achieving its developmental role in the SAARC region along with SAARC CCI.

Access Engineering PLC has commenced the construction work of the Anuradhapura North Water Supply Project – Phase 1.

The project is spearheaded by The National Water Supply and Drainage Board for the purpose of providing potable water in Divisional Secretariat Rambewa and Madawachchiya. The scope of the project includes the construction of an intake facility, flow control structures, Water Treatment Plants, 03 ground reservoirs, four elevated water towers and associate building works and electro-mechanical works. The project is scheduled to be executed in six locations; Mahakandarawewa, Rambewa, Madawachchiya, Issinbassagala, Ethakada, Pihimbiyagollawa (East Rambewa).

“It is a pleasure for Access Engineering to be a part of a project that is intended to provide safe potable water and sanitation to Rambewewa and Madawachchiya Divisional Secretariats. Water is a basic necessity and the provision of safe potable water service will directly enhance the quality of life of these communities which are subject to expand to about 115,500 people in number by around 2034”.

“Locating water for construction is and was one of the major challenges faced from the beginning of the project, yet we are confident that we can achieve the substantial completion of this water project by April, 2020 and we believe the overall completion of this project will create a significant impact to the lives of surrounding neighborhoods”, said Kapila Prasanna, the Project Manager of Anuradhapura North Water Supply Project – Phase 1.

Aviation industry officials of India and Sri Lanka are continuing their discussions on forming a joint venture to develop the Mattala International airport.

Executive Director, Airport & Aviation Services (Sri Lanka) Limited (AASL), Johanne Jayaratne said the current discussions are focused on aircraft movements and air space movements in Sri Lanka.

He added that the revival plan of the airport would be based on a lease agreement with India; however, aircraft movements and the air space use would be totally controlled by Sri Lanka. Accordingly, the AASL would have a minimum of 30 to 40% controlling share of the airport. The lease agreement too is expected to be for a period of 30 years, he said. Mattala airport recorded 176 non-scheduled international operations and 440 non-scheduled domestic flights in 2017.

Up to April this year, there were 42 International non-scheduled flight operations and 56 non scheduled domestic flights to Mattala. Subsequent to the opening of the Mattala International airport, Sri Lanka has earned additional foreign exchange of Rs. 90 million a month through over flying charges.

This increase cannot be purely attributed or qualified as a direct result of the new airport. Jayaratne said the airport was built with the expectation of attracting A-380 Airbuses to Sri Lanka.

“When the Mattala Airport planning was in progress it was believed that it could be a commercially viable project. But today the aviation dynamics have changed a lot and the A-380 aircraft option is not viable as they are being overshadowed by A320 Neos’ and similar aircraft with greater endurance but smaller in size. They do not need a CODE F (size of A-380 runway) runway to land.”Meanwhile Prime Minister Ranil Wickremesinghe last week said that government is making elaborate plans to re-activate the Mattala International airport and planning to attract air passengers to use it commonly.

Prime Minister Wickramasinghe speaking at a youth forum in Moneragala last Saturday said that the airport can be made an attractive place for tourists especially for passengers from neighboring India which in turn will help the economic revival of the entire Southern Province.

He said though Sri Lanka has built an airport in Mattala with Chinese funds which are yet to be settled would add a huge burden to the economy. “In addition there are no aircraft moments for the airport to bring in revenue.”

At present profits made from Katunayake airport is being used to pay off loans taken for Mattala. The Dubai-based budget airline, Fly Dubai which was operating a weekly flight to Mattala suspended their operations last month. The Prime Minister said, “Sri Lanka and India will form a joint venture to run the Mattala international airport and this would be done in a few months.”

Diesel and Motor Engineering Company (DIMO) was adjudged as overall winner at the CMA Excellence in Integrated Reporting Awards ceremony held at Cinnamon Lakeside. The event was organized by the Institute of Certified Management Accountants of Sri Lanka (CMA). Here an official from DIMO receiving the award from Chief Guest Karu Jayasuriya. Picture by Sulochana Gamage

With the last week’s launch of A350 aircraft to Sri Lanka Qatar Airways has increased its daily capacity to Colombo by 15 percent. An airline spokesperson said, with an additional 195 seats per day the airline has increased travel demand to and from Sri Lanka.

The ultra-modern Airbus A350-900 aircraft features a total of 339 seats, with 30 Business Class seats and 309 in Economy Class. Due to the extra-wide cabin design, passengers on board are offered unparalleled comfort in both cabins, with fully-lie flat beds in Business Class and spacious seats in Economy Class.

Qatar Airways Group Chief Executive, Akbar Al Baker, said, “We are delighted to bring the A350 to Colombo, to further accommodate the robust demand from both leisure and business travellers. Colombo is our gateway to one of the most vibrant cities in South Asia, and we are thrilled to enhance our offering and continue to demonstrate our long-term commitment to Sri Lanka.

“Qatar Airways continues to offer its passengers the best service in the sky, and is pleased to seamlessly connect even more of its customers from the capital of Sri Lanka through its hub Hamad International Airport (HIA) to the rest of the world.”

Qatar Airways flies to Colombo four times daily from its home and hub in the State of Qatar, HIA. The airline’s passengers can enjoy seamless connections to more than 150 business and leisure destinations around the world.

Earls Court Management has invested Rs 800 million to re develop and open a four star boutique hotel in Al Karam beach Oman. The opening would be held next month.

Cluster Director, Earls Hotels, Hemal Gunasekera told ‘Daily News Business’ that they invested nearly Rs 500 million to refurbish the run down hotel and bring it up to five star standard. “We are offering 60 deluxe rooms and 20 suites and hope to market them in the excess of US$ 600 and 800 respectably. He said the location of the hotel is in an up market area and in addition to foreign clients they also have good forward bookings from natives as well who are also high spenders.”

He said that due to this they are looking at a ROI in three years. Asked to comment on their other overseas plans he said that they want extend their leisure foot print to Bangladesh and India as well. “We are looking for opportunities. However as for us Maldives is not in our radar as we believe that it’s overcrowded.”

He said that last week they invested Rs 350 million to open ‘Earls Red’ in Dematagoda making their entry to the Colombo City Hotel sector.

“Our next hotel would open in Negombo by September this year and this would be followed by a new 36 room hotel in Kurunegala which would have two of the largest banquet halls in the area.”

Earls Court Management has also opened Reef Beruwela recently after acquiring if from the Mackwoods group.

Hill Top Kandy too has come under their management and this would be redeveloped and rebranded and would be opened in the end of 2018.

In addition the group also owns and operates Black Pepper Restaurant at Dutch Hotel and have given both Earls Regency and The Regent in Kandy for Aitkin Spence on a management contract.

Fitch Rating has affirmed Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength Rating (IFS) at ‘B+’ with a Stable Outlook.

Fitch Ratings Lanka has also affirmed SLIC’s National Insurer Financial Strength Rating and National Long-Term Rating at ‘AA+(lka)’ with a Stable Outlook. The affirmation reflects the company’s very strong domestic business profile, strong and improved financial performance and strong capital position. These strengths are partially offset by significant investments in non-core subsidiaries and high equity exposure.

Sri Lankan entrepreneurs have dropped to 2.68% of its population and urgent steps should be taken to increase this number, State Minister for Finance and Media, Eran Wickramaratne said.

Speaking at the Shippers Council annual general meeting in Colombo on Monday, he said in contrast there are 19% of entrepreneurs in Vietnam and this number is over 20% of the population in Malaysia. He said that in China 7.5% of the population are entrepreneurs, and that Sri Lanka too should produce more entrepreneurs than professionals. Entrepreneurs create wealth, jobs and most importantly a better future for the country.

The Minister said that it’s the entrepreneur and not the bank that takes a risk when making an investment and hence they should be supported and ‘somebody’ must shoulder their risk.

It’s with this intention that the government came up with a program to support new and also existing ones to assist them with credit facilities.

He also said that the since coming in to power the government has taken several meaningful steps to support businesses and exporters and have removed over 1,200 para tariffs.

Wickramaratne also said that there should be more foreign participation in Sri Lankan businesses which would help increase productivity. Before the liberalisation of the telecommunication sector a person had to wait 10 months to receive a phone connection but today it takes less than 10 minutes to get one. Similarly tourism sector too opened up and today there are several global hotel chains such as Shangri La which has helped enhance the Sri Lanka tourism sector.

“In the same terms shipping sector too should be liberalised and foreign players in the industry should be requested to ‘call over’ to Colombo.”

The State Minister also said that the education sector too should have more foreign universities in Sri Lanka. “Five decades ago parents wanted their child to be a doctor, engineer or a lawyer and today too this thinking pattern remains. This negative mind-set should change and there are better options for employment.”

Commenting on leadership he said future leaders of Sri Lanka should be from the industrial sector to lead the country to prosperity.

“I still think Sri Lanka does not have a clear vision for its country for the future and the time is now right to have one,” he said. 

The National Chamber of Commerce of Sri Lanka (NCCSL) has been accepted as a member of the Belt and Road Industrial & Commercial Alliance (BRICA) a powerful organization, promoting business and investment among its 27 member countries.

The NCCSL is the only chamber in Sri Lanka which has been accepted as a member of BRICA. With this arrangement thousands of BRICA businesses in other countries will be open to Sri Lankan counterparts.

BRICA is a multilateral cooperation body established by the China Federation of Industrial Economics and consists of members from Malaysia, India, Pakistan, Georgia, Iran, Kazakhstan, Mongolia, Turkey, Egypt, Jordan, Belarus, Czech Republic, Latvia, Lithuania, Romania, Russia, Ukraine, Brazil, France, Germany, Netherlands, Denmark, Armenia, Belgium, Finland, Mongolia, Morocco, and now Sri Lanka.

A delegation led by British High Commissioner to Sri Lanka and Ambassador to Maldives, James Dauris visited London Stock Exchange Group (LSEG) Sri Lanka at the Group’s facility in Trace Expert City, Colombo 10. This was the HC’s first visit to the UK-based Group’s facility in Colombo. Dauris said, “I’m very happy to see the success of LSEG and the growth on its operations in Sri Lanka are enjoying. LSEG Sri Lanka is a great example of the potential the Sri Lankan corporate sector has to offer and of the technical and investment advantages that come from this sort of investment and collaboration.” Michael Fernandopulle – Head of Trade & Investment, British High Commission, James Dauris – British High Commissioner to Sri Lanka and Ambassador to Maldives, Dee Liyanwela - Head of LSEG Sri Lanka, David Hall - Head of Infrastructure Services, LSEG Sri Lanka, Asanthi Fernando – Deputy Head of Trade & Investment, British High Commission at LSEG. 

Softlogic Life bagged the top three country awards at Emerging Asia Insurance Awards 2018, including the coveted ‘Best Life Insurance Company of the Year’ award.

At the competition organized by the Indian Chamber of Commerce, Softlogic Life received two other awards, Best Service Provider of the Year and Best Growth in Insurance at the awards ceremony held in Bangkok, Thailand. Emerging Asia Insurance Awards honours upcoming insurance companies from India, Thailand, Bangladesh, Nepal, Bhutan, Mynmar, Laos and Cambodia by acknowledging and recognizing their efforts and encouraging industry players to further contribute more meaningfully towards the growth of the insurance sector.

The ‘Best Life Insurance Company of the Year’ award recognized Softlogic Life’s track record of innovation and growth, leadership in product portfolio, a broad strategic vision, a high level of employee satisfaction and a strong commitment to meet customer demands. As the fastest-growing life insurance company in Sri Lanka, Softlogic Life was the quickest in the sector to reach revenue of Rs. 7.5 billion.

The Monetary Board of the Central Bank of Sri Lanka (CBSL), having considered the requests of the depositors have instructed Swarnamahal Financial Services PLC (SFSP) to pay urgently 10 percent of deposit liabilities of SFSP commencing from July 10.

The details of the payment plan will be informed to depositors by SFSP shortly.

The CBSL requests all depositors to be patient until the business activities of SFSP are restructured and to cooperate with the Central Bank appointed management panel for the implementation of such activities.