Financial News | Sundayobserver.lk

August 3 will be the culmination of an intensive six-week startup incubator run by the Massachusetts Institute of Technology’s Accelerating Information Technology Innovation Initiative (MIT AITI) in collaboration with the University of Moratuwa (UoM).

Six teams of young entrepreneurs from UoM are to pitch their mobile software startups before an audience from industry, academia and government to attract seed funding and ultimately build sustainable and profitable enterprises. The potential of these startups is so great that all three of Sri Lanka’s major mobile operators - Dialog, Mobitel, and Etisalat are co-sponsoring the event to serve as a catalyst for technology entrepreneurship in Sri Lanka.

Our program, said Lead Entrepreneurship Instructor with MIT AITI Samidh Chakrabarti, is meant not only to produce companies, but also to increase innovator and investor confidence in a market whose time has come.

NDB Bank opens branch in Wariyapola

Senior Minister S.B. Navinna opened NDB Bank’s Wariyapola branch. NDB Bank’s Regional Manager, Indika Thennakoon, Vice President - SME and Retail Banking Raj Aboobucker, Chief Operating Officer Indrajit Wickramasinghe, and Manager - Wariyapola Branch Pulasthi Akalanka were also present.

AGM of SLINTGL

The Sri Lanka Institute of National Tourist Guide Lecturers (SLINTGL) has rendered a yeomen service in creating a positive and indelible image among visitors to the country, said President Sri Lanka Association of Inbound Tour Operators (SLAITO), Nilmin Nanayakkara was addressing the 43 Annual General Meeting of the SLINTGL recently.

He said the institution has proved its value as a great force to attract tourists and has stood the test of time. SLINTGL’s contribution to tourism is noteworthy.

Lankan firm to supply plant tissue culture to Qatar

Serendib Horticulture Technologies Co. signed a $ 150,000 agreement recently with Qatar Biotechnology Centre (QBC) under the Ministry of Environment (MoE) for a project of plant tissue culture of 17 species in around Doha.

The agreement was signed by the Director of the Centre Masoud Al Marri and the Director of Serendib Horticulture, Dilip de Silva.

According to the agreement, the Sri Lankan firm will develop tissue culture of 17 species of fruits, vegetables and wild plants, in an year’s time.

Qatar is working on an agricultural strategy so that it can produce sufficient agricultural products for local and international markets.

HP E club loyalty program launched

Hewlett-Packard extended its ‘Everybody On’ campaign with a customer loyalty program to enhance service delivery standards. The program launched by HP Sri Lanka Personal Systems Group enables existing HP users and potential new users to experience HP service islandwide. Customers are assured that they have purchased genuine HP notebooks and will be eligible for future promotions and rebates.

Tomahawk rides strong

Since Tomahawk’s inception in 1997, the Sri Lanka bicycle market has been offered stylish designs, durability and safety through the wide range of models offered. The choices offered ensures that there is a bike for every member of the family. Enthusiasts as well as beginners, women and men can enjoy cycling like never before due to the exciting quality afforded to them by Tamahawk cycles.

SriLankan focuses on Business Class

SriLankan Airlines is focusing on enhancing luxuries enjoyed by high-end passengers as demand for its Business Class cabins are on the rise. Chairman SriLankan Airlines, Nishantha Wickremasinghe said, “Sri Lanka is being positioned as a destination of choice among global tourists and SriLankan Airlines is attracting many more passengers who prefer to pay the premium rate for the luxury of Business Class. We are therefore increasing our focus on Business Class to provide our passengers with the best value for money.”

ProMate for Papua New Guinea

PrintXcel Pvt. Ltd., manufacturers of high quality ProMate office and school stationery made their first shipment to Papua New Guinea recently. Hambantota MP Namal Rajapaksa, Chief of Staff to the President Gamini Senarath, Chairperson of Rathna Group Malkanthi Gunaratne, the Board of Directors and staff were present at a function held at Athurugiriya factory premises. PrintXcel Pvt. Ltd. is a subsidiary of Rathna Publishers & Printers Pvt. Ltd.

Harris introduces new brushes

UK paint brush manufacturer L.G. Harris is continuing to strengthen its global presence by launching a further two ranges of brushes into the Sri Lankan market.

Harris Ceylon Private Limited, Sri Lanka’s only distributor, enjoys approximately 85 percent of the market share in the paint brush market and these numbers are continuing to improve, said Sales and Marketing Director, Stuart Hobbs.

“Our No-Loss Evolution range of brushes have a revolutionary design which guarantees they will never lose a bristle.

They are a household favourite in the UK markets and we’re confident that this new range as well as the eco-friendly Down to Earth range will complement the existing range of products already sold in the country.”

Abans charts strategic direction with MTI

From left, Director and Alternate to the Chairperson - AFSL, Rusi Pestonjee, Managing Director - AFSL Mano Alles, Executive Director - AFSL Kithsiri Wanigasekara, Business Analyst - MTI Consulting Kapila Liyanage, and CEO - MTI Consulting Hilmy Cader at the signing of the agreement.

The diversified conglomerates Abans has signed up MTI Consulting to research and develop their Strategic Plan for the Group’s Financial Services business. Abans Financial Services (AFS), which is a Registered Finance Company is a recent entry to the highly competitive financial services market. AFS has its own network of 10 branches and access to over 400 Abans Group retail outlets.

Azmaara Spa wins Best Host Hotel Spa Award

The Azmaara Spa won the Sri Lanka Tourism Award in the Best Host Hotel Spa category. It is a great achievement since the Azmaara Spa has been in operation only from November 2009. Here Chairman Azmaara Spa Peter Arendtsz, receives the award from Deputy Minister of Tourism Lakshman Yapa Abeywardena.

Saatchi creative director joins Saatchi Sri Lanka

Saatchi International Creative Director Eric Frank was appointed Saatchi and Saatchi Sri Lanka Creative Director recently. Frank, a South African by birth, has a wealth of experience in advertising communications.

“We are extremely excited that Eric is now part of our team,” said Managing Director Saatchchi and Saatchi Sri Lanka Dushantha Ahangama.

Walkers Tours introduces SUV’s to fleet

Walkers Tours launched its third project by introducing 16 new Hyundai Santa Fe SUV’s (Sport Utility Vehicles) to their fleet.

In early 2004, Walkers Tours and Whittalls Travels, the Destination Management Companies (DMCs) of the John Keells Group launched a trend-setting initiative to introduce a self-financed model for tour drivers to purchase their own vehicles. The success of the initial scheme led to an introduction of 106 brand new Nissan Bluebird Sylphy vehicles into the tour operations of the John Keells Leisure sector early this year.

“This is an incredible opportunity for chauffeur guides to pay for their own SUVs within five years”, said CEO Walkers Tours, Michael Elias.

AMW-Yamaha celebrate 30-year bond

Associated Motorways Ltd (AMW) recently celebrated its 30-year association with Japan’s Yamaha Company. Ranging from the YB 100 that was introduced to the market at the inception in 1981, to the present day SZ and YBR 125, all makes of Yamaha have been embraced by motor cycle lovers of this country. The Yamaha-AMW combination has been instrumental in creating a new motor cycle culture in Sri Lanka.

Finance in Brief

Six mobile technology teams to pitch startups