Biz Briefs

Oil hits five-year low

The price of oil has fallen to fresh five-year lows in the wake of two separate reports indicating a global supply glut. OPEC oil producers released a forecast indicating less global oil demand next year.

A separate US report, which showed a surprise increase in the country's crude oil supplies, also pushed prices lower. The price of Brent crude has fallen 43% since mid-June.

It fell another 3.61% to close at $64.41 on Wednesday.

The influential oil commentator Jorge Montepeque at price assessor Platts, said the price could fall further.

Singer launches corporate Rotaract Club

Singer launched a corporate Rotaract Club at its head office to galvanise personal growth within the company.

Past District Governor, Rotary International District 3220, Rtn. Imran Hassen and Past President, Rotary Club of Colombo-North and CEO, Singer Group, Rtn. Asoka Pieris were also present.

The Singer Rotaract Club is sponsored by the Rotary Club of Colombo-North.

Singer Rotaract Club activities will mould employees into confident and mature professionals, equipping them to take on positions of responsibility at Singer.

BoC supports NHSL

A Memorandum of Understanding was signed between the Bank of Ceylon (BoC) and the management of the National Hospital of Sri Lanka (NHSL) to upgrade its standard and improve the surrounding environment.

It is a known fact that a peaceful, green environment; psychologically assists patients to relax and recover quickly. The Bank of Ceylon has partnered NHSL for over decades as it has catered to doctors, NHSL staff and patients through its Regent Street Branch and 24-hour ATM at NHSL.

Seylan Bank upgrades branches

Seylan Bank recently relocated and upgraded three branches in some of the most prominent locations in the country to enrich the level of service.

Its Super Grade branch in the hill capital was relocated to King's Street, Kandy and was opened by General Manager and Chief Executive Officer Kapila Ariyaratne.

Central Province Governor Tikiri Kobbekaduwa was also present. The branch was relocated to provide a superior service to clients and to make the processes more convenient for customers.

Beverly Street opens showroom in Rajagiriya

Beverly Street, one of the leading fashion chains in Sri Lanka opened a branch in Rajagiriya recently.

The highlight of the launch was a fashion show displaying Beverly Street’s latest collections of men’s, women’s and children's wear.

The Beverly Street branch in Kollupitiya was the first store to introduce the concept of a 24-hour service in Colombo.

NCCSL conducts training program for Hambantota SMEs

The National Chamber of Commerce of Sri Lanka (NCCSL) conducted a one-day training program in Hambantota with the Hambantota District Chamber on 'Productivity and Quality through Japanese 5S and Standardisation'. This is a part of its ongoing program in the outstations, to develop and expand the knowledge and skills of the Micro, Small and Medium Enterprise (MSME) sector.

The facilitators were Productivity Consultant and Corporate Trainer and National Chamber President Sunil G. Wijesinha and Assistant Director, Sri Lanka Standards Institute, S. C. K. Konara. Senior Chamber officials were also present.

People's Bank hosts APRACA delegates

APRACA (Asia Pacific Rural and Agricultural Credit Association) held its 65th annual executive committee meeting in Sri Lanka recently and the People's Bank, as a member of APRACA, hosted the foreign and local participants at the Cinnamon Lakeside.

CEO and GM, People's Bank, N. Vasantha Kumar, foreign delegates from South East Asian countries, Chairmen and CEOs, senior officials of local member banks of APRACA and a large gathering were also present.

HNB wins Best Corporate Citizen award

Hatton National Bank (HNB) won the Best Corporate Citizen Award at the 11th Best Corporate Citizen Sustainability Awards 2014 of the Ceylon Chamber of Commerce (CCC), amidst competition from over 70 firms.

The awards ceremony held recently at the Cinnamon Grand, saw the ‘sustainability stars’ of the Corporate World being recognised for their untiring efforts to adopt Best Sustainability Practices in their business processes.

HNB, Chief Human Resource Officer and AGM, HR, Ms Chiranthi Cooray said, “We have a deep commitment to sustainability initiatives in business and in our staff and customers’ lives. HNB’s approach to sustainability is not limited to corporate philanthropy and we carry out focused projects which extend over several years and have a lasting positive impact."

"Banking is inherently long-term and as a bank with a history of over 125 years, we have developed generational relationships with customers and adopted the spirit of longevity, stability and security in our sustainability initiatives,” she said.

DFCC Bank wins Gold again

DFCC Bank won Gold again in the Financial Institution category at this year’s Annual Report Awards organised by the Institute of Chartered Accountants Sri Lanka. The competition celebrated its Golden Jubilee this year at a ceremony at the Nelum Pokuna Mahinda Rajapaksa Theatre.

The DFCC annual report for 2014 titled 'Game On' was based on the theme of cricket. The report compared the bank’s successful journey of almost six decades, to the evolution of the country’s cricketing prowess. It was presented in the aftermath of Sri Lanka’s success in the World Twenty20 Championship.

The report included detailed disclosures on leadership and commitment towards strong governance, a balanced picture of the risks and challenges facing the company and how key risks were being managed.

There was also increased focus on sustainability and social responsibility reporting with attention towards integrated reporting, which is an international initiative to establish a framework for enhanced corporate reporting. The aim of the awards is to encourage effective communication with stakeholders through the publication of informative annual reports, promoting effective presentation of financial and non-financial information and compliance with legislative requirements and generally accepted accounting practices.

IT shopping festival at Unity Plaza

The Unity Plaza IT shopping festival will be held from December 17-24 at the Unity Plaza mall, Bambalapitiya.

This one-of-a-kind festival is being held for the second consecutive year and the Unity Plaza is considered the only mall for IT operators and multinational brands under one roof.

Sri Lanka’s IT literacy rate has risen to over 55 percent.