Financial News | Sundayobserver.lk

LG Side by Side refrigerators were voted as Reader’s Digest Trusted Brand 2010 at its 12th Annual Trusted Brands Survey.

The Reader’s Digest, monthly magazine carries out Asia’s Trusted Brands Survey for the past 12 years, compiled to honour brands that play a trusted and integral role in day-to-day lives of consumers. The winners are selected at the culmination of one of the most comprehensive and meticulously conducted annual research activities in the region and the only regional annual study to measure such a broad spectrum of consumer brand references across Asia.

Assistant Governors appointed

The Monetary Board, at its meeting held on 15 June, 2010 has promoted four Staff Class Grade IV officers, Y.A. de Silva, Dr. W. M. Hemachandra, S. Lankathilake, C. J. P. Siriwardena to the post of Assistant Governor with effect from 15 June, 2010.

These promotions have been made in line with the succession plan of the Bank to address the emerging challenges of the Central Bank.

The appointees are - Y. A. de Silva - former Director of Premises as the Assistant Governor in-charge of Support Services (Security Services and Secretariat).

Dr. W. M. Hemachandra - Former Director of Policy Review and Monitoring as the Assistant Governor in-charge of Support Services (Finance and Information Technology).

S. Lankathilake - Former Director of Human Resources as the Assistant Governor in-charge of Support Services (Human Resources Development and Premises).

C. J. P. Siriwardana - Former Superintendent of Public Debt as the Assistant Governor in-charge of Economic Stability and Agency Functions (Statistics, Public Debt and Exchange Control).

Rajitha Kariyawasan on Hayleys Board

Hayleys PLC has announced the appointment of Managing Director of Haycarb PLC Rajitha Kariyawasan to its Board of Directors with effect from June 2010.

Kariyawasan joined the Hayleys Group’s multinational activated carbon manufacturing business in January this year.

Qualified as an Engineer, a Chartered Management Accountant (FCMA) and a Six Sigma Black Belt (certified by the Motorola University, Malaysia), Kariyawasan was General Manager/Director of Ansell Lanka (Pvt Ltd), prior to his appointment at Haycarb.

Announcing his elevation to the Board of Hayleys, the Group’s Chairman Mohan Pandithage said: “Rajitha’s extensive experience in the manufacturing sector, as well as in areas such as financial valuation, company restructuring, structuring of debt and equity and investment analysis will be of immense value to Hayleys.”

Banking facilities for Mobitel customers

Sri Lanka’s National Mobile Service Provider, Sri Lanka Telecom Mobitel forges another partnership with NDB Bank to help customers in paying their Mobitel bills at over 45 NDB Bank branches islandwide. This service will also enable Mobitel customers to reload at any of the NDB Bank branches.

The enhanced banking facility is open to all Mobitel customers who seek convenience.

Bill payments can be made through any of the Bank’s counters, whilst enabling bank customers to engage in their banking activities. The facility is beneficial to every customer as the transaction could occur at any NDB Bank outlet, thereby saving time and money. All transactions made at any NDB Bank counter island-wide will be updated online immediately on the Mobitel data base.

This partnership was of significance to Mobitel as the telecommunications provider extended its services to both the post paid and pre paid community.

Russell De Mel, CEO of NDB Bank said: “As a bank that is focused towards expanding its reach island-wide, NDB Bank is glad to partner Mobitel, to offer convenience and easy access to all customers.

With the recent expansion to the North and East, NDB Bank focuses on providing a truly world-class service and convenience at all branches island-wide.

NDB Bank is one of the fastest growing commercial banks in the country with NDB Group having regional operations in Maldives and Bangladesh.

The Bank’s AA (lka) rating by Fitch Ratings Lanka is amongst the best in the industry and reflects NDB Bank’s strong financial profile in terms of its capital base, profitability and asset quality.

Maintaining the highest standards of competence and integrity, NDB Bank is firmly on track to achieve its cherished vision - to be a World Class Sri Lankan Bank.

HNB opens 188th customer centre in Thirunelvely

Hatton National Bank PLC opened its 188th customer centre in Thirunelvely recently.

Thirunelvely is a busy bazaar town situated just outside of the Jaffna Municipal limit on the Palaly Road and has a popular daily market where wholesale and retail trading takes place.

The University of Jaffna and the Agriculture Research Centre are also situated in this village.

The Thirunelvely customer centre was opened by the Managing Director/CEO of HNB, Rajendra Theagarajah. Vice Chancellor, University of Jaffna, Prof. S Shanmugalingan, Deputy General Manager - Services, HNB, Piyal Hennayake were among the distinguished invitees.

Finance for Manufacturing Managers

The Institute of Lean Management (Pvt.) Ltd (ILM) is organising a one day seminar on Finance for manufacturing Managers in association with CIMA on Thursday, July 8, 2010 at Galadari Hotel, Colombo ([email protected])The Trainer will be Group Finance Manager, Richard Peires Group Mallik de Silva.

SCB releases CSR review

The Standard Chartered Bank CSR Review a publication of the Standard Chartered Bank was released recently.

The report is a synopsis of the bank’s contribution to it’s sustainability agenda through which the bank aims to empower individuals and communities in the country.

A spokesman of the bank said that as a leading international bank we recognize the importance of addressing some pressing social and environmental challenges in addition to managing the core business of the bank.

In the recent years the bank has made a significant contribution towards the key fields of HIV awareness, vision care, diversity and inclusion in the work place as well as providing the community with long term sustainable solutions.

The bank will continue to invest in the countries we operate to build a sustainable future.

Full-flight simulator to be set up

Airline pilot training in South Asia entered a new dimension with SriLankan Airlines and SIM Industries of the Netherlands teaming up to set up a state-of-the-art full-flight simulator in Sri Lanka to serve the region.

The 10-year agreement, which will see the commissioning of an Airbus A320 Flight Simulator on SriLankan Airlines-premises early next year, was signed at Bandaranaike International Airport on May 31 by SriLankan Airlines CEO, Manoj Gunawardena and SIM Industries CEO, Frank Uit den Bogaard .

IFL depositors to air grievances

The IFL Depositors Society Ltd. has planned a demonstration opposite Central Bank on July 8, 2010 from 9.00 to 10.00 a.m. and thereafter a peaceful march to Temple Trees to deliver submissions and proposals to the President requesting a take over of Industrial Finance Limited by a State Financial Institution.

The Central Bank gave Upul Soyza a deadline up to 28.07.10 to deposit Rs.500m which was promised a year ago when the new IFL Board took over which he has failed to infuse as agreed, to revive and commence operations.

IFL is able to get only an enhancement of Rs.40m against an outstanding loan from Seylan Bank with Central Bank approval, which is totally inadequate to meet IFL’s commitments according to the Managing Agents.

Depositors who are in dire straights cannot expect any sustainable relief in the foreseeable future. Beyond doubt the present Board of Directors are totally incompetent and should be sent packing.

Central Bank has totally abrogated its responsibility of Monitoring Registered Finance Companies, if not why was IFL’s Group Chairman Deepthi Perera allowed to resort to an illegal transaction allowing depositors of an unregistered finance company to be transferred to a registered finance company.

The Society’s task is to secure funds and address grievances of depositors, but has ended up playing the role of ‘Guarding the Guards’ as well.

Keells Food Products Ltd signed a business agreement with Sinhalese Sports Club (SSC) recently.

CEO Keells Food Products PLC, Nishantha Jayasooriya and Secretary SSC, A.D.H. Samaranayake signed the agreement. SSC will promote KFPLs brands and products in the club and in return KFPL will help develop sports activities of SSC. Sales Manager KFPL, Tilak Gamage, Brands Activation Manager KFPL Saliya Nanayakkara, Marketing Manager KFPL, Rohan Karunarathne and General Manager SSC, Ranjith Jinadasa also participated.

In keeping with its stakeholder model of Corporate Governance, John Keells Holdings PLC (JKH) will continue as one of the lead sponsors of the Institute of Chartered Accountants of Sri Lanka (ICASL) in 2010.

“We, at JKH, recognise ICASL as a premier accounting body that has contributed to the betterment of national education via its programs which cater to the development of Accountants in Sri Lanka” said Ronnie Peiris, Group Finance Director, JKH, speaking to the media. ICASL President Sujeewa Mudalige lauded the initiative of JKH on empowering the educational sphere.

ICASL conducts seminars for both A/L students and teachers at national level covering all provinces; it addresses pressing business issues through forums, workshops and seminars aiming at higher standards for our business community.

Standing from left: Ms. Shibani Thambiyah, Anandaraj, Amaranath Mahawaduge, Denesh Silva, Deva Peter, Himaj Jayasinghe, Ruan Samarasinghe, Ms. Alikie Perera (Deputy Secretary General CCC). Seated from left: Ms. Amal Goonetilleke (Committee Member), Siri Goonewardena ((Vice President, Small Hotels), Shanthikumar (Vice President, City Hotels), Anura Lokuhetty (President THASL), Jayantissa Kehelpannala (Vice President, Resort Hotels), Asoka Hettigoda (Vice President, General Interest), Hiran Cooray (Past President, THASL).

In brief

LG Side by Side refrigerators ‘Trusted Brand 2010’ - Readers Digest