BIZ- Briefs

Cement to be tested at foreign labs

Minister Johnston Fernando has directed the CAA to check all brands of cement in Sri Lanka for international quality standards by sending samples to overseas labs. Meanwhile those providing tips to CAA on hidden stocks of cement by traders will be awarded 25 percent of the value of the cement recovered.

Stock brokers to extend credit

The Securties and Exchange Commission of Sri Lanka (SEC)has permitted stock broking companies who have liquid assets to extend credit to retail investors.

Gazprom, Sri Lanka discuss oil prospects

Gazprom the state-run Russian oil firm was in Sri Lanka to discuss exploring oil off the east coast of Mannar. The delegation led by the Managing Director of Gazprom, Valery Gulev met External Affairs Minister Prof. G.L. Peiris Cairn India is already exploring for oil, off Mannar after purchasing a block through an open tender.

Indian signals for Northern railway

The Indian government has agreed to provide $ 86.51m for the installation of signalling and telecommunication system for the railway network in the Northern Province. The agreement was signed last week.

This concessional loan is a part of the Indian Line of Credit of $ 800m.

Forex control relaxed

The Central Bank last week introduced new policy measures effective August 17 relaxing foreign exchange regulations. This will further facilitate foreign exchange transactions of the growing economy of the country, the CB said.

Among many measures implemented, the Bank would relax restrictions for foreign investments in Unit Trusts allowing non-residents and foreign institutional investors to invest in Sri Lankan Unit Trusts.

‘Australian Tour Collection’ by Emerald

‘Emerald’ shirt specialists and ‘Official Formal Wear Provider for Sri Lanka Cricket’ have released the 2011 Australian Tour Collection. Emerald over the last few years has produced official merchandise similar to that worn by our cricketers. The new merchandise symbolises the current Australian tour. The exclusive cricket merchandise released in the past for major tours and the World Cup has been a success said Marketing Manager Emerald International, Rimaz Marzook.

ODEL enhances in-store customer experience

ODEL joined hands with US based middleware technology company WSO2, to be the first in the country to introduce a roving mobile Point-of-Sale (POS) terminal that offers speedier processing of card-based payments, as part of its focus on providing clientele with the best shopping experience.

Launched at ODEL’s store at Alexandra Place, Colombo the mobile POS supplements the 26 fixed cashiers’ terminals at the ‘Mansion of Style’ and encompasses cutting-edge WSO2 middleware solutions that enhance a customer’s shopping experience by removing the frustration of long queues on busy days.

NDB Group records Rs 1 bn profit in 1H, 2011

The NDB Group’s profit attributable to shareholders for the six months ended June 30, recorded a growth of 37 percent over the corresponding period last year to reach the Rs 1 b mark propelled by NDB Bank’s strong core banking profits and improved performance of the group’s companies.

Since its merger with NDB Bank (formerly ABN Amro) NDB has transformed itself to be a full fledged commercial bank, servicing Corporate, SME and Retail clients, throughout the country. NDB has 53 branches in all parts of the country including five in the North and East.

DFCC Group PAT Rs. 702 m in 1Q

The DFCC Group recorded a consolidated PAT of Rs. 702 m for the 1st quarter ended June 30, 2011 compared with Rs. 3,346 m in the corresponding period of the previous year (comparable period).

This profit included a one-off gain of Rs. 2,921 m from the disposal of part of the equity stake in Commercial Bank of Ceylon PLC (CBC) consequent to which CBC ceased to be an associate company on June 2, 2010. After adjusting for this one-off gain, the consolidated PAT recorded an increase of 65 percent. In this context it is also relevant that the comparable period included a contribution of Rs. 193 m as the equity accounted profit of CBC.

HNB Group records Rs 2.3b PAT

The first half of 2011 driven by core banking operations Hatton National Bank (HNB) PLC posted a 19 percent growth in pre-tax profit to Rs. 3.4b and a 29 percent growth in post-tax profit to Rs. 2.3b during the first half of 2011 amidst pressure on interest margins. The Chairperson Dr. Ranee Jayamaha said that “with a 10 percent increase in total assets of the Bank, HNB profiled its systemic importance in the banking sector”.

Vijitha Yapa’s 2012 Pictorial Postcard Diary released

Vijitha Yapa Publications released the company’s pictorial desk calendar for 2012 featuring colourful scenes from various well- known places in Sri Lanka. The cover has a picture of the Pinnawela elephants climbing the embankment after a bath. The photographs include those of well-known tourist sites as well as festivals. A unique feature of the calendar is that each picture is detachable and can be used as an individual picture post card. The photographs are by Vijitha and Lalana Yapa and this is the eighth edition in which their creative photography has been used to illustrate uniquely Sri Lankan situations and places.

ICT Awards in October

The Sri Lanka Association of Software and Services companies (SLASSCOM) and BCS the Chartered Institute for IT in Sri Lanka Section (BCSSL) signed an MoU recently to recognise and encourage ICT entrepreneurs at the National Best Quality ICT Awards (NBQSA) to be held in October. Here Sujiva Dewaraja Chairman SLASSCOM (Sri Lanka Association of Software and Service Companies) exchanging the MoU with Prof. Gihan Wikramanayake from University of Colombo School of Computing (UCSC). Also in the picture are Sanath Fernando and Manjula Dissanayake.

Janashakthi insures motorcyclists

Janashakthi Insurance PLC offers motorcyclists special benefits in the country’s highly competitive insurance industry. the benefits are Personal Accident Cover of Rs. 100,000 for the rider, Cash up to Rs. 50,000 for hospitalisation, the service of an islandwide garage network, and cash upto Rs. 1,500 for a damaged helmet.

Dual victory for Hameedia at NASCO Awards

Menswear specialist Hameedia produced two national winners in two categories at the recent NASCO Awards.

The Gold Award in the ‘Fashion and Clothing’ category was won by Sampath Wijekoon, an executive at Hameedia Stores Kandy. Wijekoon clinched dual victory and went on to the award for the ‘Most Outstanding Executive of the Year’. Meanwhile, the Bronze Award in the same category was won by Retail Channel Executive Alex Enos. Managing Director, Fouzul Hameed said it was encouraging to see Hameedia’s team players being recognised in this manner. “Winning this award is a great honour since we have benchmarked ourselves with the market leaders of different spheres”, he said.

Piramal Glass Ceylon wins Presidential Award

Piramal Glass Ceylon PLC (PGC), manufacturer of glass containers for all segments of glass packaging, recorded profits for the eighth consecutive quarter.

PGC was the recipient of the Presidential Export Award for the value added mineral and mineral based products for 2009. The 19th Presidential Export Awards organised by the Export Development Board was held under the patronage of President Mahinda Rajapaksa to honour exporters who played a significant role in the economic development of Sri Lanka.Here President Rajapaksa, presents the award to CEO Piramal Glass, Sanjay Tiwari.

Heritance Hotels most energy efficient

Heritance Hotels and Resorts was crowned the most energy efficient hotel chain in Sri Lanka. At the Sri Lanka National Energy Efficiency Awards 2011 Heritance Hotels made a clean sweep of the Large Scale Hotel Sector category, by winning the Gold, Silver and Bronze awards.

The group has a comprehensive energy conservation policy and has concentrated on reducing its dependency on fossil fuels by switching to renewable energy. In a first for any hotel in Sri Lanka, a biomass gasifier was installed at Heritance Tea Factory and thereafter at Heritance Kandalama.

The gasifier reduces 750 tonnes of carbon emissions per year by replacing diesel with Grilicidia wood.