Under the initiative, a technical cooperation project has been launched to conduct a comprehensive study and formulate an urban transport master plan for the Colombo metropolitan region.
To formalise this, JICA and Ministry yesterday signed a Memorandum of Understanding (MoU) with an initial support of $ 5 million assistance. The plan will take 21 months to complete and will detail comprehensive changes to improve public transport and reduce congestion.  
Previously Japan has extended assistance to expand the Baseline Road to a six-lane one.
The study will focus on identifying the optimum methods of resolving traffic congestion and transport difficulties faced by the public in Colombo City and suburbs. It will review present conditions, ongoing developments and future plans, to identify short and mid-term measures to improve the existing transport system, and in the long-term to establish possibly a new mode of transport as the core system to fulfil the growing public and corporate mobility needs.
Transport Minister Kumar Welgama said heavy traffic, pollution and crowded public transport had long been the bane of Colombo. He added that the new master plan would identify ways for its improvement.
“Daily, over 1.5 million people travel to Colombo through six main roads, which causes massive traffic jams,” he said.
He adding that vehicle numbers grow by eight per cent per annum in Sri Lanka.
At present Sri Lanka’s vehicle density is 130 for every 1,000 people, but this number is expected grow to 250 by 2022 and 370 by 2031, creating a grave need for better infrastructure.
“In the short-term we have asked JICA to present an evaluation in six months to see how we can give immediate relief to the public. The rest of the proposals will deal with the medium to long-term measures,” Transport Secretary Dhammika Perera said.
The Ministry will also set up a steering committee and technical committee including the Ministries of Defence, Ports and Highways and Environment and the commissions of Transport and Planning. The Western Provincial Council will also be included in the new committees.
According to the current plan, Welgama insisted that they had no projections of the possible cost, but stressed that the loan agreements would be done with JICA consultation once the Master Plan was completed in April 2014.
“JICA is the best organisation for this because they have vast experience in introducing and implementing urban transport systems in a range of countries, including China, Indonesia and Thailand,” the Minister said.
Asked whether transport solutions such as monorail can be afforded by Sri Lanka, Perera pointed out that even though Sri Lanka’s per capita income is around US$ 2,400, in Colombo it is twice as much, showing that commuters prefer to travel in comfort.
“Since income rates are set to double by 2016, a higher standard of transport will be expected by Colombo’s people,” Perera added.
“Depending on the results of the study, we would positively consider financing the implementation of the core transport system under concessionary Official Development Assistance loan terms,” JICA Sri Lanka Chief Representative Harumi Ao said. “Implementing the master plan will ensure a prolonged relationship between Sri Lanka and Japan,” he added.
JICA was the main funder for Sri Lanka’s Southern Highway and is also expanding the International Airport as part of its projects within the country.
JICA is the executing agency of Japan’s Bilateral Official Development Assistance (ODA). JICA, the world biggest bilateral aid agency, works in over 150 countries and regions. In accordance with its vision of ‘Inclusive and Dynamic Development,’ JICA supports the resolution of development issues in developing countries.
In Sri Lanka, Japan has been providing financial and technical assistance since 1954 and is one of the largest donors to the country. On behalf of the people and the Government of Japan, JICA contributes to improve the lives of people in Sri Lanka.
 

While the TEA, by its own admission, represents only 83% of the tea exporters, the PA is aware that their membership is not unanimous in the decision to import teas, with several leading member exporters being opposed to this proposal while several others are not convinced that this is the way forward.
Meanwhile, the entire grower segment, represented by the Federation of Tea Small Holder Societies, which comprises over 400,000 small holdings and producing 70% of the national tea crop and the membership of the PA, which accounts for the balance 30%, is totally opposed to the importation of orthodox black tea.
The PA is convinced that such a move will tarnish the long-established and internationally acclaimed image of Ceylon Tea and will preclude the use of titles and certifications such as:
Cleanest tea in the world: While Sri Lankan producers adhere strictly to TRI recommendations on the use of pesticides and chemicals, recent Greenpeace investigation reports indicate significant pesticide residues in teas from certain competitor countries which are hazardous to health when consumed.

The only ozone friendly tea in the world: Sri Lanka was the first tea growing country in the world to comply with the Kyoto Protocol in eliminating the use of methyl bromide almost a decade before the international deadline.
Can we be certain that tea imports are ethically produced, as labour regulations in most tea growing countries are not as stringent and in some instances have regimented workforces?
What is the fate of the Geographical Indicators identified and registered internationally by the Sri Lanka Tea Board to highlight the diversity of Ceylon Tea, which has been the focus of the last two Tea Conventions?
Considering the time, effort and investment that have gone into achieving the above, it would cause irreparable and irreversible damage to stakeholders who have diligently obtained international certification, in striving to conform to meet the requirements of importing countries.
Apart from the above factors, the likelihood of an adverse impact on demand at the Colombo auctions combined with a foreseeable decline in prices will certainly spell doom to the producers without whom the trade cannot exist.
The TEA’s proposal of importing orthodox tea for value addition is, in the PA’s mind, paradoxical as the imported tea will, of necessity, be of a lower quality and hence any value enhancement would be to the benefit of the imported tea rather than the tea produced locally.
Furthermore, the imported tea will come at a cost and it would be interesting to ascertain the net increase in export earnings and what quantum of tea would have to be imported to reach the “magical US$ 5 billion target by 2020”.
On the contrary, if Sri Lanka is to preserve its Pure Ceylon Tea image, as well as enhance export earnings towards achieving this target, it would be appropriate for the Government of Sri Lanka to ensure the long-term sustainability of the industry by supporting capital development activities such as re-planting and factory upgrading and simultaneously assisting to establish more Sri Lankan-owned brands while securing new markets with the additional recovery of Rs. 3.50 per kilo specifically for marketing and promotional activities.

The main share index rose 2.03 per cent in intraday trade but it closed 1.71 per cent, or 87.82 points, up at 5,213.68, its highest close since 9 May. It was the third consecutive session posting a gain.
An opposition lawmaker and the main negotiator on behalf of the former Army Chief, General Sarath Fonseka, said he believed the President would order his release soon.
Fonseka is serving two sentences handed down by civilian and military courts, including a conviction for misappropriation, after challenging Rajapaksa in the 2010 presidential election. He is considered a national hero by many Sri Lankans for his role in helping end a 25-year civil war.
Analysts said his release would be seen as a positive step in addressing human rights issues.
“The move could ease the international pressure on Sri Lanka with regard to lack of democracy and rights violations, this will help to boost foreign investor sentiment on Sri Lanka,” said a stockbroker who asked not to be identified.
Since the end of the civil war in 2009, foreign investors have been reluctant to invest in Sri Lanka’s bourse amid heavy international pressure on Rajapaksa’s Government to address rights abuses, particularly in the final stages of the conflict.
The hotel sector boosted overall market sentiment with Aitken Spence PLC and Asian Hotels and Properties PLC gaining 3.24 per cent and 1.52 per cent respectively as the Government data showed that tourist arrivals in April rose nine per cent from a year earlier.
Analysts said large and institutional investors remained concerned about economic woes, with uncertainty over the rupee currency and rising interest rates.
The Bourse had fallen 6.34 per cent over nine sessions through last Friday as investors sold their stakes over worries about a defaulted share deal on The Finance Company, which is now under a regulatory investigation.
The daily turnover was Rs. 542.5 million ($ 4.20 million), the highest since 9 May, but well below this year’s daily average of Rs. 1.1 billion.
The index is still one of the worst performers among Asian markets, with a 14.17 per cent loss so far this year.
The rupee ended flat at 128.90/129.00 against the dollar from Tuesday’s close, as importer demand offset dollar sales by exporters, dealers said.
The benchmark 91-day t-bill rates eased 20 basis points to 11.99% on excess market liquidity of more than Rs. 30 billion, which dealers attributed to the Central Bank buying dollars from a foreign bond sale by a State bank.
K.D. Ranasinghe, the Central Bank’s Assistant Governor, said the monetary authority bought a portion of the Bank of Ceylon’s $ 500 million bond inflow, but gave no exact figures.

The company’s 732,949,140 ordinary voting shares will be listed on the Diri Savi Board. The security code is TAP-N-0000 and the company is classified under the Diversified Sector.THL’s principal business is investment and management of its associates and subsidiaries as well as portfolio management. It also holds a 28% stake in Browns Investments Plc.

Established in September 2006, THL’s exposure covers financial services plantation management, real estate, telecommunication engineering, power, manufacturing and construction.
Its Board of Directors are Rohini Nanayakkara (Chairperson), Ajith Devasurendra (Managing Director), Ishara Nanayakkara, Ruwan Sugathadasa, Ashan Dassanayake, Roshan Antony and Dinal Wijemanne.

Dialog Axiata said yesterday that following the completion of the amalgamation of Suntel Ltd., with its parent Dialog Broadband Networks Ltd., Suntel will cease to exist as a corporate entity from 15 May. Its assets, liabilities and operations in their entirety have been subsumed by Dialog Broadband Networks Ltd., a subsidiary of Dialog Axiata.
Suntel’s fixed telecom infrastructure is based on a 382 base station strong network delivering fixed voice, broadband and data communication services using CDMA, WiMax and other fixed wireless access technologies.
In December last year Dialog Broadband acquired Suntel for $ 27.95 million.

The largest arrivals from a single country came from neighbouring India, which recorded an arrival base of 15,432 in April, a 4.9% increase from February 2011.
Recognised as a traditional market, the UK, which is the second biggest market, recorded a decrease of 11.3% with just 8,019 tourists coming into the country. The UK recorded a negative mark in January and February as well.
Taking up the positions as third, fourth and fifth, Germany, France and Australia fell into line respectively with arrivals of 4,645 (12.9%), 4,533 (9.5%) and 3,554% (6.4%).
Regionally, Western Europe recorded the largest number of arrivals, 25,018, a 7.8% increase from the same month of the previous year.  Arrivals from South Asia were 20,532 (4.9%), East Asia 8,950, Eastern Europe 3,583 and North America 3,238.  Tourists from Middle East were recorded as 3,583, Australasia 4,120, Africa 265 and Latin America and the Caribbean 82.

When assessing percentage wise growth for the month, the largest growth was seen from Ukraine, which noted 1076.5%, followed by Philippines with an increase of 384.5% and Spain 204.1%. Individual numbers for the countries are 1,012 this month from 86 last April for Ukraine, 420 from Switzerland and 897 from Spain.
When totalling the arrival figures for the first four months of the year, Sri Lanka’s biggest market was India (55,780) trailed by the UK (36,959), Germany (26,097), France (22,212) and Australia (13,364).

WLPL became a subsidiary of the US$ 7 billion Indian company with effect from 4 May this year.
“WLPL has acquired land at Galle Face in Colombo on a 99-year lease from the Board of Investment of Sri Lanka with an intention to set up a mixed used project, including a luxury hotel,” an ITC spokesperson said.
“The exact nature of the project will be decided on more detailed evaluation in the course of time,” she added.

The Kolkata-headquartered conglomerate, with a market capitalisation of over US$ 35 billion, has business interests spanning consumer goods, paper and packaging, hotels, agri-business and information technology.

– Pix by Waruna wanniarachchi

An official discussion was held between the two Ministers regarding the judicial system of Sri Lanka, Mediation, Arbitration and Debt Conciliation issues.
Cuong briefed Hakeem on the legal system of Vietnam and the latter in turn explained the Sri Lankan legal System to the Vietnamese Minister.
Both Ministers stressed on the importance of the two countries working together in an effort to strengthen already existing ties between Vietnam and Sri Lanka. Both countries have a common cultural heritage and are historically agricultural based economies.   
The Vietnamese Minister expressed an interest in joining the Asian African Legal Consultative Organization (AALCO) currently chaired by Hakeem, a request which was received positively by Minister Hakeem, who is keen for Vietnam to join AALCO.
Cuong stated that his country recognizes the efforts that President Mahinda Rajapaksa has put in order to finish the 30 year old war.  The Vietnamese Minister also recognized that there are ample opportunities for development and investment in Sri Lanka and pledged the support of his country to Sri Lanka in all such matters.  Both Ministers agreed that as developing Asian countries to work together in the future.
This meeting was also attended by Secretary to the Ministry of Justice, Mrs. Kamalini de Silva and her officers.

Nearly three years to the day that Sri Lanka defeated the terrorist group Liberation Tigers of Tamil Eelam (LTTE), Prof. Peiris highlighted Sri Lanka’s accomplishments before a large and representative audience at a premiere Washington think-tank, the Woodrow Wilson Centre for International Scholars.
“We are conscious of the opportunity that has now presented itself,” Minister Peiris said.
“We also realize that the process that we have in mind must be a domestic process. It can’t be donor-driven or foreign-owned. That will be unhelpful in implementing the reforms that are required at this moment in history.
“At the end of the day, the solution that everyone wants has got to have a home-grown element to it.”
In that vein, Prof. Peiris noted that Sri Lanka is already adopting recommendations of its own Lessons Learnt and Reconciliation Commission, and that the Government recently initiated a process to put the commission’s recommendations to work in “a meaningful way,” after extensive consultation with in the Government.
Prof. Peiris said that Sri Lanka’s immediate goal after the conflict was the resettlement of those displaced by the fighting, as well as economic development to provide livelihoods and new infrastructure to the Northern region, which was “devastated by the atrocities of the LTTE.”
“Ninety-eight per cent of the people who were displaced by the conflict have been resettled,” Minister Peiris said. “And they have not just been returned to their homes. We have seen to it that resettlement has occurred in an environment of confidence and satisfaction.”
Nearly all ex-LTTE combatants have also been returned to civil society after job and education training, he said. The Government has placed a new emphasis on language training to ease communication and understanding among all its citizens.
 Prof. Peiris also outlined the Government’s program to improve public services and regenerate important sectors in the Northern Sri Lankan economy, such as fishing and agriculture.
“We believe in reconciliation, but economic development is a crucial component of a wider reconciliation,” he said.
“The economy of the Northern Province grew by 22 per cent in 2011, while for the country as a whole it was 8.3 per cent. This is the result of sustained and substantial investment and development in infrastructure in that part of the country.”
Earlier Tuesday, Minister Peiris met with Republican Senator. John McCain, from Arizona and former presidential candidate who is one of the US Senate’s leading experts on terrorism and national security.  The two discussed the defeat of the LTTE, economic stability and reconciliation, there commendations of the LLRC and Sri Lanka’s relationship with both India and China.
In a second Senate meeting with Democratic Senator Jim Webb, of Virginia, member of the Senate Foreign Relations Committee and a former Secretary of the US Navy, Minister Peiris noted that reconciliation is Sri Lanka’s main focus, along with the swift implementation of the LLRC’s recommendations acceptable to the Government.
Senator Webb highlighted the history of the relationship between Sri Lanka to the US, colonial rule and the importance of the institutions and rule of law that were established as a result.
Though Sri Lanka and the US already enjoy strong relations and trade ties, Prof. Peiris highlighted a number of paths for increased cooperation such as securing sea lanes against terrorism and piracy, expanded trade and the continuation of the existing Trade and Investment Framework Agreement through tourism, agriculture, and transportation industry expansion.
At a meeting with Republican Senator James Inhofe of Oklahoma, member of the Senate Foreign Relations Committee, Minister Peiris outlined Sri Lanka’s reconciliation efforts, and plans for future economic development.
Minister Peiris’ schedule for the week includes more meetings in Congress, with officials of the White House and on Friday, a session with US Secretary of State Hillary Clinton.
 

When asked whether Fonseka will be granted full pardon Alles said, “Those are details we have to go into. My main aim is to first get him out of prison. We can look into all the other matters later.”
Alles had later visited Fonseka who is currently receiving treatment at a private hospital and informed him about the meeting with President Rajapakse.
However, inside sources reveals that President is to make the announcement of Fonseka’s release by 19 May. Coincidently the country will be celebrating the third year anniversary of defeating Tamil tigers on 19 May.  According to sources President Rajapakse was to inform Cabinet yesterday about the decision to release Fonseka.
The Hindu newspaper recently quoted Sri Lankan President saying that former Army Commander is to be released in future. When the matter was raised by United National Party delegation during a meeting with the President early this week, President Rajapakse had said that he is to discuss the matter with Tiran Alles and that Fonseka should be released after that.

The Bench comprised Chief Justice Shirani A. Bandaranayake, Justices N.G.Amaratunga and Suresh Chandra. The Petition was on behalf of Free Media Movement (FMM) citing the Director General of Government Information Prof. Ariyarathna Ethugala, Minister of Media & Information Keheliya Rambukwella, Secretary to the Ministry W.B. Ganagala, Telecommunication Regulatory Commission of Sri Lanka (TRC), its Director General Anusha Palpita and the Attorney General as Respondents.
Petitioners are Sunil Jayasekera (Convener) and Udaya Kalupthirana (Member of the Executive Committee) of FMM.
J.C. Weliamuna with Shantha Jayawardena appeared for the Petitioners. Deputy Solicitor General Shavindra Fernando with Senior State Council Nerin Pulle appeared for the Director General of Government Information, Minister of Media and Information, Ministry Secretary and the Attorney General. D.S. Wijesinghe PC with Kaushalya Molligoda appeared for the TRC. Ali Sabry appeared for the Director General of TRC.
Petitioners state that on 5 November 2011, the Director General of Government Information issued a press release requiring “all websites” carrying any content relating to Sri Lanka or the people of Sri Lanka uploading from Sri Lanka or elsewhere to “register” with the Ministry of Media and Information forthwith.

Susil Premajayantha said Sri Lanka, which is dependent on crude imports, has taken steps to reduce Iranian purchases to eight cargoes per year from 13, buying four cargoes from Oman and one from Saudi Aramco.
Sri Lanka had been dependent on Iran for 93 percent of its crude and had been buying 13 cargoes and one from from Saudi Arabia annually.
"We believe this is a significant reduction of Iranian imports," Premajayantha told Reuters in an interview.
Under a U.S. law signed in December, President Barack Obama is allowed, after June 28, to sanction foreign banks that carry out oil-related transactions with Iran's central bank and effectively cut them off from the U.S. financial system.
Obama can offer exemptions to countries that show they have "significantly" cut their purchases from Iran and has done so in the case of Japan and 10 European Union countries.
"So we are expecting a concession. We have communicated the action plan to them (the United States) and the steps we have taken," he said.
Sri Lanka will receive an annual four Oman cargoes from August and it will buy an additional one from Saudi Aramco to cover May-June crude, he said.
Out of its total $4.63 billion oil import bill last year, Sri Lanka spent around $1.7 billion on purchases of crude, mainly from Iran, amounting to 34 percent. The rest was spent on refined oil products, which came from other sources.
Sri Lanka favoured Iran over other suppliers as Tehran gave an extended four-months credit, allowing it to schedule payments in a way that eased pressure on its rupee currency
sri Lanka's only refinery that process 50,000 barrels per day of crude will be closed for routine maintenance in July and will be opened in August to process Oman crude.
The refinery, at Sapugaskanda, which began operations in 1968, was designed to run on Iranian light grades. It receives 1.89 million tons per year.
Premajayantha last month told Reuters Sri Lanka will refurbish it with a $500 million loan, to process crude from various origins other than Iran.
"The government has to take a policy decision on the refinery refurbishment. Most probably the (state-run) Ceylon Petroleum Corporation will be doing the refurbishment by obtaining a loan. But still we haven't decided on this," he said.
"Once we finalise that only we have to find some alternative supplies when the refinery is closed."Sri Lanka is also considering improving its storage capacity to face any eventuality in future. Jet fuel storage capacity is expected to increase to 50,000 metric tons within two months from the current 20,000 metric tons, the minister said.
"Now we are going to increase our capacity, then we don't need to purchase in emergency," he said.
 

Available at Arpico Super Centres and other major retailers, the pop up mosquito net is self supporting with no hooks, durable and can be used anywhere to be protected from the deadly disease of dengue.
The net is made of WHO compliant anti-insect treated long lasting mesh and easy to fold, carry and wash as well.
Trimco came up with the pop-up mosquito nets because the traditional nets are not user friendly. “We introduced the Trimco pop mosquito net which positively addressed the many negative points raised in our researches,” a spokesman said.
 “The superfine mesh, stretched over the frame allows almost unrestricted air circulation. The design allows for maximum freedom of movement and the wide ‘doors’ either side ensure easy access,” he said adding that it is entirely “self supporting” with no hooks or fixings whilst it is also easy to put up, take down, fold and store as well as being easy to clean and wash. The pop-up net also can be used on the bed, on the floor inside or outside. Made out of sprung steel frame and PVC dipped, it ensures no corrosion whilst the net also comes with a durable ‘travel bag’ and available to fit most mattress sizes.
 

With 24.5 million shares Distilleries account for 1.57% stake in People’s Leasing Plc. At the issue price of Rs. 18 per share, Distilleries had invested Rs. 441 million in the IPO.
Distilleries is also among the five local private sector investors figuring in the top 20 shareholders list of the People’s Leasing.
The others are Ceylon Guardian Investment Trust (0.84%), Ceylon Investment Plc (0.63%), Capital Alliance Holdings (0.6%) which was also joint manages to the IPO, and David Peiris Motor Company (0.2%).
The biggest investor in People’s Leasing Rs. 7.02 billion IPO (390 million shares at Rs. 18 each) was National Savings Bank (NSB) taking up 58.8 million shares or 3.77% stake for Rs. 1 billion followed by EPF (55.5 million shares or 3.56%) for Rs. 999 million.
People’s Leasing is a subsidiary of People’s Bank which owns 75% stake. The mega IPO in November was oversubscribed by 1.3 times or Rs. 2.5 billion drawing 10,485 applications.
Interestingly six foreign funds figure in the top 20 shareholders list of People’s Leasing. Credit Suisse AG Zurich is the biggest foreign shareholder with 18 million shares or 1.15% stake followed by JP Morgan Clearing Corp, (0.76%), CF Ruffer Pacific Fund (0.64%), Northern Trust/Prince Street Opportunities Ltd (0.46%), Jpmire-GAM Star Fund (0.19%) and Deutsche Bank AG London (0.12%). Of the six, only the latter had reduced its holding since IPO by half as of March 2012.
Leading local shareholders too have thus far held on to their holdings.
The primary objective of People’s Leasing IPO was to obtain a listing for the Ordinary Voting Shares on the Colombo Stock Exchange (CSE) to comply with a special directive issued by the Monetary Board.
As at 31 March 2012, the public holding of People’s Leasing was 24.6%.
In FY2012, the Company reported a net profit attributable to equity holders of Rs. 4.5 billion, up by 73% over the previous year. Pre-tax profit was Rs. 6.5 billion, up by 70% whilst Group revenue grew by 49% to Rs. 15.9 billion.
Group assets rose by 51.6% to Rs. 96.78 billion whilst liabilities were up by 41% to Rs. 78 billion. At Company level assets rose by 42.6% to Rs. 79.6 billion whilst liabilities grew by 29% to Rs. 61.3 billion.
The People’s Leasing Group consists of six subsidiaries namely People’s Finance PLC, People’s Microfinance Limited, People’s Insurance Limited, People’s Leasing Fleet Management Limited, People’s Leasing Property Development Limited, and People’s Leasing Havelock Properties Limited.

The bank said an officer has been assigned to the counter to serve the needs of customers in relation to the many Islamic banking products it offers.
Commercial Bank’s main Islamic Banking Unit is located on the mezzanine floor of the Hemas building at York Street, Colombo 1 and operates under strict supervision of a Sharia Board comprising of three eminent scholars in Islamic jurisprudence, members of the All Ceylon Jamiyyathul Ulama.
The bank offers deposit products such as ‘Mudaraba’ Savings Accounts and ‘Mudaraba Investment Accounts,’ asset products such as ‘Murabaha,’ ‘Musharaka,’ ‘Dimi-nishing Musharaka,’ ‘Ijara’ Leasing and Import Financing. Current accounts with cheque books, the facility of operating via the Bank’s ATM network, as well as the use of debit cards, online banking and other services are available to Islamic Banking customers.
These products are also accessible to customers visiting Commercial Bank branches elsewhere in the country via the Bank’s sophisticated IT system.
The Islamic banking products operate on the Islamic principle of both the Bank and the customer sharing returns as well as risks, and depositors have the opportunity of earning a halal return on the funds from Sharia compliant investments.

Saying that the role of the CFO has undergone significant transformation, David Fried, Regional CEO of Allianz Asia Pacific, urged CFOs to move away from routine administrative functions and focus more on the strategic issues of the business. “A CFO has to emerge as a change-driver, an effective partner and collaborator that his CEO and the rest of the organisation expect of him,” he said, comparing the role of a “future-year” CFO to that of a co-pilot. “With their role constantly evolving, CFOs need to wear many hats.” Dr.Huang Tien-Mu,Director General, Insurance Bureau of Taiwan’s Financial Supervisory Commi-ssion, said that an insurance supervisor expects CFOs to build a sound financial system for their company and plan and promote its sustainable and healthy growth, taking into account the risk characteristics of both asset and liability.
“I would like to see CFOs build more professional skills and focus not only on financial performance, but also on the creation of new value through contributing to the risk management process for example, and to communicate with relevant parties.” He said that there will be more expectations of the CFO function, noting the rapidly growing “universe” of the role. “From the perspective of a regulator, I certainly look forward to strengthening communication and cooperation with insurance CFOs in the future so as to promote a healthy growth of the market and towards protection of the policyholders.”
Chris Wei, Group CEO of Great Eastern Holdings, said that the role of the CFO today starts with the ability to communicate and to communicate well. “Other skills are important, of course. But as you get more senior in the role, the ability to communicate is critical.” He added that open mindedness and the abilities to adjust accordingly to changes, to cooperate with other people and teams and to be transparent are also important for the role of today’s CFO. “The reliability of a CFO’s work is key as well.”
Organised by Asia Insurance Review with Ernst & Young, the two-day conference has attracted more than 150 delegates from 22 countries and is sponsored by RGA, J. P. Morgan Asset Management and Singapore College of Insurance.

The new product, named ‘NonLife.net,’ is being introduced in partnership with Danish software company Edlund A/S and handles all internal core processes relating to general insurance in an insurance company.
“This is the first time CodeConnexion is introducing a product to the Sri Lankan market. We believe that this software will widen the horizons of the insurance business in Sri Lanka,” said CodeConnexion CEO Chandima Mendis.
‘NonLife.net’ uses Danish technology which has successfully been used in Denmark, Iceland and Faroe Islands. “Several insurance companies in Sri Lanka have already showed their interest in ‘NonLife.net,’” Mendis said.
‘NonLife.net,’ a software system developed with latest technology in Denmark, handles all steps from the beginning to the end in general insurance. “This software will help an insurance company to handle a particular insurance policy from the first step of providing an offer to a customer up to the stage where the last payment is made to the insured,” Mendis said.
Software used by insurance companies at present generates common insurance plans for certain broad categories of customers. Under the present system, individualising the insurance plans depending on the needs of each customer is complicated. “Insurance companies with NonLife.net software can introduce unique insurance plans to each of its customers.
At present, insurance companies in Sri Lanka use either software developed by their own IT teams or expensive software bought from foreign software companies. A high licensing cost is also incurred when buying software from foreign companies. In addition, most of the existing software used in the insurance business in Sri Lanka is based on very old technologies.
In contrast, ‘NonLife.net’ will give insurance companies an array of advantages. “Insurance companies relying on foreign software companies incur both cost and time in getting even a slight modification done to their systems. ‘NonLife.net’ will not have this disadvantage because it is provided by a Sri Lanka-based company. In addition, ‘NonLife.net’ uses the latest Microsoft technology and is of enormous help when an insurance company is introducing a new insurance product. ‘NonLife.net’ will be ideal for new players entering the insurance business as well,” Mendis said.  
Supporting Sinhalese and Tamil languages in addition to English is another feature in ‘NonLife.net’. “At present most insurance companies issue their policy documents in English which causes inconvenience to some customers. ‘NonLife.net’ allows customers to enjoy their own insurance plan in the language they are most comfortable with thereby ensuring that the customer is fully aware of the conditions governing the policy.”
CodeConnexion is a Sri Lankan company co-owned by Asseco Denmark A/S. it has been providing application, development and support and maintenance services mainly for Denmark and several other Scandinavian countries since 2004.
The core competency of CodeConnexion is software development on the Microsoft platform. Being an IT service provider for the Scandinavian market which has one of the most advanced IT usage in the world, CodeConnexion has always maintained the highest standards in their products. CodeConnexion has a highly qualified and competent development team selected from the top software engineers produced by the Sri Lankan universities.
Developing a system for conducting online Annual General Meetings (AGM) of companies is one of the major achievements of CodeConnexion. The online-AGM system, which facilitates participation, questions and answers and voting, is the world’s first systems of this kind.  In addition CodeConnexion has developed a customer database system for one of the largest shipping companies in the world. It is also developing software for iPhone/iPad and Android devices for Danish companies. Further details about CodeConnexion can be obtained from www.codeconnexion.com.

The currency’s slide came just before Finance Minister Pranab Mukherjee said he had directed his ministry to boost efforts towards fiscal consolidation. Government spending has been a concern for financial markets and a factor pushing the rupee lower.
“We are going to issue some austerity measures,” he said in parliament.
Earlier on Wednesday, the rupee fell as low as 54.46 per dollar, breaching its previous record low of 54.30 in December. It was last trading around 54.40 compared to a close of 53.79.
Since March, the rupee has been the worst performing emerging market currency in Asia.
Traders and analysts said broad global risk aversion over concerns that Greece may pull out of the euro had tipped the rupee over the edge on Wednesday.
But the slide in economic growth, rising imports, controversial tax policies and regulatory uncertainty had all combined to drive the currency lower since last year. Repeated currency intervention by the Reserve Bank of India (RBI) and a rash of other measures targeting deposits and exporters have failed to stem the slide in the rupee. “Unfortunately for the rupee, this is not a great environment to run a current account deficit and thus be reliant on capital inflows from foreign lenders,” said Sean Callow, a senior currency strategist at Westpac Banking Corp in Sydney. “I suspect only radical steps by RBI – or sudden action by foreign central banks and/or G20 – will stop a push through 55 and quite possible higher,” he said, referring to the dollar/rupee exchange rate. A Reuters poll on Tuesday showed that analysts expect the rupee to hover near record lows against the dollar for the next month or so and then to start rising against the dollar.
The rupee has fallen nearly 10 per cent since its 2012 peak in February. A poorly received federal budget for fiscal 2013 unveiled in mid-March eroded confidence in the currency by casting doubt on the government’s willingness to implement policy reforms ahead of the general elections due by 2014.
It has set a target deficit of 5.1 per cent of gross domestic product for the year to the end of March 2013. Still, Mukherjee’s promise of austerity measures faces a sceptical financial market where investors are concerned that government policymaking has stalled in the run up to general elections.
“The government has been only talking about fiscal consolidation but there are no steps at all, nothing being done to reduce the fiscal deficit,” said Rupa Rege Nitsure, chief economist at Bank of Baroda. Robert Prior-Wandesforde, an economist for Credit Suisse in Singapore, said financial markets were looking for initiatives from the government. “It is very hard for the central bank to turn the currency around,” he said. “Without doubt, the investors are looking for steps from the government in terms of structural reforms, be it in the form of news on goods and services tax or the direct tax code or some measures that might encourage infrastructure investments.”

The company said the introduction of three new CEAT radials sub-branded ‘Milaze’ increases the number of sizes in the brand’s car radial segment to eight, and more options are expected in the near future.
The new sizes joining the portfolio are 155/80 R12, 155/80 R13 and 185/65 R14, which fit a wide range of compact and mid-sized cars from popular Japanese, Korean and Indian manufactured cars in the local market, such as Suzuki Alto, Nissan March, Toyota Starlet, Honda Civic and Hyundai Accent.  
“Our radial tyre segment grew 50 per cent in the last three years, maintaining CEAT’s position as the number one radial tyre in Sri Lanka,” said Ravi Dadlani, Vice President Sales and Marketing at CEAT Kelani Holdings. “We believe there is room for further growth with the widening of the range with more sizes and continuous value addition through improved attributes.”
He said the stylish tread pattern and improved compounds in the new CEAT Milaze tyres offer greater riding comfort and longer tyre life in addition to the attractive aesthetics. “We expect it to bridge the performance and the value-for-money segments and to be a strong competitor for other reputed international radial brands,” Mr. Dadlani said.
The other CEAT radial tyre sizes marketed in Sri Lanka for cars are 145/70 R12, 175/70 R13, 175/70 R14, 165/80 R13 and 185/70 R14.  CEAT Kelani Holdings also produces a range of radial tyres in popular sizes for vans.
CEAT car radials are also now widely used in motor racing in Sri Lanka, in two race categories – the Ford Laser/Mazda 1300cc and 1500cc racing events at four tarmac meets, three hill climbs and three road races, conducted annually.
A National Business Excellence Award winner in 2010 and 2011, CEAT – Kelani Associated Holdings is an Indo-Sri Lanka joint venture between the RPG Group of India and Kelani Tyre – Sri Lanka. The company operates three manufacturing units manufacturing truck, light truck, radial, motorcycle, three-wheeler and agricultural tyres and employs a workforce of 900 people.
Besides its dominance in the radial tyre segment, CEAT’s market shares in the Truck & Light Truck, Three-wheeler and motorcycle tyre segments stand at 58 per cent, 40 per cent and 15 per cent respectively, making it the single highest selling brand in Sri Lanka in these categories.

The colourful event was themed ‘Speed’. “The thinking behind the theme was that today’s evolving customer needs are changing rapidly and as an organisation to be ahead of the race we need to be proactive and fast in our delivery, after sales service is an area that TVS Lanka is always are head of its competition and we have seen that TVS customers are always loyal to the brand TVS,” stated Geethal Anthony, Head of Marketing
The Dealer Conference educated service dealers on emerging and innovative trends in the industry and recognised them for their exceptional performance. Many awards were given out in recognition of the outstanding performance to the top dealers as well as special tour packages and cash prizes for dealers and TVS Lanka field service staff.
CEO of TVS Lanka Sampath Agalawatta said: “My congratulations to all of you for your outstanding performers for this year who have worked very hard to achieve the set service standard and targets and strengthening the TVS brand and the grassroots. For the coming year speedy delivery will be the key and way forward.”
TVS Lanka is backed by the strength and stability of United Motors Lanka (UML) PLC and TVS and Sons. UML is one of the largest automobile companies in Sri Lanka operating for over 65 years while TVS and Sons is one of the leading automobile players in India with a history of over 100 years.

The hall has a class of its own and one of its many striking features is the beautifully decorated natural bougainvilleas blooming, which adorns the hall in carefully selected locations. The rich carpet adds an extravagant look and feel to ballroom creating that perfect ambience for a private celebration or a corporate event.
Bougainvillea has elegantly painted walls in ‘butter milk’. This colour has been carefully selected to naturally blend with the carpet which magnifies the attractiveness of the hall. One side of the ballroom’s walls has been given a special glass-like effect, which further heightens its beauty and provides a more spacious look.
The Galadari Hotel has once again produced yet another marvel through its all-new ballroom the Bougainvillea which is the ideal location for your dream wedding. The Hotel prides itself on its ability to provide an exceptional service which is both personalised as well as dedicated beyond your expectations.
So if you are planning an event, be it corporate or a private function why not let the Bougainvillea Ballroom be the selected venue? After all, nothing can compare to the one-of-a-kind attention to detail the Galadari Hotel offers, and has been proven many times over through its years of expertise and experience in the hospitality industry.

The award winning Head Chef of Long Feng Qiu Zhi Qiang, more popularly known as Chef Jason brings together a Xi Hu Beef soup laced with Chinese wine.  Rich in flavour, the Chinese wine represents a true authenticity to this dish. A key ingredient in Chinese cooking, the wine compliments the slow cooking of the beef creating a tender and succulent beef soup.
Long Feng’s rich deep fried garoupa with Shanghai style chilli gravy is a sensational mix of flavours that represents the true freshness of Cantonese food. Chef Jason’s creative flair is present throughout creating a set of delicious dishes garnered with subtle flavours to tickle your taste buds.
Enjoy these aromatic dishes at Long Feng for just Rs. 300 ++++ for soup and the main dish for Rs. 1,450 ++++ between 7 p.m. to 11 p.m. from 1 to 31 May 2012. For reservations and inquiries the restaurant may be contacted on 2491949.

The 15 includes many all time favourites and few signature blends such as, the Beachcomber – a perfect summer evening cocktail with an interesting mix of flavours, which is best described as a maraschino-flavoured Daiquiri because the maraschino liqueur almost dominates the palate, even though only a dash is added; the Zombie – this cocktail has the potential to turn you into a zombie – just as the name implies and many Zombie drinkers can attest to. The 1939 World’s Fair was its debut and it is still perfect to enjoy for a relaxing happy hour. Then there’s the Piña Colada – one of the most popular tropical cocktails and it is definitely one of the creamiest.
“Of all the liquors, rum is arguably the most cocktail-friendly,” explains Krishantha Dharmasena, Manager at The Mix Bar.
Rum is such a versatile product; it is constantly experimented the world over with different products and ages to create the best flavours. Rum has more notes and qualities than vodka for example, and hence can compliment many ingredients and make interesting cocktails.
This is also the season for T20 cricket! The IPL series is surely heating up as the final game draws closer. Catch the IPL T20 action at The Mix over a delicious rum cocktail – a perfect end to your working day!
The Mix bar invites all Rum connoisseurs and cricket enthusiasts to 15 nights of rum based cocktails over great cricket starting 15 May 2012.

The strudels will be available at the Thorana Lounge High Tea Buffet between 18 and 27 May from 3 p.m. to 6 p.m. where guests and visitors can indulge in a delicious variety of strudels.
The Sous Chef at the exquisite Five Star Vienna Hotel Imperial, Chef Bernhard has also had the privilege of being a Juror in the ‘Tastingjusr’ at the ‘jeune Meilleure boss’of the Chaîne des Rôtisseurs. Chef Bernhard will work alongside the Hilton team to prepare a range of strudels that will complement the finest teas and luxurious spread at the Hilton High Tea. The strudels will be meticulously prepared at Hilton Colombo in rich luxurious flavours.
Commenting on the arrival of Chef Bernhard and the special range of strudels available at High Tea, Executive Chef Rohan Fernandopulle at the Hilton Colombo stated: “The Hilton Team look forward to the arrival of Chef Bernhard. We are honoured to have Chef Bernhard here with his extensive expertise and experience bringing the best flavours from the range of strudels available to our guests.”
Strudels are a type of layered pastry which incorporates a sweet or savoury filling in the centre. Strudel lovers can look forward to some of the best known strudels such as the renowned Apfelstrudel, which is a delicious apple strudel; Beerentopfenstrudel, a beer infused cheese strudel; Milchrahmstrudel, a succulent milk and cream strudel; and Kirschenstrudel, a tantalising cherry strudel.
In addition to this mouth-watering array there will also be a Chef’s Special range available for guests. Marillenstrudel, also known as apricot strudel, and Weintraubenstrudel, a delicious wine grape strudel, will be specially prepared for guests to indulge in during their tasteful High Tea experience.
The arrival of the prominent Chef Bernhard and the scrumptious strudels available at the Hilton High Tea adds to Hilton Colombo’s anniversary celebrations. As this year Hilton Colombo celebrates 25 years of service excellence, continuing to be the trendsetters in the industry and delivering on Conrad Hilton’s vision of spreading the light and warmth of hospitality, in Sri Lanka.

Director Commercial Christian Ciamos was in Colombo recently to familiarise the local market on the history, wine making process and value additions these wines have to offer. He said, “Having worked on the vinyards 25 years ago, I have a passion for the product and it is not just a business.”
In 1831, Bernard Bichot founded a merchant house bearing his name in Monthélie, a couple of kilometres south of Beaune. At the end of the 19th century, his grand‐son Albert Bichot brought new impulsion to the business and definitively installed its headquarters in Beaune. The family heritage has been perpetuated from father to son since then and in 1996, Albéric Bichot represents the sixth generation managing the company.
Alberic Bichot is driving the business through its latest challenges and is adapting it to changing markets and consumer demands. Under his momentum, an upstream quality control strategy was developed at the beginning of the 1980s in order to get the best fruit to create the best wine and best express terroir.
Albert Bichot’s expertise is also based on the respect for terroir and nature. The house implements sustainable vine‐growing, based upon observation and prevention. Its aim is that of protecting the earth, preserving it for the generations to come.
Albert Bichot has acquired vineyards in the most reputed growing areas. In addition to this expertise as a wine‐grower, Albert Bichot carefully sources grapes in order to vinify and age its “négoce” wines and therefore control quality as far as possible.
Albert Bichot owns four estates located at the heart of each “côte” (the winegrowing regions that make up Burgundy). In addition to the vines that grow there, each estate also boasts winemaking facilities devoted to a viticultural sub‐region and/or a colour of wine.
In total, Albert Bichot ages 100% of its wines and vinifies 60% of its regional appellations, 80% of its village appellations and 100% of its Premier and Grand Cru “We are proud to have Albert Bichot on our portfolio and serve the Sri Lankan market with some of the best of wines.  I have worked with Bichot from 1986 and again in 2002 and elated to be working with the company once again,” said Periceyl Director Senaka Amarasekere.  
He further said, “Bichot is a household name in Sri Lanka and we see a shift in trend as the market is now looking for a unique and high quality product when it comes to wines.  The increase in demand for the high-end wines will surely be met with the range of Bichot we will be marketing in the near future.”
Year after year Albert Bichot strive to offer consumers fine, elegant, complex white wines and expressive, fruity red wines with well‐integrated tannins. More than following rules, the winemaker works towards letting terroir express itself at its best.
All of the wines that bear the Albert Bichot signature are produced with the same precision and attention to detail under the direction of Alain Serveau, Chief Winemaker.

“People tend to confuse good wine with alcohol in wine, which is not what we want,” said Bruno Quenioux, technical adviser of the Chateau Baccarat collection of professional wine glasses, which went on sale in France earlier this year.
“What is complicated with wine is to get the balance between the fire and water. Get too much fire in the wine and you lose the message of the water… But if you put too much water in the fire, then the fire is dead.”
The glass has a broad base that evokes the tastevin, a saucer-like cup used by winemakers and sommeliers to taste wines, sloping sides and an unusually narrow lip at the end of a vertical “chimney” that the company says prevents the alcohol from overpowering other aromas since it sinks down when the glass is swirled prior to tasting.
“The main subject in the final stretch should no longer be the alcohol anymore, but the aromas and the bouquet the fine wines have to offer,” Quenioux told Reuters, adding that the new glass made the aroma more subtle.
“You can see the smokiness, some flowers, definitely the glass leads you to have the mineral side of the wine… When you go back to the regular glass, you have rusticity. You have something not so subtle.”
But other glassmakers disagree, saying there is still merit in time-honored variations tailored to the different wine varieties – variations to which they have given subtle modern twists.
“I think as people start appreciating wine more, that they will appreciate a pinot glass, a cabernet glass, a shiraz glass. They’re all a little bit different,” said Suresh Kanji, a Hong Kong-based distributor for Riedel Crystal, based in Austria.
The ubiquitous Riedel has put efforts into developing different glasses for different varieties through the years and in the 1970s discovered that each separate variety had a specific DNA.
“Based on that DNA, the shape of the glass actually makes the experience for the consumer very, very different,” said Kanji.
“The big bowl – great for red wine. The smaller glasses – good for white wine… Every glass was fine-turned for the specific DNA of what you’re drinking.”
Wine experts agree that given the differences in how “forthcoming” each variety may be, proper handling of the alcohol in fine wines is key.
“Burgundy is very delicate wine, so it needs a larger surface area to release and free its aromas,” said Debra Meiburg, a Master of Wine and wine journalist.
“Burgundy (glasses) comes to quite a narrow lose at the chimney in order to capture the aroma and trap them in the glass.”
And yes, she said, the glass does matter.
“Of course any glass would work. But just as you would prefer not to drink your coffee in a paper cup, it’s always nicer to have the right quality of glass.”

The sector has seen impressive recovery since the end of the conflict. Arrivals have increased from 447,890 in 2009 to 855,975 in 2011. In addition, earnings from tourism have risen from $ 350 m to $ 850 m during this period.
The potential of the tourism sector has generated a very substantial pipeline of investment, ranging from international chains like Shangri-La and ITC and leading local brands to a number of individual entrepreneurs.
Despite the positive sentiment surrounding the tourism sector, current trends have become a source of concern. Historically, hotels have made their money during the peak seasons in European winters and summers. They have sought to break-even in the intervening relatively fallow periods.
However, in recent months, occupancy rates have been disturbingly low and the forward bookings are also nothing like as encouraging as they should be to meet the government target of $ 1.2 billion for earnings from tourism in 2012. The current trajectory also raises serious doubts about the attainment of the medium-term target of 2.5 million arrivals by 2016.
This poses some important questions. What is likely to be the impact on the tourism sector of the prolonged recession in Europe? The downturn in Sri Lanka’s main tourism market will be a major drag on long-haul tourism for many years. What more can be done to promote Sri Lanka as a tourism destination in new markets, in Asia, Australia and East/Central Europe?
The belief in some quarters that post-war Sri Lanka is so attractive a destination that it does not have to be promoted has proved to be ill-judged at a time when even well-established competitors have been aggressive in their marketing. Have room rates been increased too much and too quickly before Sri Lanka has established a sufficiently robust track record?
There are serious concerns regarding Sri Lanka’s competitiveness in the current adverse market conditions. The imposition of minimum room rates have served to exacerbate the situation. Is enough being done to provide visitors with value-for-money at a time of austerity in key markets and increased competition for the tourist dollar? More needs to be done in terms of events, recreation and entertainment to enhance the attractiveness of the main tourism centres in the country.
Tourism is a key determinant of Sri Lanka’s development prospects in the medium and long- term. While it is essentially a private sector-driven sector, there is a need for a close public/private partnership in addressing the challenges facing tourism in Sri Lanka today. The current trends are a source of major concern and require immediate remedial action.

(Your views and comments on this subject are welcome at www.pathfinderfoundation.org.)

The Fortress Resort and Spa which has registered a strong presence at the awards ceremony over the years was once again the recipient of prestigious international recognition; the resort was awarded the Best Resort Hotel in the Asia Pacific region, the Best Resort Hotel in Sri Lanka and the Best Resort under the Small Hotels Sri Lanka category.  
Expressing his pleasure over the success, Managing Director Sumith Adhihetty stated, “The Fortress has once again made an impact on the international stage. This is not only heartening news but is also an encouragement for us to continue to uphold the high standards that the resort is synonymous with. The Asia Pacific region is firmly placed on the global tourism map and winning accolades among such noteworthy competition is truly encouraging.”
A subsidiary of the dominant Vallibel One group, the Fortress Resort and Spa has played an important role in shaping the economic landscape of the South of the country and putting Sri Lanka on the map.
“Having a presence in the Asia Pacific Hotel Awards is not just a personal win for the resort or the group. It is a win for the nation, which is gradually reaching five-star status among the tourism stalwarts of the world,” says The Fortress Resort & Spa Chairman Dhammika Perera. He went on to say that although the resort is built along the lines of the most exclusive international hotel franchises, traditional Sri Lankan hospitality and warmth form its base.
These awards, combined with the other regional hotel awards’ programs for Arabia, Europe, Africa and the Americas, form the globally renowned International Hotel Awards. Judging was carried out through a meticulous process involving a panel of over 20 experts covering every aspect of the hospitality business. Top scoring winners of five-star awards will now go forward to be re-judged against those from the other regions to determine the ultimate World’s Best winners.
International Hotel Awards President Stuart Shield says, “Speaking on behalf of myself and the judging panel, I can say that we have been staggered by the response from the Asia Pacific region in this, the second year of the specific Hotel Awards’ program. I was delighted to have the opportunity to meet so many professionals from the pinnacle of the Asia Pacific hospitality industry and wish them every success in the future.”

This follows the Memorandum of Understanding that was signed in January and covers routes between Singapore and Scandinavia.
With a signed joint venture agreement, the Star Alliance carriers can move forward to plan further actions within the wide-ranging partnership, which will go beyond existing codeshare ties to include the co-ordination of flight schedules, joint sales activities and enhanced network connectivity. Regulatory approval will now be sought from authorities in Singapore and Europe.
The partnership is expected to lead to growth in existing air services between Singapore and Scandinavia, and, subject to market conditions at the appropriate time, pave the way for a new route between Singapore and Stockholm. SIA currently operates three weekly flights between Singapore and Copenhagen in a codeshare partnership with SAS.
“This agreement is a win-win for SIA and SAS, and benefits our customers by making air travel more convenient between Asia and Scandinavia. We look forward to co-ordinating schedules to enable more seamless connections to points in Northern Europe, as well as Asia and Southwest Pacific, through our respective hubs. When market conditions allow for it we also look forward to expanding frequency between Singapore and Copenhagen, and adding new destinations in Scandinavia,” said SIA CEO Goh.
“We are pleased that the joint venture agreement is now signed and we can proceed with expanding our partnership and thereby also improve the service and benefits for Scandinavian travellers. Singapore Airlines will be a vital part of our Asia strategy and we look forward to jointly explore further opportunities in this exciting and important market,” said SAS President and CEO Gustafson.

Whilst the developed world is mired in economic turmoil, large emerging markets are becoming the new global growth engines. Their telecom industries are key enablers of economic growth by connecting people and enabling access to the internet, often through a mobile device for the first time like a new US$ 46 tablet in India or low cost smartphones in Indonesia.
Entitled ‘D-20: Rising Stars in the Telecom Space,’ the white paper profiles a list of 20 countries and “drivers” of growth (D-20) that comprises Argentina, Bangladesh, Brazil, China, Egypt, India, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Poland, Russia, Saudi Arabia, South Africa, South Korea, Thailand, Turkey, and Vietnam.
The D-20 represents the twenty emerging markets that are expected to drive nearly 75% of all incremental GDP growth until 2016. With 4.4 billion inhabitants, these 20 emerging markets are home to almost 65% of the world’s population and generate 30% of current global GDP today.
The joint study offers a high-level overview of their macro-economic environments and the impact their projected population growth, expanding middle class, increased rate of consumer spending, current and projected GDP growth and mobile competitive dynamics are expected to have on the telecommunications industry. The findings were announced at the INSEAD Asia Campus in Singapore today.
Loïc Sadoulet, co-author of the white paper who is also a professor of Economics at INSEAD and inititated INSEAD’s Africa Initiative, said: “The D-20 represents key growth engines for the world economy as well as the telecom industry.  However, their future development will continue at varying paces, with different sets of drivers and products and services, and impact on enabling innovation in other industries.  This report sets out to facilitate a clear understanding of where the D-20 markets are headed and to serve as a strategic guide on understanding the trajectory of the industry, especially for investors and decision makers.”
In their infancy, the telecommunications markets in the D-20 were dominated by limited competition driven by domestic monopolies; low penetration of basic services and customer tolerance for low quality. However, a number of key shifts are re-shaping the future of the telecom industry – especially with the emergence of both foreign and domestic competition.
Today, operators are forced to adapt to a more complex set of circumstances including intense competition, markets which are reaching saturation for basic services, explosive demand for data services and growing pressure from investors to develop on promised returns. Andreas von Maltzahn, co-author and Principal at Delta Partners noted: “All of the world’s twenty largest telecom operators like Telefónica, Singtel and Vimpelcom are present in at least one of the D-20 markets to find new sources for growth. This is not surprising as these markets are expected to add over one billion new mobile users until 2015 and are already a US$330 billion industry today. We see large opportunities in D-20 markets with mobile data revenues growing at a CAGR of 18%, as well as many opportunities around content, mobile payments and other verticals.”
In order to understand the industry shifts in more detail, the authors of the report clustered the D-20 markets by tariff levels and expected subscriber growth. This allows them to map countries from high revenue growth potential (high tariffs and high expected subscriber growth) compared to lower monetisation potential (low tariffs and low expected subscriber growth). The result is a set of clusters identified with similar levels of market maturity, competitive intensity and hence type of opportunities and challenges.

The following clusters emerged:
The Crown Jewel cluster represents favourable economic conditions for driving profitable telecom penetration growth.
This cluster consists of Brazil, Mexico and Nigeria and sees high tariffs and relevant subscriber growth left resulting in strong revenue growth potential. Its operators are the “Crown Jewels” of respective international players such as MTN and Telefónica.
The Goldmine cluster denotes relatively mature markets but with high tariff levels which allow operators to seek new sources of growth while still generating stable cash flows from their existing business.  South Africa, Poland, Saudi Arabia, Argentina, Turkey, South Korea and Iran are included in this cluster. While these countries have smaller populations than the other D-20 countries they possess the highest GDP per capita and are the most developed of the emerging markets with tremendous potential for continued growth.
The Rough Diamond cluster are large countries with low-income populations and high growth rates in service penetration-these countries are China, India, Indonesia, Pakistan, and Bangladesh. They are some of the fastest growing economies in the world and the telecom industry is almost a perfect mirror for their growth. These countries account for 40% of the world’s telecom market and are expected to drive innovation and profitability while operating at some of the lowest tariffs.
The Coal cluster includes Vietnam, Philippines, Egypt, Thailand and Russia where already low tariff levels and near saturation are causing strong pressure on growth. While the population in these countries is relatively poor they have robust economies and expect 7-11% growth until 2016, but they are experiencing the toughest situation for telecom operators as new avenues for growth need to be found whilst costs kept under control in a low tariff environment.
Operators are encouraged to understand the characteristics that will shape their clusters and the set of challenges and opportunities this brings so they can work to capitalise or mitigate them.
The INSEAD/Delta Partners White Paper draws the following conclusions:

1.  D-20 represents the twenty major growth engines for the world economy and the telecom industry. Growth may have peaked among the D-20 but will still be higher than GDP in their markets and higher than the telecom industry growth rate of developed markets.

2.  New services such as mobile data and content will double in revenues by 2016. The anticipated cost reduction on smartphones and better data pricing will encourage growth. Operators will need to act decisively in navigating the complex economics of data services and substitution of core voice and SMS revenues to monetise this opportunity. This is coupled with the myriad of CAPEX-hungry network technologies necessary to cope with the surge in traffic.

3.  The focus on efficiency and return on invested capital will become increasingly central to the success of the telecom sector in these markets. EBITDA and profit margins may erode due to changes in the revenue mix towards unsustainably low data pricing and CAPEX increase. This will require innovation and close looks at the business models.

4.  Domestic market consolidation (M&A) is likely to offset competitive pressure in most D-20 markets where hyper-competition has been a mainstay. It will be necessary for survival as sub-scaled operators will be acquired to establish pricing stability within the market.
“This is an exciting time for operators in the D-20 markets. These economies will play a greater role on the global stage. We foresee the operators who succeed in competing within the D-20 countries taking a similarly central role in the telecom industry. In the beginning, the telecom industry operated with a ‘build it and they will come’ mentality.  
Today companies are being pushed to be more strategic and figure out how to maximise opportunities in these rapidly emerging  markets as they are forced to deliver growth, efficiency and return on investments,” commented Mar Pages, co-author and Principal at Delta Partners based in Singapore.
‘D-20: Rising Stars in the Telecom Space’ is authored by Loïc Sadoulet, Affiliate Professor of Economics and Academic Lead for the Africa Initiative at INSEAD, Andreas von Maltzahn and Mar Pages, Principals at Delta Partners in Singapore and Alberto Pamias, Managing Partner at Delta Partners in Dubai. Tami Abadi, Anna Arlorio, Pavel Duzhnikov, Cedric Garrigues and Humaira Surve also contributed to the report.

Facebook, founded eight years ago by Mark Zuckerberg in a Harvard dorm room, will add about 85 million shares to its IPO, floating about 422 million shares in an offering expected on Friday, the source told Reuters on Tuesday, declining to be identified because the information was confidential.
The expanded size, coupled with Facebook’s recently announced plans to raise the IPO price range, would make Facebook the third-largest initial share sale in US history after Visa Inc and General Motors.
Facebook declined to comment on the increased offering size, which was first reported by CNBC on Tuesday.
The social networking company is drumming up massive demand for the IPO even as slowing revenue and user growth spur questions about the long-term Facebook story. “This is much more a spectacle, a media event and a cultural moment than it is an IPO,” said Max Wolff, an analyst with GreenCrest Capital. “This is not a game of models and fundamentals at this point.”
Earlier on Tuesday, General Motors (GM.N) said it planned to pull out of advertising on Facebook, underscoring worries about revenue growth.
GM’s announcement, while ill-timed, should not seriously hurt Facebook’s IPO reception for now as it may not be representative of advertisers’ overall attitude, said Brian Wieser, an analyst with Pivotal Research Group.
“The demand for the IPO probably won’t be affected materially by this,” said Wieser. But he noted that there were probably a lot of calls between underwriters and investors following GM’s announcement.
The IPO, Silicon Valley’s largest, eclipses the roughly $2 billion debut by Google Inc (GOOG.O) in 2004.
Facebook raised the target price range to between $34 and $38 per share in response to strong demand, from $28 to $35, according to a Tuesday filing.
That would value the company at roughly $93 billion to $104 billion, rivaling the market value of Internet powerhouses such as Amazon.com Inc (AMZN.O), and exceeding that of Hewlett-Packard Co (HPQ.N) and Dell Inc (DELL.O) combined. The increased price range made it very unlikely that Facebook shares would double on their first day of trading as they might have if the company had come out at the low end of its initial price range, Wolff said. He expects a first-day gain of about 10 per cent.
“No rational person thought they were buying the stock for $28,” said Wedbush Securities analyst Michael Patcher, noting that Facebook had traded as high as $44 in the secondary markets in recent months.
Facebook said in its latest filing that it arrived at the higher IPO price range after one week of marketing the offering — part of a cross-country road show in which CEO Zuckerberg has taken the stage to lay out his vision for the company’s money-making potential and its top priorities.
The price range hike, coupled with strong results from Internet and social media players Groupon Inc (GRPN.O) and China’s Renren Inc (RENN.N) overnight, contributed to a dotcom rally on Wall Street on Tuesday.
Shares of Pandora Media Inc (P.N) rose 10.3 per cent to close at $10.83, while Zynga Inc (ZNGA.O) was up 7.7 per cent at $8.56. Groupon climbed 3.7 per cent to $12.17, while Renren gained 6.4 per cent at $5.84.
Yelp Inc (YELP.N) stock was up 3.8 per cent at $20.80.
Long-term growth
Before the IPO size was increased, Facebook would have raised about $12.1 billion based on the midpoint price of $36 and the 337.4 million shares on offer originally.
At this midpoint, Facebook would be valued at roughly 27 times 2011 revenue, or 99 times earnings. Google went public at a valuation of $23 billion, or 16 times trailing revenue and 218 times earnings. Apple Inc (AAPL.O), meanwhile, went public in 1980 at a valuation of 25 times revenue and 102 times earnings.
Facebook’s IPO comes as some investors worry that the company has not yet figured out a way to make money from a growing number of users who access the social network on mobile devices such as smartphones. Meanwhile, revenue growth from Facebook’s online advertising business, which accounts for the bulk of its revenue, has slowed in recent months.
With some 900 million users, it had $1 billion in net income on revenue of $3.7 billion in 2011.
The company has also extended the time frame for its $1 billion acquisition of mobile app maker Instagram, projecting that the deal would close in 2012 instead of the second quarter as it had previously indicated.
It provided no reasons, though a source familiar with the matter told Reuters last week that the U.S. Federal Trade Commission has reached out to Google and Twitter as part of the agency’s standard review for deals of that size.
Facebook is scheduled to price its shares on Thursday and begin trading on the Nasdaq on Friday. A host of Wall Street banks are underwriting the offering, with Morgan Stanley (MS.N), JPMorgan (JPM.N) and Goldman Sachs (GS.N) serving as leads.

How do we feel about change? And how do our people respond to change?  Tim Wade a psychologist with over 17 years experience in corporate leadership and consultation will elucidate the power of these questions. The corporate world needs both change and stability. The two requirements conflict with each other because they are at opposite ends of an emotional continuum. And to be the best your entity must strike a balance.
Each year the CIMA Business Summit attempts to introduce the latest tools and skills which will assist companies to survive in the ever changing and challenging global economy and this year the summit which will focus on the form, flexibility and force of power is no exception. In the midst of the debt crisis that has struck the European World and the conflicts that have engulfed the crude market, positive change can do wonders. By coaching his audience on the areas of motivation, psychology and performance, Tim Wade helps business teams increase positive results in business growth, change management and productivity leadership.
Athletes know what their goal is. Like wise they know the direction they need to move, how to prepare, how to begin, how to end and how to alter their execution plan during the race. Such is the practice of an entity. Just like an athlete the business troupe must persist through physical and emotional pain by taking positive actions and keeping fixed on its goal.
Companies such as Microsoft, Procter and Gamble, HSBC, Axis Bank, Dr. Reddy’s, Unilever and Credit Suisse have gained much through Tim’s dynamic presentations. The International Speaker has made a lasting impression from Dubai to Tokyo and from Beijing to Bangalore and he promises to wow his audience here in Sri Lanka with his invaluable insight on change.   
Do you believe you can achieve your target and take daily action to ensure that you have the best chance of winning? If you want to experience the ‘Power of Yes’, you will need to be at the Cinnamon Grand on 11 and 12 June being ready for a truly blockbuster experience. For registration please contact Indika on 2503880 ext 220.

In the era of current economic recession, wherein emerging markets are also experiencing slower growth than expected, its is clear that those organizations which have the best leadership practices, would respond to these challenges better than others. Organisations are scrambling to understand the impact of these crisis on Business and People as well.  
It is imperative for the organizations to leverage potential of their leadership and retain the most critical talent. To do this, many organizations introduce new talent practices, leverage current ones but at the same time, it is imperative to focus on readiness of the talent,  prepare them for growth , develop the most relevant leadership and business skills and invest in targeted development actions.
While organizations put efforts in retaining and developing talent, at times they face real practical bottlenecks in this journey.  This poses us to answer some of the important questions such as what are the key drivers for talent development? Are we developing talent pipeline in the right direction, aligned with our business strategy? Are we doing “Right Things” or merely focusing on “Doing things right” in such a crisis situation?
To achieve an organizational growth, it’s a mutual responsibility of both – what we intend to do for talent and how talent intends to reciprocate this ? What do we mean by effective engagement practices, does the talent perceive them similarly?
Dr. Mukund Vyas has been working in the area of Leadership and Development for past 17 years. He has Masters and Doctoral degree in Industrial and Organisational Psychology from Mumbai University. After working as a faculty in Mumbai University for 5 years, he Joined Siemens in Corporate Human Resources in 1996.

Currently, he is with Siemens AG based in Munich, since April 2012 leading a global project on Top Talent for Growth launched by CEO and also responsible for Asia – Australia region for placements and development of Corporate Key functions.   

Dr Vyas’ Key achievements include designing and roll out Global Competency Model for Siemens world, Conceptual framework for Siemens Leadership Framework and launching Global Assessment Centres.  

He has presented papers presented in various conferences such as National Congress of HR in India, European School of Management Technology in Berlin. With effect from April 2010, he has taken over a global role with “Corporate Development Executive”. Prior to Siemens, he was working in Mumbai University as a faculty in Psychology for 4 years.

Dr Mukund Vyas has been recognized with prestigious awards such as, Best Employee Award in Siemens India, admission to Siemens Global Top Talent Pool and also as a Global Diversity Ambassador from South Asia Cluster.

The program will be beneficial for human resource directors/executives, training managers and HR managers who could acquire knowledge on labour related matters including   industrial disputes.
Topics to be discussed will be legal framework governing industrial relations in Sri Lanka, contract of employment and types of employment, working arrangements under the shop and office act, wages board ordinance and factory ordinance, EPF, ETF, Gratuity, Recent amendments to EPF Act. Other topics such as misconduct and disciplinary procedure, termination of employment, resolution of industrial disputes, labour tribunal procedures and relief, and worker’s compensation will also be covered.  The program will be conducted in English but the participants will have an opportunity to raise queries in all three languages. For more details kindly contact Dilrukshi on 4741788.
 

Finite amount of resources and money will go a long way when each litre of water and each rupee are consumed in productive endeavours. We have to understand that there are seven billion people today on planet earth and the average rate of population growth accounts for around 77 million, adding to the score every year.

Contradictions all around
Though our census data is yet to come out, we can safely state is that almost four times the population equal to what we now have is joining the world and joining us every year – four equivalents of Sri Lanka in terms of population!
Now this is calling for global food production to increase by 70% as we plan meeting the demand by 2050. However, today we see both obesity and hunger side by side and death both due to overconsumption as well as from starvation. We see stories of contradictions all round us.
Skyscrapers reach for the sky in Mumbai while the world’s largest slum exists right around them. Dickens’s London is different to what it is today. However, planetary roaming and collection of riches from elsewhere made this picture to change in London while exciting ideas were also spoken from simple lecterns by people like Humphrey Davy as Royal Society Lectures.
Good and the bad were happening at the same time and the net effects are usually visible after a while. Lessons from one’s own past as well as lessons from elsewhere can be very useful.
To derive benefits we should be good listeners with action orientation and interested in seeking growth creatively with equity. It is little differences in the way one does things that results in one city being a shining example while another has a doomsday outlook.
City by city, the story of a country can emerge and we have UN rankings describing existing societies from the most liveable to the other extreme. It is all about our practices and how we plan and execute our processes.
It appears that even the process of justice can be examined in this way though the word may conjure that there cannot be any two ways about that. Unfortunately the reality is different. The tale is about two practices, each serving justice but realising perhaps half of real justice in one instance when taking natural resources and the wrong doers together.

Sri Lanka and Sweden
The following depicts two situations captured from Sri Lanka and Sweden. The examples are all about taking value of resources as well as the importance of justice. Do we have the interest to understand this scenario in some depth and plan differently?
Manmade societies constitute the brown environment and this is slowly eating into the green environment. It is the classical man vs. elephant battle that we witness and some experience this firsthand.
It is instructive how one should manage the brown environment to be most effective. It is no wonder that Sweden is among the top countries for environmental performance whereas we seem to have got stuck in circulars, antiquated practices and audit trails.
I dare say that these are not totally unnecessary, but give each page some thought and think whether we are better off as a result or worse off due to the presence of the additional piece of paper and the directives contained within. It is that quality thinking and the ability to influence in an alternative way that puts one into a winners’ group.

Illegal liquor
One can find plenty of extracts from local newspaper showing the legal system destroying illegal liquor confiscated through raids in many locations. Pictures of law enforcement with barrels and barrels of illegal liquor can be seen and in some cases the event of destroying the prize catch is shown as dramatic conclusion to a job well done.
Yes, the contents have being illegally brewed and much duty that may have come in the way to State coffers will not happen with these illegal practices. The State indeed depends very much on Excise duties. However, the emphasis here is that while justice for the illegal act is delivered, the resources contained within should not get ‘punished’ for no fault of theirs!
The emphasis is on understanding well, at all stages of action, the importance of resources and the need to be utilised resources productively as much as possible. Here the illegal material is simply drained off or destroyed, preventing any use. One must remember that the act of draining off the liquid over land is going to cause serious pollution effects on soil and groundwater.
From the point of view of immediate justice, the action is acceptable as an unlawful act has been effectively stopped and offenders punished and the ‘products’ destroyed to the point of no economic value. However, consider the following recorded example taken from Sweden.
In today’s climate of growing energy problems, it appears real overall justice has been derived in this situation. The offender is punished but the resource is not penalised – it is made use of! In Sri Lanka we appear to punish the wrong doer and definitely the resource.

Biogas
This Swedish example also touches on alcohol. One gets the feeling that attempts like ‘Mathata Thitha’ is an uphill task! It appears that the high price of alcohol prevailing in Swedish liquor stores results in a constant stream of day-trippers travelling to neighbouring Germany and Denmark to stock up on cheap beer, wine and spirits available in these countries.
There is allowance for some amount to be brought in for personal use but not in any excessive amounts so as to make a profit in resale in the black market. In accordance with an existing Swedish law – the “personal use” rule – Swedish Customs have seized 55,000 litres of spirits, 294,000 litres of strong beer and 39,000 litres of wine over a certain period. The story can be repeated here.
Peter Nielsen as Head of Intelligence at Tullverket (Swedish Customs) in Malmö, South Sweden, in that instance had stated that when he became a Customs officer in 1986, it had been standard procedure to just pour these drinks down the sink.
But now there is this new environmental awareness. No one gains from pouring it away, not financially or environmentally. So we have gone from washing it down the sink to using an advanced plant for generating biogas and environmentally friendly fertilisers.
The one million bottles and cans seized annually by Tullverket are trucked to a warehouse where they are dumped into a crushing machine. The beverages are separated from their containers and blended with water to make the largest and probably worst-tasting cocktail imaginable.
This is then taken by tanker to a plant in Linköping, about 200 km south of Stockholm, and turned into biofuel to power public buses, taxis, garbage trucks, private cars. Of this exercise the biogas train is the most exciting to read about. The biogas train, has been running between Linköping and Västervik on the southeast coast of Sweden, has generated international interest.

Innovation
The courts in Sweden it appears have really linked up to serve justice in an innovative manner. It is this type of innovative processes that had propelled Sweden to the top when ranking all countries as per the environmental performance. For us to change similarly, what we need is the attitudinal change and then the relevant procedural changes will easily follow.
This type of more holistic approaches in developing practices is important in today’s context. Vital resources are always made to deliver. As economists state, with many who earn free rent, we have introduced many steps and procedures to succeed in only in one activity. We look at tasks with a narrow perspective and are happy if we realise one result. The reality has to be one task having multiple deliverables and significant interaction between activities so as to derive maximum synergy.
We work with manmade boundaries, artificially placed, hampering working together, and it is common to see intense action to realise only few advances. The concept of ‘sub optimisation’ has engulfed most of our activities. New roads are opened up not by many but by a dedicated few. However, once a change is shown, there will be many to join into the fun! These tales are just to stimulate such thinking and to draw out few doers of the ‘unorthodox’.
(The writer is Professor of Chemical and Process Engineering at the University of Moratuwa, Sri Lanka. With an initial BSc Chemical engineering Honours degree from Moratuwa, he proceeded to the University of Cambridge for his PhD. He is also the Director of UOM-Cargills Food Process Development Incubator at University of Moratuwa. He can be reached via email on ajith@cheng.mrt.ac.lk)

Astrology, in its broadest sense, is the search for meaning in the sky. It has therefore been argued that astrology began as a study as soon as human beings made conscious attempts to measure, record and then predict seasonal changes by reference to astronomical cycles.
Early evidence of such practices appears as markings on bones and cave walls, which show that lunar cycles were being noted as early as 25,000 years ago; the first step towards recording the Moon’s influence upon tides and rivers, and towards organising a communal calendar.
Agriculture needs were also met by increasing knowledge of constellations, whose appearances change with the seasons, allowing the rising of particular star-groups to herald annual floods or seasonal activities. By the third millennium BCE, widespread civilisations had developed sophisticated awareness of celestial cycles and are believed to have consciously oriented their temples to create alignment with the risings of the stars.
With strong faith in these auspicious dates, local politicians will not hesitate to even skip country if they feel that it would reduce the adverse effects of the stars. The strength of these beliefs is very surprising given the advancement of humans in the 21st century. For those who have no such option or feel that they are too average to be hindered by planetary movements, the “meaning” of events can perhaps be found by simply assessing the political and economic developments taking place.
There is much speculation in the media that former Army Commander Sarath Fonseka will be released soon. Indeed there are rumours that he might be released today. In the backdrop of possible elections in September, this scenario becomes even more interesting.
Opposition parties, including the Tamil National Alliance (TNA) are assembling for the eastern elections. While the Government has a significant advantage in the south due to a lacklustre Opposition, the situation is different in the east, where the TNA as well as other Muslim parties can make their presence felt. In such a scenario, the release of Fonseka could boost the Opposition or result in the reverse. When considering that the TNA managed to keep the ruling UPFA at bay in the north, analysts will be keen to see how the stars allow this round of elections to unfold.
The rising cost of living amid a tenuous economic environment has left many average people in the east grappling with the twin evils of poverty and rehabilitation. Vulnerable groups such as war widows are still sidelined and the province, despite infrastructure development, may not have seen much income generation. With such challenges, the opposition has ammunition for a good fight unless the stars decide they should become cannon fodder.
Astrologers are fortunate as they can predict the future and if what they see is not positive, they can then provide a solution in the form of pujas. For the average man, however, the 21st century holds sway and they cannot depend on astrologers to give better meaning to their lives. That must be done by the people themselves.

The report states that the region’s developing economies’ growth rate is projected to slow down to 6.5% as compared to 7% in 2011 and 8.9% in 2010. However, the slowdown in the growth rate is expected to lower the inflation rate in the region to 4.8% as compared to 6.1% last year.
The major reason for the slow growth, which has already been pointed out in all other similar reports released by international organisations this year, is the troubled economic situation in developed countries, which has resulted in reduced demand for exports from this region’s exports. However, the report also notes that region will lead the global economy despite the slowdown.
The region will remain the world’s fastest growing with China and India leading. The Executive Secretary at the launch said: “Growth in Asia and the Pacific remains better than in any other region – continuing as an anchor of stability and a new growth pole for the world economy. South-South trade with Asia-Pacific in 2012 will help other developing regions, such as Africa and Latin America, further reduce their dependence on low-growth developed economies.”
Among the key policy challenges and options for the region as highlighted by the report are: Managing the balance between growth and inflation, using several inflation fighting measures beyond monetary policy alone; coping with capital flows and dealing with considerable exchange rate volatility; and addressing jobless growth and unemployment by encouraging domestic consumption to act as an enhanced engine of growth and productivity, improving working conditions and income equality.

The ESCAP report identifies four groups of countries in the region:
(a) Incumbent “high income economies”
(b) Catching up countries
(c) Commodity boom countries and
(d) Aspiring countries.

Aspiring countries have been described as developing countries that have not benefited from high commodity prices and have to further enhance their productive capacities through diversification.
Sri Lanka has been categorised as an “aspiring group” country, because although its per capita income has increased relative to the top quartile of income distribution, this increase has not matched with the productive capacity as measured by the ESCAP productive capacity index which is based on an economy’s diversification and the competitiveness of its exports.
According to ESCAP, the decline in terms of trade creates incentives for boosting existing production and trade for the higher priced imports, but reduces incentives towards diversification which would reduce its growth prospects in the long term.
Such countries, according to ESCAP, need to balance the short-term gains in the current comparative advantages in labour intensive industries with the long-term need for new and more productive activities for which they need to become participants of supply chains of ‘catching up’ economies.
Sri Lanka, like all others in the region, will also face the risk of higher food prices which will affect the vulnerable people the most and result in severe and long-lasting poverty and social impact.
Possible risks that the region could face include renewed global financial crisis due to disorderly sovereign debt crisis, rise in oil prices due to political instability in producing countries and protectionist measures in developed countries in order to kick-start recovery.
Increasing intraregional trade and regional economic integration is recommended as a positive way for the region to go forward.

(Manel de Silva holds an Honours Degree in Political Science from the University of Ceylon, Peradeniya and has engaged in professional training in Commercial Diplomacy at ITC and GATT. She has served as a trade diplomat in several Sri Lankan Missions overseas and was the first female Head of the Department of Commerce as Director General of Commerce.)

No doubt this is a well-meaning initiative of the Ministry of Sports (MOS) and its front running Minister who only a few weeks ago made the bold statement of moving fossil rocks from their generative perches and cleaning up sports as never done before.
The general dispositions of these bold moves are indeed courageous and widely acclaimed if not for the surfeit of contradictions that accompany such grandiose disclosures.
Highlighted in the NSP before Parliament is the enactment of new legislation to ban the use of prohibited stimulants and drugs, as well as it is said, the election of independent persons in sports organisations.
Streamlining the legal framework of National Sports Associations (NSA) and the development of National Sports Management Structures and Sports Programs are all part of this NSP initiative and at least on paper, bear the hallmark of serious intent. Now, must it stop just there or will the MOS use this framework to bring out far reaching reforms in the way we got about organising and managing the sports development of our nation. 

Creating a sporting nation
It is widely acknowledged that apart from the glory of international stardom and the camaraderie of sporting nations, sports fundamentally helps to make the complete citizen, a nation’s human resource that is sound in both mind and body. Therefore as much as international recognition is the ultimate warranty, good sense and fair play are vital ingredients that go to create a sporting nation.
When those basic features are missing or misinterpreted to serve vested interests, then the canker sets in and erodes the very fabric that holds together these valuable tenets. As the legislation is debated in the House by the Diyawanna, it is hoped that the legislators who now include some of Sri Lanka’s erstwhile sportsman will carefully consider the debacles that Sri Lanka has suffered in many sports arenas and pledge to help the MOS avoid and mitigate the larceny that is so plain for all to see.
In this context, the invitation to Sachin Tendulkar to become a member of the Indian Parliament is interesting; could he make the kind of contribution that we have all seen over the years from the master who is widely admired as a role model for the sport?

Going where angels fear to tread
The MOS, it must be said, goes where angels fear to tread. Last year for instance, he ordered the national cricketers back from the IPL, only to relent later in the face of political pressure. Today, we are beguiled by the freelancers of cricket, men of the calibre of Gayle, Malinga and others, who have made a delectable choice and will no doubt continue to do so in the glare of public disenchantment. And why not?
Many national teams are adjusting their annual programs merely to allow their star players to participate in the IPL because to clash with this honey pot is to provoke the ire of their most valued players. The Sri Lanka version that will take place this year is no different. What is its purpose other than to join the systemic merry-go-round and embellish not just the SLC coffers but the bank accounts of key proponents?
The newspapers are full of how COPE can hardly cope with this juggernaut and even the swashbuckling MOS who is so adept at removing rocks passed the buck to the Sports Secretary to enquire into the deal with Somerset Entertainment Ventures, an apt title for an organisation that is managing the event.
Clearly, sport has now become a spectacle. It is reported that opposition MPs supported the COPE approval and though there are vociferous denials, it will not be surprising if covert sanction is given ostensibly because SLC will stand to lose millions if the SLPL was not allowed to go through. Smacks of the NSB-TFC deal that is defining how our national interests are sold on the altar of deceit and subterfuge!

Political will
No amount of legislature can instil the governance framework so vital for a nation if it does not have the political will to make it work. As far as sports is concerned, the MOS has this responsibility placed squarely within its confines and whoever is pulling the strings will only eventually pull down all that our national sports aspire to so zealously.
Today, almost no sport can progress unless it joins the bandwagon. THE CSN Rugby Sevens is very precisely in that realm, notwithstanding that a coterie of top players from Kandy will decline the invitation to play in this much-insured event as they did from the Asian tourney! It is predictable that football will follow suit shortly, as it awakes from its deep slumber.
Athletics is not far away with the new team which was elected but not necessarily independent. That the IAAF has called for an explanation and Sri Lanka will oblige, is no doubt beside the point. All other NSA will get the message very soon as to how to hog the limelight, with the MOS playing godfather to a seemingly benevolent common parent.
That amply heralds the trajectory on which Sri Lanka Sports is zooming into the future. The private sector is nervously watching the foreplay, wondering how much it will be called upon to cough up, as the Caltex CEO realised to his dismay recently.

‘Resource unlimited’
No more will some of these decisions even in the private sector, be made on sound economic policies and marketing strategies. Smart CEOs know that if its marketing plan cannot justify it, then a convenient CSR budget must pick it up, in order they remain in the favoured enclaves.
For the public sector, amen will be the only refrain as it so very punctiliously demonstrated for the world to see, when it trumpeted the Commonwealth Bid. That COPE has had to take a good hard look at our sports junkets when it has so many more nationally sensitive issues to watch over says more than it needs to.
Modern sport runs the gauntlet of resource unlimited; it may be arguable that contemporary organised sports cannot progress without the cavalcade of carnivals masquerading as sports. One can only hope that some sanity prevails between the power plots and the honey pots. Otherwise, all we may have to do is just sit back and enjoy the fun!

Accessibility is an inherent right of everyone that can empower all people. It cannot be negotiated, bartered or diluted by anyone under any circumstances. It forms the foundation of freedom, justice, dignity and peace. But, it is still being violated by most of the owners of new public buildings and heads of institutions.
This apex court took into account the fundamental rights petition filed by this writer, who appeared in person on his wheelchair. The endeavours here were aimed to ensure safety, promote wider gainful opportunities, minimise unwanted dependency and arrest the waste of human potential through productive integration into society of everyone as equal partners, regardless of the degree of their abilities.
The Court, under reference SCFR: 221/2009, has ordered several measures to be enforced in the design and construction of all parts of new public buildings and facilities so as to move towards establishing a society that values difference and respects the equality of all human beings, thereby enables everyone.

Millions of people to benefit
Implementation of this court order will ensure the widest range of people – millions of whom have curtailed physical and sensory abilities – can unlock their potential and thereby live life to its fullest with dignity and with safety, supporting their communities.
Accessibility and disability are not just about visible conditions such as people in wheelchairs or using crutches.  They encompass the elderly, who will soon be a fifth of our population, pregnant mothers, those convalescing after surgery or illnesses and those with numerous debilitating conditions and ailments including impaired vision and hearing.  

A national crime!
Why should man continue to spend money, effort and time in constructing physical barriers? These safety hazards inhumanely hinder or prevent an estimated three to four million from taking a full part in social and economic life, thereby forcing them to live on the margins of society.
Failure to provide safe access to facilities disregards established national standards in buildings construction (SLS/ISO/TR 9527:2006),  violates orders given by the Supreme Court of Sri Lanka and ignores legislation for designing building parts (Accessibility Regulations gazetted on 17 October 2006) that received unanimous parliamentary approval on 20 March 2007.
ATM machines of several leading banks, supermarkets of reputed companies and toilets and wash facilities of even four- and five-star hotels are the biggest problems here. They are often safety hazards for all people!

High priority national need
We all are ‘able-bodied’ temporarily, and only to varying degrees. Every one of us is certain to spend some of our time living with curtailed ability to grip and hold, turn, move or see.
When ability gets restricted, why should simple everyday activities become complicated or unsafe? The environments and facilities we build today must be a joy rather than a trial to use by these vast numbers tomorrow.
Politicians, businessmen and decision makers should recognise that more than 25% of our population – i.e. five million – have their abilities restricted.
In the larger interest of Sri Lanka, every one of us has a moral duty, social responsibility and legal obligation to take effective measures to arrest these violations. Doing so will also facilitate productive reintegration into society of our ‘war heroes’ as well as ‘war victims’.

Serious punishable offence
Failure to implement this court order further aggravates social, economic and psychological issues, wastes the optimum use of technology and productive human potential and thereby the country’s economy.
Emanating from the fruitful discussions this writer has had, the Human Rights Commission of Sri Lanka (HRCSL), under the leadership of former SC Justice Priyantha Perera, has already initiated action to monitor failures to comply with this court order.
As recognised by the Supreme Court, violations are a serious punishable offence attracting punitive repercussions equally to building owners and co-owners, heads of institutions and ministries.
HRCSL invites all persons to notify the Commission, in writing, of violations of this court order with respect to ‘new’ public buildings and facilities designed and constructed after 27 April 2011.

The cost myth
‘Constructing facilities that are accessible to all is costly and non-essential expense’ is a total misconception. Accessibility is not an add-on. If the right measures are incorporated at the design stage as an integral part of the development of the construction, the cost incurred will add less than 2% to the total cost of construction.
By contrast, most businesses must still be losing vast amounts of revenue and customers due to disabling environments causing exclusion of this diverse and growing customer base.

‘Must avoid’ pitfalls
To make buildings and facilities that the public needs to access ‘enabling for all’ is good business sense. However, ‘designing for inclusion’ requires a thorough practical understanding of the intricacies involved. There cannot be any margin for error as it is a highly responsible task of great national importance that demands time, money and effort.
As such, it is highly advisable that the authorities undertaking ‘building work’ should seek expert guidance especially from those with proven competence and wide experience. Furthermore, every building and site is unique in its access and egress problems and solutions. So each site must be assessed separately. Not to do that is a costly blunder we often see made even by giants in businesses.

Now or never
All parts of new buildings must comply with standards and design specifications. It is not an act of charity, but acts of justice for humanity.
Implementing the Supreme Court Order SCFR 221/2009 is indispensable for a ‘suba anagathayak’ for everyone and is imperative to take our country to the next highest level. It should be the corporate social responsibility of the State – every Ministry in particular, the private sector and every citizen.
It is a ‘now or never’ necessity for Sri Lanka.

(The writer – a wheelchair user – is the pioneer campaigner in Sri Lanka for social inclusion for all, a well-known voluntary disability activist and a reputed accessibility advisor. He can be reached via email on acsp@sltnet.lk.)

Obama said this week that JPMorgan was “one of the best managed banks there is” despite its $ 2 billion trading loss being investigated by the Securities and Exchange Commission.
“This is a checking account used by the president and the first lady,” said White House spokeswoman Amy Brundage. “It is the equivalent of an interest-bearing checking account available at many other financial institutions,” she said, noting that it generated less than $201 in interest income in 2011.
The president’s 2011 disclosures also included a regular JPMorgan Chase checking account in the $1,001 to $15,000 range. His other principal assets included $500,001 to $1 million in U.S. Treasury bills and between $1 million and $5 million in U.S. Treasury notes.
In a note about the annual financial statements that were posted online, the White House said “neither the president nor the vice president have any conflicts of interest.”
Obama, in an appearance on the daytime TV show “The View,” which was taped on Monday and aired on Tuesday, praised JPMorgan chief Jamie Dimon and said the bank’s loss showed the need for strong financial oversight.
“You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we (the government) might have had to step in. That’s exactly why Wall Street reform’s so important,” he said.

Investors are worried about the demand for oil as a prolonged political crisis in Greece may push Europe into a deeper financial mess at a time when China is slowing and the U.S. economy remains fragile. Yet, limited spare capacity and fears of a supply disruption have put a floor under prices. Brent crude slipped $1.39 to as low as $110.85 a barrel by 2:42 a.m. EDT, declining for four out of the past five sessions. U.S. oil fell $1.68 a barrel to $92.30 after earlier slipping to $92.13, the lowest since November 3.
“A further $2-$3 fall is acceptable under current conditions,” said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments. “The market has been under pressure because of weak sentiment. But if you go by supply-demand balance, oil prices are undervalued.”
Oil may recover as the seasonally weak demand period ends and as the U.S. driving season begins, Emori said. He expects supplies to tighten because producer group OPEC and top exporters such as Saudi Arabia have very limited spare capacity as they have already ramped up output to cool prices.
But for now, a steep increase in crude stocks in the world’s top consumer, United States, a slow but steady progress in talks with Iran over the Islamic Republic’s disputed nuclear program and uncertainty surrounding Greece are weighing on prices.
U.S. crude stocks increased nearly four times than what analysts had expected, data from the American Petroleum Institute (API) showed. Crude inventories rose 6.57 million barrels in the week to May 11, outpacing analysts’ expectations of a rise of 1.7 million barrels. <API/S>
The U.S. Energy Information Administration will release its weekly petroleum inventory data at 1430 GMT. <EIA/S>
Adding to worries about demand, Greece abandoned a nine-day hunt for a government and called a new election, pushing it closer to bankruptcy and a euro zone exit.
Iran and the U.N. nuclear watchdog ended two days of talks by agreeing to meet again next week, just two days before Tehran resumes negotiations with world powers concerned it may be seeking to develop atomic bomb capability.
“Certainly, if progress is made in Baghdad, a military option will be even more remote in 2012,” Barclays Capital analysts said in a note, referring to a scheduled meeting between the UN Security Council and Iran next week.
“However, there is a risk that because expectations of a breakthrough have risen, if the negotiations stall or are judged a failure, the calls for military action will mount and Iran will again take center stage as a key upside risk in the oil markets.”
Brent remains neutral above a support at $110.34 per barrel, the May 7 low, while support for U.S. oil lies at $92.79 per barrel, according to Reuters technical analyst Wang Tao.

Unless the world addresses the problem, by 2030 even two planet Earths would not be enough to sustain human activity, WWF said, launching its “Living Planet Report 2012”, a biennial audit of the world’s environment and biodiversity – the number of plant and animal species.
Yet governments are not on track to reach an agreement at next month’s sustainable development summit in Rio de Janeiro, WWF International’s director general Jim Leape said.
“I don’t think anyone would dispute that we’re nowhere near where we should be a month before the conference in terms of the progress of the negotiations and other preparations,” Leape told reporters in Geneva.
“I think all of us are concerned that countries negotiating in the U.N. system for an outcome for Rio have not yet shown a willingness to really step up to meet these challenges. Those negotiations are clearly still tangled.”
The Rio+20 meeting on June 20-22 is expected to attract more than 50,000 participants, with politicians under pressure from environmentalists to agree goals for sustainable development, in the spirit of the Rio Earth Summit that spawned the Kyoto Protocol 20 years ago.
Despite that pact aimed at cutting planet-warming carbon emissions, global average temperatures are on track for a “catastrophic increase” by the end of the century, WWF said.
Leape said there were many initiatives governments could take unilaterally without being “held hostage” to the wider negotiations for a binding global climate deal to replace Kyoto, which expires this year.
It said the world should move away from “perverse” subsidies on fossil fuels that amount to more than $500 billion annually and ensure global access to clean energy by 2030.
Asked why environmentalists were still struggling to win the argument that something needed to be done, Leape said: “Let’s not underestimate the inertia in the system.
“We’ve built an economy over the last century that is built on fossil fuels and on a premise that the Earth’s resources could not be exhausted. You see that conspicuously in the case of the oceans, where we’ve been taking fish as if there were no tomorrow, as if fish would just always be there.
“Secondly, we’re doing it in the context of a marketplace that continues to send the wrong signals. So many of the costs that we’re talking about are not built into the prices you see … Markets can work well if prices are telling the truth but at the moment they don’t, in hugely important ways.”
Consumers were helping to turn the tide, he said, because of certification regimes that give products a seal of approval, forcing companies to abide by certain standards.
“You see a growing number of commodities in which this approach is rolling out. It’s in timber, it’s in fish, but it’s also now in palm oil and in sugar and in cotton and so forth. I think that’s part of creating market signals, to allow consumers to send signals, to show their preferences and to actually begin to build a market that’s heading towards sustainability.”

(1) No person shall be appointed, elected or nominated as a director of a licensed commercial bank or continue as a director of such bank unless that person is a fit and proper person to hold office as a director of such bank and if he is not prevented from doing so by any provision of this Act or of any other written law.

(2) In determining whether a person would, for the purposes of subsection (1) be considered to be a fit and proper person, the following matters shall be taken into consideration:

(a) that such person possesses academic or professional qualifications or effective experience in banking, finance, business or administration or of any other relevant discipline;

(b) that there is no finding of any regulatory or supervisory authority, professional association, any Commission of Inquiry, tribunal or other body established by law in Sri Lanka or abroad, to the effect that such person has committed or has been connected with the commission of, any act which involves fraud, deceit, dishonesty or any other improper conduct;

(c) that such person is not subject to an investigation or inquiry consequent upon being served with notice of a charge involving fraud, deceit, dishonesty or other similar criminal activity, by any regulatory authority, supervisory authority, professional association, Commission of Inquiry, tribunal or other body established by law, in Sri Lanka or abroad ;

(d) that such person has not been convicted by any Court in Sri Lanka or abroad in respect of a crime committed in connection with financial management or of any offence involving moral turpitude;

(e) that such person is not an un-discharged insolvent nor has he been declared a bankrupt in Sri Lanka or abroad;

(f) that such person has not failed, to satisfy any judgement or order of any court whether in Sri Lanka or abroad, or to repay a debt;

(g) that such person has not been declared by a court of competent jurisdiction in Sri Lanka or abroad, to be of unsound mind;

(h) that such person has not been removed or suspended by an order of a regulatory or supervisory authority from serving as a director, Chief Executive Officer or other officer in any bank or financial institution or corporate body, in Sri Lanka or abroad;

(i) that such person has not been a director, Chief Executive Officer or held any other position of authority in any bank or financial institution.

(4) Every licensed commercial bank shall notify the Director of Bank Supervision in such form as may be determined by the Director, the name, address and occupation of:

(a) each person proposed to be appointed, elected or nominated as a director of the bank, before such appointment, election or nomination as the case may be;

(b) each person appointed, elected or nominated as a director of the bank, within fifteen days after such appointment, election or nomination as the case may be;

(c) any director of the bank, if the bank is aware that such person is not a fit and proper person, or where such director becomes otherwise ineligible to hold office as such director, within fifteen days of its becoming aware of such facts.

(5) The Director of Bank Supervision may, having regard to the matters specified in subsections (1), (2) and (3), approve or refuse to approve the proposed appointment, election or nomination as the case may be as a director of the licensed commercial bank of the person referred to in paragraph

(a) of subsection (4) and shall, within 30 days after submission of the name of such person under that subsection, notify the bank of such approval or refusal, giving reasons therefor. It shall be the duty of the bank to communicate such notification to the person to whom it relates.

(7) A licensed commercial bank shall not appoint, elect or nominate as a director of the bank, a person whose appointment, election or nomination as the case may be has not been approved under subsection (5) or subsection (6):

(8) Where the Director of Bank Supervision, having regard to the matters specified in subsections (1), (2) and (3) is satisfied at any time that a person appointed, elected or nominated as the case may be as a director of a licensed commercial bank is not a fit and proper person or that he is otherwise ineligible for appointment, election or nomination as the case may be or that the election, appointment or nomination as the case may be of a person as a director of a licensed commercial bank contravenes the provisions of subsection (3) or subsection (7) the Director shall submit a report to the Monetary Board. The Board may, if it is satisfied on consideration of the report and such other matters which in its opinion merit inquiry, that the person is not a fit and proper person or the election, appointment or nomination as the case may be of the person contravenes the provisions of subsection (3) or subsection (7):

(a) direct the bank in writing to remove such person from the office of director within such period as may be specified in such direction, giving the reasons for such direction; and

(b) notify in writing the person whose removal is required under such direction, of such direction, a copy of which shall be annexed to such notification,

(9) A licensed commercial bank which fails to comply with any direction given under paragraph (a) of subsection (8) within the period specified in such direction and a director who has been served with a notice under paragraph (b) of section (8) who continues to function as a director, shall each be guilty of an offence and shall be liable on conviction after trial before a Magistrate to a fine of rupees five hundred thousand and shall:

(a) be liable in the case of the bank, to a further fine of rupees one hundred thousand, in respect of each day the bank fails to comply with such direction after such conviction; and

(b) be liable in the case of a director of the bank, to a further fine of rupees one hundred thousand in respect of each day such director continues as director after such conviction.

(11) Where any written law, other than this Act, provides for the appointment of a person as a director of a licensed commercial bank by virtue of an office the person holds, the preceding provisions of this section shall not apply to the appointment of that person as a director of such bank.

(12) The responsibilities of the Board of Directors shall include the overseeing of the management of the affairs of the Bank.

‘Guidelines on Fit and Proper Criteria’
‘Guidelines on Fit and Proper Criteria’ issued by the Monetary Authority of Singapore3 reads:
Fit and Proper Test
(6) MAS will broadly take the following criteria into account in considering whether a relevant person is fit and proper:

(a) honesty, integrity and reputation;

(b) competence and capability;

(c) financial soundness.

(o) in addition to sub-paragraphs (a) to (n), where the relevant person is an individual:
Some of the relevant subsidiary sections that define persons who are not ‘fit and proper’ read as:

(i) is or has been a director, partner, substantial shareholder or concerned in the management of a business that has been censured, disciplined, prosecuted or convicted of a criminal offence, or been the subject of any disciplinary or criminal investigation or proceeding, in Singapore or elsewhere, in relation to any matter that took place while the person was a director, partner, substantial shareholder or concerned in the management of the business;

(ii) is or has been a director, partner, substantial shareholder or concerned in the management of a business that has been suspended or refused membership or registration by MAS, any other regulatory authority, an operator of a market or clearing facility, any professional body or government agency, whether in Singapore or elsewhere;

(iii) has been a director, partner, substantial shareholder or concerned in the management of a business that has gone into insolvency, liquidation or administration during the period when, or within a period of one year after, the relevant person was a director, partner, substantial shareholder or concerned in the management of the business, whether in Singapore or elsewhere;
(iv) has been dismissed or asked to resign from:
(A) office;
(B) employment;
(C) a position of trust; or;
(D) a fiduciary appointment or similar position,
whether in Singapore or elsewhere;
(v) is or has been subject to disciplinary proceedings by his current or former employer(s), whether in Singapore or elsewhere;
(vi) has been disqualified from acting as a director or disqualified from acting in any managerial capacity, whether in Singapore or elsewhere; and
(vii) has been an officer found liable for an offence committed by a body corporate as a result of the offence having proved to have been committed with the consent or connivance of, or neglect attributable to, the officer, whether in Singapore or elsewhere.

Competence and capability

12 The factors set out in the following paragraphs are relevant to the assessment by MAS of the competence and capability of a relevant person. MAS will consider
2, amongst others:
(a) whether the relevant person has satisfactory past performance or expertise, having regard to the nature of the relevant person’s business or duties, as the case may be, whether in Singapore or elsewhere;

(b) where the relevant person is an individual who is assuming concurrent responsibilities, whether such responsibilities would give rise to a conflict of interest or otherwise impair his ability to discharge his duties in relation to any activity regulated by MAS under the relevant legislation;
 (d) in relation to a relevant person whose activity is regulated by MAS under the FAA or the SFA, whether the representative of the relevant person has:
(i) satisfactory educational qualification or experience, whether in Singapore or elsewhere, having regard to the nature of the duties they are required to perform; and

The aforesaid local statutory and regulatory guidelines read together with the bench mark guidelines from the Monetary Authority of Singapore, should enable the Office of the President to assess whether any person who endorsed or was associated with the specific clarification on the investment in the shares of The Finance Company PLC (TFC) by NSB conform to the ‘Fit & Proper’ guidelines expected of them in their official positions, especially in regard to the following extracts of a statement issued by the Directors of NSB as appearing in the paid newspaper advertisement;

1. The offer from TFC initially came to NSB (who brought the offer and in what capacity and was it solicited or unsolicited and most importantly was he /it a ‘fit and proper person’?) to subscribe for their voting shares in January 2011.

2. The Bank carried out a detailed analysis on TFC (did this analysis reveal that TFC had financial viability, long term and immediate term sustainability and solvency, going concern status, ability to meet all present and contingent liabilities, with acceptable related party transactions and appear as an institution where risks were effectively managed subject to appropriate due diligence tests on account of its past purported financial mismanagement and most importantly an institution where the promoters, directors, and officers qualified under a ‘fit and proper’ test?) and was willing to purchase the voting shares (was this purchase deemed not ultra vires the powers of investment vested in the NSB ?) up to aproximately8.33% .

3. Similarly, the Bank received an invitation from a stock broker to purchase voting shares in March 2012. (Was this offer solicited or unsolicited? Were there any other interested parties and promoters of this transaction? Had the NSB an ongoing acceptable operating relationship with the broker? Did the Board validate the ‘fit and proper ‘status of the broker and whether it had any related party or other conflicts of interests?)

4. Since the Bank had already carried out a detailed analysis in January 2011, the Board Sub Committee on Corporate Lending and Equity Investment (trust all members are persons with proven acceptance as conforming to applicable ‘fit and proper’ guidelines?) decided (are there properly delegated authority and financial limits set defining the operating frame work of the sub-committee?) to re-look at the investment from a strategic initiative (do the members of the Sub Committee qualify as ‘fit and proper’ persons with ‘competences and capability’ requirements to carry out a strategic investment evaluation with necessary financial and other evaluations, compliance testing, risk analysis and stress testing, etc.?) point of view with further analysis.

5. Having done a further analysis (did this further analysis reconfirm that that TFC had financial viability, long term and immediate term sustainability and solvency, going concern status, ability to meet all present and contingent liabilities, with acceptable related party transactions and appear as an institution where risks were effectively managed subject to appropriate due diligence tests on account of its past purported financial mismanagement and most importantly an institution where the promoters, directors, and officers qualified under a fit and proper test?), a favourable consideration was given (were there formal Investment Committee minutes supporting such favourable consideration and did the subcommittee have power on its own to sanction or were there other limits of approval requiring further board approval and were these processes followed?) to purchase voting shares of TFC, amounting to 10-15% (was it validated before purchase whether the transaction was not ultra-vires the Bank’s legal, regulatory and powers? (Was a formal buy order executed authorising the broker to transact and did such order meet all internal procedures, processes, limits of authority, internal control and compliance requirements? If there was no formal authorised ‘buy’ order who empowered the Broker to transact a ‘buy’ or did the broker act on his own accord?)

6. However, since the Board was of the view that benefits (i.e. not the validity of this investment and it not being ultra-vires the powers of the Bank and its Board?) of this investment is not as strong enough to proceed with (was this view of the Board before or after the ‘buy ’order was executed?), a decision was taken not to make the payment, due on this transaction.(If a formal buy order had been executed by the NSB or an authorised officer of the NSB, a valid contract has been executed and non payment will be a violation of the contract. The NSB, its directors and officers will carry liability and also invoke reputation risks and hence not an option ‘fit and proper’ directors can exercise!)

7. As a socially conscious and responsible State-owned financial institution, we wish to give a strong pledge to the general public that we would continue to uphold all traditions of our Bank (more important than traditions, the pledge required of directors is that they operate the business of the within the laws of the land as applicable and in full compliance with all regulations and operating instructions, adhering to best practices of good governance as ‘fit and proper directors’) and as done in the past continue our quest in having the depositors and other stakeholders total interests in our minds in the future as well as the leader in developing you and the country (and not forgetting the commitment to transparency, good governance, effective management of possible conflicts of interests and related party transactions at all times committing to being ‘fit and proper’ with (a) honesty, integrity and reputation; (b) competence and capability; and (c) financial soundness.)

1 http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/licensing/bsd_licensing.pdf
2 http://www.commonlii.org/lk/legis/num_act/ba2o2005198/
3 http://www.mas.gov.sg/resource/legislation_guidelines/securities_futures/sub_legislation/Guidelines%20on%20Fit%20and%20Proper%20Criteria_FSG-01_Sept_07.pdf

(The writer is a former Chairman of the Ceylon Chamber of Commerce.)

Till recently Clarke was in India playing for the Pune Warriors India in the fifth edition of the Indian Premier League. With Pune left with no chance of making it to the playoffs, it looks like Clarke decided to give priority to his personal life.
Clarke also tweeted pictures from his wedding.
Kyly Boldy s an Australian model and television presenter. She was a presenter for The Weather Channel in Australia in 2009. Boldy has a background in modelling and acting and owns an interior design business.
Clarke was previously engaged to Australian model Lara Bingle. The pair broke up following the release of nude photo of Bingle during the Australian tour of New Zealand in March 2010. Clarke left the tour midway to return to Sydney and sort out personal issues.

The quip came as the president congratulated Beckham and his team-mates on the Los Angeles Galaxy, who defeated the Houston Dynamo last November to clinch the 2011 Major League Soccer Cup.
“It is a rare man who can be that tough on the field and also have his own line of underwear,” Obama said with a smile to laughter from the audience. Beckham’s fame transcends the soccer field. He has landed endorsement deals with Adidas and Pepsi (PEP.N), and is known for showing off his body in underwear ads for H&M. His wife, Victoria, is a former member of the Spice Girls, one of the most successful bands of the 1990s.

Obama joked about the veteran soccer player’s age. The 37-year-old has a good number of years on most of his team mates. “I have to say I gave David a hard time – I said half his team mates could be his kids,” the president said. “We’re getting old David, although you’re holding up better than me.”

Dressed in matching shirt and shorts with the colours of the Serbia flag down one side, Djokovic took just 69 minutes to see off Tomic and erase the memories of his quarter-final defeat on the blue clay of Madrid.
The manner of his victory was in stark contrast to that of Murray, who had to battle from 3-1 down in the final set to beat Argentina’s David Nalbandian for his place in round three. Britain’s world number four, a semi-finalist here last year, romped through the first set but had to dig deep in the third to claim a 6-1 4-6 7-5 victory.

Jo-Wilfried Tsonga and David Ferrer, seeded fifth and sixth respectively, advanced but Gael Monfils, seeded 13, was beaten 7-5 6-3 by former world number one Juan Carlos Ferrero.
Wimbledon champion Petra Kvitova of Czech Republic, seeded fourth, also had to battle, recovering from a slow start to beat Russia’s Anastasia Pavlyuchenkova of Russia 7-5 6-4.
Former world number one Venus Williams, in her fourth tournament back since she was diagnosed with the energy-sapping Sjogren’s Disease, reached round two with a 6-3 6-4 win over Simona Halep of Romania.