Pic by Pradeep Dilrukshana

Bullish sentiments saw the Bourse up over 2% yesterday with market capitalisation improving by Rs. 41 billion to Rs. 1.987 trillion bringing the total to Rs. 153 billion from Rs. 1.834 trillion on 14 February. Of the rally, last Thursday produced the biggest with market’s value gaining Rs. 96 billion.
“Strong retail buying dominated the market with continuing foreign interest and increasing market confidence resulting in a strong and steady upward movement of the indices,” NDB Stockbrokers said. After losing Rs. 112 billion last week Monday and Tuesday, the ASI’s year-to-date negative return was at a high 17.52%, but the rebound has gathered momentum with the YTD negative return reduced to 10.7% by yesterday.

During the past five sessions the market has risen by over 8% from a one-and-a-half year low early last week. Turnover yesterday was a health Rs. 1.5 billion.
Active local investor play was boosted by continued interest by foreigners. The market saw net foreign buying worth Rs. 449 million increasing the year-to-date net inflow to Rs. 2.3 billion. “Foreign buying seems to remain strong as the market recorded net foreign inflow for the ninth consecutive trading day,” Arrenga Capital said.
NDBS said foreign accumulation witnessed in blue chip John Keells Holdings helped to boost the indices while renewed interest in speculative counter Blue Diamond resulted in acceleration towards the end of trading.
Diversified sector was the highest contributor to the market turnover (due to John Keells Holdings and Aitken Spence) and the sector index rose 2.59%. The share price of John Keells Holdings gained Rs. 7.40 (4.44%) to close at Rs. 174 while share price of Aitken Spence increased Rs 0.70 (0.61%) to close at Rs. 115.70. Foreign holdings of John Keells Holdings and Aitken Spence increased by 1,056,149 and 450,900 shares respectively.
The Bank, Finance and Insurance sector became the second highest contributor to the market turnover (due to Commercial Bank) and the sector index jumped 3.41%. Commercial Bank share price increased by Rs. 0.10 (0.10%) to close at Rs. 100.90. Foreign Holdings of Commercial bank increased by 1,375,600 shares. Arrenga said with the positive sentiment in the last couple of days the retail participation improved as some of the retail favourite speculative counters gathered momentum. The speculative lot was led by Blue Diamonds [Non-Voting] with 20 million shares changing hands for Rs. 64 million as the counter closed at Rs. 3.3 (+13.8%) after peaking at Rs. 3.5. Interest was also visible in the Voting share which gained +25.0% (Rs. 7.1 closing) despite lesser volume of 5.7 million shares being traded.
Retail favourite Environmental Resource Investments was another speculative counter with heavy interest with a sharp of +13.9% to close at Rs. 22.2. The Warrants [W:0003 & W:0006] of the counter also followed the voting share with gains of +20.6% and +21.7%. Among other speculative counters that generated volume were Ascot Holdings (-4.5%) and PC House (-6.2%).
Some analysts however were concerned over sharp spikes and emphasised the importance of low yet stable gains over a longer period for greater sustainability of and confidence in the market. “With the sharp gains in the indices in the last few days some profit taking is likely to take place,” Arrenga Capital opined hence advised investors to collect stocks on a down trend while taking profit on up trends.
“Investors must keep in mind that there are dark clouds still hovering over the economy and the change in sentiment from extremely pessimistic to extremely bullish is a sign that this market is still fragile,” Stefan Juriansz, a technical analyst at the Bartleet Mallory Stockbrokers was quoted as saying by Reuters.
Although viewing the opportunities in the local bourse from a bottom-up perspective, DNH Financial said at a macro level, economic growth will continue unabated notwithstanding expectation of a rise in inflationary pressures due to cost push factors caused by the rupee depreciation and rising oil prices.
“We believe that the Government will have the capacity to fuel economic growth not only by strong domestic consumption but also supported by access to foreign capital at attractive rates thereby creating multiple, interrelated drivers for economic expansion. In balancing what we consider the compelling opportunities provided by the Sri Lanka bourse, we see particular value in domestically focused companies which should experience less earnings volatility against an uncertain global backdrop. Among domestically-oriented stocks, we are buyers of selected counters in the consumer, industrial, diversified, banking and hotel sectors which we believe are likely to attract investors who will appreciate their potential upside,” DNH Financial said

He won the elections by over 1,500 votes, beating his challenger Tirantha Walaliyadda. Around 11,000 members of the BASL were e eligible to vote at the election held at 66 polling centres.
The general assembly of the BASL will take place on 31 March where Rajapakshe will be officially inducted as the new President.

Given the serious implications of the hike as well as the Government’s apparent deviation from the previously agreed method for revisions, the CILT Sri Lanka said it was necessary for it to express its reservations and concerns.
Following is the full text of CILT Sri Lanka’s letter to Minister of Private Transport Services C.B. Ratnayake with copies to Secretary to the President Lalith Weeratunga and Secretary to Ministry of Finance Dr. P.B. Jayasundera:
The Chartered Institute of Logistics and Transport (CILT) is the premier body of professionals in the field of transport and logistics. We comprise a worldwide membership of 33,000 and GILT SL has been in existence since 1985. Several of our members occupy high positions in both government and private sector institutions in the area of transport and logistics.It has been made necessary at this time to express our concern on the manner in which the recent bus fare increase has been carried out.
Several of our members were involved from the year 2000 when the then Minister of Transport Dinesh Gunawardena appointed a committee to determine a suitable index for bus fare revisions. The report of this committee which was set out as a Bus Fares Policy was accepted by the Minister and the bus operators as well as the representatives of bus commuter associations was submitted for Cabinet approval in 2001.
With the subsequent change of government it was re-submitted by Tilak Marapana and approved by the Cabinet of Ministers in June 2002. Since then, there have been over 15 fare revisions using this Bus Fares Policy with three of them being reductions under several Ministers of Transport.
It has been brought to our notice that the recent bus fare increase of 20 per cent deviates and in fact contravenes the aforesaid Bus Fares Policy and that its implementation has resulted in a higher bus fare to commuters as set out below:
• As stipulated in the Bus Fares Policy, any fare increase of more than 10% should obtain the approval of the Cabinet of Ministers vide a Cabinet Paper. This has not been done in this instance.
• The policy provides for only changes due to fuel price adjustments to be effected before the annual revision in July of each year. The increase due to diesel at this time is around 156%. However a fair increase of a minimum 20% has been granted, thus heaping an additional fare increase of 4.4% on passengers that will be in effect for a period of nearly five months. This extra fare that passengers would have to pay due to this action is calculated at Rs. 920 million.
• When the fares index is applied today it shows that the increase should not be more than 16 per cent. As such the arbitrary action has resulted in a part of a future fare increase being given today. The burden to the public due to this will be at least Rs. 1,100 million.
• The fare increase should be granted from the exact fare as per previous calculated fare. In the case of the first section it was Rs. 6.86 at the last revision which was rounded off to Rs. 7. The 15.6% fare revision should increase it only to Rs. 7.93. Even if 20% was applied for the full Rs. 70 fare it is still Rs. 8.40. As per fare policy fares should be rounded off to the nearest rupee value. Hence the most important first fare stage appears to have been arbitrarily set at Rs. 9, heaping unnecessary burden on the public. As a result, the public will be paying around Rs. 3 million extra per day. If passengers have to pay this till the next fare revision in 2013 they would have paid Rs. 1,550 million more than what they should have paid as per the provisions of the policy.
• Moreover, it has been revealed that the Fare Index has not been used in calculating the fare revision. This is also a violation of the Fares Policy which stipulates no fare revision can be done without using the Index. In 2008 when price of diesel went up to Rs. 110, the fares were increased and then reduced in two stages within six months. This was possible because an acceptable index had been used. In the current context it would be difficult for the authorities to pass on the benefit of any decrease in fuel prices to the passengers unless they use the Fare Index in revising fares at all times.
As a professional organisation it is our duty to ensure that the professional contributions that have been made by our members in the bus sector which have been used for many years for better public service and regulation of the industry be safeguarded.
We are also concerned on the hastily constructed plan to provide a diesel subsidy for bus operators. The CILTSL is aware that many countries provide subsidies for public transport and would like to stress that a plan to grant a subsidy should be implemented only after careful structuring of same.
The plan that has been announced in the media does not encourage increased operation of buses. In fact if a bus receives Rs. 31 per litre for 80 litres per day for 25 days, it will amount to a subsidy of Rs. 62,000 per month or Rs. 744,000 per year. This is a substantial amount of money. In fact an owner will find it more profitable to keep the bus parked at home and to collect the subsidy by forwarding false claims than operating it. There is no auditable system that prevents him from doing so. The payment of subsidy on the above scheme would amount to a burden on the public if such do not translate to actual services rendered especially since the subsidy as announced would require in excess of Rs. 15 billion in subsidies per year which again the public would be required to pay. We are also made aware that work in this respect to set up working time tables and route based companies that could have certified the operations was inaugurated in 2007 under former Minister Dulles Allahapperuma but have recently been suspended. As a result, the public today have been deprived of being provided a subsidy. Higher bus fares will also drive passengers to private transport thus creating loss for the industry and will also lead to increased road congestion that will cost the economy even more.
We call on you to consider correcting the bus fare revision after proper application of the Bus Fares Policy including the reduction of Rs. 9 for the first stage to Rs. 8 and the reduction of the overall increase from 20% to 15.6% bearing in mind that failure to do so will result in bus passengers unduly compelled to pay an additional Rs. 3, 580 million and will lead to negative impacts for the entire transport sector.
The setting up of an auditable system of providing subsidies based on published timetables and proper management of routes must also be resumed.

The Ministry has emphasised that this is a national responsibility entrusted on all Government institutions.  The objective of the Government by this measure is to save the valuable foreign exchange spent on importing fuel for transportation and generating electricity.

In addition to this, the Government expects that institutions coming under it should pay more attention on alternative energy sources and improve such facilities while taking suitable steps to introduce efficient technical methods of fuel/electricity consumption.
The Department of National Budget has issued a circular on 16 February 2012 giving instructions to set an example to the country by the public sector. The Budget Circular holds the secretaries to ministries responsible for using fuel/electricity in a more efficient and cost effective manner.
 

Dealers said the rupee weakened, despite the inflows from offshore investors to buy shares, as importers bought dollars and some foreign investors exited their rupee bond positions.
The benchmark 91-day T-bill yield meanwhile rose by 20 basis points to a 28-month high of 9.51%.

The UNP is to focus its rally on the economic mismanagement of the Government and the increase in cost of living.
Attanayake said this year’s May Day rally will be held to mark the end of corruption, terror and suppression.

The forum held before the weekly Cabinet meeting was attended by MPs, heads of local government bodies and Ministers.
Ministers Susil Premjayantha, Champika Ranawaka, Rajitha Seneviratne along with Central Bank Governor Nivard Cabraal had explained the reasons as well as counter measures taken.
They had emphasized that the crisis was “temporary” whilst high economic growth, recent low inflation and interest rate regime had provided considerable savings and relief to people since the end of the war. It was emphasized that these along with new relief measures announced would make the impact less following the devaluation, hikes in fuel price and electricity charges and resultant increases in other goods and services.
Minister Wimal Weerawansa had said that the Opposition was trying to discredit the President and the Government as well as the defeat of terrorism ahead of UNHCR sessions in Geneva.
At the meeting a decision had been made to conduct countrywide rallies to commend the Government for its economic management as well as progress in development and reconciliation matters despite facing many challenges.
 

Head of the Ceylon Federation of Labour T.M.R. Rasseedin has said that repeated requests had been made from the Labour Ministry to increase the salaries by forwarding the requests to the Wages Board.
However, Labour Ministry Secretary W.J.L.U. Wijayaweera has said that the Ministry had not received any union request for a wage hike.
He has added that in the event such a request was made by a trade union, it would be forwarded to the Wages Board to receive recommendations.
Public and private sector trade unions affiliated to Janatha Vimukthi Peramuna (JVP) meanwhile has commenced a protest campaign against the soaring cost of living and demanding a salary increase.

U.S. crude futures were stuck in negative territory after the new front-month April contract hit a fresh nine-month high above $106 as overbought signals triggered slight profit-taking, analysts said.
In London, ICE Brent crude for April delivery was up $1.16 at $122.82 a barrel, by 11:40 a.m. EST. The contract was up most of the U.S. session then accelerated to $123.07, the highest price since the $125.02 intraday peak hit on May 3 last year.
U.S. NYMEX April crude was down 33 cents at $105.92 a barrel. The March contract, which expired on Tuesday, closed at $105.84 a barrel, the highest settlement for front-month NYMEX crude since May 4.

U.S. crude’s Relative Strength Index (RSI) crept to just above 70 on Wednesday, which is the threshold for overbought conditions, according to Reuters data, and that triggered some profit-taking which knocked prices back from the new peak.
The U.N. nuclear watchdog ended its latest mission to Iran after talks on Tehran’s suspected secret atomic weapons research failed, a setback likely to increase the risk of confrontation with the West.
Russia warned Israel not to attack Iran over its nuclear program, saying on Wednesday that military action would have catastrophic consequences.
“Iran is still the main issue; it’s keeping prices very well supported,” said Andy Sommer, an analyst at EGL in Dietikon, Switzerland.

This is the first time a retailer has introduced such a feature and the launch underscores Singer’s commitment to the environment and its customers.

Inspired by the company’s green initiative, the SMS Receipts feature will contribute to Singer’s efforts in reducing paper wastage.
Singer Marketing Director Nasser Majeed said: “Every organisation is today faced with the very pertinent issue of paper wastage. As a socially responsible corporate citizen, we take the onus upon ourselves to initiate measures such as SMS Receipts to reduce paper wastage.”
“Our customers are also increasingly conscious about the environment. This doesn’t mean they merely want products and services that do not have any adverse environmental effects. It means they also want companies and brands they patronise to put in place sustainable practices. By introducing the SMS Receipts feature, we are encouraging our customers in their pursuit of a sustainable modern lifestyle,” he added.
The SMS Receipts feature will also result in faster service to customers, reducing queues and increasing efficiency of Singer’s utility bill payment operations.
Singer Sri Lanka brings its trusted excellence in products and services to Sri Lankan customers through its widespread chain of retail stores. Singer also provides an outstanding after sales service to its customers across the country through a network of seven regional service centres and over 150 service outlets.
 

Having achieved numerous milestones last year, the Group, which released its financial results for the year ended 31 December 2011, has invested heavily for the future with Rs. 18 billion Capex, an increase of 176% YOY, whilst notching Profit Before Tax of Rs. 6.53 Billion, a YOY growth of 10% and Profit After Tax of Rs. 4.78 Billion, an increase of 21%, while recording a revenue of Rs. 50.95 billion.
At Company level, Sri Lanka Telecom posted Rs. 4.8 billion – a 21% growth in PBT – and an impressive 44% growth to Rs.3.56 billion in PAT. A visionary business strategy coupled with a pragmatic transformation plan has driven the Group to become the telecommunication solutions powerhouse in the country, delivering strong financial results that point towards stability and consistent performance within the Group.
SLT saw its wire fixed line revenue stabilise, arresting the declining trend that emerged about five years ago. There was also significant growth contribution from non-traditional revenue streams, mainly fixed broadband, wholesale and enterprise sales, while mobile revenue also displayed a growth of 7% to stand at Rs. 21 billion.

Local revenue at Company level increased by 3%, which validates our strategies to turn around the earlier negative growth.
With revenue growth driven by broadband, data and enterprise services, Sri Lanka Telecom is very focused on creating the optimum balance of revenue stemming from the right product mix. In 2011, there was an aggressive pursuance of business opportunities, while gaps that contributed to leakage or wastage, resulting in unnecessary expenditure, were identified.
Loss making or low margin product lines were rationalised, while the portfolio was consolidated. In tandem, increasing efficiencies became a key strategy of the overall Business Plan, which, supported through IT and process change, contributed to delivering a very positive impact on the Group’s bottom line, as is seen in the strong financial performance for the year.  The strong focus on instilling operational efficiencies and prudent cost management strategies from the pragmatic restructuring process saw operational costs managed at optimal levels. Company operating costs reduced by 5%, primarily due to the reduction in volume driven expenses and significant reduction in bad debts. At Group level, the increase in operational costs was a marginal 1%.  It was these strategies that contributed to the improvement in EBITDA margins at both Company and Group level, seen at 31% and 34% respectively. Group net cash generated from operating activities also increased from Rs. 15.2 billion in 2010 to Rs. 20.5 billion, while at Company level, net cash generated from operating activities increased to Rs. 13.3 billion from Rs. 10.6 billion.
Group EPS increased from Rs. 2.18 in 2010 to Rs. 2.65 in 2011, an increase of 21%, which reflects the underlying consistent financial performance and increased shareholder value.
Releasing the SLT Group’s strong performance for 2011, Chairman of SLT Group Nimal Welgama declared: “We have transformed ourselves to be the axis upon which the country’s very ambitious development agenda is founded, and have built the necessary trusses to take Sri Lanka forward. This is demonstrated through our exemplary and consistent financial results, which, while buoying our bottom line has built a sustainable foundation for growth and profit.”
Commenting on the Rs. 18 billion Capex investment for the year, he declared that, the significant increase in investments is consistent with building a solid future for the group and to support national development.
Given that penetration of broadband services remain lower in Sri Lanka than other comparable countries, the demand is increasing rapidly, which led the Group to invest in the infrastructure necessary for this envisaged demand, including fibre optic cables and the enabling of mobile broadband through mobile 3.5G/4G technologies. This demand for high speed uninterrupted broadband fueled the delivery of Double Play (Voice plus Broadband) and Triple Play (Voice plus Broadband plus PEOTV) services through the fixed Megaline and Mobile Broadband products contributed to ongoing growth in the customer base and revenues. The Group’s flagship subsidiary, Sri Lanka Telecom Mobitel, continued to grow its market share, while reporting a growth in all profitability indicators for 2011 such as EBITDA growth by 3%, EBIT by 16% and PAT by 6% compared to the previous year. Mobitel posted a PBT of Rs. 2.06 billion, an increase of 6% from last year’s Rs. 1.94 billion.
Being a pioneer in the region, this year too, Mobitel was the first in South Asia to demonstrate 4G LTE technology with data speeds of up to 96Mbps and transmit the latest 3Tesla MRI imagery over its mHealth platform for the first time in Sri Lanka.
 

Pic by Sudath Silva

The former Attorney General, a member of the Sri Lankan delegation for the UN Human Rights Council said LLRC recommendations are being systematically implemented under two high level committees appointed by President Mahinda Rajapaksa, one an Inter-Ministerial Committee and the other a Cabinet Sub Committee.
“Both committees are under the President’s supervision,” he said. “Nobody can point fingers at Sri Lanka with reason that there was reluctance as such on the part of the Government to implement LLRC recommendations.”
LLRC recommendations are being implemented not to please other nations.
It is being implemented as a part of the country’s policy to bring the nation under one banner as one Sri Lanka, Peiris pointed out.
The Inter-ministerial Committee and the Cabinet Sub-committee on the Implementation of LLRC recommendations are preparing a road map with milestones instructed by President Rajapaksa to implement the recommendations systematically.
He said LLRC recommendations are being implemented in keeping with the country’s National Action Plan for the Protection and Promotion of Human Rights, which was introduced in September last year. Plantation Minister Mahinda Samarasinghe will lead the Sri Lankan delegation for UNHRC.
The delegation comprised Ministers Nimal Siripala de Silva, Prof. G. L. Peiris and Anura Priyadarshana Yapa, MP Sajin Vaas Gunawardena and Attorney General Shanthi Eva Wanasundera and several officials from the Attorney General’s Department.
Meanwhile, on the eve of departure for Geneva, Minister Mahinda Samarasinghe said Sri Lanka would do its utmost to convince the international community that the country has done enough to implement the recommendations of the LLRC.
Minister of External Affairs Prof. G. L. Peiris addressing media in Geneva said that the Government had started work to address the accountability issues.
“A great deal of work has already been done. We have started collecting and evaluating evidence. The army itself started a court of inquiry. They will talk to witnesses. Also, the government is planning to do a census to verify and ascertain the number of casualty figures. This will be done by the people from those areas,” he said.  The Minister noted that these issues would be addressed in a local context, and a heavy-handed international intervention would only complicate the process.
“It will polarise the problem. Local remedies have to be encouraged in this case,” he said.
Also, he noted that action would be taken to address the land issued as recommended in the LLRC report.

Delivering a special statement in Parliament, the Opposition Leader declared that the document in question should have been presented to parliament first, as both government and opposition representatives are attending the UNHRC session.
 “Presenting the document in Geneva without presenting to parliament is a breach of privileges of the country’s parliamentarians,” Wickramasinghe alleged.

The Bench comprising Justices N.G Amaratunga, S.I Imam and Priyasath Dep re-fixed the matter to be supported on 30 May, sequent to a move by the Petitioner’s Counsel for further date.
Petitioner Sarath Fonseka who is presently being incarcerated at the Welikada Prisons cited Army Commander Lieutenant General Jagath Jayasuriya, Maj. Gen. M.P Peiris, Maj. Gen. S.W.L Daulagala, Maj. Gen. M. Hathurusinghe, Rear Admiral W.J.S Fernando (Deputy Solicitor General) and the Attorney General as Respondents.
Romesh de Silva PC with Riad Ameen, Sugath Caldera, Shanaka Cooray and Eraj de Silva instructed by Paul Ratnayake Associates appeared for the Petitioner. Instructed by Sudath Perera Associates, S.L Gunasekera appeared for second and third Respondents while Sanjeeva Jayawardena appeared for the fourth Respondent. Additional Solicitor General Bimba Tilekaratne appeared for the first, fifth and sixth Respondents.
The Petitioner states that he was charged and found guilty by a purported General Court Martial II.  
He filed an application in the Court of Appeal for a writ of certiorari and prayed for the quashing of the purported conviction and sentence imposed on him. He states the purported order of the Court Martial was in the main that – he was purportedly guilty of the charges; and he was purportedly sentenced to 30 months imprisonment.
He states the order of the Court Martial was given on 17/09/2010; the application for the writ of certiorari was filed on or about 13/10/2010; the Judgment of the Court of Appeal was given on 16/12/2011.
He further states he has already served a period of more than one year and three months since the purported conviction and sentence. The Petitioner states the submissions in the said case was concluded on 15/09/2011 and the judgment was reserved for 15/12/2011 which is a period of three months and 90 days.
He states, in the circumstances, he had to serve 1/10th of his period of imprisonment while the Court of Appeal considered the judgment.
He states that the pith and substance of the charge was that he as Army Commander presided over a tender board which awarded the tender to a limited liability company in which it was alleged his son-in-law had connections.  
He points out that admittedly his son-in-law was not a shareholder or a Director or an employee of the limited liability Company. The prosecution at the Court Martial did not dispute this position.
The Petitioner states that it was common ground that the tender was correctly awarded to the limited liability company to which it was awarded; all persons recommended that the tender be awarded to the said limited liability company which was the lowest tenderer;
In the circumstances he claims it was common ground that the tender was awarded to the correct party; the Government or the Army did not suffer any loss by the award of the said tender.
He pleaded that the conviction was ex facie wrong, in that the evidence did not in any way disclose that his son –in- law had any connection to the Company to which the Contracts were awarded; he was in any way aware that his son-in-law had any connection with the company to which the tender was granted.
The totality of the evidence of the prosecution even if accepted, could not and did not constitute any offence under the Army Act in particularly section 109 of the Army Act, he maintained.
He pleaded that his conviction was without jurisdiction, ultra vires and incorrect in law.
Without prejudice to the aforesaid, the Petitioner pleads the sentence is illegal and/or unlawful; and/or the sentence is excessive.
He further pleaded that in terms of Section 109 of the Army Act it was inconceivable, completely wrong, unfair, unreasonable and disproportionate that the he be sentenced to 30 months imprisonment.  
He further stated the conviction and sentence was mala fide in that he was taken into custody only after he declared himself a candidate in the Presidential Election.  Till then he was described as the best Army Commander by the Defence Secretary.
He states that the Court of Appeal refused and/or did not even consider any of these submissions and did not give its mind at all to any of these submissions.
In the circumstances, the court of Appeal did not consider and/or refused to consider the main points upon which the writ was based, namely, inter-alia, there was no evidence to find him guilty of the Charges; even if guilty of the charges, there was no offence committed; the conviction was wrong in law; the sentence was unlawful; the sentence was excessive.  
He states the Court of Appeal dismissed the writ application by judgment dated 16/12/2011 merely on the ground that the Petitioner has suppressed material facts.
He states the only ground for the dismissal of the case was the alleged suppression of material facts.  The Petitioner states that the Court of Appeal did not in its judgement  – indicate what the particular suppression was; and how it became material to the case.
He further pleads it is abundantly clear that a suppression if at all on bias could not have been material to the main grounds of the Writ Application.
The Petitioner states that justice was not done to him in the case; justice did not appear to have been done to him in the case.
He states he did not withdraw the ground of bias but merely submitted that even if bias is not proved his appeal will succeed. He contends in the circumstances, the judgment of the Court of Appeal is ex facie wrong.

He has said that Sri Lanka could no longer purchase oil from Iran due to the oil embargo placed on that country. According to Premajayantha, the Government did not have any other alternative but to increase local fuel prices and the fuel prices would be reduced once global oil prices start to decline.
On Wednesday Arabian Light oil rose 0.4% to trade at US$ 121.19 a barrel. The Minister has explained that the losses incurred by the sale of fuel in the local market were very high until the recent price revision.
The Government had incurred a Rs. 48 loss from the sale of a litre of furnace oil, Rs. 30 from a litre of kerosene and Rs. 26 from a litre of diesel. (Colombo Page)

With only two weeks to go for Sri Lanka’s first-ever international logistics exhibition ‘Sri Lanka International Air Freight, Shipping and Logistics Expo 2012’ and 12th International Association of Ports and Harbours (IAPH) Asia/Oceania Regional Meeting and Port Forum, industry stakeholders yesterday voiced that it is now time to market the country’s logistical possibilities to the world.
With the future of the industry looking promising given the new ports and airports coming up and booming industrialisation and expansion which would amount to millions of dollars in the coming years, the country should now be prepared to showcase the potential it holds in the sector.
Strategic Enterprise Management Agency’s Senior Consultant on Ports and Airports Rohan Masakorala stated that while five years ago the complaint was that there was no proper infrastructure and today the country has enough to be marked as a leader in the world. “Now we need marketing to place ourselves on the global map.”
Commenting that the two events would be the starting point for the industry, Masakorala noted that the country has the potential to become a leader. “We are friendly, fast and efficient and we need to market this well so that internationally we are known for just that.”
Sri Lanka Freight Forwarders Association Chairman Mohan Mohanadas said: “We note this as an exciting opportunity to showcase logistical possibilities. We are well set to become a hub and the events will be the perfect opportunity to present this.”
Joining him, DHL Country Manager Manish Patel stated that for the country to grow in the post war era, it needs to market itself as well as the potential it holds. “Logistics makes things move and using that the country can now move into further development.”
The expo, endorsed by Strategic Enterprise Management Agency, Airport and Aviation Services Limited, Sri Lanka Railways, Ceylon Association of Ships’ Agents and Sri Lanka Freight Forwarders Association will be an ideal platform for creating new logistic networks, business connections and expand trade cooperation.
Sri Lanka with its excellent geographical proximity and new world class ports and airports coming up is set to be one of the key destinations for the world logistics industry. If promoted right, Sri Lanka could become a logistics hub for South Asia.
With over 450 members registering for the Regional Meeting which will be held alongside the expo at the BMICH premises, the benefits will be immense, Sri Lanka Ports Authority Chairman Dr. Priyath Bandu Wickrama said.
The meeting themed ‘Global challenges – Impact on Asia Oceania’ will feature three sessions which would cover many topics such as economic crisis and global trends, maritime safety and security, sustainability, etc.
“Many pressing concerns will be discussed at the event. In tandem with that, the exhibition will be most important for the local fraternity as it would give them a chance to not only present their business but also to forge important contracts.”Sri Lanka Ports Authority Managing Director Capt. Nihal Keppetipola added that eminent speakers from Europe, South East Asia and Australia would deliver speeches at the event. The expo will cover shipping and freight forwarding companies, shipping liners, warehouses, bonded depot and cold storages, containers, tank and bulk international trade ports, wharfs, cargo terminals, trucking, railway transport, airlines, cross border transportation and many other areas. “The two events will take Sri Lanka into a new dimension; a new world of logistics. It is the first time the two events are happening concurrently and will bring in many benefits to the industry as well as the country,” CEMS Global Group Director S. Sarwar said.

Owner of the world’s second-largest liquor maker, it is his chairmanship of debt-ridden Kingfisher Airlines that is currently making headlines, not the usual write-ups in society pages of his jet set lifestyle.
Mallya, who prefers to be addressed as Doctor for his honorary Ph.D. in business administration, was typically pugnacious as Kingfisher looked headed for a financial disaster with mass cancellation of flights and the resignations of dozens of its pilots.
“I am absolutely committed to keeping the airline going unless some government agency wishes to ground it,” the silver-haired 56-year-old told reporters. “The point is our bank accounts have been frozen by income tax authorities very suddenly and that has crippled us.”
Mallya’s ascent to the forefront of India’s business elite has shadowed India’s own rise as an economic power. But his troubles coincide with the country’s slow growth, high inflation and corruption scandals.
His larger-than-life achievements, travels on his yacht, Scottish castle, beachfront mansion in Cape Town and general playboy image, fascinate many Indians aspiring for wealth after generations of forced frugality. But it jars with others in a country where around half live in poverty.
To cap his commercial achievements, Mallya was elected in 2010 to the upper house of India’s parliament as independent.
“While he was doing well, he was signifying the resurgence of India. To a very large part of the middle class, he was what everyone wanted to be,” said Prahlad Kakkar, a well-known advertising executive, recently. “He was the symbol of new India – flamboyant, high-risk, wealthy and not ashamed of it.
“Now when everyone is tightening their belts .. there is an eerie feeling that he’s irresponsible.”
Kingfisher has become one of the main casualties of high fuel costs and a fierce price war between a handful of airlines which, between them, have ordered hundreds of aircraft for delivery over the next decade in an ambitious bet on the future.
The airline has resorted to mass cancellations of flights in recent days and is using less than half of its fleet of 64. Mallya has blamed the cash crunch on tax authorities who have frozen Kingfisher’s bank accounts over outstanding dues.
Media reports have said that 50 Kingfisher pilots have resigned over the past week, taking to more than 300 the number that have quit since last September.
Mallya has vowed not to seek any bailout from the government but has been non-committal on whether he will plough any of his own funds into the airline.
He is also chairman of United Breweries (Holdings) , a conglomerate with interests as diverse as aviation, breweries, biotechnology and real estate. The group has annual sales of more than $4 billion and Forbes said last year Mallya had a personal fortune of $1.4 billion. But it is his ownership of Kingfisher Airlines, which use to fly one in five passengers in India’s domestic market, that perhaps made Mallya most famous . The airline’s share is now half that. He helped transform India’s airline business by focusing on services like good food, personal screens on domestic flights and airline ushers who attend to customers as they arrive at the airport. “He altogether brought a different level of service into the domestic skies,” said Kapil Kaul, chief executive for the Indian subcontinent and Middle East at the Centre for Asia Pacific Aviation (CAPA), an aviation consulting firm. On each flight, Mallya appears on a recorded message on the inflight entertainment system, boasting of hand-picking each of the airline’s hostesses who “have been instructed to treat you in the same way as if you were a guest in my own home”. His lifestyle fascinates many Indians, including the nearly one million that follow him on Twitter.
Mallya flies around the world, dining with football stars and Formula One drivers and appearing with models on photo shoots in locations like Mauritius, continuously name-dropping the rich and famous on his Twitter feed. His 312-foot yacht, the Indian Empress cost almost $89 million.
Highlighting his global ambition, Mallya also owns a Scottish whisky company. He once personally flew in his private jet from New Zealand to Scotland to deliver three precious bottles of whisky that had been found left behind by the 1907 Antarctic expedition of British explorer Sir Ernest Shackleton.
He built a luxury Kingfisher villa in the beach state of Goa famed for its lavish parties, has befriended Bollywood stars and has a collection of dozens of vintage cars worth millions. He publishes a Kingfisher calendar of beautiful Indian models – often appearing flanked by them in photoshoots.
Mallya was the son of Vittal Mallya, a liquor baron whose United Breweries was once a major supplier of British colonial troops in India. He soon made a fortune buying up breweries in the pre-economic reform decades of post-independence India.
Vittal Mallya died relatively young and his son Vijay took over the UB Group as chairman in 1983 at the age of 28 and quickly expanded the group. Its core breweries and liquor business has around half the market share in India. Mallya’s lifestyle is not without critics, with some saying it is directly linked to the airline’s problems.
“Mallya’s flamboyant lifestyle is responsible for the debts that Kingfisher Airlines has incurred,” radical Hindu leader Bal Thackeray was quoted as saying by local media last year. “He has many businesses — liquor, IPL and F1 teams. He has many bungalows and a cruise boat. He himself does not know how much he spends on cheer girls during IPL (cricket) matches.”
The country’s main opposition party said it would oppose a state bailout for Kingfisher, which means pressure will remain on Mallya’s United Breweries to keep the airline in business. “Those who die must die,” Indian auto industrialist Rahul Bajaj told local media in November, referring to Kingfisher Airlines. Mallya himself says he will bounce back, and often criticises what he sees as a sensationalist press out to get him.
“Sensational headlines more speculative than fact-based,” he tweeted on Tuesday. “Self-styled expert commentators who are unqualified.”

He describes himself as a risk taker and even a cursory glance at his career shows the strong determination that went hand in hand to build the most impressive career in the insurance industry.  
Known to many as the founder of several key insurance companies in Sri Lanka, including Eagle Insurance and Janashakthi Insurance PLC which posted an impressive Rs. 7 billion in combined gross written premiums for 2011, Schaffter is sought after not only for his vast experience but also his honest and no-nonsense perspective on life.
He is respected as much for his integrity as his achievements and remains a pillar of the industry.
Schaffter started Janashakthi Insurance 40 years after he received his first job in the industry as a clerk. Having schooled at St. Thomas’ College, he left behind a distinguished record as a student with impressive sporting skills and the position of head prefect.
He was captain of the cricket team in 1950 and has won College Colours in cricket, hockey and soccer.
He is a double international in cricket and hockey and only a very few in this country have this honour.
“The main reason I went to St. Thomas’ College was because my father was a teacher there for 25 years, which meant that tuition fees were very reasonable for me,” smiles Schaffter adding that among his most memorable times was when the school was closed for two years during World War II and taken over by the British army.
“I went to a school in Kotte and then to St. Paul’s Milagiriya. We had to share the school with the girls and the classes were in the afternoon. I used to travel from Mt. Lavinia and walk from Wellawatta station and once school was over we would walk back in the dark. The trains were badly lit as the lights were shaded because of the blackouts and we would get home at seven or eight in the night.”     
After completing school Schaffter entered university but “did not last very long,” yet in this case what was lost to the medical profession was gained by insurance when Schaffter joined Ceylon Insurance in 1952, then after a stint in “Manufacturers Life” a Canadian Company Schaffter moved to Carson Cumberbatch where he consolidated his career for 14 years.
The risk-taking part of his career began at this point when he decided to leave his stable position at Carson Cumberbatch, and out as an insurance agent.
Married and with four children by this time, Schaffter had the challenging task of supporting his family while starting from scratch. “Being an insurance agent meant that I returned to the bottom of the ladder.”
“After a year or so I decided to educate my children in India and work in Chennai. During those days because of foreign exchange regulations we could not take a penny with us to India. So when I decided to take my family with me there was a huge risk involved.”
Nonetheless the risk paid off and Schaffter’s decision to go solo paid rich dividends over the next decade when he shuttled between his family and his career in India and as an insurance consultant in Sri Lanka.
The next step came when he accepted the position of Principal Agent for the National Insurance Corporation (NIC) and played a significant role in the organisation, which eventually became privatised in 1987.
Privatisation opened up more opportunities in the industry and Schaffter became a pivotal part of CTC Eagle before eventually starting his own company in the form of Janashakthi Insurance in 1994.  In an interesting twist of fate, Janashakthi took over NIC in 2001.
“This was another risk in my life. We started a company with no money, but it became a success. At the moment we are number three in non-life insurance and number five in life insurance. I was confident that with our innovative products and services we will continue to grow.”
So what are the key qualities that an entrepreneur should embody? “Have a lot of confidence in your ability, be honest in what you do and do it well.”
Schaffter insists that integrity in business is essential and the genuine intention to do good to society is of paramount importance.
“Corporate Social Responsibility, good governance, transparency… these are all just buzz words for me. If a company has integrity then all these aspects are automatically achieved.”
Despite his long and illustrious record Schaffter has no intention of retiring but he does take time off to spend with his grandchildren.
“I have 13 of them, all between the ages of 21 years to 16 months and I truly enjoy spending time with them. We spend a lot time at my farm in Kandy and a couple of years ago we went to Russia together.”
A picture of him holding one granddaughter sits in his office and is likely to be the first thing visitors see as they enter.  Having added doting grandfather to his multi-faceted character, Chandra Schaffter continues to lead by example.

He is a consultant for the Maldivian government at present and served the Inland Revenue Department for 34 years ending up as the Commissioner General.
He has implemented double taxation agreements with several countries and served as a mathematics lecturer at the University of Peradeniya where he completed an honors degree in mathematics and chemistry.
He also has a diploma in Tax Administration from California, USA.

Previously he was a Director of the Company.
Seylan Developments also announced the appointment of M.K. Muthukumar as a Director from 17 February 2012.
He is an Attorney at Law with 35 years experience. Of that 20 years in banking sector. He was the Chief Legal Officer of Bank of Ceylon during 2010/11 and Chief Examiner in Law subjects at the exams conducted by the Institute of Bankers until 2011. He was a lecturer at the Training Institute of the Central Bank up to 2010 and lecture at the Institute of Advanced Legal Studies, Sri Lanka Law College. Muthukumar fills the vacancy created by the resignation of H.L. Gunasekara.

He serves as a director of Good Hope Plc and was the former Managing Director and Chief Executive Officer of Capital Development and Investment Company Plc and Chairman of CDIC Sassoon Cumberbatch Stockbrokers Pvt Ltd.  He has served as chairman of the audit committee of Eagle Insurance Plc. He is a Chartered Engineer and member of the Institute of Chemical Engineers.

The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:\\www.hbr.org). Any opinions expressed are not endorsed by Reuters. “To get a job or a promotion, you need to know your strengths. If you can’t articulate them, you can’t expect your boss or potential employer to either.
Here’s a four-step process to identifying what makes you great:
1. List your strengths. Include skills and knowledge you’ve acquired through experience and education as well as softer intrinsic strengths, such as insightfulness or empathy.
2. Ask for input. Ask colleagues for honest feedback.
3. Revisit past feedback. Reread old performance reviews or think back on coaching from previous bosses.
4. Modify your list. Adjust your original list to reflect what you’ve learned. Make sure the strengths are specific so that they are credible and useful.”
- Today’s management tip was adapted from “Five Steps to Assess Your Strengths” by Bill Barnett.

Minister Bathiudeen’s announced this to the officials of his Ministry having launched Sri Lanka’s first trilingual Small and Medium Enterprise Guide Book 2012 published by National Enterprise Development Authority (NEDA) under his Ministry on 19 January at the Ministry of Industry and Commerce auditorium, Colombo.
 “National Enterprise Development Authority (NEDA) published Small and Medium Enterprise Guide Book (SME Guide Book 2012) to fulfil entrepreneurs requirement. This book is also the operational manual for SME to sources of information in financing, technical assistance, commercial bank extended loan schemes and other relevant attributes. I am glad to note that NEDA has taken steps to publish the small and medium entrepreneurs Guide Book 2011 in all three languages, Sinhala, Tamil and English. The 2009 edition was published only in Sinhala and English,” Minister Bathiudeen said. “I am pleased to extend our support to the national SME strategy under the development vision of the President Mahinda Rajapaksa,” Minister Bathiudeen added.
SMEs in Sri Lanka often find themselves without proper access to finance or credit made available by country’s banking sector. The Ministry of Industry and Commerce is also of the belief that for better access to banks, the sector should also be given awareness on the various financing schemes available to SMEs and the result is the 2012 Guidebook.
The Guide, which is made available free of charge, is a comprehensive directory of various financial and loan schemes made available to SME entrepreneurs by Sri Lankan banks, and assistance available from supporting institutions such as the Chambers, NIBM, BoI, Sri Lanka Standards Institution, the Ministry of Industry and Commerce and its NEDA, and even the state sector administrative office – the Divisional Secretariat Office.
 

Translating the glitz and glamour of the fashion world into their line of beverage, the Cavalli name is known to make an impression much like their world renowned fashion style. The Cavalli beverages represent the collaboration between Roberto Cavalli and his son, Tommaso. The Roberto Cavalli beverage range is inspired and dedicated to the seductive woman who is the iconic, eternal muse for Cavalli style. While the exclusive vintage wines, are part of the Cavalli Collection that reflects Cavalli’s passion in producing wines.
Speaking on Tommaso Cavalli’s arrival for the launch, Global Brands CEO Rahul Kashyap stated: ‘‘I look forward to Tommaso’s stay in Sri Lanka.  It is with great pleasure that we bring the Cavalli brand to Sri Lanka, who we know is ready for this luxury brand. Sri Lankans will now have the opportunity to experience the world famous Cavalli beverages range in the country.”‘
The exclusive launch event will be held at Silk, Colombo. The arrival of Tommaso Cavalli marks an occasional moment for Sri Lanka as it brings an a-list celebrity to the country to launch the world-renowned Cavalli luxury line of beverages to Sri Lankan society.
 

‘Smike’, a pop musical based on Dickens’ novel ‘Nicholas Nickleby’, was created by composer Simon May, in collaboration with Roger Holman and Clive Barnett in 1973. It follows the trials, tribulations, and ultimately triumphs, of the eponymous hero, Smeeton/Mike (Smike), and his classmates as they travel back in time to the Victorian Era, and realise how fortunate they are to be living in the modern world.
As a result of their journey, the students-and-teachers- are transformed into more compassionate people with a broader outlook and approach to life.
After its theatrical success, the BBC adapted it into a successful television production, and the musical soon became a mini classic, performed by thousands of schools and drama societies worldwide.
The CIS production of ‘Smike’ is unique, as it is a completely student-led initiative. It is produced and organized by members of the CIS Prefects’ Guild, who are in charge of auditions, the budget, rehearsals, casting, music and publicity, both internal and external.
The orchestra is made up entirely of students of the Musicians’ Society, and the dance sequences are choreographed by a Year 13 student of CIS.
In addition to presenting acting, music and dance of the highest quality, an extensive set extends beyond the auditorium itself and into the foyer, plunging the audience into an authentic Victorian atmosphere. This allows them to get a real feel and understanding of Dickens’ world and appreciate this extraordinary musical and its timeless story even more.
‘Smike’ will be staged in the CIS auditorium and tickets will go on sale in late February, at the CIS reception desk.

 Pasticcino – The Pastry Shop of the Galle Face Hotel’s Hot Dog promotion from 1 to 31 March is the ideal way to beat the heat at a very affordable cost. Hot dogs are ideal for any time of the day as a mid morning snack, for lunch, during an afternoon rugby game or for dinner and Pasticcino is open to serve yummy Jumbo Dogs from 8a.m. to 8p.m. at the Pastry shop – Pasticcino giving you the opportunity to enjoy this hearty meal as and when you feel like it!
Hot Dogs have long been associated as convenient and cheap fast food. However Pasticcino waves its magic wand on this popular food adding a touch of oomph making it a Jumbo yummy gourmet. And the best part it is reasonably priced.
Pasticcino has two varieties catering to the vegetarian crowd as well as those who enjoy their non vegetarian options. And the best part you can have your hot dog with any combination of filling you want. Try chicken or fish jumbo hot dogs with coleslaw salad For Rs. 450 nett or jumbo veggie hotdog with a coleslaw salad for Rs. 400 nett. Crème Brule make for the perfect dessert. You could also savour Chocolate, Vanilla or strawberry flavoured Crème Brule during the Hot dog promotion at the Pasticcino. Come and savour the combo meal for two. Enjoy a jumbo hot dog, a dessert of crème Brule and two orders of Pepsi beverage 500ml for a mere Rs. 590 nett. The best part you get to enjoy fine gourmet food without burning a hole in your pocket.  Head to Pasticcino at Galle Face Hotel this summer for some delectable jumbo gourmet hot dogs and make to spice it up with the various fillings on offer and finish off with a delectably delicious Crème Brule.

The Scheherazade comes alive with ‘Middle Eastern Flavours’ from 1 to 31 March, 7p.m. to 11p.m. Enjoy the very best of Middle Eastern Flavours where the ambience is set around a special Arabic theme.
Strike the best deal in town with our Burger Combo from 1 to 31 March every Sunday to Thursday, 10a.m. to 7p.m. and Friday to Saturday, 10a.m. to– 9p.m. at the Pool Bar.
Come and enjoy some spectacular beverage deals that will keep you coming back for more at the Margarita Blue from 8 to 15 March, 11a.m. to 11p.m.
Await special surprises all of which will be centred on the classy High Life that we love at the Lobby Bar on Sunday 18 March 3.30p.m. to 6p.m.
Be a part of the most relaxing English High Tea experiences in town taking place at the Lobby Bar every Sunday to Wednesday, 3.30p.m. to 6p.m.
Come and experience 6 fabulous varieties of Fruity Mocktails at the Lobby Bar/Margarita Blue, from 1 to 31 March, 11a.m. to 11p.m.
Our Eastern Safari invites you to enjoy live Calypso music whilst being entitled to a monthly Business Card draw at the Café 64 every Friday and Saturday, 7p.m. to 10p.m.
Enjoy a live cooking encounter where four special varieties of doughnuts will be presented at the Café 64, 19 to 25 March, 3p.m. to 6p.m.
Enjoy the best pasta varieties where every order will be complimented with garlic flavoured cheese toast at the Coffee Shop, 5 to 11 March, 11a.m. to 11p.m.Get the best exclusive fine dining menus and dance the night away to stimulating live dance music. The monthly business card draw will further add to the excitement. This takes place at the California Grill, every Friday and Saturday, 7.30p.m to midnight. Enjoy a fabulous three course menu, the perfect venue to meet up for a business lunch. Also includes a monthly business card draw. This very delightful power lunch takes place at the California Grill, every weekday (Except Poya and Mercantile Holidays) from 12.00 noon to 2.30p.m.

Dunkin’ Donuts’ entry into India through a franchise agreement between U.S. parent Dunkin’ Brands Group Inc. and New Delhi-based Jubilant FoodWorks sets the stage for a face-off with traditional coffee rival Starbucks Corp., which will arrive in Asia’s third-largest economy through a joint venture a month or two later.
The Dunkin’ Donuts stores are under construction and the menu development is at its final stages, said Jubilant FoodWorks Chief Executive Ajay Kaul.
He said that a factory which will supply the Dunkin’ Donuts stores is almost complete.
The first Dunkin’ Donuts will come up in New Delhi and 80-100 more will be opened across the country in the next five years.
Starbucks, which recently set up a joint venture with Tata Global Beverages Ltd., expects to open its first cafe as early as in August. But it will be more aggressive in its expansion, and is aiming for 50 stores by the end of 2012.
Jubilant FoodWorks, which also exclusively operates the Domino’s Pizza chain in India, will spend 1 billion rupees ($20.36 million) by March on setting up pizza and coffee outlets. (ET)

Consolidation of operations would result in the company being transformed into a fully owned subsidiary of Aitken Spence PLC, under the newly formed Technology Sector, along with a complete re-branding exercise where the company name would be changed to Aitken Spence Technologies (Pvt) Ltd, keeping in line with the Group’s corporate branding guidelines.
Aitken Spence Technologies would continue to operate three core lines of businesses in, Enterprise Content Management (ECM), Enterprise Resource Planning (ERP), both based on core-Oracle Applications and Technologies, and Application Development based on Open Source/Java technologies.
These lines would be supplemented by Managed Services, Support Services and Educational Services offerings, the communication further stated.
“Aitken Spence has recognised ICT as a thrust industry which helps in building knowledge economies, which is key to growth and sustainability while overcoming dynamic challenges in the modern business environments. It is with this view and focus, that we decided to consolidate operations targeting the next financial year to be our year of growth,” Aitken Spence Group Ltd., Director Dinesh Mendis said.
 “As a fully owned subsidiary of the Group, we further strengthen our professional commitment to all our stakeholders, principals, customers as well as prospect, with the promise of continuity and stability, that reinforces our position in the market,” he added.

Deyata IT program is aimed at increasing overall awareness on ICT, supporting ICT education and assisting with understanding ICT career road map. It also plans to organise ICT competitions for the students.
The first event under this initiative was conducted as an ICT awareness program at the ICT Agency of Sri Lanka (ICTA) stall at Deyata Kirula.  This workshop was conducted on 7 and 8 February which included a number of 15 minute sessions. Students and parents participated in these Deyata IT workshops.
The CSSL was established in 1976 in Sri Lanka for the purpose of promoting Information and Communication Technology (ICT) and professionalism among those engaged in this field, and to maintain the highest professional standards among the ICT fraternity. It is a not-for-profit body. Internationally it is recognised as a member of IFIP – International Federation for Information Processing. CSSL is also the Sri Lankan representative in the South East Asia Regional Computer Confederation (SEARCC).
CSSL President Mahesh Perera commented on the initiative where he stated, “Deyata IT will drive activities to promote ICT in rural areas and also to help our nation to understand and come to grips with the great capabilities and potential of ICT. CSSL is a national body with a national focus, so assisting citizens of Sri Lanka no matter where they live is our responsibility. We have taken a giant step forward with Deyata IT to further fulfil that responsibility.”
Dissanayake Bandara of CSSL is the program leader of Deyata IT. He stated that he was extremely happy with the interest that students and parents showed in ICT at the Anuradhapura Deyata IT program held at Deyata Kirula. He said that CSSL will be coming to many parts of the country with such program this year.
The CSSL Strategy for 2012 well aligns with the national ICT objectives set out by the President in Mahinda Chinthana around creating a knowledge hub. The goal of the Knowledge hub has a lot to do with ICT. The Government has launched various programs to increase ICT literacy to 75% by 2016. The CSSL is well aligned with this vision is strongly placed to support it.

The Business Software Alliance, which represents US industry heavyweights such as Microsoft Corp (MSFT.O), said Brazil finished last in its survey of 24 countries, earning only 35.1 points out a possible 100 because of its policies in areas such free trade, security, data privacy and cybercrime.
India, which has the world’s second-largest software industry after the United States, and China, whose information and communications technology sector is expected to nearly double to $389 billion by 2015, also were in the bottom six, with scores of 50.0 and 47.5, respectively.
Cloud computing refers to providing software, storage, computing power and other services to customers from remote data centres over the web. Demand for cloud-based software is rising rapidly because the approach allows companies to start using new programs faster and at lower cost than traditional products that are installed at a customer’s own data centre.
A major purpose of the report is to rally the international “technology community around the need for greater harmonisation of laws so a truly global cloud can come about,” said President of the US software group Robert Holleyman.
Without greater coordination of government policies, “the cloud could be chopped into little pieces,” reducing the efficiency that comes from being able to move data and software services freely across borders, Holleyman said.
The 24 countries included in the survey represent 80 per cent of the global information and communications technology industry. They were scored in seven areas, which also included intellectual property protection, infrastructure and support for industry-led standards to promote smooth data flows.
Japan was ranked highest with 83.3 points. It was followed closely by other developed countries including Australia, Germany, the US, France, Italy, the UK and South Korea, which all scored in the high 70s.
While the report showed a “sharp divide between advanced economies and the developing world, even some of the high-ranking countries are walling themselves in with conflicting laws and regulations,” Holleyman said.
European Union countries scored well, but “what’s happening now in the EU is lawmakers and regulators are effectively putting their thumbs on the scale in ways that will make it difficult for non-European firms to compete,” he said.
“There are concerns that Germany, for example, wants to put a wall around the country to limit the provision of cloud services to companies that are located in Germany.”
Strong laws to protect privacy are important to give users confidence “that private information stored in the cloud, wherever in the world, will not be used or disclosed by the cloud provider in unexpected ways, the report said.

Tough security measures are also needed, but some countries such as China that have implemented Internet filtering or censorship regimes could thwart develop of cloud computing and the digital economy, the report said.
Brazil scored just 1.6 out of a possible 10 on policies to combat cyber crime, which is expected to become an increasing challenge as more and more information is aggregated in large data centres, making them tempting targets.
Japan and France earn perfect marks in that section, while South Africa came close with a 9.8.

Even though Brazil finished dead last in the report, Holleyman said he was more optimistic about the potential to persuade Latin America’s second largest economy to make reforms than he was for China.
“There is probably more opportunity to make progress in Brazil by pointing out what we see as the gaps that exist currently and why Brazil’s economy will slow down as result of these policies,” Holleyman said.
“I think it’s going to be a bigger challenge in some other markets, particularly China,” he said.
China “not only has the ‘great firewall,’ that does not allow the transmission between people in China and the rest of the world. But it also has a policy to require non-Chinese cloud firms to enter into joint ventures with Chinese firms” on unfavourable terms for outsiders, he said.
India also appears to recognise it is in its interest to promote global cloud computing, Holleyman said.
The full report can been on the Business Software Alliance’s website, at www.bsa.org/cloudscorecard

Despite the current climate the overall trend for international trade is positive with growth acceleration sooner than expected from 2014, rather than 2015.
After 2014 the global economy ends a period of slow growth and contraction and sees an upturn in trade in line with GDP forecasts.  Over the next five years it is forecast that world trade will grow at an annualised rate of 3.78% (see below graph for year-on-year predictions), due primarily to the expectation of an earlier recovery of the overall global economy.  
In the period 2017-2021, the Forecast predicts even more rapid annualised growth at 6.23%, as world demand for traded goods recovers its dynamism. As a result world trade is predicted to grow by 86.00% in the next 15 years, taking total trade activity in that year to $53.8 trillion compared to a predicted $28.9 trillion in 2012.
The Trade Forecast predicts that trade in Sri Lanka will grow at an annualised rate of 3.68% over the next five years to 2016 but that it will increase subsequently with annualised growth between 2017-2021 at 6.04%.  This equates to growth indexed to a base in 2011 of 150.40% due to an acceleration of trade expected in the Asia Pacific region. Annualised total trade growth in Sri Lanka over the next 15 years will be 4.50% which is the rate at which companies will need to increase their international activities if they are to keep pace with this change.

Sri Lanka’s trade outlook
The Trade Forecast expects that Sri Lanka’s trade index will perform increasingly better than the world’s average over the next 15 years. Over the next five years, trade with developing countries is expected to increase, offsetting the fall in demand from developed trading partners such as the UK and the USA.
Sri Lanka has a strong comparative advantage in the manufacture of garments and in the next five years, this is set to open up new trade corridors. Amongst others, exports of t-shirts and vests to Italy are predicted to increase by 10.10% while exports of track suits, ski suits and swimwear to the USA are forecast to increase by 9.69%.
Chamira Wijetilleke, Head of Corporate Banking, HSBC, commented: “Sri Lanka is well positioned as an investment destination, and has become a potential market for rapid business growth and investment opportunities in various sectors. We are optimistic of further growth in trade this year, considering the significant support of the Government that bodes well for the economy as well as trade within the South Asian and Asia Pacific countries.”

Trade corridors and trends
Sri Lanka’s largest export partners are the UK, USA and Italy and exports to all of these countries are forecast to increase over the next five years. Exports to the UK will grow at an annualised rate of 5.49%, accounted for mainly by clothing (skirts, t-shirts, accessories, tracksuits, swimwear and underwear), to the USA also in clothing plus sectors such as re-tread tyres, and finally Italy, also accounted for by clothing at a rate of 8.98%, all annualised to 2016. The fastest growing export partners are Singapore, Turkey and Hong Kong, annualised to 2016 of 14.29%, 11.89% and 9.50%, respectively.
Tea remains Sri Lanka’s largest export sector and in the next five years it will provide even more opportunities for trade. Exports to Turkey are expected to increase by 8.35%.  Importantly, exports of wheat and meslin flour to Indonesia are forecast to increase by 11.35% over the next five years – a sector that is forecast to increase by 7.41% globally, indicating even more trade opportunities for Sri Lanka. Sectors including machine tools, machine parts and machine instruments are emerging sectors with high growth rates from fairly low bases.  Sri Lanka’s largest import partners are India, Singapore and China and imports from each are forecast to increase over the next five years. Imports from India will grow at an annualised rate of 5.67%, accounted for by fabrics, fresh food, auto rickshaws and medicines. Imports from Singapore are accounted for by milk and milk products (21.63%), non crude oil (13.92%) and cement (11.01%), whilst those imports from China include fabrics.
These suggest that Sri Lanka is still a major global provider of many types of clothing, and is reliant on certain import sectors, such as raw materials for this industry. It is also reliant on milk and medicines which it does not develop itself. The fastest growing imports are in dried vegetables (13.63%), sugar cane and beet (11.82%)  and electrical appliances for line telephony (10.82%), all annualised rates for the next five years.\

Sector opportunities
Clothing: Sri Lanka represents a strong trading route for the clothing sector between China and India and Europe and the USA. Sri Lanka imports raw materials from India and China and exports large amounts of clothing of various types to markets principally in the UK, Italy, Germany, and the USA. Reflecting the need for imports for this sector knitted or crochet fabric imported from India will grow at an annualised rate of 11.47% over the next five years and the same from China at 8.32%.
Sri Lanka imports fabrics from Italy (9.21%), and is then exporting  t-shirts to Italy (10.10%), all annualised to 2016. The clothing sector is still Sri Lanka’s third largest export sector and when aggregated is also its largest fastest growing export sector. The challenges for business will be to grow their international activities an annualised rate of around 11.00% for the next five years in order to keep pace with this.  As the clothing sector becomes more focused on speed of turnaround and supply, the pressure will be on the businesses within Sri Lanka to improve the efficiency with which goods go through the system.  Agriculture: Sri Lanka remains a major provider of certain niche agricultural products. For example, its largest export sector is tea, with the rates of growth to Japan at 6.95% and Turkey, 8.35%, annualised between 2012 and 2016. Its first and third largest fastest growing export sectors are food, especially fish (14.71%) and rubber in its primary form, 9.23%, all annualised to 2016.
Sri Lanka’s top two largest fastest growing import sectors are dried vegetables and sugar cane and beet, (13.63% and 11.82%).
Sri Lanka is still dependent on the production of and processing of agricultural produce. Whilst it is well known that there are expanding markets for simply refined and processed foodstuffs, it will be a challenge for Sri Lankan companies to capitalise on those markets.

“This will change how corporate Sri Lanka looks at their social responsibility aspect,” Founder of Investment Eye Chamikara Gunawardane said.
His experience spans Australia where he worked heading outsourced equity research at Aegis Equities Research the largest independent equity research provider in Australia, for a limited period. His CV includes stints as a Research Analyst at Bartleet Mallory Stockbrokers, HNB Stockbrokers, Asia Securities and NDB Stockbrokers as a Senior Research Analyst and Head of Research.
Gunawardane said the dearth of research written in Sinhala and the need to provide an alternative to stock broker research would spur business. He pointed out that there was a lack of regular investment research and said most stock broker research was biased.
“Approximately 90-95% of research carried out is in English and investors feel stockbrokers don’t have time to talk to them,” Gunawardane said at the press conference. The company will also provide a risk rating for investing.
“Small investors tend to burn their fingers,” Gunawardane said, pointing out that some brokers only provide research to selected clients.
Research provided will include a fortnightly corporate report, weekly global economic and capital market review studying the US, UK, France, Germany and Japan and regional BRIC countries and frontier markets such as Sri Lanka, Bangladesh and India, local economic and capital market review and valuation guide.
The first service will be available to subscribers for monthly fee of Rs. 1,000. The commissioned or fee-based research will be available to medium and large investors, including listed companies, foreign investors, HNIs, institutional investors, fund managers and stockbrokers wanting to receive customized corporate research reports. Individual and group consultations and education will be offered to existing and also to potential investors. All these
services will be available in both Sinhala and English languages, the company said in a media release.
The company’s code of ethics centres round providing professional research which is unbiased and confident which will not include inaccurate or misleading information.
The research house will allocate 20% of its revenue for social causes such as scholarships for deserving students, helping the elderly and contributing to disabled homes and orphanages and provide bi annual social progress reports on its activities.

In order to give the outstation population a feel of the Sri Lanka Insurance Head Office building, which has been shedding protection to the people of this nation for over four decades, the stall at the exhibition has been crafted as a miniature of the head office building at Vauxhall street Colombo.  In line with the government’s vision of taking Sri Lanka to economic prosperity, Sri Lanka Insurance laid initial foundation to minimise the major social concern of employment for youth.  A recruitment counter was in operation at the Dayata Kirula Exhibition stall to collect information of youth interested in employment opportunities at Sri Lanka Insurance Corporation as Insurance Advisors, which attracted local youth in thousands to the Sri Lanka Insurance stall.  Sri Lanka Insurance the premier insurer in the country is committed to serve the nation and its people providing innovative and customer friendly insurance solutions at all times ,while upholding its reputation as corporation that is committed towards the social and economic development of this Country.

Established in 1988, the Association of Professional Bankers – Sri Lanka, fondly known as APB amongst the Banking fraternity, has been the most representative organisation of banking professionals in the Island and has functioned as a forum that brings together leading personalities in business administration and intellectual discussion in the contemporary banking scene.
 With a Vision ‘The Power of Professionalism in Banking in Sri Lanka,’ APB strives to sustain the highest standards of professionalism and integrity among Bankers and to advance public interest to influence the achievement of highest ethical standards and governance in the Banking Industry.
Each year, the Association conducts a convention on a relevant topic, which is attended by local and international financial services professionals.
The theme of the 2011 convention was ‘Banking Foresight; Shaping Integrated Development’.
The Association also conduct regular guest lectures on industry relevant topics to improve the awareness amongst members while a Journal with contributions from industry professionals is published periodically by the APB.  
The APB also organise an annual get-together of the members to foster fellowship.  The Association also has a scheme of honouring outstanding contributors to the Industry, which is considered as the pinnacle achievement of a Banking professional in Sri Lanka.
In keeping with the past trend, a well represented gathering of members is expected at this year’s Annual General Meeting.

Arrenga Capital is one of the new entrants to stock broking. Apart from Ascot Holdings, the other shareholders of the broking firm are Laxi Partners UK (25%), Sarinda Unamboowe (20%), Ranil Pathirana (20%) and Nanda Nair (10%). Despite the announcement of the planned sale and capital gains, Ascot stock price yesterday dipped b Rs. 7.30 to close at Rs. 156.90 whilst it hit an intra-day high of Rs. 170 and around 326,000 shares traded.
Softlogic Capital which gained by 20% to Rs. 19.90 on Monday closed down by 20 cents to Rs. 19.70 yesterday.
Softlogic Capital saw group revenue in the six months to September 2011 increase 108% to Rs.712.6 million as Profit After tax grew 4.5 times to Rs.219 million.

The final dividend is for both voting and non-voting shareholders.
In December HNB paid a Rs. 1.50 per voting and non-voting share as interim dividend. HNB has 311.44 million voting shares in issue and 77.2 million non-voting.
As per the scrip dividend announced, 5.68 million new voting shares and 2.2 million non-voting shares will be issued. This is after providing for 10% withholding tax. HNB also said the number of voting and non-voting shares will be varied since it is required to accommodate new shares to be allotted under the ESOPs in progress from 21 February 2012 to the effective ex-dividend date to be notified.
The amount to be capitalised (net of withholding tax) is Rs. 841 million on account of voting shares dividend and Rs. 205.6 million for non-voting dividend.
HNB voting share was trading at Rs. 148 on 17 February being the last trading day before the Board meeting whilst non-voting was trading at Rs. 94.40.
Based on this, the proportion with which shares are to be issued will be 1 for 54.8 for voting shareholders and 1 for 34.9 for non-voting shareholders.
The final dividend announced is subject to shareholder and regulatory approval. HNB’s Annual General Meeting for 2011 has been fixed for 30 March, 2012.
The cash dividend will be paid on 11 April, 2012.
HNB said its Board is satisfied that the Bank could immediately after the dividend payment meet the solvency test in terms of the Companies Act. The stated capital of HNB is Rs. 11.45 billion.

Through this service, HSBC customers can make cash deposits to their HSBC savings/current accounts or settle their monthly loan installments at 42 Keells Super markets, located island-wide. This is in addition to the current credit card payment facility which is made available to customers who patronise Keells Supermarkets.   
“We are pleased to expand our service of cash deposits through a widespread retail chain such as Keells Super. In a fast paced world where time is an essential commodity, everyone is looking for greater convenience. As such we hope this new service will create more value and provide customers with yet another convenient channel for banking,” HSBC Sri Lanka and Maldives Nick Nicolaou said.
The service is similar to making a credit card payment at the counter, which will allow customers to deposit cash with a maximum limit of Rs 30,000/- per transaction.  
This service which is currently offered only through the Sri Lanka Post will be made available to customers who deposit cash to their savings/current accounts or in settlement of their loan installments.
Deposits made before 4.00p.m on bank working days, will be credited to the respective account on the same day.
Keells CEO Cha-ritha Subasinghe said: “HSBC has been a key partner of Keells Super and the bond has been strengthened by the numerous campaigns and key services offered at Keells Super over the past years.
Cash Deposit facility is a first from a bank to be introduced to the retail industry and we at Keells Super are pleased to offer this service from HSBC to our valued customers thus enhancing the convenience offered to Keells Super customers.”

From the moment you walk in, a sense of peace settles in, heightened by the bright white walls, the simple sketches that hang almost rhythmically from the walls and the calming blues of the water you see running parallel to the sea.
Sprawled across a beautiful beach front property, the Resort is the epitome of modern and old age charm. Originally designed by celebrated architect Geoffrey Bawa, the building reflects Dutch-colonial charm retained after a Rs. 650 million refurbishment last year.

Early success
Formerly known as Hotel Serendib, the Resort is the world’s first ever Avani property launched by Thailand based Minor International of famed ‘Anantara’ brand and Serendib Leisure, a subsidiary of Hemas Group. Opened to guests from 1 December last year, the Resort last week welcomed its 1000th guest, just two and a half months since its launch.
Adding to its achievements, the resort was the first to be mentioned in the January 2012 issue of prestigious ‘Travel and Leisure’ magazine’s hottest travel destinations of 2012 under Sri Lanka.
General Manager of the four star deluxe brand, Steven Phillips speaking to the Daily FT acknowledged that even though the start was fairly slow, the resort is currently enjoying a 90% occupancy rate. Expecting a minor dip in occupancy somewhere mid this year, Phillips is confident that the rate will regain its high position in no time.

From Serendib to Avani
Speaking of the refurbishment and re-launch, Phillips commented that the old three star brand was successful at the time of change. He stated that Minor Group from Thailand has been interested in Sri Lanka and has been keeping an eye out for a good investment opportunity since 2005. Phillips said, “Due to what was going on in the country, they decided to hold off until time was right. And with the partnership with Serendib Leisure, the coast was deemed clear for progress.”
The resort was closed for six months for renovation. The dream, he said was to upgrade the property keeping the feeling of Geoffrey Bawa. This was an important factor for both Hemas Group as well as the guests who have been coming there from before. “No one wanted to see too drastic a change and we are happy of the final outcome we see today.”
Running on international standards, the resort compiles of two suites, 13 deluxe rooms and 60 superior rooms, two restaurants – Frangipani and Breeze, wine lounge, a conference room, a spa and a gymnasium.
‘Avani’ he said, stems from the Sanskrit word for ‘earth;’ a meaning which perfectly mirrors the hotel’s refreshingly understated personality. The design of the buildings follows an ‘open space’ concept with the lobby area opening up to the pools and the lush greenery of the mini coconut plantation. The downstairs rooms opens up to the pool. Both restaurants have an open view of the property. The use of air conditioning and fans are at a minimum. “This gives a fresh feeling which helps keep things flowing around here.”
The resort walls are decorated with black and white sketches of animals, birds and plants framed by thick black frames which have been a signature mark from Serendib times. “Even the rusty lady at front, which we call ‘the queen’ was found in a little back office somewhere and we put it back together and placed it at the entrance.” While it was about redeveloping what was already in place, a few changes were done by transforming the old spa area in to a suite, adding a conference room which can accommodate 80 persons and a management block.

Things to do
The resort also encourages various activities for their guests. Having the sea at its backdoor, the hotel offers water sports such as waterskiing, water boarding and windsurfing. To witness the exotic beauties that lie at the bottom of the sea, scuba diving and snorkelling is also offered. Taking advantage of the seafront location tourists can set sail to nearby attractions such as the turtle hatchery and local mangroves.
Local favourite tabletop game Carom, the abstract strategy board game chess, table tennis and beach volleyball is all part of the Resort’s activities.
Giving a total local experience, guests are encouraged to wake up early and join today tapping from the coconut trees in the plantation.
The Resort also hosts various cultural shows ands performances as well as different musical experiences spanning soulful sax to jazzy guitar, enchanting flutes and traditional local melodies each evening.
There is also an option of specialty dining on the beach.

Investing in the future
While the investment on renovation remained at Rs. 650 million, more has been spent since then for ‘this and that.’ “We have a few more things to do,” Phillips said, among which is a kid’s club area soon to be erected in the property and a few additions in the spa area.
With all hotels under Serendib running full, the Group is now ready to open up more properties and developing the current. Phillips noted that Avani Kalutara, will be closed down for three months in May for a quick refurbishment. Phillips noted that the expectation is to open the hotel for guests by end August or beginning of September.
The Group is also planning to build a five star deluxe Anantara hotel in an adjoining piece of land this year. The property for the new hotel will also feature Geoffrey Bawa’s work as it holds an incomplete building started by Bawa. The hotel will have 125 rooms in total. “A lot of money will go into these projects. Unfortunately I am unable to reveal the exact numbers.”

Changing trends
Even though the resort’s biggest market is the domestic market, an attribute that have remained strong since the Hotel Serendib days, Phillips noted that with the prevailing conditions in the West, the bookings are now done on short lead times. He also notes a change in trends. The German market which is said to be their biggest international market is now not only looking for a holiday on the beach for two weeks but would rather pick travelling around and then ending the tour at the beach. “That seems to be the general trend among travellers and tourists. Also in general the shorts have become shorter than in previous years.”
The new trend plays to Sri Lanka’s advantage, he reminded. Having worked in the Maldives prior to taking up office in Sri Lanka Phillips stated that the country must now make use of the ‘diversity of experience’ travellers seek. “In the case of Maldives, a top tourist destination as at now, the choices are limited and are mostly concentrated on water. Sri Lanka on the other hand has much more to offer.” What must be done now is to market the destination for more than just the beach, away from the sun-sand-sea concept, Phillips noted. “The government needs to initiate work on this regard and also get the infrastructure in order.”

Serving international clients
Of the Resort, which has become like a second home to him now, Phillips stated that the property is ready to welcome the influx of tourists now coming in to the country. “We offer value for money which is important as more and more tourists are willing to spend more to enjoy better luxuries,” he said. “With the country aiming for niche high spending market, resorts and hotels should now focus on the quality and standards of their service.”
He noted that country must prepare to serve an increasing rise of Indian and Chinese tourists. “The Asian market needs to be marketed better by the government. Recently in a trip to India we discovered that there is a lot of business heading towards Sri Lanka from its closest neighbour.” The Chinese market will bring in a new learning experience as well. “They are the one with the disposable income and they are willing to go for value for money, which does not mean cheap. They must feel that they paid the right amount for the experiences they had.” He noted that Thailand has scored big by focusing their attention on these two Asian giants. It is now our turn to draw them here, Phillips said.

Earthcheck provides a certification system that responds directly to the major environmental problems faced by the planet today, including the greenhouse effects, over-use of freshwater resources, destruction of Biodiversity, production of solid and biological waste and social issues.
The Taj Samudra Colombo was awarded its first Earthcheck Bronze certificate in 2010. After two years of maintaining the Bronze status, Taj Samudra Colombo has been awarded a Silver certificate in 2012 on account of its continual improvements and new environmental sustainability initiatives rolled out during the past years.
Strategically located in the heart of Colombo, in close proximity to the buzzing and active city, the Taj Samudra consists of 300 guest rooms, state of the art gym, swimming pool, three specialty restaurants, 24/7 coffee shop, bar, lobby lounge, nine banquet spaces, business centre, shopping arcade and rented offices. As
a part of its pledge to continually improve the environmental and social sustainability performances, Taj Samudra Colombo vouches to protect and conserve the natural environment through prevention of pollution, efficient utilisation of resources, effective waste management practices, promotion of environmental awareness and sensitivity among its stakeholders.
Further, in order to accomplish its ultimate goal of achieving globally recognised best practices in Energy and Water Management, Taj Samudra monitors and improves environmental sustainability practices in accordance with the Earthcheck standards, which also include complying with all relevant legal legislation and regulations concerning environmental conservation and protection.

He replaced K.M.A. Godawatte. Tissakuttiarachchi is a Director of the Employers Trust Fund Board, on which he has served since 2005.
EPF owns 11.4% stake in CHOT whilst controlling shareholder (70% stake) is Ceylon Hotels Holdings of Sanjeev Gardiner/Galle Face Hotels Group.
Tissakuttiarachchi was the State Minister of Environment and Parliamentry affairs from 1989 to 1994 and a Member of Parliament from 1988 to 1994.
He holds a Mass Communication Degree from the University of Kelaniya and has worked as an Executive Member at District Development Council, Hambantota from 1981 to 1988.
He was the Chairman of the State Printing Corporation from 1999 to 2001 and a Consultant at the Consumer Affairs Authority in 2005.

Launched at the Asia Pacific Incentives and Meetings Expo (AIME) 2012 in Melbourne, the campaign comes off the back of strong growth in the business events sector.
The multifaceted and digital campaign, including a new website, follows in the footsteps of Tourism Australia’s consumer marketing campaign, ‘there’s nothing like Australia’, and continued strength in business arrivals to Australia. For the first time Tourism Australia will consistently use the campaign positioning for all business events marketing activity.
Tourism Australia Managing Director Andrew McEvoy said business events and business visitation made a significant contribution to Australia’s tourism economy but that there was scope for significant growth long term under Australian tourism’s Tourism 2020 strategy.
“The economic impact of business events in Australia continues to rise with the latest figures from Tourism Research Australia stating delegates for business events contributed around A$8.4 billion in 2010, up from A$7.9 billion in 2009,” McEvoy said, adding, “On average business events visitors spend 55% more per day than the average visitor at A$212 per delegate per night – so the returns on our investment are strong but what’s more they are also more likely to return for a business and leisure visit to Australia in the future…In the year to September 2011, international business visitation rose 7% to 898,000, with strong growth from Asia, a critical region as Australia increasingly positions itself for the Asian Century.”
“Tourism Australia’s new campaign and its dedicated business events website are about reaching the decision makers for such events with a strong message that Australia is a good place to do business,” added McEvoy. “It has been developed based on insights from event planners in key international markets and will roll out in the USA, UK, China, New Zealand, Korea, Singapore and Indonesia, which continue to be core to the business events sector.”
The campaign aims to demonstrate why ‘there’s nothing like Australia’ for the corporate meetings and incentives market and also the associations market, featuring some of Australia’s most outstanding events and team-based activities in settings from dining under the stars in the spectacular outback to activities on World Heritage listed sites.

IFC, a member of the World Bank Group, is working with policymakers and private sector players to help meet Sri Lanka’s ongoing development agenda through public-private partnerships. Sri Lanka is a focus country for IFC’s program in South Asia. IFC’s committed development programs in the country covers projects across a range of sectors-including infrastructure, tourism, renewable energy, banking, and healthcare.
IFC also provides advisory support to small and medium enterprises, promoting sustainable growth among small and medium enterprises by facilitating access to finance and offering capacity-building and training opportunities.
Thunell stated that International Finance Corporation would give its fullest cooperation to post-conflict resettlement, reconciliation and development in Sri Lanka.
IFC Director for South Asia Thomas S. Davenport also took part in the discussion.
 

The latest venture is Denawaka Ganga Mini Hydro Power Project in Ratnapura via VPE subsidiary Country Energy Ltd. Last month VPE added 4.6 MW by starting commercial operations of the Kiriwaneliya Mini Hydro Power project in Nuwara Eliya, whilst its first project Erathna produces 10 MW.  The combined power of these projects is 21.8 MW.
In the 2010/11 Annual Report, VPE Chairman Dhammika Perera said on completion of the Denawaka Ganga and Kiriwaneliya Hydro Power Projects with a combined capacity of 11.85 MW, the company envisages a significant increase in revenue, profits and dividends.
VPE is the largest, privately-owned hydropower company.
In 2010/11 the company achieved a profit after tax of Rs.446.3 million and revenue of Rs. 533.5 million. Revenue in the nine months to December 2011 fell 23% to Rs. 361 million as profits dipped 28% to Rs. 268 million. VPE began operations in 2004 and in 2009 acquired the entirety of the shares of Country Energy (Pvt) Ltd. for Rs. 200 million.
Stock price of VPE gained by 30 cents to close at Rs. 7.20 whilst it hit an intra-day high of Rs. 7.60 with 107,600 shares traded.

Even the Southern Highway is no autobahn. I prefer matching quality roads to needs than changing roads to suit vehicle models that are being made available. Daily lots of water plus lots of imported waxes, etc. will be consumed in keeping the exterior well cleaned, giving due importance to the occupant within. Seeing that we use purified treated water in bulk, once a Japanese engineer asked ‘why do you waste high quality water in this way?’
I walk on foot and pass many beauty parlours vying each other for business as I search in vain for a bookshop. When I find that elusive bookshop, what it usually stocks is what the curricula of a school dictate. I can pass towns and cities without seen the signpost ‘Public Library’ in Sri Lanka.
Knowledge society status
This reminds me of a statement by Dr. Abdul Kalam: Nations build themselves into knowledge societies by understanding the dynamics of knowledge and transforming it into wealth. We too are seeking this knowledge society status.
This statement needs to be analysed and when compared with certain developments taking place, makes one worry. The exterior is well looked after in Sri Lanka today and we should perhaps extend more care in looking after the interior.
I was speaking to an Indian engineer who has come to work in Sri Lanka. He had some strong comments to make and he made those in typical engineering fashion. One comment struck me quite strongly. In facing problems and even at times quite small issues, he said that we tend to look outside for solutions. He was also direct in one way – he was saying that we look at India now by default. I am yet to meet a Chinese engineer!
The lack of inventiveness was quite worrying, he stated. Hence when an issue crops up within a factory, his frank assessment was that what gets resolved in India quite quickly may take days and weeks in Sri Lanka.
He was also indicating the lack of support activities clustered around a facility. You may say clustering is quite natural. However, it appears in manufacturing this has to some extent disappeared now as we position entities based on financial aspects rather than on organic industrial development principles.
We cluster industries in industrial zones but take a close look around industrial zones for any interactions and you may find not much. With regard to surroundings, one may see only significant support for meals, unskilled labour and lodges. That was what this senior Indian engineer was driving at.
YouTube
The recent revelation of statistics on YouTube – Google Inc’s video website – is interesting. Of course these statistics are important as everyone is getting ready for their own IPOs or to boost up share standings. It is stated that there are more than four billion YouTube views every day now, a 25 per cent increase in the past eight months.
It is a sobering fact and we know that we are living in a world of seven billion plus with closer to two billion living with less than one dollar per day and obviously with no YouTube access or interest. Hence, there is a generation that is coming up which is seriously getting into consumptive practices.
It is no secret that YouTube’s business model is based on pampering our appetite for the visual. I know that we today are more into consumptive practices; this is a subjective statement and may not be applicable in general but I have digested the statistics thrown out by Google with the understanding of my own worldview.
Technologies like these can be used to speedup problem solving and create innovation networks, transfer ideas and definitely that too must be happening. Yet it is what the majority is doing that should be of interest as in democratic terms the majority dictates direction.
I took a simple look at what the majority is doing in Sri Lanka. These days with even people dying trying to voice their opinion on fuel prices, I was thinking that waste to energy and specifically biogas generated from waste being used to drive a three-wheeler should create much interest.
As I write this I noted the hits on such an exercise from Sri Lanka demonstrated in YouTube has had 714 viewers. In contrast Malinga taking his first ODI wicket beautifully captured and loaded to YouTube has scored 65,052 hits. Many, many more had viewed his hat tricks! I did not go beyond the subject of cricket and some other figures may be even more amazing and revealing.
Facebook
Sri Lankans on Facebook is also interesting, with us now being in the 75th position in Facebook user ranking in the globe. With more than 1.2 million users, the statistics reveal 42% of users come from the 18-24 age bracket. What is important is the consumption of time, electricity and the productivity.
While we may be pretty well engaged with connecting, interacting and sharing with cyber friends online, a new form of couch potatoes may evolve. As Cynthia Mascone, the Editor of the US Chemical Engineering Progress magazine, said in her editorial: Who says no to a Facebook account as to know what someone is eating for lunch, or where people shop?
I am sure marketers may say these are crucial bits of consumer information – the search of useful information via Facebook, etc. is a daunting task and as such not quite useful. Time management is important and being productive is being responsible and these are time honoured concepts and I am sure will not disappear.
What is disappearing is being conscious about such attributes as the new generation in a developing country is getting misled by irresponsible marketing and using opportunities in a way not beneficial to them.
With the other generation so much away from new technology, the new generation gives scant respect to old suggestions and the path is set for their own chosen way.
Importance of time
Time is a very important resource, which this column has reiterated many a time. The type of engagements that I discussed above definitely consumes time in the wrong way and the resource is gone forever with no hope of recovery. The engagement too will not offer any positive benefits to the user in my view, which need not be taken in because I write so, but could be analysed.
The impacts of not understanding the vital importance of not utilising time well implies we seek solutions from others as we are almost clueless when crunch time comes. We hope time will solve the issue and these price escalations are temporary events.
The experts on the subject of deep learning may say the value of repeated exposure to information is important, but their singular emphasis is on time for reflection to make use of the information. It is the latter that we are not doing. There is hardly any time for reflection.
Of course, with some of the information that we are repeatedly bombarded with, little time on reflection should indicate that the information streaming in is of hardly any use and the world can certainly go around without those streaming bits and bytes.
Yet the valuable human resources evolving to kill time rather than being raised to understand issues and with the resolve of solving issues is deeply worrying. It is important that one uses the tools of social media professionally and effectively and understands this at a very young age.
Synthetic pleasures
When the primary direction is leisure and enjoyment, it is not always possible to generate ideas which could be tools for building the future as rest and relaxation are given more prominence and you perhaps are not thinking on issues which are serious.
That is why speaking about austerity measures are so unpopular. We may need them yet we cannot understand the need. In the end we just go under glued to misunderstanding as we have not developed our thinking habits and we were trying to cling on to synthetic pleasures.
We should not forget while the information revolution is making the world go flat, we do have gross disparities within developing and developed economies. While we may have been now grouped into a middle income country, we should be aware how this economy is structured and the level of stability. Minus such understanding, the standing is not so secure in the long run.
I hope the writing is not considered as coming from someone who missed the fun and is now complaining. Abdul Kalam’s advice to students on not to indulge in ‘synthetic pleasures’ rings closer to my ear all the time when I pen this.
Hope the understanding does get conveyed and you make some quality time to think on this. That is indeed deep learning. Think about the last conversation you had – was it meaningful or purely artificial? Or perhaps the last social media site visit? Well, we will true to the concept come back again on this same topic as I truly dislike ‘substance dying’ in Sri Lanka!
(Professor Ajith de Alwis 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)

The Government cannot, for instance, talk of sustaining production levels if it continues to depend solely on rain-fed agriculture. In order to break the cycle of drought and high prices that afflicts large parts of the country, Sri Lanka will have to intensify irrigation while managing water resources better.
It is equally important that farmers have access to essential inputs like fertilisers, improved seeds and professional advice, as well as markets for their produce. Similarly, there is need to invest more in research and new technologies to raise production and for value addition, especially to staple food crops. At the same time we must make available sufficient resources to strengthen rural financial systems for farmers.
It is gratifying to note that there is a growing number of success stories of smallholder farmers in countries in Africa and around the world. This means that there is a future for this kind of agriculture and, crucially, that it is possible to eliminate the unacceptable tragedy of malnourished and starving people or unaffordable food prices.
The countries that have made progress in these areas have done so because they have the right policies, ensure participation of citizens and enjoy the support of development partners. It is clear that this support has been beneficial where it has come in to reinforce national priorities. Partnerships that respect the choices people make and produce results should be encouraged, strengthened and emulated.
For sustained production, agriculture needs to go beyond food security and grow into a profession that is recognised and respected. This would enable the sector to grow in a sustainable manner and rural poverty will be minimised as people chose to stay outside of cities because it is more profitable for them. This would solve many problems in the cities as well.
Finding seeds and plants that can withstand climate change is another challenge for Sri Lanka. Already arable land is becoming less fertile and while the country can grow enough food for itself, unwise policies that have concentrated mostly on rice without consideration for other agriculture together with reduced strains of rice and inadequate market space have made for a complicated situation.
Providing sustenance to smallholder farmers can play a crucial party in equitable development by providing incomes to rural communities as well as for women who are often sidelined in the development process in agriculture. The possibility of excess exports is doubtless another reason that can speak for organic farming in smaller communities. Conservation can be better implemented among smallholder farmers and it can only be hoped that the Government understands that development means more than highways and airports.  
Ultimately, long-term solutions to investment in agriculture will come from a greater involvement of the private sector – in technology, production, marketing and research.