Sri Lanka Newspapers 21/01/2012

Bourse closes the week virtually flat
*Indices point in opposite directions

The Colombo bourse closed the week virtually flat yesterday with the two indices pointing in opposite directions on a low turnover of Rs.741.7 million, down from the previous day’s Rs.952.5 million, with the All Share Price Index down 5.44 points (0.09%) and the Milanka up 7.28 points (0.15%) with 62 gainers trailing 122 losers.

Brokers said that it was a quiet day with the market up most of the day but losing ground towards close of trading.

The big contributors to turnover were Asia Asset Finance (Rs.159.9 million), Singer Industries (Rs.104.4 million) and Commercial Bank (Rs.538.1 million).

AAF closed 90 cents down at Rs.6.20 on over 23.9 million shares traded between Rs.6 and Rs.8.70 contributing the day’s highest turnover while Singer Industries hit a high of Rs.324 closing Rs.25.40 up at Rs.288 on a trading range of Rs.270 to Rs.324.

Commercial Bank where there was a crossing of 520,000 shares at Rs.100 closed 10 cents up at Rs.100 on nearly 0.6 million shares done between Rs.99.90 and Rs.101.

Ceylon Tobacco too saw a crossing of 50,000 shares at Rs.505 closing Rs.4.20 down at Rs.499.90 with 75,600 shares done between Rs.485.10 and Rs.500 on the floor.

Among the blue chips, both Distilleries and JKH were up although on relatively thin volumes – Distilleries up Rs.1.40 to Rs.141 on slightly over 0.1 million shares traded between Rs.140 and Rs.142 and JKH up Rs.3.20 to Rs.163.50 on 84,000 shares done between Rs.160 and Rs.165.

Chevron also gained Rs.3.40 to close at Rs.171 on 54,200 shares.

Counters that showed volume included Asiri down 30 cents to close at Rs.8.50 on nearly 2.8 million shares, ERI down 50 cents to Rs.29.80 on over 0.7 million shares, Blue Diamonds (non-voting) down 10 cents to Rs.3.90 on 2.2 million shares and Renuka Agro up 30 cents to Rs.7 on nearly 1.1 million shares.
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By S. Venkat Narayan Our Special Correspondent

NEW DELHI, January 19: South Asia’s economic growth slumped last year because it was dragged down by India’s slow pace, according to data released by the United Nations early this week.

The UN’s World Economic Situations and Prospects 2012 report estimates that real gross domestic product (GDP) growth in South Asia slowed down to 6.5% last year from 7.2% in 2010, because India’s economic growth decelerated sharply to 7.6% from 9% expansion.

Growth in the region is estimated at 6.5% in 2011, with India’s growth rate having decelerated to 7.6%

A combination of domestic and external factors has reined in the world’s second-fastest growing economy, which constitutes almost 80% of South Asia’s GDP and 75% of the region’s population.

Though India’s economy is mainly driven by domestic demand, its dependence on volatile capital inflows makes it more vulnerable to any double-dip recession in Europe and the USthan other South Asian economies, the report pointed out. This, along with the lack of fiscal and monetary space, increases the downside risks for Indian economic growth.

"The smaller economies in South Asia are relatively insulated from the rest of the world, in terms of both trade channels and capital inflows. In contrast, India’s economy is more integrated with the rest of the world," said Nagesh Kumar, chief economist at the United Nations Economic and Social Commission for Asia and the Pacific (Escap).

India’s GDP growth slowed to 6.9% in the July-September quarter from 7.7% in the preceding three-month period and 8.8% in the year earlier, on account of a sharp moderation in industrial growth due to rising interest rates. The Reserve Bank of India, the country’s central bank, raised key policy rates 13 times between March 2010 and Nov 2011 to tame inflation that was inching towards double digits, leading to a moderation in domestic demand.

The government said last Monday that inflation slowed to 7.47% in December, the lowest level in two years.

"A deterioration in the world economy could impact exports and increase the volatility of short-term capital inflows. Going forward, these two factors along with inflation will be the main downside risks for the Indian economy," Kumar said.

The UN projects that world GDP growth will fall to 2.6% in 2012 from 2.8% in 2011. But if the euro zone crisis worsens, GDP growth of all economies put together could plummet to 0.5%.

The slowdown in demand from Europe and the US has hit India’s exports. India’s exports grew 3.8% in November and 6.7% in December, compared with 26.5% and 36.4% in the respective year-ago periods. Investments by foreign institutional investors (FII) have also dried up. Net FII inflows into the Indian equity and debt markets totalled $8.9 billion in 2011 compared with $39.4 billion in 2010.

"In South Asia, India is the major driver of growth. Pakistan and Nepal are not doing very well. Though Bangladesh and Sri Lanka are growing at a good pace, they constitute only a small share of South Asia’s GDP," said Charan Wadhva, economist at the Centre for Policy Research think tank. "In India, growth rates have been slowing down. With every revision, GDP projections are being lowered."

The report projects that South Asian economies will grow at 6.7% in 2012 and 6.9% in 2013 while India’s GDP expands at 7.7% in 2012 and 7.9% in 2013. But if the crisis in Europe gets worse, average growth in South Asia could fall below 6%, with India’s GDP expanding at 6.5-7%.

To counter slowing growth, the report advocates a globally coordinated fiscal stimulus. "Though it is important to address the debt problem, in the short term, a coordinated fiscal stimulus is important to aid growth," Kumar said.

India will need to create fiscal space for investments in infrastructure to prop up growth, Wadhva said. "But this can be only done through making some politically tough decisions such as cutting oil and fertilizer subsidies," he said.

With the RBI hinting at a reversal in its tight money stance, India’s growth could recover in the next fiscal. "On the positive side, the recent IIP (Index of Industrial Production) numbers are encouraging. With the central bank also signalling a pause in policy rate hikes, growth momentum could pick up towards the second half of the next fiscal," Wadhva said.

India’s IIP grew 5.9% in November, reversing the downward trend of the last few months. In October, it had contracted by 4.7%. OVER.
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NE development will provide growth impetus’


Sanjeevi JAYASURIYA in Jaffna

The fast track development taking place in the North and the East will provide an impetus for growth and prosperity. The financial inclusion is key for sustainable development and the presence of a large number of such institutions augurs well for upward movement in the business and commerce spheres, Central Bank Governor Ajith Nivard Cabraal said.

With the aim to provide more financial services and widen the reach, Commercial Leasing and Finance Company opened its 50th branch in Kilinochchi on Wednesday where the Central Bank Governor was the Chief Guest.

The well planned strategies and execution has ensured positive impact of the development drive. As there are nine banks and several financial institutions in Kilinochchi, the business momentum and hype of activities is evident. The area underwent amazing transformation in the past 18 months, he said.

Measures are needed to ensure that the development is continued in fast pace. The upgrading of livelihood and opportunities for financial services to infuse business growth are important. This could be achieved through the availability of different financial institutions where people could benefit, he said.

The financial institutions could make a huge difference in the life of customers as the loans provided to them could enable them to reach the next level. Finances are changing shape and it should be fashioned to supplement people’s efforts. Lending could make the growth faster.

The Northern Province recorded 22 percent growth and it has become a significant partner of national growth. We need to encourage banks and financial institutions to get more involved in business and commerce for easy access for finance to improve people’s lives.

There are major changes in the economic landscape and this should create more entrepreneurs and make them partners of development process. The country is well positioned to reach accelerated economic growth and contribution by the financial sector is a critical factor in this regard, Cabraal said.

The 50th branch opening of the Commercial Leasing and Finance Company (CLC) makes it four branches in the North. The branch expansion of the company will benefit the farming and business community with new opportunities for growth, LOLC Group Managing Director Kapila Jayawardena said.

The company moved in to a new path and expanded business widely during the past four years and is well poised to record a profit of Rs 5 billion this year. Its lending portfolio has grown tremendously where 27 percent growth is accounted by the North and the East provinces, he said.

The CLC has disbursed Rs 5 billion for the eight branches in the North and the East and sees huge business potential in lending in these provinces. The company has one of the highest lending portfolios for the two provinces at present where it operates in the core business areas of savings, lending, hire purchase and commercial factoring.

We have taken initiatives to focus more on the SME sector and are strong in micro lending in line with the government’s vision. This has played a pivotal role in going forward. As a fully fledged financial institution, CLC is in the forefront of the country’s financial industry, Jayawardena said.

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Japan’s Marubeni returns to Lanka, FDI boost expected

In a major boost to Sri Lanka’s international investment profile and its FDI inflows, Japan’s top multinational conglomerate Marubeni Corporation is returning to Sri Lanka. “Marubeni wants to recommence operations in Sri Lanka in the due course. The discussions with their Fact Finding Mission today was very successful,” announced Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka.

Minister Bathiudeen announced this in the aftermath of his successful meeting with visiting Marubeni Fact Finding Mission on January 19 at the Ministry of Industry and Commerce, Colombo 3. Marubeni’s two day visit is led by Wataru Yoshida, Marubeni’s Tokyo based Corporate Officer and Senior Operating Officer.

Also taking part in the mission with three other Marubeni members was Shinya Watanabe, Chairman and Managing Director of Marubeni India.

Marubeni, which was already active in Sri Lanka for 25 years, closed its operations on May 1, 2008 citing unfavourable economic conditions. Marubeni’s return is also expected to boost Sri Lanka’s FDI inflows further. Marubeni reported $ 48 billion revenue in 2010. Among Marubeni’s major stockholders are JP Morgan Chase Bank.

The diversified multinational conglomerate is engaged in diversified trading activities.

In that, it handles imports and exports of food materials, food products, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, offshore trading.

“We also are at present involved in power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction,” said Wataru Yoshida, “We are the largest independent power operator in Japan and energy trader in Japan.

We have more than 40 operations across the world including Qatar and even Papua New Guinea.

We have projected a net profit of $ 1.8 billion for 2011 which we want to invest in selected countries, including Sri Lanka.

Now, we want to recommence operations in Sri Lanka. In fact, we want to open our Colombo office as soon as possible,” he said.

“We warmly welcome you back. The government will give any and all assistance you need to recommence your operations here,” Minister Bathiudeen said in response.

Shinya Watanabe, Chairman and Managing Director of Marubeni India said, “Marubeni India is keen on power projects in Sri Lanka.

Marubeni India is now in a position to supply LNG Gas (domestic gas) to Sri Lanka if necessary, using our LNG terminals across the Eastern Indian shore. We import around five million tonnes of LNG to India.” “We are also strong in the Combine Cycle Power Plants (CCPP) sector which we think that Sri Lanka can make good use of.

We already have ongoing CCPP projects in Thailand and Indonesia in association with Siemens, among the many project countries.”

CCPPs use both gas and steam turbines to supply power to the grid and is considered to be an efficient generation mechanism since it uses waste heat to produce steam which in turn generates additional electricity through the steam turbine.

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Russia to construct hotel in Lanka

Hemanthi GURUGE

A leading company in Russia, Gazprom expresses its willingness to construct a hotel in Sri Lanka, in order to promote tourism between Sri Lanka and Russia.

This hotel would comprise more than 200 rooms, with all the facilities.


Udayanga Weeratunga. Picture by Saliya Rupasinghe

Tourist arrivals from Russia has sharply increased since 2011 and plans are under way to increase the number of tourist arrivals to Sri Lanka from 23,000 in 2011 to 50,000 by the end of 2012.

Ambassador of Sri Lanka to Russia Udayanga Weeratunga told Daily News Business that, Sri Lanka has drawn up plans to promote market tourism and Russia is ideal for this. Russia was listed seventh on the listed highest spending market.

There has been a sharp increase of tourist arrivals from Russia to Sri Lanka due to the commencement of direct airlines from Sri Lanka to Russia.

Aerosvit is being operated three times a week from Kyiv to Colombo and Aeroflot being operated twice a week from Moscow to Colombo. SriLankan Airlines has commenced a flight between Colombo and Moscow since last September.

This flight via Dubai is scheduled twice a week.

These three aircraft is capable of accommodating more than 1,000 passengers per week.

Sri Lankan Embassy in Russia has taken measures to introduce a tourist guidebook in Sri Lanka to promote tourism.

There is a shortage of Russian speaking people in Sri Lanka and it is a major disadvantage of promoting tourism between Sri Lanka and Russia.

Tourism is among the main drivers of economic growth, major tourist attractions focused around the island are the famous beaches located in the southern and eastern part of the country.

Sri Lanka’s tourist arrivals increased by 30 percent to 855,975 from January to December 2011, compared to 2010. Tourist arrivals are expected to increase sharply over the next few years due to intensive marketing of Sri Lanka as a world-class tourist destination.

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Jaffna Trade Fair today
The third Jaffna International Trade Fair (JIFT) 2012 will open today in at the Alfred Durayappah stadium in Jaffna and conclude on 22.

The trade fair is set to attract over 200 companies both local and international, exhibiting in over 300 stalls. The organizers expect a capacity of over 60,000 visitors spanning from all areas of trade within the peninsula to be a part of the Jaffna International Trade Fair.

Within the course of three years the Trade Fair has been earmarked as a must witnessed event by many of the local traders and inhabitants as it paves the way for the direct synthesis and merging of the Peninsula with other parts of the global and local trade.

The region which was ravaged by war for over three decades has within it an immense potential to become a trade hub of its own and Lanka Exhibition and Conference Services have ensured that the trade fair helps realize this unearthed potential of the beautiful fort city.

Director of LECS Imran Hassan believes that the trade fair will evolve into being the most influential market place for the traders of Jaffna and those outside the region. "During the past years we held this event we have seen the enthusiasm within the locals and the exhibitors to create and add value to their product and services. The fair has been the ideal meeting ground for small timers as well as big players of the region to witness firsthand the emerging markets and technologies that could be applied in the peninsula. It has also paved way for networking and the strengthening of trade ties between different regions," he said.

The industries segmented include but are not limited to, tourism and hospitality, construction, food, beverages and packing, agriculture, fisheries, Information and communication technology, apparel, automobile, financial services and consumer goods.

The President of the Federation of Chambers of Commerce & Industry of Sri Lanka Kumar Mallimaratchi believes that the Jaffna International Trade Fair has paved the way for the peninsula to be a part of the fledgling economy.

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Airtel appoints Suren Goonewardene as CEO
Bharti Airtel, a leading global telecommunications company with operations in 19 countries across Asia and Africa, announced the appointment of Suren Goonewardene as CEO of its operations in Sri Lanka.


Goonewardene

Goonewardene earlier worked with Dialog Telekom and Lanka Bell. He has over 16 years work experience in areas of finance, sales, marketing and operations.

At Dialog Telekom - he managed the Fixed Telecom Services and Television portfolio, and successfully drove the television business to market leadership position with Suren as Chief Operating Officer.

Announcing the appointment, Sanjay Kapoor, CEO - India and South Asia, Bharti Airtel said, "Suren brings with him rich domain experience of telecom industry and has an exceptionally strong track record of business successes in each of his previous roles.

Given Suren's vast experience, sharp focus on business goals and able leadership - we are confident that Airtel's Sri Lanka team will move from strength to strength and deliver on our aggressive growth plans for the country."

Bharti Airtel Lanka (Pvt) Ltd is a subsidiary of Bharti Airtel that commenced commercial operations of services in Sri Lanka in January 2009, and grew to become the fastest operator to reach the one million customer milestone in the country.

Previously, Suren also held the position of Managing Director at Lanka Bell where he played an eminent role in building and commissioning an islandwide fixed wireless network.

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US to identify investment opportunities
Ramani KANGARAARACHCHI

US Commerce Department will identify specific opportunities at the mega Expo organized by Sri Lanka in March 2012. US Commerce Department Deputy Assistant Secretary for Africa, the Middle East, and South Asia Holly Vineyard who was in Sri Lanka on a short official visit said at a brief round table conference for media at the American Centre, Colombo on Wednesday.


Holly Vineyard

She said that the US is impressed with the present growth rate of Sri Lanka and will direct its companies to have a second look at Sri Lanka for investment as the US is keen to increase and diversify trade between the two countries. She also said that the US has increased its number of trade delegations particularly to four cities in India to look at new airports and her positive impressions on Sri Lanka will be conveyed to the US Commerce Department to encourage them to visit Sri Lanka too. There will be many opportunities for increasing trade through partnerships and she said, and wished to take a regional approach to increase ties between Sri Lanka and the US.

Vineyard said during the discussions she had with Sri Lankan officials on the investment in the booming tourism industry after conflict came up and explored the possibility of franchising with global brands.

Referring to Sri Lanka's attractive foreign direct investment in 2011 amounting to USD one billion she said it is an indication of how global investors perceive the country.

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New Mobitel double bonanza winners
The National Mobile Service Provider Mobitel conducted its Rewards Presentation for the winners of the October and November 2011 Double Bonanza Rewards Scheme recently at the Mobitel Corporate Head Office.


Four privileged Mobitel customers being presented with the keys by
Mobitel, CEO Lalith de Silva

The occasion was attended by Mobitel dignitaries and the lucky recipients of the grand rewards comprising of Suzuki Maruti Alto K10 cars and ASUS laptops.

Four privileged Mobitel customers were ceremoniously presented with the keys to their respective Suzuki Maruti Alto K10 cars while 16 other winners walked away with ASUS laptops inclusive of 3.5G high speed internet dongles as part of their reward. The Mobitel Double Bonanza Rewards Scheme is open to both Mobitel prepaid and postpaid customers, and gives them a monthly opportunity to win valuable prizes for being loyal customer of Mobitel.

Mobitel has rewarded its customers with over 33 Suzuki Maruti Alto K10 cars and a vast number of laptops since the inception of the Mobitel SMART Recharge Bonanza for Pre Paid customers, which has since then been extended to Post Paid and Broadband customers of the Mobitel family. The Mobitel Double Bonanza Rewards Scheme comprises of 24 Suzuki Maruti Alto K10 cars and 105 Asus Laptop computers with 3.5G high speed internet dongles to be awarded throughout the year on monthly basis and weekly basis, respectively.

The winners of the Mobitel Double Bonanza draw is selected under the supervision of Ernst and Young, External auditors of Mobitel and officials of the Western Province Revenue Department.

The grand winner of the Suzuki Maruti Alto K10 car in the prepaid category for the month of October was B. Thangasubramaniyan from Kandapola while the lucky winner in the postpaid category was J.S. Kumara from Wellawatte.

The prepaid winners to be rewarded with ASUS laptops and 3.5G high speed internet dongles were Ven. Koswatta Sumanarathana Thera from Nikawaratiya, Wanni Arachchige Jayantha from Ratnapura, Renuka Amarasili from Colombo 12 and M.M. Sumith Kumara from Metiyagane.

The postpaid customers to win the ASUS laptops and Mobitel dongles were M.I. Senevirathne from Horana, M.I Gunarathna from Mathugama, R.M.R.S. Rajapakksha from Koonwewa and W.Pathmasiri from Horana.

The grand winners to be rewarded for the month of November with Suzuki Maruti Alto K10 cars in both prepaid and postpaid categories respectively were H.P. Gallage from Angoda and G.K.U. Abeyratna from Meegoda.

The prepaid winners to be rewarded with ASUS laptops and 3.5G high speed internet dongles were Perumal Inbaraja from Kotagala, M. Janaka Sadaruwan Shaminda from Dambadeniya, Aluth Gedara Ananda Wejee Kumara from Monaragala and P.M.G.U.N.Santha Pallegama from Heenena.

The winners of the ASUS laptops and Mobitel dongles in the postpaid category were M.Weerasinghe from Homagama, W.D.K. Walpola from Athurugiriya, H.M.G.S.K Chandrasiri from Kiriwaththuduwa and M.B.N.K Silva from Polgahawela.

Mobitel customers can find out their eligibility to participate in the draw by dialing #151# from their Mobitel phone. However, in order to qualify for the competition, the Mobitel customer has to be registered in compliance with the Mobitel Customer Registration Policy. Registration details can be checked by dialing #132#. Winners will be notified by Mobitel only via customer care hotline 1717.

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Travel
Int'l spa for Chaaya Tranz Hikkaduwa
Shirajiv SIRIMANNE

The Chaaya Tranz Hikkaduwa owned and operated by the John Keells group will be adding an international Spa to their portfolio soon. This roof top Spa would be managed by Azmara group.

The hotel better known as Coral Gardens built nearly 25 years ago was one of the most sought after hotels in the area. However with time it was neglected and one of the biggest disadvantages it had to meet present day demands was the lack of balconies to the rooms.


Nalinda Liyanage

John Keels Group Chairman Susantha Ratnayake said that this may have been the only beach front star class property in the world which operated without a balcony. He said that the group was at one time looking at disposing this from their profile and was looking for a buyer.

However with Sri Lankan tourism picking up, the company decided to retain the hotel and turn around it. The hotel was closed for nearly 16 months and underwent a complete overhaul and was opened last November with a new branding Chaaya Tranz. The group invested over Rs. 300 million for the property.

The architect, Channa Daswatte, built a new wing in front of the hotel and connected it with a wooden bridge to create the much needed balconies for the hotel.

The Resident, Manager of the Hotel, Nalinda Liyanage said the hotel has been repositioned with a quiet and tranquil venue for visitors to enjoy a peaceful beach destination. "We don't have disco or loud music as it could be found outside the hotel," he said.

He said that the hotel offers Whale watching experiences and other excursions, one of their biggest attractions is the 25-year-old 'Rosy' turtle, a frequent visitor to the beach every morning. "It is used to people and is very tame," he said.

He said although Hikkaduwa was said to be the birth place of Sri Lankan tourism with time it reached the peak and became a cheap and dying destination. However with the opening of Transz it added value to Hikkaduwa as a destination and has helped the area to reposition itself once again and gain its past glory.

With the opening of Tranz one could see the nearby hotels, shops being up graded and even this positive mindset could be seen in the people.

He further said the highway too helped the hotel in a very big way.

The local travel patterns have been to leave early Saturday morning to find their getaway week end in the south and return late next day. "However with the highway, people leave after office and they are here for dinner. Due to this Friday too has turned out to be a high revenue generation day for hotels," he stated.

In addition there is a new trend developing where people come for week end buffets and go back in the evening. "Soon we could expect Colombo weddings being hosted in the South," he said.

Foreigners too are very happy as they could get to the hotel in less than three hours from the airport. "When the airport highway opens foreigners could be in Hikkaduwa in just one and half hours," he stated.

However he advised visitors not to exit the Highway from Baddegama as the access road is still under construction. They should exit from Kurudugaha Hethakma take the Elpitiya Ambalangoda carpeted road and come to the hotel," he advised.

Executive Chef, Priyantha Weerasinghe said that they have several restaurants to cater to various needs and said that they are also looking forward in making their signature outdoor sea food restaurant "Crabs" available in all their hotels. "Crabs" is also at their property in Trincomalee. The Keells management in a bid to maintain high quality of service to their high end clientele also hires an Australian General Manager, S. Mario and a British Chef, Kevin Little.

The response for the property with 150 rooms, including two disabled rooms and two pools has been overwhelming with occupancy levels being maintained at over 90 percent and weekends being sold out.


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Sunhill group celebrates 20 years

Chairman, Wasantha Perera presenting an award to the oldest employee of the company. Pictures by Saliya Rupasinge

Sunhill Group of Companies which was in the forefront of the hospitality, leisure and entertainment industry celebrated 20 years recently and to mark the event held a series of events.

Originating from Nuwara Eliya Sunhill Group of Companies has fast become one of the most popular names in Sri Lanka?s leisure industry boasting of several star-class hotel and entertainment properties in various locations. the company has a staff force of 400 employees.

One of the biggest achievement the company received was the award for the best economy class hotel in the World last year for their flagship property Sun Hill Hotel Nuwara Eliya.

The company which started its long journey in Nuwara Eliya has ambitious plans to move in to the leisure industry in Malaysia, Dubai and Thailand in 2012.


Some of the entertainment at the event

“The ending of the war opened the doors to economic prosperity and this also helped our company to look at more opportunities in Sri Lanka and overseas,” said Chairman Wasantha Perera. “With the ending of the war the leisure industry would be one of the key drives of the economy and the future of the industry looks even brighter,” he said.

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