While joining Ada Derana Biz 24×7 for an interview, Lanka Vehicle Importers’ Association chairman Indika Sampath Merinchige said that he gained an opportunity to his views when the 2017 budget proposals were being prepared and that the Finance Minister has taken his views and proposals when preparing the budget.

Accordingly, through this budget a tax reduction has been affected on vans, passenger vans, crew cabs, lorries etc said Merinchige and added that the request for the tax on value be abolished while retaining the unit tax for electric cars has been taken into consideration in this budget.

Somewhere in the Beaujolais region of France, an intelligent fox is busy packing his bags to make a trip to a sunny island in the Indian Ocean. After picking the perfect Gamay grapes, and letting them ferment for just a few weeks, Monsieur Fox will be carrying with him a barrel of the finest “Beaujolais Nouveau” to tempt the taste buds of the islanders.

Sri Lanka’s culinary hub Waters Edge presents “Beaujolais Nouveau”, a celebration of fine French Beaujolais on Saturday 26^th November 2016 from 4.30 pm onwards.

Speaking on the festival to be held in Sri Lanka, Director Marketing at Waters Edge Nirekshe Perera notes, “Today the Beaujolais Nouveau festival is a grand celebration all over the world. Waters Edge is once again pioneering the event in Sri Lanka and hopes to emulate the celebrations that take place especially in France to ensure that we have a truly French experience. In keeping with the Waters Edge tradition of doing things differently, Monsieur Fox will send the all-important barrel of Beaujolais Nouveau via helicopter courtesy of SimplyFly. The hotel will also be pulling out all stops in terms of dishing out the very best in French cuisine at affordable prices. We are also very excited to unveil our version of a French iconic monument at the festival.”

The festival which will be open to the public and will also feature entertainment acts such as Slipping Chairs and French Connextion who will serenade the crowds with classical French music while they enjoy the mouth-watering French pastries, crêpes, soufflés, and macaroons. Mod’Art will also showcase a special fashion show of French inspired designs.

Beaujolais is the brainchild of General Manager at Waters Edge Rohan Fernandopulle who was also instrumental in introducing the Oktoberfest to Sri Lanka, which has grown in popularity exponentially over the years. “We hope that Sri Lanka will be open to experience and enjoy different cuisines and cultures from across the world that Waters Edge hopes to bring. As the culinary hub of Sri Lanka we want our patrons to be spoilt for choice and this French festival is another step in our journey of bringing cuisines from the four corners of the world to our very own shores”, he said.

The event which is being held for the first time in Sri Lanka in such a grand scale is in partnership with HSBC Advance and Signature Credit Cards, Iconic Galaxy, Response Marketing (Creative Partner), Emerging Media (Outdoor Advertising Partner), Lite FM (Radio Partner), Mod’Art (Fashion Partner), Aeventive (Décor Partner), Jeeva Entertainment (Sounds and Lighting Solutions Partner), and Capture Eye (Official Photographer). The worldwide celebration of the end of the harvest is also being held in in association with Alliance Française DE COLOMBO and the French Embassy in Sri Lanka. The entrance free event will be a culmination of all things French with food stalls, music and entertainment, and traditional French games for the entire family. The Sri Lanka France Business council will also hold a special raffle draw with fabulous prices to be won.

For more information please contact Waters Edge on 0112 863863 or visit the event’s Facebook page or www.facebook.com/WatersEdgeSL

Fairway Holdings continued their partnership with Soul Sounds, Sri Lanka’s award winning Premier all women choir.

Directed by well-known pianist and musician, Soundarie David Rodrigo, Soul Sounds is ranked with some of the most renowned choirs in the world. Soul Sounds have enthralled many an audience both in Sri Lanka and abroad with their ability to reach out to the soul with their passionate music. This premier female ensemble, were the first choir in the country to venture into the world of international choral music, and have been truly musical ambassadors to Sri Lanka.  Their first win as a choir was at the Llangollen International Musical Eistedfodd in Wales back in 2004, where they were first runners up in the Youth Choir Category. Since then there has been no turning back and they have won many awards at the World Choir Games held in China and Austria.

To date, they have traveled and performed in India, China, Australia, Kuwait, Austria, France, the USA, Malaysia and South Africa.

Each successive performance of this choir has been an improvement on the earlier and the choral harmony and music transcends boundaries and continues to take up the challenge of venturing into different genres of music. For these girls, singing is soul searching. Their goal is to constantly better their standards, while reaching out internationally to appeal to their growing fan base, with the aim of showcasing Sri Lankan talent to the world.

Fairway Holdings has a fine track record of sponsoring artistic & musical events that have the salutary effect of spreading wholesome societal values and appreciation of the arts and culture. This partnership between Fairway Holdings and Soul Sounds is a long-term commitment to support and empower this choir to make greater forays in the musical art.

The Securities & Exchange Commission (SEC) has decided to relax the regulations on the Minimum Public Float in listed companies in Sri Lanka.

According to the new SEC regulations, there would be no necessity for a minimum public float for public companies listed under the main board and with a Rs. 10 billion adjusted threshold from the market capitalization.

Accordingly, companies maintaining a Rs. 7.5 billion public float of the market capitalization should maintain a public float of 5%, companies maintaining a Rs. 2.5 billion public float 10% and below these limits 20% public float.

The minimum number of shareholder in a company listed on the main board has been stipulated at 500.

Apart from them, public listed companies under the Diri Saviya board with a public float of Rs. 01 billion market capitalization should maintain a minimum 7.5% public float and below this limit a public float of minimum 10%. The minimum number of shareholder in a company listed under the Diri Saviya board has been stipulated at 200.

These policies would be effective 01 January 2017 and the companies failing to fulfill them would be provided with a grace period of six months, said the CSE.

As part of its continued CSR focus towards Children, Amãna Bank made another valuable contribution to the Children’s Ward (15B) of the Colombo South (Kalubowila) General Hospital by donating acute medical equipment. The donation was made by the Bank’s Chief Executive Officer Mohamed Azmeer to the Director of the Colombo South Teaching Hospital Dr. Asela Gunawardena in the presence of the Bank’s CFO Ali Wahid, Vice President Business Banking Amrit CanagaRetna along with the participation of consultant doctors, nurses of the ward and staff of the Bank.

Having taken up the responsibility in 2006 to maintain the Children’s Ward, Amãna has assisted the requirements of the ward including providing of medicines to facilitate the timely treatment of the patients, partitioning, colour washing, repairs as well as donation of IT equipment.

Commenting on the occasion, Amãna Bank’s Chief Executive Officer Mohamed Azmeer said, “We are privileged to continue this bond with the Kalubowila Teaching Hospital and are committed to do our best for the betterment of Children in line with our CSR focus. We believe this equipment will be of much support for the ward in carrying out its good work more efficiently.”

Also sharing his thoughts Dr. Gunawardena said, “We are very happy to note the continuous commitment of Amãna Bank towards the hospital and the children’s ward for which we are truly thankful. They have understood the significant role we play in society and have always extended a helping hand to meet the necessities of the children’s ward during the last 10 years”

The Bank also presented a gift pack to all children admitted to the ward, in order to put a smile on their faces.

Amãna Bank PLC is the first Licensed Commercial Bank in Sri Lanka to operate in complete harmony with the non-interest based Islamic banking model. Fitch Ratings, in October 2015, affirmed the Bank’s National Long Term Rating of BB(lka) with a Stable Outlook. The Bank was recognized as the Best ‘Up-and-Comer’ Islamic Bank of the World by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony held in Washington DC, USA. The Bank was also bestowed the coveted title ‘Islamic Finance Entity of the Year 2016’ at the inaugural Islamic Finance Forum of South Asia Awards Ceremony held in July. Powered by the stability and support of its strategic shareholders including, Bank Islam Malaysia Berhad, AB Bank in Bangladesh and Islamic Development Bank based in Saudi Arabia, Amãna Bank is making strong inroads within the Sri Lankan banking industry and is focused on capitalizing the growing market potential for its unique banking model across the country.

Photo caption: Amãna Bank CEO Mohmed Azmeer handing over a Cardiac Monitor to the Head Nurse of the Kalubowila Hospital Children’s Ward 15B along with Director of the Colombo South Teaching Hospital Dr. Asela Gunawardena, The Bank’s CFO Ali Wahid, Vice President Business Banking Amrit CanagaRetna, Manager – Marketing and Corporate Communications Azim Rali, and other Consultant Doctors of the Hospital look on

CIMA Launchpad, an initiative of the CIMA Students’ Society, has grown to be a pivotal platform for aspiring entrepreneurs who are in search of  ‘what it takes’ to make their business start-up become the next successful entrant to hit the market. It is a platform which allows aspiring entrepreneurs to reach out to an audience of investors and industry veterans, who offer insights and the guidance in turning business ideas to a reality.

CIMA Launchpad has been endorsed by top industry professionals; and this initiative has renewed and enhanced its partnerships with them, providing the participant teams the best in terms of experience, exposure and knowledge they gain through the platform.

This year, CIMA Launchpad has partnered with industry heavyweights to provide increased benefits to participants. MAS is partnering with CIMA Launchpad for the 2^nd consecutive year as the Strategic Partner. MAS Innovation has worked closely with the CIMA Launchpad team in providing knowledge, resources and mentorship for the shortlisted businesses.

Renewing its partnership as the Knowledge Partner for the 3^rd consecutive year, PwC Sri Lanka will be providing benefits of investor sourcing, performing business valuations and furthermore, providing the chance for the winning team to participate at Slush; a leading start-up conference held in Helsinki, Finland which connects global startups with global investors.

SLASSCOM has been working closely with CIMA Launchpad as the industry partner for the event and has provided a plethora of opportunity for the shortlisted teams which is adjacent to their objective for the startup ecosystem in Sri Lanka.

There have been many organizations that are market leaders in their respective fields that have come aboard to work with CIMA Launch Pad in order to provide business startups with the resources required to enter the market and succeed in a competitive market. Hatton National Bank will be providing start-up loans to the top 4 teams subsequent to a risk assessment, which is the first ever start-up loan to be given without collateral to early stage businesses. Nielsen has offered to do an in-depth customer research for the winning team. Response Marketing will be working with the winning team in terms of branding and advertising which is an important element for an early stage business that is underestimated.

Having completed the initial stages of the 3-minute pitches, the mentorship program and the simulation program -including a mock investor review-, the grand finale of CIMA Launchpad 2016 is scheduled to be held on the 26^th of November at Trace Expert City. If you are interested investor or if you would like to exhibit your business startup please do contact Sashini on 0778 681830.

The Cinnamon Grand in Colombo seemed extra alive over the past few days as Sri Lanka hosted the 12^th International Microinsurance Conference. From the 15^th to the 17^th of November, more than 400 insurers from over 50 countries and Sri Lanka gathered to share their views and ideas on the topic of insurance and the development of microinsurance.

Initiated in 2005 by the Munich Re Foundation and the Microinsurance Network, the purpose of the conference lies in providing insurers, re-insurers, insurance/re-insurance brokers, micro credit agents, insurance regulators, international donor agencies as well as organizations like the World Bank Group and ILO, from all over the globe with a suitable platform to meet, share ideas and experience while learning new and innovative methods to further develop the concept of microinsurance in their own countries. As Mr. Thomas Loster, the Chairman of the Munich Re Foundation stated at the opening ceremony, “We are devoted to aiding those most vulnerable, the poor”.

The opening ceremony took place at 2.00 pm on the 15^th of November in the Oak Room of the Cinnamon Grand with the Honorable Minister of Finance, Mr. Ravi Karunanayake taking on the role of Chief Guest and the Chairperson of the IBSL, Mrs. Indrani Sugathadasa attending as Guest of Honor.  Stepping up to the microphone Mr. Dirk Perera, the President of the IASL expressed his absolute pleasure to welcome the gathering to the conference as according to him, “Microinsurance goes to the very heart and purpose of our business”. Mr. Perera also thanked the Munich Re Foundation and the Microinsurance Network for the confidence they have shown by selecting the IASL to host the International Microinsurance Conference for the year 2016 and for the support both organizations have rendered in the organization of the prestigious event.

Addressing the gathering, Mr. Loster graciously thanked and acknowledged the contributions made by the IASL since the inception of the conference and stated that he was confident that the Sri Lankan insurance industry was ready to take on a leading role in the global insurance market. The Chairman went on to thank the Microinsurance Network for their support in the endeavor. “Insuring the poor against climate change is one of the matters for which this conference is striving to find solutions,” added Mr. Loster. Mr. Michael McCord, the President of the Microinsurance Network stated that the conference had already proven to be most exciting. In his speech, Mr. McCord placed special emphasis on the necessity of trust between insurer and customer and encouraged all those gathered to learn from the conference and apply those teachings to their own work.

Mrs. Indrani Sugathadasa warmly welcomed all those gathered to the 12^th International Microinsurance Conference, adding that it was a great leap forward for the insurance community of Sri Lanka to host such a popular international event. Mr. Rohan Sachdev, EY’s Global Insurance Emerging Market Leader, delivered the keynote address during which he discussed the concept, gaps, benefits and aspects of microinsurance.

Chief Guest, Minister Karunanayake was most pleased by the efforts and initiatives of the IASL, the Munich Re Foundation and the Microinsurance Network in holding such an important conference on microinsurance. “I am pleased to note that sustainability has come into focus which we took into account while drawing up the Sri Lanka national budget proposal this year. It is my fervent wish that the conference commencing today will bring in greater benefits for the industry and more opportunities for the beneficiaries, the lower income citizens thus making them inclusive”. The minister further went on to state, “The professionalism of the organizers is clearly depicted by the objectives enumerated which will hopefully provide the correct foundation to ensure that the 12^th Annual International Microinsurance Conference held during the next few days in Sri Lanka will be the most valuable we’ve held in the recent years”.

The IASL, the Munich Re Foundation and the Microinsurance Network were joined by the IBSL as a co-host and J.B Boda as the gold sponsor of the conference.

In addition to the main event, a pre-conference workshop organized by ILO and was held on the 14^th of November at Cinnamon Grand, based on the topic, “Managing Microinsurance Distribution & Building Sustainable Agriculture Insurance”. The Annual General Meeting of the Microinsurance Network was held on the 18^th of November while the International Association of Insurance Supervisors (IAIS) hosted their financial inclusion working group and draft group on the use of Digital Technology in conjunction with the conference.

•           Second quarter fiscal 2017 revenue of $210.1 million increased 2.2% sequentially and 46.9% year-over-year.

•           Second quarter fiscal 2017 diluted EPS on a GAAP basis was $0.11, and $0.27 on a Non-GAAP basis.

•           Commenced work with 12 new clients in the fiscal second quarter.

•           Promotes Samir Dhir to President, Banking and Financial Services.

•           Reconfirms midpoint of prior revenue guidance and updates non-GAAP EPS range to $1.26 to $1.34 for fiscal 2017.

Westborough, MA – Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, reported consolidated financial results for the second quarter fiscal 2017, ended September 30, 2016.

Second Quarter Fiscal 2017 Consolidated Financial Results

Revenue for the second quarter of fiscal 2017 was $210.1 million, an increase of 2.2% sequentially and 46.9% year-over-year.  On a constant currency basis, (1) second quarter revenue increased 3.2% sequentially and 49.4% year-over-year.

Virtusa reported GAAP income from operations of $3.5 million for the second quarter of fiscal 2017, compared to loss from operations of $1.8 million for the first quarter of fiscal 2017 and income from operations of $13.3 million for the second quarter of fiscal 2016.

On a GAAP basis, net income for the second quarter of fiscal 2017 was $3.2 million, or $0.11 per diluted share, compared to net loss of $6.3 million, or $(0.21) per diluted share, for the first quarter of fiscal 2017, and net income of $11.1 million, or $0.37 per diluted share, for the second quarter of fiscal 2016.

Balance Sheet and Cash Flow

The Company ended the second quarter of fiscal 2017 with $227.3 million of cash, cash equivalents, and short-term and long-term investments (2).  Cash flow from operations was $25.2 million for the second quarter of fiscal 2017.

Management Commentary

Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “We are pleased with our second quarter results, which include strong growth in our BFSI and M&I industry groups.  While market conditions remain challenging, we continue to see healthy demand for our solutions. This is reflected in our pipeline, which is expanding across all verticals and solution areas.”

Ranjan Kalia, Chief Financial Officer, said, “During the second quarter, we delivered revenue above the mid-point of our guidance range and reported solid sequential improvement in our DSO which helped drive strong cash flow in the quarter. The midpoint of our fiscal year 2017 revenue guidance remains unchanged despite higher than expected foreign currency headwinds and third quarter furloughs. Our revised EPS guidance reflects the impact of higher onsite effort and contractor resourcing related to digital transformation programs, as well as currency headwinds.”

Organizational Changes

Virtusa announced today that Samir Dhir, Chief Delivery Officer and Head of India Operations, has been appointed President of Banking and Financial Services (BFS), effective immediately. Mr. Dhir replaces Jitin Goyal who resigned to pursue other interests.

Commenting on the appointment, Kris Canekeratne, Virtusa’s Chairman and CEO, stated, “I would like to congratulate Samir on his appointment to President of Banking and Financial Services. Since the announcement of our acquisition, Samir has played a key role in the successful integration of Polaris and took overall responsibility for our largest banking client. I am confident that Samir and the BFS leadership team will continue to build on our strong platform and enable us to further capitalize on the significant digital transformation opportunity. I would also like to thank Jitin for his many contributions including the successful integration of Polaris into Virtusa. We wish Jitin the very best.”

Mr. Dhir is a 23 year veteran of the IT Services industry.  Since joining Virtusa in 2010 he has served as Chief Delivery Officer and Head of India Operations, responsible for global delivery across all operating geographies. During his tenure, Dhir has built strong executive relationships with the firm’s largest clients, including Citigroup and British Telecommunications plc. He is also a key member of NASSCOM’s IT Services Council which has been initiated to sustain and grow global leadership in IT. Prior to Virtusa, Dhir worked for Wipro Technologies where he managed a large delivery organization for technology, media, transportation and services business, handled the company’s SAP Practice and ran the managed services business. Prior to Wipro he held leadership positions with Avaya and Lucent Technologies in the UK.

Financial Outlook

Virtusa management provided the following current financial guidance:

•           Third quarter fiscal 2017 revenue is expected to be in the range of $214.5 to $219.5 million. Non-GAAP diluted EPS is expected to be in the range of $0.34 to $0.38. GAAP diluted EPS is expected to be in the range of $0.17 to $0.21.

•           Fiscal year 2017 revenue is expected to be in the range of $854 to $866 million. Non-GAAP diluted EPS is expected to be in the range of $1.26 to $1.34. GAAP diluted EPS is expected to be in the range of $0.40 to $0.48.

•           Virtusa anticipates a restructuring charge in the in the second half of fiscal 2017 of approximately $1.5 to $2.0 million related to certain expense savings initiatives. This charge is not reflected in the current GAAP EPS guidance as the timing of this restructuring will impact the amount incurred in the third and fourth quarters. Additionally, this charge will not impact reported non-GAAP EPS.

The Company’s third quarter and fiscal year 2017 diluted EPS estimates an average share count of approximately 30.1 million and 30.2 million, respectively, (assuming no further exercises of stock-based awards) and assumes a stock price of $18.98, which was derived from the average closing price of the Company’s stock over the five trading days ended on November 4, 2016.  Deviations from this stock price may cause actual diluted EPS to vary based on share dilution from Virtusa’s stock options and stock appreciation rights.

Photo caption: Kris Canekeratne – Chairman and CEO, Virtusa

About Virtusa: Virtusa provides end-to-end information technology (IT) services to Global 2000 companies. These services, which include IT consulting, application maintenance, development, systems integration and managed services, leverage a unique Platforming methodology that transforms clients’ businesses through IT rationalization. Virtusa helps customers accelerate business outcomes by consolidating, rationalizing, and modernizing their core customer-facing processes into one or more core systems.

Virtusa delivers cost-effective solutions through a global delivery model, applying advanced methods such as Agile and Accelerated Solution Design to ensure that its solutions meet the clients’ requirements. As a result, its clients simultaneously reduce their IT operations cost while increasing their ability to meet changing business needs.

On March 3, 2016, Virtusa, through its India subsidiary, acquired an aggregate of approximately 51.7% of the fully diluted outstanding shares of Polaris Consulting & Services, Ltd., from founding shareholders, promoters, and certain other minority stockholders. In April 2016, Virtusa purchased an additional 26% of the fully diluted outstanding shares of Polaris from the company’s public shareholders in a mandatory open offer. Polaris is a majority owned subsidiary of Virtusa.

Founded in 1996 and headquartered in Massachusetts, Virtusa has operations in North America, Europe, and Asia.

Chicco, Europe’s most trusted baby care brand, entered the Sri Lankan market recently with the launch of their Baby Moments line of products. Chicco follows the philosophy that happiness is a journey that starts when you’re a baby. In keeping with that philosophy, Baby Moments is the complete range of mild and specific products for cleansing and protecting a baby’s sensitive skin to help start them on that journey. These Parabens, alcohol and colouring free, hypoallergenic and clinically tested products are available island wide through Kiddies & Toys International (KTI), the exclusive authorized distributor of Chicco products in Sri Lanka.

“Chicco’s philosophy and commitment to developing products that feed the needs and desires of babies fits in with a Sri Lankan mother’s need to give her baby the very best in life. And babies will love Chicco because of the delicate way the Baby Moments line of products treat their sensitive skin through every single moment of the day. This is made possible by the specific natural ingredient found in each product,” said Mr. Ajantha Wickramarathne, Head of Strategic Business Units at Kiddies & Toys International (KTI) Pvt. Limited.

To care for a baby’s sensitive skin from bath time to cuddle time the Baby Moments range of products include soft cleansing wipes, body lotion, body wash and shampoo, talcum powder, and soap. These premium products elevate the baby’s comfort and help them stay on the path to happiness.

With over 50 years of experience Chicco is a brand renowned for having a complete focus on children with their top researchers dedicated to meeting the vital physical and psychological developmental needs of children in the first three years of life. And by drawing on the expertise of parents as well as child educators, Chicco developers are able to blend real-world knowledge with cutting-edge research to produce the ideal products for children. It is this dedication and attention to detail that has made the brand a trusted name amongst mothers.

Kiddies & Toys International (KTI) Pvt. Limited is the exclusive agent for Farlin, LEGO, Barbie and Mattel brands in Sri Lanka and features an outstanding range of premium child and mother care products as well as one of the largest selections of branded toys in Sri Lanka.

Cabinet has approved a proposal to encourage investors to set up joint ventures together with the State Pharmaceuticals Manufacturing Corporation (SPMC) to manufacture medicinal drugs locally. This comes in the wake of recommendations by the committee of officials to examine widening the process of manufacturing quality drugs locally with minimal cost.

The government has further stated that while most of the medicinal needs of the country is being imported from foreign countries, large sums of foreign exchange has to be spent on this process annually.

The proposal to encourage the setting up of state-private sector joint ventures to manufacture these medicinal drugs locally has been put forward to remedy this situation.

A new draft bill titled State Enterprises Act would be introduced in Parliament next year, Deputy Minister for State Enterprises Eran Wickremaratne told Parliament today (23 November).

The Deputy Minister said this in response to a question by Member of Parliament Buddhika Pathirana on the steps being taken by the government to minimize the losses by state institutions.

While pointing out that through this draft bill could assist in minimizing the losses incurred by state institutions, the Deputy Minister added that this proposed Enterprises Board would appoint the board of directors for the State Enterprises Board, that a suitable person would be appointed thus minimizing administrative and political issues.

The number of loss incurring state enterprises during 2014 had been over 250, with the losses exceeding Rs. 600 billion. The Deputy Minister added that these losses too would be investigated into.

• 10 lucky winners have walked away with Monteros from Mobitel for 2016
• Cash Bonanza Montero Extravaganza has awarded a total of 564,260 customers with prizes worth over Rs 2,919 lakhs up to October 2016

Cash Bonanza Montero Extravaganza 2016 Introduced by the National Mobile Service Provider, SLT Mobitel, has become one of the most popular competitions in the country. It rewards customers on a monthly and daily basis an amazing Rs. 3,500 lakhs including 12 luxury Mitsubishi Montero jeeps to 12 lucky winners. The 10^th lucky winner to walk away with the Montero for October 2016 is Mr. Prabath Krishantha Rathnayake from Polgolla. Cash Bonanza Montero Extravaganza 2016 will be awarding another 2 lucky winners Monteros for the remaining months of 2016.

For the year 2016, 9 lucky winners have already walked away with a luxury Montero each from Mobitel. The lucky winners for January, February, March, April, May, June, July, August and September are Ms N.G. Shanika Srimali from Ambalantota, Mr. J.M. Thushantha Jayalath from Wariyapola, Mr. R.M. Roshan Priyadarshana from Badalkumbura, Mrs. R.M.B.P.P. Kumari from Nittambuwa, Mrs. P.A. Kusumawathi from Thanamalwila, Mr. R.D. Nimal Jayasinghe from Padavi Shri Thissapura, Mr. W. Vijith Rodrigo from Kalutara, Mr. H.J.S. Samantha Senevirathne from Eppawala and Mr. Rasanayagam Athputharaja from Trincomalee respectively.

The Cash Bonanza prize giving for October was held at Hindu College Grounds in Trincomalee and commenced with a musical show where the performing band was ‘Seeduwa Sakura’ along with various popular artist performances. SLT Mobitel awarded the 10^th Montero prize to its customer Mr. Prabath Krishantha Rathnayake from Polgolla and the prize was awarded to him by SLT Mobitel Chief Operating Officer Mr. Nalin Perera and SLT Mobitel General Manager Product Marketing Mr. Isuru Dissanayaka. This customer is the 10^th lucky customer to walk away with the luxury Montero from Mobitel. Including the 10 brand new Mitsubishi Monteros, Cash Bonanza has awarded a total of 564,260 customers with prizes worth over Rs 2,919 lakhs up to October 2016.

On the day of the carnival at, a special ‘Eye Clinic’ was held for valued customers where 1,000 customers were given spectacles free of charge along with an eye checkup done by qualified and experienced opticians. Additionally, many activities were organized during the day for participants including a kids play area with entertainment for them to have a good time and Mobitel products stalls to experience the products and services offered by Mobitel. Special offers were also given for valued Mobitel customers, including the Upahara smartphone offer, gift items and more. A gaming zone was also set up for customers for entertainment powered by Mobitel Broadband for the ultimate gaming experience.

Mobitel Pre-Paid, Post-Paid and Broadband customers are eligible for the Mobitel Cash Bonanza draw with every Rs 50/- cash recharge, reload or Post-Paid bill value payment. For the daily cash prizes, Pre-Paid winning customers will receive the prize by way of talk time for the same value and Post-Paid winning customers will receive the prize by way of a rebate on their Post-Paid bill.

Cash Bonanza winners will only be notified via Mobitel’s customer care hotline 071 27 55 777 and in writing via post. Customers will not be charged an additional fee for any prizes they have won.

Photo caption: (Above) SLT Mobitel General Manager Product Marketing Mr. Isuru Dissanayaka and SLT Mobitel Senior General Manager Sales & Channel Development Mr. Chandika Vitharana awarding Cash Bonanza Montero Extravaganza 2016 October winner Mr. Prabath Krishantha Rathnayake from Polgolla the Montero

Cash Bonanza Montero Extravaganza 2016 October Montero winner Mr. Prabath Krishantha Rathnayake and family from Polgolla

‘Babybear Boutique’ an exclusive baby care product brand lunches its flagship super store in Nawala, Sri Lanka at No. 35, Pagoda Road, Nugegoda (Off Nawala Wetland Park).

First time parents often find themselves excited and also unsure as to what they would require to welcome their baby. Prerequisites include baby shirts, onesies, booties, hooded towels, fleece blankets, feeding bottles, nappies, diapers, mackintoshes, baby-proofing items, cots, strollers and travel strollers and many more basic items.

The modern mom and dad are also concerned about style and would like to ensure their bundle of joy is introduced to the world as a little fashionista!  Hence the ‘Babybear’ brand caters to this need providing a variety of choices and styles!

Babybear also has mums-to-be in mind with a range of maternity wear shoes and clothing as well as a range of hand crafted soaps and international shower gel brands to soothe and pamper the mom-to-be during her pregnancy.

Babybear boasts of a 2,000 square foot store with parking for up to 20 vehicles with an amazing gift range that includes unique toys with an emphasis on brain development. Your child’s brain grows at an explosive rate during the first three years of his life.  During these critical brain-growth periods, it is important to introduce your toddler to brain stimulating toys such as block patterns, nesting games such as toys of different sizes that can fit inside each other, matching games and toys to develop thinking and concentration skills etc. The store also caters to kindergartens through a specialized section of educational toys and baby-safe play mats.

The range of high-tech toys include building blocks, touch and feel books, motion sensors and audio books. The ‘3D safety floor mat’ is a new concept introduced for the first time in Sri Lanka. Using the same concept of augmentation reality used in the game PokemonGo, these safety mats are 3D mats that combine with a phone app and camera that provides an interactive learning experience for little toddlers. The store also stocks very high quality soft microfiber toys.

Baby safety, though vital, is often disregarded in Sri Lanka. Babybear has a fully-fledged range of baby-proofing and safety equipment, gadgets and tools. The store has edge guards for sharp edges, door closer guards to protect babies’ fingers, baby cupboard locks to ensure they are safe from sharp kitchen utensils and a comprehensive range of baby proofing for cupboards and plug points.

Other items available at ‘Babybear’ are various gift packs based on the most popular cartoons such as Sophia, Minions and Frozen. They also have attractive décor items that could be used in nurseries and homes. Apart from this, the store caters to the needs of any kid’s party with fancy items such as lights, glow sticks and buntings, and grooming essentials sensitive to the needs of little babies. These include tubs, towels, and toothbrushes. Another concept new to Sri Lanka is the baby harness also known as baby leashes. These are little backpacks for kids attached to a leash so that parents can keep their children safely near them.

The store has also made provision for and emphasises on a ‘Babybear – Made by mums in Sri Lanka’ concept. The store provides a section for items such as maternity shoes, hand crafted soaps, customised wooden name boards, and cot mobiles made by very talented stay-at-home-moms. Babybear seeks to encourage such home enterp[rises by providing a platform for the sales of their products.

Open from Monday to Sunday from 10.30am to 8.00pm the management hopes to open two more branches in the coming year. For more information please visit the store’s Facebook page www.facebook.com/babybearboutiquePVTLTD/

Everything about the holiday season involves gatherings of friends and family, and lots of food. For many years the traditional dessert after Christmas Eve Dinner, Christmas Day Lunch, Boxing Day Brunch or New Year’s Eve Dinner has been good ol’ ice-cream. This year Pelwatte Dairy Industries Ltd, a leading manufacturer of locally produced dairy products is adding a twist to the tradition with a range of exciting ice-cream flavours.

Apart from the traditional chocolate and vanilla ice-cream, the Pelwatte Dairy ice-cream range also includes fruity varieties such as Banana, Fruit & Nut, Mango and Strawberry. Made from locally sourced full-cream milk, Pelwatte Dairy’s ice-cream recipe contains only 100% natural ingredients. It does not use artificial sweeteners or emulsifiers, making the product healthier and safe for consumption.

Speaking on the ice-cream range Pelwatte Dairy’s Director Marketing Akmal Wickramanayake notes, “For decades ice-cream has had a special place at family meals and the Christmas season just calls for indulging. Our fruity range adds a twist on the traditional and gives it a more tropical taste. The natural banana and mango flavour appeals to local taste-buds with a hint of tanginess, while the strawberry and fruit & nut is for those who have an extra-sweet sweet tooth.”

The range of Pelwatte Dairy ice-creams in 80ml cups, 500ml, 1L, 2L and 4L tubs are available at grocery stores islandwide. For more information please contact 0112 452094.

Janashakthi Insurance recognised six students of the Wayamba University ‘Insurance and Valuation Degree’ batch for their outstanding performance at a special awards ceremony recently, where the batches of 2015 and 2016 were awarded Gold, Silver and Bronze medals along with cash prizes.

The specialised degree offered exclusively at the Wayamba University is powered by Janashakthi Insurance with the aim of promoting and fostering a generation of qualified Insurance professionals for the industry. The partnership which commenced in 2009, provides Janashakthi the opportunity to offer internships to students undertaking the degree, enabling them to gain invaluable hands-on experience within the industry. This empowers the candidates to become proficient and desirable recruitments for potential employees in advance of their graduation, giving them a head start to their careers in Insurance.

“Janashakthi has always been passionate about empowering students to succeed in their education by providing them with opportunities from a young age, starting from the Janashakthi Shilpa Shakthi Grade 5 Scholarship programme, followed by supporting their tertiary education via the Wayamba University specialised degree in Insurance and Valuation. As Insurance solutions providers in Sri Lanka, we believe that we play a significant role in facilitating the right knowledge sharing platforms for our future generations to gain sound insights into the world of Insurance and acquire a specific set of skills. We extend our heartfelt congratulations to the students of the 2015 and 2016 batches and wish them nothing but the very best,” said Mr. Jude Fernando, Chief Executive Officer of Janashakthi Insurance PLC.

As a result of this programme, a high percentage of its graduates have progressed on to becoming highly desirable employees who are offered job opportunities in the industry even before the final results are released. Several recipients of the Janashakthi Awards have advanced up the corporate ladder and acquired senior positions within the organisation as well as other Insurance companies, helping propel the industry towards a secure and stable future.

Wayamba University was the first and only university to offer a degree specializing in Insurance in 2007. The course itself delves deep into the subject matter, imparting both theoretical and practical knowledge that are vital for aspiring Insurance professionals.

“We are happy to have Janashakthi come on board to support us in this worthy endeavour. Their expertise and assistance have truly added value to our university students who are able to embark on successful careers in the industry. We have carefully structured the programme to ensure that all students gain a strong foundation in Insurance, whilst helping to hone skills that will further complement their careers,” said Mr. V. Sanjeewa, Senior Lecturer of the Wayamba University.

Janashakthi Insurance PLC, founded in 1994, made its mark in the industry as an innovator and household name over a span of two decades. As an organisation that thrives to deliver excellence in Customer Service by addressing the Insurance needs of its customer base, Janashakthi has an island wide branch network of 109 branches, a 24-hour call centre and around the clock assessor service. Today, the Company stands strong as a leader in Motor, Non-Motor and Life Insurance services, and with its recent acquisition of AIA General Insurance Lanka Limited, continues resolutely on its vision of lighting the lamp of Insurance in every home and work place.

Continuing to deliver on a longstanding commitment to sustainability, EFL opened a solar power plant in Wellampitiya on 16th November 2016. The occasion was marked by a special ceremony attended by Hon Deputy Minister of Power and Energy Ajith P. Perera as chief guest alongside top management of EFL and Expolanka Holdings PLC Group CEO Hanif Yusoof. The Minister inaugurated the Grid-Connected Solar PV Power Plant and commended EFL for taking early steps as a private sector player bringing solutions to Sri Lanka’s energy dilemma.

With 2326 solar panels installed, the plant is expected to deliver 78,154 kilowatt hours of energy per month. It has an energy production capacity of 651.28 kWp and has been recognized as the second largest rooftop solar power plant in the country. This solar power plant connected to the national electrical grid will contribute to reducing Sri Lanka’s dependence on other countries for a consistent supply of petroleum and coal to produce electricity, thus also easing the outflow of foreign exchange from the country. This is among the few such large scale corporate contributions to the country’s energy sector and supports the logistics provider’s bid to instill sustainable practices in both enviroment and operational activities. It will also contribute significantly to reducing the company’s Greenhouse Gas Emissions.

The state of the art fashion and general cargo warehouse located at the EFL logistics campus is also the first LEED Gold Accredited facility of its kind and follows an ISO 14062 certification which the company obtained for developing a framework to quantify and report on their greenhouse gas (GHG) emissions. For the community, the company recently completed its yearly Bulb for a Bulb campaign that replaces incandescent lights in households with LED bulbs free of charge.

“Our contribution to solar energy generation is a step forward in what we believe is the direction of the future,” said Saif Yusoof, Managing Director of EFL. “This project ticks all the boxes in our vision for sustainability. We’re also very positive on the outlook for renewable energy in Sri Lanka-as a country we’re very well positioned to harness natural resources for our energy needs.”

Expolanka partnered with HiEnergy Services in delivering the system. HiEnergy is a provider of solar energy solutions with a strong commitment to reducing the electricity dependency of the country on fossil fuels. For EFL, the partnership meant that it had first hand insight into the energy concerns of the country and areas that could benefit from a private sector player. It was also responding to a call by the Ministry of Power and Renewable Energy for the private sector to contribute to solar power generation in Sri Lanka. Known as Soorya Bala Sangramaya, this project envisions a solar electricity-powered Sri Lanka of the future.

About EFL: EFL (Expolanka Freight) is a leading provider of supply chain solutions across 18 countries and over 55 cities. Founded in 1982, EFL is part of the logistics sector of Expolanka Holdings PLC, is ranked among the top five forwarders in the Indian Subcontinent and recognised for expertise in fashion logistics.

Photo caption: Mohammed Bilal (Managing Director, HiEnergy Services), Hanif Yusoof (Group CEO of Expolanka Holdings) and Hon Deputy Minister of Power and Energy Ajith P. Perera open EFL’s solar power plant in Wellampitiya

For the first time in Sri Lanka 3D Concept Studio, the nation’s first rapid prototyping firm, is offering children the opportunity to break the constraints of traditional thinking and conceptualise in 3 dimensions. The Junior Maker Lab sessions, which take place weekly, are designed to introduce children to the processes of planning, problem solving, designing, and creating. The program was conceived and is conducted by Nicole De Niese.

Commenting on the Junior Maker Lab sessions Nicole said, “My philosophy and approach to teaching is to encourage children to make choices, accept challenges, take risks, manage change, and to cope with frustrations and the unexpected. It is important that we do this by building on their interests, abilities, culture and previous learning experiences so that we are able to extend their learning and development rather than hinder it.  As Benjamin Franklin once said ‘tell me and I forget, teach me and I remember, involve me and I learn’ and this is exactly what I want to achieve during our Junior Maker lab sessions.”

A graduate in Early Childhood Education from Melbourne, Nicole conceived of the program based on her experiences working in child care in Australia. It seemed clear to her that if Sri Lanka was to position itself as a knowledge hub then the method of educating the country’s future leaders and thinkers needed to be updated.

“Lighting the spark of innovation in someone happens early on in their life,” said Milinda Perera, CEO of 3D Concept Studio. “It’s not only what we teach children but also how that can affect the way they see the world. It changes the way they think and solve problems. And that is what the Junior Maker Lab sessions are about – creating tomorrow’s innovators by changing the way they see the world.”

The Junior Maker Lab sessions take place every Saturday from 10 am to 11:30 am and is open to children from ages 3 to 12. Inquiries can be made at 0774 095880 or at 0777 749649.

3D Concept Studio was founded in 2013 and offers services in 2D and 3D design, 3D scanning, 3D printing, 3D fabrication and laser cutting. The company functions as an innovation and fabrication lab and caters to corporate clients such as Hemas, Orel Corporation (Orange Electric), Phoenix, FMJ Industries, and Boehm Leckner Multi Moulds.

Colombo’s newest hip city hotel, the ZMAX Fairway Colombo, will host the Colombo Art Biennale’s opening party at the rooftop lounge, adding to its growing reputation as a cultural oasis in the heart of the city’s business district. ZMAX Fairway Colombo is also the hospitality sponsor for the Colombo Art Biennale 2016.

The Colombo Art Biennale is the largest contemporary art manifestation in Sri Lanka and its theme this year is ‘Conceiving Space’. The most ambitious edition to date, the Colombo Art Biennale 2016 will showcase up to 70 artists from 21 countries across 10 venues in Colombo and will be curated by Alnoor Mitha. The program includes a cluster of educational and community activities around Slave Island and an exclusive Architects’ program with a Great Feast and outstanding performance platforms.

The ZMAX Fairway Colombo hotel will also be the venue for the Colombo Art Biennale Video Jam. Video Jam is a new and emerging form of creative expression that fuses two modes of artistic expression into a single performance – that of a live musical performance responding to a short video film. Video Jam commissions musicians to compose and perform original live accompaniments to short contemporary films. The Video Jam to be held at the Zolo rooftop bar of the ZMAX Fairway Colombo hotel on the 2nd of December 2016 includes several local and international artists.  The evening’s program will feature an extract from Vimukti Jayasundera’s film, ‘Light in the Yellow Breathing Space’ that will be accompanied by a piece of music scored by sound artist and experimental vocalist, Nicola Scrutton and performed by Samson Ogiamien and Ceylon African Manja.

The ZMAX Fairway Colombo hotel, as a venue with a distinct cultural ambience, already has a special collaboration with the internationally acclaimed artist, Anoma Wijewardena, whose works adorn each of the hotel’s 181 rooms.

The ZMAX Fairway Colombo hotel is owned by Fairway Holdings, whose CSR initiatives include a commitment towards enriching culture and the arts in Sri Lanka. Fairway Holdings is the title sponsor of the Fairway Galle Literary Festival, which brings internationally recognized writers to local audiences. In addition, the annual Fairway National Literary Awards for creative writing seeks to support and inspire local creative writing in all three languages. Fairway Holdings is also the principal sponsor of the Chamber Music Society of Colombo and the sponsor of Soul Sounds – Sri Lanka’s premier all women orchestra.

Approximately 12 months ago a small team of Sri Lankan technology entrepreneurs ventured into the Singaporean market and changed the way millennials transact. Today Kashmi is the largest person-to-person mobile payment system in Singapore catering to approximately 15,000 account holders and processing around 1.5 million SGD in transactions per month.

Kashmi’s growth trajectory is due for another boost in the coming months with its aggressive expansion into the fast growing East Asian markets of Cambodia, Indonesia and the Philippines where Kashmi will be launching the next generation of payment platform – the region’s first completely digital bank.

“Given the large population of unbanked and underbanked users in these countries; particularly amongst our key demographic of 18 to 35 year olds, we felt Kashmi had huge potential in the region,” elaborated Mufaddal Lukmanjee, CTO Kashmi. “We are currently working with leading regional banks to launch the first digital only banking platform in these countries. The Kashmi Neo Banking App will provide unparalleled features to our account holders – users can simply download the mobile application and create a bank account within 3 minutes.”

The rise of Neo Banking platforms are a growing trend across the world with services such as Moven, Simple, GoBank, Bluebird, Mobile Money and Timo appealing strongly to the millennial user-base. The platform embraces all the positives of a traditional bank such as security and regulation by the financial authorities, creating checking and savings accounts, term deposits, loans and third party payments with none of its typical weaknesses such as long queues (immediate 24 hour mobile / online assistance), tedious vetting processes (typical processing in under one hour of submission of application), customer experience (banking services offered a coffee bar style ‘hangouts’) and security (above banking grade security such as eye vein recognition technology).

“The guiding precepts of the Kashmi Neo Banking platform are transparency, openness, fairness, affordability and ease of use,” added Mufaddal Lukmanjee. “The social aspect of our platform encourages peer to peer review, whilst the digital nature of the product allows us to pass along all our savings directly to the user in terms of far lower fees and higher deposit rates. Our most interesting feature is the PFM or Personal Finance Manager that offers online banking, bill payment, account management, budgeting and investment tracking. The PFM allows users to get up to the minute dashboard style graphical information on their account as well as advises on areas such as budgeting and investments.”

Kashmi was recently acclaimed by Fintech News as one of “Singapore’s Hottest Fintech Startups” and is on course to releasing its New Banking Application in early 2017.

“We are not looking at antagonizing traditional banks by competing directly with their current business lines. Quite contrary to this we are actually working closely to forge strong relationships with strategic banking partners to structure a mutually beneficial partnership where Kashmi is strictly regulated under their banking license and supported by their existing banking infrastructure whilst at the same time appealing to a user-base that is typically averse to working with traditional banks for every level of their banking activities,” said Rakhil Fernando, CEO Kashmi.

“Our dream was always to become the dominant digital banking provider across the South East Asian region. It’s undoubtedly a big dream – but then again just a few short months ago Kashmi was just an idea between four friends in Colombo and today we are the biggest peer to peer payment provider in Singapore – anything is possible!”

Ever since the mobile application was officially launched in the Singaporean market at the beginning of the year it has piqued the interest of a number of organizations and has been nominated for numerous awards including the SMART Awards 2016 for Asia’s Most Innovative P2P Initiative and has also been selected as one of Asia’s Top 10 Startups at the Startup World Cup.

“Beating over 500 other startups around the world and winning the Singaporean Government funded Fintech Startupbootcamp in 2015 really opened a lot of doors for us. From working with the regulators at the Monetary Authority to the biggest Banks such as DBS and UOB. The past year has been nothing short of a whirlwind and we are still coming to grips with how fast users are adopting to using the peer to peer payment platform – from people paying rent, to splitting dinner bills or cab fares, sports clubs using it to accept fees, freelancers and small merchants using it to accept payments, and families sharing household expenses through Kashmi.”

“Probably the most humbling experience was being invited to attend the Global Entrepreneurship Summit hosted by Barack Obama for the world’s leading startups where we had the opportunity to interact with everybody from Mark Zuckerberg, Sergei Brin, Patrick Collison investors like Chamath Palapitiya, VC’s like Andresen Horowitz, and Secretary of State John Kerry,” he said. “I also had the opportunity to meet with fellow Sri Lankan entrepeneur Iqram Magdon-Ismail who founded the similar popular US based P2P payment application Venmo which was later bought by Paypal for USD 800 million in 2013.”

Photo caption: (Above) Rajinda Jayasinghe presenting Kashmi at the 2017 Startup World Cup in Manila, Philippines

The Kashmi team at their Singapore Office

Kashmi Singapore

The eclectic and premium boutique, Tropic Of Linen, announced a special edition weekend sale on 3rd and 4th December 2016, at No.1 Wijerama Mawatha, Colombo 7, featuring its first regional designer from Pakistan. The collection by reputed Pakistani designer Talat Hafeez will feature women’s clothing in a combination of evening and day-wear. The collection will consist of Indo-Western two-piece ensembles, traditional salwar kameez suits and accessories such as shawls and pashminas. An organic local brand, Tropic Of Linen showcases unique work originating from Sri Lanka and across the region.

Designer Talat Hafeez will be displaying unique pieces that contain a combination of print and rich hand embroidery work on cotton, chiffon and silk fabrics. The sale is timed to coincide with the oncoming festive season. The rich, vibrant colours and fabrics in this collection will be ideal wardrobe additions for everything from Christmas to cocktail parties as well as weddings this season.

Tropic Of Linen’s exclusive store marks the brand’s journey to the forefront of the island’s dynamic fashion retail industry. In the two years since it was launched, TOL has entrenched its credentials as a premium boutique linen brand. Specialising in high quality linen wear, the exclusive boutique showcases an exciting blend of contemporary and classic clothing for men and women. Tropic Of Linen offers its customers ‘a taste of island living’ and a leisurely shopping experience in a spacious and tastefully styled showroom.

About Tropic of Linen: Tropic Of Linen is positioned as an exclusive destination for luxurious linen wear in the country. The company has been rapidly consolidating its reputation for the last seven years. The home-grown clothing label is available in a range of chic and versatile styles. The pieces are tailored to suit a variety of silhouettes, incorporating silk and cotton into its designs, alongside a unique collection of linen designs inspired by traditional Sri Lankan Batik. These hand-made products are created by individual workers in cottage industries in rural Sri Lanka, ensuring that no two pieces are alike. Tropic Of Linen is inspired by the island culture and seeks to promote linen as a fabric that is both crisp and fluid, offering scintillating versatility unlike any other fabric. The store aims to position itself as a retail fashion destination in the region.

Further information and updates on Tropic Of Linen are available at www.facebook.com/TropicOfLinen or on +9472 22 433 89. The store will remain open between 10.00 am and 8.00 pm during the festive season.