Business Advertorial

Capital reach leasing launches new savings account

Capital Reach Leasing has introduced their latest Savings Acccounts recently.

At the launch an official of the firm said that the savings play an important role in a healthy economy at macro as well as micro level, therefore encouraging saving habits is important for the sustainability of the economy.

Unfortunately, the increasing commodity and fuel prices are drastically changing the living standards across all demographics, making it even harder for middle income earners to save.

It is therefore important, to introduce mechanisms to encourage savings. With this in mind, Capital Reach Leasing introduced their latest Savings Account that gives maximum value addition. The product is launched to commemorate the ninth anniversary of Capital Reach Leasing Ltd.

the important feature is the Capital Reach Investment Savings Account allows the depositor to save little by little and systematically build-up their capital and earn above average interest. Capital Reach Investment Savings Account, while encouraging consistent saving habits among the clients, does not burden them with minimum balance requirements.

The saving per month is determined by the client himself and can be as low as Rs.500/-. The Investment Savings Account will build up an ideal nest-egg for the saver over a period with the least effort from the saver.

Commenting on the concern among depositors regarding the reliability of finance Companies, “during early 1980s some finance companies failed mainly due to inadequate core capital, and low liquidity combined with bad management.

Today’s registered finance companies, by contrast are not only required to have a minimum core capital, but they are also required to keep enough liquid assets to absorb the shocks of the economy.

SLCPI office bearers re-elected

The Sri Lanka Chamber of The Pharmaceutical Industry (SLCPI) held its Annual General Meeting last week at the Mount Lavinia Hotel, where representatives of 60 pharmaceutical companies met to elect their 2008/9 committee.

The sitting committee of 2007/8 was unanimously reelected and Adrian Basanayake was once again given the helm as President of the Chamber. Ananda Samarasinge and Vish Govindasamy were reelected Vice-presidents and Palitha Jayatileka as Secretary.

The President pointed out that the key challenges for the coming year was to continue to upgrade the quality of the Medical Representative who are actually the human face of the industry and to instill in them a high level of product knowledge, improved communication skills and above all to inculcate in them, a sense of professionalism.

He said it was imperative for the industry to gain the respect of doctors and pharmacists based on knowledge and the value addition they made to the practice of their customers.

Speaking of plans for the new year, the President of SLCPI announced that the sub committee appointed under the leadership of Stuart Chapman, Managing Director of GlaxoSmithKline Pharmaceuticals have developed the blue print for the Certificate / Diploma courses for medical representatives.

“To implement this it will require top and middle management commitment and front line managers perseverance.

We need to make it highly desirable for all new recruits do these courses as soon as they join the industry. That is before they look at career options such as CIM or SLIM.

The candidates who successfully completes the course will be awarded a certificate/Diplomas of competence by the Sri Lanka Chamber Of The Pharmaceutical Industry. This I believe will be a boon to small member companies who do not have dedicated training departments and a good base for recruitment for all our members companies,” he said.

2007 was a watershed year for the SLCPI where several new regulations were introduced to the industry and the Chamber itself took on a more self regulatory role towards its member companies in maintaining standards.

The SLCPI worked closely with the Ministry of Health in improving standards in the pharma industry. A new Code of Pharmaceutical Marketing Practices and a Code of Conduct for Medical Representatives were introduced under the auspices of the Minister of Healthcare and Nutrition at a ceremony held at the BMICH early this year.

The SLCPI has taken on the task of educating the public on their points of view on the generic versus branded drugs debate and several articles were published placing the facts for consideration by the public.

The Chamber’s work with the Ministry of Health resulted in the Ministry issuing Identity Cards to representatives of SLCPI member companies to enter Medical Institutions under proper guidelines. This was a significant achievement by the Chamber.

The SLCPI conducted and lent their support to a series of Medical Camps across the country, throughout last year providing testing equipment and free of cost drugs to thousands of patients through the generosity of it’s member companies.

Based on the success of these camps, the Chamber has decided to continue to lend their support to several similar projects this year as well.

Another significant decision made by the Chamber is the launch of a Felicitation programme titled ‘Lifetime Achievement Awards’ to honour those who have contributed significantly to the development of the pharmaceutical industry over the years.

The first four recipients of this prestigious award at the AGM were M. Balasubramanium, Gamini Silva, Darrel Perera and Kit Liyanage.

The AGM concluded with the SLCPI welcoming 12 new companies who obtained membership in 2008, the largest number to do so in a single year. This takes up the Chamber’s membership to 60 making them the single entity representing over 95 per cent of the private pharmaceutical trade in Sri Lanka.

Fadna Beutea natures gift for lasting beauty

Fadna Beutea Is the latest addition to the wide range of herbal teas which is being produced and marketed by Food and Nature (Pvt) Ltd. Food and Nature (Pvt) Ltd., is an awarded company by the Food and Agriculture Organization of the United Nations (F.A.O) and received approval from the GPM system for principles of food hygiene. Renowned food Scientist Dr. D. B. T. Wijeratne provides the technology and all products marketed are packaged to internationally accepted standards.

Fadna Beutea is formulated with the finest blend of green tea with Iramusu (Sarsaparilla) and gives a lingering taste and flavour. Fadna Beutea leaves a fragrant and lasting taste, promotes fresh breath and possesses ingredients that ensure natural loveliness true to nature.

Iramusu has been used for centuries as a natural ingredient that promotes good health, clear complexion and beautiful hair. It helps reduce dark circles around the eyes, purifies the blood and cools and deans the internal system.

Women in Asia have used this formula for centuries and the secret has been passed on from generation to generation up to the present day.

 HSBC comes to Vietnam

HSBC has obtained official approval from the State Bank of Vietnam (SBV) to set up a wholly foreign owned bank (WFOB) in Vietnam, bringing the bank closer to achieving its goal of incorporating locally and strengthening its position as a leading foreign bank in Vietnam.

CEO of HSBC in Vietnam, Thomas Tobin said: “We continue to increase our participation in Vietnam’s economy and financial markets, and I am very glad to see that our commitment to the development of the financial sector has been recognised and supported by the authorities.

This is a clear sign of the Government’s strong commitment to the WTO and their recognition of the importance of a strong financial sector.

Yasunaga gets BOI nod

Yasunaga Residencies (Pvt) Limited, Kandy has obtained BOI approval for the construction of a semi luxury housing complex in Nattarampotha, Kundasale in the suburbs of Kandy.

Yasunaga, a Japanese firm with local collaboration will invest US $ 925,000 and is expected to provide employment both directly and indirectly to about 75 persons.

SCOPP assures regional economic development

The Core Group Meeting of the Business for Peace Initiative (BPI) of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) chaired by Samantha Abeywickrama, Secretary General, FCCISL which was held recently at the FCCISL Auditorium devoted its entire session to discuss the intricate issues in expanding the regional economic development and rehabilitation with emphasis to North and East.

The discussions centered on such vitally important issues like the establishment of the Eastern Development Bank, the shortage of building materials in Jaffna, expediting the opening of Puttalam Mannar road, the price escalations due to security measures in Government contracts, to increase personnel for security checking at Medawachchiya railway station and to increase the number of lorries transporting goods to Colombo.

Secretary General, Secretariat for Coordinating the Peace Process (SCOPP), Prof Rajiva Wijesinha, was present at the entire proceedings to assure that the government works to go hand in hand with the Private Sector in achieving regional economic development. There were also the representatives of the North and East regional and district Chambers.

Prof. Wijesinha urged the chambers and the business community to extend their support to expedite the economic rehabilitation efforts in the North and East and bring back normalcy to the lives of the people.

Eastern Chamber officials indicated that in the absence of a Development Bank in the region, the business community is unable to improve their businesses and provide a better service to the people. They pointed out that even though this matter was taken up before, there has been no action to establish it. They explained the importance and urgency to establish the Eastern Development Bank.

Yarlpanam chamber said that due to an acute shortage of building materials in that area, the contractors, who are their members, are unable to complete the contracts within the specified time and thus sustaining losses.

Yarlpanam chamber suggested that the Government to charter a vessel to transport building materials or allocate space in CGES chartered vessel specially to transport building materials so that Chamber members could complete the governmental contracts in time.

Mannar chamber brought up the issue of not expediting the opening of the Puttalam-Mannar road which is a big hindrance for the business community and urged that the road to be opened for public transport early.

Anuradhapura, Mannar and Jaffna Chambers indicated that there is the misery of building contractors who have tendered for government works funded under IBRD development programme, which has no provision for price escalations.

The price escalation is due to present security measures adopted in transporting building materials to Mannar and insufficient space allocated in ships to transport building materials to Jaffna.

Vavuniya Chamber indicated that still the number of security personnel deployed to check passengers of the night mail train at Medawachchiya railway station is inadequate and it takes hours to complete security clearance.

As a result some passengers miss the limited transport available to other destinations. Vavuniya chamber requested the security checking to be expedited at Medawachchiya so that number of lorries carrying rice to Colombo could be increased, which in turn find business opportunities to Vavuniya businessmen. It would help in the government policy to bring down the price of rice in major cities.

Prof. Wijesinha assured that he would raise the issues and grievances with the appropriate authorities, as these issues are forerunners to normalcy in the region and building peace in the country.

He commended the contribution the BPI has been making to solve the burning issues of the regions which he said will contribute to build peace, immensely.

Additional Secretary Ministry of Enterprise Development and Investment Promotion R. M. Abeyratne, First Secretary, Norwegian Embassy Ingrid Hordvei Dana, Director Economic Affairs Rohantha Athukorale and Director Operations from SCOPP Brig. Piyal Abeysekera, Development advisor Consortium of Humanitarian Agencies (CHA) Lionel Munaweera, Private Sector Advisor Oxfam GB Gayathri Jayadevan, were also present at the meeting.

 Standard Chartered to protect Sri Pada

Standard Chartered Bank affirmed its strong commitment to the Government’s environmental programme with a contribution of Rs. 5.95 million to the Sri Pada Summit Sacred Area- Improvement of Pathways Project.

The cheque was handed over by Chief Executive Officer of Standard Chartered Bank Sri Lanka Clive Haswell to the Minister of Urban Development and Sacred Area Development Dinesh Gunawardena in the presence of the Chief Justice Sarath Silva and Deputy Governor of the Central Bank Dr. Ranee Jayamaha.

The project will focus on reconstructing the pathway to Udamaluwa and will be completed prior to the start of the next pilgrim season in December this year. The pathway consists of approximately 14,000 steps in total that are in need of reconstruction for the safety of its climbers and also to the protection of the flora and fauna of the mountain peak.

“Standard Chartered Bank has set a great example of how the private sector of Sri Lanka can join the Government in protecting our National Heritage Sites. This contribution is not only a great assistance to the Government but also brings merit to the Bank as this funding will be used to develop a pilgrim route that has not seen any development since 1952, “ said the Minister.

Chief Justice, Sarath Silva also added, “I am extremely happy to see an International Bank like Standard Chartered making this contribution to protecting a cultural site that is as old as antiquity and is of immense religious and cultural value to all Sri Lankans,”. The Chief Justice also mentioned that the project’s progress will be closely monitored and aims to be completed by the end of this year.

“Standard Chartered Bank is very proud to be a part of this project as it not only makes a real commitment to environmental sustainability but will also help preserve one of the oldest pilgrimages, that is of huge cultural significance to a diverse cross section of Sri Lankans,” said Clive Haswell, Chief Executive Officer of Standard Chartered Bank.

Standard Chartered’s has always focused strongly on integrating environment and sustainable development criteria into day-to-day processes.

 Super lunch deals at Trans Asia for busy executives

Now at Trans Asia, on offer are an array of amazing lunch set menus for the price of 990/- plus taxes at all its signature restaurants, namely Saffron, Royal Thai and Long Feng throughout the month of September.

Our Master Chefs have made the lives of busy executives easier, by creating these wonderful set menus featuring their signature dishes creating ideal combinations for a satisfying meal.

Saffron boasts of Chicken cubes dipped in gram flour batter and deep fried medium spicy, yellow mung dhal and vegetable soup, jeera rice, tandoori rotti and butter naan, mutton rara gosh, fish hara masala, paneer palak and vegetable saagwala ending with either kulfi faluda or gulab jamun. Doesn’t that sound tempting enough to want to come by and try it out?

Its not only one menu, Chef Rana has created four more. For those who favour Thai cuisine, the quintessential Thai restaurant offers some amazing lunch set menus too. One consists of Thai fish cake with white rice flakes in a lemon grass skewer, clear fish soup with mushrooms and Thai herbs.