Ceylinco Insurance Tops SLIM People's Awards
Ceylinco Insurance, was selected as the Most Preferred Insurer by the
people of Sri Lanka, for the third consecutive year, at the recently
concluded People's Awards, conducted by the Sri Lanka Institute of
Marketing, in association with Neilsen, a world renowned market research
The People's Awards recognise companies for their standing and
stature in the minds of the people.
Chief Executive Director of Ceylinco
Insurance General Ajith Gunewardena, collects the Award.
It was an honour for Ceylinco Insurance to be recognised as being the
preferred choice of the people, the Assistant General Manager for
Marketing of Ceylinco Insurance - General, Senaka Rajapakse, said. "For
us, it is a clear indication of our ability to be close to the people,
understand and speedily respond to their needs.
Also, having won the award for three consecutive years, we are
assured of the immense trust the Sri Lankan people have placed in us, as
a Sri Lankan company.
We have always strived to maintain customer focused, innovative
thinking, in developing our products and services.
The On The Spot Claim Settlement methodology, which is now recognised
as an industry standard setter, is one such product.
We believe the award was made possible through our key strengths -
the high level of service standards we maintain, and the speed with
which we serve our customers, which enable us to stay very close to the
hearts and minds of the public. We take this opportunity to thank our
customers, shareholders, and the people of Sri Lanka for this
magnanimous gesture,". Rajapakse added.
Ceylinco Insurance has many laurels among its long list of accolades
- as recently, the Ceylinco Insurance Brand was selected as the most
valued insurance brand in Sri Lanka, with a brand value of Rs.6.9
billion, and an enterprise value of Rs.25 billion. The Ceylinco
Insurance Brand was also selected as the sixth most valued brand in the
entire country and the company was assigned a Brand rating of AA- by
Brand Finance PLC of UK.
Ceylinco Insurance also happens to be the only company to receive the
much coveted award for the Most Innovative Insurance Company in Asia;
not once, but twice - in 2003 and in 2006.
Rajapakse said the very basis of the On The Spot Claim Settlement
methodology had the customer keenly in focus.
Today, On the Spot Claim Settlements, introduced by Ceylinco
Insurance, has proven tremendously beneficial to the people of Sri
In addition, he added that Ceylinco Insurance operated the widest
network of branches for both Life and General Insurance, with
distribution points numbering over 410 key locations; offering yet
another convenient benefit for customers, who can pay their premiums and
easily access all the other services provided at these locations.
Chief Executive Director of Ceylinco Insurance - General, Ajith
Gunawardena, said that under the guidance of the Chairman of Ceylinco
Consolidated, Ceylinco Insurance Dr Lalith Kotelawala, had gone on to
achieve outstanding results as a truly, entirely Sri Lankan company,
committed to fulfilling the diverse insurance needs of Sri Lankans.
He also recalled that the high level of public confidence in the
company was evident in the success of its recently concluded share
Moreover, taking its innovative solutions beyond our shores, Ceylinco
Insurance - General, has grown tremendously, in recent years, in the
South Asian and Middle Eastern regions.
Ceylinco Insurance was also rated as the Most National Minded Company
in Sri Lanka by the LMD, in a reflection of the company's strong Sri
The publication which is one of the leading real estate magazines
available in the market has just completed one successful year and is
proud to announce its new branding as "Top Properties".
Zoysa and Natalie J. Atilla
As the name suggests, the magazine focuses on the different aspects
of fabulous properties both in Sri Lanka and overseas. Irrespective of
whether you are looking to buy a home, or furnish your home this
magazine can help you, especially with the vast number of classified
advertisements that help you get a glimpse of what is available in the
market Lara de Zoysa said.
The content of the magazine is well planned and executed, giving
readers interesting reading material along with visuals that are
pleasing to the eye. The magazine is owned and managed by Lara De Zoysa
and Natalie J Atilla who have now successfully established themselves as
respected publishers and Real Estate agents in the country. An
experienced team of writers and contributors help to bring about well
thought of editorial substance to the magazine!
The Real Estate Company, Top Property Group is run with
professionalism and expertise offering their clients the best possible
properties whether it is to buy or sell. Their database has over a 1000
properties which are available on the market and the magazine works as a
marketing tool to aid in the entire process.
Why the Real Estate market? "Well at times like this, it is rather
challenging, but nevertheless it is also a time to take advantage of the
specials deals which are available and that is what we strive to do,"
said Natalie J Atilla.
MBSL seminar on 'Global Credit Crisis'
Merchant Bank of Sri Lanka PLC (MBSL) is organising a seminar on a
more appropriate topic in the current arena "Current Global Credit
Crisis" which will be held at Trans Asia Hotel's - Earl's Court today,
from 4.00 p.m. to 7.00 p.m.
The seminar will enrich the participants on the current global crisis
faced by many economies and organisations, root causes to it and the
means of managing the impact by governments, organizations and
individuals. It would enable many decision makers to be cautious in
their future direction either as an individual or towards the
organisation which employs the individual.
The credit crunch, downturn in financial and capital markets and the
collapse of investment banks have driven the importance on macro factors
of many economies.
It has also increased the importance of crisis management and risk
management within organisations. Therefore, skill and good understanding
in these aspects would be a definite advantage.
Financial stress, economic slowdown or even the recession has been
inevitable for large economies that have dominated global markets in the
past. It is also evident the global credit crisis will have an impact
within Sri Lankan banking system and the capital market structures.
Evaluating the global economic stress factors and impact to the
locality would enable many decision makers to be cautious in their
decisions and directions of their organisations.
Similarly, the collapse of financial markets in the recent past
increases the importance of investment decisions and lending decisions
which will be a key sustaining factor on the future direction of
Investment Banks, Lending Institutions, Banks and other organisations.
The seminar organised by MBSL is a unique opportunity to learn and
understand on the Impact on the Sri Lankan Economy, Global Credit Crisis
and Impact on Commodities, Interest Rates and Exchange Rates in the
international and Sri Lankan Market.
Key speakers to the event are Dr Ranjith Bandara, MBS Co-ordinator of
University of Colombo, Director of Merchant Bank of Sri Lanka PLC and
Sujeewa Mudalige, Partner of PricewaterhouseCoopers (Chartered
Accountants) and Prins Perera.
The Company generated cash from operations of $5.4 million during
the second quarter of fiscal 2009.
Virtusa Corporation ,a global information technology (IT) services
company that provides IT consulting, technology implementation and
application outsourcing services through an enhanced global delivery
model, reported financial results for the second quarter of fiscal year
2009, ended September 30.
Revenue increased 9% year-over-year and 3% sequentially, to $44
million, in the second quarter of fiscal 2009.
On a constant currency basis, which converts current period revenue
using the corresponding prior period's foreign exchange rates, revenue
increased 13% year-over-year and 6% sequentially.
Virtusa reported income from operations of approximately $0.7 million
for the second quarter of fiscal 2009, compared to $4.7 million for the
second quarter of fiscal 2008 and break even in the first quarter of
Net income for the second quarter of fiscal 2009 was $1.3 million, or
$0.05 per diluted share, compared to $4.6 million, or $0.20 per diluted
share for the second quarter of fiscal 2008 and $0.8 million, or $0.03
per diluted share, for the prior quarter.
Earnings per share for the second quarter of fiscal 2009 reflects a
5% year-over-year increase in diluted shares outstanding primarily due
to the successful completion of the Company's initial public offering in
August of 2007. The Company ended the second quarter of fiscal 2009 with
$91.9 million of cash and cash equivalents, short-term investments and
The Company generated cash from operations of $5.4 million during the
second quarter of fiscal 2009. During the second quarter of fiscal 2009,
pursuant to the Company's Share Repurchase Program, the Company
repurchased 456,719 shares for approximately $3.4 million at an average
price of $7.44.
Virtusa's Chairman and CEO Kris Canekeratne, stated "our second
quarter performance which was driven by our established clients
expanding with us and by increased contribution from new clients we have
added over the past year."
Canekeratne continued, "In these challenging economic times, our
platforming approach is a key differentiator in new client acquisition
and continues to resonate well across our client base because we improve
internal efficiencies, accelerate time-to-market and reduce overall IT
"Second quarter results demonstrate our ability to execute against
our goals of improving utilisation and expanding profit margins," said
Tom Holler, Chief Operating Officer. "Our current guidance for fiscal
2009 reflects general economic weakness as well as the impact of foreign
currencies," Holler concluded.
Exchange rate creates uncertainty for Dankotuwa
The recent appreciation of the rupee against the Euro and Pound is
causing substantial revenue losses to the Company. For the past 25
years, the cost escalations driven by high inflation in Sri Lanka was
mitigated by the depreciation of the rupee. The Company suffered a
significant hit when the rupee appreciated against the major currencies,
particularly the Euro soon after the tsunami when the massive inflows
appreciated the Sri Lanka rupee.
However, the GSP+ came to the rescue and we were able to obtain some
price increases with the argument that for the European customers the
duty was reduced to zero.
The Company has been doing its best to cut cost, improve productivity
and improve quality and obtain higher prices and emerged to a breakeven
level in the third quarter of this year. However, if the current
appreciation of the rupee is not reversed the future would be uncertain.
Dankotuwa produces one of the finest porcelains in the world and
therefore, markets it only to quality conscious customers at relatively
high prices. However, there are emerging competitors in the Asian Region
who are gradually challenging the Dankotuwa quality and for whom energy
is much cheaper.
While worldwide energy prices have come down and for many
manufacturers energy costs have reduced, it is only in Sri Lanka that
energy is still at high prices. This too erodes the competitiveness of
Sri Lanka's competitiveness particularly export oriented Ceramic
The Reggies in its 5th year!
The Reggie Candappa Craft Awards are back to celebrate and recognize
the genius of craft in creativity. This marks 5 years of the awards
ceremony organized by the Reggie Candappa Foundation for the Arts and
will be held on the 3rd of December this year.
The Reggie Candappa Craft Awards are targeted at rewarding committed
and inspired individuals passionate about achieving excellence in their
respective fields. The awards are conducted by The Reggie Candappa
Foundation for the Arts and serve as a fitting tribute to the godfather
of the local advertising industry, the late Reggie Candappa, a man whose
influence on, and contribution to the advertising field, lives on in the
generation of advertising professionals who trained under his
inspirational guidance and who today, pass on his high standards of
creativity and commitment to perfection.
Neela Marikkar, daughter of late Deshabandu Reggie Candappa and the
Managing Director/Chairperson of Grant McCann Erickson said "Creativity
is an attribute that needs to be nurtured and nourished; Reggie Candappa
was someone who knew just how to do this. He was a true lover of both
the art and the artist. For everyone who came into contact with him in
the field of advertising, it was an opportunity of learning and he had a
hand in fashioning the early footsteps of some of today's creative
greats' in the industry. As such the RC Awards is one way to continue
the wonderful legacy that he left behind."
The Awards were conceptualized by Reggie Candappa's family on the
first anniversary of his passing and have been showcasing the crafting
talent and artistic ability of the advertising industry in Sri Lanka
since 2004. The awards place emphasis on highlighting the talent and
ability of the local industry in the print and electronic mediums,
embracing both above and below the line advertising. While other shows
look for creativity in general or effectiveness or both, the Reggie's
have created categories never judged in Sri Lanka before.
These categories seek the true art of the industry and will encompass
a television category with awards being presented for Concept and Art
Direction, Cinematography and Direction, and in the vein of last year,
this year too there will be a category for Radio for best Concept,
Direction, original composition, and use of sound effects. The Above and
Below The Line print ads category will see awards being presented for
typography, logo usage, use of illustration, photography, copywriting
and art direction, and the Graveyard Category, for best copywriting and
art direction in print, recognizes exceptional creative efforts which
have not had the opportunity to be executed. Bringing the total number
of categories to 17 under the first three segments; TV, Radio and Print
- plus 2 grand awards; Best in Copywriting and Best in Art Direction.
Entries, which close on the of November, 14 are now open to all
agencies, production houses, individuals and freelancers involved in
advertising and allied fields to present and be recognized and rewarded
for their most skillfully crafted advertising art forms. Submissions can
take any form of ads created and published in the past year - 01st
November 2007 to 31st October 2008 - in all three national languages.
Entries will be judged by 15 local specialists in their relevant craft,
experts from both print and electronic media drawn from the ad industry
in Sri Lanka.
Last year's Reggies attracted a record number of participants, a
total of 550 in all, and the phenomenal growth in the number of
participants is proof of the confidence that is placed in the 'Reggies'
by those involved in the advertising industry. And so this year too the
Awards promises to live up to its well earned reputation as a dynamic,
one of a kind celebration of the talents and accomplishments in the
Lifebuoy educates children on hand washing
Unilever Sri Lanka's largest health brand, Lifebuoy, has been at the
forefront of many country-wide hygiene promotion programmes, and their
most recent achievement, Global Hand Washing Day, has put Sri Lanka on
the pathway to saving the lives of the most precious members of our
society - our children.
Lifebuoy was the co-founder in Sri Lanka of the first ever Global
Hand Washing Day, which was commemorated on October 15 spearheading the
largest community service effort ever seen.
The campaign, organized in collaboration with the Health Education
Bureau and Ministry of Healthcare and Nutrition along with the Global
Public Private Partnership for Hand washing (PPPHW) saw one million
children and 1500 schools in Sri Lanka join 20 countries worldwide in
promoting what is now regarded as the simplest and yet least practiced
life-saving habit - washing hands.
Assistant Brand Manager for Lifebuoy at Unilever Sri Lanka Hasha
Hisham, says, 'Lifebuoy has for over a century promised households a
life without fear and it's time parents are able to let their little
ones enjoy the fun of childhood without the fear of falling prey to two
of the largest child killers - diarrohea and acute respiratory infection
- both of which are caused by poor handwashing habits and claim the
lives of over 3.5 million children worldwide per year.'
Both these diseases are transmitted by pathogens in human faeces.
There are around 100,000,000,000 viruses and 10,000,000 bacteria in a
person's faeces and in fact one gram of faeces can contain up to one
thousand parasite cysts and a hundred worm eggs. When children ingest
these pathogens they are prone to various illnesses, such as diarrhoea,
pneumonia, cholera and dysentery. UN studies have revealed that up to
160 classrooms of children die from diarrohea every day, which amounts
to a mortality rate of approximately one child per 15 seconds!
On Global Handwashing Day, Lifebuoy reined in a team of hygiene
experts consisting of 1500 Public health institute officials and the
Unilever Mehewara volunteer group to create awareness among one million
children on the importance of handwashing in stopping the transmission
Starting at Uggalboda Maha Vidyalaya in Kalutara, the team visited
over 1500 schools across the country, making this Unilever's biggest
community service project to date.
'Schools are one of the most influential and accessible environments
for habit-building and behaviour change among children.
Children spend up to 8 hours of their day and 8 months of their year
in schools and the remainder of the time involves interaction with
That's why we thought targeting schools on the importance of
handwashing will literally drive home the hygiene message, in that once
the handwashing habit is inculcated in school, children are more likely
to practice it even in their homes,' said Nilantha swaris, Activation
Manager for Lifebuoy Unilever Sri Lanka.
Sampath Bank drops rights issue
Samapth Bank Board of Directors has decided not to proceed with the
proposed rights issue at the Extra Ordinary General Meeting held on
Due to the crisis in the world financial markets Sampath Bank Board
proposed on the strength of the proxies received from the share holders,
not to proceed with the rights issue, also at this meeting share holders
voted not to go-ahead with the rights issue.