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Record student intake for ICASL

The Institute of Chartered Accountants of Sri Lanka (ICASL), reports a record number of 8500 new students registering from all parts of the country during 2008.

President of the ICASL Nishan Fernando said, “This is a significant increase over the previous year and endorses the ICASL as the most preferred accounting professional qualification in this country”.

Attributing this to the high standard of the ICASL’s qualification coupled with its recognised professional ethics, technical standards, and high public acceptance, an optimistic Fernando added, “We have geared ourselves to meet the demand and, in fact, predict a greater increase in the Institute’s student intake this year”.

CEO of the ICASL Aruna Alwis said, “We estimate a new student intake of around 10,000 this year. With our very active regional knowledge centres in Kandy, Matara, Kurunegala and Anuradhapura catering to the diverse needs of potential students in those areas, the geographical scope we cover is much greater”.

The ICASL has also launched specified programmes for 2009 including a modern multimedia English Language Centre to assist students who pursue their goals of becoming global financial professionals.

Outlining plans for 2009, Alwis said that the ICASL intended to participate in all Educational Fairs scheduled to take place in Colombo this year while also conducting its own career guidance programmes to help students who are already pursuing accounting as a career.

The ICASL is devolved with the responsibility to promulgate Accounting and Auditing Standards in Sri Lanka. The application of such standards is mandatory for specified business enterprises as defined in the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995.

Eligibility for registration at the ICASL includes a degree from a recognised university in Sri Lanka or any other University approved by the Council of the Institute, the Sri Lankan or London University GCE Advanced Level with three subjects at one sitting with Mathematics, Accountancy or Physics as one of the three subjects and two credits passes in the same or subsequent attempts.

Professional Manager launched

Postgraduate Institute of Management (PIM) launched its magazine, the Professional Manager this month. The magazine, launched in addition to the Institute’s Sri Lankan Journal of Management (SLJM) caters to the emerging needs of the modern manager.

The Professional Manager does not have a particular functional bias, but addresses issues that are both topical and significant to the modern manager, operating in a complex and turbulent environment. A collection of articles which are easy to read, and rich in content, comprise the inaugural issues of the magazine.

“The intent of introducing the Professional Manager to the market is to disseminate cutting-edge management knowledge in a style that is easy to comprehend. How much we know of that which matters is the acid test of today’s managers” said Director of PIM Dr. Uditha Liyanage launching the magazine.

Some of the articles featured are, Corporate Managers: Elites or Professionals? by Prof. Gunapala Nayayakkara; Business Values in the Boardroom by Chandra Jayaratne; Is there a Law Governing Management? by Dr. Wickrema Weerasooriya; The Manager’s Role in Creating Pro-growth Economy by Lalith de Mel; Discovering and Developing Talent by Dr. Penelope J Hood; and Promoting Sri Lankan Business Through International Agreements and Diplomacy by Dr. Palitha Kohona.

Zam Gems introduces ‘Premium White Gold’ range

Zam Gems introduced the Premium White Gold range of jewellery to the local market. White Gold which first became popular in the 1920’s was an alternative to Platinum jewellery, thus making it more affordable.

The trend soon became popular around the globe and it was only a matter of time until it caught on in Sri Lanka and since then white gold has become extremely popular and the demand is consistently on the rise.

White Gold jewellery has also become extremely fashionable and you see many stars on the red carpet adorned in fine jewellery set in white gold. It is also popular among teenagers as trendy and modern designs look extremely attractive when it is set in white gold.

Zam Gems have been providing Sri Lankans as well as overseas customers with the best quality in gem stones and jewellery both White and Yellow Gold for over three decades. The white gold which you see in the market today is off-white or with a yellowish tinge to it.

Therefore it requires Rhodium plating to get the desired look. Due to the daily wear and tear of the jewellery as it comes in contact with various chemicals, such as perfume, creames, lotions and sweat, the plating will wear off after a while and will need re-plating. The advantage of the new “Premium White” is that it is pure white.

It does not change its colour and therefore requires minimal or no Rhodium plating.

“The advanced technological methods we are introducing will give white gold jewellery a whole new dimension as you will have the highest quality and highest level of visual appeal as well” said Managing Director of Zam Gems Ahsan Refai.

“Although gold is naturally yellow, it can be changed and made into a variety of colours, such as pink or rose gold, purple gold or even green gold, according to any trend or fashion the customer will desire. These colours are manufactured with different metal alloys being mixed with yellow gold. The only exception is 24 kt gold which is always yellow” added Refai.

The ‘Premium White’ range will be available at all Zam Gems outlets in the country and there would be no price increase when compared to regular white gold jewellery.

You can have the ‘Premium White’ range at the same price of White Gold jewellery and an exclusive range of designs are available to cater to different tastes when it comes to fine gold jewellery.

Rewards for Keells Super customers

Customers at Keells Super were rewarded as they received double of what they had spent in total at Keells Super. The Keells Super Magic Draw was held daily from November 15 to end December 2008 and it has proved to be an extremely popular promotion for the supermarket chain.

Customers walked away with free shopping ranging from Rs. 4,498 to Rs. 175,380. Some of the names of winners and amounts won are Inoshi De Silva Rs 175,380, Kavitha Hari Fernando 62,933.20, a customer from Kiribathgoda 70,000, and Ms. Fernando 45,126.76 to name a few.

There was so much of excitement created for this promotion, as customers were spending more and more at Keells Supermarkets, to receive higher rewards. Keells Super also had more that 350 products on fabulous offers which enabled customers to save when they shopped for their groceries and festive food products.

Unbeatable offers were given on rice, dhal, canned fish, oil, chicken and wide range of food products which also included Keells Meats.

Keells Super will continue to offer super discounts every month during the year 2009, so that their customers can obtain a great saving. Kids too were not left out as their were Magic Shows and Santa Clause to keep them entertained when they visited Keells Super outlets with their parents.

Due to the popularity of the Keells Super Magic Draw Promotion held in November and December 2008, the Management of Keells Super is considering of having a New Magic Draw Promotion at all Keells Super outlets during the month of January 2009.

‘Vedasa’ medical exhibition

Vedasa medical exhibition will be held at the BMICH from today till January 12.

Organised by the Medical Faculty of the University of Sri Jayewardenepura, the objective of this exhibition will be the focus on good health and well-being. It hosts a range of stalls depicting the normality and abnormality of the central nervous system, cardiovascular, respiratory, gastrointestinal, renal, reproductive, special senses, sexually transmitted Diseases, AIDS, diabetes, childhood obesity, adolescence and health and physical exercise.

Head of Frozen Confectionery, Ceylon Cold Stores Neil Samarasinghe said that the Elephant House Light Range was specially selected for this event because the exhibition revolves around the concept of good health and well-being and seeks to educate visitors on developments and medical wonders in the health sector.

The Elephant House sugar-free, low-calorie Lite Ice Cream range specifically promotes healthy lifestyles among thousands of health conscious Sri Lankan consumers and has enjoyed a steadily rising demand in Sri Lanka and the neighbouring Maldives since its launch in 2007.

“Internationally there is a growing consumer demand for low fat diet ice creams. Several global players have, invested heavily on introducing new generation light ice cream variants.

“As Sri Lanka’s largest ice cream manufacturer, we too are very sensitive to the fact that diet foods are rapidly growing in popularity, especially in today’s calorie-conscious Sri Lankan society”, he said.

HSBC, Vietnam’s first local foreign bank

HSBC has started operating its locally incorporated entity on January 1, This makes HSBC the first foreign bank to incorporate locally in the fast-growing Vietnamese banking sector after gaining approval from the State Bank of Vietnam (SBV) to set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September 2008.

Local incorporation will enhance HSBC’s presence as part of its dual growth strategy for Vietnam, comprising strategic alliances and organic expansion. The new entity, HSBC Bank (Vietnam) Ltd., is headquartered at the Metropolitan Building, 235 Dong Khoi Street, in Ho Chi Minh City’s District 1 - right in the heart of Vietnam’s dynamic southern commercial hub, along one of its busiest and most well-known thoroughfares. With a registered capital of VND3,000 billion (approximately US$177 million), HSBC Bank (Vietnam) Ltd. is 100 per cent owned by The Hongkong and Shanghai Banking Corporation Limited.

President and CEO of HSBC’s current operations in Vietnam, Thomas Tobin, has been appointed CEO of the new locally incorporated entity. He said: “This is a great milestone for HSBC in Vietnam.

It demonstrates the Group’s continued growth in emerging markets and commitment to the development of Vietnam’s financial and banking sector. Despite the turbulent market conditions in 2008, we continue to see the underlying potential of the Vietnam economy, with its dynamic workforce, stable government and rich natural resources. Following the ascension of Vietnam into the World Trade Organisation (WTO), the Vietnamese Government quickly implemented reforms to the financial sector. Our ability to locally incorporate is a tangible example of the Government’s willingness to welcome foreign investment to Vietnam.

“Operating as a locally incorporated entity will enable us to increase our participation in the country’s fast growing economy and financial markets, utilising HSBC’s international banking expertise and world-class banking services.”

On January 1, HSBC has converted all assets and liabilities of the current operations of HSBC Ho Chi Minh City Branch and certain assets and liabilities of HSBC Hanoi Branch to HSBC Bank (Vietnam) Ltd. As a result, all contracts, accounts and records of its customers, partner banks, suppliers and other parties were automatically transferred to the new Bank.

UK portfolio for Lankan

Dr. Chris Nonis, Trustee and Council Member of the Royal Commonwealth Society Headquarters in London, which oversees the work of the RCS in the 53 Commonwealth Countries, was elected as its Deputy-Chairman in 2008.

Dr. Nonis has the distinction of being the first Sri Lankan in the 140 year history of the Royal Commonwealth Society, London, to be elected to this pivotal international role.

Founded in 1868, the Royal Commonwealth Society continues to be a forum for debate, advocacy, and promotion of shared Commonwealth Values and principles, and remains a strong protagonist for change within the Commonwealth. It also provides an important forum for Heads of Government, Ministers, Diplomats, and Academics, to speak on compelling Commonwealth imperatives.

As one of the foremost Commonwealth Institutions, the RCS has hosted over 40 Heads of Government, including Lee Kuan Yew, Mahathir Mohammed, and indeed Nelson Mandela gave his first press Conference at the RCS following the end of apartheid in South Africa. Dr. Chris Nonis is the Chairman of the Mackwoods Group of Companies, which was established in 1841 and is the second oldest mercantile establishment in Sri Lanka.

He qualified in London, with a First Class Honours B.Sc. from Imperial College of Science, Technology and Medicine; obtained his M.B.B.S. from the Royal Free Hospital Medical School, University of London, having spent his electives at Massachusetts General Hospital, Harvard Medical School, Boston, USA.

He carried out his postgraduate training at Royal Brompton, the Hammersmith, and Addenbrooke’s Hospital, Cambridge, and obtained his Membership of the Royal College of Physicians, M.R.C.P. (U.K.).