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George Steuart Health reconnects with Wyeth Nutrition with relaunch of ‘S26 GOLD’ back on the shelves

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Wyeth Nutrition range of products will now be marketed in Sri Lanka through George Steuart Health (Pvt) Ltd., the company announced last week.

Wyeth Nutrition, a global leader in child nutrition, has sought representation through the most acclaimed distributors worldwide. The company has now partnered with George Steuart Health to market and distribute its child nutrition products in Sri Lanka; a range which was formerly marketed by George Steuart Health in the late 80’s.

Over the past 100 years, Wyeth Nutrition has focused on enhancing the quality of life of children in the first 1000 days, through high quality, innovative and science-proven nutrition. The research centre of Wyeth Nutrition has embarked on several research-based projects, to better understand and advance the global nutrition science, aiming at continuous improvement of future product development.

Proper nutrition is fundamental to a child’s continued health, from birth through adulthood. Good nutrition during the first 3 years of life is vital for healthy growth and development, particularly due to its role in lowering morbidity and mortality, reducing the risk of chronic disease throughout their life span, and promoting regular mental and physical development.

“S-26 Gold Progress 3” and “S-26 Gold Promise 4” milk formulae are formulated for children aged 1-3 years and 3-5 respectively. Through scientific research, world- class manufacturing and product safety standards, Wyeth Nutrition aims to deliver scientifically sound solutions that offer parents confidence to help nourish children.

“We are very pleased to have partnered with George Steuart Health to bring Wyeth Nutrition products back into Sri Lanka. Their deep expertise in the medical, healthcare and nutrition fields will help us build our brands such as S-26 Gold Progress 3 and S-26 Gold Promise 4 in the most professional and responsible way. It is indeed an exciting journey ahead!” stated Gina Dobles, Category Lead – Wyeth Nutrition, Zone AOA.

Commenting on their latest partnership, Sanjiva Wijesekera, Executive Director of George Steuart Health commented, “We are honored to be recognized as a dynamic partner by Wyeth Nutrition; a global leader in Nutrition Science.”

George Steuart Health has a keen interest in contributing to better nutrition levels of the Sri Lankan population. “As we renew & strengthen our ties with Wyeth Nutrition, our nutritional health services will once again reach out to the future generations, with the ambition of a better future,” he further commented.



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Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair

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Upul Dharmadasa

The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.

“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.

Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.

Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.

“We need to deploy proper and qualified persons to streamline the entire process.

“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.

“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.

“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.

“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”

By Hiran H Senewiratne

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LOLC Al-Falaah pioneers Sri Lanka’s first Wakalah-based factoring solution

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Deepamalie Abhayawardane- Head of Factoring at LOLC Finance PLC (L) / Shiraz Refai, Head of Alternate Financial Services at LOLC Finance PLC (R)

LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.

Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.

The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.

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Lumala emerges victorious at National Industry Brand Excellence Awards 2024

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Aazim Miflal, MD of City Cycle Industries Manufacturing (Pvt) Ltd and factory GM Ranjith Siriwardana receiving the award

City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.

Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.

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