Business
Janaka Abeysinghe appointed SLT CEO
Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.
The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.
Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.
In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.
He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.
Business
Reforming SL’s ‘outdated termination laws’ seen as crucial for business success
Noel Priyathilaka, past-Chairman of the Joint Apparel Association Forum, urges that reforming Sri Lanka’s uncompetitive termination laws is crucial not only for the survival of businesses but also to boost investor confidence and increase export revenues, perhaps the most reliable long-term solution to Sri Lanka’s dollar shortage.
A JAAF press release says in this connection: ‘In 2023, Sri Lanka’s apparel exports generated $5.42 billion, a critical source of foreign exchange. However, stringent employment laws relating to termination have prevented the industry from maintaining operational flexibility in times of crisis, risking the closure of several factories and the loss of all associated jobs and suppliers to such factories.
‘Priyathilaka emphasizes the need for a balanced approach that protects both employees and employers. He proposes the introduction of a social security program for private sector workers which would complement the existing Employee Trust Fund (ETF). Under his plan, an additional 1% contribution from each employer and employee would fund a new safety net for private sector employees. Through this effort the total ETF contribution would rise from the current 3% to 5% thus, ensuring workers are protected and are able to tide over during economic downturns without stifling business operations.
‘This reform, he says, would allow businesses to make crucial decisions in times of economic hardship while providing employees with financial security during layoffs. He emphasized that under current laws, businesses, particularly small and medium-scale manufacturers, struggle to make timely decisions in times of crisis, such as the economic fallout from COVID-19.
‘Priyathilaka emphasized that credible and reliable investors that Sri Lanka should seek to attract, are known for conducting country comparisons and risk diagnostics prior to any investment and an offering of an unemployment insurance scheme of this nature would signify Sri Lanka’s serious intent to realize institutional reforms, thus giving foreign investors the necessary confidence to justify their investments in Sri Lanka.
‘The proposal, backed up by the Joint Apparel Association Forum, is gaining traction as a potential lifeline for the apparel industry and beyond, with the potential to cover over 3.5 million private sector employees.
‘As Sri Lanka works to rebuild its economy, reforming termination laws and implementing a comprehensive social security program could offer a sustainable path forward, ensuring the long-term survival of industries and safeguarding the livelihoods of workers.’
Business
AIA and NDB Bank celebrate prestigious win at the 9th Asia Trusted Life Agents & Advisers Awards 2024
AIA Insurance and its long-standing bancassurance partner, National Development Bank (NDB), have been honoured with the ‘Bank Partner of the Year’ award at the 9th Asia Trusted Life Agents & Advisers Awards 2024. This prestigious accolade marks the first time a Sri Lankan entity has won this international award, making it a historic achievement for both AIA and NDB. The award recognises the exceptional strength and success of a partnership that has thrived for over a decade, consistently pushing the boundaries of customer excellence in the industry.
By combining AIA’s expertise in life insurance with NDB’s deep understanding of banking, the partnership has established itself as a leader in bancassurance, delivering tailored solutions that meet evolving needs of clients. The collaboration has not only generated outstanding results but has also set new standards for innovation within the industry. This win is a testament to the shared vision and dedication of both organisations to provide meaningful financial protection and long-term value to customers across Sri Lanka.
A crucial driver of the partnership’s success lies in its ability to deeply understand customer behaviour and preferences. By continuously refining their approach, AIA and NDB have delivered more personalised and effective solutions, ensuring clients receive tailored financial protection that meets their unique needs.
One of the standout achievements of the AIA-NDB partnership in 2023 was the production of four Court of the Table (COT) members and 23 MDRT members, a testament to the dedication and expertise of the teams involved. This success further solidifies the partnership’s position as a leader in the bancassurance space.
As the partnership celebrates this prestigious award, AIA and NDB Bank remain committed to continuing their joint efforts to push the boundaries of excellence, drive innovation, and deliver outstanding value and protection to customers.
Business
CDB crossing invigorates share market by contributing 45 percent to turnover
By Hiran H.Senewiratne
Although the Colombo Stock Market kicked off in a slow pace yesterday with profit takings, it later picked the slack as the banking sector counters showed dynamism.This was led by the Citizens Development Bank (CDB) which contributed more than 45 percent to the day’s turnover.
Reportedly , during the crossing, shares that belonged to Janashakthi Insurance were sold to other unknown parties but the details were not disclosed up to the time this report was compiled.
Amid those developments both indices moved upwards. All Share Price Index up by 93.07 points while S and P SL20 up by 15.8 points.
Turnover stood at Rs 4.92 billion with five crossings. Those crossings were reported in Citizens Development Bank, which crossed nine million shares to the tune of Rs 2.22 billion and its share price traded at Rs 247.50, DFCC 2.67 million shares crossed to the tune of Rs 227 million and its share price traded at Rs 85, HNB 430,000 shares crossed to the tune of Rs 99.4 million and its share price traded at Rs 234, Central Finance 250,000 shares crossed to the tune of Rs 32 million and its share price traded at Rs 128 million and Haycarb 300,000 shares crossed to the tune of Rs 23.2 million and its share price traded at Rs 77.50.
In the retail market top six companies that mainly contributed to the turnover were HNB rS 195 million (841,000 shares traded), Pan Asia Bank 163 million (6.3 million shares traded), Access Engineering Rs 118 million (4.5 million shares traded), ACL Cables Rs 98 million (one million shares traded), Sampath Bank Rs 97.6 million (1.11 million shares traded) and DFCC Rs 85.6 million (one million shares traded). During the day 104.3 million share volumes changed hands in 18643 transactions.
It was said that banking sector countries were extremely bullish and active. Citizens Development Bank alone contributed more than 45 percent while DFCC HNB and Sampath Bank also heavily contributed to the market. But Manufacturing sector companies such as Haycard and ACL Cables are a bit active.
Yesterday, the Central Bank announced the US dollar rate. The rupee was quoted around 292.80/85 to the US dollar , stronger from 293.00/20 to the US dollar the previous day, dealers said, while bond yields were steady.
A bond maturing on 15.12.2026 quoted at10.65/85 percent Thursday, from Wednesday’s close of 10.60/80 percent.A bond maturing on 15.12.2027 was quoted at 11.40/50 percent down from 11.45/60 percent.A bond maturing on 15.03.2028 was quoted 11.70/80 percent down from 11.75/80 percent.A bond maturing on 15.06.2029 was quoted at 11.95/12.05 percent unchanged from 11.95/12.10 percent.
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