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Three year warranty for pre-owned vehicles from AMW

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Sri Lanka’s pioneer in automotive sales & services, Associated Motorways (Pvt) Ltd, recently announced that the AMW Certified Vehicles initiative for pre-owned vehicles has taken the lead since its launch in April, 2020 coinciding with the recent ban of motor vehicle imports. AMW Certified has been the established market leader in the pre-owned vehicle market with over 10,000 customers island wide.

The Company claimed that their entry into the unregulated pre-owned vehicle market which was dominated by brokers has propelled certain positive changes such as greater transparency with customers naturally gravitating towards established players such as AMW for a premium quality product with an assurance of safety.

AMW Certified facilitates a swift and streamlined experience for buying & selling of pre-owned vehicles ofall brands in addition to their core brands; Nissan, Suzuki, Datsun & Renault with which the Company has years of experience and expertise with. AMW can purchase a customer’s vehicle immediately with a payment guarantee within just 4 hours. All vehicles are backed by an AMW Technical Certification, a warranty of 1-3 Years and mileage up to 100,000 kilometers – another first for pre-owned vehicles in Sri Lanka.

Commenting on the initiative, Virann De Zoysa, General Manager – Suzuki, Automall & Certified Vehicles at Associated Motorways (Private) Limited opined: “We have identified a niche and delivered a groundbreaking product to satisfy the customers’ appetite in these trying times. After we ventured into dealing with pre-owned vehicles it is encouraging to note that many other agents/ distributors have also entered this segment to provide superior value for customers in the pre-owned vehicle arena.

This ultimately benefits all potential buyers and sellers because organizations such as AMW are particular about transparency, quality and trust which are components gravely lacking in the unregulated pre-owned car market. Vehicles carrying AMW Certification are cleared from unscrupulous mileage -meddling & other fraudulent activities embedded in the pre-owned market due to lack of a regulatory framework.”

According to De Zoysa, in keeping with AMW’s commitment to countering fraudulence in the pre-owned vehicle market, Consumer Affairs Authority will be immediately alerted about incidents of mileage tampering and other unscrupulous activities detected during the inspection & quality certification of pre-owned vehicles.

De Zoysa noted that the automobile industry has shown commendable agility and resilience through back-to-back calamities such as the Easter attack of April 2019 followed by the global pandemic compelling economies to slow down: “A challenge facing the industry at present, more so than the import ban itself, is the barrage of misinformation sellers and buyers have to navigate; rumors give buyers false hope & furthers uncertainty in the market.”

Apart from odometer manipulation, Zoysa also warned prospective buyers of other fraudulent activities pertaining to the pre-owned vehicles market such as selling stolen, rented vehicles after processing forged documents. In order to navigate such issues and save money & time, he advised customers to always seek the services of a reputed & authorized agent, as such are subjected to monitoring and regulation by relevant Authorities for quality of services rendered.

Further information about the AMW Certified service could be obtained from the wide network of dealers situated throughout Sri Lanka. The service offers a host of benefits to buyers and sellers alike, including lower processing time, assurance of quality and aftercare. Authorized agents such as AMW are equipped with best-in-class after sales services carried out by well-trained technicians who follow the manufacturers’ guidelines& use authentic spare parts for repairs.



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SLT-MOBITEL donates fourth PCR machine to Matara District Hospital

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Group Chairman of SLT-MOBITEL Rohan Fernando handing over the donation to Deputy Director of Matara District Hospital Upali Ratnayake accompanied by Dr.Thushara Vidanapathirana, Dr.Deepika Priyanthi and Group CEO of SLT-MOBITEL Lalith Seneviratne.

Recognising the importance to enhance Sri Lanka’s PCR testing capacity to curtail the spread of COVID-19 and to protect citizens, SLT-MOBITEL continues its support by donating yet another vital PCR machine to the District General Hospital in Matara recently.

The donation of the PCR machine valued at over Rs. 5.7 million is part of SLT-MOBITEL’s ‘Sabandiyawe Sathakaraya’ CSR initiative in further strengthening the nation’s healthcare systems and assisting communities in need.

The equipment was handed over to the Deputy Director of the Matara Hospital Doctor Upali Rathnayaka in the presence of Rohan Fernando, Group Chairman, SLT-MOBITEL; Lalith Seneviratne, Group Chief Executive Officer, SLT-MOBITEL; Kiththi Perera, CEO, SLT; Shashika Senarath, CMO, Mobitel along with Regional GM, SLT; Regional Head – Mobitel and Hospital Staff.

Previously, PCR machines were donated to the Base Hospital, Karawanella, District General Hospital, Matale and the University Hospital of the Kotelawala Defense University. SLT-MOBITEL appreciates the support received from all Sri Lankans towards ‘Daana Paaramitha’ which was conceptualized as a platform to further increase community involvement in carrying out relief efforts to support families affected by the pandemic.

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Extension of lockdown negatively impacts CSE

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By Hiran H. Senewiratne

CSE trading activities commenced yesterday in a lacklustre manner with little share-buying interest and later on became negative following the government’s announcement on the lockdown extension until October 1, stock market analysts said.

The Colombo International Financial Centre (CIFC) at the Port City was set to commence this month and has been delayed until December owing to the current Covid 19 situation. This also affected CSE trading activities yesterday, analysts said.

Consequently, the stock market lost steam yesterday, closing on a negative note as investor sentiment remained erratic due to internal and external environmental factors. Both indices moved downwards or to negative territory despite healthy turnover in the market. The All Share Price Index went down by 46.09 points and S and P SL20 declined by 17.93 points. Turnover stood at Rs. 3.8 billion with two crossings. Those crossings were reported in Expolanka, where 600,000 shares crossed for Rs. 101.1 million, its shares trading at Rs. 158.50 and Sampath Bank one million shares crossed for Rs. 49.5 million, its shares traded at Rs. 49.50.

In the retail market, some companies that mainly contributed to the turnover were; Expolanka Holdings Rs. 1.2 billion (7.4 million shares traded), JKH Rs. 604 million (4.6 million shares traded), Browns Investments Rs. 540 million (58.3 million shares traded) and Hayleys Rs. 204 million (2 million shares traded).

It is said that following two sessions of gains, the indices closed in the red due to price declines in large-cap stocks as investors opted to book modest returns after the recent sharp rally. Stocks such as Expo, LOLC, and JKH, which saw sharp gains in the past two sessions witnessed profit-taking at higher levels and weighed on the momentum throughout the session.

Further, high net worth and institutional investor participation was noted in Sampath Bank. Mixed interest was observed in Expolanka Holdings, Tokyo Cement Company and LOLC Holdings, while retail interest was noted in Browns Investments, Lanka Orix Finance and Industrial Asphalts. During the day 153 million share volumes changed hands in 24000 transactions.

As of yesterday, the current exchange rate of 1 US dollar was equal to 199.607 Sri Lankan rupees. This is an increase of 7.856656 percent (or +14.5401 LKR) compared with the same time last year (17 September 2020), when 1 US dollar equaled 185.067 Sri Lankan rupees.

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Lockdown takes toll on Sri Lanka’s manufacturing sector activities

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The resurgence of the COVID-19 pandemic in August 2021 has slowed down the manufacturing activities in the country. Accordingly, the manufacturing PMI recorded an index value of 45.1 in August 2021 with a fall of 12.7 index points from the previous month, mainly driven by the decrease in New Orders, Production, Employment, and Stock of Purchases sub-indices. The decline in New Orders and Production, especially in the manufacture of food & beverages, furniture, and textiles & wearing apparel sectors, have mainly contributed to the overall decrease of the manufacturing PMI. Many respondents in those sectors highlighted that their local orders and distribution channels were affected due to the lockdown imposed as a measure of containing the pandemic. Further, many of them also emphasised that factory operations were disrupted due to the spread of the COVID-19 virus among employees. Employment sub-index also declined in line with these developments.

The decrease of Stock of Purchases was in line with the decline in New Orders and Production. Further, the difficulties encountered in placing purchase orders and in settling foreign payments also adversely affected the supply chain of raw materials and production schedules. Many respondents stressed that the continuous increase in the cost of imported raw materials adversely affected their profit margins. Meanwhile, Suppliers’ Delivery Time lengthened at a slower rate in August 2021. The manufacturers cautioned that the uncertainty over the COVID-19 pandemic would continuously hinder the prospects of the manufacturing sector, yet, overall expectations for manufacturing activities for the next three months remained above the neutral threshold.

Services PMI dropped to an index value of 46.2 in August 2021 with the restrictions imposed to contain the further spread of the COVID-19. New Businesses, Business Activity, Employment and Expectations for Activity sub-indices recorded declines. New Businesses decreased in August compared to the previous month mainly with the declines observed in wholesale and retail trade, insurance, real estate, and education sub-sectors. Business Activities across most of the sub-sectors such as, wholesale and retail trade, real estate, insurance and other personal activities reported considerable declines indicating the adverse effects of travel restrictions on their business operations. Nevertheless, transportation sub-sector recorded some improvements solely due to the growth in freight volumes. Moreover, financial services sub-sector also indicated improvements despite the disturbances from travel restrictions. Employment continued to fall at a higher pace as retirements and voluntary resignations exceeded the number of recruitments carried out during the month. Backlogs of Work increased at a higher pace in August along with the reduction in staff availability amid travel restrictions and growing COVID-19 infections of staff. (CBSL)

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