Business Delegation to Germany, Italy and Belgium

The European Business Information Centre (EBIC) is an integral part of a network in Asia, set up and financed by the European Commission and it operates under the aegis of the European Chamber of Commerce of Sri Lanka, EBIC, Sri Lanka is fully operational at its office at the Trans Asia Hotel.

Within the framework of the business visit to Germany of the Minister of Industrial Development, C. V. Gooneratne, an additional visit to Italy and Belgium has been organised by EBIC, Sri Lanka in cooperation with the Ministry of Industrial Development (MID), Board of Investment of Sri Lanka (BOI), Italian Embassy in Sri Lanka and Sri Lanka Missions in Italy and Belgium. The Hon. Minister will be accompanied by the Chairman of BOI, Mr. Thilan Wijesinghe and Mr. Susiriwardana, Director of Policy Planning and Monitoring of the Ministry of Industrial Development and several private sector industrialists.

The mission to the three countries will take place from the 26th of October 1998 to 6th of November 1998.

The mission to Germany is being organised by the Federation of German Industries (BDI), the German Embassy in Sri Lankan Embassy in Bonn. In Germany, it is foreseen that the delegation would visit the BDI, with relevant Ministers sectorial associations and with the business community.

EBIC is organising this activity in the framework of its objectives to raise the profile of the European Union among the business community in Sri Lanka, organising seminars, workshops and other public events on issues relating to doing business with the European Union, and promoting a better understanding of the business environment in Sri Lanka and the European Union.

In Italy, it is envisaged that the delegation will first visit Rome to meet with the relevant Ministers and with the confederation of industries and other trade promotion organizations to appraise them with the investment climate in Sri Lanka and on the various incentives the Sri Lankan government offers to foreign investors through the Board of Investment. Two other cities will also be visited to meet with companies whose activities are of direct importance and relevance to Sri Lankan companies participating in this delegation.

In Belgium, the delegation will meet with officials of the European Commission in Brussels, in order to better acclimatise themselves of the programmes of the Commission as well as EU regulations and other aspects governing business in the EU. The visit to Belgium will also include establishment of business contacts with sectors of mutual interest.

The purpose of this mission is to give the opportunity for Sri Lankan firms to have direct contact with European counterparts with the aim of working out long-term business relationships. Companies representative of sectors such as electronics, information technology, light engineering, medical equipment and supplies, gems and jewellery, mineral-based products and sanitary ware, leather products and machinery are initially invited to participate in the delegation. The deadline for confirming participation is 20 September 1998.

Should there be a considerable interest from companies representing other sectors, EBIC is willing to accommodate the inclusion of such sectors in this mission.

Marketing Professionals awarded Chartered Status

Marketing has joined the select number of professions able to award Chartered Status to individuals, a right granted by the Privy Council. Following a successful application by the Chartered Institute of Marketing (CIM), marketing practitioners meeting stringent criteria established by the CIM will be entitled to the status of 'Chartered Marketer'.

Marketing professionals will now be able to use the prefix 'chartered', enjoyed by Chartered Accountants since 1880 and chartered surveyors since 1881.

David Chapman, Chairman of the Chartered Institute of marketing commented: 'In a deregulated and technologically advanced economy, marketing is more crucial to commercial success than ever before. We are delighted that the importance of marketing as a professional discipline has been given the recognition it deserves alongside other chartered professions.'

One of the first chartered marketers will be CIM President Baroness O'Chathain, Chairman of Vantios plc and non-executive director of Tesco plc and British Airways plc. She commented: 'Chartered marketer status will help raise the profile and credibility of marketing professionals throughout the world. If it leads to more marketers in the boardroom of British companies, the economy as a whole will undoubtedly benefit.'

Around 2,000 individuals are expected to attain chartered marketer status initially, but CIM expects this to rise to 10,000 within five years.

The Privy Council Order comes into effect from 10 October 1998. Current CIM full Members and Fellows will become chartered marketers once they have completed the Institute's Continuing Professional Development (CPD) programme for two consecutive years out of three. This requirement will also apply to marketing professionals who apply for full membership of CIM before 1 October 1998.

After October 1, 1998, the eligibility criteria will become even more stringent with chartered marketer status only being awarded to full members who have completed the CPD programme and attained CIM's Postgraduate Diploma in Marketing or an equivalent or higher level qualification.

'How to Persuade and retain customers' by NIBM

The Faculty of Marketing of the National Institute of Business Management, inaugurated the 11th interactive (Three Day) Training Workshop titled 'How to Persuade and Retain Customers (English Medium)' targeted to Senior and Middle Level Managers in Marketing or related activities in Manufacturing, Trading and Service organizations in the private and public sector.

Mr. Ratna Kulasekera, former Director/General Manager, Macllum Brewary Ltd., and a former cabinet secretary of the Lions Movement in Sri Lanka, was the Chief Guest for this special event. Mr. Ratna Kulasekera has participated in several panel discussions on marketing related topics organized by the faculty of Marketing of the NIBM in interactive training workshops.

Response for these workshops from 1992 todate was very good and workshop participants represented leading private and public sector organizations such as: Central Industries Ltd., Adelphi Electronics (Pvt) Ltd., David Pieris Motor Co. Ltd., Sathosa Motors Ltd., Industrial Controls & Switchgheer Co. Ltd., Lanka Walltiles Ltd., Sathsindu Ltd., Stassen Foods, Scan Imports Ltd., Electro-Serv (Pvt.) Ltd., Trans Asia Hotel, Confifi Group, Call-Link, Shaw Wallace & Hedges Ltd., I.T.N. Ltd., Lanka Communication Services (Pvt.) Ltd., Dutch Lanka Trailer Manufacturers (Pvt) Ltd., Richard Pieris Tyre Co. Ltd., Lanka Cellular Services (Pvt.) Ltd., Hatton National Bank Ltd., Seylan Bank Ltd., Sampath Bank Ltd., People's Bank, Bank of Ceylon, Commercial Bank Ltd., Jardine Fleming HNB (Pvt) Ltd., D.I.M.O. Ltd., C.I.C. Ltd., Hayleys Electronics Ltd., Puttalam Cement Co. Ltd., Haychem Ltd., Brown & Co. Ltd., Sri Lanka Telecom Ltd., Sri Lanka Insurance Corpn. Ltd., and Lanka General Trading Co. Ltd.

National Institute of Business Management celebrated its 30th Anniversary this year. From the very inception, the faculty of marketing of the Institute has been conducting several (Monday to Friday) Day-time programmes on different training titles relating to Marketing Management targeted to practicing managers. National Institute of Business Management was the first National Institute to Inaugurate a comprehensive one-year Diploma Programme in Marketing Management (English Medium) targeted to practicing marketers of Sri Lanka in 1980.

Vanik profits continue to grow

Vanik Incorporation Ltd., has reported continued high growth in turnover and profits in the Group's consolidated profit and loss accounts for the six months ending June 30, 1998.

According to the Vanik Group's latest consolidated statement which includes the accounts of Forbes Ceylon Ltd., and Forbes & Walker Ltd., profit after tax for this period totalled Rs. 115.4 million, a substantial growth of 1842 per cent over the corresponding period last year, while gross income was up 305 per cent to Rs. 1,763.86 million.

'We are continuing the trend of high growth of the preceding quarter', observed Vanik's President and CEO Justin Meegoda. 'The financial and plantation sectors have been the chief contributors to this growth, accounting for 89 per cent of revenue.'

The food products and tourism sectors which Vanik became involved in consequent to the acquisition of the Forbes Group, accounted for the balance 11 per cent in revenue of the group which now comprises 33 companies.

Meegoda said there had also been a distinct improvement in lending activities, particularly in leasing, in comparison with the previous quarter. The company has also recently increased its investment in the plantation sector with the acquisition of a 23.9 per cent stake in Watawala Plantations, as a medium to long term investment, he said.

The group's improved performance is also reflected in the annualised earnings per share of Vanik, which increased to Rs. 2.06 in comparison with Rs. 0.19 in the first half of 1997, he added.

The current growth pattern is a result of the acquisition of the Forbes Group and the restructuring of the Vanik Group which greatly reduced its dependence on the financial markets, Meegoda explained.

Among Vanik's recent activities was the launch of the 'Vanik Card' in Bangladesh, making Vanik the first Sri Lankan company to launch its own credit card overseas. The card is Bangladesh's first domestic credit card. Vanik has also announced the issue of two new European Put Options on the existing 15 per cent Vanik Debentures, subject to approval of the regulatory authorities.

Established as an investment bank in 1993, Vanik Incorporation Ltd., is now a diversified group of companies with interests in Financial Services, Plantations, Tea and Commodity-related Services, Travel and Tourism, Real Estate and Food Products, placing it in the league of the country's top diversified conglomerates.

The Board of Directors of Vanik Incorporation Ltd., comprises Deshamanya Dr. W. M. Tilakaratna (Chairman), D. Justin M. Meegoda (President & CEO), Deshabandu A. M. de S. Jayaratne, F. G. N. Mendis, K. Gunaratnam, N. S. O. Mendis, Steven Enderby and Rizan Siddiqi.

IT Galaxy of the new millennium!

When the century turns... Where will you be? Most companies believe they have solved the millennium problem or they will not be affected by it. Many don't ask the question what next? 10% of the world will be left behind by those who get on the right space ship to travel in the IT galaxy of the next century, with the latest platforms such as JAVA, Visual basics and Visual C++. Where do you want to be... lost in space or shining bright?

The answers for these questions may be available from Mr. Tony Weerasinghe, Managing Director of Millennium Information Technology who will be the guest speaker at the Chartered Institute of Marketing - Sri Lanka branch evening meeting to be held on the 11th of September at the Galadari Hotel at 5.30 p.m.

The topic will be 'The IT Galaxy of the new millennium! - Shine in it or get lost in it - it's your choice'. The presentation will give answers to important questions worrying most companies. Mr. Weerasinghe has the distinction of introducing state of the art IT systems in Sri Lanka, including the systems at the Colombo Stock Exchange and Dialog GSM web based system. He was also interviewed on CNN. Mr. Weerasinghe was the Country Manager of Open Systems Division of Computerland (Pvt.) Ltd. and prior to which country manager for Oracle Products for GMS Ltd. and was instrumental in introducing Oracle to Sri Lanka. The achievements to his credit in the field of computers are outstanding. He is also a member of the British Computer Society and Institute of Data Processing Management.

The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of September 03, 1998 were as follows:

The approximate middle exchange rates of following currencies calculated on the basis of cross rates quoted by Gulf International Bank, Bahrain as it appeared in Reuters Financial Information System on September 03, 1998 were as follows:

Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on September 03, 1998 were as follows:

Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended August 28th, 1998 was 15.0 per cent for all banks. The Lowest Prime Rate among banks during this week was 13.7 per cent.

Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended July 31st, 1998 was 9.6 percent.