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Daily Lottery Draw of Rs. 10,000 by HNB
It is strange that in Sri Lanka potential savers of their hard earned money have to be coerced to save. This is to be in addition of immediate gains to the life long benefits they gain by developing the savings habit.
The hard part of it is that everybody seems to be backing the lottery. The fact is people have begun to depend more on the plethora of lotteries rather than saving a part of their earnings. So the gambling instinct is always there.
Banks and Financial Houses have now latched on to this and begun to offer prizes, awards and other gifts to make people save.
The latest is the daily lottery draw by the Hatton National Bank offering Rs. 10,000 for those who keep a part of their earnings in anyone of the accounts of the bank. They will also receive interest benefits as applicable to those accounts.
Chandula P. Abeywickrema, Assistant General Manager, Deposit Mobilization & Marketing of the HNB says the daily lottery for their customers is an extension of the Pathum Vimana that had been started seven years back. "It has been highly successful", he told The Island.
Abeywickrema who innovated the scheme says: "The unique feature introduced for 1999 is the 'Kasiye Vasiya'. For the first time in Sri Lanka a commercial bank has introduced a scheme where a winner will be selected every working day of the week throughout the year."
In fact, HNB which is one of the largest commercial Banks in the country will be spending around R: 47 million in prizes in 1999. By motivating people to save, additional funds will enable the Bank to help in developing the economy.
Abeywickrema says the bank had increased its savings base considerably with the introduction of Pathum Vimana. He expects it to double with 'Kasiye Vasiya'.
This scheme was introduced in keeping with the concept of Pathum Vimana of providing greater opportunity for more people in more places of winning a prize. Kasiye Vasiya was introduced in addition to the many other prizes offered through the Pathum Vimana Savings Scheme. Two houses worth Rs. 4 mn each, two brand new Volvo cars worth over Rs. 2.5 mn each and 10 Foreign Trips worth Rs. 100,000/- each will be offered through the mid year and year end Grand Draws. 6 Zusuki Baleno Cars are also offered as special prizes through a special car draws held every other month, while each branch will be offering six cash worth Rs. 60,000 per quarter for the branch based customers.
Outward Bound Trust to Conduct International Challenge
The Outward Bound Trust of Sri Lanka (OBTSL) in association with Sri Lanka Business Development Centre (SLBDC) has conducted 38 Outward Bound Training (Professional Development) Programmes at Wayamba Training Institute Wariyapola for Executives of many leading private sector companies in Sri Lanka.
Using the outdoors as a class room Outward Bound Training (OBT) provides an opportunity for young executives to get away from the routine and familiar day to day life style and set out on an adventure in life and learning. This programme introduces the participant to new skills and range of totally different opportunities and experiences. It builds determination, commitment, total involvement and team spirit. Outdoor activities such as rope course, obstacle course, rock climbing, absailing, rafting are included in the programme. There will be a management consultant explaining the relevance of the principles of management theory to these exercises at the end of each activity relating some to the work environment. This programme is aimed at enhancing the management competencies of the Executives in a professional manner.
Mr. A. Badarinath, an International Outward Bound Instructor, a member of Association of Experiential Education (AEE), Boulder, USA who has just completed an assignment with Princeton-Blaristown Center, USA is with the Outward Bound Trust of Sri Lanka for a short-term assignment with effect from December 12,1998. Mr. Badarinath is a Guest Instructor for General Thimmaya National Academy of Adventure, Bangalore and he will be staying in Sri Lanka for three months.
During his period of stay in Sri Lanka Outward Bound Trust of Sri Lanka and the Sri Lanka Business Development Centre are planing to give a new International outlook to their Outward Bound Professional Development Training Programmes (PDP). They have designed and developed a new 'International Challenge' programme specially for top executives, HRD/Personnel managers of companies. This training programme with a new dimension includes innovative new training products based on the latest American experiential Professional Development Programmes.
Central Bank reduces Repo Rate
The Central Bank of Sri Lanka has reduced its overnight repurchase (repo) rate from 11.25 per cent to 11.00 per cent, with effect from 06 January 1999.
The repo rate is the rate at which commercial banks and primary dealers can invest their surplus funds in Treasury bonds and Treasury bills held by the Central Bank.
The decline in inflation and greater stability in exchange markets experienced in the past few months enabled the Central Bank to reduce the repo rate in several steps from 12.10 per cent in September 1998 to 11.25 per cent on 15th December 1998. As inflation has continued to decline, the Central Bank decided that a further reduction in the repo rate is warranted.
The AGM of the PIM Alumni Association was held recently at the Mount Lavinia Hotel. The Chief Guest Professor Gunapala Nanayakkara appreciated the good work done by the Executive Committee headed by the President Rear Admiral Tilak Carthelis during the year. The opening of the fully equipped PIMAA Office, Leadership Seminars for school's senior prefects, Public Lectures, social events for the members were some of the events organised by the Committee. The Patron and the Committee presented the President with a Plaque to appreciate his services to the PIMAA.
The Annual Awards for the 3 Distinguished Services to Society for the members of PIMAA was presented to Mr. Prema Cooray, Deputy Chairman, Aitken Spence Ltd, Ms. Marise Deckker, Chairperson & Managing Director, Astron Ltd and Mr. Kingsley Wickremasuriya, former Senior DIG Administration of Police Department.
At the elections held after the Awards Ceremony the following Committee was elected for the Year 98/99:
President: Mr. Gerry Suraweera; Vice President: W. Douglas Jayakody; Executive Secretary: Mr. Athula Abeysekera; Treasurer: Ms. Inoka Fernando.
Committee: Mr. Ramesh Fonseka (Ex. Officio), Ms. Kumari Perera, Dr. Tilak Fonseka, Dr. Sudatta Ranasinghe, Mr. Ramesh Kumar, Mr. Nandana Abeyratne, Mr. Lalith Grero, Mr. P. H. K Dayaratne.
CIMA seminar/Workshop on Current Developments
The Chartered Institute of Management Accountants, Sri Lanka Division, has achieved another first in terms of bridging the academics with the professionals. In collaboration with the Faculty of Management & Finance of the University of Colombo, the division will present a seminar on the latest developments in cost management on 11th January 1999 at the Colombo Hilton.
The main speaker will be Professor Trevor Hopper, an eminent scholar, presently the KPMG Peat Marwick Professor of Management Accounting & Head of the School of Accounting & Finance at the Victoria University, Manchester, England.
Professor Hopper has carried out extensive research and has been exposed to shop-floor experiences with different types of companies operating in both the West and the East. He will present two papers and an overview relating to research findings in a number of cross sectional areas.
The main focus of the seminar will be the transferability of specific techniques now being developed, into different environments, especially to developing economies. Professor Hopper will review the overall development in Japanese Cost Management Practices and will go on to bring in pertinent case studies from small and medium sized Japanese Companies. The seminar will then contend as how World Class Manufacturing could be taken as a driving force of corporate strategy.
There has been some scepticism on the wisdom of transferring and transforming subsets of Japanese- oriented cost management techniques and practices without due recognition to their interdependency on the total methodology. In view of this it is a must for all senior management who intend to use these new techniques, to participate in workshops of this nature in order to develop their thoughts before adopting these techniques within their companies.
The seminar will be more workshop-oriented and should be of interest to all sections of the economy be it manufacturing, trade or service industries.
Professor Hopper has been a visiting professor at some of the celebrated universities and is the joint editor of the British Accounting Review, and serves on the editorial boards of (1) Accounting, Auditing and Accountability Journal, (2) Accounting, Organisations and Society, (3) Management Accounting Research and (4) Critical Perspectives of Accounting.
He has also authored over 50 academic and professional publications including papers, books and research reports and is regarded as one of the prominent proponents of the social and organisational paradigm of management accounting.
This is the second seminar presented by the CIMA Sri Lanka Division within three months featuring an eminent academic scholar and is an indication of how closely academic research is now followed by professional development.
+ Exchange Rates The Central Bank's Spot Rates for transactions with Commercial Banks announced on the morning of January 06th, 1999 were as follows:
Buying Selling 100 US Dollars Rs. 6710.96 Rs. 6846.54 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 January 06th, 1999 were as follows:
Saudi Arabia Riyal Rs. 18.07 Bahrain Dinar Rs. 179.82 Kuwait Dinar Rs. 224.87 Qatar Riyal Rs. 18.63 UAE Dirham Rs. 18.46 Oman Riyal Rs. 176.08 Average rates at which the following currencies were quoted by Commercial Banks in Colombo for Telegraphic Transfers at mid-day on January 06th,, 1999 were as follows:
Buying Selling 100 US Dollars Rs. 6808.93 Rs.6846.20 100 Sterling Pounds Rs. 11239.93 Rs. 11361.37 100 Deutsche Marks Rs. 4060.74 Rs.4129.21 100 French Francs Rs. 1209.53 Rs.1230.62 100 Japanese Yen Rs. 60.54 Rs. 61.50 Average Weighted Prime Lending Rate (AWRP) and Lowest Prime Rate (LPR)
The Average Weighted Prime Lending Rate (AWPR) during the week ended December 31st, 1999 was 14.9 per cent for all banks. The Lowest Prime Rate among banks during this week was 12.0 per cent.Average Weighted Deposit Rate of Commercial Banks (AWDR)
The Average Weighted Deposit Rate (AWDR) of Commercial Banks for the month ended December 31st 1999 was 9.2 percent.
* Unit Trust Prices
Comtrust Equity Fund
Manager's Selling Price Rs. 5.35 (per unit) Managers Buying Price Rs. 5.01 (per unit) National Equity Fund
Manager's Selling Price Rs. 8.07 (per unit) Managers Buying Price Rs. 7.57 (per unit) Namal Growth Fund
Manager's Selling Price Rs. 9.37 (per unit) Managers Buying Price Rs. 8.76 (per unit) Namal Income Fund
Manager's Selling Price Rs. 10.66 (per unit) Managers Buying Price Rs. 10.54* (per unit) Rs. 10.65** * After deducting exit fees
**Without deducting exit feesPyramid Unit Trust
Manager's Selling Price Rs. 6.04 (per unit) Managers Buying Price Rs. 5.63 (per unit)
Ceybank Unit Trust
Manager's Selling Price Rs. 6.05 (per unit) Managers Buying Price Rs. 5.66 (per unit)
Ceybank Century Growth Fund
Manager's Selling Price Rs. 8.58 (per unit) Managers Buying Price Rs. 8.41 (per unit)
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