Business & Economy

April 19, 2024

April 10, 2024: Daintee, the confectionary arm of Sunshine Consumer Lanka Limited (SCL), recently marked its 40th anniversary, highlighting four decades of excellence in crafting delicious sweets and confectionery delights for millions of Sri Lankans. The grand celebration, which took place on 1st April 2024, was graced by Sunshine Holdings Deputy Chairman Vish Govindasamy, Sunshine Consumer Lanka Chief Executive Officer Anuruddha Aluvihare, senior management of Sunshine Holdings and SCL, Daintee employees and other distinguished guests.

Established in 1984 through a collaboration with UK confectionary giant Barker and Dobson, Daintee has since emerged as a market leader, captivating consumers’ hearts and taste buds across Sri Lanka. The company’s extensive product range includes toffees, sweets, jellies, chocolates, cocoa-based confectionery, bubblegum, desserts, biscuits, and snacks. Daintee maintains a 40% market share in toffees and sweets.

In 2020, Sunshine Holdings acquired Daintee to expand its presence in Sri Lanka’s fast-growing FMCG segment by extending its portfolio beyond tea. Additionally, the acquisition aligned with the Group’s strategy to nurture and build local brands. Daintee has been a part of SCL’s growing portfolio of businesses that markets and distributes some of the country’s most-loved tea brands—Watawala, Zesta and Ran Kahata.

Commenting on this significant milestone, Sunshine Holdings Deputy Chairman Vish Govindasamy said, “Daintee is one of the most loved brands in Sri Lanka, and it makes everybody smile. Daintee’s enduring legacy and commitment to quality and trust have made it a household name cherished by generations of Sri Lankan consumers. This milestone is a testament to our talented employees’ dedication and hard work, who have contributed to the company’s growth and success, making Daintee a super brand in Sri Lanka.”

During the event, Daintee announced that it has earned ISO 22000:2018 certification for its food safety management system implemented within its manufacturing facility in Anura Mawatha, Ratmalana. This certification, conferred by Control Union Inspections PVT Limited, underscores Daintee’s commitment to ensuring the highest food quality and safety standards across its extensive product range.

Expressing his views on Daintee’s trajectory during the next 40 years, Govindasamy said, “For the last four years, Daintee has been an important brand under the SCL umbrella, alongside our esteemed array of tea brands. As we embark on the next 40 years, our mission is clear: to innovate, collaborate, and redefine excellence in the confectionery industry. As a team, we will chart new territories, embracing change and setting new benchmarks for quality and taste.”

“Our commitment to investing in cutting-edge machinery, refining processes, and empowering our employees through training underscores our dedication to ensuring Daintee’s enduring success. With a focus on differentiation, innovation, and relentless competition, we are poised to elevate Daintee into a powerhouse brand, delighting Sri Lankans for generations to come,” Govindasamy stated further.

The 40th-anniversary celebrations were further enriched by the remarkable talents showcased by the Daintee staff. From singing to dance and drama performances, the event came alive with the vibrant energy and creativity of Daintee’s employees.

April 19, 2024

Advancing a firm commitment to women’s health and sustainable practices, Femography by MAS embarked on a mission to combat period poverty by donating over 10,000 reusable period wear items to vulnerable communities across Sri Lanka.

Launched in commemoration of International Women’s Day, the initiative seeks to address the critical need for accessible menstrual care and aims to support over 2,000 women from economically disadvantaged communities, nationwide.

Femography also joined hands with the charitable call to action ‘Run For Her’, to distribute reusable period panties, and raise funds and awareness for menstrual health needs.

Inspired by the power of the feminine mind and body, Femography was established with a vision to bring greater health, dignity, and confidence to feminine lives through what they wear. As pioneers in the FemTech apparel industry, Femography has been a testament to the defiance against traditional taboos surrounding women’s health. The brand’s pioneering work has also seen its transition from disposables to reusables, championing innovations that significantly contribute to the advancement of women’s health and well-being.

This initiative not only reflects Femography’s commitment to addressing menstrual health challenges but also underscores its broader mission of social responsibility and innovation.

“We are more than just a pioneering force in innovation and apparel manufacturing – we put the consumer at the core of our ethos to design solutions that truly matter. Given our expertise in developing advanced, functional fem-health solutions that are helping to drive a global transition from single-use products that end up in landfills, to reusables that promote a culture of sustainability, we realized that we could make a direct and lasting positive impact. Alleviating period poverty is a fundamentally empowering change for women, and we are proud to help drive progress on this vital cause,” said Pilar Diaz, CEO of Femography by MAS.

Period poverty, a significant yet often overlooked issue, disproportionately affects women and girls worldwide. In Sri Lanka, access to menstrual hygiene products remains a challenge for many due to economic constraints and societal taboos.

Even prior to Sri Lanka’s economic crisis, 50% of households with menstruating women were unable to afford menstrual pads. This leaves many women and girls at a significant disadvantage, leading to reduced school and work attendance.

According to a study conducted by the United Nations Population Fund, approximately 20 percent of schoolgirls miss school during their menstruation due to inadequate access to menstrual hygiene products. The repercussions of period poverty extend beyond mere inconvenience, often hindering women’s ability to work, study, and participate fully in society.

Moreover, the environmental impact of disposable sanitary napkins exacerbates this issue. Traditional disposable pads contribute significantly to pollution and landfill waste, posing a severe threat to the environment. Research conducted by the Women’s Environmental Network showed that a single disposable pad can take up to 500 years to decompose, further highlighting the urgency of adopting sustainable menstrual practices.

As a subsidiary of MAS Holdings, Femography has been at the forefront of the FemTech industry for over 10 years, leveraging its expertise and resources to revolutionize menstrual care and empower women globally. With a proven track record of delivering functional and sustainable products, Femography continues to lead by example, inspiring change and driving progress in the FemTech landscape.

April 19, 2024

The Commercial Bank of Ceylon has announced the integration of the Department of Commerce (DOC) with ‘ComBank Digital’ enabling online payments for services via LankaPay.

As a result, businesses or individuals can now make secure real-time online payments for services such as registration of exporters, issuance of certificates of origin and other facilities offered by the Department of Commerce.

The online payment option can be accessed on www.combankdigital.com and its iOS, Android or Huawei mobile applications. The platform is secured with industry-level security standards to provide a convenient, swift and safe digital banking experience to users wherever they are, the Bank said.

Customers simply have to login to the platform and select the ‘Bill payment’ section on the platform, select ‘Department of Commerce’ and make their payments. Once a payment has been successfully completed, the customer can download a cyber-receipt as payment confirmation.

As this is a paperless process that does not require customers to visit a bank branch or the Department of Commerce office, it further contributes to the sustainability initiatives of the Bank and enables customers to be more environment-friendly, the Bank said.

“The addition of the Department of Commerce to the ComBank Digital platform is just one step in our roadmap of updates and features, which are designed to offer seamless and personalised banking experiences for our Retail, SME and Corporate customers,” Commercial Bank’s Assistant General Manager – Digital Banking Mr Pradeep Banduwansa said. “With more than a million users already on the platform, these updates can make a very tangible contribution not only in terms of convenience but in encouraging pro-planet practices.”

ComBank Digital already enables payments to government authorities such as the Import and Export Control Department (IECD), the Inland Revenue Department (IRD), Sri Lanka Ports Authority (SLPA) for cargo, vessel, and entry permit payments, Sri Lanka Customs, Employees Provident Fund (EPF), Employees Trust Fund (ETF), Board of Investment of Sri Lanka (BOI), and the Sri Lanka Standards Institution (SLSI). These payments are routed through the LankaPay Online Payment Platform (LPPOP).

ComBank Digital is known as one of the top five financial apps in use in Sri Lanka, and was launched in 2020. The app has undergone numerous enhancements, and is now enabled for the Bank’s business clientele too. Positioned as Commercial Bank’s single omni-channel digital banking platform, it is powered by Fiserv, the US-based global provider of financial services technology.

Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank operates a strategically-located network of branches and 964 automated machines in Sri Lanka, is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.

April 19, 2024

DFCC Junior – the exciting children’s savings account from DFCC Bank – recently launched e-gift Vouchers as part of its benefits scheme in partnership with thyaga.lk, Sri Lanka’s largest electronic gift voucher platform. A special event was held recently to mark the launch of e-Vouchers, which add an innovative new way for DFCC Junior accountholders to claim their rewards, in addition to physical gifts and gift vouchers, value credit schemes and DFCC Junior Rewards. DFCC Bank’s partnership with thyaga.lk is aligned with the bank’s commitment to pioneering sustainable solutions that address customer requirements effectively.

Accordingly, DFCC Junior Accountholders can now enjoy their gifts and rewards through 110+ merchants across a range of categories on thyaga.lk, including supermarkets, fashion, food, accessories, adventure, automobile, baby items, books, and stationery, cinemas, electronics, fitness, florists, games, groceries, homeware, hospitals, hotels, medical services, opticians, personal care, pharmacies, and consumable goods.

April 19, 2024

19^th April 2024, Colombo: Janashakthi Life, one of the leading life insurance companies in Sri Lanka, has recorded remarkable growth in profitability for the financial year 2023. Marked by a record profit before tax of LKR 5.2 billion, along with a resounding growth of 201% in profit after tax compared to 2022. This achievement is the highest in the entire history of Janashakthi Life. It underscores the company’s robust financial health and strategic proficiency in navigating market challenges.

The key financial indicators, such as a Capital Adequacy Ratio of 272%, a Liquidity Ratio of 3.9 times, an ROE of 27%, Earnings Per Share of LKR 18.25, and LKR 3.4 billion in claim settlements, solidify the prudent financial management from the perspective of all stakeholders.

“One of the key factors that contributed to Janashakthi Life’s success during the year under consideration has been our proactive approach to managing market risks, particularly in anticipating and navigating interest rate fluctuations. We accurately anticipated the dynamic behaviour of yield curve movements, allowing it to strategize its balance sheet accordingly. These strategic decisions have positively impacted the achievement of a historic highest profit before tax of LKR 5.2 billion,” commented Ravi Liyanage, Director/CEO of Janashakthi Life.

He further stated, “Despite market challenges, our focus on prudent investments and timely actions taken to mitigate risks in the business has positioned us to achieve continued success and significant growth in all our key business performance indicators.”

Prakash Schaffter, Deputy Chairman of Janashakthi Life, added, “The year under review stands out as one of our most successful. We have once again reinforced investor returns with the company achieving a remarkable 201% growth in Profit After Tax, amounting to LKR 4.1 billion. Strong financial discipline and swift decision-making in the investment front have paved the way for substantial and stable returns.”

“With this launch pad in the forthcoming year and beyond, Janashakthi Insurance is strategically poised to leverage anticipated economic stability. We will align our focus with key objectives to enhance our product offerings and strengthen our position in the market. We are committed to providing our customers with improved benefits and an elevated level of service, aiming to solidify our standing as the preferred choice for insurance, fostering a relationship built on trust and value,” he further added.

April 19, 2024

The Future of Measurement 2024, part of WARC’s Evolution of Marketing programme, explores major trends and emerging best practices in measurement

18 April 2024 – As cookies are phased out and new measurement techniques come to the fore, 2024 will be a year defined by disruption, uncertainty and experimentation.

According to WARC data, only a small fraction of marketers (2%) are using the following measurement techniques in combination – marketing mix modelling (MMM), experiments, attribution – to assess the full impact of their marketing.

As measurement continues to evolve, WARC, the global authority on marketing effectiveness, has today released The Future of Measurement, a report examining the latest trends and emerging best practices of marketing measurement. The report focuses on four key areas: AI and the growth of synthetic data, the demise of third-party cookies, hurdles in holistic measurement and closing the sustainability gap.

Paul Stringer, Managing Editor Research and Insights, WARC, says: “Amidst the swirl of excitement around Gen AI, another significant inflection point is fast approaching. In Q3 of this year, Google is finally due to phase out third-party cookies. While the threat of cookie deprecation has loomed for some time now, evidence suggests that advertisers are neither fully prepared or aware of the different solutions available.

“With measurement continuing to evolve in several directions at once, marketers find themselves battling multiple headwinds: not only the demise of third-party cookies, but new regulations around sustainability reporting, and, of course, the growing influence and impact of AI. All of which we address in this report.”

Key challenges and trends outlined in The Future of Measurement report, and what marketers can do to keep pace with emerging best practices in measurement are:

Hurdles in holistic measurement: only 2% of marketers are using attribution, experiments and marketing mix modelling (MMM) in combination to measure marketing impact

Most marketers are failing to use the full range of techniques that enable them to measure the full impact of their marketing activities. Data from WARC’s Marketer’s Toolkit survey shows only 2% of marketers are using attribution, experiments and marketing mix modelling (MMM) in combination for measurement, whilst a further 22% say they don’t use any modelling at all.

Guidance highlights three techniques that are critical to holistic measurement. Each technique brings strengths that can offset the weaknesses of the other.

Attribution: The process of assigning credit to the different touchpoints that are found on a user’s path to a conversion. Fast and easy to scale, it gives real-time insight into drivers of performance. But, it is limited to digital channels and is best for measuring short-term impact.
Experiments: Uses randomised controlled experiments to compare the change in consumer behaviour between groups that are exposed or withheld from marketing activity while keeping all other factors constant. It is the gold standard to measure causality but can be difficult to scale.
Marketing mix modelling (MMM): Utilises advanced statistics to give a holistic overview of all channels, sales, and external factors. Can provide a longer-term view of media impact, but can be expensive and requires at least two years of historical data.

AI and the growth of synthetic data: 60% of data used to develop AI and analytics applications will be synthetically generated

Unlike ‘real’ data, which is based on observations from the real world, synthetic data is produced artificially to emulate it using purpose-built mathematical models or algorithms.

Synthetic data has a variety of applications in marketing, including pricing, customer journey planning, competitor analysis and new product development. It also negates customer privacy issues, as it has no personal information attached to it, and can conduct market research quicker and cheaper.

By this year, Gartner has estimated that 60% of the data used in AI and analytics projects will be synthetically generated, and according to Straits Research, the global market for synthetic data generation is projected to grow by 37% between 2023 and 2031.

However, AI-based insights bring new risks to marketing research. Generative AI tools can amplify bias, trigger privacy breaches and deliver inaccurate results. Marketers should develop clear ethics and best practices when working with these tools.

Tim Geenen, CEO and co-founder, Rayn HQ, says: “There are many benefits to [producing synthetic data], from achieving more accurate results, to building new data sets that reflect our diverse society and opening the door to advanced ways of understanding audiences.”

The third-party cookie countdown: Only half (51%) of marketers are prepared for the deprecation of third-party cookies

The phasing out of cookies is due to take place in Q3 of 2024, severely limiting the ability of companies to track individuals online. Yet many marketers are still not prepared. According to a recent survey by IAB Europe, only half are prepared for the deprecation of third-party cookies.

A lack of education and awareness of post-cookie alternatives are a barrier to progress.

As advertisers look to combat signal loss, they will have to get comfortable testing a broad range of targeting and measurement solutions to discover what works best for their business.

Proposed solutions include: contextual advertising, identity solutions, first party data, attention measurement, Google’s ‘Privacy Sandbox’, and predictive audiences using AI.

Closing the sustainability gap: only a quarter (24%) of advertisers are measuring digital advertising emissions

Over the last five years, sustainability has ranked as a top issue by respondents to WARC’s annual Marketer’s Toolkit survey. However, recent research by Scope3 concludes that there has been ‘no evidence of systemic behaviour change’ in the advertising industry to reduce carbon emissions, and according to IAB Europe, only a quarter (24%) of marketers said they are measuring emissions from digital advertising.

The compound effect of these trends is that many marketers are failing to act on sustainability – in objective setting, asset development, supply chain management, consumer messaging, and the measurement of emissions from digital ads.

New regulations and directives in both Europe and the United States coming in 2024 mean companies will need to provide more granular data on their carbon emissions – including those generated by advertising.

Lack of standards is a major barrier to accurate and comparable carbon measurement, although work is underway by the Global Alliance for Responsible Media (GARM) and Ad Net Zero to create a common currency and methodology.

Research by Magna, Lumen and Adelaide suggest that advertising in high quality media environments with higher engagement generate lower carbon emissions.

April 19, 2024

The SLASSCOM Women in Tech Conference 2.0, held in collaboration with the International Finance Corporation (IFC) and the Government of Japan, was a landmark event in promoting gender equality in the IT & BPM sector. As the first-ever women in tech conference, held for the 2nd Consecutive year in Sri Lanka, it convened industry leaders, technopreneurs, advocates, and professionals to address key challenges and opportunities under the theme “Accelerating Gender Equality & Inclusivity for Economic Empowerment.”

Jehan Perinpanayagam, Chairman of SLASSCOM, opened the conference by recognizing the significant contributions of women to the IT/BPM industry and stressing their crucial role in shaping its future. He underscored the importance of leveraging women’s diverse perspectives and talents to drive innovation and emphasized the moral obligation to ensure equal opportunities and representation in the tech sector for a more inclusive industry.

Alejandro Alvarez de la Campa, IFC’s Country Manager for Sri Lanka & Maldives, reiterated IFC’s commitment in promoting women’s participation in Sri Lanka’s tech sector. Additionally, H.E. Mr. MIZUKOSHI Hideaki, Japanese Ambassador to Sri Lanka, emphasized the significance of international collaboration in fostering economic empowerment through gender equality.

Shehani Seneviratne, SLASSCOM’s Vice Chairperson 2, informed the audience about SLASSCOM’s various industry initiatives aimed at advancing women in the IT & BPM sector and emphasized SLASSCOM’s proactive efforts in addressing gender disparities and promoting inclusivity, including initiatives such as Technopreneur Scale-up Programs, Returnship Program, and Women in Tech Leadership Programs .

Annie Mathew delivered a keynote speech on “The Role of Women in Shaping the Future of AI,” exploring the significant contributions women make to the field of artificial intelligence.

Attendees found inspiration in the personal stories and career journeys of accomplished women including Tammy Barton (Founder and Director, My Budget), Ashley Coffey (CEO, Coffey & Consult), and Nevindaree Premarathne (Founder, The Makers, Global). These narratives highlighted the significance of breaking barriers, challenging stereotypes, and paving the way for future generations of female leaders.

The first panel discussion on Creating Inclusive Workspaces, moderated by Cassandra Mascarenhas, Head of Global Employer Branding at Fortude, featured Oshana Dias (Chief People Officer, Fortude), Ruwanthi Fernando (Chief Information and Process Officer, Hela Apparel Holdings PLC), Dr. Ransirini de Silva (Head, Department of Psychology & Counseling, OUSL), and Feroz Cader (Group Director, Head of Market Infrastructure Technology, LSEG). They explored strategies to foster inclusive environments where every individual is valued and empowered and set the stage for further collaboration in building inclusive workplaces in the tech industry.

The second panel, moderated by Talal Rafi, Economic Policy Consultant at the Asian Development Bank, focused on Innovation through Inclusion. Panelists Dr. Nilushi Nugara (Professor, Dept. of Biosystems Technology, University of Sri Jayewardenepura), Ide Yuri (Senior Representative, JICA Sri Lanka), Mahesha Amarasuriya (Director, Mastercard, Sri Lanka), and Annie Mathew (Director, Developer Relations, Microsoft Asia) shared insights and strategies to advance gender equality and inclusivity in the tech, entrepreneurship, and academic sectors, fostering innovation and groundbreaking solutions.

At the conclusion, a summary of the event’s proceedings and key takeaways urged attendees to commit to driving real change and fostering a more inclusive and equitable future for the tech industry within their organizations.

Other partners at the event included Fortude as the Bronze Sponsor, ZONE24x7 as the Industry Partner, IFS as the Technology Partner, Commercial Bank (Anagi) as the Banking Partner, ticket gadget as the Corporate Travel Partner and Informatics Institute of Technology as the Academic Partner.

April 19, 2024

Celebrating the city’s achievement and reaffirming its commitment to contributing to its home hub’s continued success

Cathay Cargo congratulates Hong Kong International Airport (HKIA) for once again being named the world’s busiest cargo airport in 2023, according to the latest data from Airports Council International (ACI). As the city’s home carrier for 77 years and the largest cargo operator at HKIA, Cathay Cargo is proud to be part of this success story.

April 19, 2024

HVA Foods PLC, a member of the George Steuart Group, is pleased to announce the following appointments to its Board of Directors. Accordingly, Graham Stork has taken up duties as Director and Chief Executive Officer, while Samantha Ranatunga has taken up duties as Independent Non-Executive Director & Chairman.

Heladiv is HVA Foods PLC’s globally renowned flagship brand, registered in over 40 countries. HVA Foods PLC is a dynamic subsidiary within the George Steuart conglomerate, which was founded by local entrepreneur and tea professional Rohan Fernando. Both, Samantha Ranatunga and Graham Stork who are leading professionals, with proven expertise in their respective fields, are dedicated to propelling Heladiv and HVA Foods PLC to new heights.

Bringing a diverse wealth of experience across industries, Samantha Ranatunga served as the Managing Director of CIC Holdings PLC from 2010 to 2019. He was also a Director of major subsidiaries of CIC, including Chemanex PLC and Link Naturals Pvt Ltd. His experience also extends to Banking and Finance, having served on the Board of Directors of Seylan Bank PLC.

In his commitment to innovation, Samantha Ranatunga also served as Head of RemediumOne (Pvt) Ltd, a pioneering clinical research company in Sri Lanka, established in collaboration with the University of Kelaniya. He is also presently the Chairman of Agro-technology companies, Spectrify AI Ltd and Agroworld Pvt Ltd, while also serving as the Chairman of the Agricultural Modernization Taskforce of the Presidential Secretariat since 2023. Additionally, he is a Director of VSIS Group, a leading IT solutions group in Sri Lanka.

Graham Stork’s illustrious career includes pivotal roles at Expoteas Ceylon (Pvt) Ltd, Hemas Commodities (Pvt) Ltd, and an exceptional 17-year tenure at George Steuart Teas. His expertise extends beyond traditional tea, into herbs and flavours and includes an entrepreneurial venture of his own, The Herbal Storage (Pvt) Ltd, an importer of herbal infusions for the tea industry.

Graham Stork was also the co-founder of Marah Trading (Pvt) Ltd, the first tea packing factory in Sri Lanka to acquire FSSC certification. Notably, Graham Stork has contributed towards the further development of Sri Lanka’s tea heritage and industry through his establishment of Australian Tea Masters – Ceylon (Pvt) Ltd, under the guidance of Australian Tea Masters (Melbourne).

These strategic appointments reflect HVA Foods PLC’s commitment to strengthening its leadership team with professionals who bring a wealth of knowledge, experience, stature and strategic foresight to the corporate structure. Both Samantha Ranatunga and Graham Stork backed by a competent team is poised to drive HVA Foods PLC towards new heights in the tea and beverage sector.

Older Posts

Daintee celebrates four decades of sweet success

Femography by MAS combats period poverty with donation of over 10,000 reusable period wear products

‘ComBank Digital’ links Dept. of Commerce for online payments with LankaPay

DFCC Junior Launches e-Gift Vouchers for 1st time in Sri Lanka in Partnership with Thyaga.lk

Rates Quoted By Commercial Banks For Telegraphic Transfers – 19.04.2024

Janashakthi Life records highest ever PBT of LKR 5.2Bn. 186% growth from last financial year

Marketers are leaving value on the table by failing to measure the full impact of their marketing investments

SLASSCOM holds Women in Tech Conference 2.0: Empowering Gender Equality & Inclusivity in the Sri Lankan tech industry

Cathay Cargo congratulates Hong Kong International Airport on being named world’s busiest cargo airport for the 13th time in 14 years

HVA Foods PLC strengthens leadership team with Samantha Ranatunga as Chairman and Graham Stork as CEO