Showing posts with label Sunday Observer. Show all posts
Showing posts with label Sunday Observer. Show all posts

UBF opens two branches

UB Finance Company Limited (UBF), a subsidiary of Union Bank of Colombo PLC backed by its US based strategic investment partner, Show Cap II, opened branches in Kurunegala and Galle recently.

Chairman, Union Bank of Colombo PLC Alexis Lovell, Chief Executive Officer, Ransith Karunaratne, members of the Board of Directors, senior management, clients of UBF and otherw were present.

Chairman, UBF, Lovell said, "We are excited to be a part of cities with high business potential such as Kurunegala and Galle. The setting up of our full-service branches represents a long-term commitment to individuals, families and businesses of the two cities."

"Being one of the first financial institutes to be backed by a commercial bank in the private sector, our customers enjoy one of the best interest rates in the market secured by the strength of a bank," said the Chief Manager, Fixed Deposits, Jude Muthugala.

"We have identified our clients and are equipped to provide them financial solutions to accommodate their specific needs. We will be strengthening our network by adding two more branches this quarter," he said.

Both events were preceded by street promotions announcing UBFs financial solutions such as leasing, higher purchase, loans, fixed deposits, savings, real estate and factoring.



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Melsta Regal introduces new service

Melsta Regal Finance Ltd, which recently forayed into the financial services industry in Sri Lanka has introduced a new service to entrepreneurs.

The working capital solution '360 degree trade finance solution' comprises a wide range of financial facilities ranging from opening of Letters of Credit, import loan and revolving short term loans, warehousing and logistical services, debt factoring, debt collection and sales ledger administration services. "The product would be an impetus to growth for a wide range of businesses ranging from SME's to large corporates," a spokesman for the company said.

Chairman, Melsta Regal Finance Ltd and Melsta Corp Ltd, Amitha Gooneratne said, "Sri Lanka is at a important juncture of economic development with plans to reach important milestones of being a $ 100 billion economy and reach a per capita income level of $ 4,000. The financial services sector should support the economic development by introducing superior financial services to support the SME sector." "The company has launched an integrated working capital solution under one roof.

This is an innovative working capital solution, which would encompass a supply chain and financing solution within one entity. This service harnesses the strategic competencies of the Group, which has diversified interests in insurance, logistics, call centre operations and telecommunications."

Director and CEO of the Company, Nishaman Karunapala said, "Through this innovative solution we hope to revitalise the SME sector by offering working capital services and logistical support and introduce financial convenience through value added services to assist the economic development of the country."




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CDB records steady growth for 2012/13

Citizens Development Business Finance PLC (CDB) has recorded steady growth in all aspects of business for 2012/13 according to the unaudited results released to the Colombo Stock Exchange (CSE).

The current year's figures have been stated in compliance with the LKAS/SLFRS while the comparative figures are based on SLAS in accordance with the ruling issued by the Institute of Chartered Accountants of Sri Lanka.

The balance sheet has recorded a growth of 48% documenting 24.49 billion. Revenue grew 50% recording 4.31 billion.

Net interest income recorded a growth of 36% at 1.70 billion. Interest income increased 60% while interest expenses increased by 83% due to increases in market interest rates during most parts of the period under review. Profit before tax stood at 669.99 million compared to last year's 644.27 million.

Profit after tax of Rs. 534.87 million compared to Rs. 630.43 million in the corresponding period of the past year has been in the backdrop of a over nine-fold increase in income tax expenses. Total comprehensive income for the year stood at 761.32 million.


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Telcos take ICT to rural areas

Information and communication technology has reached the remote rural areas in Sri Lanka today thanks to leadership taken by telecommunication companies and government policies and commitment, said Country Manager of DEL Sri Lanka, Lakshman Fernando at the launch of new DEL products in Colombo last week. Fifteen years ago this technology was limited to Colombo and suburbs.

Government policies and initiatives have helped to take ICT to rural areas with Telcos taking the lead in building the infrastructure backbone.

This ICT infrastructure is the foundation on which the other players in the industry are based. Today computer and ICT is used by people in most rural areas such as Dehiattakandiaya or Monaragala and the number of computers that are sold in remote areas is increasing.

People use internet, social media and entertainment applications in urban and rural due to this strong infrastructure backbone and availability of technology. We are ahead of our neighbouring countries in many aspects of technology, Fearnando said.

After the company started its transformation four years ago Dell introduced innovative technology solutions and services global customers rely on. During the past four years Dell has invested over $10 billion to deliver innovative, high performing end-to-end solutions to support the evolving needs of its consumers.

Today Dell is better positioned than ever before to deliver innovative solutions and are investing to help our customers to be successful and secure in a world being transformed by the forces of cloud, big data and mobility, he said.



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Amana Bank to finance Madugeta hydro project

Amana Bank has partnered renewable energy provider Vidullanaka PLC to finance their latest Mini Hydro Power Project (MHPP) at Madugeta in the Galle district.

The signing ceremony took place recently at the Corporate Office of Amana Bank. Key officials of the Bank and Vidullanka were present. The Madugeta MHPP has a capacity of 2.5MW and is estimated to generate 10.16 GWh of power annually and will be connected to the National Grid by August 2013.

The project is a joint venture between Vidullanka and Esna Power (Pvt) Limited. Amana Bank, MD and CEO, Faizal Salieh said, “Generating alternate renewable energy, which is also environment friendly, is a critical need, and we appreciate Vidullanka’s contribution towards this.

Over the years the Bank has had a good relationship with Vidullanka and today we are taking this relationship a step further by assisting the Madugeta project as the sole financial provider based on our unique asset backed financing model. Amana Bank is committed towards assisting sustainable growth of our economy by financing infrastructure development and renewable energy projects such as this.”



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Have control or be controlled

I have been saying repeatedly that the world is becoming a harder place to live. We have no escape and we can only control the way we react to challenges that are beyond control of professionals. We are not insulated from any of the global issues - you are inundated with an unlimited flow of such negative news every day.

From a local perspective, you hear about a string of unexpected economic and non-economic issues. If you are like most other people, you probably spend more time worrying about recent developments having a direct or indirect impact on your life.

You may be worried about the poor consumption in the market and its implications on your business, consequent inflationary issues, job security, escalation of electricity cost, human rights issues, rising taxes, future of your children, even the weather. Some things we can control, others we clearly cannot.

Convert negative thoughts into positive thoughts

One of the things you must practise when managing such uncertainty, ambiguity and anxiety is to understand the issue in its context and decide if you can do something about.

It's inevitable that any issue regardless of whether they are related or otherwise, you tend to worry, that's natural human behaviour. So let it be. But the important factor is that your life has to go on.

You still need to achieve your goals in life - to do this you got to navigate these challenges with a single focus in mind. So how can you do it? Correct understanding of the issue is vital to distinguish between what is impacting you and what is not - and decide what you can control and what you can't.

Ability to turn negative thoughts into positive thoughts is a must to deal with any challenge. I know this idea sounds simple, but practising this technique is hard but when effectively practised, it can alleviate a great deal of unnecessary anxiety and stress.

We have a fair share of our own personal problems and we end up spending a lot of time and energy to resolve them. The worst thing that can happen to us is spending time and energy on issues we cannot control no matter if these issues have an impact on you or not. If you cannot control just be aware and align yourself, that is the most sensible thing to do.

Direct energy towards what you can control

Easy to say, but hard to do. Our passion for our work makes it more difficult to worry selectively. Why? The more passionate you are, the more protective and perfection-driven you become. Any concern becomes exaggerated based on your optimistic vision being obstructed.

Regardless of whether or not you have influence, you will want to tackle every problem as it emerges. This tendency is dangerous. Your energy becomes fractured as you start to obsess over details and situations that are beyond your control. Ultimately, your ideas and plans suffer.

It's said that generally 90 percent of the things people worry about are beyond their control. You can do your own assessment and figure out your own percentage is. You may be surprised with your own realisation. The key to maintaining a positive attitude in life is to know the difference.

How many times have you been stuck in traffic, been in queues at government institutions? You felt angry, stressed and uncomfortably over anxious? Probably more times than you care to think about, but some of these are things you have no control over, so lighten up, take some deep breaths, and tell yourself, "I am in control over my feelings, and I will not let this situation beat me down. I am in charge of how I feel. I am calm and relaxed."

Obviously this will take practice, but once you get used to this, it will make a world of difference. When you think about how much damage these unnecessary stressful situations harm our bodies, raise our blood pressure, increase frown winkles, ruin our day, it is not worth it, and it is a battle you need to take on with positive self-talk. Spend your thoughts on things you can control and think thoughts that bring a smile to your face, rather than an ugly frown.



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