Over 11,000 low

Oct 30, 2023

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The International Committee of the Red Cross (ICRC) and the Sri Lanka Red Cross Society (SLRCS) collaborated to provide emergency relief assistance to 11,850 vulnerable low-income families impacted by the economic crisis in Sri Lanka. The collaboration also supported the Sri Lankan healthcare system with a donation of essential medical supplies.

"Low-income families are facing the worst effects of the economic crisis. As part of our humanitarian response, the ICRC partnered with the SLRCS to address some of their urgent needs in these challenging times. During the economic crisis, the ICRC adapted its programmes to better serve the affected people in Sri Lanka," said Head of the ICRC Delegation in Colombo, Séverine Chappaz.

Under the ICRC-SLRCS partnership, over 6,170 families received cash or cash vouchers (LKR 18,000 each) as emergency relief assistance, enabling them to meet their daily food and other essential needs up to a period of two weeks.

The families were selected from 12 districts in Sri Lanka (Ampara, Batticaloa, Galle, Jaffna, Kilinochchi, Mannar, Matara, Monaragala, Puttalam, Polonnaruwa, Trincomalee and Vavuniya), based on the food security assessment conducted at household level by the SLRCS, in consultation with relevant authorities. In addition, over 5,600 pregnant women and new mothers from 10 districts received supplemental nutrition packs through the ICRC-SLRCS partnership.

Director General of the Sri Lanka Red Cross Society, Dr. Mahesh Gunasekara added: "Sri Lanka is going through its most difficult period as a nation, and we, as the country's largest humanitarian organisation, have stepped forward in support of our people to uplift their lives and bring them hope during this difficult period. The country's majority are daily wage earners, and they were already recovering from the consequences of the global pandemic until the economic crisis knocked them down again. For nearly a century, SLRCS has been at the forefront of support and has provided them with the necessary assistance once again, and we will continue to do so through our initiatives to save them from the days of hunger and grief."

The ICRC also collaborated with the SLRCS to help address the shortage of medical equipment and supplies as part of its joint humanitarian response to the economic crisis. A total of 10,000 blood bags, 77,300 oxygen masks, 9,000 paraffin compresses, 2,950 thoracic drains and 300,000 face masks were donated to the Ministry of Health. The donations will contribute to the strengthening of the healthcare system in Sri Lanka.

The ICRC-SLRCS humanitarian cooperation totaling nearly CHF 640,000 (USD 715,000) provided critical support to families affected by the economic crisis while assisting the Sri Lankan healthcare system. In the recent past, the ICRC and SLRCS have come together to address the consequences of humanitarian emergencies such as the COVID-19 pandemic. Humanitarian action in crises is guided by universal humanitarian principles that are central to the work of the International Red Cross and Red Crescent Movement, the largest humanitarian network in the world.

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By Hiran H.Senewiratne

Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.

"Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company's chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.

Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.

Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.

Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.

‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.

‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.

Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.

‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark "Best Enterprise". It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.

‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’

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By Hiran H. Senewiratne

CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.

Amid those developments the market witnesses improvements in both indices and in the turnover.

The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.

In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.

Yesterday, the Central Bank's US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.

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Ceylinco Life has announced the appointments of Ranga Abeynayake and Samitha Hemachandra as Chief Operating Officer and Deputy Chief Operating Officer respectively, following the creation of the two positions as part of the Company's leadership pipeline for the next decade and beyond.

Abeynayake has been with Ceylinco Life for 25 years and is an Executive Director and the Company's Deputy Chief Financial Officer, while Hemachandra has been with the Company for 23 years and is the General Manager – Marketing.

"These appointments add further strength and depth to the management structure and look at our leadership requirements for the next 10 to 15 years," Ceylinco Life Chairman R. Renganathan said. "Transparent and long-term succession planning is extremely important in the financial services sector, ensuring seamless continuity and consistency for all stakeholders."

Ceylinco Life Managing Director and CEO Thushara Ranasinghe added: "Ranga Abeynayake and Samitha Hemachandra have been part of the management team that achieved market leadership for Ceylinco Life in 2004 and maintained that leadership to this date, unbroken for 19 years. They represent the core values and the vision and mission of the Company, and will be fully supported by the Board of Directors and the management team as they are groomed for key leadership positions."

A Fellow Member of the Institute of Chartered Accountants of Sri Lanka and of the Institute of Certified Management Accountants of Sri Lanka, Ranga Abeynayake counts over 25 years of experience in handling key management positions in the areas of Finance, Risk Management, Strategic Planning, Treasury Management and Project Planning. He holds a Master of Business Administration (MBA) from the Postgraduate Institute of Management (PIM) of the University of Sri Jayewardenepura. Abeynayake previously served as Chairman/Non-Executive Director of Citizens Development Business Finance PLC., and currently serves as a Non-executive Director of Ceylinco Insurance PLC and as a Director of Serene Resorts Limited.

A Fellow (FCIM) and Chartered Marketer of the Chartered Institute of Marketing (CIM) – UK, and of the Certified Management Accountants (CMA) – Australia, Mr Samitha Hemachandra counts over 20 years of work experience in Brand Management, Customer Relationship Management, Marketing Management and Strategic Planning. He has been directly involved in designing, developing and implementing many integrated marketing campaigns for Ceylinco Life. Mr Hemachandra holds a Master of Business Administration (MBA) from the University of Western Sydney – Australia. He is a past Chairman of the Marketing and Sales Forum of the Insurance Association of Sri Lanka (IASL) and has been a member of the judging panel of the SLIM Brand Excellence awards for many years.

He is currently a Director of Ceylinco Healthcare Services Ltd., and a Non-executive Director of Citizens Development Business Finance PLC (CDB), which are subsidiary and associate companies of Ceylinco Life.

Adjudged Sri Lanka's ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life was conferred the ‘Peoples Life Insurance Service Provider of the Year’ title at 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. Ceylinco Life has been the country's leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company's policyholders.

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