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NSB tops Rs. 150 billion mark in deposits mobilisation

National Savings Bank (NSB), Chairman, D. M. Swaminathan said that the Bank surpassed the Rs. 150 billion mark in deposits mobilisation.

Emphasising the achievements of the Bank, he said that the Bank mobilised Rs. 14,950 million in deposits during the first half of 2003 as against Rs. 4,916 million in the corresponding period for 2002, an increase of 200%. The target mobilisation for the period was Rs. 6,840 million. The Bank has surpassed the target by over 100% during the first half of 2003.

The total deposits base which stood at Rs. 124 billion as at end June 2002 has increased by 20% year on year to record the Rs. 150 billion mark in the deposit base.

This is evidenced by the confidence placed in the Bank by our customers. Swaminathan said that NSB will continue to add value to its products and services to maintain the growth momentum.

The Bank made a pre-tax profit of Rs. 1.9 billion in the first half of 2003 compared to the pre-tax profit of Rs. 0.6 billion recorded in the corresponding period in 2002.

Bourse takes a breather

The Colombo Bourse took a breather after two days of sharp gains as investors took profits. As expected the indices remained volatile during the last four days but the level of foreign interest is encouraging.

In yesterday's trading, the ASPI dropped to 1,015.9 points from 1,019.5 and the Milanka index to 1,963.2 points from 1,965.2. The turnover was Rs. 189.3 million. "We expect the market to fluctuate in a wider range in the immediate future, as the bargain hunting is expected to continue," Hasitha Premarathne of HNB Stockbrokers said.

"We feel that the investors would slowly commit fresh funds when the stock prices look attractive," he said.

Among the heavily traded stocks were Asian Hotels, Distilleries, HNB, JKH, NDB, Nations Trust, NDB Bank, Telecom and Three Acre Farms.

The top five gainers were Merc Shipping, Printcare, Renuka City Hotels, C.W.Mackie and Kahawatte.

Domestic purchases were Rs.143 million and sales Rs. 156.5 million. Foreign purchases accounted for Rs. 45 million and sales Rs. 32 million.

Ceylon Leather IPO oversubscribed

The Ceylon Leather Products Limited's IPO was oversubscribed yesterday, the managers to the issue, Merchant Bank of Sri Lanka said.

The IPO consisted of 2,500,000 ordinary shares at Rs. 10 per share. The issue opened on July 16 was scheduled to close on August 4. As the issue was oversubscribed the day following the opening date, the issue closed on over subscription, the managers said.

Uva Quality Season likely in August

The Uva Quality Season has been delayed following the islandwide rain that is currently being experienced. It is therefore likely that the quality season will manifest during August and will thus become a late season.

At this week's Ex-Estate Auction, there were many Liquoring Teas which had improved cup characteristics, but these failed to reach the Broker and Seller expectation, no doubt as the Leaf Appearance was not up to standard. However, there was active demand at the lower end of the market as well as for fair average quality BOPFs with the tea bag sector including active Russian interests. A few more invoices crept above the Rs. 150 level but top prices for the BOP/BOPFs stayed below Rs. 200. There was also improved demand for good liquoring Pekoes and the FBOPs but here again provided that the Leaf Appearance was on standard.

At the Low Grown sale teas offered in the Leafy Catalogue were barely steady with a few grades declining slightly. However, elsewhere in the Tippy sale, the Flowery Grades continued to receive fierce competition, particularly from the Iranian interests, and attractive price increases were received. Inquiry from Russia is slowly improving whilst, other Middle Eastern interests also appear to be stepping up their pre-Ramazan purchases.

(Source: John Keells Ltd)

CIMA on 'Creating a World Class Organisation'

The call of the day is to create World Class Organisations that will enable us to position our corporate sector globally.

CIMA Sri Lanka Division recognising this need has organised a workshop on 'Creating a World Class Organisation - from Planning to Performing on July 29 and 30 at the Galadari Hotel to be conducted by Dr. Girish P. Jakhotiya.

The workshop will address the following-defining a world-class organisation, vision and mission for a world-class organisation, world-class value-chain and value-drivers, three dimensions of a strategic plan, creating a management control system, world-class entrepreneurship knowledge management, strategic cost and profit management and institutionalisation of world-class business practices.

Dr. Jakhotiya who is currently Chief Consultant, Jakhotiya and Associates, Mumbai has offered consultations to many world-class organisations such as Simens, Hindustan Lever (of the Unilever), Mitsui's Sesa Goa, Pfizer, M. World Bank, International Labour Organisation (ILO), Central Bank of Oman and Tata Engineering. The consultations offered by him and his organisation, Jakhotiya and Associates; have proved to be 'path-breaking'. Original ideas, courageous approaches and vibrant processes are the key components of Dr. Jakhotiya's consultations.

He received the 'Best All India Professor of Management Award' from the Association of Indian Management Schools (AIMS). He has authored six books and monographs. Dr. Jakhotiya guides the 'Executive - Ph.D. Program' at the University of Mumbai.

He is associated with the Confederation of Indian Industries, Chartered Institute of Management Accountants (London), Bombay Management Association. He has been a senior professor and member of the advisor council of the well-known Jamnalal Bajaj Institute of Management Studies, University of Mumbai; where he at present is a lecturer for the MBA and Executive - MBA Programs.

HSBC launches Shop Asia/Dine Asia campaign

By combining regional and local resources, HSBC has launched its regional Shop Asia/Dine Asia campaign to encourage overseas travel and spending throughout Asia.

The campaign offers HSBC credit cardholders discounts on hotels, restaurants and shops in 13 countries and territories across Asia.

The Shop Asia/Dine Asia promotion follows HSBC's announcement in May of a series of initiatives totalling HK$100 million to support SARS-affected families and local businesses in Hong Kong following the SARS outbreak, a HSBC press release said.

Through the Shop Asia, Dine Asia program, HSBC cardholders in 13 areas Hong Kong, mainland China, Singapore, Taiwan, Thailand, Malaysia, Philippines, Australia, Indonesia, India, Mauritius, Brunei and Sri Lanka will have access to the following offers when they travel throughout Asia.

HSBC cardholders will be given a two per cent cash rebate for overseas spending in any of the 13 participating countries and territories.

The rebate applies to overseas transactions charged to their HSBC credit cards between August 1 and September 30.

An additional two percent rebate will be offered on overseas spending in Hong Kong, Singapore, mainland China and Taiwan during the promotional period.

Up to 50 percent off on room rates and up to a 25 percent discount on dining are available at selected Hyatt, Peninsula or Shangri-La hotel in the 13 participating areas throughout Asia. Offers are available from July 8 to September 30.

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