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ACL Cables supports electricians to enhance skill set with NVQ Level 4 certification

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ACL Cables PLC, the No. 1 cable manufacturer in Sri Lanka commenced another novel concept recently supporting electricians enhance skillsets, contributing to their personal growth and the industry.

ACL Cables has partnered the Vocational Training Authority (VTA) to ensure electrical technicians island wide are awarded the NVQ level 4 certification.

This programme is aligned to the regulations enforced by the Government and Public Utility Commission of Sri Lanka (PUCSL) which aim to certify and create licensed electricians.

According to local authority regulations all electricians are required to be certified and obtain a license to conduct any electrical construction activity in the future.

This is mainly to establish a professional status for electricians in the country by accrediting their qualifications and experience.

Towards this objective, ACL Cables together with VTA Centers will sponsor and conduct knowledge sharing sessions for electricians to ensure they are prepared for theoretical and practical examinations to obtain the NVQ level 4 Certification. This project was put into action by ACL Cables under the CSR theme of “Divimaga Denuma” (Knowledge for lives).

Specifically targeting electricians who are registered under the Electricians Club of ACL Cables, individuals will be selected in batches of 25 and the programme will be conducted over a period of 6-months around 217 VTA centers islandwide. The certification which usually takes two and a half years for completion has been fast-tracked to ensure a larger number of electricians benefit. This special scheme was maneuvered and guided under the supervision of Dhamitha Wickramasinghe the president of VTA.

ACL Cables also aims to continue this initiative throughout the next few years to ensure all partner electricians receive this valuable qualification.

Commenting on this worthy programme, ACL Managing Director Suren Madanayake said, “We have continuously empowered our stakeholders for their betterment. This has been part of our corporate social responsibility initiatives. In this programme, we have identified Electricians as among our major stakeholders in making our business operations a success. As the No. 1 cable company in Sri Lanka, we undertook the responsibility to step in and transform these individuals into qualified professionals by helping them obtaining the necessary license and certifications as directed by local authorities.”

“Our initial step was to educate electricians on existing regulations, which we did through our island wide seminars. Now we have commenced the next stage to ensure they are equipped with the necessary knowledge. I thank the VTA, PUCSL and all local authorities who partnered with us to make this overall programme a success. I also invite all electricians who are yet to partner ACL to call our agents and register with the ACL Electricians’ Club,” he added.

The proposed licensing mechanism was developed by PUCSL in collaboration with the Institution of Engineers Sri Lanka (IESL), Tertiary, Vocational Education Commission (TVEC) and Construction Industry Development Authority (CIDA), Ceylon Electricity Board (CEB) and Lanka Electricity Company (PVT) Limited (LECO).

During the initial stage of this programme, ACL together with PUCSL conducted several sessions island wide to educate electricians on the necessary licensing procedure.

ACL Cables is the leading cable company in Sri Lanka with a market share of 70% and annual turnover of 18 billion as a group. Diversifying its operation ACL has moved into the distribution of electrical switches, circuit protection devices (MCB, RCD and isolator), ceiling fans and a wide range of electrical accessories.

 

 

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Unlimited music streaming platform in Sri Lanka

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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.

The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.

Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.

SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce

 

 

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Sri Lanka using ‘sovereign power’ over economy: CB Governor

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by Sanath Nanayakkare

Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.

“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.

“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.

“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.

“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.

The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.

The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’

Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.

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CSE on the rebound; indices close positive

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By Hiran H.Senewiratne 

CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.

 The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said. 

It is said the banking sector dominated turnover with a contribution of considerable  parcel trades in Sampath Bank, Commercial Bank  and HNB.

Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor  confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.

Further,  Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.  

Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.

In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions. 

During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.

Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.

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