Business
Cut through the BS and focus on What’s Real
by Sarinda Unamboowe
My corporate career now enters its 33rd year. Apart from the fact that many of you reading this were not even born, my career began at a time when mobile phones didn’t exist, neither did e-mail; most communication took place either by ‘snail mail,’ telephone or via what was then a miraculous new technology, the fax machine.
During this time, I have had the privilege of working in some great organizations under some inspirational leaders. On this journey, the greatest privilege I have had is to have been given the responsibility of ‘starting up’ two companies — one as a green field project and one a brown, both of which I am proud to say are considered global leaders in their space.
I hope to document the experience of setting up such organizations at a later date; however, this note is a reflection on some of the conversations I have had with many of the very smart people I have worked with and a common thread that has weaved its way through many of their thought processes.
I like to set up times to have chats with small groups of my colleagues. In one organization, it was to welcome them as new recruits, and in the other, to clarify the path the ‘new’ organization was heading down, and in both, to answer any questions they may have.
One of the common questions I would ask both groups was, “why did you want to work in this organization?” And the answer almost always something on the lines of “working for this group has been a dream of mine,” and “I want to be a part of the success of this company,” etc. I probe further, “what’s the real reason?” and usually I get a bewildered look back, but the truth is, we all have a deeper reason as to why we pick jobs. So when they persist with their answers of love for group, company or wanting to be part of a winning team, I look at them and say “that’s a lot of Bull Shit” and laugh, the looks I get are pretty comical.
This is not done with the intention of humiliating or belittling anyone, but it has been a method of ‘shock value’ that was used primarily to bring the focus on the true meaning of why we work.
We work for the betterment of our own lives. The fact is, we all have a deeper need that drives us to seek suitable employment and most times we lose focus on that. While it’s important to enjoy your job and to find fulfilment in that role you play, the true success of our effort is in achieving our personal goals.
Granted for some, this could be linked closely to the organization’s goals, but for most, it would link to a milestone they hope to reach in their life. Building your own home, being able to give your children a good education, traveling, buying a vehicle, or even ensuring health & safety needs are taken care of, are all priorities that we place in our lives. Therefore, while I perform to the best of my ability at my chosen job and ensure my contribution is relevant, meaningful and of value to the organization, I ensure I don’t lose focus on what’s truly my measure of success.
The career we chose is the vehicle we travel on to achieve our life goals. Our effort, commitment, skill, etc. in how we execute those roles, will, in a fair and structured organization, help us succeed and progress in our career, thus giving us the opportunity to stay on track with our life plans. If not, don’t hesitate to switch job roles or organizations.
Have a dream, have a plan, commit yourself to working smart and achieve success in your career, but never lose focus on the factors that true success is measured by — your life’s journey. Make that the ultimate barometer for all you do.
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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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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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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.
