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Friday August 19th, 2022

International logistics experts join Sri Lanka’s EFL to guide global expansion

ECONOMYNEXT – EFL, part of Sri Lanka’s Expolanka Group, now owned by Japan’s SG Holdings, has added three logistics experts with international experience to its management team.

Stephen Dearnley, Ram Menen and Mike Sherman have joined EFL, previously known as Expolanka Freight Ltd., as Independent Directors to the board led by its founder and President Hanif Yusoof, a statement said.
 
Dearnley has more than 35 years of experience in freight and logistics, and prior to retiring in 2011, was chief executive for DB Schenker Asia Pacific, a top global logistics provider.

Menen, from the air cargo industry, helped build Emirates as the world’s largest cargo carrier during three decades at the airline and retired in 2013 with his last role as Divisional Senior Vice President – Cargo.

With over 40 years of experience, Sherman has worked with some of the largest retail brands such as Limited Brands, Abercrombie & Fitch and Sony, having held leadership positions in both financial management and supply chain operations.

He last served as VP Transportation and Trade Compliance at Abercrombie & Fitch before retiring in 2017.

“All three Directors carry with them a wealth of experience, having led and grown international brands for over three decades. In their new roles, they will guide EFL’s global expansion strategy as the company establishes itself as Sri Lanka’s first international logistics brand,” the statement said.

“They each come from a different area of supply chain, and their collective insights and knowledge will drive EFL towards the next stage of our ambitious plans,” said Expolank group President Hanif Yusoof.

EFL first ventured overseas in 1993, going into Bangladesh, and has, since then, established over 55 offices in strategic locations across the globe.

The announcement of the three new directors follows the appointment of Peter Larsen last year as Chief Operating Officer to head all overseas expansions.
(COLOMBO, June 12, 2017)

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Sri Lanka schedules 3-hour power cuts for Aug 20, 21: regulator

ECONOMYNEXT – Sri Lanka will impose power cuts of up to three hours on Saturday August 20 and Sunday August 21, Public Utilities Commission (PUCSL) Chairman Janaka Ratnayake said.

All areas (A, B, C, D, E, F, G, H, I, J, K, L, P, Q, R, S, T, U, V and W) will have power cuts of 1 hours and 40 minutes between 10.30 am and 06.00 pm and 1 hour 20 minutes from 06.00pm to 10.00 pm.

Click here for a detailed schedule.

The state-run Ceylon Electricity Board (CEB) said supply interruption time and restoration time will vary within 30 minutes as indicated above.

Sri Lanka’s daily scheduled power cuts that were reduced to one hour in July with power generation from hydro power plants contributing more than 50 percent to the main grid reducing thermal power plant use was extended to three hours last week due to a breakdown at the Norochcholai coal power plant.

According to officials, the breakdown happened in Unit 1 of Norochcholai which will take around two weeks to repair.

The Minister of Power & Energy said Unit 2 is undergoing scheduled maintenance work while Unit 3 will continue to operate. West Coast and other fuel power pPlants will be used to manage the supply, the ministry said. (Colombo/Aug02/2022)

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Sri Lanka guidance peg edges T-bond yield edge down

ECONOMYNEXT – Sri Lanka Central Bank’s guidance peg for interbank transactions edged down on Friday (19), while yields in Treasury bonds picked up slightly and in T-bill remain unquoted in dull trade, a day after the Central Bank announced the policy rates will remain stable, dealers said.

A bond maturing on 01. 06. 2025 closed at 27.95/28.05 percent on Friday, slightly up from 27.90/28.00 percent on Thursday.

No T-bills were quoted on Friday, dealers said.

Meanwhile Sri Lanka’s central bank announced a guidance peg for interbank transactions further weakened by three cents to 361.00 rupees against the US dollar on Friday from 360.97 rupees.

Data showed that commercial banks offered dollars for telegraphic transfers between 368.00 and 370.00 for small transactions.  (Colombo/ Aug 19/2022)

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Sri Lanka records 10 new COVID-19 deaths in 48 hours as case numbers rise

ECONOMYNEXT –  Sri Lanka recorded 10 COVID-19 deaths in the 48 hours from August 17 to 19 taking the country’s pandemic death toll to 16,640, health ministry data showed.

Sri Lanka is experiencing a slight increase in COVID-19 cases with the relaxation of public health restrictions relating to face masks and public gatherings.

Health authorities said the situation will be monitored constantly and have asked the general public to continue to follow basic hygiene measures in order to control the spread of the virus again in the community.

In August alone 2,924 new cases were recorded in Sri Lanka, with 84 deaths attributed to the disease.

So far in 2022, from January onward, health authorities have identified 81,157 patients to date.

Epidemiology unit data showed that 874 patients are currently receiving treatment, out of which 716 are receiving home based care.

The spread of the virus has increased with the use of public transport rising after an easing of a fuel crisis.

Sri Lanka is also facing difficulties in securing essential medicine supplies for the health sector due to a forex shortage.

Health officials said if the number of COVID-19 patients rise to a level the health sector cannot manage,  with the added issues of fuel and medical shortages, the health system might collapse.

“It is the responsibility of us all. There is no use trying to forcibly control people. We all have the responsibility to reduce or stop the spread of the virus before it gets out of control. We have been living with it for the past two years,” Deputy Director General of Health Services Dr Hemantha Herath said. (Colombo/Aug19/2022)

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