SL: FINANCIAL CRISIS COMING!!!

SL to be affected by financial crisis

By Jithendra Antonio
Amidst large job cuts in the US and India running into sereral millions and deepening global recession fears Tourism Minister Milinda Moragoda said that Sri Lanka would be affected by the global financial crisis for at least another 2-3 generations whereas most experts are of the view that Sri Lanka would be insulated from the financial crisis that has gripped the West and many other countries.

"Experts have been wrong," the Minister said addressing the Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards ceremony that was held on Tuesday evening. Mr. Moragoda went onto say that global giants such as AIG and Citi Bank who pioneered the insurance industry and defined banking to the world have failed along with concept of capitalism.

He also questioned the position of branding in the immediate future at a time when “capitalism is dead”, as branding is also regarded as a product of capitalism.

Guest of Honour Hatton National Bank Chairman Rienzie T. Wijetilleke said that today branding has become a significant part of the corporate portfolio which was not vital two decades ago. "We didn't have to do marketing or branding when I started my career, because banking itself was a brand. Banks which were a safe haven to invest in the past have now become a dangerous place for people to invest their money in due to the present financial crisis”.

The top SLIM awards were bagged by Munchee Biscuits Limited, which was recognized as the Best Brand of the Year. It also clinched the Gold Award for the CSR Brand and the Silver Award for the Local Brand of the Year while the Munchee Super Cream Cracker was adjudged the Best Product Brand. Ceylinco Life grabbed the Best Service Brand of the Year award. The ‘Sirasa Dancing Stars' reality TV show was adjudged the Best New Entrant to the market while Dialog Telekom was awarded the Most Innovative Brand of the Year Award.

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