business Sri Lanka

L to R: Buddika Wickramasinghe - Business Development Manager; Digital Health Pvt Ltd, Shirantha Gannoruwa - Chief Finance Officer; Seetha Group of Companies, Lakshman Premachandra - Managing Director; Seetha Group of Companies, Reza Aniff - Head of Digital Services; Dialog Axiata PLC, Navoda Rathnayake - Business Development Manager; Digital Health Pvt Ltd

Powered by Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, Doc990 is Sri Lanka’s top online service for channelling doctors from private hospitals. It is safe, convenient, and currently has over 140 hospitals in its portfolio. In order to serve its users better, Doc990 is expanding its service offerings across Kandy by integrating Seetha Channelling services and pharmacies.

Seetha Holdings Pvt Ltd is a leading brand that has diversified into pharmaceuticals and doctor channelling services in the Central Province of Sri Lanka. Doc990 working with Seetha Holdings in Kandy strengthens their hospital network whilst expanding their pharmacy networkthrough the Seetha Channelling Centre. As a result of this two-way integration, users from the Central Province can also make bookings to Colombo hospitals as well via the Seetha Channelling Centre.

Users from Kandy can make bookings by calling 990, visiting www.doc.lk, or via the Doc990 mobile application. Users can also channel a doctor at any Doc990 hospital island wide through a Seetha pharmacy.

Through its widening network of hospitals and medical services, Doc990 is making healthcare accessible and convenient for everyone in the country. Visit Doc990 to find out more.

The Sri Lankans living in Southern California spearheaded by (Pictured) Prof. Deepthi Jayasekara, an Infectious Diseases Specialist in collaboration with Sri Lanka Medical Association of North America Western Region (SLMANA WR) collected much-needed funds for the purchase of equipment to National Institute of Infectious Diseases (IDH).

The project was conducted with the help of Federation of Chambers of Commerce and Industries in Sri Lanka (FCCISL) and liaised by Federation of Information Technology Industry Sri Lanka (FITIS) Immediate Past President Dr. Kithsiri Manchanayakke.

Some of the equipment purchased with the funds were four ICU Trendelenburg beds, bedside ultrasound scanners and probes, ambu scopes, television sets for isolation rooms and PPE including N95 masks.

The project was planned as an emergency fundraising event to help the country in the current COVID-19 pandemic. Dr. Ananda Wijewickrama, Consultant in Infectious Diseases at the IDH Hospital, provided the appropriate guidance to the current needs of this hospital which was in dire need of some upgrades during this pandemic. Prof. Deepthi Jayasekara and SLMANA will be further looking into helping other hospitals in need of upliftment in the future.

Samson Rubber Industries (Pvt.) Ltd, the manufacturer and distributor of Lotus Tyres recently organised a star class domestic vacation for their trade partners and their family members.

Lotus Tyres trade partners and their family members spent two days at star class RIU Hotel - Ahungalle. At a time when most organisations have suspended marketing promotional activities due to the COVID-19 pandemic, this program by Lotus Tyres was highly commended by the Dealers.

Dealers who met sales targets in the past year, were given this valuable opportunity. The event was held with the participation of the Board of Directors of Samson Rubber Industries and the Sales and Marketing team of Lotus Tyres.

“Lotus Tyres has a close relationship with our trade partners, who are constant support in our journey towards success. This program is held with the aim of strengthening those bonds beyond meeting sales targets.” stated Kavinda Rajapaksa, Director, Samson Rubber Industries.

Lotus Tyres has won over customers island wide for several decades, under the tagline ‘Niyama Milata Niyama Durak’.

Lotus Tyres are renowned for their value for money, with a high-quality product range that includes bicycle tyres and tubes, motorcycle tyres and tubes and three-wheeler tyres and tubes.

It’s all about breaking records whenever the world’s biggest sale, 11.11. is hosted by Daraz.

Last year, 500,000 excited users visited Daraz on 11.11., the highest traffic ever for an online sale on the platform,and were far from disappointed.

Adding to the surprising excitement for shoppers, 21,000 lucky users logged in to the Daraz app and shook their phones to win amazingvouchers. With one of the biggest assortments to be hosted online, Daraz offered over 230,000 deals for 11.11. and is ready to do it all over again!

The Samsung Galaxy M30S followed by the Apple iPhone 11 Pro were the highest selling products in 2019 and shoppers who placed orders for mobile phones, had their phones delivered to their doorstep within just 6 hours!

While more than 16,000 users were playing games on the Daraz app last year, the customer service agents handled over 5,000 calls, clearly putting the needs of the customer first in one of the largest online sales in the world.

Following the success of 11.11 in 2019, Daraz immediately began the preparation process for 2020. This year too Daraz invites all shoppers to be a part of the world’s BIGGEST sale and break some records from last year.

Lanka Hospitals, the internationally accredited healthcare provider reached another milestone recently when the hospital’s Blood Cancer Centre that provides treatment for blood cancer and other blood disorders reached its 7th anniversary this month.

Lanka Hospitals is the only private hospital with a dedicated Centre for blood cancer care, and offers treatment for Leukaemia, Lymphoma, Myeloma and bone marrow transplants. The dedicated centre which was established in October 2013, is equipped with all the required medical and surgical facilities to diagnose and treat patients to the highest international medical standard.

“Our Blood Cancer Centre is the only centre which offers the services of a Resident Clinical Haematologist/Haemato-Oncologist in addition to visiting General Oncologists, Hematologists and Transfusion Consultants,” Lanka Hospitals’ Group Chief Executive Officer, Deepthi Lokuarachchi stated.

“The Blood Cancer Centre has a dedicated in-patient, out-patient and day-care facility. We have maintained our services at a very high standard that is similar to blood cancer treatment facilities in advanced countries,” Lanka Hospitals’ Director Medical Services Dr. Wimal Karandagoda stated.

In November 2015, Lanka Hospital blood cancer Centre introduced a Multi-Disciplinary Team (MDT) meeting, a mechanism put forward for careful review and decision-making with regard to the treatment and diagnosis of patients with blood cancer and blood disorders.

“ We have cared for nearly 3,000 patients according to UK protocols and their response and survival parameters are on par with Western countries. In addition, Oncology trainees at the Cancer Institute in Maharagama have had their initial training in the sub-specialty of Haemato-Oncology at the Lanka Hospital’s Blood Cancer Centre,” Clinical Haematologist / Haemato-Oncologist, Dr. Saman Hewamana stated.

Lanka Hospitals’ Blood Cancer Centre also reached a milestone when it launched the Blood Cancer Care Fund in early 2019 to assist those who have blood cancer, by easing their financial burden of meeting the cost of treatment.

“We believe research is one of the key factors in improving patient outcomes. We have proven to have maintained response rates and survival parameters comparable to data from other European centres”, Senior Consultant Oncologist, Dr. Jayantha Balawardena stated.

To provide support and encouragement to prospective students looking at pursuing good quality international standard higher education, HNB recently teamed up with Bristol Institute of Business Management to offer educational loans at special rates.

Bristol Institute will also be providing concessions for all HNB youth account holders when they enrol for courses at Bristol Institute of Business Management for post graduate, under graduate and foundation programmes under this partnership.

“Constantly upgrading yourself with higher education is becoming a necessity in today’s competitive corporate environment and to be able to provide support to prospective students is very elevating,” shares Bristol Institute of Business Management’s Chief Operating Officer M.J.M. Dilshad.

“Partnering with a well-accepted and youth-centric bank such as HNB is a privilege for us, knowing that we will be supporting students who are eager to pursue their higher education with us. We are confident that with HNB as our partner we will be able to give students the support they need to pursue their educational objectives and aspirations.”

Giving the gift of education to those who seek it is a rewarding gesture and HNB is pleased to join a prestigious and quality-driven education provider such as Bristol Institute of Business Management in this endeavour,” HNB Head of Deposits, Viranga Gamage said.

Affiliated with the University of the West of England, Bristol (UWE Bristol), Bristol Institute of Business Management has been expanding its higher education portfolio steadily throughout its two years of educating Sri Lanka’s youth and professional community.

The Pacific Asia Travel Association (PATA) Life Membership was awarded to Hiran Cooray, (Pictured) Chairman of Jetwing Symphony PLC.

The award is the association’s highest individual honour and recognises significant leadership and invaluable dedication to PATA.

Renowned as an expert in Sri Lankan tourism, Hiran, now the youngest Life Member of PATA, has contributed immensely to the development of hospitality in Sri Lanka and is one of the most respected and pivotal figures that drive tourism in the island today.

Along with his sister Shiromal, Hiran is carrying on the legacy of the late Herbert Cooray, a pioneer of hospitality and tourism in the island.

“I am incredibly humbled to receive this award from PATA, an association I have had a great relationship with over the years. I have benefited immensely from being associated with PATA since 1991; the association gave me opportunities to mingle with the great travel, hospitality, airline and government giants, to promote my country and company, and also educated me in the latest trends over the years. I am grateful to late Mr. M. Y. M. Thahir, former Director General of Sri Lanka Tourism, for encouraging me to actively engage with PATA and its activities in the last 3 decades” said Hiran Cooray.

Brining its premium customers the latest flagship devices in the global market, Dialog Axiata PLC, Sri Lanka's premier connectivity provider and the first and only network to offer Voice over WiFi (VoWiFi or WiFi Calling) and VoLTE (Voice over LTE) for the newest Samsung Galaxy range recently announced the purchase availability of the very latest 5G Ready Samsung Galaxy Z Fold2 at select Dialog Experience Centres island wide. 

Packed with enhanced refinements and meaningful innovations, the Galaxy Z Fold2 delivers new foldable experiences for those who enjoy being on the cutting edge of technology. To meet the needs of a dynamic user, the two-in-one Galaxy Z Fold2 comes equipped with a 7.6-inch ultra-thin foldable display allowing seamless multi-tasking with the dual-purpose of the device by enabling users to switch from using a smartphone to a tablet. Along with its refined design the device is further equipped with Flex mode with App Continuity to provide expanded usability and flexibility to create or view content that is curated to the user’s exact preferences, from folded to unfolded.  Further enabled with smooth scrolling and gameplay, to complete the total immersive experience, the Galaxy Z Fold2 comes equipped with the best dynamic sound available on a Galaxy device to date, with enhanced stereo effect and clearer sound provided by high-dynamic dual speakers. The Galaxy Z Fold2’s camera also offers flagship-level camera quality and control helping customers capture every moment in premium quality.

Additionally, once the Dialog 5G network is commercially rolled out, customers who purchase the 5G ready Samsung Galaxy Z Fold2 will get the opportunity to experience the power of Dialog’s 5G through this 5G enabled device.

Priced at Rs.399,999 in the Mystic Bronze colour, customers who purchase the impressive Samsung Galaxy Z Fold2 at select Dialog Experience Centres will receive free Galaxy Buds Live with every device purchase, easy payment plans with leading credit cards - up to 40 months instalments with 0% interest, along with the added benefit for Dialog Club Vision members to redeem loyalty discounts on device purchases. A testament of where engineering and craftmanship come together, the Samsung Galaxy Z Fold2 is well on its way in Changing the Shape of the Future.

For more information, visit https://www.dialog.lk/samsung-galaxy-z-fold2

Brining its premium customers the latest flagship devices in the global market, Dialog Axiata PLC, Sri Lanka's premier connectivity provider and the first and only network to offer Voice over WiFi (VoWiFi or WiFi Calling) and VoLTE (Voice over LTE) for the newest Samsung Galaxy range recently announced the purchase availability of the very latest 5G Ready Samsung Galaxy Z Fold2 at select Dialog Experience Centres island wide. 

Packed with enhanced refinements and meaningful innovations, the Galaxy Z Fold2 delivers new foldable experiences for those who enjoy being on the cutting edge of technology. To meet the needs of a dynamic user, the two-in-one Galaxy Z Fold2 comes equipped with a 7.6-inch ultra-thin foldable display allowing seamless multi-tasking with the dual-purpose of the device by enabling users to switch from using a smartphone to a tablet. Along with its refined design the device is further equipped with Flex mode with App Continuity to provide expanded usability and flexibility to create or view content that is curated to the user’s exact preferences, from folded to unfolded.  Further enabled with smooth scrolling and gameplay, to complete the total immersive experience, the Galaxy Z Fold2 comes equipped with the best dynamic sound available on a Galaxy device to date, with enhanced stereo effect and clearer sound provided by high-dynamic dual speakers. The Galaxy Z Fold2’s camera also offers flagship-level camera quality and control helping customers capture every moment in premium quality.

Additionally, once the Dialog 5G network is commercially rolled out, customers who purchase the 5G ready Samsung Galaxy Z Fold2 will get the opportunity to experience the power of Dialog’s 5G through this 5G enabled device.

Priced at Rs.399,999 in the Mystic Bronze colour, customers who purchase the impressive Samsung Galaxy Z Fold2 at select Dialog Experience Centres will receive free Galaxy Buds Live with every device purchase, easy payment plans with leading credit cards - up to 40 months instalments with 0% interest, along with the added benefit for Dialog Club Vision members to redeem loyalty discounts on device purchases. A testament of where engineering and craftmanship come together, the Samsung Galaxy Z Fold2 is well on its way in Changing the Shape of the Future.

For more information, visit https://www.dialog.lk/samsung-galaxy-z-fold2

JLanka Technologies’ integral role in ushering Sri Lanka into the age of alternative energy, the Company recently wrapped up providing comprehensive technical guidance to complete installation of the 250 kWp Solar PV System at the Makumbura Multimodal Centre.

JLanka Technologies provided design and technical specification guidance to complete installation of the solar power system from its commencement in March 2019 until its Completion in January 2020 when the Ceylon Electricity Board (CEB) provided the grid connection.

“The Makumbura Multimodal Centre is going to play a pivotal role in reducing current traffic congestion in Colombo and its suburbs through providing comfort and convenience to commuters. This in turn will contribute to economic progress in the right direction. As such, it is apt that the centre sources all its energy needs from a viable, green source of energy such as solar” said Nalaka Dissanayake - Project Director, Township Development Component of Greater Colombo Urban Transport Development Project.

JLanka Technologies secured this project as a result of their technical expertise and previous experience in successfully completing projects of this nature.

Eng. Chanaka De Silva – Project Engineer, JLanka Technologies said, “The client particularly wished to install the Solar PV System without causing any damages to the roof. This was a challenge at the design stage but we succeeded in finding a creative solution to meet the client’s requirement. We imported a ‘Klip-Lok Metal Sheet Clamp’, a product designed specifically to install a solar railing to the rooftop without drilling.”

“This simple yet ingenious clamp design proved to be cost-effective, customizable and offered flexibility during the installation process. In addition, our design team ensured that the public, who will be the ultimate owners and beneficiaries of the Multimodal Centre would be able to enjoy absolute safety and convenience, once the project was complete.”

“Over the years, we’ve spearheaded numerous small, mid-sized and large-scale solar power generating projects for various entities across the nation. Our extensive experience in managing and executing a large number of projects helped us to match our technical guidance to our client’s requirements and navigate challenges effectively,” said Sajith Batagoda – Assistant Marketing Manager, JLanka Technologies.

MMC has been designed prioritizing passenger comfort and convenience, with air-conditioned waiting rooms and comfortable seating, enclosed corridors to move between transport systems, LCD display system to provide on-time information on bus and train movements, and rest and recreational facilities.

JLanka Technologies will continue to leverage the knowledge and experience it has accumulated through its operations and aims to contribute to the increased use of renewable energy and the construction of a sustainable society.

DFCC Bank, has yet again validated its position as the ‘Bank for Everyone’ by bagging four awards at the recently concluded BestWeb.lk 2020 Awards organized by the LK Domain Registry.

With a corporate strategy focused on becoming the best customer centric and digitally enabled bank, the host of newfeatures on the DFCC website enabled the Bank to be aptly recognized and rewarded in the following award categories; ‘Most Popular Website Winner’, ‘Best Tamil Website Bronze Winner’, ‘Best Sinhalese Website Merit Winner’ and ‘Best Banking Website Merit Winner’.

As the island’s most coveted website competition, LK Domain Registry recognizes websites based on an array of criteria including creativity, technical advancement and user friendliness, through a panel of industry experts and public voting. This year, DFCC achieved the status of ‘Most Awarded Bank’, while also securing the coveted ‘Most Popular Banking and Finance Website’ award.

The award winning DFCC website boasts a wide range of features designed specifically to cater to the expanding needs of their customers.

The newly added trilingual feature enables users to browse through the pages in Sinhala, Tamil, or English with the easy toggle of a button. With the increasing internet penetration rate in Sri Lanka, this effective feature lets users from all backgrounds and regions to gain an understanding about DFCC’s products and offerings. Additionally, the website allows users to onboard themselves and become valued customers of DFCC Bank from the comfort of their own home or office through various online applications and product inquiry forms.

Similarly, users are also able to open a DFCC Savings account through the website, paving way for greater financial independence.

DFCC CEO Lakshman Silva said, “We are delighted with the recognition our website has received with these awards, as it goes to reaffirm our constant strive to enhance the overall banking experience of our customers. The importance of quality non traditional channels is of significant importance today more than ever, and DFCC has been quick to identify approaches through which we can add value to the digital banking journey of our customers. For instance, the recently launched trilingual features on the DFCC website, and the corresponding awards received in the Sinhala and Tamil website categories firmly establishes our position of being a ‘Bank for Everyone’.”

COVID-19 has disrupted agriculture and supply chains in every corner of the globe. Firms in the supply chain have been tested and some have to transform their business model.

In Sri Lanka where nearly quarter of the population is employed in the Agriculture sector, the focus has shifted toward developing this sector and strengthening the supply chains. Can policymakers make use of this opportunity to resolve pre-pandemic issues in the sector and introduce technology to boost production and limit wastage.

The Ceylon Chamber of Commerce will be organizing the 20th SLES on December 1-2 at the Shangri-La Hotel, Colombo

One of the key sessions of the Sri Lanka Economic Summit (SLES) 2020 will be on the timely topic of ‘Post-Pandemic Agriculture Opportunity in a Crisis’. The session will aim to discuss the opportunities that lie within the sector to drive overall economy recovery. SLES 2020, the premier economic forum, this year too will have a lineup of contemporary dialogues under this year’s theme ‘Roadmap for Take-Off: Driving a People-Centric Economic Revival’.

The presenters at this plenary will include Dr. Nafees Meah Representative South Asia International Rice Research Institute and Major Gen. (Rtd) Sumedha Perera Secretary, Ministry Agriculture. The presenters would be joined by Vish Govindasamy Group Managing Director, Sunshine Holdings PLC, Jayanthi Dharmasena Executive Director, Hayleys PLC Prashanth Premakumar Director and CEO, Agrithmics, Irfan Thassim Founder, Oceanpick Pvt Ltd . The session would be moderated by Rizvi Zaheed Director, Vidullanka PLC.

This would be the 20th consecutive year the Chamber is organizing the country’s foremost economic event.

The Sri Lanka Export Development Board (EDB) is currently facilitating to ensure that the operations of export industries remain uninterrupted during the curfew period in the country.

To manage the COVID-19 situation, the export industries operating within the country have been advised to follow all the safety measures recommended by the health authorities during the curfew period and as per the “Guidelines on COVID-19, Preparedness for Workplaces”, dated April 2, 2020, issued by the Ministry of Health, safety precautions must be strictly implemented.

The EDB will continue to extend the required assistance to the export industries to run the export operations subject to health recommendations.

Further information could be obtained from EDB help desk on telephone 0112300710, 0718220953, 0772494807 or email helpdesk@edb.gov.lk

Laugfs Holdings provided clarification to the Colombo Stock Exchange on the listing of its subsidiaries Laugfs Eco Sri and Laugfs Leisure.

The listing of the 2 subsidiary companies has been delayed for over a year with the disruption caused by the COVID-19 virus.

The corporate disclosure notes ‘the Company is in the process of providing clarifications to the CSE in response to CSE observation letters dated May 18,2020, May 22 2020, and June 10, 2020’

The disclosure adds, “We would like to convey that there was a delay in finalizing the audited financial statement, as a result of the audit process getting delayed in the backdrop of the COVID-19 situation.”

The accounts have since been finalized and are being submitted to the CSE. Imtiaz Buhardeen who is Chairman of a holding company with a sizable minority holding in Laugfs and the subsidiary businesses said, “finally a disclosure was made today. Hope without further delay listing will also take place soon.”

Laugfs Power, another subsidiary was successfully listed last year and has moved in the recent market rally from a Volume Weighted Moving Average of Rs 3.9 in August to Rs 7.5 on October 28. The company has plans to expand its capacity in the long term.

ICRA Lanka Limited has assigned a rating of [SL]AA(hyb) with Stable outlook for the proposed LKR 5,000 Mn Basel III Compliant, Unlisted, Rated, Unsecured, Subordinated, Perpetual, Additional Tier I Capital Bond Programme of National Savings Bank (NSB or the Bank).

The letters ‘hyb’ in parenthesis suffixed to a rating symbol stand for ‘hybrid’, indicating that the rated instrument is a hybrid subordinated instrument with equity-like loss-absorption features, which may translate into higher levels of rating transition and loss severity vis-à-vis conventional debt instruments.

ICRA Lanka has an issuer rating outstanding of [SL]AAA (pronounced SL triple A) with Stable outlook for the Bank. ICRA Lanka also has an issue rating of [SL]AAA (pronounced SL triple A) with Stable outlook outstanding for the LKR 20,000 Mn senior, unlisted, unsecured, redeemable debenture programme and an issue rating of [SL]AA+ (pronounced SL double A plus) with Stable outlook for the LKR 6,000 Mn subordinated, unsecured, redeemable debenture programme of NSB.

NSB’s asset quality remains better as compared to Licensed Specialised Bank (LSB) average with a GNPA ratio of 2.34% as on Jun-20 lower than the LSB segment’s GNPA ratio of 7.08% and system average of 5.43% for the same period. NSB’s BASEL III complied capital adequacy ratio (CAR) stood at 13.25% (Common Equity Tier I and Tier-I capital ratios at 10.96%) as compared to regulatory requirement of 12.00% (Common Equity Tier I ratio at 4.00% and Tier-I capital ratio at 8.00%) as of Jun-20.

The Department of Census and Statistics recently provided clarification with regards to the difficulty in estimating the national accounts due to the COVID-19 pandemic.

The note states, it was a very unusual situation for the Department and we needed to pay special attention to these matters in estimating the National Accounts properly for the second quarter and for the other quarters/years until the effect of COVID-19 pandemic is over.’

The department was able to resume operations in Mid-June due to the quick lifting of lockdown due to the effective containment of the first wave of the COVID-19 virus. They sampled 18,000 enterprises through the use of a quick survey.

The survey showed high contractions in Agriculture, Industry, and Services in the months of April and May.

The survey notes: “for large scale establishments, the total output of ‘Manufacturing (23%)’, ‘Electricity Generation and Supply (33%)’, ‘Construction (23%)’, ‘Wholesale and retail trade (29%)’ and ‘Accommodation and food service activities (78%)’ have dropped drastically during the second quarter of 2020.”

To maintain the accuracy of national accounts the department will look to compile more estimates with additional information.

The department’s operations will be hampered by the second wave. The statement concludes ‘With all these constraints, the DCS tries it’s best to release the National Accounts Estimates as planned.’

DAMRO, South Asia’s largest furniture manufacturer has planned to setup 25 mega showrooms within next six (06) months, further strengthening its showroom network in India. The company currently operates about 80 showrooms in India and the continued confidence of the Indian consumers in Damro products has greatly contributed to the success of the company.

The company’s ability to continue and thrive in the face of the current COVID-19 epidemic in India is a clear indication of its stability in the country.

The company’s ability to carry on its business operation despite the catastrophic situation like the COVID-19 epidemic and the extensive customer base it has built up over the past 20 years have confirmed the future growth and sustainability of the company in the Indian market.

Damro currently exports more than 100, 40ft-containers per month to India. Due to the prevailing curfew situation in Sri Lanka, local showroom sales have dropped significantly and therefore the company aims to enhance its Indian operation to ensure the job security of Damro employees in Sri Lanka.

The company expects to increase its exports to more than 150, 40ft-containers per month with the expected sales growth through the proposed expansion of Indian showroom network.

As the world responds to the COVID-19 pandemic and works towards recovery, Sri Lanka should explore ways of halting the spread of future pandemics, stimulating recovery and building resilience in underprivileged urban settings a research/blog done by Chathurga Karunanayake of Institute of Policy Studies (IPS) reveals.

Urbanisation has intensified many of the most pressing global challenges over the last few decades. Today, responding to the COVID-19 pandemic has become top priority for the vast majority of towns and cities across the world, which account for over 95% of total reported COVID-19 cases according to the UN-Habitat COVID-19 Response Plan.

Research also shows that densely populated areas and underserved settlements without access to basic infrastructure facilities, those in strategic locations with high land value, those on reservations required for new infrastructure and those on the periphery with adequate housing requiring only improvement of infrastructure continue to provide a ready channel for the resurgence of pandemics.

Sri Lanka is no exception to these realities. Densely populated and underserved areas, including slums and shanties, have seen the incidence of a high number of COVID-19 positive cases during the past few months. Despite lack of exposure to similar pandemics in the past, Sri Lanka was exemplary in curtailing the first wave of the COVID-19 crisis.

Early measures adopted by the country, such as self-isolation, contact tracing, referring suspected cases to quarantine centres, curfews, lockdowns, and closure of schools and workplaces made this possible.

However, the numbers could have been further controlled had there been proper urban planning procedures. The outbreak in Bandaranayake Mawatha, Colombo is an excellent example of how diseases spread in underserved settlements in urban areas.

The cluster consisted of small living spaces, home to around 62 families on a 20 perch land. According to the 2016 Household Income and Expenditure Survey (HIES), urban areas are home to a majority of families living in shanties and slums.

According to UN-Habitat III, in Colombo, an estimated 68,812 households are located in 1,499 underserved settlements accounting for more than half of the city’s population; about 74% of these scattered and small settlements have less than 50 housing units.

Furthermore, a majority of slum dwellers in urban areas are employed in self-managed, low wage jobs in the informal sector, earning daily wages.

In the recent past, successive governments have undertaken many initiatives to improve the conditions of slums, shanties, and other underserved settlements in urban areas. After the war, the Urban Development Authority (UDA) embarked on a project to rehouse underserved settlements as part of the Colombo City Beautification project.

Building resilience and ensuring preparedness is a worthwhile investment compared to costs that have to be incurred when managing an emergency unprepared.
 

Chairman of Sri Lanka Insurance, Jagath Wellawatta, Chief Executive Officer Chandana L. Aluthgama, Chairman of People’s Bank, Sujeewa Rajapakse, CEO, Ranjith Kodithuwakku and Senior DGM People’s Bank K. B. Rajapakse opens People’s Bank branch  on October 28

Strengthening the relationship between two state giants, Sri Lanka Insurance in collaboration with People’s Bank unveiled SLIC Service Counter at the People’s Bank premises to enhance the accessibility of their services and to deliver customer convenience to the public.

With the opening of the SLIC Service Counter, People’s Bank customers and staff members have the opportunity to experience an array of insurance solutions provided by Sri Lanka Insurance. The SLIC Service Counter facilitates the purchase of insurance policies, obtaining information on insurance plans, making premium payments, expediting medical insurance claims at the time of patient discharge and many other services.

Parallel to the opening of SLIC counter, People’s Bank opens a branch at Sri Lanka Insurance Head Office premises providing utmost convenience to SLIC customers and staff members to fulfill their banking needs.

People’s Corporate Digital Solutions are fully-fledged packages which include end- to-end digital experiences designed to ease corporate clients’ busy lives, enabling them to perform banking transactions by using their smart device from any location.

This technology empowers them to perform over 30 types of banking transactions around the clock through Corporate Internet Banking (CIB) and Corporate Mobile Banking (CMB).

Powered by Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, Genie, Sri Lanka’s first PCI-DSS-certified payment app, has partnered with WEBXPAY to further scale their reach to over 1,400 merchants to provide a simple and secure payment checkout via Genie. 

Dialog Axiata has been in the forefront of Fintech products since 2012, and Genie has seen their efforts reach new heights in financial inclusivity. Genie has won two gold awards for ‘Most Popular Electronic Payment Product (Fintech)’ and ‘Best Mobile Application for Retailer Payments’ at the LankaPayTechnnovation Awards 2019 and two awards for ‘Best Disruptor’ and ‘Best Start-up Product’ at the SLASSCOM Innovation Awards 2019.

A well-known payment aggregator platform in Sri Lanka, WEBXPAY was established by a small group of developers which, in a span of 4 years, has grown to cater to over 1,400 clients. They attribute their success to working in synergy with other companies, ensuring that they get the most out of the e-Commerce solution they provide via their Internet Payment Gateway (IPG). WEBXPAY’s CEO Omar Sahib believes that their company’s vision is to achieve growth by acquiring and servicing 35,000 SMEs (Small and Medium Enterprises) over the next 5 years.

As a result of this partnership, end users will have to simply sign in and pay instead of entering their card details at every checkout, giving them a simple, secure and quick payment checkout experience. Whilst browsing through the desktop, customers will have a revolutionary scan and pay experience as they merely have to authenticate via their smartphone in order to authorize the payment.

“This mutually beneficial relationship will provide Genie users an opportunity to make purchases amongst an array of over 1,400 merchants and the ability to pay using their preferred payment mode.” said GimaliSoysa, Chief Manager, Fintech- Dialog Digital Services.

Speaking on the partnership with Genie, Omar Sahib, CEO, WEBXPAY said “Our merchants, will now have more freedom to use an array of payment options via Genie and we will also be able to attract new merchants through this synergy”

The Cabinet of Ministers, at its meeting yesterday, has approved a proposal submitted by Prime Minister Mahinda Rajapaksa in his capacity as Minister of Finance to provide tax incentives for the investment of US $ 90 million for the expansion of the Colombo South Port. The investment will be for the improvement of the infrastructure and capacity.

An agreement has been signed in his regard between the Board of Investment and the Colombo International Terminals ( Pvt) Ltd. This follows the initial investment of US $ 500 million which was made by CICT and the project commenced operations on December 1, 2016.

New SEC bill

Cabinet has approved a proposal from the Prime Minister in his Capacity as Finance Minister to direct the Legal Draftsman to draft new Securities and Exchange Commission Bill which will replace the SCE Act. No. 36 of 1987. This will enable Sri Lanka capital’s market operations to be conduc ed internationally.

Wind Power expansion in Mannar

The Cabinet of Ministers, has approved a proposal from Energy Minister Udaya Gammanpila to add 6 turbines to the Wind Farm project which has been developed from ADB funds.

The original funding was US$ 200 million of which 73% of the project was over and there was a saving of US $ 47 million and six new wind turbines will be added and approval has been granted by the ADB for same.

ADB funds for SMIs, poverty alleviation

The Cabinet has approved a proposal from Prime Minister Mahinda Rajapaksa as Finance Minister to procure funding of US$ 165 million from the Asian Development Bank which also includes supporting the beleaguered SMI sector and also US $ 1.25 for poverty alleviation.

Another US $ 400 million will be made available for secondary education. 

Hatton National Bank PLC, recently announced a landmark agreement with PROPARCO, the private sector funding arm of the French Development Bank Agence Française de Développement (AFD), to secure US$ 60 million in funding.

“We are pleased to enter in to this long term loan agreement with PROPARCO at such a critical juncture in the history of the global economy. This is the second time HNB is partnering with Proparco since 2015. The agreement is a clear testimony for the confidence placed in HNB by International Financial Institutions especially within the context of the overhanging uncertainty on account of the COVID-19 pandemic. Through this long term funding HNB will be in a position to support the much aggrieved SME segment of our nation,” Jonathan Alles, Managing Director / CEO of HNB stated.

Proparco has been supporting sustainable development for 40 years across Africa, Asia, Latin America and the Middle-East.

In 2019 Proparco has committed €2.5 billion of financing, focused on key development sectors: infrastructure, especially renewable energy, agribusiness, financial institutions, healthcare and education. Its interventions support private sector actors who contribute to the Sustainable Development Goals (SDGs) by creating jobs and decent incomes, providing essential goods and services, and who contribute to poverty reduction and the fight against climate change.

Asia is Proparco’s third region of intervention, with €388 million granted in 2019, representing 15% of its commitments.

“Proparco’s US$ 60 million credit line will help HNB to further support SMEs and especially in rural areas. This new operation reflects the ongoing commitment of Proparco to facilitate access to credit for job-creating SMEs”, said Guillaume Barberousse, Head of Financial Institutions & Inclusion of Proparco.

A pioneer in financial Inclusion that is geared to support Sri Lanka’s engines of economic growth, HNB has won local and global recognition for its efforts to leverage its extensive financial resources and unmatched technological capabilities to deliver sustainable financial solutions to critical segments of the Sri Lankan economy –spanning SME, Micro Finance clients at the grassroots of Sri Lanka’s economy through to emerging corporates and the upper echelons of the island’s corporate sector.

Sri Lanka’s life insurance market leader Ceylinco Life has posted consolidated income of Rs 26 billion for the nine months ending 30th September 2020, achieving noteworthy top line growth of 14 per cent in a period dominated by adverse conditions for business. Gross Written Premium income for the period grew by 13.8 per cent to Rs 15.5 billion, while investment and other income increased by 14.3 per cent to Rs 10.8 billion, the Company reports.

Ceylinco Life transferred Rs 6.7 billion to its life fund for the period under review, enlarging the life fund to Rs 103.6 billion as at 30th September 2020 and transferred Rs 2.9 billion to the shareholders’ fund in respect of the nine months, increasing the shareholder fund to Rs 35.8 billion at the end of the third quarter. The Company said it paid Rs 9.1 billion in net claims and benefits to policyholders for the period, an increase of 12.8 per cent over the corresponding nine months of the previous year.

Ceylinco Life reported profit of Rs 5.29 billion before tax and Rs 4.18 billion after tax for the nine months, recording declines of 8.4 per cent and 6.7 per cent respectively, on account of a lower transfer of Rs 2.9 billion to shareholder profits as against Rs 3.3 billion for the first nine months of 2019.

“Our results reflect Ceylinco Life’s ability to maintain its momentum in terms of volumes even in difficult times, as well as the resilience of the Company’s investment strategies,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe commented. “A decline in profits was anticipated and factored in, as a consequence of the need to make provisions for the continuing impact of the COVID-19 pandemic on the business. We remain confident that our business model will generate equitable returns for policyholders and shareholders alike, while expanding the footprint of life insurance in the market.”

Total assets of Ceylinco Life grew by Rs 27.5 billion or 20.7 per cent since 31st December 2019 to Rs 160.7 billion as at 30th September 2020.

National Savings Bank, (NSB) has enabled a cashless society with Quick Response (QR) Code Banking in collaboration with Lanka QR.

Globally recognized Quick Response (QR) Code banking is the next step in the evolutionary journey of banking and finance institutions in this technologically advanced world heralding the age of a cashless society.

By way of the digitalization roadmap of the Central Bank of Sri Lanka(CBSL), the “Rata Purama LANKA QR” island wide campaign launched in collaboration with the member institutions, QR based payments are fast becoming the norm in trade settlements.

As one of the few banks to receive accreditation for LANKA QR Transaction Types 1, 2, 3 and 4 both as acquirers and issuers from the Central Bank of Sri Lanka (CBSL), NSB is well equipped to lend credence to QR Code banking in the industry. To this end, within a short period of a fortnight from launch NSB has boarded upwards of 1,800 merchants indicating the popularity of QR Code banking amongst its customers.

In addition, given a branch and postal network exceeding 4,000 points islands wide, NSB is in a unique position to enable even the smallest self-employed goods or service provider to embrace QR Code based banking and thereby incorporating a hitherto neglected segment to traditional banking.

Reminiscent of NSB’s tradition of saving cent by cent and rupee by rupee, now NSB account holders can venture out on their own no matter how small they are and yet be afforded financial inclusion using QR Code banking offered by the leader in savings. Thus, with QR Code based banking, dawns a new era of banking facilities especially for the informal sector of the economy to become formalized.

In keeping with NSB’s own path to complete digitalization, NSB has incorporated many innovative facilities in the banking industry such as the Common ATM Switch (CAS), Common Electronic Fund Transfer Switch (CEFTS), JustPay, Payment Exchange Name (PEN), Lanka Pay Online Payment Platform (LPOPP) and Direct Debit Authorization (DDA).

At this time when challenges in the form of the Global Corona Virus have sounded the death knell to many an establishment virtually grounding transactions to zero and thereby leading to severe losses to those enterprises, QR Code banking is ever more relevant doing away with the need for traditional cash-based transactions.

QR Code banking heralds the future of a cashless and digitized Sri Lankan economy in the global stage and NSB the safest place for your money is at the very forefront spearheading it.

The regulations brought by 127 countries worldwide including Sri Lanka to refrain from dumping used plastic materials to the ocean or ban such kinds of plastics that create the marine plastic pollution was highlighted by the Central Environmental Authority (CEA).

CEA, Director (Investigations) N.S. Gamage in an interview with the Daily News Finance said according to the European Commission, the global production of plastic currently estimated is around 300 million tons per year and the plastic pollution in the marine environment is around 9.5 million tons. He said as a result 1.5 million tons of plastic is ending up in the ocean annually.

“Considering this situation the global population is highly concerned over the destruction of the bio diversity and fish production due to marine plastic pollution.”

Referring to the World Street magazine, published in 2018, Director Gamage said Sri Lanka is in the fifth place among countries that marine plastic pollution is concerned due to the dumping of used plastics into the ocean.

“As we are aware used plastic are broken into small pieces after a considerable period and such pieces are called as micro plastic and they easily float in the water,”

“The danger is those micro plastics can enter into bodies of marine animals and in turn enters the bodies of land animals including humans when consuming fish and other marine food products, “. Referring to plastic gyres he said these gyres can be found in several oceans including in the Indian Ocean and currently there are around 1.3 trillion of plastic pieces in oceans. By 2050 the global fish production is expected to be much impacted.

He said the plastic debris also ends up in the oceans and creates plastic pollution and it is also harmful to marine biodiversity since micro plastics have an ability to absorb persistent organic chemicals.

He said when micro plastics are in the environment it creates mosquito breeding grounds, blocking water drains, polluting drinking water in reservoirs etc.

Director Gamage further said the best method is to recycle or dispatch used plastics to the Sanitary Land Filling Sites.

“In addition to Dompe site the CEA has also taken measures to set up a sanitary land filling site at Puttalam shortly,” he said.

CEA has established 10 plastic recycling centres at various places in the country and handed it over to local authorities and private sector companies to facilitate the recycling process and the CEA has also taken measures to filter out the plastic wastes before entering into the ocean and the Marine Pollution Prevention Authority together with Waste management Authority.

“We have already established a net in the Dehiwala Canal to filter out the plastic debris, “he said.

SDB bank was able to extend its strong showing from the first half of the year 2020, maintaining financial momentum in Quarter 3 while even recording a considerable profit.

With the resurgence in COVID-19 cases towards the latter part of September, and the resultant stifled economic climate, the bank’s performance is indicative of the adaptable and innovative nature of their setup.

A resilient SDB bank displayed a considerable rise in profit year-over-year, with year-to-date net profit equaling Rs 603 million by the end of the 3rd Quarter in 2020, as opposed to its performance of Rs. 50.9 million for the same period the previous year. Despite the challenges to economic growth experienced, the bank almost met its profit target of Rs. 628 million for the period ending September.

The profitability growth recorded was also complemented by a 15% year-over-year increase in SDB bank’s total asset base, standing at Rs. 123,600 million at the end of September 2020. The significance of their quarter 3 financials are rendered more merit able considering much of it ran alongside the COVID-19-affected stretch in the country, and with the MSME-majority shareholder portfolio they maintain. The bank continued its heavy focus on offering unique savings and wealth creation initiatives to its sizable MSME customer base, allowing for their continued well-being right through the pandemic-affected period.

As a large percentage of SDB bank’s shareholder makeup is composed of the island’s significant rural and cooperative populations, all the profit earned goes right back to this vital segment of the national economy.

With SDB bank further cementing its standing as the market leader in the all-important MSME segment, while recording a profitability increase and a high growth rate, the bank is well-placed to finish the year on a high with an equally strong display in the final quarter of 2020.

Having studied and identified the gaps in the market for Wealth management solutions, NDB Wealth shares an action plan to enable prudent financial planning, which can have an impact on the lives of investors as well as their near and dear ones.

Reviewing savings and investment accounts are vital to ensure they are in the right place and that your risks are controlled. Doing this on your own can be a challenging task to most individuals both in terms of time and money. Funds sitting idly in a savings or a current account will not bring any long term benefit.

Having the right wealth manager or investment adviser will help you make a prudent savings plan. Seeking the assistance of an expert financial advisor like NDB Wealth can help you to make sound decisions. Moving funds to a money market such as NDB Wealth Money Plus account will be one positive option.

NDB Wealth also recommends that individuals look at the following areas to ensure financial planning is carried out efficiently. Advice and assistance can be sought from relevant persons as required.

Organising financial paperwork which involves sorting out important documents such as a will and setting up power of attorney status is a much needed necessity in today’s rapidly changing world. Appointing trusted professionals to carry out the necessary tasks at the opportune time will make one feel very much at peace.

Another area that needs attention is the reassessing of insurance policies.

“Financial planning and fund management is increasingly playing a critical role in the life of every person. Whether you are planning for your retirement or are saving for a rainy day, it’s important to know that you are doing the right thing for yourself, your family or even your business,” stated Indika De Silva, Assistant Vice President – Investment Management.

“At NDB Wealth, our team of Relationship Managers are backed by a strong investment team who are continuously monitoring investment conditions in the market, understands the client’s needs through careful and thorough analysis and identifies the core purpose and supports the client plans on saving or investing by advising the client on the best savings or investment solution taking into consideration the potential risks associated with the investment. NDB Wealth management plays a very important role in managing such conditions that may impact clients negatively.”

Money Plus, a Money Market Fund, from NDB Wealth is an ideal savings plan with a current yield of 7.10% (as at October 8) which will help individuals and families meet their short term and long term financial goals.

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has proved its adaptability and resourcefulness by bringing to the fore the long-standing, revolutionary agricultural service Govi Mithuru.

A simple, farmer-focused agriculture advisory service, Govi Mithuru is perfectly placed to strengthen the government’s appeal to the public to invest in more self-sufficient agricultural activities by cultivating their own food in their home gardens.

Sri Lanka’s primary mobile agricultural information service, Govi Mithuru (Farmer’s Friend, or ‘Uzhavar Thozhan’ in Tamil) helps maximize crop security and yield for farmers across the country. Launched in 2015, with the support of the Department of Agriculture, Govi Mithuru’s voice service is a mobile advisory service for farmers under the theme ‘Secure crop and Family health’, created to access professional guidance in this sector. The service is designed to be used easily by anyone using even a very basic phone.

This service offers advice on 25 crop groups, with Home Gardening having been one of them since launch.

Additionally, the Govi Mithuru mobile app is an extension of the original service, designed to deliver timely, quality information in tailored formats according to the user’s requirements. A one-stop hub of updated, timely information in text as well as rich media formats on topics like crop protection and expert home gardening tips.

Ideal Group Founder and Chairman Nalin Welgama and Ideal Group Deputy Chairman Aravinda De Silva handing over the Mahindra electric three wheeler to Viharawasi Ankumbure Revatha Theroand Ven. Kirinde Gnanadarshana Thero. Also in attendance were Chandana Sooriyaarachchi, General Manager, Ideal Motors with Samira Bamunuarachchi and Manjula Marasinghe, Managers at Ideal Motors

Ideal Motors (Pvt) Ltd, the sole authorized distributor for Mahindra and Mahindra motor vehicles and motor cycles in Sri Lanka has ensured the well-being and comfort of elderly and disabled pilgrims visiting Sri Lanka’s famous sacred sites, Jaya Sri Maha Bodhi and Ruhunu Maha Kataragama Dewalaya by donating electric three wheelers recently.

The project was initiated under the direction and guidance of Nalin Welgama, Chairman, Ideal Group and the donation of the electric three wheelers were organized as part of Ideal Motors social responsibility programme.

A Mahindra electric three wheeler was donated for the convenience of elderly and partly able pilgrims with special needs, visiting the Jaya Sri Maha Bodhi and the Swarnamali Chaityain Anuradhapura, also for the transportation needs of the Venerable priests who reside in the vicinity and towards transporting any sick pilgrims arriving to venerate the holy sites.

Additionally, ensuring the comfort to faged and handicapped pilgrims visiting the Ruhunu Maha Kataragama Dewalaya, Ideal Motors also handed over a Mahindra electric three wheeler to Dilruwan Rajapaksa, Former Basnayake Nilame of the Ruhunu Kataragama Devalaya.

Moreover, understanding the importance extending its fullest support and assistance to the nation during the Covid-19 pandemic, Ideal Motors unstintingly conducted several social responsibility programmes.

Ideal Motors came forward during end-March to provide the Colombo East Base Hospital Mulleriyawa with two industrial washing machines and 50 pedal bins.

Subsequently in April, a large quantity of vital PPE equipment necessary for frontline health workers and face shields required by Ministry of Health officers were handed over to Health Officials at the Gangaramaya Temple in Hunupitiya.

Additionally, in May, Ideal Motors also donated an advanced computer for the Cardiac unit of the Colombo General Hospital to enable personnel to maintain and store important records.

Seylan Bank has recently upgraded their SLT Online bill payments facility, further enhancing customer convenience.

Customers who make their SLT Bill payments online for SLT Land Lines, Peo TV and Broadband services from any Seylan Bank payment platforms, which includes Mobile and Internet Banking, Kiosks and Branch network, which now willinstantaneously be reflected in the customers SLT account on a real-time basis.

Eligible for all Seylan customers, this new service is hassle-free and convenient, further eradicating the need for customers to physically visit the SLT office to settle any urgent payments.

Placing customer convenience at the heart of their operations, Seylan bank continues their commitment to offer financial products and services that offer the best value and banking experience.

Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services.

The Bank has a growing clientele of SMEs, Retail and Corporate Customers and has expanded its footprint with 173 branches, 70 Cash Deposit Machines, 66 Cheque Deposit Machines and an ATM network of 216 units across the country.

Continuing its heavy focus on entrepreneurial and economic development island-wide, Bank of Ceylon (BOC) has led the way in CBSL’s ‘Saubagya COVID-19 Working Capital Loan scheme, by being set to single handedly disburse Rs.42.8 billion of the allocated total of Rs.150 billion by CBSL.

A sum of Rs.34.6 Billion has already been fully disbursed by the bank, which is almost to 83% of the total number of loans BOC has successfully registered with CBSL.

The program officially termed the ‘Saubagya COVID-19 Renaissance Facility’ was launched by CBSL to revive businesses adversely impacted by the COVID-19 pandemic, so as to mitigate the negative effects on living conditions countrywide and the national economy. Introduced in 3 phases, the 4% interest working capital loans offered through the program have helped businesses continue operations and support their employees, while contributing to the country’s economic revival. Participating financial institutions such as BOC maintained full adherence with the strict loan eligibility and application criteria set out by the Regional Development Department of the Central Bank of Sri Lanka.

From loan assessment and vetting to forwarding, BOC’s stringent internal approval procedures fully complemented CBSL’s loan scrutinization process, ensuring as large a number of loans as possible received CBSL approval.

The working capital loans offered have allowed businesses of all sizes and across all industries, to continue operations unimpeded. A sizable 58% of the loans disbursed by BOC as part of the program have been in the SME Service sector, with a further 33% in the Agriculture sector. This highlights the critical nature of the ‘Saubagya Working Capital Loan Scheme’ to small and rural enterprises islandwide and in the revival of key sectors of the national economy. For BOC, this represents a continuation of their renewed focus on Micro and SME development islandwide plus financial literacy and awareness in rural areas, through their industry-reputed ‘Divi Udana’ development loan scheme. Running parallel to CBSL’s ‘Saubagya COVID-19 Working Capital Loan’ scheme, BOC’s ‘Divi Udana’ scheme continues to support the government’s social and economic development goals, with emphasis on sectors that have been particularly affected by the COVID-19 pandemic.

A considerable number of loans have been granted under BOC’s ‘Divi Udana’ development program so far, across sectors including agriculture and trading as well as service-oriented areas such as IT.

Of equal importance, full-scale awareness programs on entrepreneurship, loan facilities plus general financial awareness and literacy, have been conducted island-wide through the BOC ‘Divi Udana’ program, leading to improved economic and social well-being across the country.

Awarding the ISO 45001:2018 Certification Standing (L-R) – Pushpakumara Edirisinghe, Director Operations - Litro Gas Terminal Lanka, Chamika Wimalasiri, Business Manager - Certification & Business Enhancement - SGS Lanka, Anil Koswatte, Chairman and CEO - Litro Gas Lanka Ltd and Litro Gas Terminal Lanka, Jayantha  Basnayake, Director Health, Safety and Environment - Litro Gas Lanka

Litro Gas has always been conscious of their national responsibility as the country’s industry leader in the LPG sector. For the Company, safety and health are key elements that are prioritized acrossits multi-channel operation. This givesfurther impetus to its unique positioning as a state owned entity which has strong partnership with the private sector channel partners.

In recognition of its outstanding commitment to Occupational Health & Safety, Litro Gas was recently awarded ISO 45001: 2018 by the International Organization for Standardization of Geneva, Switzerland. This affirms compliancewith the globally ratified Occupational Health and Safety Management Systems recognized as the industry standard worldwide.

In 2018, Litro Gas was awarded the ISO 14001 and OHSAS 18001 certification for its effective Health, Safety and Environment (HSE) management system.

“Safety forms the cornerstone of our entire operation”, says Anil Koswatte, Chairman and CEO of Litro Gas Lanka Ltd. And Litro Gas Terminal Lanka (Pvt) Ltd. “We uphold the highest quality standards across all our systems which is paramount to what we do. Safety in fact forms the very core of our operations, ensuring a seamless delivery of quality to our consumers.”

“We have in place a world-class risk assessment control system that assures the safeguarding of our people, the environment, our assets and the interests of our stakeholders. With ISO 45001:2018, we have enhanced this process, adding more value to our business”,he adds.

Commenting on the award, Jayantha Basnayake, Director - Health, Safety & Environment at Litro Gas says that this recognition reiterates the safety protocols deployed by the Company in meeting the highest possible safety and health standards. “Operating as we do in the energy sector, safety and health are considered key elements. The LPG industry is based on observing multi standard procedures that are implemented under stringent guidelines set by global and localLPG industry standards and practices and governing laws.”

Having been recently feted with the SLS 1672:2020 COVID-19 safety compliant standards by the Sri Lanka Standards Institution, Litro Gas upholds the unique level of service delivered seamlessly to customers through the pandemic, says Basnayake.

“We understand the importance of managing our operations to meet the highest possible standards while ensuring a sustainable presence within the wider social and environmental context”, he adds.

The CIMA Hundred & 10% Career festival culminated in winning participants being offered jobs at a leading conglomerate. The the festival, held from the 13-19 September 2020, featured global and local industry leaders speaking on a diverse array of business topics, an elevator pitch competition and a hackathon.

The weeklong event attracted over a thousand registrations for seventeen sessions built around Technical, Leadership, People, Business, and Digital Skills, the five skills covered in the CGMA Competency Framework. Over 45 speakers from Sri Lanka and overseas came together to discuss, debate and deliberate on a diverse array of topics important for employability over seven days.

Day One of the event focused on technical skills with sessions on pushing oneself above and beyond, and the importance of the‘ Power of Numbers’ was presented to the participants. Day Two was all about people skills, with a forum discussion on ‘Swimming with the Big Fish’ and a focused workshop on ‘Creating a Winning Impression’ leading the agenda. The day also saw the much-hyped ‘Hackathon’ event take place, with over 50 teams applying for the 24-hour event with cash prizes on the offer, followed with the winning team members also being offered employment from a leading conglomerate. Zahara Ansary, ACMA, CGMA, Country Manager for CIMA Sri Lanka was ecstatic with the response to the Virtual Career Festival. “When we conceptualized ‘Hundred & 10%’, we were focused on building the relevant skills that will help youth and assure their employability in the post-COVID 19 world.” she said.

Leadership skills dominated the conversation on Day Three, with the timely topic ‘Breaking the Glass Ceiling’, starting the day off, with a stellar panel of female leaders followed by a lively discussion on ‘Succeeding Through Collaborations’. The more serious discussions on business skills covering topics such as ‘Guardians of the Money’ and ‘Starting Something Big’ was reserved for Day Four, while the closely contested Elevator Pitch competition with over 25 applicants fighting for 4 spots in the final, and a coveted cash prize for the ultimate winner was the highlight of Day Five, which also hosted the discussion ‘Becoming Entrepreneurial’.

“I am encouraged that the youth of tomorrow are gearing up to go above and beyond in their careers. Every industry leader who participated in ‘Hundred & 10%’, both local and global, gave of their knowledge and experience freely, making the event a truly enriching learning experience”, Zahara Ansary continued, on achieving the objective of the Virtual Career Festival.

Elevator Pitch winner being awarded with the prize

Leading integrated financial services provider HNB Finance, recently hosted their Annual General Meeting with a unique spin as a hybrid virtual event, on 29th September. Held for the 10th time, the AGM took place at the HNB Finance Auditorium and Conference room in addition to the event being streamed live for shareholders. This is HNBF’s first AGM after having recently converted to a Public Limited Company.

As an institution that possesses a firm track record of fearless innovation, the hybrid virtual AGM is testament to HNBF’s vision to provide innovative, technology-driven financial solutions to enhance customer experiences and foster deeper, more meaningful relationships with all stakeholders; in a global climate placing increasing emphasis on digital transformation. HNBF’s concerted efforts to leverage digital technology to elevate the speed, capacity and cost-effectiveness of their service delivery was clearly evident during the pandemic-induced, country-wide lockdown when customers were able to access the company’s product portfolio efficiently, from the safety of their homes.

With a limited number of shareholders in attendance at the event at the HNB Finance auditorium, imperative and stringent safety protocols were put in place,in compliance with all directives of health authorities to protect attendees against the transmission of COVID-19. Mandatory social distancing and intensive hygiene and sanitisation measures were therefore actioned at the venue. Also joining the event remotely were a number of shareholders, who were able to view and participate in proceedings, including voting on matters highlighted in the agenda.

All attendees were able to vote on decisions taken either in person or virtually. Resolutions for the meeting and voting were conducted via the secure chat function of Microsoft Teams. The votes were then collated and projected on screen.

The Q&A session which followed accepted processes from participants physically present at the event, while questions from online participants were forwarded to Chairman Jonathan Alles, Managing Director and Chief Executive Officer Chaminda Prabhath and Board Member Rajive Dissanayake; who were seated at the head table.

In a notable evening, regarded to be the industry’s most gallant night of recognition, the ‘Sales Awards 2020’ hosted by the country-leading laboratory service provider witnessed their best performing staff of the Sample Collection Centre and Sales Development clinch their awards that recognized their unparalleled commitment to driving sales growth and revenue across the country, through the fast-expanding Lanka Hospitals Diagnostics (LHD) network.

Achieving a higher league of set targets amidst many challenges such as the terror attack in 2019 and Covid-19 pandemic in 2020, the laboratory service provider reflected the outstanding efforts of staff that made achieving performance milestones a sheer reality. Organized for the second time since its’ market entry in 2014, the awards were presented for both individuals and teams, reflecting the enduring pursuit of Lanka Hospitals Diagnostics (LHD) to strengthen the medical assessment standards in the country.

Commenting on the significance of the awards, Chief Executive Officer (CEO) of Lanka Hospitals Diagnostics (LHD), Pradeep Edward stated, “With operations spanning across many regions of Sri Lanka, we at Lanka Hospitals Diagnostics (LHD), launched this effort to recognize the excellence in sales, mainly as an initiative to motivate our Sales DevelopmentAssociates. Lanka Hospitals Diagnostics (LHD) has always kept abreast with the rapid changes that shape the market place and align its’ offering and service efficiency to the needs of the patients and the public at large”.

He placed on record, the motivation, dedication and collaboration of the Lanka Hospitals Diagnostics (LHD) team which made a successful two and a half years that continues to make an impactful contribution to the country’s healthcare improvement.“I especially value the dedication of the LHD team for providing their fullest contribution during the pandemic period despite the potential risk of COVID -19”.

National Development Bank PLC, and ThinkCube Solutions (Pvt) Ltd, signed a partnership agreement today to promote the breakthrough Cloud-based Business Application ezBiz to NDB’s Micro, Small and Medium Enterprise (MSME) customers. As a key endeavour within the “Jayagamu Sri Lanka” initiative NDB hopes to increase the business robustness of its MSME customer base through the adoption of cutting edge technology, business tools and insights. NDB has selected the ezBiz application which has been developed ground up through extensive local input and adoption.

NDB’s continuous focus in adding value and supporting entrepreneurship will take a key turn with the introduction of this application.

ezBiz is a comprehensive Cloud Application containing a wide range of modules and functions which provides businesses with the flexibility of managing their businesses processes from any location using any devices. The solution provides businesses with the ability to manage a differing range of user profiles, multiple locations and is also supplemented with a strong Point of Sale solutions and Mobile applications

Commenting on the partnership, NDB’s Expressing his views, NDB Bank Director/Group CEO Dimantha Seneviratne said, “Developing the SME sector in Sri Lanka by providing tailor-made solutions has always been an important element of NDB credit propositions. That’s where NDB’s Jayagamu Sri Lanka initiative has really made headwinds. These ERP solutions being provided to our clients will assist them in inventory and debtor management, payroll management, cash flow management and other essential accounting functions at their convenience. It would be a win-win solution where bank also can take comfort of these volumes when credit decisions are taken.

“This Partnership signifies a significant step in our effort to develop the MSME businesses across the country to face challenges as observed in the past few years, streamline their operations and stay lean and mean. We believe that our partnership provides a countrywide reach which will benefit many businesses in the country and permit NDB and ThinkCube to augment our offering through mutual collaboration” said Alex Lovell, Director, ThinkCube Systems.

The Commercial Bank of Ceylon was declared the ‘Best Trade Finance Bank in Sri Lanka’ for the third year in a row at 2020 Asian Banker Transaction Awards recently, in recognition of its achievements in cash management, payments, and trade finance.

This prestigious accolade was conferred on Commercial Bank following a thorough evaluation by the magazine with an audit-based approach. The rigorous selection process took place over several months and involved feedback and interviews with all constituents in a position to comment on the candidates. It was anchored by a panel of global leaders and subject matter experts as advisors.

A survey of domestic institutions that use Commercial Bank’s trade finance services, corroborated by interviews and an evaluation of changes in the market share of competitors, the size and strategic importance of the transaction business as a percentage of the Bank’s business, the contribution of the transaction business to total income, the growing annuity value of the business, core and recurrent customer base and the benefits of processing efficiencies and cost management that are passed on to the Bank’s clients were among the determining factors that led to the Bank winning this award.

Some of the products and services offered by Commercial Bank that contributed towards winning this prestigious award include the online Sri Lanka Ports Authority Payment Gateway, the ‘Biz Club’ for SME clients engaged in trade, door-to-door delivery of Letters of Credit, import documents and guarantees, financing of offshore business operations of local companies, and organisation of awareness programmes for trade-related clients. Other innovative product offerings introduced in the year to support trade finance operations were the provision of foreign exchange market and economic updates, simplifying and providing online exchange rates on trade deals, and expediting the credit evaluation and approvals process by setting up a separate unit.

The winners for the ‘Best Trade Finance Bank’ awards are determined through a combination of surveys, interviews, and field research by The Asian Banker’s research staff assessing over 200 submissions from financial institutions across the Asia Pacific, Middle East, and Africa. The findings of the research are published in a neutral manner, with a scorecard outlining how the different domestic and global players feature in them.

The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for ten years consecutively, Commercial Bank is celebrating its 100th anniversary this year.

The global shipping is rebounding well from the coronavirus shock. Since the depth of the global pandemic lockdowns in mid-March, the world’s biggest shipping companies have added over $23 billion to their market value.

Shareholders who would have invested in global shipping at that moment would have seen an 85% increase in the value of their shares.The biggest global shipping companies have earned over $140 billion in revenue over the past twelve months alone.

40% of these revenues were earned from just three companies alone. These were the three Japanese giants that dominate global shipping, Nippon Yusen Kabushiki Kaisha, known as NYK Line ($25 billion revenue), Mitsui OSK Lines, known as MOL ($14 billion revenue) and Kawasaki Kisen Kaisha, known as ‘K’ Line ($13 billion revenue). Combined, they would be almost 40% larger than Danish giant Maersk.

Many of the ships that are used by these companies are registered in ‘Flags of Convenience’ countries such as Panama, Marshall Islands and Liberia. (www.hellenicshippingnews.com)

The Colombo Stock Exchange and market intermediaries operated normally but completely based on remote functionality today with its offices and those of several markets intermediary firms being located in areas subject to quarantine curfew.

Following the digitalization of the CSE preparatory exercises was carried out as a part of regular business continuity processes (BCP) along with Stock Broker Firms to ensure the ability to conduct market operations remotely. As an industry a concentrated effort has been made to enhance the processes and technology to ensure the smooth functionality of the stock market.

The CSE and Stock BrokersFirms are satisfied with the outcome of the BCP exercises which is a clear indication of the robustness of our systems and its ability to continue uninterrupted stock market operations. Our teams follow a process of contingency planning and are geared to ensure that all functions can be performed in the event of any unforeseen circumstances.

The successful remote functionality of today’s trading is a clear indication that as an industry the business continuity process of the stock market is dynamic and stakeholders could expect uninterrupted functionality and operation of the stock market.

In their latest rating review carried out in October 2020, Fitch Ratings Sri Lanka has affirmed Amãna Bank’s National Long Term Rating at BB+, a rating upgrade the agency bestowed the Bank earlier in June 2020. The rating outlook remains Stable.

Fitch also outlined the factors that could lead to positive rating action or upgrade, mainly emphasizing the need to sustain the improvement in the Bank’s financial profile in addition to enhancing its franchise.

Commenting on the rating affirmation, Amãna Bank’s Chief Executive Officer, Mohamed Azmeer said “This demonstrates Amãna Bank’s resilience and tenacity where it successfully overcame unforeseen challenges faced during the last 18 months. The Bank also continues to maintain better asset quality through lower non-performing advances compared to the industry. This, along with other factors that contributed to the Bank’s sustained growth, is a result of strong acceptance of its unique banking model amongst the general public.”