Sunday, October 31, 2021

NTB American Express official ‘Fashion Card’ of Swim Week Colombo 2021

NTB American Express official ‘Fashion Card’ of Swim Week Colombo 2021

NTB CMO Sanjaya Senarath and Colombo Fashion Week MD Ajai Vir Singh.

Nations Trust Bank American Express has tied up with Colombo Fashion Week as the official ‘Fashion Card’ of Swim Week Colombo 2021 for the 5th consecutive year.

Taking on a novel approach to luxury resort wear and swimwear, this year’s Swim Week collection titled “Environment is Luxury” will bring to light the importance of sustainable and circular fashion while highlighting the festive season of December and destination weddings.

The runway show featuring the topmost, as well as upcoming local designers, will be presented at the luxurious Shangri-La Hotel, Colombo on November 12 and at Sri Lanka’s latest multi-services hub, Port City Colombo, on November 13.

Commenting on the Bank’s longstanding partnership with Swim Week Colombo was Priyantha Talwatte, Chief Executive Officer and Director at Nations Trust Bank. “The Swim Week Colombo is a coveted event that is in line with the extraordinary and luxury lifestyle that we offer to our American Express Cardmembers.”

“We hope that this partnership will provide a much-needed boost for the fashion and retail industry, and in turn, help the country’s economic and community recovery.”

As a responsible citizen, Nations Trust Bank has been uplifting the pandemic inflicted SME industry through various programmes and solutions. The Bank’s tie-up with Swim Week Colombo will play an important role in reinvigorating the local fashion community and allow small businesses and upcoming designers to take the next leap forward.

“Swim Week Luxury Resortwear edition takes place after a gap of two years and we are delighted that Nations Trust Bank’s American Express continues the journey in expanding the Swimweek and Resortwear season to support the design industry in the new normal. Like-minded partners are an asset on a journey like this,” said Ajai Vir Singh - Founder and Managing Director, Colombo Fashion Week.

Due to the current restrictions in the country, Swim Week Colombo will be held as a hybrid event with the shows being telecasted live and a limited number of guests attending.

This year’s Swim Week will host the 6thedition of the ‘Responsible Fashion Summit’, presented by the Joint Apparel Associations Forum, Sri Lanka to bring together international and local apparel leaders and experts for a thought leadership forum.

BOC opens Pallepola branch

BOC opens Pallepola branch

Highlights of the opening.

The Bank of Ceylon Pallepola branch was opened at its new and more convenient premises at Pura Neguma Building, Akuramboda Road, Pallepola by BOC Chairman Kanchana Ratwatte.

The bank’s General Manager K.E.D. Sumanasiri, Deputy General Manager Sales and Channel Management, Priyal Silva, Deputy General Manager Retail Banking Range II, Nilantha Menerapitiay, Assistant General Manager Marketing, Aruna Hettiarachchi, Assistant General Manager Central Province, Sarath Wijesinghe, customers and other well-wishers of the area.

The new branch intends to enrich the socio-economic standards of customers with an array of financial services and products delivered via traditional and digital banking channels. It is connected with the rest of the 646 BOC branch network thus enabling customers of the area to transact seamlessly with other BOC branches across the country.

Customers could obtain services such as Savings accounts, Fixed deposits, investment plans, development/agricultural loans, housing and personal loans, educational loans leasing, mortgage facilities, Ran Surekum Naya Sewa and special loan services from the branch.

In keeping with BOC commitment to provide the convenience of digital banking, customers of the Pallepola branch can obtain facilities such as SmartPay, Smart Online Banking, Mobile Banking (B App), Smart zone, Smart passbook SmartGen digital account. Bringing digital inclusiveness across the country, the Bank of Ceylon is in the process of strategically spreading its digital convenience to customers across the country.

Baby Cheramy’s introduces Herbal Lotion

Baby Cheramy’s introduces Herbal Lotion

Sri Lanka’s leading baby care brand Baby Cheramy recently introduced an all-new herbal lotion with the combined natural goodness of Pichcha and Kasturi Kaha. This latest introduction further extends the brand’s range of creams and lotions to offer a strengthened herbal portfolio with natural extracts enriched formulas to keep baby’s skin well moisturized.

Baby Cheramy has carefully chosen a combination of two well-known herbal ingredients which have been used by local consumers for many years, for their varied individual characteristics. Pichcha is well known for its aromatic power, in addition to its soothing effect which nourishes dry and sensitive skin. The Kasturi Kaha extract brightens the skin with a feeling of freshness throughout the day. The harmonious combination of Pichcha and Kasturi Kaha extracts ensure the little one’s skin is nourished and refreshed for a longer period.

The humid weather condition in Sri Lanka is one of the many reasons that lead to a baby’s discomfort and a key point considered by parents when choosing a cream or a lotion. Understanding the pulse of the parents, Baby Cheramy has developed the latest herbal lotion with a fast-absorbing capability backed by a light moisturizing formula infused with natural do-good extracts of Pichcha and Kasturi Kaha.

As a brand that focuses on catering to the timely and relevant needs of consumers, Baby Cheramy has identified the need to offer more products with natural extracts for our little ones, as today’s time-starved parents do not have the luxury of accessing such natural ingredients that they believe are good for their child.

Baby Cheramy constantly strives to deliver products of high quality and safety standards that are suitable for the delicate skin of babies. Similar to all other Baby Cheramy products, the long-lasting fragrance of the latest herbal lotion is compliant with the International Fragrance Association (IFRA) standards.

DFCC Bank signs MoU with UTE to offer leasing solutions

DFCC Bank signs MoU with UTE to offer leasing solutions

Exchange of MoU between DFCC Senior Vice President Aasir Iddamalgoda and UTE CEO Deepthi Hewageegana. Also pictured are Ranil Meddepola, Duminda Perera, Anasuya Gunasena, Asanka Patabadige, Chamara Peiris, and Koshala Kindelpitiya.

DFCC Bank announced the signing of a Memorandum of Understanding (MoU) with United Tractors and Equipment (Private) Limited (UTE) to offer exclusive leasing solutions to customers that purchase machinery and equipment from UTE.

A wide range of industry segments will benefit from the value additions through this promotion as a vast range of machinery is covered.

United Tractor and Equipment (Private) Limited, best known as UTE or UTE-CAT, Provides unmatched engineering solutions to all of Sri Lanka. UTE has been a trusted partner in infrastructure development in the country for over seven decades and UTE continues to be at the forefront of Construction Machinery.

The company is home to the Island’s most experienced and largest team of Customer Support personnel and Caterpillar trained technicians in the industry. Serving customers throughout the island, the company has branches in Panchikawatta, Matara, Kurunegala, Anuradhapura and Kilinochchi adding to its strength.

This new special offer is valid for all machinery and equipment marketed and sold by UTE, and customers can avail special discount on DFCC Leasing interest rates. Customers would also be able to access special structured lease repayment options to suit their requirements.

There will be further special discounts on the normal sale prices of the machinery and equipment marketed by UTE. The company will extend further benefits to customers who purchase their machines by affording the first service free of charge and remote monitoring facility of the machines will be provided free of charge.

The MoU and proceeding discounts provide customers with a fantastic chance to purchase their machinery and equipment of choice through the most affordable leasing solutions from DFCC Bank.

DFCC Bank, as the Bank for Everyone, strongly places paramount importance on efforts to enhance the affordability of such machinery & equipment, as a path towards uplifting the standard of living, while securing economic growth and the financial stability of all its customers.

Exclusive discounts at Sarasavi for ComBank Minors’ Savings Account holders

Exclusive discounts at Sarasavi for ComBank Minors’ Savings Account holders

Commercial Bank of Ceylon Minors’ Savings Account holders can enjoy exclusive discounts of up to 20% on books and stationery at any Sarasavi Bookshop island-wide until the end of August 2022.

This benefit was unveiled by the Bank for children confined to their homes by months of lockdown.

Children with Commercial Bank ‘Arunalu’ Children’s Savings Accounts, ‘Isuru’ Minors’ Savings Plans, and ‘Dotcom’ Teen Accounts are entitled to these special discounts, providing them with an opportunity to save while catching up on their reading and creative pursuits.

These account holders can enjoy a 20% discount on Sarasavi publications and Weerodara stationery and a 10% discount on all other publications and stationery available at Sarasavi bookshops during the promotion period. The discounts will not apply when purchasing calculators, educational publications, and other services from Sarasavi, the Bank said.

Holders of these Commercial Bank accounts are required to produce an Arunalu or Isuru branded passbook, an Isuru Entitlement Certificate, or a Dotcom Teen Debit Card at the counters of any Sarasavi Bookshop at the point of payment to avail of the discounts.

The flagship children’s savings account of Commercial Bank, Arunalu offers a higher interest rate for Children’s Savings Accounts and rewards account holders with special cash prizes if they score the first, second or third highest aggregate marks in their schools at the Year 5 Scholarship Examination. The Isuru Minors’ Savings Plan is an ideal investment plan that provides parents with a convenient way to save regularly for the future of their children. It includes both a monthly deposit and a lump sum deposit scheme.

The ComBank Dotcom Account was launched to promote saving habits and financial discipline among youth. The account pays a higher interest rate over the prevailing savings rate and enables account holders to enjoy Online Banking and Mobile Banking facilities free of charge and even a mobile reload facility.

A pioneer and foremost in the book trade, Sarasavi Bookshop is the largest network of bookshops in Sri Lanka with thousands of enthusiastic readers at all levels around the country. At present, it has 28 book stores located in major towns.

SLT-Mobitel MBS partners Zoho offers business solutions to customers

SLT-Mobitel Mobile Business Solutions (MBS), announced the tie-up with Zoho recently, a global technology corporation, to offer an extensive array of innovative business solutions to Sri Lankan customers.

Expanding its portfolio of global partnerships, SLT-Mobitel MBS is introducing three key cloud solutions Zoho CRM, a customer relationship management software that helps companies sell more and build strong customer relationships. Zoho Desk, a help desk software that enables businesses to deliver top quality customer support to their clients; and Zoho Sign, a digital signature solution designed for businesses to close deals quickly through seamless management of agreement and other document signing processes.

Off-the-shelf cloud solutions enable businesses to pivot towards a no-touch, remote work model when delivering, and maintaining their services. By launching these solutions SLT-Mobitel MBS aims to provide local SMEs and large-scale enterprises with a range of customer-focused, digital-driven business tools, empowering them to provide an exceptional service to their customers in catering to the rapid business transformation taking place due to the prevailing global pandemic.

Zoho CRM, Zoho Desk and Zoho Sign solutions are not only easy to use but also integrate with other products across Zoho’s ecosystem. They can be incorporated with third-party applications ensuring businesses have the flexibility to use different software. Infusing further trust and confidence in MBS’ new offerings, Zoho’s applications have been awarded the industry-certified ISO 27001:2013 standard and have also obtained SOC 2 Type II compliance for security and privacy.

Furthermore, Zoho offers more than 50 products for all business processes ranging from sales and marketing, HR and finance to productivity and collaboration. Zoho does not allow any third-party trackers to monitor user behaviour and never reveal any data to ad-based companies. As Zoho owns and has built its entire technology stack, the company can offer the most secure experience to its 60 million users without compromising on data privacy.

Over the years, SLT-Mobitel MBS has stamped its dominance in providing the latest technology and tools to the widest possible corporate clientele. MBS offers all-in-one solutions while excelling in supporting customers’ future-proofing their organizations with a comprehensive suite of business products helping them remain competitive within their respective industries.

Showcasing its achievements, SLT-Mobitel MBS was bestowed the prestigious ‘Best Business Solutions Provider of the Year 2019’ award, at the South Asian Business Excellence Awards in 2019. MBS also holds the ISO 9001:2015 certification for providing information and communication technology-based solutions.

Ceylinco Life certified ‘Great Workplace’ by Great Place to Work

Ceylinco Life certified ‘Great Workplace’ by Great Place to Work

Ceylinco Life has been certified a ‘Great Workplace’ in Sri Lanka for a second consecutive year with a five-mark improvement over the overall rating accorded to the life insurance leader last year, following an independent analysis conducted by Great Place to Work a global authority on workplace culture.

The analysis includes an assessment of the employee experience based on five principles (Credibility, Respect, Fairness, Pride, and Camaraderie) through the Trust Index Survey and an assessment of existing people practices through the Culture Audit Management Questionnaire.

The survey which covered 100 per cent of Ceylinco Life’s full-time employees revealed that the overall perception regarding the Company as a workplace is more positive than the collective perception of individual elements of workplace engagement. This was gathered from the employees’ responses to feeling most positively about the pivotal and emotive statement “My work has a special meaning: this is not just a job.”

Furthermore, over 85 per cent of the survey participants awarded ‘Great’ and ‘Fair’ ratings to the investigative question that explored how much confidence the employees had in the management team’s decisions. This is a testament to the trust that Ceylinco Life has earned over the years and in turn translates to the success of its operation, including employee engagement and customer satisfaction, the company said.

Ceylinco Life scored higher than the averages of the 40 Best Workplaces in Sri Lanka in 2020 published by Great Place to Work for the criteria of ‘Business acumen’ and ‘Management clarity.’ Additionally, ‘Management reliability,’ ‘Pride’ and ‘Credibility’ emerged as areas of relative strength for the organization.

Great Place to Work also observed that “Long term association with the organization” is the strongest performing Workplace Health Indicator for Ceylinco Life.

“This certification is most encouraging, especially in the context of the times we find ourselves in,” Ceylinco Life Managing Director Thushara Ranasinghe commented. “The challenges faced by businesses due to the global pandemic put employees under intense pressure too, and in their efforts to keep operations going during lockdowns companies can make the mistake of not paying adequate attention to employee concerns. At Ceylinco Life, we recognize that employee confidence and trust are a top priority, and more so in difficult times.”

G20: World leaders agree to historic corporate tax deal

Leaders of the world’s 20 major economies have approved a global agreement that will see the profits of large businesses taxed at least 15%.

It follows concern that multinational companies are re-routing their profits through low tax jurisdictions.

The pact was agreed by all the leaders attending the G20 summit in Rome.

Climate change and Covid are also on the agenda of the summit, which is the leaders’ first in-person gathering since the start of the pandemic.

The G20 group - made up of 19 countries and the European Union - is short by two, however, with China’s Xi Jinping and Russia’s Vladimir Putin choosing to appear via video link.

The tax deal, which was proposed by the US, is expected to be officially adopted on Sunday, according to Reuters news agency, and will be enforced by 2023.

US Treasury Secretary Janet Yellen said the historic agreement was a “critical moment” for the global economy and will “end the damaging race to the bottom on corporate taxation”.

She wrote on Twitter that US businesses and workers would benefit from the deal even though many US-based mega-companies would have to pay more tax. The G20 summit comes ahead of the much-anticipated COP26 summit on climate change in Glasgow which begins on Monday. What happens at the G20 may set the tone for COP26, with sharp divisions remaining between countries on their commitments to tackling climate change. (BBC UK)

 

OPPO releases A16 in Sri Lanka

OPPO releases A16 in Sri Lanka

OPPO, one of the leading global smart device brands, announces the launch of OPPO A16 in Sri Lanka.

OPPO A16 is built for smartphone users who will not compromise when it comes to their daily needs and yet love a stylish design. OPPO A16’s large 6.52-inch Eye Care Display ensures that one can watch the favourite entertainment in comfort, while the long-lasting 5000mAh Battery makes it a device that one can rely on whether browsing the internet or capturing life’s best moments with its ultra-clear triple camera.

“OPPO A16 is uncompromising in its combination of style and function. The trendy design makes it a pleasure to take out when you need it, and the high-end triple cameras facilitate those memorable moments while being active. The large 5000mAh battery allows OPPO A16 to hit above its weight in value by letting you enjoy your day without constantly worrying about battery life,” said Bob Li, CEO, Xinda Lanka [OPPO Sri Lanka].

OPPO A16 has a high thermal conductive aluminum upper cover that dissipates heat. OPPO A16’s Middle Frame is surprisingly thin for a phone that has both an LCD display and 5,000 mAh battery.

Whilst OPPO A16 ‘s LCD liquid crystal display, provides superior visuals thanks to its high resolution and brightness its ‘sunlight’ and ‘moonlight’ screens, dim and brighten automatically - based on the conditions to keep one from straining to see. The AI Smart Backlighting will learn the brightness habits of the user and provides a “customized” smart backlight experience.

A16 has a 13MP main camera with 2MP Depth (Bokeh) and 2MP Macro Camera. The 8MP front camera will let one take clear selfies, while AI Beautification on both front and rear cameras will individually beautify everyone in the shot by adjusting and smoothing skin tones. Whilst 100% battery, allows 34 hours of call time, or 21.02 hours of Youtube video playback OPPO A16’s Super Nighttime Standby gives 8 hours (from 23:00 to 07:00) of nighttime standby while only consuming just 1.21% power.

With the Smart Temperature Control, a temperature sensor monitors the temperature of the phone’s rear cover while charging and reduces the charging current when the temperature is too high.

OPPO A16 comes with IPX4 Waterproof & Other Precision Quality Tests. The device achieves the industry standard of IPX4 Waterproof under the laboratory setting conditions.

OPPO A16 with 3GB RAM + 32GB ROM will be retailing at all OPPO outlets, Abans, Sinhagiri and Dialog Showrooms Island wide and via online marketplaces including BuyAbans and Daraz.lk.

SLASSCOM’s Product and Platform Council launches Mentoring Program

SLASSCOM’s Product and Platform Council launches Mentoring Program

 Hiran Jayaratna

Sri Lanka Association of Software and Services Companies (SLASSCOM), the national chamber for the knowledge and innovation industry in Sri Lanka, has launched the Product and Platform Council (PPC) mentoring programme, with the goal of helping Sri Lankan companies scale up their operations and establish world class, high value software products that will create demand in international markets.

SLASSCOM’s PPC that brings together experienced industry professionals has been actively engaged in building the product and platform community by uniting individuals and companies in Sri Lanka possessing the talent for creating exceptional technology-based products. SLASSCOM sees the Product and Platform initiative as one that holds the potential to help boost the country’s economy through new investments, whilst bringing global recognition as a destination for product innovation and creation.

Hiran Jayaratna, heading the mentoring program stated “the success stories show that we have an abundance of ideas and talent, which has resulted in the country emerging as a global destination for product engineering. Going forward, what Sri Lanka needs is a supporting framework, policy changes and an ecosystem to help entrepreneurs thrive during the first few years of their journey in scaling up.”

“As such, the mentoring program will create a platform to support this talent and give them the guidance to navigate the route to successfully scale-up their ideas and create high value, innovative, next-generation products which will grab the attention and interest of global markets and investors.”

He further explained that the mentoring programs would help improve skills in all product related disciplines such as product management, product engineering and product marketing and offer participants access to webinars, workshops and Tech-Talks. It will also assist them to build the right product to match market requirements, offer advice on financing, ensure market access and in perfecting the pitch to potential clients. Furthermore, it will create an Ecosystem platform that product companies can leverage for skills, knowledge and networking.

The programme has a total of 12 mentor-mentee one-on-one sessions planned, accounting for one session per month, with a mid-programme and end-programme meet-up with everyone.

The programme’s first cycle kicked off recently, in October 2021. The ultimate vision of the programme is to increase the contribution from software product and platform development to 10% of the total IT exports from Sri Lanka by 2025. This will be achieved by expanding the number of companies engaged in P&P development and elevating existing companies to the next level by scaling up through local and global opportunities. Having set an ambitious target which aims to achieve export earnings of $ 5 billion by 2025 while employing 200,000 and 1000 startups, SLASSCOM’s overall vision through this initiative is to increase the contribution from software product and platform development to contribute in a big way to the IT exports generated from Sri Lanka.

 

Axiata Digital Labs launches product suite, Axonect

Axiata Digital Labs launches product suite, Axonect

Axiata Digital Labs, one of Asia’s fastest growing and most innovative digital transformation enablers, announced the launch of its new product suite, Axonect.

Axonect offers a suite of enterprise products that seamlessly connect northbound and southbound systems and enables enterprises to be agile digital service providers while changing the footprint of the enterprise to meet evolving business needs.

Axonect is built on open source technology and uses a microservices architecture that allows enterprises to implement it quickly and easily at minimal cost and gives them the flexibility and agility they need to meet the demands of today’s consumers.

The Axonect Product Suite launches with eight customizable products designed to fast track digital transformation and allow enterprises to capitalize on new market opportunities.

The Axonect Product Suite includes the API Manager, API Monetizer, Enterprise API Aggregator, Developer Portal, Enterprise Marketplace, Adaptors, Multi-Cloud Orchestrator, and Enterprise Enabler. Axiata Digital Labs expects to onboard their other products, platforms, and services into the Axonect product suite over the course of 2021 and 2022.

“Axonect is an excellent brand for exposing ADL’s unique and transformative range of products and platform solutions to global customers, allowing them to expedite their digital transformation journey at the lowest possible cost,” Thushera Kawdawatta, CEO of Axiata Digital Labs, stated.

“Its brand portfolio is unique, promising to stay up with constantly changing markets and the landscape of digital solutions providers, enabling new customers to rapidly convert established legacy systems and capitalize on growing markets. Axonect has bundled our core capabilities, proven-and-true solutions, and decades of experience to help companies meet their evolving business needs.”

“In order to keep up with an ever-evolving digital landscape, businesses must embrace the latest in emerging technology,” said Namal Jayathilake, Vice President – Engineering, Emerging Technology at Axiata Digital Labs. “With Axonect, we can now unify our main product and service offerings under a single brand identity and present ourselves as a significant digital transformation enabler. The innovative product suite was engineered with modularity, interoperability, customizability, and keeping ease of use in mind. Axonect makes digital transformation affordable for all businesses, regardless of size, location, or budget.”

Founded in 2019, Axiata Digital Labs is an innovative software service provider offering telco focused digital and IT services and solutions that enable individuals, enterprises, and society. With over 1000 professionals spread across three countries, ADL helps global customers in the space of telecommunications, digital services & financial services.

More information could be obtained from, axonect.com

 

OREL IT expands, opens branch office in Singapore

OREL IT expands, opens branch office in Singapore

CEO Dr. Upendra Pieris

OREL IT, a Sri Lankan based IT services provider operating with a key focus to empower humanity with Industry 4.0 recently established operations in Singapore, a major technology hub, as part of the company’s expansion efforts in the South-East Asian region with the view of revamping its services to the customers based in the area.

The newly opened branch came up in the Gambas Crescent Region, Singapore where there is a huge demand for Professional IT services. OREL IT will go on to offer an array of fully fledged IT solutions to customers in the domains of AI Solutions, Data Services, and Engineering Services including Managed Services.

Additionally, the company is also said to provide further support for its clients in AI consultation, provisioning of data and data classification, Data Annotation for research and Analytics including Research Facilitation. ‘We are excited to establish our presence with an office in Singapore. This will allow us to work even more closely with the diverse requirements from customers in the region and we are ambitious to keep moving into reaching greater heights globally,’ said Dr. Upendra Pieris, CEO of OREL IT. Established in the year 2010, OREL IT presently serves a world-class client base prevalent in Europe, Asia and North American continents providing quality solutions across 12 diverse industries. Owing to its excellent contribution in generating huge revenue inflows to the country while elevating the standards of the Sri Lankan IT industry, the company has also been recognized with numerous titles from various local and global awarding bodies throughout its corporate tenure. Being named the largest exporter and revenue generator in the IT/ICT and BPM domain consecutively since 2018, OREL IT aspires and believes it can lead by being at the forefront of the industry in the technology arena as a proud Sri Lankan company, taking Sri Lanka to the global stage. The company has also grown exponentially from a two-person operation to a 4,500 plus strong workforce in just over a decade.

 

Policy interventions mooted to accelerate Technology Diffusion – Namal Rajapaksa

Policy interventions mooted to accelerate Technology Diffusion – Namal Rajapaksa

Minister Namal Rajapaksa recognizing CSSL National ICT leader of the Year Dr. Harsha Subasinghe. SLTMobitel Group CEO Lalith Seneviratne, CSSL President Damith Hettihewa, CSSL Past President Prabath Wickramaratne look on.

The government is keen to make necessary policy interventions to adopt Industry 4.0 cutting edge technologies such as Artificial Intelligence (AI), Machine Learning, Augmented Reality, Internet of Things (IOT), Robotic, Big Data Cloud Computing, etc. in the vital sectors of the economy.

These sentiments were expressed by Minister of Youth, Sports and Development Coordination and Monitoring, State Minister of Digital Technology & Enterprise Development Namal Rajapaksa who was the chief Guest at the inauguration of the 39th National Information Technology Conference (NITC) 2021.

Minister Rajapaksa added: “The conference theme “Accelerate Technology Diffusion” is timely and in line with the government’s vision. President Gotabaya Rajapaksa’s policy statement Vista’s for Prosperity and Splendour places a high priority for technology. “Creating a technology based society” is amongst the top ten policy priorities”

Minister Namal Rajapaksa further said “I am glad to announce that a of week ago Cabinet of Ministers approved my proposal to appoint a committee to report to the Cabinet on the Acts, Rules and Regulations to attract investments and investors in the areas of Digital Banking, Blockchain and Blockchain related industries such as crypto currency.

As a result of the efforts of Prime Minister Mahinda Rajapaksa who strengthened ICTA during his presidency, the ICT industry became a USD 1 billion export Industry by now. Then President extended the existence of ICTA beyond 2007 with an amendment to ICTA act 2003 in 2007. Else ICTA would have been closed down in 2008.

“Today the ICT industry targets to achieve USD 3 Billion foreign exchange revenue by 2024. If that happened technology industry could fill a considerable share of the balance of payment deficit of our country by 2024. This will be a significant contribution by your industry.”

This government gives the fullest support to the industry to achieve these targets. Five Technology parks initiative is one example. Colombo port city will also offer ultra-modern infrastructure for inventors of the digital sector to set up their companies in Sri Lanka.

“I firmly believe our digital industry under the leadership of President Gotabaya Rajapaksa has the potential to become the highest foreign exchange earning industry in the country.”

The Computer Society of Sri Lanka and ICT Professionals too have a great responsibility influencing policy makers to bring about necessary reforms in our education system in order to produce the knowledge and skills so that we don’t miss the industry 4.0 opportunity and actively participate in this massive global transformation and contribute to achieving national prosperity’ concluded Minister Rajapaksa.

Jayantha De Silva, Secretary, Ministry of Technology was the Guest of Honor and the Inauguration Keynote Speaker at the largest annual gathering of ICT practitioners.

National Information Technology Conference (NITC) 2021 with the theme “Accelerate Technology Diffusion” was organized by the Computer Society of Sri Lanka (CSSL) was held with a resounding success defying the pandemic on a virtual platform.

At CSSL National ICT Awards Minister Rajapaksa recognized the founder and CEO of CodeGen International Dr. Harsha Subasinghe as the “CSSL ICT Leader of the Year” for his significant contributions to the ICT industry in Sri Lanka. 11 Other ICT professionals under 11 diverse categories were recognized at the CSSL National ICT Awards held as a part of NITC 2021 conference.

Damith Hettihewa, President of CSSL said that event was concluded in a successful note defying the pandemic. The event featured two panel discussions, 30 local and international speakers, 5 Research presentations, 3 Product Presentations and startup pitches to investors.

Oshada Senanayake Chairman of ICTA and Director General of TRCSL, Laith Seneviratne, and Group CEO of SLTMobitel representing the Platinum Sponsor of NITC 2021 also addressed the NITC 2021 inauguration ceremony. NITC 2021 Conference Chair was Rasantha Hettithanthrige

NITC 2021 was supported by the Ministry of Technology, Information and Communication Technology Agency (ICTA) of Sri Lanka as the National Partner. SLTMobitel for the second year running was the main sponsor of the CSSL annual conference and partnered as the Platinum Sponsor of NITC 2021. Huawei was the Gold Sponsor of NITC for the second time around. Axiata Digital Labs was the Silver Sponsor.

Facebook partnered with CSSL for the 2nd CSSL Colloquium at NITC 2021. FineTech was the virtual platform provider. Independent Television Network is the Electronics Media Partner of the flagship IT conference of the country. IFIP, SEARCC, FITIS were industry partners, Garvi Design Studio as the creative partner and Prime Events as the events partner of the conference.


 

Friday, October 29, 2021

Lanka Hospitals first hospital to complete 140 MISF Surgeries

Lanka Hospitals, reached another milestone recently by successfully completing140 Minimally Invasive Spinal Fusion (MISF) surgeries.

Lanka Hospitals is the only hospital in Sri Lanka to reach this milestone in neurosurgery. The minimally invasive spinal fusion surgery is a state-of-the-art medical procedure carried out for spinal diseases with minimal pain or scarring.

The procedure is carried out with the assistance of neuro navigation and neuro monitoring which ensures the least chances of nerve damage during the minimally invasive spinal fusion surgery. These special features enable an individual undergoing the surgery to recover much faster than when undergoing a traditional surgery.

“Lanka Hospitals is the pioneer in performing minimally invasive spinal fusion surgeries in Sri Lanka and I’m pleased to say that we are one of the few hospitals in South Asia to carry out this procedure with the highest quality standards using the best technology and at the most cost-effective rate.

The number of minimally invasive spinal fusion surgeries that we have carried out thus far are a testament to the high caliber of neuro surgeons in our team and the state-of-the-art technology usedat Lanka Hospitals to conduct these procedures,” Lanka Hospitals’ Group Chief Executive Officer, Deepthi Lokuarachchi stated. “Lanka Hospitals can be considered South Asia’s most cost-effective option for minimally invasive spinal fusion surgeries. The minimally invasive spinal fusion surgery is less than 50% less than done in overseas.”

We offer the same surgery at the same high standards, which very few are aware of. This factor combined with the advanced MRI scanning technology at the hospital enables us to come to a correct diagnosis prior to conducting surgery,” Consultant Neurological Surgeon, Dr. Prasanna Gunasena stated.

The Lanka Hospitals Neurosurgical Centre is aprivate healthcare centre that offers the services of a specialised team of Neurosurgeons who provide 24-hour service, 365 days a year to facilitate neurological and neurosurgical related emergency services.

 

Airtel 4G connects residents in Ratnapura under ‘Gamata Sanniwedanaya’ initiative

Airtel 4G connects residents in Ratnapura under ‘Gamata Sanniwedanaya’ initiative

TRCSL Director General Oshada Senanayake and Bharti Airtel Lanka CEO and MD Ashish Chandra

Working in partnership with the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), Airtel Lanka announced the recent completion of a new 4G tower in the Ratnapura District under the Gamata Sanniwedanaya initiative.

The newly built 4G tower under the initiative, commissioned in Ulupitiya, Ratnapura District, covers an area of 91 square-kilo metres, facilitating a total population of 12,219 with drastically improved network coverage.

The digitization of rural communities aims to keep everyone connected and productive in their daily lives, supporting seamless distance-learning and flexible working requirements.

Airtel Lanka CEO and MD Ashish Chandra stated, “With the commissioning of the tower in Ratnapura, residents of Ulupitiya now have access to our world-class, buffer free 4G network. Airtel will continue to partner with the TRCSL, to fulfil our vision of enriching the lives of Sri Lankan’s, especially the deep rural community who has no access to mobile connectivity.”

Aiming to achieve 100 per cent island-wide coverage by 2022, the ‘Gamata Sanniwedanaya’ initiative aims to bridge the digital gap in rural districts with poor network coverage, by providing equal access to mobile connectivity for all Sri Lankans.

Additionally, Airtel is also executing an independent and rigorous expansion drive of its 4G network with the construction of new 4G towers island-wide. Airtel Lanka’s plan to expand its 4G coverage across the island is strategically mapped out to ensure that, as well as rural areas, highly populated areas are also covered with no room for poor network qualities.

Airtel’s advanced 4G network delivers a solid combination of coverage and capacity to deliver a superior smartphone experience with drastically improved indoor coverage and stronger signal penetration.

WTM London opens on Monday

WTM London opens on Monday

Twenty Sri Lankans companies through their agents in the UK will represent Sri Lanka at the World Tourism Market (WTM) , the leading global event for the travel industry that begins on Monday in London.

However due to some variety of vaccine not being recognized/accepted by the UK, only less than 10 members from the Sri Lankan travel sector would physically attend the event.

“Others have appointed UK representatives to market their booths,” an official from Sri Lanka Tourism said.

This year too Sri Lanka will actively promote the ‘So Sri Lanka’ marketing campaign in the UK.

This year more than 65 countries will be represented by exhibitors from across the globe at WTM London. Every continent is featured, with exhibitors from countries in Central and South America such as Peru and Guatemala; from African nations such as Tanzania and South Africa and North Africa, Egypt, from Asia, such as Thailand, Indonesia and Malaysia.

Thousands of delegates will converge on ExCeL London on 1-3 November for the physical event, and thanks to an innovative new hybrid format – there will be a virtual event on 8 to 9 November.

Europe leads the way, with representatives from almost 30 countries attending as exhibitors, from major destinations such as France, Greece and Spain and smaller ones, such as Sardinia, Armenia and Gibraltar.

Another 38 countries from further afield will be represented – from major destinations such as the US and India, and smaller, niche exhibitors representing businesses and tourist organisations in the likes of the Falklands, Galapagos and Iran.

Meanwhile London announced that from Monday 1 November, eligible travellers from Sri Lanka with appropriate proof of vaccination will qualify under the fully vaccinated rules for travel to the UK. However Sinopharm Vaccine developed by China National Pharmaceutical Group is not in this approved list.

People’s Bank clarifies ‘blacklisting’ by Chinese Embassy in Sri Lanka

With regard to the news item being circulated in media on the captioned matter, People’s Bank wishes to clarify the following;

• People’s Bank has come to notice that the Economic and Commercial Counselor of Embassy of People’s Republic of China in Sri Lanka has blacklisted the People’s Bank for not affecting the payments for in lieu of a Letter of Credit issued by the bank

• People’s Bank has already communicated to the relevant authorities at the Chinese Embassy that the bank is bound by an enjoining order issued by the Western Province Commercial High Courts of Sri Lanka with regard to the trade transaction in question, which precludes the bank from processing of the payment

• The temporary delay in processing the said payment pertaining to the LC is solely due to the bank’s obligation to be bound by the legal directions of the country as a responsible corporate citizen

• Once the legal barriers in effect are removed, the LC payment will be effected promptly as per the usual trade practices.

Thursday, October 28, 2021

Overseas Realty appoints Ajit Jayaratne as Chairman

Overseas Realty appoints Ajit Jayaratne as Chairman

Ajit Jayaratne Chairman

Overseas Realty (Ceylon) PLC announced the appointment of Ajit Mahendra De Silva Jayaratne as the new Chairman of the Company with effect from October 27, 2021, following the demise of S P Tao, the Founder and Chairman of Overseas Realty (Ceylon) PLC. (1991-2021)

Prior to being appointed as Chairman of the Company, Ajit Jayaratne was an Independent Non-Executive Director of the Company since 2005. He is also the Chairman of the Audit Committee.

He served at Forbes & Walker Limited for most of his working life, culminating in being appointed as the Chairman of the Company, a position he held for several years. He also served as the Chairman of the Colombo Stock Exchange, Finance Commission and Ceylon Chamber of Commerce. Upon retiring from the private sector, he was appointed as Sri Lanka’s High Commissioner to Singapore. Upon completing his term in Singapore and returning to Sri Lanka, he continues to serve on the Boards of several public companies.

Furthermore, the Company announced the appointment of Ben Nien Tao, the son of S P Tao,as a Non-Executive Director of Overseas Realty (Ceylon) PLC with effect from October 27, 2021. Mr. Ben Tao is a director of the Shing Kwan Group of Companies and holds an indirect shareholding of 1,063,519,897 shares in the Company. Ben Tao served as the Alternate Director to Shing Pee Tao and upon his demise he ceased to be an Alternate Director with effect from August 24, 2021.

The Singapore based real estate specialists, Shing Kwan Group are the majority shareholders of Overseas Realty (Ceylon) PLC.

‘I Love Colombo’ campaign at Colombo City Centre

‘I Love Colombo’ campaign at Colombo City Centre

Colombo City Centre brings you the chance to enjoy an elevated experience with the ‘I Love Colombo’ campaign, dedicated towards introducing new and unique elements to Colombo City Centre for the enjoyment of all shoppers and as a value addition for tourists visiting Sri Lanka.

Being at the heart of the commercial capital, Colombo City Centre embarked on a new journey to enhance the Colombo experience. A new signage featuring ‘I LOVE CMB’ was recently unveiled on Muttiah Road, as an eye-catching landmark signifying the location of Colombo.

Inspired by similar signages across the world, like the ‘I Love Amsterdam’ and ‘I Love NY’ signages, this unique icon can be used to capture amazing photos with friends and family as well as create lasting memories, whether you’re a local or a tourist.

An interesting history lies behind these significant signages. The ‘I Love NY’ logo was initially created as a part of an advertising campaign that aimed to boost tourism and attract more visitors to the city of New York, by displaying large signages with their signature icon in prominent locations, along with merchandise that visitors could purchase as mementos of their trip to New York.

Visitors to Colombo City Centre are warmly invited to come witness the uniqueness of the ‘I LOVE CMB’ signage and create wonderful memories by capturing photos with this iconic design.

A new signage can also be found at the main entrance of Colombo City Centre, thereby making it extremely easy for shoppers to locate and identify the building, especially for visitors who are travelling from areas out of Colombo.

Another unique addition to the list of landmarks is a signage featuring two hands that signify ‘I Love Colombo’ in a distinctive yet easily understandable design.

Visitors can also make full use of the new and improved concierge desk, conveniently located on the Ground Floor, near the entrance of the Mall. Dedicated towards providing the best customer experience in Colombo for every single shopper, this is your go-to place for all customer enquiries and services.

A few vintage cars will be displayed inside the Mall at Colombo City Centre, which has been inaugurated with the exhibition of an Austin 7. This car was first introduced in 1922, as a representation of freedom on the open road, where you could go to places that weren’t accessible via public transport.

The Austin 7 went through many modifications and later achieved great popularity not only in Britain, but also in Germany, France, Japan and America. The Austin 7 also served a stint as a racing car, paving the way for success in many inaugural motor races of the past.

All details of the ‘I Love Colombo’ campaign can be found on the Colombo City Centre Facebook and Instagram pages, where constant updates are shared along with the opportunity to win valuable CCC Gift Vouchers.

Colombo City Centre is always committed towards providing the safest environment for visitors to shop, dine and enjoy world-class entertainment.

EMS Leisure announces Chatra, first luxury property in Digana, Kandy

EMS Leisure announces Chatra, first luxury property in Digana, Kandy

EMS Leisure Holdings Pvt Ltd, a Sri Lankan company formed as a partnership between EMS Property and a group of elite Sri Lankan professionals based out of Dubai, announced its first project focused on developing, selling and subsequently operating a Holiday Home Villa cluster in Digana, Kandy, named “Chatra.”

Overlooking the Victoria reservoir and the Knuckles Mountain Range, inspired by its location and proximity to nature, Chatra brims with natural beauty and offers a contiguous experience ideal for affluent living. Ranging from 20 perches to 23 perches, each plot will promote a home garden/orchard area for organic gardening of fruits and vegetables, along with a plunge pool to relax in serenity.

The project comprises of waterfront villas, within a gated community environment offering communal areas and a spa, restaurant, fitness area, a jogging pathway, and other open spaces surrounded by lush greenery. The project features 16 bespoke Villas in 8 unique designs and seeks to build holiday homes for discerning investors, together with a community outreach programme. With sizes ranging from 3,348sqf - 4,435sqf and starting at an investment of US$ 350,000 per villa, Chatra hopes to open its doors in the last quarter of 2023.

All villas will be fully furnished with premium architectural input and minimalist designs while catering to modern day needs.

Vinod K. V. the Group CEO of EMS Leisure said, “We believe that despite the current challenging economic climate, Sri Lanka represents a strong opportunity for investment and growth. We want to capitalize on this by providing world class luxury living experiences in one of the most picturesque countries in the world that will prove to be of outstanding value to customers and stakeholders. We also have plans to make further investments into the country.”

The architect for this project is Sanath Liyanage who is the founder of Earth & Space Architects, a comprehensive and award-winning architectural practice that collaborates with several specialist teams from different disciplines, who is also currently handling different aspects of the project.

Incorporated in 2019, EMS Leisure’s origin strategically brought together specialist partners from Travel, Hospitality, Sales & Marketing, Accounting and Construction.

Ceylinco Life certified ‘Great Workplace’ by Great Place to Work

Ceylinco Life certified ‘Great Workplace’ by Great Place to Work

Ceylinco Life has been certified as a ‘Great Workplace’ in Sri Lanka for a second consecutive year with a five-mark improvement over the overall rating accorded to the life insurance leader last year, following an independent analysis conducted by Great Place to Work a global authority on workplace culture.

The analysis includes an assessment of the employee experience based on five principles (Credibility, Respect, Fairness, Pride, and Camaraderie) through the Trust Index Survey and an assessment of existing people practices through the Culture Audit Management Questionnaire.

The survey which covered 100 per cent of Ceylinco Life’s full-time employees revealed that the overall perception regarding the Company as a workplace is more positive than the collective perception of individual elements of workplace engagement. This was gathered from the employees’ responses to feeling most positively about the pivotal and emotive statement “My work has special meaning: this is not just a job.”

Furthermore, over 85 per cent of the survey participants awarded ‘Great’ and ‘Fair’ ratings to the investigative question that explored how much confidence the employees had in the management team’s decisions. This is a testament to the trust that Ceylinco Life has earned over the years and in turn translates to the success of its operation, including employee engagement and customer satisfaction, the Company said.

Ceylinco Life scored higher than the averages of the 40 Best Workplaces in Sri Lanka in 2020 published by Great Place to Work for the criteria of ‘Business acumen’ and ‘Management clarity.’ Additionally, ‘Management reliability,’ ‘Pride’ and ‘Credibility’ emerged as areas of relative strength for the organization.

Great Place to Work also observed that “Long term association with the organization” is the strongest performing Workplace Health Indicator for Ceylinco Life.

“This certification is most encouraging, especially in the context of the times we find ourselves in,” Ceylinco Life Managing Director Thushara Ranasinghe commented. “The challenges faced by businesses due to the global pandemic put employees under intense pressure too, and in their efforts to keep operations going during lockdowns companies can make the mistake of not paying adequate attention to employee concerns. At Ceylinco Life, we recognize that employee confidence and trust are a top priority, and more so in difficult times.”

Notably, Ceylinco Life was named a ‘Great Workplace’ in 2020 too, when the Company first applied for the certification offered by Great Place to Work.

Great Place to Work is the global authority on high-trust, high-performance workplace cultures.

Home Lands Group of Companies rebrands under new logo

Home Lands Group of Companies rebrands under new logo

Home Lands Group of Companies, one of the leading real estate companies in Sri Lanka has rebranded and will soon relocate to its new office at Pannipitiya Road, Battaramulla.

Home Lands Groupis renowned for its exquisite land plots in great locations and elegant and uncompromising apartments and residencies, aimed at the local and international masses, with a 28,000+ customer base.

Founded in 2003, Home Lands Group of Companies has since grown to become the undisputed leader in real estate in the country. With seven branches island-wide and nine well-established subsidiaries, Home Lands presents itself as a 360o total solutions provider in the real estate industry committed to offering residential and real estate solutions while exceeding client expectations.

Furthermore, Home Lands Group of Companies provides various essential and complementary property services, all while increasing the quality of life for its clients.

Recognizing that the land market in Sri Lanka is becoming increasingly competitive, and since the company was in the process of realigning with the new changes to come, they believed that rebranding was the best approach to maintain the company’s edge, deliver tremendous growth and re-enter the market in a new light.

Nalin Herath said, “Our portfolio of residential development and real estate property solutions has never been better, and our continuous innovation will assist expedite the real estate process for our consumers.” “Home Lands is a respected and renowned brand with a proven track record of efficiency and innovation. This decision to rebrand will reflect our offering to our loyal and trusted customer base, and is, therefore, the next step in our business’s growth.”

Through this, he aims to re-emphasize the values and culture that define who Home Lands Holdings is as a company while also gaining renewed customer attention; to capitalize on the chance to establish a solid and revitalized impression on customers despite the obstacles and difficulty of the previous year and a half owing to the COVID 19 pandemic.


 

Cargills among Most Admired Companies in SL

Cargills among Most Admired Companies in SL

CIMA, ICC Sri Lanka and the Daily FT recognized the winners of Sri Lanka’s Most Admired Companies Awards, at an event held at the BMICH recently. The award recognized companies not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

As an essential service provider and a leading food company, Cargills continued to meet the needs of consumers during a challenging year. In addition to operating 465 supermarkets outlets and 50 restaurants across the country, Cargills operates 8 manufacturing facilities which produce value added dairy products, confectionery, beverages, culinary products, and convenience food. The Group’s main food brands have become leading national brands over time, with a key focus on quality and innovation.

Cargills has given prominence to sourcing its raw materials locally, creating markets for local farmers and suppliers, staying true to its mission of supporting regional development and bridging disparities across the country.

The Group is the single largest collector of fruits and vegetables in the country and also the leading private sector collector of fresh milk, working with a network of over 23,000 agricultural and dairy farmers. Cargills generated direct income over Rs. 9 billion to the dairy and agriculture farming communities in Sri Lanka last year through its purchases.

With a team of 12,000, Cargills is also a key generator of opportunities for the rural youth. Over 60% of the Cargills team comes from regions outside the Western Province and more than 70% of the team is under the age of 35. The company invests in developing the skills of its young team through an internal training academy – the Albert A. Page Institute – which provides internationally recognized certifications and training programs.

The company invested Rs 6.4 billion during the last financial year across all its business verticals, to further grow and drive community development. One of oldest companies in the country, with a heritage of 177 years, Cargill continues to stay true to its core values of providing affordable nutrition and serving communities across Sri Lanka.

 

Several local companies pull out of WTM London

Several local companies pull out of WTM London

Over 20 travel companies from Sri Lanka will participate in the annual World Tourism Market event from November 1 to 3 in ExCel exhibition centre in London.

The 2020 edition of the WTM was not held due to the COVID Pandemic and the event was entirely held virtually. “2020 year was the first time since the event was launched in 2020 that there was no live event,’’ WTM London’s Senior Director Simon Press said.

In 2021 with C-19 settling down and people getting used to living with it and Sri Lanka being ungraded from the COVID Red list to Ampere over 50 travel companies were eagerly waiting to attend the live event.

“With Sri Lana being taken off the red list there was a surge of new participating companies,” an official from Sri Lanka Tourism said.

However, with England stamping touch quarantine laws and the Sri Lankan Embassy based in London unable to clarify the correct ‘ground situation’ with regard to the period of quarantine and other valuable and timely advice expected from a foreign mission, several industry stakeholders pulled out.

An Sri Lankan Embassy official had even told them that they can give any advice and guidance to travellers flying to Sri Lanka and not vice versa!

“Now only 20 Sri Lankans would be participating,” the SLTB official said. “Even the Marketing Head handling the London market from SLTB is unable to go due to these issues.” However Sri Lanka Tourism Development Authority Chairperson Kimarli Fernando who, who was in London for the past few days, would be attending the WTM. “Most of the local companies who booked stalls with the Sri Lankan Pavilion would be hiring representatives from London to engage in the promotion during the WTM.”

When contacted, Minister of Tourism Prasanna Ranatunga said that he is unable to confirm his presence as well.

Invest Sri Lanka Forum on Nov. 5 in Dubai

Securities and Exchange Commission of Sri Lanka (SEC) and Colombo Stock Exchange (CSE) in association with the trading members, the Embassy of Sri Lanka, Abu Dhabi and the Consulate General of Sri Lanka to Dubai and Northern Emirates will host an ‘Invest Sri Lanka’ Forum on November 5 at the at the Sheraton Grand Hotel Dubai to promote investment in the Sri Lankan capital market in Dubai, United Arab Emirates.

Invest Sri Lanka is a series of forums organized by SEC and CSE to promote foreign investment in the Sri Lankan Stock Market and to showcase investment opportunities in leading Sri Lankan listed companies. The forums have been conducted in key foreign markets including the UK, USA, Australia, New Zealand, UAE, India, Switzerland, Hong Kong and Singapore.

This year, the Invest Sri Lanka Forum Dubai is expected to attract investor interest, encompassing Sri Lankans living in Dubai and the event will provide a comprehensive showcase for investment opportunities in the Sri Lankan capital market via the CSE.

Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka will be the keynote speaker at the forum. A Sri Lankan delegation including the Chairmen of the SEC and CSE, senior representatives of the SEC, CSE, Stock Lanka to Dubai and Northern Emirates are also set to be present at the forum to make a collective case on Sri Lanka as an attractive investment destination.

“Upon the Post-Covid imperative of accelerated economic revival, Sri Lanka remains focused and committed to stabilizing and re-orienting the economy, and to ensure that our nation is on a path towards meaningful and sustainable growth,” an official from CSE said.

In terms of the stock market, CSE trades at a discount compared to most frontier markets and is supported by a promising growth potential among listed corporate.

ADB forecasts Asian growth for 2021 to expand by 7.1%

ADB forecasts Asian growth for 2021 to expand by 7.1%

Economic growth for 2021 is forecasted by the Asian Development Bank (ADB) to expand by 7.1% in its September 2021 Asian Development Outlook Update for developing Asia, albeit with some cross-regional heterogeneity, while tourism-dependent Pacific island economies are forecasted to experience a further contraction in growth in 2021.

Many developing Asian economies have been able to capitalize on rising global demand during 2021, particularly from advanced economies.

These developments have also been underpinned by effective fiscal and monetary policy responses to the pandemic in the region, which have helped to stabilize financial markets. “However, the positive effects are weighed against country-specific factors related to the slow deployment of the vaccine and renewed waves of COVID-19 infections. “

The economic impact of the COVID-19 pandemic in Asia highlights the importance of entrenching longer-term sustainability and economic resilience into the recovery process, says the new Asian Development Bank (ADBI) edited book, COVID-19 Impacts and Policy Options: An Asian Perspective.

The macroeconomic effects of the pandemic, as well as the impact on firms and households in Asia, are featured in this book.

The book also advocates a future direction of policy on competitiveness and productivity gains underpinned by further enhancement of the digital economy in the region and a policy agenda focused on sustainable development.

The pandemic abruptly reduced economic activity in Asia, with consumption and investment falling due to domestic lockdowns and the global recession and economic growth contracting in 2020 in all Asian regions apart from East Asia.

Going forward, while the deployment of effective vaccines will bolster the progression to a post-pandemic era, the policy agenda needs to place longer-term sustainability and resilience at the core, supported also by fiscal reform.

 

Moody’s downgrades Lanka’s rating to Caa2; outlook stable

 Moody’s Investors Service has downgraded the Government of Sri Lanka’s long-term foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa1 under review for downgrade. The outlook is stable. This concludes the review for downgrade initiated on July 19, 2021.

The decision to downgrade the ratings is driven by Moody’s assessment that the absence of comprehensive financing to meet the government’s forthcoming significant maturities, in the context of very low foreign exchange reserves, raises default risks.

In turn, this assessment reflects governance weaknesses in the ability of the country’s institutions to take measures that decisively mitigate significant and urgent risks to the balance of payments.

External liquidity risks remain heightened. A large financing envelope that Moody’s considers to be secure remains elusive and the sovereign continues to rely on piecemeal funding such as swap lines and bilateral loans, although prospects for non-debt generating inflows have improved somewhat since Moody’s placed Sri Lanka’s rating under review for downgrade.

Persistently wide fiscal deficits due to the government’s very narrow revenue base compound this challenge by keeping gross borrowing needs high and removing fiscal flexibility.

The stable outlook reflects Moody’s view that the pressures that Sri Lanka’s government faces are consistent with a Caa2 rating level.

Downside risks to foreign exchange reserves adequacy remain without comprehensive financing and narrow funding options. Should foreign exchange inflows disappoint, default risk would rise further.

However, non-debt generating inflows particularly from tourism and foreign direct investment (FDI) may accelerate beyond Moody’s current expectations, which, coupled with the track record of the authorities to put together continued, albeit partial, financing, may support the government’s commitment and ability to repay its debt for some time.

Sri Lanka’s local and foreign currency country ceilings have been lowered to B2 and Caa2 from B1 and Caa1, respectively. The three-notch gap between the local currency ceiling and the sovereign rating balances relatively predictable institutions and government actions against the very low foreign exchange reserves adequacy that raises macroeconomic risks, as well as the challenging domestic political environment that weighs on policy making.

The three-notch gap between the foreign currency ceiling and local currency ceiling takes into consideration the high level of external indebtedness and the risk of transfer and convertibility restrictions being imposed given low foreign exchange reserves adequacy, with some capital flow management measures already imposed.

Export earnings pass US$ 1 bn in Sept.

Export earnings pass US$ 1 bn in Sept.

Sri Lanka’s merchandize exports in September 2021 recorded US$ 995.8 million as per the data released by the Sri Lanka Customs.

EDB Chairman, Suresh D. de Mel said, “Observing the export figures of September, it is remarkable to see that our exporters performed this well amidst travel restrictions and lockdowns due to the third wave of the Covid-19 pandemic in Sri Lanka.’

“Exports show a strong resilience with both merchandise & services exports performing well. We are confident that this trend will continue.’

The revised export target of the Export Development Board for 2021 is US$ 15.72 billion and of that we expect US$ 12.14 billion from merchandise exports and US$ 3.58 billion from services exports. During the period January to September 2021, earnings from exports recorded US$ 11.1 billion including the estimated services data for July to September and 70.63% achieved from the revised export target.

Merchandize exports recorded during the third Quarter of 2021 increased by 5.0% to US$ 3,182.83 Mn compared with the same period in 2020. Similarly, exports increased by 6.7% compared with the same period in 2019.

Export earnings from Apparel and Textile have increased by 5.83 % y-o-y to $ 457.05 million in September 2021 with strong performance in exports of Apparel (7.71%) and Woven Fabrics (62.73%).On a year-on-year basis, exports of Made-Up Textile Articles & Yarn and other Textile Articles declined by 40.26% and 34.14% respectively.

Export earnings from Rubber and Rubber Finished products have increased by 20.04 % y-o-y to $ 96.09 million in September 2021, with strong performance in exports of industrial & surgical gloves (47.65%), Pneumatic & Retreated Rubber Tyres & Tubes (15.31%) and gaskets, washers, seals, etc. of hard rubber (28.72%).

Export earnings from Seafood increased by 39.21% to US$ 22.58 Mn in September 2021 compared to September 2020.

For the period of January to September 2021, merchandise exports increased by 19.3 % to US$ 8,881.93 million compared to the corresponding period of 2020, following increased exports of almost all the major product sectors; Apparel & Textiles, Tea, Rubber-based products, Coconut based products, Electronics & Electronic Components, Spices and Concentrates, Seafood and Ornamental fish as shown in the table below.

Earnings from export of Apparel & Textile increased by 18.5% to US% 3,879.43 Mn during the first nine months in 2021 compared to the same period of 2020, export of apparel and woven fabrics expanded by 21.4% and 104.62% while exports of Made-Up Textile Articles and Yarn and other Textile Articles were down by 51.31% and 3.74%, respectively.

Export earnings from Tea increased by 7.29% to US$ 986.56 Mn during the period of January to September 2021 compared with the corresponding period of 2020.

In parallel, export earnings from Rubber & Rubber finished products increased by 37.19 % to US$ 805.06 million in Jan-September 2021.

For the first nine months of 2021, export earnings from Coconut & Coconut based products expanded by 24.14% to US$ 608.76Mn from the same period last year.

Meanwhile earnings from export of Electrical and Electronic Components (EEC) increased by 25.75 % to US$ 309.62 Mn in the period of January to September 2021 compared to the corresponding period of 2020.

Export earnings from Spices and Essential Oils increased by 36.78% to US$ 320.8 Mn in the period of January to September 2021.

Strong exports were recorded for the 10 major export markets, which accounted for 63% of total merchandise exports during the period January to September 2021.

During the first nine months of 2021, exports to United States of America, Sri Lanka’s single largest export destination, increased by 14.97 % to US$ 2,175.46 Mn compared to the same period of 2020.

Exports to United Kingdom as the second largest trading partner recorded an increase of 2.31% to US$ 679.55 Mn during the period of January to September 2021 compared with the corresponding period of previous year.

During the period of January to September 2021, exports to Free Trade Agreement (FTA) partners accounted for 7.2% of total merchandise exports increased by 25.25% to US$ 635.43 Mn.

India’s Adani Group exploring investment in Sri Lanka’s renewable energy sector

India’s Adani Group exploring investment in Sri Lanka’s renewable energy sector

Adani Group Chairman Gautam Adani with Sri Lankan President Gotabaya Rajapaksa in Colombo this week. (Photo: gautam_adani)

The Adani group, which recently sealed a deal with Sri Lanka to develop and run the strategic Colombo Port’s Western Container Terminal, is also exploring the possibility of investing in the island nation’s energy and wind sector, a senior official from the state-owned Ceylon Electricity Board (CEB) said on Tuesday.

he comments came a day after Adani Group chairman Gautam Adani called on Sri Lankan President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa here, weeks after his company inked a deal with the state-owned Sri Lanka Ports Authority (SLPA) to develop and run the strategic Colombo Port’s Western Container Terminal (WCT).

“Privileged to meet President @GotabayaR and PM @PresRajapaksa. In addition to developing Colombo Port’s Western Container Terminal, the Adani Group will explore other infrastructure partnerships,” Adani tweeted.

“India’s strong bonds with Sri Lanka are anchored to centuries’ old historic ties,” Adani wrote on Twitter while sharing pictures of his two meetings here.

Adani group has explored the possibility of investing in Sri Lanka’s wind and renewable energy sector, a CEB office said.

(www.indiantimes.com)

Govt to woo modern Fintech, new Digital Exchanges to Colombo Port City

Govt to woo modern Fintech, new Digital Exchanges to Colombo Port City

Ministers Namal Rajapaksa, Prasanna Ranatunge and Rahul Thanthirige riding in two ATV’s.Pictures by Sudath Malaweera

The government will try to woo modern Fintech and new digital exchanges to Colombo Port City, said Minister of Youth and Sports, Development Coordination and Monitoring and State Minister of Digital Technology and Enterprise Development Namal Rajapaksa yesterday.

He said that the government has drawn up a new legislature to make investments to the Port City to be done with less red tape as the government considers Port City as a major catalyst for developing Sri Lanka.

The Minister expressed these views while participating in the inauguration of introducing the “ATV Driving Track” (Colombo Dunes Driving Track) which was constructed for the first time in Sri Lanka for driving on sand mountains by the Crate Adventure organization. This track is the first eco adventure ATV driving track to be built in South Asia and it is a pride for Sri Lanka.

An opportunity for both local and foreign tourists to drive on AVT sand mountains in close proximity to the attractive beach created by man for the first time in Sri Lanka at the Port City and it will help to minimize physical and mental fatigue within the urban environment in Colombo. He said that the investment and FDI potential in sports has never been exploited and he hoped to take a lead in this area and to create a US$ one billion sports economy within the upcoming three years.

“For the first time in Sri Lanka sports history a sports goods and sports appeals/ shoes manufacturing facility would be created in Mahiyangana and ATV vehicles along with several others sports goods would be manufactured for both local and export. He said that sports can also benefit tourism. The first country in Asia to play cricket within a biosecurity bubble was Sri Lanka when the island hosted the LPL tournament.

“We have received an economy of 100 million dollars when you consider cricket, football and athletics all together.”

Creator of the Colombo Dunes Driving Track, Rahul Thanthirige said that they invested nearly Rs. 100 million for this venture which is the third public space opened by the Colombo Port City for the public after the Gild and Marina.

“We have already marketed this for locals and tourists and we have strong forward bookings for this. In late 2017, Crate Adventure Pvt Ltd identified the gap in Sri Lanka between general tourism and adventure tourism and launched our first project in Gampaha. Colombo Dunes Driving Track will also add another tourism promotion for Sri Lankan tourism adding more value to the destination.

Wednesday, October 27, 2021

IFS appoints Andy Watts, as VP of Asia

IFS appoints Andy Watts, as VP of Asia

IFS, the leading global enterprise applications company, has announced Andy Watts as a key new member of its team. The new Vice President for Asia (including ASEAN, India, Sri Lanka, Korea and China) has over 20 years of experience in the IT industry and brings a wealth of knowledge and leadership across sales and software as a service.

Andy’s key areas of expertise include building high performance teams that go above and beyond, backed by a great working culture. His focus and customer centricity helps customers across enterprise businesses in both the private and public sectors maximize value and success from their investments.

Andy’s previous roles include Senior Vice President APJ at ServiceMax. He also held sales positions in RightNow and Oracle, and most recently established and launched Sitetracker across Asia Pacific.

“I am very excited about joining IFS and scaling the Asia region further. There is a tremendous opportunity for our existing customers and for those who have not yet joined us, to gain high value from IFS’s excellent single platform of products and deliver exceptional moments of service in a region that is experiencing growth and transformation,” said Andy as he shared his thoughts on his move to IFS.

Andy who is married and has two young daughters both born in Japan, spends most of his spare time with his young family. He loves the sport of boxing and martial arts. His other passion is motorcycles and he plans to own a Harley Davidson in the near future.

Four dollars spent on fossil fuel subsidies - UNDP research

Four dollars spent on fossil fuel subsidies - UNDP research

UN Development Programmes’s new Don’t Choose Extinction campaign to raise awareness of the detrimental effects of fossil fuel subsidies on people and planet - headlined by global celebrities

October 27 - New York City - The world spends an astounding US$423 billion annually to subsidize fossil fuels for consumers – oil, electricity that is generated by the burning of other fossil fuels, gas, and coal. This is four times the amount being called for to help poor countries tackle the climate crisis, one of the sticking points ahead of the COP26 global climate conference next week, according to new UN Development Programme (UNDP) research released today.

The amount spent directly on these subsidies could pay for COVID-19 vaccinations for every person in the world, or pay for three times the annual amount needed to eradicate global extreme poverty. When indirect costs, including costs to the environment, are factored into these subsidies, the figure rises to almost US$6 trillion, according to data published recently by the International Monetary Fund (IMF).

Instead, UNDP’s analysis highlights that these funds, paid for by taxpayers, end up deepening inequality and impeding action on climate change.

“The COVID-19 pandemic has exposed outdated aspects of the global economy. It includes the fact that the world continues to spend billions of dollars on fossil fuel subsidies, while hundreds of millions of people live in poverty and the climate crisis accelerates. Against this backdrop, we must ask ourselves: is subsidizing fossil fuels a rational use of public money?” said Achim Steiner, UNDP Administrator.

Fossil fuel subsidies are both inefficient and inequitable. Across developing countries, about half of the amount of public resources spent to support fossil fuel consumption benefits the richest 20 percent of the population, according to the IMF.

“Addressing fossil fuel subsidies is a politically charged issue, but the facts show that reform is both necessary, and when done correctly, supports the poor, creates jobs, and protects the planet,” said George Gray Molina, Lead Economist of UNDP’s Bureau for Policy and Programme Support and co-author of the research. “We hope this research will catalyze the conversation on the critical role reform can have in driving green and fair transitions in all countries.”

The report, published ahead of the upcoming G20 and COP26 meetings, is being launched in the context of a growing recognition of the need for reform of fossil fuel subsidies by economists and policymakers as well as the IMF and World Bank. The United Nations Secretary-General António Guterres has also made a strong call for reform.

To spotlight the hugely negative effects fossil fuel subsidies have on people and planet, UNDP has produced an engaging short film as part of a new campaign in which one of the world’s most well-known extinct animals, the dinosaur, gives a speech to the UN General Assembly urging world leaders to shift away from fossil fuel subsidies and “Don’t Choose Extinction.”

Led by a cast of celebrity voices from around the world — the Don’t Choose Extinction campaign aims to raise public awareness of how fossil fuel subsidies are canceling out significant progress to date towards ending climate change and are driving inequality by benefitting the rich.

The main contributor to the climate emergency is the energy sector which accounts for 73 percent of human-caused greenhouse gas emissions. Fossil fuel subsidy reforms would contribute to reducing CO2 emissions and benefit human health and well-being, and they are a first step towards correctly pricing energy – one that reflects the ‘true’ and full cost of using fossil fuels to society and the environment.

But UNDP’s analysis shows that fossil fuel subsidy reforms can also be unfair and harmful for households and society if they are poorly designed. While fossil fuel subsidies tend to be an unequalising tool - as the lion’s share of the benefits concentrate among the rich - these subsidies also represent an important portion of poor peoples’ incomes that otherwise must be paid for energy consumption.

Fossil fuel subsidies’ removal thus could easily become an income- and energy-impoverishing strategy. This contributes to making fossil fuels reform difficult, and imposes a key barrier to transitioning to clean and renewable energy sources.

With that in mind, UNDP’s research advocates for a progressive and gradual response to reforms. It includes analysis of success stories gathered from several countries across regions as well offering a ‘toolkit’ for policymakers to support fossil fuel subsidy and energy pricing reforms. The toolkit allows for a phased approach that is just and equitable and includes income protection and compensation for less advantaged groups.

“When we consider how we are going to pay for the fight against climate change, fossil fuel subsidies mean that we are effectively starting at a point of minus US 423 billion dollars,” added Achim Steiner. “Reform is not easy and the transition to clean energy presents a range of difficult challenges in many countries. Indeed, each country needs to take their own path.

But we also know that we must move away from these energy sources that are contributing to our planet’s decline. Ending financial support for them in a way that is fair and equitable is a critical element of that transition. The recent IPCC report, which the UN Secretary-General described as a ‘code red’ for humanity, shows that only the most ambitious climate action will limit global warming to1.5 degree Celsius. This is what science dictates is needed to avoid a climate catastrophe.”

The Don’t Choose Extinction campaign features a collective intelligence platform, the Global Mindpool, to help tackle the most important issues of our time. Linking insights from around the world - on the climate emergency, the crisis in nature and inequality – the Global Mindpool will support UNDP to better inform and equip policy makers in government, civil society, and the private sector.

Find out more about the campaign here at www.dontchooseextinction.com

Global study finds 78% of people feel “stuck” professionally, personally

Global study finds 78% of people feel “stuck” professionally, personally

People are turning to robots to support their career development after the COVID-19 pandemic left them feeling lonely and disconnected from their own lives, according to a new study by Oracle and Workplace Intelligence, an HR research and advisory firm.

The study of more than 14,600 employees, managers, HR leaders, and C-level executives across 13 countries found that people all around the world have felt stuck in their personal and professional lives, but are ready to regain control of their futures. Over 6,000 respondents joined this global study from Asia-Pacific countries including Australia, China, India, Japan, Korea, and Singapore.

The Asia-Pacific workforce feels lonely, disconnected, and out of control More than a year in lockdown and the continued uncertainty due to the pandemic has left many workers in emotional turmoil, feeling like their lives and careers are out of control, but companies are taking note and are taking steps to protect their employees’ mental health.

80 percent of people have been negatively impacted by the last year, with many struggling financially (31 percent); suffering from declining mental health (29 percent); lacking career motivation (25 percent); feeling lonelier (25 percent); and feeling disconnected from their own lives (22 percent).

63 percent found 2021 to be the most stressful year at work ever. More than half (55 percent) of people struggled with mental health at work more in 2021 than in 2020.

The amount of people who feel little to no control over their personal and professional lives increased by half since the start of the pandemic. People noted they have lost control mainly over their personal lives (47 percent); futures (46 percent); and finances (45 percent).

77 percent of people feel stuck in their personal lives, feeling anxiety about their future (32 percent); trapped in the same routine (27 percent); and suffered financially (25 percent).

However, on the upside, majority (78 percent) also felt that their companies were more concerned with protecting their mental health now than before the pandemic.

People are motivated to make changes, but are facing big challenges Despite struggles over the last year, people in Asia-Pacific are eager to make changes in their professional lives.

93 percent of people used the past year to reflect on their lives and 90 percent said the meaning of success has changed for them since the pandemic, with work-life balance (43 percent); mental health (38 percent); and workplace flexibility (34 percent) now top priorities.

78 percent feel stuck professionally, because they don’t have growth opportunities to progress their career (27 percent) and are too overwhelmed to make any changes (23 percent).

72 percent of people say feeling stuck in their career has negatively impacted their personal lives as well by adding extra stress and anxiety (42 percent); contributing to feeling stuck personally (31 percent); and taking focus away from their personal lives (28 percent).

84 percent of people are ready to make a career change, but 79 percent said they are facing major obstacles. The biggest hurdles include financial instability (24 percent); not knowing what career change makes sense for them (23 percent); not feeling confident enough to make a change (22 percent); and seeing no growth opportunities at their company (22 percent).

Going into 2022, professional development is top of mind with many willing to give up key benefits such as flexible work arrangements (60 percent); vacation time (55 percent); and even monetary bonuses (52 percent) or part of their salary (48 percent) for more career opportunities.

However, 86 percent of the workforce in Asia-Pacific are not satisfied with their employer’s support. They are looking for organizations to provide more learning and skills development (38 percent); opportunities for new roles within their company (32 percent); and more workplace flexibility (32 percent).

Employees in Asia Pacific are hungry for new skills and turning to technology for help To retain and grow top talent amidst changing workplace dynamics, employers need to pay attention to employee needs more than ever before and leverage technology to provide better support.

* 89 percent of people want technology to help define their future by recommending ways to learn new skills (40 percent); identifying skills they need to develop (39 percent); and providing next steps to progress towards career goals (37 percent).

* 82 percent of people would make life changes based on robot recommendations.

* 88 percent believe robots can support their careers better than a human by giving unbiased recommendations (41 percent); delivering resources tailored to their current skills or goals (38 percent); or quickly answering questions about their career (37 percent).

* People believe humans still have a critical role to play in career development and believe humans are better at providing support by offering advice based on personal experience (45 percent); identifying strengths and weaknesses (43 percent); and looking beyond a resume to recommend roles that fit personalities (39 percent).

*91 percent of people believe their company should be doing more to listen to their needs and 61 percent are more likely to stay with a company that uses advanced technologies like AI to support career growth.

“The past year and a half changed how we work including where we work and, for a lot of people, who we work for. While there have been a lot of challenges for both employees and employers, this has been an opportunity to change the workplace for the better,” said Dan Schawbel, managing partner, Workplace Intelligence. “The results clearly show that investment in skills and career development is now a key differentiator for employers as it plays a significant role in employees feeling like they have control over their personal and professional lives. Businesses that invest in their employees and help them find opportunities will reap the benefits of a productive, engaged workforce.”

“The pandemic has set a new course for the future of work. Surprisingly, despite feeling stuck in their lives, anxious about their future, trapped in the same routine, and more loneliness than ever before, employees are feeling more empowered. They have found their voice and are not hesitating to speak up what success means to them, ” said Shaakun Khanna, Head of HCM Cloud Applications Strategy, Asia Pacific, Oracle. “With these changing priorities, organisations need to do more to attract and retain talent. They need to double down their efforts to help employees identify and develop new skills, and provide personalized career journeys to put them in control of their careers once again.”

“It’s not unreasonable to want to be in the driver’s seat of your own life. Employers should make it as easy as possible for employees to be happy, feel fulfilled, and achieve their version of success with the help of the right technology and right tools,” added Shaakun.

“Peoples’ anxiety and stress level increase as they discover and adapt to unknown changes. Remote working and limited physical interactions further restricted understanding and information sharing, resulting in lower engagement, collaborations and trust,” said Peter Leow, Director, Human Resources, The Salvation Army International. “Robots and AI could help bridge some of these gaps to connect and strengthen interest and relations, improve work cultures through crowd sharing of information with efficacy. It enables empowerment, exploration and experimentation within a safe and controlled enviroment with transparency and consistency to enhance creativity, efficiency and effectiveness!”