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cabinet nod to appoint arrangers to issue Japanese Bonds worth $500 mn

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The proposal made by the Minister of Finance, based on the Cabinet decision dated 2019‑09‑03, to secure the necessary funds for settling the Government debts in the near future, within the borrowing limits approved by the Active Liability Management Act, to raise US$500 million (Japanese Yen 60 billion) with a 10 year maturity of SAMURAI Bonds with the possible credit enhancement from the Japan Bank for International Cooperation and to appoint the three banks/investment houses namely, Mizuho Securities Company Ltd., SMBC Nikko Securities Inc. and Mitsubishi UFJ Morgan Stanley Securities Co. Ltd., as Joint Lead Arrangers for the said issuance, according to the recommendation of the Monitory Board of the Central Bank of Sri Lanka, was approved by the Cabinet.  

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Fuel consumption based carbon tax gets Cabinet approval

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The Carbon Tax has been imposed under the Finance Act, No.35 of 2018. The tax liability depends on the age from the first registration, engine capacity and the fuel type of the vehicle but having considered the requests from the Public, the observations of the experts and the difficulty of implementation at the Divisional Secretariat level, the basis of the chargeability of the tax has been decided to be changed. Accordingly, the proposal made by the Minister of Finance, to instruct the Legal Draftsman to draft amendments to be moved at the Committee Stage of the Finance Bill enabling to charge the tax as payable at the rate and the manner prescribed on the consumption of fuel by the Minister of Finance, was approved by the Cabinet.

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SLT fibre to power 3 newest apartment complexes of Rasika Holdings Colombo

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Sri Lanka Telecom (SLT), the leading ICT and digital solutions provider in the nation, entered into an agreement with Rasika Holdings (Pvt) Ltd, a prominent and leading property developing company approved by Board of Investment (BOI) of Sri Lanka, to be the Digital Solutions Provider for the company’s latest luxury apartment complexes, in Colombo 06. Under the agreement, SLT will be the total digital services provider for 3 luxury apartments with 94 units, powered via the company’s state-of-the-art fibre infrastructure that will serve as the apartment’s communications backbone. The agreement between the two companies was signed at an official ceremony held in Colombo recently, by authorized signatories, Mr. R. Kailayapillai / Chairman of Rasika Holdings and Mr. Kiththi Perera – Chief Executive Officer of SLT. The agreement signing was also attended by other officials from both Rasika Holdings (Pvt) Ltd., and Sri Lanka Telecom PLC who were involved in the project.   Rasika Holdings (Pvt) Ltd, has recognized in providing high quality and luxury apartment solutions ahead vertical living lifestyle for local & overseas client requirements and it has successfully completed several high quality apartment complexes over the years majorly in the heart of Colombo.     Photo caption from left – Participants at the agreement signing, from left to right include: Ms. Theresha Malar Gopal / Account Assistant (Rasika Holdings), Ms. Kayattiri Edirisinghe / Account Assistant (Rasika Holdings), Mr. R. Kailayapillai / Chairman (Rasika Holdings),  Mr. Kiththi Perera / Chief Executive Officer (SLT), Mr. Chethana Attanayake / General Manager Western Province Central (SLT), Mr. Kelum Priyantha / Manager Business Development (SLT), Ms. Chithra Kumari / Senior Executive Assistant Manager (SLT).

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George Steuarts launches James Coffee to delight coffee lovers

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George Steuart Consumer recently launched their latest addition to the fast moving consumer goods (FMCG) basket “James Coffee” in 20g and 50g packaging. James Coffee will be made available across the island initially in general trade outlets and supermarket chains will follow in the near future. Coffee was the main export commodity in Ceylon in the early 1800. James Steuart was one of the pioneers in coffee trading who engaged in collecting coffee beans from plantations across the country and then curing them at his own mill “Wekande Mills” prior to shipping them in wooden barrels as early as 1836. George Steuart & Company as a dynamic planters agency by 1866 covered 65 estates with 34,000 acres. James Coffee has been made from the finest coffee beans, which are carefully selected , cleaned, roasted and grounded using modern machinery and methods that preserve  freshness, aroma and taste. Paddy Weerasekera, Chief Executive Officer – Consumer, George Steuarts & Co said “we are delighted to introduce yet another quality product which is presented by a company that has an undisputable association to coffee as early as the 1800’s. We see a fast developing coffee culture not only in the urban areas but across the island. In his regard we saw an opportunity to offer consumers a quality coffee brand at an ideal price point. Our coffee beans are collected from the hill capital region having a specific size, level of ripeness and overall quality to ensure the best of the best beans go into our end product. These beans have also been kept for a longer period of time for drying so the taste is not compromised”. Established in 1835 by brothers James and George Steuart, George Steuart & Company stands proud today as the oldest corporate house locally and one of the oldest mercantile establishments in the world. Today, George Steuart has become one of the fastest expanding conglomerates in Sri Lanka having a diverse range of businesses in almost every industry. George Steuart Consumer produces, distributes and markets a number of FMCG products including tea, beauty care, coffee and household, commercial and personal cleaning liquids.

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Richard Pieris Distributor gets cabinet nod for mixed development project in Kottawa

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The proposal made by the Minister of Megapolis & Western Development to vest a plot of land in extent of 1 acre, 1 rood and 19.40 perches located bordering the High level Road, Kottawa to Richard Pieris Distributors Ltd., at No. 310, Highlevel Road, Navinna, Maharagama on a 99 year lease basis, to implement a mixed development project, consisting of a super market, luxury shopping malls, recreational activities and residential component with 80 apartments, was approved by the Cabinet.

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SriLankan Airlines becomes ‘Asia’s Leading Airline to the Indian Ocean’ at World Travel Awards for 03rd consecutive year

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SriLankan Airlines, the National Carrier of Sri Lanka and a member of the oneworld alliance, reaffirming its stature as a leading airline in the Indian sub-continent, won the prestigious ‘Asia’s Leading Airline to the Indian Ocean’ title for the third consecutive year at World Travel Awards Asia & Oceania Gala Ceremony , held yesterday ( October 12, 2019) in Phu Quoc, Vietnam. The other contenders for the award were Bangkok Airways, Cathay Pacific, China Eastern Airlines, China Southern Airlines, Hainan Airlines, Hong Kong Airlines, Korean Air, Malaysia Airlines, SilkAir and Singapore Airlines. SriLankan Airlines, Chief Executive Officer, Mr. Vipula Gunatilleka said, “This prestigious award reinforces the success of our efforts to remain a leading carrier in the Indian Ocean region.  Our connectivity strength across other key regions has always made us a preferred choice of travel to and from the Indian Subcontinent via our Colombo hub.” The Airlines’ continuous marketing drive through the execution of  insightful and innovative marketing campaigns to promote travel movements into the Indian Ocean region, resulted in this achievement. The Award proves SriLankan’s consolidated presence in the South Asian region, strongly supported by its connectivity of 121 flights a week to 11 Indian cities, namely Chennai, Trivandrum, Tiruchirappalli, Mumbai, Bangalore, New Delhi, Cochin, Madurai, Kolkata, Coimbatore and Hyderabad. The Airline also operates to other popular cities such as Dhaka, Karachi and Lahore. The Maldives has been Sri Lanka’s extended home market with its connectivity to Male of 21 flights a week, facilitating leisure-seekers from its extensive network of Middle East, the Europe, the Far East and Australia. SriLankan also became the first Airline to connect Gan Island of South Maldives with the world, thus becoming the only airline that operates out of two points in the Maldives. As a oneworld member, the National Carrier also had the privilege of adding Tiruchirappalli and Gan Island to the extensive network of the alliance. This year, the Airline made a range of connectivity enhancements in the region, such as the addition of three frequencies between Colombo and New Delhi which currently translates to 18 flights a week and the direct flight connecting Japan’s leisure travellers from Narita to Malé. World Travel Awards™ was established in 1993 to acknowledge, reward and celebrate excellence across all key sectors of the travel, tourism and hospitality industries. Today, the World Travel Awards™ brand is recognised globally as the ultimate hallmark of industry excellence. World Travel Awards™ celebrates its 26th anniversary year in 2019. Its annual programme is renowned as the most prestigious and comprehensive in the global industry. Each year World Travel Awards™ covers the globe with its Grand Tour – a series of regional gala ceremonies to recognise excellence within each continent, culminating in a Grand Final at the end of the year.

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Sri Lanka official reserves fall to US$7.6bn in September 2019

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Sri Lanka’s gross official reserves fell US $886 million to US $7,637.6 million in September 2019 from US $8,523.7 in August, latest Central Bank data showed. By the end of September, foreign currency reserves were 6,637.3 million dollars while the reserve position in the IMF was 65.2 million dollars. Reserves in Gold were 926.7 million and other reserve assets were 1.1 million US dollars. Moreover, during the year up to 11th October 2019, the Sri Lanka rupee has appreciated against the US dollar by 1.2% Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Gross official reserves can fall without any balance of payments pressure when Treasury reserves are used to repay loans.

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New banking act permits regulator to impose fines – CBSL governor

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Sri Lanka’s banking sector should start preparing for the anticipated transformation of the current banking industry landscape as the new Banking Act is set to come into effect with the regulator gaining power to impose fines on errant banks. “We are in the process of reviewing the current banking act and there are number of amendments that will be introduced to strengthen the banking act and one of those amendments is to empower the statutory authority who is the director of bank supervision to impose fines,” Central Bank Governor Dr.  Indrajit Coomaraswamy told reporters on Friday (11 October). “Right now we don’t have the capacity to impose fine. You would have read in media all over the world that regulators impose billions of dollars of fines on some of the biggest banks in the world. Now we can’t do that. We can restrict their business in certain ways. We can restrict the role of board members etc. But we can’t impose fines so that is what would be introduced,” governor said. “So the World Bank is helping us to resave the banking act. So with that I think all those penalties, structures would be introduced.”added the Deputy Governor of the CBSL H.A. Karunaratne .

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India’s Alliance Air to launch direct flights from Chennai to Jaffna this week

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Alliance Air, a subsidiary of Air India, is getting ready to launch direct flights from the northern Sri Lankan city to Chennai and Tiruchi. The new service is set to be launched this week, with a test flight from Chennai to Jaffna scheduled on Thursday, October 17. It will likely run three flights a week and then add services depending on demand, according to Sri Lankan officials involved in the discussions. According to ‘The Hindu’, the new flight services were to connect Jaffna to New Delhi, Mumbai and Kochi.  

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Sri Lanka stocks hit near 6-week high; rupee weakens

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(Reuters) – ** Sri Lankan stocks rose for the seventh straight session on Monday to hit a near six-week high as beverage and banking shares rallied. However, the rupee ended weaker. ** The benchmark stock index ended 0.61% firmer at 5,870.09, its highest close since Sept. 3. So far this year, the index has dropped 3.01%. ** Meanwhile, the rupee was 0.14% weaker at 180.90/181.10 per dollar compared with Friday’s close of 180.65/75. The currency is up 0.93% so far this year. ** Foreign investors were net sellers of risky assets as presidential poll campaigning began in the nation. ** Foreign investors continued selling for the ninth straight session. They sold a net 204 million rupees worth of shares, extending the year-to-date net foreign outflow to 3.95 billion rupees of equities, according to index data. ** One of the two presidential frontrunners, former wartime defence chief Gotabaya Rajapaksa, is possibly getting the broader support of other smaller parties after President Maithripala Sirisena’s center-left Sri Lanka Freedom Party (SLFP) pledged its backing for his candidature in the election scheduled for Nov. 16. ** Rajapaksa started his campaign last week, while the other strong candidate Sajith Premadasa, the housing minister who has the backing of most of the rural poor, also kicked off his campaign in the previous week. ** Sri Lanka’s central bank left its key rates unchanged on Friday after loosening policy earlier this year, although growth is likely to remain subdued as the economy faces rising global risks. ** Equity market turnover was 1.1 billion Sri Lankan rupees ($6.08 million), well above this year’s daily average of about 662 million rupees. Last year’s daily average was 834.0 million rupees. ** Foreign investors sold government securities on a net basis for the seventh time in eight weeks, they sold a net 102.8 million rupees worth of government securities in the week ended Oct. 9. ** Foreign outflows, which are one of the major reasons behind the rupee’s recent weakness, may not abate until after a parliamentary election in 2020, some analysts had said. ** The central bank does not release foreign trade numbers on a daily basis, but weekly data in the past six weeks through Sept. 25 has shown a steady outflow. ** Sri Lanka has seen a net foreign outflow of 54.9 billion rupees through Oct. 9, according to central bank data. 

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Trade deficit contracts in August 2019 as imports decline and exports recover

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According to the latest external trade data released by the Central Bank, country’s trade deficit had contracted in August 2019 as the decline in imports continued while the dip in exports in the previous month has largely recovered. Import expenditure recorded a decline of 16.6% (year-on-year) and export earnings declined fractionally by 0.4% (year-on-year) in August 2019, mainly due to the lower prices of major export categories. The deficit in the trade account contracted by US dollars 2,386 million to US dollars 4,854 million during the first eight months of 2019 in comparison to US dollars 7,240 million in the corresponding period of 2018. Meanwhile, the terms of trade, which represents the relative price of imports in terms of exports, improved by 5.2% (year-on-year) as import prices reduced at a faster pace than the reduction in export prices. However, on a cumulative basis, the terms of trade deteriorated marginally by 0.1% during the first eight months of 2019 in comparison to the corresponding period of 2018. Exports Earnings from merchandise exports declined marginally by 0.4% (year-on-year) to US dollars 1,033 million in August 2019 led by a decline in agricultural exports followed by mineral exports while industrial exports grew, supported by higher earnings from textiles and garments. Earnings from textiles and garments increased by 7.0% reflecting the higher demand from all major markets especially from the EU, which recorded a growth of 12.9%. Export earnings from chemical products, printing industry products, animal fodder and plastics and articles thereof also increased. However, export earnings from rubber products declined due to lower earnings from tyres and surgical and other gloves exports while food, beverages and tobacco exports declined with lower exports of vegetable, fruit and nut preparations as well as manufactured tobacco. Export earnings from machinery and mechanical appliances, petroleum products, transport equipment, base metals and articles and leather, travel goods and footwear also declined during this period. Earnings from agricultural exports decreased in August 2019 due to lower earnings from all sub-categories except tea, seafood and vegetables. Earnings from tea exports increased in August 2019 due to higher export volumes despite the decline in average export prices. However, earnings from spices declined due to poor performance in cinnamon, clove and pepper. In addition, export earnings from coconut declined due to lower export prices in both kernel and non-kernel products. Export earnings from mineral exports also declined in August 2019 in comparison to August 2018 due to low performance in all sub-categories under mineral exports. The export volume index in August 2019 increased by 2.9% (year-on-year) while the export unit value index declined by 3.2%, indicating that the subdued performance of exports was entirely driven by the reduction in export prices. Imports Expenditure on merchandise imports contracted notably in August 2019 for the tenth consecutive month by 16.6 per cent (year-on-year) to US dollars 1,574 million registering a decline across all major categories of imports. Expenditure on consumer goods imports declined in August 2019 reflecting the reduction in both food and beverages and non-food consumer goods imports. Lower imports of spices, dairy products, vegetables and seafood mainly contributed to the decline in imports of food and beverages while lower imports of personal motor vehicles resulted in the contraction in non-food consumer goods imports. Import expenditure on personal motor vehicles declined by 46.2%, year-on-year, continuing the trend observed since December 2018 despite an increase seen in July 2019 over the preceding months, reflecting the impact of a backlog of a concessionary permits being used for importing vehicles. However, expenditure on sugar and confectionary, medical and pharmaceuticals, cereals and milling industry products imports has increased during August 2019. Expenditure on imports of intermediate goods reduced in August 2019 mainly due to lower expenditure on petroleum products as a result of lower import volumes and prices. Expenditure on textiles and textile articles, chemical products, paper and paperboard and articles thereof and mineral products also declined. However, expenditure on fertiliser imports increased by more than two-fold on a year-on-year basis in August 2019 due to higher volumes imported targeting the coming Maha season while import of base metals and wheat and maize also increased. Imports of investment goods declined in August 2019 due to lower imports of machinery and equipment and building material. However, transport equipment increased significantly mainly driven by the importation of railway equipment. The import volume index dropped by 9.3% while the unit value index dropped by 8.0% indicating that the decline in imports was driven by the combined effect of lower volume and prices when compared to August 2018.

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Sri Lanka tourism earnings reach US$2.3bn in first 8 months

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Sri Lanka’s tourism sector earnings were estimated at US $2,380 million during the first eight months of 2019 compared to US $2,971 million during the corresponding period of 2018,  latest External Sector Performance report of the Central Bank of Sri Lanka outlines. Earnings from tourism were estimated at US $ 270 million in August 2019, in comparison to US $ 376 million in August 2018. Tourist arrivals rose steadily recovering from the impact of the Easter Sunday attacks. Accordingly, arrivals increased by 24.1% to 143,587 in August 2019 from 115,701 in July 2019. Meanwhile, the year-on-year decline of arrivals narrowed to 28.3% in August 2019 compared to the drop of 46.9% in July and 57% in June 2019.

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WB forecasts 2.7% growth for Sri Lanka this year

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The World Bank yesterday(14) revealed that Sri Lanka’s economic growth is expected to soften to 2.7% in 2019. However, supported by recovering investment and exports, as the security challenges and political uncertainty of last year dissipate, it is projected to reach 3.3 % in 2020 and 3.7 % in 2021. In its latest edition of the South Asia Economic Focus, the World Bank said,in line with a global downward trend, growth in South Asia is projected to slow to 5.9 percent in 2019, down 1.1 percentage points from April 2019 estimates , casting uncertainty about a rebound in the short term, says the World Bank in its twice-a-year regional economic update. The latest edition of the South Asia Economic Focus, Making (De)centralization Work, finds that strong domestic demand, which propped high growth in the past, has weakened, driving a slowdown across the region. Imports have declined severely across South Asia, contracting between 15 and 20 percent in Pakistan and Sri Lanka. In India, domestic demand has slipped, with private consumption growing 3.1 percent in the last quarter from 7.3 percent a year ago, while manufacturing growth plummeted to below 1 percent in the second quarter of 2019 compared to over 10 percent a year ago. “Declining industrial production and imports, as well as tensions in the financial markets reveal a sharp economic slowdown in South Asia,” said Hartwig Schafer, World Bank Vice President for the South Asia Region. “As global and domestic uncertainties cloud the region’s economic outlook, South Asian countries should pursue stimulating economic policies to boost private consumption and beef up investments.” The report notes that South Asia’s current economic slowdown echoes the decelerating growth and trade slumps of 2008 and 2012. With that context in mind, the report remains cautiously optimistic that a slight rebound in investment and private consumption could jumpstart South Asia’s growth up to 6.3 percent in 2020, slightly above East Asia and the Pacific, and 6.7 percent in 2021. In a focus section, the report highlights how, as their economies become more sophisticated, South Asian countries have made decentralization a priority to improve the delivery of public services. With multiple initiatives underway across the region to shift more political and fiscal responsibilities to local governments, the report warns, however, that decentralization efforts in South Asia have so far yielded mixed results. For decentralization to work, central authorities should wield incentives and exercise quality control to encourage innovation and accountability at the local level. Rather than a mere reshuffling of power, the report calls for more complementary roles across tiers of government, in which national authorities remain proactive in empowering local governments for better service delivery. “Decentralization in South Asia has yet to deliver on its promises and, if not properly managed, can degenerate into fragmentation,” said Hans Timmer, World Bank Chief Economist for the South Asia Region. “To make decentralization work for their citizens, we encourage South Asian central governments to allocate their resources judiciously, create incentives to help local communities compete in integrated markets, and provide equal opportunities to their people.”
  • In Afghanistan, with improved farming conditions and assuming political stability after the elections, growth is expected to recover and reach 3 percent in 2020 and 3.5 percent in 2021. However, the outlook is highly vulnerable and may be affected by deteriorating confidence due to uncertainty around international security assistance, election-related violence, and peace negotiations with the Taliban.
  • In Bangladesh, GDP is projected to moderate to 7.2 percent this fiscal year and 7.3 percent the following one. The outlook is clouded by rising financial sector vulnerability, but the economy is likely to maintain growth above 7 percent, supported by a robust macroeconomic framework, political stability, and strong public investments.
  • In Bhutan, GDP growth is expected to jump to 7.4 percent this fiscal year with the commissioning of Mangdechhu, a new hydropower plant, and the completion of the maintenance of Tala, another one. Growth in fiscal year 2021 is forecast just below 6 percent on the base of strong tourism growth and increased revenue from the existing power plants.
  • In India, after the broad-based deceleration in the first quarters of this fiscal year, growth is projected to fall to 6.0 this fiscal year. Growth is then expected to gradually recover to 6.9 percent in fiscal year 2020/21 and to 7.2 percent in the following year.
  • In Maldives, growth is expected to reach 5.2 percent in 2019, due to a slowdown in construction following the completion of the international airport and a connecting bridge. However, with support from new infrastructure investment and the expansion of tourism, growth is expected to pick up again to an average of 5.6 percent over the forecast horizon.
  • In Nepal, GDP growth is projected to average 6.5 percent over this and next fiscal year, backed by strong services and construction activity due to rising tourist arrivals and higher public spending.
  • In Pakistan, growth is projected to deteriorate further to 2.4 percent this fiscal year, as monetary policy remains tight, and the planned fiscal consolidation will compress domestic demand. The program signed with the IMF is expected to help growth recover from fiscal year 2021-22 onwards.
  • In Sri Lanka, growth is expected to soften to 2.7 percent in 2019. However, supported by recovering investment and exports, as the security challenges and political uncertainty of last year dissipate, it is projected to reach 3.3 percent in 2020 and 3.7 percent in 2021.
  Source: World Bank. GDP: Gross Domestic Product, CY: Calendar Year, FY: Fiscal Year, e: Estimate f: Forecast; in Bangladesh, Bhutan, Nepal, and Pakistan, 2019 refers to FY2018/19 and ended in June 2019. For India, 2019 refers to FY2019/20 and will end in March 2020.

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US$285mn outflow from government securities in first 8 months

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Foreign investments in government securities recorded a net outflow of US $156 million in August 2019. On a cumulative basis, net outflows from the government securities market amounted to US $285 million during the first eight months of the year. Foreign investments in the CSE, including primary and secondary market transactions, recorded a net outflow of US dollars 12 million during the month of August 2019. Nevertheless, financial flows to the CSE recorded a net inflow of US $22 million during the first eight months of 2019. Further, long term loans to the government recorded a net inflow of US $83 million during August 2019. There were significant project loan inflows to the government in August 2019, with a number of social development and infrastructure projects receiving disbursements.

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Iconic Sri Lankan Cricketers Mahela and Kumar – Brand Ambassadors for Expo 2020 Dubai

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Mahela Jayawardena and Kumar Sangakkara – two of the most iconic cricketers produced by the country has come on board as Sri Lanka’s Brand Ambassadors for Expo 2020 Dubai organized by the Sri Lanka Export Development Board (EDB) as a public private cooperation project . Both Mahela and Kumar, outstanding cricketers having captained the Sri Lankan team has amply demonstrated their Leadership, team spirit and enterprising qualities beyond the cricket field expanding to the business world. As much as they been stylish with bat and ball in the field, they are equally smart and effective off it. Kumar recently obtained the rare honour of becoming the first non-British President of the Marylebone Cricket Club (MCC), which is the custodian of the Laws of Cricket. Mahela has become a successful Cricket coach, guiding the team Mumbai Indians for two championship titles in the famous Indian Premier League (IPL) tournament. Cricket in Sri Lanka is no longer just a sport. It is a shared passion that brings all Sri Lankans together; a force for unity. The power of Sri Lanka Cricket as a brand could be used in building Sri Lanka’s image internationally. EXPO 2020 Dubai to be held from 20th October 2020 to 10th April 2021 is a mega trade exposition to be held in the UAE under the theme of ‘Connecting minds, Creating the future’ with more than 190 participating countries and over 25 million visitors from across the world to create, collaborate and innovate to generate a sustainable future. Sri Lanka will have its own dedicated pavilion at this 6-month-long mega exposition under the sub theme of “Opportunity”, and the pavilion will be branded under the title “Island of Ingenuity”. Sri Lanka’s pavilion and other related activities during EXPO 2020 will be organised as a Public-Private cooperation project under the theme ‘Water’, which has been designed by the students of Moratuwa University. EXPO 2020 Dubai platform will be used to promote and brand Sri Lanka as a country with diverse opportunities in the spheres of tourism, trade and investment. Given the magnitude and the global attention the event will attract, Sri Lanka will make use of world renowned Sri Lankan personalities to promote the Country. To build on the global recognition already achieved through “Sri Lanka Cricket”, Sri Lanka has got Mahela Jayawardena and Kumar Sangakkra to collaborate with Sri Lanka’s participation at Expo 2020 Dubai. Mahela and Kumar has endorsed their commitment to promote Sri Lanka at Expo 2020 Dubai. Hon. Malik Samarawickrema, said “We are extremely grateful to the two of the world class cricketers produced by Sri Lanka , Mahela Jayawardena and Kumar Sangakkara for assisting the EDB and the private stakeholders to promote Sri Lanka at the Expo 2020 in Dubai.” Commenting, the two legendary Sri Lankan Cricketers expressed their excitement in participating as Brand Ambassadors for their motherland during this keenly anticipated international exposition. “I am excited by the fact that Sri Lanka will be participating at this event and setting up a pavilion which will showcase the very best that our country can offer to the World. Sri Lanka has chosen “Water” as its theme because of its importance to life and also to our economy. We are an island nation and therefore surrounded by water, but also have benefitted from its rivers and our past is in essence a hydraulic civilization where irrigation of the land brought wealth to the country and in the future it reflects our commitment to development whilst protecting the nation’s pristine environment”, Kumar described the spirit of Sri Lanka’s theme for Expo 2020 Dubai. He noted that visitors to the Sri Lankan pavilion will observe the beauty of the island, the richness of its culture, and also opportunities in areas such as tourism, trade, and investments. Sharing his views, Mahela elaborated that Expo 2020 Dubai will open up great opportunities for Sri Lanka in terms of creating a considerable knowledge about the country to attract trade, tourists, and foreign direct investments. “Sri Lanka is an island nation that radiates beyond its size, and is renowned for its strategic location, scenic beauty high quality of life. We are now an upper middle-income country that enjoys stability and growth. I invite the international delegates, to step in to our Sri Lankan pavilion to experience the country’s improving business climate, its high standard of infrastructure and logistics, the know-how that Sri Lankans can offer and its intelligent workforce for emerging industries”. Famous Sri Lankans of an international stature such as Mahela and Kumar as Brand Ambassadors will enrich and add considerable glamour and generate interest in Sri Lanka’s participation in Expo 2020 Dubai.  

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Apple criticized for sending some browsing data to Tencent

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Bloomberg – Apple Inc. came under fire on Monday for sending web browsing data, including IP addresses, to China’s Tencent Holdings Ltd., the latest criticism of how the company operates in the world’s most populous nation. For about two years, Apple has been sending data to Tencent as part of an iPhone and iPad security feature that warns users if a website is malicious or unsafe before they load it. The U.S. company checks addresses against an existing list of sites known to be problematic. That list is maintained by Tencent for users in mainland China and by Google for other regions, including in the U.S. In newer versions of Apple’s iOS operating systems, the company says this feature “may also log your IP address,” potentially providing Tencent, a Chinese internet conglomerate with government ties, data such as a user’s location. The safe browsing feature with Google was first added to iOS in 2008, but it was expanded to include Tencent with iOS 11 in 2017. Apple updated its description of the feature in more recent versions of iOS.
“We deserve to be informed about this kind of change and to make choices about it,” Matthew Green, a cryptographer and professor at Johns Hopkins University, wrote in a blog post. “Users should learn about these changes before Apple pushes the feature into production, and thus asks millions of their customers to trust them.”
This isn’t the first time Apple has been criticized for working with a Chinese company to handle local data. In 2018, Apple partnered with Guizhou-Cloud Big Data to store iCloud data locally for users in mainland China. More recently, Apple has been scrutinized for appeasing China. BuzzFeed recently reported that Apple told creators of shows for its TV+ streaming service to avoid portraying China in a poor light. The company recently removed the Taiwanese flag from the emoji keyboard on devices running in Hong Kong and Macau, after earlier pulling it from Mainland China. It also came under fire for removing a maps app in Hong Kong that the developer said was designed to help users avoid areas of protest. Apple said it was following local laws in both instances.

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COEXIST Foundation together with SDF carry out Value Creation Workshop to empower social entrepreneurs

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Sarvodaya Development Finance (SDF), a licensed Finance Company approved by the Central Bank of Sri Lanka, continued its efforts to support grassroots entrepreneurs by conducting the second phase of the highly-successful Village Biz Festival held earlier this year. Titled “Value Creation Workshop”, the free residential workshop was organised by COEXIST Foundation together with SDF and was held at Bandaragama Sarvodaya Training Center on 23rd and 24th September 2019. The well-attended event focused on enhancing the current business opportunities of the 150 social entrepreneurs who took part in Village Biz Festival on 20th July 2019 at Green Path. During the course of the two days, a number of experts from different fields shared their insights on key topics with the audience. They included “Identifying and enhancing currently business opportunities” by Dr. Samantha Rathnayake and Mr. Ravi Bamulusinghe from Postgraduate Institute of Management (PIM), “Export Opportunities” by Ms. Kethaki Pelpola from Export Development Board (EDB), “Different Types of Packaging and the Importance of Packaging” by Mr. Thushantha Karunanayake of Sri Lanka Institute of Packaging (SLIP), “Marketing/Product Development/Sales” by Mr. Kelum Hewawasam of Sri Lanka Institute of Marketing (SLIM) and “IT and Digital Marketing” by Mr. Wellington Perera from Enhanzer (Pvt) Ltd. The knowledge gained through these informative and interactive sessions are an important aspect of uplifting the lives of social entrepreneurs who produce and sell, recycle and upcycle sustainable and innovative products. It will help them to connect better with customers and promote holistic living that embraces the concept of wellness. Sharing his thoughts on the event, CEO of Sarvodaya Development Finance Nilantha Jayanetti stated, “Sarvodaya Development Finance has always focused on supporting and empowering SMEs and micro enterprises at the grassroots level. The Village Biz Festival was conceptualized as a continuation of our efforts to bridge today’s urban-rural divide and I must say it has been a great success. Therefore, we were keen to build on this initial success and offer these social entrepreneurs the chance to interact with top experts on a variety of key subject areas that will definitely boost their businesses. These social entrepreneurs are doing great work in the area of upcycling, recycling and devising sustainable products to preserve the country’s eco-system, which is something the whole country urgently needs to address in the wake of what has been happening over the past few years.” The Sarvodaya Development Finance evolved from deep rooted commitment to nation building and development along the ‘grass roots upwards’ model of its parent, the Sarvodaya Movement. Founded by Dr. A. T. Ariyaratne, is currently the oldest non-governmental organisation in Sri Lanka.  

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Lanka Hospitals Diagnostics Re-certified with the Gold Standards in Accreditation

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As the only laboratory in Sri Lanka accredited by internationally acclaimed bodies such as College of American Pathologists (CAP) and International Standards Organization (ISO), Lanka Hospital Diagnostics meets the platinum standard of laboratory quality and testing. The accredited practices uplift the range and quality of laboratory results ensuring that patients receive the most accurate and reliable diagnosis contributing to good medical care, paving the way to smooth and rapid recovery. CAP is accepted worldwide as the gold standard of laboratory accreditation. To secure this, LHD has enrolled in Proficiency Testing (PT) since 2015. It is a programme where results of LHD are compared with over 3000 CAP-accredited laboratories all over the world which receive the same samples sent by CAP throughout the year. This programme covers the entire range of LHD’s test menu. The accreditation status is renewed bi annually. Annual self inspections are carried out and the outcome is scrutinized by CAP closely. LHD is proud to have secured the re-accredited status in 2019 by CAP. The Proficiency Test (PT) platform first seeks to evaluate whether improvements and corrective measures have been taken during the past two years, for the areas that deviated from current standards. Such corrective action may range from sourcing of raw material, methods of storage, temperature control, to improve the accuracy of reports for patients. CAP has a specified list of requirements that 20,000 quality laboratories complies with, around the world participating in the accreditation programme. The facility and the quality of staff are also closely monitored in the re-accreditation process. Due to the said requirements, LHD technical staff members possess a recognized university degree, diploma or postgraduate qualification at the entry level, which truly differentiates the laboratory service provider from its peers in the industry. They are enrolled in relevant training schedules from the time of recruitment. Continuing Professional Development (CPD) activities thus are a part of the re-accreditation programme across the board. “We are truly honoured to have secured the first re-accreditation endeavour after a lengthy process of on-site inspection by the best of experts around the world”, stated Dr. Geethani Galagoda, Head of Laboratories of LHD. “We owe this recognition to the fact that we have maintained the highest standards with our 24-hour service operating with 5 full-time consultants supported by excellent processes, staff and policies of high standard” she further added. “Patients are our number one priority and we equip our laboratories with the knowledge, skills and resources to remain current and relevant in an evolving health care landscape. We are changing lives by presenting patients with the answers they need to guide their care,” said Pradeep Edward, Chief Executive Officer of LHD. Adding further “Lanka Hospitals Diagnostics is now able to match the standards of the best laboratories in the world for its accuracy and quality in laboratory test results”. For many years, LHD has heavily invested in numerous ways to improve the quality of their testing and continues to expand its investment goals to the betterment of patient testing procedures, which is complemented by the gold standards of accreditation, accuracy, timeliness and customer-friendliness. Poor quality and delays in producing lab reports at any stage of care, poses detrimental effects on patients who are at risk of being treated erroneously. The Quality Department at LHD relentlessly pursues lapses identified internally and those received as complaints by analyzing root causes and developing immediate effective corrective actions. Accreditation by one of the world’s best institutions such as the CAP has given LHD its reigning position in testing accurately, contributing to improving the quality of healthcare in Sri Lanka.    

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SLASSCOM to Host Innovation Awards & Gala to Recognize Sri Lanka’s Greatest Tech Innovators

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The Sri Lanka Association of Software and Services Companies (SLASSCOM) in conjunction with the SLASSCOM Innovation Forum are proud to host the Annual SLASSCOM Innovation Awards and Gala 2019, an event with the aim of recognizing and celebrating the country’s greatest innovators – which will take place from 5pm onwards on the 14th of November 2019 at Shangri-La Hotel, Colombo. The event hopes to bring together over 300 of the industry’s senior and middle level technologyprofessionals from the fields of IT and Business Process Management (BPM) who will witness the premier Tech Innovation Awards event focused on recognizing and celebrating business excellence within the Sri Lankan IT and BPM industry. The theme for this year’s awards is ‘Cultivating an Innovation Ecosystem’ and innovators can apply under a total of seven categories, namely Best Product Innovation, The Best Disruptor Award, Best Client Delivery Innovation, Best Innovation in Internal Processes, Best Technology or Framework Innovation, Best Start-up Product/Service and Best Innovation in Business Process Management. Commenting on the significance of the event, Ranil Rajapakse, Chairman SLASSCOM stated, “We are delighted to be hosting the Innovation Awards for the second consecutive year in collaboration with the SLASSCOM Innovation Forum, making this the premier event for recognizing tech innovation and the individuals behind them in Sri Lanka.” Adding his insight, Chrishan de Mel, Executive Director SLASSCOM said, “The SLASSCOM Innovation Awards recognizes companies who have delivered outstanding solutions and services to our global clients. Be it in product engineering, business process management or process improvement, the Innovation Awards highlight the companies that enable us to be that Island of Ingenuity. I would also like to thank our international panel of judges for their availability and support.” Last year’s awards and winners for the categories were: Best Product Innovation won by chargeNET, Best Startup Product or Service and Best Client Delivery Innovation won byPAYable,  Best Disruptor Award won by PickMe, Best Innovation in Internal Processes won by Embla, Best Innovation in Business Process Management won by MAS Legato and Best Technology or Framework Innovation award which was awarded toiPay. Judging the applicants is adistinguished panel of international judgeswith extensive knowledge and experience in the fields of research, consulting, entrepreneurship and innovation. The panel comprises of three eminent individuals, Achyuta Ghosh – Head of Research of NASSCOM, India, Jeanette Cheah – Co-founder and CEO of The Hacker Exchange, a global, tertiary-accredited company and Eli Itin – Founder and Senior Innovation Consultant at Northern Star Innovation – a boutique consultancy specializing in the creation and management of organizational innovation. The judging process would be in three stages. Applicants can submit their applications via the SLASSCOM portal and thereafter,the judging panel will examine and analyze the applications and any clarifications needed will be obtained at this time. Following this, the judges would re-analyze the documentation and select the winning application in each category. Extending their support towards the betterment of innovation in Sri Lanka are the events’ Strategic Partner – Millennium IT ESP, Silver Sponsor – embla Software Innovation, Digital Media Partner – zMessenger, Hospitality Partner – Shangri-La Hotel, Corporate Sponsors – Dialog Enterprise, Horizon Campus and hatch. Apart from recognizing the winners in seven identified categories, the SLASSCOM Gala segment also paves the way for a unique opportunity where individuals from various IT and BPM organizations can come together to share knowledge and network. As a result, this event will also be the largest social gathering of all SLASSCOM members for the year 2019. Following the distribution of awards, the event is set to culminate with a glamorous night of entertainment including live band performances and a Gala Dinner. The SLASSCOM Innovation awards is the premiere tech innovation awards held in Sri Lanka which recognizes and rewards teams across the industry who help put Sri Lanka on the map by coming together to innovate, reinvent, reimagine and redefine the world as it is today. For more information regarding tickets, sponsors and how to apply, visitbit.ly/SLASSAW

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Nations Trust Bank Wins Four Bank of the Year Awards at Technovation Awards 2019

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Nations Trust Bank’s unwavering dedication and passion for customer service and innovation were honoured in grand style at the Technovation Awards 2019, recently. Nations Trust Bank won Gold Awards for Bank of the Year for Financial Inclusivity (Category B) and Bank of the Year for Excellence in Customer Convenience (Category B). The Bank also received Silver Awards for Most Innovative Bank of the Year and Excellence in Interbank Payments (Banking Institutions). The awards were handed out amidst much anticipation at the Technovation Awards 2019, which was held on the 7th of October 2019 at Shangri-La Colombo. The awards were accepted on behalf of Nations Trust Bank by Janaka Pitadeniya Senior Vice President/Chief Digital Officer and Renuka Senadheera, Vice President – Consumer Services at Nations Trust Bank. The Technovation Awards are conducted by Lanka Clear, Sri Lanka’s largest payments infrastructure provider and the selections were made by an eminent panel of judges against stringent criteria. Speaking about the awards Janaka Pitadeniya Senior Vice President/Chief Digital Officer at Nations Trust Bank said, ‘We are honoured and proud to have been selected for these coveted awards. Winning these awards is a testament to our commitment to customer service and innovation. From our inception we have set ourselves apart through innovation to provide an unparalleled customer experience. It is this drive that has seen Nations Trust Bank pioneer many new concepts and ideas for the first time in Sri Lanka, including the first digital banking experience in Sri Lanka through FriMi. Our focus on digital enablement has also driven us to become Sri Lanka’s most inclusive and progressive bank as we were the first to offer native trilingual support on our mobile platforms and provide true online on-boarding facilities. While we express our gratitude to the Technovation Awards team, we also take this opportunity to thank our people and our customers for their constant support and trust in the Nations dream.’ Nations Trust Bank PLC is among the top 15 business establishments in Sri Lanka as ranked by Business Today Magazine, ably providing a host of financial products and services to a wide range of customers. Nations Trust is also the bank behind Sri Lanka’s first fully-fledged digital banking experience, FriMi. The Bank operates 96 branches across the country, boasting an ATM network covering 127 locations and 48 Cash Deposit & Withdrawal Machines, plus more than 3,700 ATMs on the Lanka Pay Network and is the issuer and sole acquirer for American Express® Cards in Sri Lanka.

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