Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, had the distinction of being awarded the title ‘Sri Lanka’s Most Valuable Brand’ for the second consecutive year by Brand Finance, the world’s leading independent brand valuation consultancy, at the 17^th edition of its annual review. Dialog also retained its brand rating of AAA for the sixth consecutive year and the title of ‘Most Valuable Telecommunications Brand’ for the 13^th consecutive year, reaffirming the brand’s ethos of empowering and enriching Sri Lankan lives and enterprises. The ‘Most Valuable Brand 2020’ and ‘Most Valuable Telecommunications Brand’ accolades recognise Dialog’s passion to deliver ‘Service from the Heart’ and its commitment to create “The Future. Today”. This is a testament to the company’s salient and meaningful efforts to differentiate and drive the nation’s digital transformation through a range of products and services underpinned by inclusivity, affordability and accessibility to technology for all Sri Lankans, whilst creating unparalleled experiences. The strength of the Dialog brand has been attributed to its commitment to empower and enrich lives in a connected world, whilst positioning itself as a trusted digital companion in the hearts of over 15 million customers. Dialog’s strategic focus on organization and digital transformation, culture and customer experience has paved the way to create value and ensure it continues to lead in the respective business verticals with unique experiences, resulting in enhancing its brand equity. Commenting on the awards, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, “We are honoured to once again be awarded the highly coveted title ‘Sri Lanka’s Most Valuable Consumer Brand’ for the second year running and the ‘Most Valuable Telecommunications Brand’ for the 13^th consecutive year. The awards are a representation of the world-class services and solutions that have enriched lives of over 15 million Sri Lankans’ and their continued trust and confidence placed in us to always deliver the Future.Today. This recognition also embodies the Dialog team’s ongoing commitment to placing the company at the forefront of innovation while delivering Service from the Heart.” Ruchi Gunewardene, Managing Director of Brand Finance Lanka commented “ Dialog’s core success has been its ability to bring new technologies into the country and by implementing unique marketing strategies which enable rapid customer adoption. This, together with the single brand approach, which straddles many digital interphases, enables them to drive a compelling brand proposition across many customer touchpoints”. Brand Finance is the world’s leading independent brand valuation consultancy, with offices in over 20 countries including Sri Lanka. Brand Finance bridges the gap between marketing and finance by quantifying the financial value of brands. Brand Finance calculates the values of the brands in its league tables using the Royalty Relief approach – a brand valuation methodology compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

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The Moragahakanda-Kaluganga Mahaweli “F” Zone has been declared as a sustainable development area for organic agriculture by Mahaweli, Agriculture, Irrigation and Rural Development Minister Chamal Rajapaksa. The Minister has made the Order under Mahaweli Authority of Sri Lanka Act No. 23 of 1979 in concurrence with President Gotabaya Rajapaksa. The sustainable development area has been declared with the objective to promote organic vegetable crops, fruit crops, and other field crops in this area as a green organic zone, free from the use of agrochemicals and pesticides. The organic agriculture program will be implemented under a public and private partnership to supply the direct and value-added certified organic products to local and foreign markets from this zone. The products will be supplied to the local and foreign markets under the brand of ‘Mahaweli Knuckles Organic Products’. Among the objectives of the program are to ensure sustainable usage of soil through soil conservation methods of setting stone bunds and biological hedges, etc.; and to promote water conservation in farming for the preservation of irrigated water and its efficient use. The other objectives of the program are to promote integrated farming system by integrating poultry, cattle, goat and pasture cultivation to ensure food & nutritional security of the farmer families living in this zone and to promote the manufacturing of organic fertilizer; to promote the cultivation of vegetable crops and under-utilized fruit crops in home gardens of these farmer families and thereby Conservation such crops from their nonexistence and encourage bee keeping and to promote integrated pest management practices without using agro chemicals to control such pests and diseases affecting organic cultivation. The organic crop cultivation zone will also be developed as an agro-tourism and a model zone where knowledge about organic plants can be gained. No permit shall be granted to maintain the outlets in this zone which sell pesticides and weedicides and irrigation water from this zone will not be provided for any industrial activities without special permission.  

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Ambassador of Sri Lanka to the Sultanate of Oman O.L. Ameer Ajwad launched the first sale of Sri Lankan chicken in Oman at the outlet of Al Hamadi Trading & Contracting LLC which recently imported Sri Lankan frozen chicken first time to Oman.  Sri Lankan brand CRYSBRO frozen chicken will now be available in the Omani markets. Managing Director Flynn M.V. de Lima, Commercial Director Prashant Desai of Al Hamadi Trading LLC and CEO of Hospitality Concepts & Business LLC Imran Naufal associated with Ambassador Ameer Ajwad at the launch. The Embassy of Sri Lanka in Oman initiated the exports of Sri Lankan poultry products under the Economic Diplomacy Programme of the Ministry of Foreign Relations last year and the Sri Lankan company, Farms Pride Ltd. recently exported 30 metric tons of Sri Lankan frozen chicken to Oman cracking the Middle East market first time in history.

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LAUGFS Gas, a leader in providing innovative LPG solutions in Sri Lanka, has amplified its delivery operations to meet the needs of its customers through its recent distribution of 20 specially designed motorbikes free of charge to selected dealers within its nation-wide home delivery network. Through this distribution, LAUGFS Gas intends to reinforce its home delivery network and provide its robust delivery service to an even larger range of customers. The event, which was held at the Nawagamuwa Oil mart & gas center, marks the 6^th consecutive motorbike distribution event in LAUGFS Gas’s nation-wide campaign to bolster its home delivery platform across the island. The previous stages of the campaign were held in Colombo, Ampara, Batticaloa, Jaffna and Trincomalee across the months of March, April and May as LAUGFS Gas distributed over 100 delivery vehicles to its dealers free of charge. As Sri Lanka moves towards recovery, the facilitation of home delivery systems and customer convenience for essential products such as gas have become the need of the hour. Rising to the challenge, LAUGFS Gas worked closely with its dealers to greatly enhance its home delivery systems with continuous investments into improving the overall architecture of its delivery. Furthermore, with its culture of uncompromising standards in safety, LAUGFS Gas has also doubled its safety precautions by providing personal protective equipment at its distribution events to facilitate safer deliveries for both its customers and delivery drivers. The distribution event was attended by Director/Chief Executive Officer of LAUGFS Gas PLC, Chaminda Ediriwickrama, the LAUGFS Gas senior management team and the selected dealers. Commenting on the distribution event, Chaminda Ediriwickrama said, “At LAUGFS Gas, we prioritize the maximization of customer experience and safety above all. This distribution campaign symbolizes our efforts towards always innovating and improving our operations for our loyal customers. As we press on with our distribution campaign, we plan to further support our dealers and strengthen our delivery services to reach our customers further, faster and safer.” LAUGFS Gas PLC is a fast growing energy provider in Sri Lanka, operating across domestic, commercial and industrial sectors. LAUGFS Gas works together with over 8,200 dealers island-wide and maintains online and telephone ordering platforms, allowing customers to order from a variety of locations across the nation with ease. The recent partnership of LAUGFS Gas and YOGO serves to further enhance its delivery network with additional reach and delivery speed. Driven by a pioneering vision and an unyielding commitment to quality and service excellence, LAUGFS Gas powers the nation with trusted LPG solutions. LAUGFS Holdings Limited is one of the largest diversified business conglomerates and a trusted and well-loved home grown business in Sri Lanka. Founded in 1995, LAUGFS today has expanded across 20 industries in Sri Lanka and overseas, establishing a strong presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure and logistics sectors. With 3,500 employees and an annual turnover exceeding Rs. 60 billion, LAUGFS continues to expand and empower millions as a trusted Sri Lankan brand.

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Sri Lanka premier bank, Bank of Ceylon (BOC) and China Development Bank today (30) entered into a USD 140 million long-term facility where drawdown will be under two tranches of USD 70 million each. The signing ceremony for the facility agreement was held in Colombo today. Addressing the event, Acting General Manager of Bank of Ceylon Sudath Gunasekara stated that, the facility will be utilized for supplementing BOC, which will provide much-needed support during Sri Lanka’s fight against COVID-19. As the largest commercial bank in Sri Lanka, BOC considers itself as the bankers to the nation, while China Development Bank is the world’s largest development financial institution and the largest Chinese bank for financing cooperation, long-term lending and bond issuance. Image Caption: Bank of Ceylon Chairman Kanchana Ratwatte 

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Hot on the heels of a scathing review of the country’s monetary policy by President Gotabaya Rajapaksa on 16 June, in response to the COVID-19 crisis, the Central Bank of Sri Lanka announced a further reduction of the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs). This lowering of the SRR by 200 basis points (that’s a total of 300 basis points so far this year) to two percent is expected to inject Rs. 115 billion of additional liquidity to the domestic money market, “enabling the financial system to expedite credit flows to the economy while reducing the cost of funds of LCBs,” according to a statement issued by the Central Bank later that night. Meanwhile, the latest LMD-Nielsen Business Confidence Index (BCI) paints a more optimistic picture than witnessed previously this year.   THE INDEX The BCI has begun to pick up for the first time in 2020, rising by seven basis points from the previous month to 96 in June. This also marks an improvement compared to where it stood a year ago (81) when the nation was reeling from the 4/21 attacks although the index is still 21 points shy of its average for the last 12 months. According to Nielsen’s Director – Consumer Insights Therica Miyanadeniya, “optimism is on the rise once again and sentiment is positive as the country has opened up ahead of others in the region. The civilian population, businesses, and private and public enterprises are adjusting to a post-COVID life with many stringent measures put in place to curb a second wave of the pandemic.” She adds: “Following more than three gruelling months of lockdown, life is gradually adjusting to a ‘new normal’; and companies, businesses and enterprises are picking up from where they left off to salvage what they can over the next half of the year.” Moreover, she notes that “the resilience of the Sri Lankan people and businesses – who have weathered far more in the past amid a near 30 year civil war and more recently, the Easter Sunday bombings – is evident as they start to rise up like a phoenix from the ashes.” SENSITIVITIES The impact of the coronavirus continues to feature prominently among the most pressing issues for business today with the value of the rupee and inflation also warranting mentions by survey respondents – but to a far lesser extent than COVID-19. Financial instability is another emerging issue that’s highlighted. According to those consulted by the pollsters, COVID-19 is also the most pressing national issue at this time. PROJECTIONS As life appears to be gradually gaining a semblance of normalcy, and businesses begin to adjust to regaining fully operational status, we’re inclined to believe that the BCI may continue on an upward trajectory. Furthermore, with the general election scheduled for 5 August and the prospect of an end to the political stalemate of recent months, we may continue to witness an uptrend in business confidence. The other side of the coin is whether or not the anticipated business turnaround will eventuate – and crucially, how soon. That’s anyone’s guess.

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The Central Bank of Sri Lanka (CBSL)  held its policy rates steady at the meeting held on 05 March 2020 while allowing the impact of previous policy actions to materilise. However, as a COVID-19 relief measure CBSL reduced policy rates by 100bps in 3 emergency instances reducing the SDFR and SLFR rate to 5.50% and 6.50%. With the recent reduction of SRR by 2%, liquidity position surged over LKR 200Bn and bulk of the excess liquidity of banks is likely to be parked in SDFR facility provided by CBSL at 5.50% rather than allocating for lending. In order to discourage banks using the SDFR facility, First Capital Research considers the possibility of a major rate cut resulting SDFR a less attractive option for LCBs. “Post pandemic, Sri Lanka’s stressed economic conditions remains a key weakness and reviving the economy is one of the objective of the government and CBSL. Reducing policy rates is one of the main tools that CBSL can utilise to increase economic activity and revive the economy,” the research firm said. With the recent reduction of SRR additional LKR 115Bn of liquidity was injected into the banking system, allowing banks to accelerate credit flows into the economy while reducing cost of funds . First Capital Research expects LKR 100Bn top -up, in the existing refinance scheme which may enhance additional liquidity to the domestic money market above LKR 250Bn. “At the current level excess liquidity is already at a 16 -year high. Further top -up in existing refinance scheme may push CBSL Holding (printed money) closer to LKR 500Bn from current LKR 311Bn,” it said. To dissuade banks from keeping excess money with the CBSL without lending, the research firm believes that the CBSL has to reduce its policy rates substantially both ; SDFR, the rate at which commercial banks can keep overnight liquidity with the CBSL, and the SLFR, as a stimulus to boost the credit growth . As a result of injection of liquidity to the system CBSL holdings recorded a significant increase of more than LKR 200Bn since 13th March 2020. Supported by import restrictions, LKR stays strong against the USD despite Covid -19 impact, while INR and PKR remain under pressure. Accordingly, First Capital Research belives that the CBSL has three options at the current scenario to consider. Option 01 – Policy Rate cut First Capital Research believes a policy rate cut in both SDFR and SLFR is the one of the convenient tool available for the CBSL to boost lending in the economy while encouraging the public to borrow at a further low market interest rates To dissuade banks from keeping excess money with the CBSL without lending,  the research firm believes that the CBSL has to reduce its policy rates considerably both; SDFR the rate at which commercial banks can keep their excess cash temporarily with the CBSL and the SLFR as a stimulus to boost the credit growth. Option 02- Restrictions on CBSL liquidity window In order to discourage LCBs in using the facility of SDFR in order to park the excess liquidity First Capital Research believes that CBSL also has two options available to restrict the access to liquidity window . – Limiting the frequency of access to the SDFR liquidity window Option – Limiting the amount that can be parked through the Liquidity window Option 03- Credit Guarantee Scheme It was identified that most banks are not willing to lend due to the credit risk. However, the research firm believes that this can be solved by a credit guarantee scheme where the Treasury acts as the guarantor for the loans lend by banks. However, this provision needs to be included in the current year or subsequent years budget of the Government resulting in a further increase in the budget deficit. However, among the 3 options available, CBSL has already implemented the credit guarantee scheme on 28th Jun 2020. First Capital Research believes that above mentioned monetary action reduces the probability of the other two options being implemented. However, to stimulate the economy and to discourage banks using SDFR there is also a requirement to implement either of other two options (policy rate cut and restrictions on CBSL liquidity window) in order to help rates to sustain for a longer period. The research firm believes that there is a higher likelihood of 90% that CBSL may provide a rate cut to ensure the continued supply of credit at a low cost of funding. “Expected Monetary Policy Stance CBSL either can choose to hold interest rates steady, cut by a 50, 100, 150 and 200 bps while hike is off the table,” First Capital Research said. “We believe that there is a higher probability of 40% for a 100bps rate cut to bring it closer towards the 4% special working capital lending rate and thus to discourage the LCBs from using the SDFR facility,” the research firm added.

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CBL Samaposha’s Dinana Daruwo Facebook learning platform was launched to support the development of young children during the lockdown period. Working with child psychologists, nutritionists and educators, the platform aimed to keep young minds active and engaged while also helping children be healthy and happy. This digital platform was launched to address growing concerns of parents across Sri Lanka on how to engage children in learning during lockdown and cope with the disruptions to lives and access to nutritious food, the fear caused by the pandemic and fear for the health of loved ones that affected a child’s wellbeing. This platform provided a social-emotional learning platform to help children and parents understand the importance of routines and consistency for balanced health and wellbeing, effective family communication, effective nutrition habits and, engaged children in learning activities with the participation of experts like child psychologist Giselle Dass and nutritionist D. H. Liyanage. The popular Samaposha Dinana Daruwo programme was conducted at preschools and schools with educators and experts on child mental health and nutrition and, by launching the platform on the Samaposha Facebook page, the brand was able to continue supporting children to learn and to build better nutrition and mental health habits for the lockdown period and after. Commenting on the launch of “Samaposha Dinana Daruwo” digital platform, Jayanga Perera, General Manager, Marketing, CBL Food Cluster, stated, “the children of today, are the leaders of tomorrow and at CBL Samaposha we have always felt it our civic duty to ensure that we provide the best nourishment for their development, both in terms of a healthy breakfast and activities that help enliven their young minds. We are immensely proud of the positive impact the ‘Dinana Daruwo’ digital campaign has made in supporting our nation’s children.” Samaposha is the flagship brand of CBL Plenty Foods (Pvt) Ltd, a fully owned subsidiary of the CBL Group – one of Sri Lanka’s leading food conglomerates and strong advocate for children’s health, wellness and wellbeing. Log onto the Dinana Daruwo platform available on the Samaposha Facebook page.  

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Ocean Lanka (Pvt.) Ltd., Sri Lanka’s largest weft knitted fabric manufacturer is currently conducting third party trials for its very own all natural anti-bacterial face mask. The company has announced that it is adjusting its manufacturing process to help alleviate the shortage of face masks caused by the ongoing COVID-19 pandemic. Upon successful trials, the formal product launch is expected in mid-July. Unlike other cloth face masks, this all natural mask is made from 100% Global Recycled Standard (GRS) certified cotton blended with organic cotton, and is effective at catching and filtering larger droplets when speaking or coughing. Recent AATCC 100 Antimicrobial fabric tests revealed that, the Holy Basil (Tulsi) and Neem (Kohomba) extracts applied in the face mask are very effective against contagious respiratory diseases, making it ideal for everyday protection. Breathability of this face mask is maintained thanks to its minimalist design. The outer layer of hypoallergenic natural cotton material is covered by two overlapping layers with antimicrobial extracts. In this way, users easily breathe through the mask, where the triple-layer avoids direct exposure to the outside world. The World Health Organization (WHO) and the Sri Lanka Consumer Affairs Authority guidelines recommend that fabric masks should have three layers in order to be effective. Managing Director of Ocean Lanka, Dr. Austin said, “As the world continues to battle the novel Coronavirus, the need for face masks have never been more urgent. We have recognized this need and have invested significant time and resources to design a sustainable mask with anti-bacterial properties, which is wearable for 8-10 hours a day and can be worn up to 20 washes. With current resources, Ocean Lanka is well poised to cater to the high demand for face masks locally and in U.S and European Markets.” He further added, “The disposal of face masks and medical waste during the COVID-19 pandemic is putting increasing pressure on the environment. And, we all need to take a proactive step towards environmentally friendly consumption habits. On this end, our washable and reusable face mask is an eco-friendly alternative to disposable or synthetic masks.”   Photo Caption – Triple Layer All Natural Anti-Bacterial Face Mask

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LankaPropertyWeb, the company behind the country’s leading property website lankapropertyweb.com, has announced the launch of Sri Lanka’s first ever virtual real estate expo. The Lanka Property Show 2020 Virtual, will be held from 9 am on the 3rd of July to the 5th of July midnight. It will be made available online on its web platform and will have over 15 developments exhibited by more than 10 developers. The property show will also offer exclusive deals on property prices with up to 15% off on current selling prices of the listed developments. These discounts provided by the developers will only be available exclusively during the property show. With the successful completion of the 5th edition of the Lanka Property Show 2020 that was held on the 29th of February and 1st March at the Kingsbury Hotel, the property show has now advanced online to broaden its reach while accommodating to the current situation. In fact, Lanka Property Show 2020 Virtual was designed to attract expat buyers who are increasingly looking into buying properties in Sri Lanka since the COVID-19 outbreak and to overcome the restrictions posed by this pandemic. “Since the curfew started in Sri Lanka we had a drop in traffic, but then a sharp increase was recorded since the start of early May. The month of May broke our traffic records for the highest amount of Organic traffic received, which goes on to show that more people are looking at buying or renting properties at the moment. Interestingly there was a 9% increase in overseas traffic during this period, with Europe accounting to 19% of that increase”, said Daham Gunaratna, the Managing Director of LankaPropertyWeb. In another first for the country, through the Lanka Property Show 2020 Virtual buyers will be able to reserve a property online, by paying a reservation fee through the website’s platform. Since the event will also facilitate visitors to the portal to video chat with sales representatives, assistance and reliability will be assured. Representatives will be available 24×7 to assist even the visitors from different timezones visiting the virtual event platform. “This property show would not only assist overseas buyers to find great property deals in the country but also the savvy local property buyers looking for the best deals they can get in the current market”, added Mr Gunaratna. Showcasing Del Mar, Summer 64, Platinum One Suites, STAR LIFE Residencies, Peak Residencies – Schofield & Boyd Place, Fairway latitude – Colombo 05, 96 Residencies, Bricksgate Apartments, Barrington Tower, King’s Garden Residencies, The elements, Urban Homes – Koswatta, Colombo City Centre and The Mount apartments, Lanka Property Show 2020 Virtual awaits your presence! To Register for the event, visit https://www.lankapropertyweb.com/online-expo/

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Brandix was awarded the highest accolade under the ‘Best Liquidity & Investment Solution’ category at The Asset Triple A Awards 2020 for its global Interest Enhancement (IE) solution facilitated by HSBC. The IE solution, effective across Australia, India, Hong Kong, Mauritius, Singapore, Sri Lanka, United States and the United Kingdom, provides Brandix with an innovative and best-in-class solution to optimise its cash and interest yields globally within complex regulatory settings. It also enables Brandix to increase visibility and control globally via a single banking platform for all payments and collections, including standardised processes for effective management. This transformation took place following the centralisation and setting up of Brandix’s Treasury hub, collections and trading arm in Singapore, during which HSBC played an integral role as the company’s consultative partner as well. Priyanke Perera, Head – Global Treasury of Brandix commented on the achievement, “We are honoured to be recognized at The Asset Triple A Awards 2020 for our efforts towards excellence in operational efficiency and optimisation of cash through the IE solution. HSBC has been our trusted advisor for over twenty years now and has a good understanding of our financial infrastructure and requirements. When exploring the option for a flexible and scalable solution to meet our unique business model, HSBC provided us with a solution leveraging their global network, capabilities and technology to best suit our needs. As a result, we are better able to centralise liquidity globally across Asia Pacific, United States and the United Kingdom with automated payments and reconciliation.” Stuart Rogers, Head of Wholesale Banking HSBC Sri Lanka and Maldives commented on the recognition, “Our warmest congratulations to Brandix on winning the highest accolade awarded by The Asset Triple A Award 2020 under the Best Liquidity & Investment Solution category. We are very proud of this global recognition and the role HSBC played in setting up of their treasury, collection and trading hub based out of Singapore, especially the IE (Interest Enhancement) solution for global liquidity requirements. This is a landmark achievement in our decades long partnership with Brandix. We look forward to working together for many years more, supporting them with the strength of our expertise and the backing of our global network.” Harish Venkatesan, Singapore Head of International Subsidiary Banking, Commercial Banking, HSBC also commented on the award, “Congratulations to Brandix for winning The Asset Triple A Best Liquidity and Investment Award. We continue to journey together with Brandix and work closely as Brandix’s operate its treasury hub, collections and trading arm in Singapore for operational efficiency. This is attestation to the strong strategic relationship between Brandix and HSBC, between Sri Lanka and Singapore corridor, to help Brandix across their operations on a global scale. With new developments in the treasury digital space and cash optimisation, Brandix would reap greater benefits from their automated liquidity management solution.” Interest Enhancement (IE) has benefited Brandix by allowing 100% utilisation of HSBC’s operating balances participating in the service; as a result, IE improved Brandix’s yield for credit balances. It is well suited to both open as well as more restrictive markets with capital movement or FX controls, where regulation permits. The solution provides total transparency from a pricing and taxation perspective and ensures operating risk and cost are properly managed in the process without affecting the underlying banking structure and working capital requirements. The Asset Triple A Treasury, Trade, SSC (Sustainable Supply Chain) and Risk Management Awards are industry excellence recognitions awarded annually to companies and financial institutions that have launched or helped implement initiatives in corporate treasury management, trade finance, supply chain and/or risk management. They are awarded to corporates (Triple A Client Awards) and financial services providers (Triple A Service Provider Awards), on in-country/territory as well as regional levels in Asia Pacific, the Middle East, Europe and North America.

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The world is becoming an increasingly digital place. A fact even more pertinent now in a post-coronavirus world, where online transactions and, indeed, the amount of time individuals spend online is likely to increase significantly. With the prevalence of social media scammers have become even more brazen in their attempts, but social media giant Facebook has been upping the ante in recent times to improve the digital literacy of its users. One of the key regions Facebook has been targeting with these initiatives has been Asia, where the internet population is growing faster than anywhere else in the world. In Sri Lanka, there have been several warnings issued regarding scams involving online shopping, where bogus websites and mobile applications steal personal information. While there have also been several media reports about mobile-based cash transfer scams where attempts have been made to extort individuals. Scammers have also looked to offer safe havens for individuals to invest their money in the guise of prominent banks. Online scams, of course, have been part and parcel of internet culture almost as long as its been around. However for many of us, spotting online scams has become easier the more frequently we’ve been exposed to them. However this has led scammers to over the years become increasingly sophisticated. As such, when newer users are exposed to them, spotting them can prove quite tricky. But fret not, there are always tell-tale signs that let you know if you’re close to being duped. Fake websites Setting up fake websites of banks and e-commerce services in an attempt to get unwitting netizens to hand over their personal information, is one of the most common online scams. This is usually done via email, where a scammer may send an email that looks official, with a link that takes you to a fake log-in page of a reputed website. Spotting these attempts is a simple as keeping an eye out for spelling errors in the email or website; if the sender’s email address doesn’t seem to have an official company email address (businesses never use common email clients); or if the email is asking you for confidential details – companies, and banks especially, will never request such information. Meanwhile on Facebook, it’s also important to never trust the social media pages of large organisations that are unverified. If it’s too good to be true, it usually is. Some of the most common scams involve unknown individuals sending private messages to strangers in an attempt to gain their trust and solicit money. This can happen through various guises, the most frequent of which are:

• Fake job offers
• Offering of loans at favourable interest rates
• Romantic advances in the guise of a widow or divorcee
• Collecting fake lottery winnings

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Mobile-telco industry is a vastly evolving field with new technologies emerging to challenge the ongoing trends. Mobile network providers have a key role to play in aligning with new technologies to deliver value added service offerings. In terms of voice, internet, VAS services and roaming, there were noticeable improvements in recent years and mobile service providers are constantly researching for upgrading their services in line with latest innovations. When talking about Mobile network providers, Mobitel is intuitively up there in terms of a superior service on par with latest technology and customer-oriented services. Being a key player in the mobile industry, Mobitel has streamlined its services to empower people from all walks of life. Recently introduced services like Master unlimited packages which provides access to unlimited data and both international and local calls, VoLTE which enables improved voice quality, Digital streaming services and expansion of 4G network around the country have facilitated the Sri Lankans with a perfect partner for Mobile network services. A good mobile network provider is one which identifies the technological landscape of a country and make great efforts to bridge the gaps to connect with the world. As the National Mobile Service Provider, Mobitel continues to raise the bar for Mobile connectivity and its latest deployment  of 5G technology which was  tested successfully re affirms its purpose of bringing people close to what matters most to them Yasiru Abeygunawardana, Senior Manager – Data, Devices and Enterprise Strategy at Mobitel (Pvt) Ltd, Elaborated on how Mobile Services will play a key role in revolutionizing the Telco industry. Following are the excerpts of the interview. Q: As a leading Mobile network provider, how do you identifythe current Mobile-telco industry? It is certainly challenging as this industry is evolving rapidly and we have to keep up with the market expectations and deliver go-to market solutions. As we are in the 4^th industrial revolution where technological advancements are dominating the day to day life of customers, We are working around the clock to offer value innovation and to have a balance between our offerings and earnings. In 2019, we (SLT Group) earned a revenue of Rs. 86 billion, courtesy to the host of new services we unveiled. It is of utmost importance to identify customer expectations in designing new solutions and now a days, people are more likely to use data to a great extent. As a timely measure, we introduced special tailor made solutions like Master unlimited package at an affordable rate, special data packages and voice packages to support everyday users. Our special Youtube package and daily and monthly data plans have received a greater demand and much to the delight of the users, now we are offering bonus 4G data as well. As this trend increase at a rapid rate, we see the demand for Data will continue to grow and with 5G fast becoming a reality, it is expected that an average person’s Data usage will jump from 6GB to 17GB per month. As such, we have started to optimize our network infrastructure to make it 5G ready and are in the process of planning as to how best we could deliver this latest technology to all our valued stakeholders. Q: How does Smart phone concept support a network provider like Mobitel? At present, most Smart phones are 4G enabled and most recently we came across 5G Smart phones as well. Mobile phone manufacturing companies like Huawei are working closely to be in line with 5G technology and it is a commendable initiative. If you have the resources and technology, you need to move beyond your limits and embrace new innovations. Especially app stores have enabled us to build apps of our own and reach to the customers in a better way. These apps have facilitated our valued customers with a seamless experience. Most importantly, these apps have enabled reloads and online bill payment further easing up the busy life styles. In a nut shell, Smart phones are slowly taking over the menial day to day activities of customers by offering fast, secure and convenient services at the touch of their fingertips. Q.You mentioned about Huawei and its innovations, how do you perceive Huawei’s services?

1. Huawei’s recent efforts in offering supreme services coupled with a sound IT infrastructure has enabled the company to propel the Mobile Service industry to the next level. in fact, Huawei is listed as among the top 10 brands of the world by Brand Finance. It is quite an achievement and we extend our compliments as a consumer business partner.

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Sarvodaya Development Finance (SDF), the financial services arm of the Sarvodaya Movement, sailed through the turbulent 2019-20 financial year to report a record profit growth. The finance company, which funds the charitable and social development activities of the Sarvodaya Movement across rural Sri Lanka, recorded one of its best years of financial performance against one of the most difficult years ever experienced by the Sri Lankan economy. The financial year 2019-20 started by sending shockwaves through the country with the Easter Sunday bombings. The year continued to worsen with bad weather, poor agricultural returns, political uncertainty, and below par economic activity, and drew to a close with the emergence of a global pandemic that effectively shut down much of the global and local trade systems. Despite this backdrop, SDF has recorded a year-on-year revenue growth of 14.4%, an operating profit growth of 48% and an after-tax profit growth of 147%. “As you know, SDF profits do not go into private pockets. Our profits are principally given to our parent, the Sarvodaya Movement, which redistributes the money through various social development and poverty alleviation programmes. That is why the SDF team and I, are very proud of our performance. While we have directly helped people financially, we have also indirectly, through Sarvodaya, helped so many children, youth, men, women and elders, in need of help. I take this opportunity to also thank our customers for their trust and confidence in us. We will do everything we can, to help our customers recover from Covid-19 impacts,” said SDF Chairman, Mr. Channa de Silva. SDF financial performance 2019-20   For the financial year 2019-20, SDF recorded a total revenue of Rs 1.80 billion from its financial services which is a Rs 227.1 million increase from the revenue of Rs 1.57 billion in the 2018-19 financial year and the operating profits increased to Rs 232.1 million from Rs 156.7 million. Despite the higher taxes and growth in other operating costs, the company’s profit after tax grew by an impressive Rs 147.8 million, to reach  Rs 101.7 million, against the after tax profit of Rs 41.2 million in the previous year. SDF attributes the significant improvements in its financial performance to the extensive reorganisations executed within the last few years that have made the company more efficient and market driven.  The company has invested heavily in training for its employees, introducing modern digital technologies in to its busines processes, and strengthening its risk management and recovery mechanisms.  These efforts have paid off with previously loss-making branches becoming profitable and marked improvements to staff motivation and efficiency levels. During the 2019-20 financial year, SDF continued busines expansion by tapping into alternative channels, including digital platforms, and also entered new markets to expand its customer base and lending portfolios.  The company has migrated to a fully integrated front and back office IT platform, which has generated higher efficiency levels within the organisation, together with greater controls and superior decision-making capabilities. SDF has also incorporated social welfare into its lending model, by supporting enterprise development activities for SMEs and through capacity building for local entrepreneurs by linking up with the Lanka Jathika Sarvodaya Shramadana Sangamaya. The Sarvodaya Shramadana Societies, through their widespread rural network, represents the Sri Lankan grassroots entrepreneurs and are directly linked to rural economies. By working with the Shramadana Societies, SDF has been able to effectively channel much needed funds into the grassroots economy of the country and strengthen rural enterprises and livelihoods. During the last year, SDF conducted a number of highly successful projects to connect SMEs with markets and has successfully entered the agro-farming and dairy farming sectors. In addition, through its Tharunodaya program SDF channels financial support to young and upcoming entrepreneurs and also supports them with market development support and technical assistance.   Photo Caption – Mr. Channa de Silva – Chairman, Sarvodaya Development Finance

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President Gotabaya Rajapaksa instructed the relevant officials to expedite the system of electronic registration of lands in order to eradicate frauds in land registration to speed up the process of land registration. The public is faced with many difficulties due to frauds and delays in the land registration process. President Rajapaksa highlighted the importance of accelerating e-Land Registration system in collaboration with Department of Land Commissioner, Land Title Settlement Department, Survey Department and the Registrar General Department. This was stated during a discussion on the e-Land Registration system held at the Presidential Secretariat today (30). President emphasized that effective coordination among related entities in charge of land registration should be maintained. President advised to set up a committee comprising the Ministries of Wildlife, Forest Conservation and Environment. With the new registration programme details of the land deeds and title abstracts will be computerized. Information on title abstracts can be obtained online by Attorneys, Notaries, any individual or any government institute. The officials said this will prevent frauds occurring during the process. It is expected to launch the programme by August with the support of the Information & Communication Technology Agency of Sri Lanka (ICTA). Under this programme, an e-Passbook will be issued for the lands registered under the e-Land Registration system. Officials including Secretary to the Ministry of Public Administration, J.J. Rathnasiri, Secretary to the Ministry of Lands, R.A.A.K. Ranawaka, Registrar General, N.C. Vithanage, Land Commissioner General, Ms. R.M.C.M. Herath, Commissioner General of Land Title Settlement, Ms. P.M.H. Priyadarshani, Surveyor General, Ms. A.L.S.C. Perera and Chairman of the ICTA, Jayantha De Silva attended this meeting.

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Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 declined to 3.9%  in June 2020 from 4.0% in May 2020. This was solely driven by the statistical effect of the high base prevailed in June 2019. Food inflation (Y-o-Y) increased to 10.0% in June 2020 from 9.9% in May 2020. Meanwhile, Non-food inflation (Y-o-Y) declined to 1.4% in June 2020 from 1.6%  in May 2020. The change in the CCPI measured on an annual average basis remained unchanged at 4.7% in June 2020. Monthly change of CCPI recorded at 0.8% was mainly due to price increases observed in the items of the Food category. Within the Food category, prices of vegetables and fish recorded increases in June 2020. However, it is noteworthy that price of coconut reported a significant decline during the month. Meanwhile, prices of items in the Non-Food category recorded marginal increases in June 2020. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, increased to 3.1%  in June 2020 from 2.9% in May 2020. Meanwhile, annual average core inflation declined further to its thirteen months low of 4.2%  in June 2020 from 4.4% in May 2020.

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The Securities and Exchange Commission of Sri Lanka (SEC SL) approved introduction of new Rules and amendments to the existing Listing Rules of the Colombo Stock Exchange (CSE) and granted approval in principle to proceed with certain other important initiatives. Setting and enforcing appropriate Listing Standards are central to a well – functioning securities market. These Rules, which underwent an extensive review to assess the potential impact on the market, are expected to enable the Listing Framework of the CSE to align with market trends, improve regulatory efficiency, and streamline the process for more companies such as SMEs and Start –ups to list and access capital. The SEC granted approval in terms of Section 24 of the SEC Act No.36 of 1987 (as amended) to the following:

1. Listing of Shares and Debentures
2. At present, the eligibility requirements for obtaining a listing are based on stated capital, net profit and positive net assets. The SEC approved the expansion of the current eligibility criteria by allowing applicant entities to satisfy any one of the following tests:

• Method I: Profit and Net Assets test
• Method II: Revenue and market capitalization test
• Method III: Positive operating Cash Flow and Market capitalization test

1. Provide flexibility to the issuer to decide on the allotment basis when the value of an Initial Public Offering (IPO) is more than Rs. 3 Billion subject to CSE agreeing to the proposed allotment basis.
2. Reduce the timeframe for an applicant entity to refund payments due on fully/partly rejected IPO applications and credit investors’ Central Depository System (CDS) accounts with the securities allotted to improve efficiency.
3. Extend the timeframe to open the Subscription List for an IPO from existing requirement to allow the applicant to select the most opportune time to proceed
4. Introduced new Listing Rules on amalgamation to improve regulatory efficiency.

• Policy revision to consider removal or relaxation of the present Listing Rule, which imposes a restriction on total value of other class of shares that can be issued to accommodate the interest of certain investors who prefer other class of shares outside ordinary voting shares.
• Extend the Multi Currency Board (MCB) facilities to local companies intending to list Debt in foreign MCB to allow more avenues to raise capital via CSE.
• Other requirements applicable to overseas companies to be listed on the MCB specifically applicable to selected overseas jurisdictions.

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Genie a payment aggregator app powered by Dialog Axiata, Sri Lanka’s premier connectivity provider, has partnered Harpo’s Pizza & Pasta to offer customers a cashless experience for simplicity and convenience.

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