Former Central Bank Governor Ajith Nivard Cabraal, on Wednesday, issued a special statement on the Millennium Challenge Corporation (MCC) The full statement as follows: “I have seen some social media posts which attempt to insinuate that the Mahinda Rajapaksa Government was ready to enter into a Compact with the Millennium Challenge Corporation that was detrimental to Sri Lanka. While it is true that the US Government had offered “aid” in the form of certain projects in Sri Lanka through the MCC in 2004, the discussions in 2006 merely centred on what components could be included in such a programme. The alleged “Wikileaks” attributed to then US Ambassador Robert O’Blake also indicate that the proposed components of a possible MCC agreement in 2006 was completely different to what has been agreed to by the Yahapalanaya Government in 2019. Further, there was also no mention of any terms and conditions that would govern the agreement, at all at that point of time in 2006. In any event, the Mahinda Rajapaksa Government would have NEVER agreed to any conditions that would have put our country at any risk whatsoever.”

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Have you ever been seeking for an opportunity to emerge as a YouTuber but never got the guidance to be one? AIESEC in University of Sri Jayewardenepura is ready to offer you the perfect chance to learn everything related to YouTubing & Content Creation from local and international experts of the field. AIESEC in University of Sri Jayewardenepura in collaboration with AIESEC in Chennai presents you YouCon 2.0 – International Conference on YouTubing & Content Creation which will be held on the 2nd,3rd,4th and 5th July 2020, which will be remarked as the biggest ever international virtual conference implemented in Sri Lanka. The event will focus on many valuable topics related to YouTubing & Content Creation; right from the basics of starting up a YouTube Channel, the experts joining with the event will enlighten the audience about every aspect that you should consider as a budding YouTuber/Content Creator. The conference will comprise of numerous sessions and the sessions will be broadcasted on Zoom and Facebook Live Streaming at 11.00am-1.00pm, 4.00pm-6.00pm, 8.00pm-10.00pm (SLST) on each day. The sessions will be graced by the most popular local and international YouTubers and experts of the field such as Nawran, Travel With Wife, Malinda Alahakoon, Janai Priyay, KALU, SL Geek, Vini Productions, FTT, Janeeth Rodrigo, ManiYa, Hirushi Jayasena, Sajeewa Dissanayake, Dinuka Wijesinghe etc. Moreover, it will showcase many famous & popular international YouTubers such as The Urban Fight, Siddharth Kannan, GadgetByte, Pascal Basel who can be recognized as extremely successful YouTube icons and content creators. The specialty of this event is that it has not only limited itself to an educational conference, but also has provided a much-needed virtual musical relaxation space for all the participants joining in. The conference will showcase an exclusive musical night called ‘YouCon Studio’ on the 2nd July at 8.00pm onwards, comprising of the most popular artists in Sri Lanka such as Mr. Edward Jayakody, Mr. T.M.Jayaratne, Mr. Saman Lenin,Ravi Jay,Manuranga Wijesekara,Sadara Bnadara,Dinesh Gamage,Gayan Udawatte,Infinity SL and many more. There will be an international virtual musical extravaganza named ‘YouCon Studio Global’ on the 4th July 2020 at 4.00pm featuring popular international and local EDM artists such as Kiro Prime, Mr. Sid & Electrodoctors and also some of the biggest hits in the music industry worldwide such as Shaan, Ritu Agarwal etc. The event will flourish as a huge international conference not only because of the international experts who will be joining with the event but also since it is expected to attract a large audience consisting of a huge local & an international delegation from over 40 countries, covering all 5 continents. All the participants will be able to walk away with a valuable digital certificate at the end of the conference. Therefore, AIESEC in University of Sri Jayewardenepura generously invites everyone to be a part of this remarkable international event and add value to your knowledge as well as connect with your favorite celebrities and to experience the relaxation and entertainment, all brought together to you through YouCon 2.0. The registrations can be made through the link mentioned below. (https://aiesec.lk/youcon) – By Theshani Weligamage

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The International Finance Corporation (IFC) has informed its intention to exit its investment in Cargills Food Company (Pvt) Ltd, by enforcing the ‘put’ option. In a disclosure to the Colombo Stock Exchange, Cargills Ceylon PLC, stated that “pursuant to the agreement entered between International Finance Corporation (IFC), Cargills (Ceylon) PLC and Cargills Food Company (Pvt) Ltd dated 22 August 2014, IFC has informed the intention to exit its investment in Cargills Food Company (Pvt) Ltd, by enforcing the ‘put’ option.” “Accordingly, the board of Cargills (Ceylon) PLC at its meeting held on 29 June 2020, resolved to accept it at the time the Exit Notice is issued by IFC,” it said. Cargills (Ceylon) PLC  entered into an agreement with the International Finance Corporation (IFC) for an equity investment into Cargills Foods Company (Private) Limited which is the wholly-owned subsidiary carrying out the retail operations of Cargills (Ceylon) PLC. Cargills Foods Company (Private) Limited carries out the retail operations of the Cargills Group, including the Food City and Food City Express supermarket chains.  

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Sri Lanka’s automobile import sector had to face numerous challenges in the past few years. Last year the sector faced a major price increase due to the imposition of stiff luxury taxes which resulted in a massive drop in vehicle demand. Further, the sector also experienced a drop in sales following the Easter Sunday attacks last year in addition to the luxury tax imposed on vehicles by the previous government in October last year. However, the sector is affected once again as the government rushed to implement measures to protect the country’s currency by slapping a temporary vehicle import ban in April in the face of the COVID-19 threat. Meanwhile, speaking exclusively to Ada Derana first at 9 in this regard, Chairman Ceylon Motor Traders Association (CMTA) Sheran Fernando expressed the following: “Ceylon Motor Traders Association members who are the international Manufacturers of automotives have placed orders with the manufacturer and the orders that were placed at the point of the import ban have to be allowed into the country. Now the government is saying that these vehicles will be allowed in as long as we can negotiate credit terms with the manufacturers. But, that is quite difficult.  Our trading agreements define our terms of trade and these are encapsulated in our agreements. So, to suddenly change our terms of trade is something that is very difficult to do,” he stressed. Speaking further, Fernando also stated that they face a massive challenge as automotive spare parts have also been included in the ban resulting in a major loss of revenue earned through after-sales services and maintenance. “Our customers, our workshops need spare parts to continue to be in business. Our customers need these spare parts for their vehicles to be on the road. So, if we don’t have our spare part revenue that really impacts the ability for our members to stay in business. So the most fervent plea to the government is to please lift the ban on automotive spare parts.” Meanwhile, Prestige Automobile (Pvt) Ltd Director- Sales and Marketing, Niranga Peiris also expressed his thoughts in this regard. ‘’ We have been experiencing numerous challenges from last year. Unfortunately, after the Easter attack sales fell drastically. Afterwards, the major blow was in October last year. The luxury tax ceiling was taken off. This means all vehicles regardless of their engine capacity were applicable to luxury tax and which actually increased our prices significantly and the sales have dropped drastically. What we urge the relevant authorities to have long term policies instead of ad-hoc policies. Reason is that it is beneficial for the government as well to have a clear plan for their duty collections from vehicles and we urge authorities to look at electric car structure and make those structures beneficial for electric car importers and to have those services available and we will be glad to see some framework coming into play.” Photo Caption: From Left to Right -Sheran Fernando Chairman of Ceylon Motor Traders Association (CMTA), Prestige Automobile (Pvt) Ltd Director- Sales and Marketing, Niranga Peiris    

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As the Bank of the People, People’s Bank marks its 59^th anniversary on the 1^st of July. With the passing of this latest milestone, it is clear that amongst all the state-owned commercial banks in Sri Lanka, People’s Bank boasts of a different identity. In 1961, People’s Bank became the country’s state-owned commercial bank having been established under the People’s Bank Act No. 29 of 1961. The bank’s formation was driven by Minister T.B. Ilangaratne who served as the Minister of Trade, Food, Cooperative and Shipping in the then government of Hon. Prime Minister Sirimavo Bandaranaike and it started off operations under the Chairmanship of Vincent Subasinghe. The people of Sri Lanka, irrespective of race, religion, caste or creed, rallied around People’s Bank and as a result cooperative bank branches islandwide were converted into People’s Bank branches. Subsequently, having been established as a licensed commercial Bank under the Banking Act No. 30 of 1988, People’s Bank has become a bank that is close to the hearts of the general public by offering a wide variety of specialised banking and financial services to its customer base. Sharing his thoughts, Sujeewa Rajapakse – Chairman of People’s Bank stated, “During the past 59 years, People’s Bank’s historical journey has seen it sustain its leadership and status while securing its position as a preferred choice among the Industrial Sector of the country. A large number of local entrepreneurs have made rapid progress in their fields of business by obtaining finance loans from the Bank. Entrepreneurs who have built their reputation in industries such as apparels, construction, agriculture, imports and exports, real estate, food & beverage, health services, manufacturing, energy, fisheries, tourism, transport and communications are among them. The Bank has been able to successfully provide various types of business loan services to perfectly suit the varying needs of each of these entrepreneurs. Another reason for the success of People’s Bank can be attributed to the short-term and long-term loans at concessionary interest rates provided for Small and Medium-scale Enterprises (SMEs) as well as various types of loan schemes provided to uplift the self-employed.” Expressing his views, Ranjith Kodituwakku – Chief Executive Officer / General Manager of People’s Bank stated, “Over the course of the past 59 years, the Bank has continued to perform a leading role in the Banking and Finance sector, meeting and even exceeding expectations in terms of services to the general public. Due to the unexpected, adverse impact of the COVID-19 outbreak, the Sri Lankan economy has been slowed down since mid-March. With the gradual reopening of the country and easing of restrictions, People’s Bank took on the responsibility to help the economy bounce back rapidly through an injection of much-needed funds via bank loans with attractive financial solutions. As a result, the Aswenna Loan Scheme was launched to benefit small and medium-scale agriculture, fisheries, other crops and livestock development. The Bank also introduced a number of new loan schemes along with special concessionary interest rates for a large cross-section of groups with most of the loan schemes offering single digit interest rates. These groups included doctors, dentists, vets, engineers, architects, accountants, IT professionals/software engineers, healthcare professionals, school teachers, university staff members, university students and even artists. Additionally, the Bank introduced a loan scheme to provide loans to SME businesses with an interest rate of just 6%. It was launched in parallel with the ‘Saubagya COVID-19 Renaissance Facility’ of the Central Bank of Sri Lanka (CBSL).’’ With the spreading of the COVID-19 Novel Coronavirus, a large number of our valued customers faced great difficulties and we believe that the service we provided them would help the general public understand the gravity of the current situation. Even during the curfew periods, People’s Bank were able to keep a large number of our branches open as we understood the importance of giving priority to the needs of the people. Mobile Banking Unit, which consisted of all technological facilities, was deployed rapidly to provide the necessary banking and finance services to our customers at their doorsteps. With the spreading of the Coronavirus People’s Bank ensured that our valued customers did not face any difficulties by taking the necessary steps to provide all the concessions declared in the gazette by the Central Bank of Sri Lanka. The People’s Bank Corporate Banking Division provides various banking services to corporate customers and by maintaining close ties with representatives across the globe the Bank is able to provide financial and advisory services to corporate customers that conduct international trade. People’s Bank customers have great confidence in the Bank when sending money from foreign countries to Sri Lanka as well as when sending money abroad through foreign remittance facilities. Among them, services such as People’s eRemittance, People’s Instant Remit, Swift and Western Union stand out. People’s Bank’s latest data shows that at present the Bank has a network of 737 branches across the country serving a total of over 10 million customers. With the objective of providing a highly-efficient service to customers by leveraging the latest technology, all the branches of People’s Bank are now inter-connected. While these branches are located in every town, district and province across the island, the network has grown to a total of 755 Automated Teller Machines (ATMs), 270 Cash Deposit Machines (CDMs) and 220 Kiosks. With the aim of providing greater customer convenience, People’s Bank has extended the ATM network beyond the Bank’s existing network to as many as over 4,000 ATMs by entering into a partnership with Lanka Pay network. The Bank has also deployed a Mobile Banking Unit complete with computers and teller machines to enable customers to carry out their banking in any location across the island. The Bank’s workforce of around 8,000 is highly-experienced in different areas of the banking industry. Their expertise and outstanding performance is what propels the Bank forward towards greater success. Forging ahead in its mission to digitally empower the nation, People’s Bank established Sri Lanka’s first-ever ‘School Banking Unit with CDM’ at several schools in a bid to extend banking facilities to students for enhanced convenience and safety, while inculcating the savings habit. Among the many banking services that People’s Bank offers to customers, one unique service that has gained the love, respect and trust of customers is the various savings accounts the Bank has introduced for individuals from different age groups ranging from young children to senior citizens. These savings accounts offer attractive, competitive interest rates and provide maximum returns and security. As a result, Isuru Udana, Sisu Udana, YES, Vanitha Vasana, Parinatha, Jana Jaya, Investment Savings Account and ‘Aswenna’ savings and Investments Account have attracted a large number of customers. The People’s Bank current account has also gained in popularity among customers. Moreover, customers have also demonstrated their preference for growing their savings by investing in fixed deposits introduced by People’s Bank. The customers have shown great confidence in fixed deposits by People’s Bank as it provides the security of a state bank while also offering a higher interest rate. Another notable service offered by People’s Bank is the pawning service that emphasizes the security and trust of a state bank. Customers are able to avail themselves to the best price and lowest interest rate in the market together with the ability to recover their item by paying in instalments. People’s Bank aims to turn customers’ hopes into reality by leveraging the power of new technology and the latest trends in the banking and finance industry at every opportunity. Resultantly, People’s Bank has become a pioneer in the digitalisation of banking services in the banking and finance industry in the country. People’s Bank has utilised the world’s most modern technologies as the basis for its digitalisation thereby enabling the bank to come to the forefront of the banking sector by becoming the first bank to introduce this state-of-the-art technology. While a majority of banking services is entering the digital age, People’s Bank is a leader in this transformational journey. One of People’s Bank’s key objectives is to become the leading bank in Sri Lanka by driving the digitalisation process by achieving the highest of international standards and thereby becoming a customer-centric bank that further enhances its inherent qualities such as convenience, quality and trust. People’s Bank has introduced a host of new banking experiences to customers through the “People’s Wave” Mobile Banking App and the “People’s Web” Internet Banking facility. By tying up with mobile operators such as Dialog, Mobitel and Etisalat, People’s Wave Mobile Banking service allows customers to carry out bank transactions and make bill payments by using their smartphones, without having to visit the bank branch. People’s Bank is a bank that has won countless awards on the national and international stage. Each and every award highlights the extent to which the world-class services provided by the Bank have impacted the lives of the people of the country. The Bank has obtained a rating of AA+(lka) from Fitch Ratings Lanka and an AAA- from Brand Finance Lanka. In the 17^th Annual review of Sri Lanka’s Most Valuable Brands published by Brand Finance Lanka, People’s Bank retained its No. 3 ranking having also increased its brand value by 1.4% to LKR 46.1 billion. People’s Bank has continued to showcase Sri Lanka’s banking expertise on the global stage and won numerous accolades at prestigious international awards such as the European Global Banking and Finance Awards and World Finance Banking Awards, ranked the 400th Largest Bank in Asia as per the Asian Banker Magazine and included in the World’s Top 1000 Banks by the Banker Magazine (UK). At the annual SLIM-Nielsen People’s Awards, People’s Bank has won “People’s Banking Service Provider of the Year”, “People’s Service Brand of the Year” for 14^th consecutive years. In addition to this, at the National Business Excellence Awards, People’s Bank was declared the “Winner – Banking Sector”, making it yet another one of the prestigious awards the Bank has won in recent years. The associate and subsidiary companies of People’s Bank’s include People’s Leasing and Finance PLC, People’s Merchant Bank Limited, People’s Travels Limited and People’s Insurance PLC. These companies provide service excellence to their customers, further extending the passion and commitment demonstrated by People’s Bank. The current Chairman of People’s Bank is Sujeewa Rajapakse, a Senior Chartered Accountant with vast experience in all accounting and auditing standards and practices, government regulations related to financial disciplines and ethics, human resource management and overall management practices and principles in both private and public sectors. The Directors of the Bank include Malindu Ranasinghe, Sudarshan Ahangama, Manjula Wellalage, Kumar Gunawardena, Keerthi Goonatillake, Isuru Balapatabendi and K.A. Vimalenthirajah, all of whom are experienced professionals from different fields of expertise.

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Seylan Bank, the Bank with a Heart, is now offering amazing discounts to customers purchasing daily essentials. Seylan Cardholders who shop at any Keells Super outlet can avail themselves of these attractive savings. Seylan Bank Credit Cardholders can now enjoy savings of 30% off when they purchase fresh meats at any Keells Super outlets until the 17^th of July. As people continuously look for more ways to save, Seylan Credit Cards continue to offer the best and most valuable card deals in the market with year-round promotions covering a wide range of essential products and services. Cardholders with a minimum bill value of Rs 2500 can redeem the latest offer at Keells on weekdays during the promotional period. Recognized as the ‘card that helps you save’, Seylan Credit Cards is a must have card for those looking to obtain the best deals with maximum value and maximum savings when purchasing items across essential categories. Seylan Bank operates with a vision to offer the ultimate banking experience to its valued customers. Seylan Cards have now become one of the most sought-after Credit and Debit Cards in Sri Lanka for its range of value additions. Being at the pinnacle of digital transformation and innovation, Seylan Bank has enabled all Visa Credit & Debit cards with Near Field Communication (NFC) technology making transactions contactless, convenient, and hassle-free. To obtain a Seylan Credit or Debit Card customers can now contact the Bank’s hotline on 011 200 88 88 or log onto the www.seylan.lk for more information.  

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Sri Lanka Association of Software and Services Companies (SLASSCOM), the Knowledge and Innovation Chamber, held its first digital Annual General Meeting on 30th June 2020, powered by Microsoft Teams. During the AGM, SLASSCOM elected its new Chairman, Board of Directors and General Council for the year 2020/21. The departing Chairman Ranil Rajapakse stated, “From small beginnings ten years ago, today SLASSCOM, as the leading industry chamber for knowledge and innovation, plays a key role in promoting the IT/BPM industry and branding the country as a destination for top talent, expanding and upskilling the talent pool, and building a strong linkage between industry, academia, and government working together to drive the industry forward. While congratulating the new Chairman and team, I look forward to SLASSCOM’s continued role in contributing to the growth of the industry and positioning Sri Lanka as a global center of excellence in knowledge process outsourcing, high-end product engineering and IP creation”. SLASSCOM elects new Chairman Channa Manoharan. The elected Board of Directors include: Sandra De Zoysa – Vice Chairperson, Ashique Ali – Vice Chairman, Shevan Goonetilleke – Operations Director, Jehan Perinpanayagam – Finance Director, Haridhu Abeygoonaratne, Nuwan Perera, Nishan Mendis, Shehani Seneviratne, Shiraz Lye, Boshan Dayaratne, and Anura Alwis. Addressing the participants, the new Chairman Channa Manoharan said, “Serving as the Chairman of the SLASSCOM is a tremendous honour and privilege. As we navigate through challenging times, our focus will be on helping our stakeholders to build and grow the businesses and organisations of tomorrow. Our industry outlook remains positive and we are confident of growth in our industry due to opportunities arising from accelerated digital adoption in our key markets. Our key focus will be on market expansion, accelerators to position Sri Lanka’s product engineering and IP creation capability, and supporting the startup ecosystem to encourage the next generation of companies. We intend to partner with governments and academia to attract global brands to set up operations in Sri Lanka and also to influence education reforms to create the right pool of talent to support our industry”. Nominations to the SLASSCOM General Council from member companies were made and approved. The General Council for 2020/21 are: Sampath Jayasundara, Mudith Uswatta, Shanaka Fernando, Rohan Fernando, Chamil Jeewantha, Shehan Kumar, Sisira Kumara, Janith Gunasekera, Hasith Yaggahavita, Shehan Selvnayagam, Dileesha Rajapakse, Jagath De Silva, Mangala Perera, Tharindu Adikari, Rahal Jayawardena, Gehan Dias, Haresh Perera, Tharindra Jayamaha, Priyantha Bethmage, Feroz Cader and Sanharsha Jayatissa. We wish them a successful year ahead.  Photo Caption : From Left to Right – Ranil Rajapakse Outgoing Chairman of SLASSCOM, Channa Manoharan New Chairman of SLASSCOM

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Faris Hadad-Zervos has been appointed as the World Bank’s new Country Director for Maldives, Nepal and Sri Lanka, effective today (July 1). Based in the sub-regional office in Kathmandu, Nepal, he will lead World Bank support to Maldives, Nepal and Sri Lanka, overseeing the current total portfolio of around $5.5 billion. Hadad-Zervos succeeds  Idah Z. Pswarayi-Riddihough, who will be taking on a new World Bank assignment. He previously served as the World Bank Country Manager for Nepal. A US national, he joined the World Bank in 1996 and held country manager positions in Malaysia and Bolivia. He also served as Manager of the Technical Cooperation Program with the Gulf Cooperation Countries, Head of Mission for Iraq, and Operations Manager for the West Bank and Gaza. Hadad-Zervos’ appointment comes at a time when governments of the three countries must quickly address both the immediate and longer-term health and economic impacts of the COVID-19 crisis. “It is critical to protect lives and livelihoods and support economic recovery as countries are fighting the impacts of the COVID-19 crisis,” said  Hadad-Zervos. “My first priority is to ensure that World Bank-financed programs help alleviate the health and economic impacts of COVID-19, create jobs, and foster inclusive and sustainable growth in the Maldives, Nepal and Sri Lanka, and I look forward to working with governments, development partners, the private sector, and civil society.” The World Bank is supporting the governments of Maldives, Nepal and Sri Lanka through COVID-19 emergency response projects totaling over $350 million to help the countries prevent, detect and respond to the pandemic and strengthen public health preparedness. Sri Lanka: The World Bank support to the government through a $215 million Sri Lanka COVID-19 Emergency Response and Health Systems Preparedness Project helps the country to prevent, detect, and respond to the pandemic and to strengthen its public health system. This includes an additional financing of $87.24 million to boost the country’s preparedness as it opens for economic activities. There are 20 projects in the World Bank portfolio in Sri Lanka amounting to $2.3 billion in a variety of sectors including transport, urban, water, education and health. Maldives: The World Bank responded to the COVID-19 pandemic in the Maldives with a $7.3 million COVID-19 Emergency Response and Health Systems Preparedness Project to help the country prevent, detect and strengthen its public health preparedness. In addition, $10 million in contingency financing, under Disaster Risk Management Development Policy Financing with a Catastrophe Deferred Drawdown Option, and Pandemic Emergency Facility of $952,000 have also been made available to support Maldives. Further, to mitigate the economic impact of the COVID-19 crisis on workers and their families, and to increase the capacity of social protection programs to respond to future emergencies, the COVID-19 Emergency Income Support Project of $12.8 million was recently approved. The World Bank portfolio in Maldives currently consists of nine active projects with net commitment of $140.6 million and one IDA Guarantee/Trust Fund. Nepal: The World Bank is working with the Government of Nepal to address immediate health needs of the COVID-19 pandemic through a $29 million emergency response project, while restructuring about 20 percent of the existing portfolio to meet needs arising from the crisis. The World Bank is also part of an advisory panel, together with other multilateral development banks, to support the government in preparing a relief, restructuring and resilience plan to respond effectively to the COVID-19 crisis. The World Bank portfolio in Nepal is comprised of 25 active projects amounting to about $3 billion in key sectors such as infrastructure, human development, finance and governance. World Bank Group COVID-19 Response: The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response. We are supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs. We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery. This includes $50 billion of new IDA resources through grants and highly concessional loans.

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Facebook, in partnership with Sarvodaya-Fusion and supported by the Ministry of Education and Information and Communication Technology Agency of Sri Lanka (ICTA), launched We Think Digital, a nationwide digital literacy program that aims to develop skills that enable Sri Lankans to create a positive and safe culture online. This launch follows the successful roll-out of the digital safety content under the ‘IT Yahamaga’ program by Sarvodaya-Fusion, in collaboration with Facebook, which trained 25,000 students and others on the safe use of Facebook, since its launch in 2018. We Think Digital is a global digital literacy program, with resources aimed at helping people think critically and share thoughtfully online. The program’s learning resources are designed to help people whether they’re new to the Internet or a digital native who wants to learn more or improve their digital skills. Facebook and its partners from government, civil society groups, and communities aim to conduct training sessions for youths, students, parents and teachers through this program in Sri Lanka. “At a time when more people are coming online and connecting with friends, families and communities, being a responsible digital citizen is more important than ever. At Facebook, we are committed to maintaining a safe and well-informed community on our family of apps through empowering people with the necessary digital literacy skills to think critically and share thoughtfully online. I am excited to continue our partnership with Sarvodaya-Fusion, to bring We Think Digital to Sri Lanka and to help create a safer internet experience for everyone.” said Ankhi Das, Public Policy Director, South Asia, at Facebook. Facebook collaborates with experts, academics and non-governmental organizations (NGOs) in the Asia Pacific to create various modules as a source of learning in this program. The program will be delivered in Sinhala and Tamil virtually, with slides in mixed languages, under We Think Digital alongside Sarvodaya-Fusion’s IT Yahamaga initiative. IT Yahamaga (Good path) is an educational brand of Sarvodaya-Fusion with the support of the Ministry of Education that empowers youth to use digital technologies effectively and in a positive manner. The We Think Digital program will also be broadened and delivered via ICTA’s online video conferencing platform, to reach parents and teachers. “We are delighted to introduce the global program “We think Digital” to Sri Lanka, to widen the scope of Sarvodaya-Fusion’s ‘IT Yahamaga’, at a much needed time. This year we hope to introduce three new program editions reaching out to Schools, Universities and Families,” said Rohan Pandithakorralage, Chairman, Sarvodaya-Fusion Advisory Board. “This will equip them with necessary digital skills enabling them to walk in to the digital world to reap its benefits while being responsible.” Building on the foundation of the digital safety content under the ‘IT Yahamaga’ program, the training content will revisit the basics of digital literacy from the Digital Safety program with add-on modules from the We Think Digital online library of resources. Additional topics that will be covered include privacy, safety, security, digital discourse and knowing your digital footprint, organised into six modules:

• What Is the Internet? An explanation of the internet and social media, how they work, and the importance of digital citizenship.
• Your Digital Footprint: All you need to know about safety and security online and managing your digital footprint.
• Protecting Your Digital Identity: The A-Zs of safe and secure practices to protecting personal information online.
• You as a Digital Citizen: Insights into digital discourse and the differences between interacting online versus offline, your rights and responsibilities, as well as internet concepts like netiquette, being a creator, copyright and plagiarism.
• Be a Critical Thinker: Helping you to discern different types of information and develop critical thinking and empathy when communicating online.
• Tips for Spotting False News – Help participants make wise decisions about what they read, believe and share.

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• The International Monetary Fund said Asia’s economy is expected to contract by 1.6% this year — a downgrade from its previous forecast of no growth in April.
• “Asia cannot be an exception” when the whole world is suffering from the effects of the coronavirus pandemic, said Changyong Rhee, director of the Asia and Pacific department at IMF.
• The fund warned that the region could take several years to recover.

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Sampath Bank PLC today announced that it has become one of the first bank’s in Sri Lanka to serve as both an issuer and acquirer of Payment Exchange Name (PEN) based payments to its customers, thus facilitating a simpler method of conducting online transactions and driving greater digital financial inclusivity. The new PEN system, which was launched by LankaClear at an event held at the Kingsbury Hotel recently, will allow Sampath Bank customers to make real-time, online payments via the Sampath Vishwa internet banking portal by simply using the receivers mobile number and PEN. Customers who register for this service will be able to assign a unique nickname, or PEN, to each of their bank accounts with any bank, all linked to their mobile number. This nickname can then be used, instead of their bank account number, to send or receive funds electronically. This solution offers far greater convenience to customers as PENs will be easier to remember than lengthy account numbers, can easily be shared with outsiders, avoids disclosure of their account number and minimizes the chance of typing errors, while also having the lowest fee structure for online transactions. This will also be particularly beneficial to self-employed individuals and small business owners who can now shift to cashless operations conveniently and cost effectively. “This year has seen significant growth in people’s acceptance and adoption of digital payment solutions due to the Covid-19 pandemic, but this has also helped pave the path towards a cashless society which is expected to bring about much economic growth. Sampath Bank has always prided itself on being a catalyst for technological advancements in the country’s Banking industry, while promoting greater financial inclusivity and customer convenience. We are excited to incorporate PEN transfers into our Sampath Vishwa portal, offering greater convenience and security to our customers,” said Tharaka Ranwala – Senior DGM-Consumer Banking of Sampath Bank PLC. Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. As part of its visionary 2020 approach, the bank is steadily transforming itself into a ‘tech company engaged in banking,’ from the traditional approach of a bank engaged in technology.  

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Deepening its drive to accelerate recovery of PET plastics in Sri Lanka, Coca-Cola Beverages Sri Lanka Ltd.’s (CCBSL) significant partnership with The Ceylon Fishery Harbours Corporation is making great strides. CCBSL established 15 large scale 5000 Kg huts for the collection of plastic PET bottles in Dikkowita, Negombo, Galle, Mirissa, Cot bay, Nilwella, Suduwella, Kirinda, Kalpitiya, Chilaw, Hambanthota, Thalawila harbours and Tangalle and Kudawella ports with the objective of providing a much-needed disposal mechanism for the large number of PET bottles that are taken on a daily basis by the fishing community to sea. The PET volume collected to date by the Harbour huts project is close to 21,500 Kg in less than a year, which amounts to approximately 752,500 PET bottles. This joint effort has made a notable contribution to CCBSL’s overarching signature waste management programme, ‘Give Back Life’, to increase the volume of PET bottle collection and recycling in the island through its trusted recycling partner – Eco-Spindles Private Limited, a subsidiary of BPPL holdings. Adding further, J.P Mudalige – General Manager, Ceylon Fishery Harbours Corporation said, “As the Ceylon Fishery Harbours Corporation, we are delighted to enter into this partnership with Coca-Cola Beverages Sri Lanka Ltd. and Eco Spindles to resolve this crisis that was polluting our oceans and affecting our precious marine resources. This issue was also negatively affecting the livelihoods of our fisher community and the fishing industry, as more plastics in the ocean would mean less quality fish in the sea. Thanks to this initiative, we can conserve our most precious ocean resource in our island and our fishing industry that depends on it.” Elaborating on the benefits of the partnership, Dr. Anush Amarasinghe – Managing Director, BPPL Holdings added, “BPPL Holdings is grateful to Coca-Cola’s efforts as a responsible producer to take the ‘Give Back Life’ initiative to our harbours, which can now collect a large amount of PET bottles that otherwise would have ended up in the ocean. This initiative will help us increase our recovery and recycling rates and the sale and export of our brushes, filaments and polyester yarn and thereby support the national economy.” This project reflects CCBSL’s PET recovery efforts to significantly reduce environment pollution caused by PET bottles being inappropriately disposed at sea by the fishing communities, who spend a long period of time in the waters and previously had no incentive or mechanism for safe disposal of PET bottles on return to shore. This partnership not only contributes to curbing ocean pollution, but also increases PET collection and recycling volumes by a large amount because of the quantity of PET bottles used on a daily basis by the fishing community, and the substantial holding capacity (5000kg) of the hut. The recovered PET bottles will be recycled and transformed into Value-Added Products such as bristles for cleaning brushes, brooms or recycled polyester yarn for clothing, shoes, etc. This will in turn amount to expanding livelihood opportunities for local communities, increasing export earnings and creating a circular economy. Commenting on the partnership, Lakshan Madurasinghe – Director, Public Affairs, Communications and Sustainability, CCBSL said, “We are excited about this new partnership with the Ceylon Fishery Harbours Corporation and our recycling partner Eco Spindles, as it provides the opportunity to expand the recovery volume of PET plastic bottles and thereby ‘Give Back Life’ to these bottes. We are committed to finding improved solutions to recover and recycle PET bottles and this is one of the many initiatives we are implementing across the island.” Through such multi-stakeholder programmes, the ‘Give Back Life’ campaign aims to collect and recycle the equivalent of every bottle it sells in Sri Lanka in line with its global sustainability agenda of a ‘World Without Waste’ by 2030. 

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China Merchants Port Holdings Co., Ltd., Fujian Transportation Maritime Silk Road Investment and Management Co. Limited (“Fujian TMSR”) and Fujian Provincial Communication Transportation Group Co., Ltd. (“FJCT”) has signed a share transfer deed to promote the sustainable development of Hambantota Port in Sri Lanka. According to the share transfer deed, Fujian TMSR has agreed to acquire 23.5% shareholding interests of a wholly-owned subsidiary of the target company at a total consideration of US$268 million (equivalent to approximately HK$2.077billion), with FJCT as guarantor. The target company holds 85% interest of Hambantota International Port Group (Private) Limited (HIPG) in Sri Lanka. Since CMPort started to operate Hambantota Port from year 2017, the Company has successively introduced oil and gas business, cement loading and unloading and maritime service to the port. As a strategic partner, FJCT’s principal businesses covered construction and operation of ports and port-centered logistics parks, operation of modern logistics and supply chain, water/land freight transportation and tourism passenger transportation. FJCT is a leading enterprise of port and shipping industry with large contiguous container terminals, dry bulk cargo terminals, chemical product terminals and inland river terminals. CMPort strive to maintain the management control of HIPG while lower our share ratio by introducing strategic investors to optimise the Company’s assets and corporate governance structure. Through the injection of domestic and overseas resources of the parties, the partnership will not only conducive to the long-term sustainable development of the Port, but also conducive to the sustainable appreciation of the Port as an asset. Deng Renjie said, “CMG and FJCT has a long history of collaboration, this cooperation is not only a role model for both sides to integrate resources, complement each other’s advantages and invest overseas as a group, but also the injection of new impetus to speed up the construction of Hambantota as South Asia shipping center. I hope both sides will give full play to their respective advantages, seize the opportunity of digital transformation of port and shipping industry and domestic industrial transfer to explore the cooperation of port business at home and abroad, fasten the injection of advantageous industries in the industrial park of Hambantota port, further expand the breadth and depth of the cooperation, together we push forward the promotion of ‘Belt and Road’ to a higher quality  direction” Li Xinghu said , “FJCT will take this cooperation as an opportunity to deepen the cooperation between Hambantota port and Fujian ports as well as shipping enterprises. We will also expand the business location and enhance the brand influence of “Silk Road shipping”. At the same time, FJCT will also strive to attract and encourage Fujian enterprises to participate in the construction of Hambantota port, and strive to make Hambantota Port a homebase for Fujian enterprises to enter the South Asia and overseas markets. ” Finally, Wang Qiang send his blessings to both parties to join hands in speed up the construction of Hambantota Port with  sincere and mutual beneficial cooperation, and make Hambantota Port a prototype project of port development and port industrial park along the “Belt and Road”.  

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Senkadagala Finance PLC yesterday (01) stated that it had received a US$ 25 million financing facility from the Netherland-based FMO ( Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V), on June 29, 2020, to enhance its green vehicle portfolio. Senkadagala was initially formed in the city of Kandy in 1968. The company has become one of the largest licensed finance companies operating under the purview of the Central Bank of Sri Lanka. In March, Senkadagala acquired Candor Asset Management (CAM), a Sri Lankan unit trust and private portfolio management, for an estimated Rs.26.7 million.

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Fitch Ratings has upgraded the credit rating of Cargills Bank Limited from ‘A-(lka)’ to ‘A+(lka)’ with a stable outlook. The National Ratings of the Sri Lankan banks consider their creditworthiness relative to other issuers in the country. The recalibration of the Sri Lankan National Rating scale has resulted in the upward revision of the National Long Term Rating of Cargills Bank Limited. This positive revision of the Credit Rating of the Bank in the midst of the Global and Local economic distress is a testament to the bank’s efforts and commitment in the face of adversity, connecting customers to financial inclusivity, its agility to revalidate the past and realign to the future whilst maintaining robust services in the banking industry and the unstinted backing of its Parent, Cargills; a brand that has faithfully served Sri Lankans for 175 years. Built on this foundation of values and ethics, and true to this heritage and the ethos of ‘Banking on the Human Spirit’, Cargills Bank has taken the concept banking to the masses as an inclusive and accessible financial institution. Commenting on this accomplishment, Cargills Bank Managing Director and CEO Rajendra Theagarajah said: “It is with pride I note that Cargills Bank has achieved a 2 notch upgrade in its Fitch Rating and secured A + (lka) stable rating. This is just within 6 years of operations and on par with some larger banks that have been in existence for longer period of time. I believe, this is a testament to the unique value and model that we are bringing to the Sri Lankan banking industry backed by the strong support of our parent”. “We have achieved immense progress in expanding our ability to serve customers across the country. The year ahead will undoubtedly be. Challenging one as the banking sector along with the entire economy strive to revive after a global pandemic.  However we are confident that we can move forward in our plan to consolidate our operations while increasing customer engagement and raising awareness about our unique value proposition.” He further added. Cargills Bank humbly recognizes the valuable contributions of its customers, business partners, and other stakeholders to reach this significant milestone. The bank is geared to serve its customers with a range of innovative financial solutions in Retail, SME, Business Banking and Credit Cards with competitive rates and unparalleled service. Cargills Bank’s head office is in Colpetty with branches at Maitland Crescent, Maharagama, Old Moor Street, Wattala, Kandy, Peradeniya, NuwaraEliya, Chillaw, Fort, Rajagiriya, Ratnapura, Thanamalwila, Matara, Galle, Kurunegala, Kaduruwela, Vavuniya, Chunnakam and Jaffna. Photo caption: (Inset) Cargills Bank Managing Director and CEO Rajendra Theagarajah and the Cargills Bank Head Office

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Sri Lanka Insurance at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note recording phenomenal growth with exceptional service innovations. Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2019 to record 15% growth in profit before taxation reaching a Profit before taxation of Rs. 8.2 billion for the year, a marked improvement on the Rs.7.1 billion in the year 2019. In the year of 2019 Sri Lanka Insurance reported 12 % growth in life insurance premium increasing to Rs.14.8 billion whilst general insurance premium grew to Rs.18.9 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 6.5 % during the year. General insurance contributed 56% towards the total GWP whilst Life Insurance contributed 44 %. In continuing with its tradition of leadership, Sri Lanka insurance in 2019, surpassed its own record to declare a sum of Rs.7.6 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.50 billion making the SLIC bonus payout unmatchable. “Sri Lanka Insurance further strengthens its strategy of diversification that is largely attributed as the key catalyst for the Company’s precipitated growth during the year. Over the past years SLIC has diversified its investment portfolio in banking & finance, healthcare, power & energy, travel and leisure and construction & engineering. Whilst the growth in our core business contributed towards greater profitability, we are cognizant of the contribution from SLIC’s diversified portfolio in achieving a consolidated profit that is in fact unprecedented. As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans. Sri Lanka Insurance will be shifting paradigms in the insurance industry and we strive to continue providing the best protection for Sri Lankans.  ” noted Mr.Jagath Wellawatta, Chairman of SLIC. “In 2019 we remained as the largest and the strongest insurance provider in Sri Lanka. Our performance during the year has re- affirmed our status as the most robust Insurance company in the industry” noted Mr. Chandana L. Aluthgama, Chief Executive Officer of SLIC. ‘Our progressive business approach has enabled us to proactively benefit from the opportunities that arose, and will continue to arise, even though the times are defining. We are confident that going forward, our strategy will continue to accelerate the momentum of growth of SLIC” he further stated. Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.211 billion and a Life fund of Rs. 116 billion, the largest in the local insurance industry. The company is also the first and only local insurer to secure Fitch Ratings AAA (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, ‘Most Loved Insurance Brand’ and the 3^rd Most Loved Consumer Brand in the country by Brand Finance. The company is on the mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.   Photos

1. Jagath Wellawatta, Chairman of SLIC.
2. Chandana L. Aluthgama, Chief Executive Officer of SLIC

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UK based Health Tech giant Pathogen Prevention Pvt Ltd (PPL) appoints Northwood Consulting Pvt Ltd – as its sole distributor for a range of UV-C based pathogen prevention products for Sri Lanka and Maldives. Northwood Consulting is a fast-growing consultancy firm based in Sri Lanka and the Maldives specialised in technology, investments and strategic alliances. The appointment comes after the present health-crisis COVID plunged the global economy into uncertainty causing countries to rapidly seek effective and proven methods of pathogen disinfection, fast tracking PPL’s employment of its proven technologies across countries. PPL’s products have been fast-tracked to the British Government’s Coronavirus (Covid-19) response group of key suppliers compiled by the Crown Commercial Service under the Medical Services Category thanks to its Germicidal capabilities of UV-C products. The products are also CE marked for conformity and are compliant with all relevant European Laws and Regulations. They are FDA approved in the USA and are also the only manufacturer to be ISO 9001 & ISO 14001 certified. The new product range is a UV-C based pathogen killer that disinfects and sterilizes air and surfaces within a matter of minutes destroying bacteria, micro-organisms, coronaviruses and deadly pathogens in the air, on surfaces and in liquids, creating hygienically clean environments with absolutely no human intervention whatsoever. The product range has been developed by PPL in collaboration with its Swiss partner – one of the most sought-after companies for health technology in the world. The product range is especially suited for hospitals, hotels, restaurants, cinemas, educational institutions, workplaces or any public or private spaces that invites large number of individuals. The product can disinfect both air and surfaces upto 99.99% reducing the risk of the spread of the virus and the transmission from one person to another. The UV-C units are seen as an alternative to costly, and ineffective methods of disinfection. Outlining the benefits of the products, CEO of Northwood Consulting Amira Ghaffoor said, “This is especially useful for tourist establishments that are under strict SOP’s by the government in the wake of recovering from the pandemic, as guests can be assured that their rooms are pathogen free.” ‘’We are also privileged to be able to bring trusted European technology to combat the given situation’’ she added.   UV Light & Coronavirus UV light is a proven technology when it comes to reducing bacteria, viruses and other harmful micro-organisms that pose a risk to human health. Ultraviolet (UV-C) light kills or inactivates micro-organisms by destroying nucleic acids and disrupting their DNA, leaving them without those vital cellular functions that cause us harm. Benefits of Ultraviolet Ultraviolet (UV-C) technology is a non-chemical approach to disinfection. Nothing is added, making this process simple, inexpensive, non-polluting and requiring very low maintenance. It can work even when bacteria, viruses and other pathogens have become immune to other methods of disinfection, as proven against “The super-bug”, MRSA. The technologies deployed with UV have been tried, tested and proven for over 80 years in industries & environments, that otherwise would present a serious risk to human health & safety. The products which eliminate bacteria and provide air and surface disinfection, are easy to install and service. Project Head, Northwood Consultancy – Ashwin Joseph expressed that “The UV-C units are equally effective for hospitals, restaurants, industrial facilities, food industries, educational establishments, museums, libraries, agricultural and animal facilities, shopping centres, apartments and hotels. These are all places that require active protection from harmful micro-organisms. In essence this could mean, that our economy can get back on track-faster allowing tourism, and other high yielding industries to bounce back sooner – allowing them the opportunity to provide a guarantee to their customers.’’ He also added ‘’The response we have received for the product across industries is astounding, within a very short span of time’’. “These products are being used in hospitals, surgeries and private medical facilities in the UK,” Joseph added. “In the broader industry beyond medical applications, UV-C has been commonplace for decades in food production, laboratories and pharmaceuticals manufacture. Having contained the spread of Covid-19, these would be the ideal products to ensure all indoor spaces where large crowds gather in Sri Lanka, are kept pathogen free’’. For more details call the hotline on– 077 510 3724 or 0777 8266 29

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