Adaderana Biz English | Sri Lanka Business News

CEAT Kelani Holdings recently made a donation of Rs 2 million towards the cost of construction of a new 106-bed Army Hospital at Pallakele in Kandy. The donation is in addition to numerous initiatives already undertaken by Sri Lanka’s top tyre manufacturer to support communities and stakeholders affected by the COVID-19 pandemic. The donation was presented by CEAT Kelani Managing Director Mr Ravi Dadlani to Lieutenant General Shavendra Silva, Commander of the Sri Lanka Army and Acting Chief of Defence Staff, who is also the Head of the National Operation Centre for Prevention of COVID-19 Outbreak. Mr Dadlani said the company had the utmost admiration for the Sri Lanka Army’s role at the frontlines of the battle to contain the spread of COVID-19 in Sri Lanka, and felt it is the Company’s duty to support these efforts. CEAT is also currently funding and coordinating a multi-pronged three-month public safety programme, working with the Sri Lanka Transport Board (SLTB) to improve safety and hygiene facilities for commuters as well as bus crews, supporting lorry crews with personal safety kits and sanitisation of lorries serving key market locations and is helping sustain workers at tyre dealerships around the country. CEAT Kelani Holdings, which manufactures nearly half of Sri Lanka’s pneumatic tyre requirements, is considered one of the most successful India – Sri Lanka joint ventures in the manufacturing sector. The joint venture’s cumulative investment in Sri Lanka to date totals Rs 8 billion, inclusive of Rs 3 billion committed in January 2018 for expansion of volumes, technology upgrades and new product development. Pictured here at the presentation of CEAT Kelani’s donation towards the construction of the new Army Hospital in Kandy are the Company’s Managing Director Mr Ravi Dadlani and General Shavendra Silva.

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Underpinned by an unrelenting drive for innovation, Huawei makes the top 50 for the fifth consecutive year Huawei is steadfast in its commitment to innovation and driving value for global consumers. In the latest BrandZ Top 100 Most Valuable Brands study, published by WPP and Kantar, Huawei is ranked 45^th, up two places from last year, with a US$29.4 billion brand value (nine percent increase YoY). 2020 is also the fifth consecutive year where the annual publication features Huawei as one of the top 50 most valuable brands worldwide, a testament to Huawei’s success in executing its long-term vision of building a fully connected, intelligent world. According to the report, the total brand value of top global brands saw a brand value hike of 5.9 percent compared to the year prior, with the technology sector remaining as the top contributor for 15 years in a row, representing 37 percent of the top 100’s total brand worth. Chinese brands are also gaining in prominence with 17 making the top 100, including five being recognised as among the ‘Top 20 Risers’ – brands that increased most in value. The past year has seen Huawei hone in on its strategy to diversify and broaden its offerings in both domestic and overseas markets. During its Virtual Launch in February, Huawei launched an array of new products, including the 5G foldable smartphone HUAWEI Mate Xs, HUAWEI MatePad Pro 5G tablet and AppGallery, Huawei’s first-party app distribution platform. The event also saw Huawei formally present its All-Scenario Seamless AI Life Strategy, and reaffirm its efforts to invest into the full stack of consumer electronics technology ranging from 5G to AI. The HUAWEI P40 Series, launched in the following month, set a new bar for mobile imaging technology, offering an all-day Super Definition photography experience to consumers with a trio of cutting-edge camera smartphones. The BrandZ study comes in the wake of IDC’s quarterly announcements about its findings from its Worldwide Mobile Device Trackers. Key takeaways include: Huawei has held its title as the world’s second largest smartphone maker with a 17.8 percent market share; the company’s continued momentum in the wearables sector resulted in shipments going up by 62.2 percent YoY; and a 12 percent share of the global tablet market secures Huawei’s place as the third largest tablet vendor worldwide[1]. Meanwhile, independent analyst firm Canalys has pegged Huawei as one of the world’s top 5 true wireless audio product manufacturers[2]. Huawei’s PC business also saw a YoY sales increase of 120 percent in the first quarter of the year. Business consultancy firm Boston Consulting Group (BCG) also recently unveiled its annual Most Innovative Companies report, which names Huawei the world’s sixth most innovative company, ascending 42 ranks from last year. The rankings are in large part based on a survey that BCG conducted from August 2019 through to October 2019. BCG assesses the companies’ performance on multiple facets including global mindshare, industry peer view, industry disruption and value creation. Among the top 50 companies listed, Huawei had the most significant leap upwards and is the highest ranked Chinese company. Further, Huawei has been working alongside with developers and partners to cultivate an all-scenario ecosystem of software, which is integral to its envisioned smart future. For example, Huawei is committed to fully opening up its chip-device-cloud capabilities to accelerate app experience innovation, and has earmarked US$1 billion to fund the Shining-Star Programme, an initiative that offers developers a range of services that help them launch their ideas to market. [1] Data source IDC [2] Data source Canalys

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Calls for deeper commitment by pharmaceutical industry to self-regulate.
Prepared to partner with Government to collaborate and implement a fair pricing mechanism.
Requests industry engagement to support the government in the curbing of NCDs in Sri Lanka.
Lauds COVID-19 response by industry and partners.

The Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) unanimously elected Kasturi Chellaraja as its president for the year 2020/21, at the 59th Annual General Meeting held earlier this week. Chellaraja, Managing Director of Hemas Pharmaceuticals and now CEO of the Group, will head the Chamber for the 2^nd year and along with the new office-bearers and membership, will drive the healthcare agenda of the Country together with government and private sector stakeholders. Chellaraja said, that healthcare was moving towards personalized medicine – medical treatments that are tailored to the individual characteristics of each patient – and, that the pharmaceutical industry had an important role to play in delivering responsible and high-quality medicine. In her keynote address, Chellaraja also called for a sincerer commitment of the industry to self-regulate. “We are all Sri Lankan. Yes, we run businesses, but the wellbeing of our patients should be our priority”, she emphasized. She expressed SLCPI’s keenness in partnering with the Government on national imperatives including a fair pricing mechanism for medicines, which will enable greater accessibility of a wider range of high quality medicines. “We are prepared to partner with the government to implement a fair pricing mechanism”, she explained, adding that pricing regulations, the devaluation of the rupee, an overall rise in the rate of inflation and the absence of a price mechanism has posed great challenges to the industry in the recent years. Unlike other import-heavy essentials like fuel, pharmaceutical products are not subject to a pricing mechanism recognized by both industry and regulator. She also lauded the efforts of all frontline staff, supply chain stakeholders and all representatives of the industry for their impressive work and mobilization during the last few months. “COVID-19 presented unprecedented challenges to our industry. Most of our businesses are struggling but the industry made sure to place patients and country as our first priority. We were able to assure the country and Health Minister that there would be no drug shortages, and there weren’t”, she stated proudly. Expressing insights on the lessons learned due to the recent pandemic, she observed that the burden of Non-Communicable Diseases (NCDs) in the island and the large proportion of people living with NCD’s had risen and with that, the dependency on routine access to their medicines. “We need to help the government in the prevention and cure of NCDs in Sri Lanka. Providing quality medicine is what we are mandated to do. However, as a core faction of Sri Lanka’s healthcare system, we need to look at promoting healthy habits and values amongst our population”, she emphasized. Her vision for the year 2020/21 for the industry included:

The continuation of their journey towards self-regulation and ethics
Engaging with relevant stakeholders to establish a fair pricing mechanism
Ensuring that regulations posed to the industry are practical and allow the continuation of their operations.

The office-bearers of SLCPI for the year 2020/21 are, Senior Vice President – Mr. Sanjiva Wijesekera, Executive Director, George Steuart Health (Pvt) Ltd; Vice President – Mr. Azam Jaward, Managing Director, Cipla Pharma Lanka Ltd; Hon. Secretary – Mr. Rolf Blaser, CEO/Managing Director, A.Baur & Co. (Pvt) Ltd; Treasurer – Mr. Sirimal Fernando, Deputy Managing Director, Astron Limited. The SLCPI currently serves as the representative of over 60 members who account for more than 80% of the private pharmaceutical industry, spanning manufacturers, importers, distributors and retailers. These stakeholders supply Sri Lankan patients with 800 molecules from 364 manufacturers from across the world.

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The recently approved amendments to the listing rules of the Colombo Stock Exchange (CSE) by the Securities and Exchange Commission of Sri Lanka (SEC) will enable shareholders to receive dividends declared by Listed companies much faster. These reforms are a part of broader changes considered and implemented by the SEC and CSE to facilitate the digitization of capital market operations. The amended rules have shortened the time period for the payment of dividends by Listed companies from 7 market days to 2 market days from and excluding the XD date in instances where the shareholder has provided accurate bank account details to the Central Depository Systems (Pvt) Limited (CDS) or to the company. In such instances, it has been made mandatory to all Listed companies to directly credit the respective bank accounts within the time period. The XD date is the day immediately following the date on which the dividend payment resolution is passed at the shareholders meeting in instances where the approval of shareholders is required and in instances where shareholder approval is not required, the XD date is the 7^th market day excluding the date of the dividend announcement. It is noted that dividend payments are generally made in the traditional form via cheques, even though the electronic payment option is available. Under the amended rules, shareholders could continue to receive dividends through cheques but the option has been provided for shareholders to receive dividends much faster by declaring their bank account details in a secure manner to the CDS through their respective Stockbroker. In the perspective of investors, receiving dividends via direct deposits to their bank accounts brings about a seamless process as opposed to payments via cheques, which may face unexpected interruptions such as postal delays and undue inconvenience of visiting the banks to deposit the cheques. Given the social distancing measures in place, this could be considered a timely measure. In the perspective of corporates, paying dividends directly to shareholder bank accounts will ease what could be a complicated and long-drawn manual process, which could involve complications such as managing delivery failures. Depending on the volume, there is also likely to be a saving in terms of the cost of processing cheques. Through this initiative the capital market has made a complete commitment to supporting the wider financial sector reforms in reducing physical cheque payments and supporting the national payment and settlement effort.

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Expedited processing has cleared nearly 650,000 refund requests in 8 weeks
Policies offer customers confidence to plan and book their travel

In the past two months, Emirates has processed nearly 650,000 refund requests, returning over AED 1.9 billion to its customers and making good on its promise to expedite refunds after the COVID-19 pandemic disrupted travel plans for millions of customers around the world. In April, Emirates had announced that it would ramp up its refunds capabilities and committed to clear its backlog by August, which at that time stood at nearly half a million requests. The airline had crossed that target by early June, after expanding its processing capability from an average of 35,000 requests a month, to nearly 200,000. Adnan Kazim, Emirates’ Chief Commercial Officer said: “This pandemic is a black swan event no-one expected, impacting travellers and hitting the airline and travel industry hard. At Emirates, we’ve earned our customers’ trust over the years and we value that greatly. It is tough times for everyone, but we are committed to doing what’s right by our customers. That’s why we ringfenced cash to honour refunds, and invested resources to expedite processing. Our average processing time for refunds has reduced from 90 days to 60, and as we see lower volumes of new requests we expect this rate to further improve. We still have over half a million refund requests to manage, and expect to clear these within the next two months. We’d like to thank our customers for their patience and trust, and to those who have opted to hold their ticket or rebooked to travel at a later time – we look forward to welcoming you onboard soon. In addition to refunds, Emirates continually reviews its booking policies and travel products, to offer customers added confidence to plan and book their journeys. Flexibility and assurance Emirates currently offers travellers flights to over 50 cities, with convenient connections between the Americas, Europe, Middle East, Africa and the Asia Pacific through its hub in Dubai. Dubai has recently announced that it will re-open to welcome international visitors from 7 July 2020. With the gradual re-opening of borders over the summer, Emirates has revised its booking policies to offer customers more flexibility and confidence to plan their travel. Customers who purchase an Emirates ticket by 31 July 2020 for travel on or before 30 November 2020, can enjoy these fully flexible terms when they book a Flex or Flex plus fare, or if they have to change their travel plans due to COVID-19 related flight or travel restrictions (applicable to all bookings):

Free date change for travel in the same cabin to the booked destination, or to/from Dubai
Free rebooking to any alternate Emirates destination in the same region, or to/from Dubai
Extended ticket validity for 2 years from the purchase date for future use
Convert the ticket value to a Travel Voucher that may be used as credit towards future travel purchases with Emirates, providing flexibility to reschedule when they are ready to travel again

Emirates customers whose travel plans are disrupted by COVID-19 related flight or travel restrictions, can easily request travel vouchers or refunds via an online form on Emirates’ website, or contact their travel booking agent for assistance. Dubai is ready to welcome international visitors from 7 July 2020. Click here for more information on travel requirements for international visitors. For more information on Emirates’ current flights and services, visit www.emirates.com/wherewefly Emirates has put in place a comprehensive set of measures for the health and safety of its customers and employees, at every step of the customer journey. For more information, visit www.emirates.com/yoursafety Photo caption: The Emirates Boeing 777-300ER

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The World Bank has downgraded Sri Lanka from an upper-middle income country to a lower-middle income country. The change in classification comes in the World Bank’s latest country classifications by income level published on Wednesday (01). Algeria and Sudan are the other two countries that have shifted to a lower category along with Sri Lanka. The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. Meanwhile, these classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (2019 in this case). The classifications change for two reasons: In each country, factors such as economic growth, inflation, exchange rates, and population growth influence GNI per capita. Revisions to national accounts methods and data can also influence GNI per capita. The updated data on GNI per capita data for 2019 can be accessed here. To keep the income classification thresholds fixed in real terms, they are adjusted annually for inflation. The Special Drawing Rights (SDR) deflator is used which is a weighted average of the GDP deflators of China, Japan, the United Kingdom, the United States, and the Euro Area. This year, the thresholds have moved up in line with this inflation measure. The new thresholds (to be compared with GNI per capita in current USD, Atlas method) are as follows.

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EFL 3PL, a member of the leading global logistics conglomerate Expolanka Holdings PLC, unveiled a first-of-its-kind Quality Inspection Center for a leading apparel manufacturer and global brand recently. The deployment of modern technology and process re-engineering has enabled this operation to improve its efficiencies by over 40% and physical stock verifications (PSV) have been improved from 12 hours to under 30 minutes whilst maintaining 100% accuracy throughout the entire operation. The extensive use of technology such as mobile apps, handhelds, e-Document archiving and retrieval tools (paperless environment), humidity along with real time digital dashboards contributed to this achievement. Future hyper efficiencies and improvements are possible through a RFID enabled environment along with Internet of Things (IoT) devices enabling remote monitoring of temperature, making this a one of a kind hi-tech fulfillment center in the region. Saif Yusoof – Managing Director, EFL added, “We are committed to be the best by creating value through our service offering even during challenging times. We relentlessly continue to drive our brand purpose of helping businesses to grow by transforming supply chains.” The Quality Inspection Center is located within a 100,000 sqft, BOI and Customs bonded facility which is 3.5 km to the Port and 1 km to the Peliyagoda highway entrance, enabling smooth logistics operations. This facility also happens to be a LEED Gold Certified building where the operation is run predominantly utilizing renewable energy. Sammy Akbar – Director, EFL 3PL & Freeport commented, “EFL 3PL is constantly challenging market norms with solutions and services which are unique and adds considerable value to businesses. This is an ideal example of such an instance”. The company maintains the highest warehousing standards in the country with a focus on using technology to deliver agility, scalability and accuracy. EFL 3PL has a long list of global compliances and certifications, namely, Customs-Trade Partnership Against Terrorism (C-TPAT), ISO 9001:2015 Quality Management Systems, ISO 14001:2015 Environmental Management Systems, ISO 14064:2006 Greenhouse Gas Accounting & Verification, OHSAS 18000:2007 Occupational Health & Safety Management Systems, LEED Gold, GOTS and BSCI. These certifications demonstrate EFL 3PL’s passion for exceeding customer expectations whilst updating and adhering to the latest and diverse compliance standards. About EFL 3PL EFL 3PL is a member of Expolanka Holdings PLC – a leading conglomerate with interests in Logistics, Leisure and Investments. The company has thrived on overcoming the challenges of operating in limited logistic infrastructure markets, taking its operations to 21 countries, 60+ offices and over 2,300 staff around the world. Photo Caption: Suneth Hirimuthugoda (Head of Strategic Business Unit) and Supun Kanchana (Deputy Operations Head) demonstrate the real time operations dashboard to the ExCo members of EFL 3PL: Sammy Akbar (Director – 3PL & Freeport), Leroy Ebert (Chief Growth Officer) and Nishan Hewagamage (General Manager – Operations).

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HMD Global announces it is acquiring assets of Valona Labs – a mobile, enterprise and cybersecurity software company
The acquisition forms part of HMD Global’s ongoing commitment to mobile security and forms the foundations of its brand-new Centre of Excellence in Tampere, Finland
The new centre will specialise in software, security related intellectual property and services, and will propel HMD Global’s transition from a purely hardware business, to a combined hardware and services company
There will be an immediate recruitment drive for software professionals that can help develop new services such as HMD Connect, as well as processes that build upon the company’s reputation as a global leader in smartphone software updates and security[i]

HMD Global, the home of Nokia phones, today announces it is acquiring assets of Valona Labs and launching a brand-new Centre of Excellence in Tampere, Finland. Combining HMD Global’s commitment to delivering secure, reliable and dependable mobile experiences with Valona Labs’ expertise in mobile, enterprise and cybersecurity software, the acquisition of assets will further build upon the company’s reputation as a global leader in smartphone software updates and security¹. The new Centre of Excellence in Tampere will specialise in software, security and services, propelling HMD Global’s transition from a purely hardware business, to a combined hardware and services company, diversifying its intellectual property and differentiating its unique go-to-market offering. In March this year, HMD Global entered a new service category with the launch of its global data roaming service, HMD Connect, which enables people around the world to benefit from a hassle-free data SIM. Over the coming months, the centre in Tampere will concentrate on developing this service further and begin work on other services such as remote device locking, enterprise mobility management, mobile device software security, secure network communication and black box testing. There are also ambitions to expand the scope of the centre to include imaging and audio technologies in the future. The centre will create an immediate need to hire new technical talent in the region and will be led by the former award-winning Head of Unit for Valona Labs, Ari Heikkinen. Juho Sarvikas, Chief Product Officer, HMD Global, says: “As a company that believes every phone should be built upon the foundations of security, reliability and dependability, we are proud to announce the acquisition of assets of Valona Labs – a renowned and trusted mobile software business. Nokia phones are known around the world for purposeful innovation and our pure, secure and up-to-date Android^TM promise ensures people receive a smartphone experience that continues to get better over time. This is one of the reasons we maintain our position as leaders in fast OS updates. According to research from Counterpoint¹, we are, in fact, the fastest brand, covering 94% of our portfolio. By bringing in assets from Valona Labs, we will be in a stronger position than ever to deliver on this promise and further build the trust of our fans, which is one of our core values as a business. We pride ourselves on our Finnish roots and our premium Nordic design, which is why we’re delighted to be bringing this new Centre of Excellence to Tampere. Through the acquisition of these assets, we will lay the foundations of a R&D hub that will transform our business and the products we offer to our fans.” Newly appointed Senior Director of Security and Enterprise Solutions at HMD Global, Ari Heikkinen adds: “We have been working closely with HMD Global for quite some time and I’m excited to announce our collaboration today as we continue to strengthen our partnership. With this new Centre of Excellence, we are striking whilst the iron is hot. Cybersecurity incidents have been on the rise during this global pandemic, meaning there’s no better time to increase our efforts on mobile security.[ii] Tampere is renowned as a destination for technological development, particularly in relation to mobile innovation. We look forward to leveraging the region’s expertise and will be exploring various collaboration opportunities with different companies in the area, as well as with Tampere University’s technology department. As we continue to expand, there will be an immediate need for fresh talent to join our ranks and I’m personally excited for the many opportunities this will bring for Finland in the future.” Harri Ojala, Director, Investments and Global Operations at Business Tampere says: “As an independent Finnish company and the only major European smartphone brand, we are delighted to welcome HMD Global and its new Centre of Excellence to Tampere. Tampere has already proved to be a place for new ideas and innovative thinking. I look forward to seeing this new centre thrive in this environment.” [i] Counterpoint Research – Software and Security Updates: The Missing Link for Smartphones (Aug 2019). [ii] See: https://www.pwc.co.uk/issues/crisis-and-resilience/covid-19/why-an-increase-in-cyber-incidents-during-covid-19.html. About HMD Global Headquartered in Espoo, Finland, HMD Global Oy is the home of Nokia phones. HMD designs and markets a range of smartphones and feature phones targeted at a range of consumers and price points. With a commitment to innovation and quality, HMD is the proud exclusive licensee of the Nokia brand for phones and tablets. For further information, see www.hmdglobal.com. Nokia is a registered trademark of Nokia Corporation. Android, Google and other related marks and logos are trademarks of Google LLC. All specifications, features and other product information provided are subject to change without notice. Variations on offering may apply. Check local availability.

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Leading Indian infrastructure developer Iconic Developments reported that construction of its self-contained luxury apartment complex Iconic Galaxy in Rajagiriya was gathering momentum with the relaxing of lockdown laws in the country. Construction partner MAGA Engineering resumed work in May with health and safety regulations in place as stipulated by health authorities. Kicking off with just 26 workers, MAGA now has 328 workers on-site and hopes to be working with the full capacity of its workforce by July providing over 450 workers with employment. “The economic impact of the first-ever global pandemic has been devastating as commerce came to a grinding halt and many lost their jobs. However, with countries now relaxing lockdown regulations, we have seen the flow of commerce resuming to what it once was. Even though global recovery may be slow, the resilience of the Colombo condominium market has allowed us to continue providing our workers with a steady source of income during these economically unstable times,” Iconic Galaxy Managing Director Rohan Parikh said. Workers reporting back are required to provide a report from the PHI of the area in addition to being subjected to a mandatory induction programme to enter the site, with necessary Personal Protective Equipment (PPE) provided by the company. Temperature checks and scans, routine hygiene checks, enhanced sanitary measures and the work being staggered are some of the steps taken for workers on-site, along with strict guidelines for usage of lifts, the cafeteria and other gathering areas. “Our primary goal is the health and safety of our workers as we resume construction and the stringent protocols put in place has guaranteed that we have had no infections on site so far. We are proud of this achievement and commit to ensuring it remains so through these trying times,” MAGA Project Manager Mr. Arjuna Jayasinghe said. In addition to safety requirements for workers, measures have also been put in place to ensure the site is safe. These steps include the site entry temperature check, training and designing COVID-19 compliant personnel, hand sanitizers, the installation of handwashing facilities and frequent cleaning of high use areas such as restrooms and eating areas. Additionally, all vehicles entering the premises are disinfected at the entrance with all employees encouraged to follow social distancing. The Iconic Galaxy is set to deliver 272 super-luxury, two, three, four and five bed-roomed apartments amidst a plethora of world-class amenities and services. Accessible from two roads, the apartment complex is perched on the trunk route of Buthgamuwa Road, spread over an area of approximately 1.5 acres of land. The apartment complex will be home to a 7-level private club worthy of a 5-star hotel, private guest suites for overnight visitors and on-site conveniences that include a supermarket, business centre, beauty salon and laundromat. The apartment complex was also recognized in the residential high-rise development category for Sri Lanka at the Asia Pacific Property Awards 2020-21. Photo caption: Construction continues at the Iconic Galaxy

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The Eastern region of Sri Lanka possesses much potential for tourism due to the richness of its history, cultural diversity, and talent. Tourism is an industry that allows local communities to celebrate their culture and authenticity through festivals, events and experiences for visitors who contribute to local economic development and meaningful employment through spending money on services and experiences. Tourism can provide high income earning jobs, flexible work hours and can facilitate creativity and innovation through art, dance and music. However, to ensure the region is on par with other business and lifestyle destinations in the world, it requires support and guidance in developing its workforce skills and services standards. Tourism has been badly affected by the COVID-19 pandemic. Confidence levels across formal and informal businesses are low. Businesses are closed with many workers displaced. Tourism was beginning to recover from the negative impact of the April 21^st terror attacks last year but have now taken more steps back as a result of this pandemic. To kick off the recovery process among tourism businesses across the tourism value chain post COVID 19 situation, S4IG is implementing a ‘Coaching for Business Improvement Program’ to support and address industry concerns especially those in the small medium sized enterprises. Skills for Inclusive Growth is a skills program that uses the Tourism sector to explore and demonstrate successful models of change within skills providers and formal and informal tourism enterprises across Ampara, Batticaloa, Trincomalee and Polonnaruwa districts through showcasing coordinated, demand driven, flexible and inclusive skills development. Skills for Inclusive Growth is an initiative of the Australian Government in collaboration with the Sri Lankan Ministry of Skills Development, Employment and Labour relations. This coaching initiative supports over 400 Enterprises, through business support, to recommence their businesses post COVID -19 and adapt to the “New Normal” of running business operations across tourism value chain including the sectors of Accommodation, Food and Beverage, Handicrafts, Leisure, Travel Organizations, tour operators and event managers in destinations and assets in Ampara, Batticaloa, Trincomalee and Polonnaruwa. Industry experts are mobilized to deliver business coaching and training on improving business practices including HR and financial management, E-tourism, pandemic preparedness, safety and security measures, communications, event management, and support enterprises to prepare business plans which includes improved marketing, finance and operations to run and promote business in post Covid 19 context. The objective is to increase visitor flows and visitor spending in the 4 districts. Enterprises that are interested in seeking assistance to improve their business performance can join this coaching program to support them with developing pricing polices that reflect the expectations of visitors according to industry standards and market segments. This is then supplemented with product innovation, skills training, marketing strategies which in turn generates improved service quality for improved economic outcomes. The initial orientation and coaching sessions began on 16^th of June. These coaching sessions will prepare and build confidence of tourism businesses to rejuvenate their business and contribute to the overall destination marketing models implemented by S4IG with responsible government agencies and training providers in the East and in Polonnaruwa. Mr. David Ablett – Team Leader of Skills for Inclusive Growth emphasized, “Development of customized training and services linked with enterprise improvement can deliver increased revenues and incomes for those engaged in the provision of quality tourism services. Visitors are looking for innovation, for a unique and authentic Sri Lankan experience”. He went onto say that “visitors don’t want to sit in a resort and experience poor services and activities which can be done everywhere else in the world. The higher value visitor today is looking for something special. They want to experience the real Sri Lanka with its multicultural textures, foods, cultures. Where else in the world can you appreciate and experience so much within such a short travelling distance throughout the island. Wellness, water, waterfalls, waves, wild and wonderful environments – a wonderland!”

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Fulfilling its role as Sri Lanka’s National Mobile Service Provider, Mobitel has been at the forefront in supporting Sri Lankans to fulfill their needs especially during the pandemic. In its latest initiative, Mobitel has come forward to facilitate eLearning for students and other knowledge seekers. Mobitel’s ‘eLearning Plans’ are crafted with special data plans to enable access to MS Teams, Office 365 and Zoom all day at a rate of Rs. 150 + taxes for 25 GB. Available for all Mobitel customers, ‘e-Learning Plans’ can be activated as an add-on plan by dialing #170# or via DataMart App. The package offers e-Learning plans to be activated as data add-on plans for any Prepaid or Postpaid connection for both voice and data customers. Both Pre-Paid and Post-Paid customers can enjoy special packages starting from Rs. 150 + taxes and Rs. 590 + taxes for data quotas of 25 and 50 GB respectively, while the Rs. 990 + taxes plan offer 100GB only valid for postpaid customers. Subscribing to these plans ensures that the data quota is only used for online learning so that studies can continue smoothly online without the fear of running out of data. Enhancing convenience and versatility further, these plans can be used on both smartphones and routers, enabling a wider audience to connect and experience seamless learning from home or wherever you are through Mobitel’s superior 4G network. Billing is also simple as a total data bundle will be provided and a total monthly rental will be charged. Mobitel’s customer-centric approach is demonstrated by its speedy response to the current crisis by extending superior quality connectivity and generous packages to facilitate customers with the best internet connectivity solutions. ‘eLearning Plans’ is one more amongst a host of impactful initiatives by Mobitel to support the nation to overcome the current crisis with minimum inconvenience to its customers.

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Cementing an international reputation for excellence, Sri Lanka’s leading private sector bank, HNB PLC, was ranked among the Top 1,000 World Banks 2020 for the fourth consecutive year by the UK’s prestigious Banker magazine. The Banker is the world’s premier banking and finance resource, providing global financial intelligence since 1926. The Banker’s Top 1000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector. In 2020, HNB climbed up in its global rankings by an impressive 39 positions. “We are honoured to be ranked once again among the world’s most respected financial institutions and to have made strong improvements in our overall rankings. Particularly at the conclusion of a year fraught with challenges and more expected in the wake of the COVID-19 pandemic, HNB has displayed resilience and an outstanding capacity to adapt in the face of volatility. In this backdrop, the recognition in the Top 1000 ranking is ample testimony to the strength and stability of the bank.” HNB Managing Director/CEO, Jonathan Alles stated. Notwithstanding the challenging macro conditions, the bank continued to progress on its ambitious transformation journey. The bank’s pivot to digitally enabled products and services continued to gather momentum, as the bank provided customers with convenient, comprehensive and secured options to transact remotely. Innovations such as AppiGo and SOLO – a one-stop-shop for digital payments linked through bank accounts, credit, or debit cards, have proven to be timely especially during the lockdown period due to the COVID 19 outbreak and even in the context of a post-COVID landscape. Being a true partner in progress, HNB adopted a proactive approach in providing essential support to its network of retail, corporate and Small and Medium Enterprise (SME) clients negatively impacted by the COVID pandemic. Moreover, in an effort to finance a grassroots revival of the Sri Lankan economy, the bank launched a Rs. 5 billion COVID relief fund to provide working capital loans at a concessionary interest rate of 8% per annum directly to the bank’s substantial portfolio of SME customers. At present, HNB has facilitated over 2,500 clients for relief under the CBSL Saubagya working capital loan scheme, in addition to providing over 75,000 individuals and enterprises with debt moratoriums. HNB is one of the most awarded Banks in Sri Lanka. In addition to improving its position on the Top 1,000 World Banks, the bank was also declared Best Retail Bank in Sri Lanka at the prestigious Asian Banker Excellence in Retail Financial Services Awards 2020, marking the 11th occasion that bank has emerged as winners. Similarly, HNB was also adjudged Sri Lanka’s Best Bank in 2019 by Euromoney Magazine in addition to being recognised as ‘Best Managed Bank in Sri Lanka by the prestigious Asian Banker Magazine while the Bank’s Managing Director/CEO, Jonathan Alles was conferred with the Asian Banker’ CEO Leadership Achievement’ award. Locally, HNB was recognized as the Top Corporate in Business Today’s most recent Top 30 rankings and has been placed as one of the Top 10 Most Admired Corporates of Sri Lanka as jointly adjudged by CIMA and the ICCSL. HNB’s remarkable track record of excellence secured it the first place ranking ahead of all Sri Lankan banks included in the LMD Top 100 Club – a position which was evaluated based on its performance over the past 25 years. HNB is the first local bank to obtain an international rating and is rated on the par with the sovereign by Moody’s Investors Service. Recently, HNB’s long term issuer rating was revised upwards by two notches to AA+(lka) by Fitch Ratings Lanka Ltd. Photo caption: HNB Managing Director/CEO, Jonathan Alles

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Allianz Insurance Lanka Limited (Allianz Lanka) announced its partnership with Sri Lanka Olympians (SLO) to extend a host of benefits to the nation’s Olympians. The two parties entered into a Memorandum of Understanding (MoU) in this regard at a formal ceremony held under the auspices of the Minister of Education, Sports and Youth Affairs Dullas Alahapperuma at the Sports Ministry premises. Several Sri Lankan Olympians, Ministry officials and representatives from Sri Lanka Olympians and Allianz Lanka were present at this event. Saluting Sri Lanka’s Olympians, Allianz Lanka has offered to provide them with a medical cover and personal accident cover for their protection. Speaking at the event, the Minister of Education Sports and Youth Affairs Dullas Alahapperuma said, “I would like to commend Allianz Lanka and SLO for coming together in support of our Olympic stars. Initiatives such as this will go hand in hand with the government’s programs for our sportspeople. Let us all stand united behind our sporting heroes as they strive to bring greater glory to the nation.” “At SLO, one of our primary goals is to unite Sri Lanka’s Olympians, represent them and serve their needs throughout their lives. We would like to thank Allianz Lanka for partnering with us on this mission of supporting them. Providing financial assistance to our Olympians during their hour of need, this initiative is sure to prove invaluable to these heroes who are the pride of the nation,” said Sri Lanka Olympians President Sriyani Kulawansa. “Sri Lanka’s Olympians are a symbol of the nation’s challenger mentality and its passion for excellence. We are honoured to partner with SLO and extend a wide range of insurance covers to these heroes who continue to inspire us all,” said Gany Subramaniam, Chief Executive Officer, Allianz Insurance Lanka Limited. “This initiative is part of our ongoing global and local partnerships with a diverse array of teams, organizations, cultural figures, sporting venues, and educational programs that seek to promote sports and showcase stories of human achievement through sport and innovation.” Photo caption: (From left) Sumith Liyanage, Senior Olympian; Damayanthi Darsha, Secretary, Sri Lanka Olympians; Sriyani Kulawansa, President, Sri Lanka Olympians; Hon. Dullas Alahapperuma, Minister of Education, Sports and Youth Affairs; Gany Subramaniam, Chief Executive Officer, Allianz Insurance Lanka Limited; Mangala Bandara, Chief Marketing Officer, Allianz Insurance Lanka Limited; K. D. S. Ruwanchandra, Secretary, Ministry of Sports and Amal Edirisooriya, Director General, Department of Sports Development Sri Lanka About Allianz Lanka: Allianz Insurance Lanka and Allianz Life Insurance Lanka, known together as Allianz Lanka, are fully-owned subsidiaries of Allianz SE, Germany, a world leader in integrated financial services. Having started out as a Greenfield operation in 2005, it has emerged as one of the fastest growing insurance service providers in Sri Lanka. In a bid to further strengthen its local General Insurance operations, Allianz had acquired a 100% stake in Janashakthi General Insurance Limited in 2018. The company prides on supporting its clients’ business strategy by understanding their risk profile and needs and providing individual solutions from its world class portfolio of products and services. About Allianz: The Allianz Group is one of the world’s leading insurers and asset managers with more than 100 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, while our asset managers Allianz Global Investors and PIMCO manage 1.6 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees in more than 70 countries achieved total revenue of approximately 142 billion euros and an operating profit of 11.9 billion euros for the group.

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In order to develop villages the banking service in the country should understand the rural economy and the needs of the people, President Gotabaya Rajapaksa emphasized. It is a timely necessity to develop export agricultural businesses instead of waiting for foreign countries to come into fray. Mere establishment of industries alone cannot be defined as development pointed out the President adding that rural entrepreneurship centered around agriculture should be promoted. President made these observations during a discussion held at the Presidential Secretariat today (02) to review the current progress and the future activities of the Rural Development Bank (RDB). The Government expects to achieve economic growth by developing the agriculture while properly assessing needs. President said it is vital to look at the context from the angle of the grassroots level. In providing loans commercial banks give priority to the trading sector than to the production sector. It is the responsibility of the RDB to encourage farmers to increase their production. The need of promoting the cultivation of Undu, maize, green grams and other varieties of grain without resorting to import them was also stressed. President said it is his wish to see that the rural banks reach the rural community and encourage farmers by setting different targets. The loan defaulters who had taken large sums of money on a long-term repayment basis should severely be dealt with according to the law President said. He also said a mechanism should be formulated to collect debts owed to the State banks. Secretary to the President, P.B. Jayasundera, Secretary to Ministry of Finance, S. R. Attygalle, Governor of the Central Bank, Prof. W. D. Lakshman, Chairman of the RDB, Mahinda Saliya, General Manager / CEO , T. Kuhan and members of the Board of Directors participated in this meeting.

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Amid a partial reopening of the country to civil and business life, the share of the corporate executives who say the Sri Lanka economy in general will improve in the coming 12 months continues to rise with 42% ( compared to 36% in May) of respondents to the latest LMD- Nielsen Business Confidence Index (BCI) survey reflecting this sentiment. A little over a third ( down from 41% in the previous month ) of those polled anticipate economic conditions to get worse during this period while another 24% believe that the economy is likely to remain the same. This sense of optimism is observed in relation to long – term business prospects as well as with 68% of survey participants stating that sales volumes will improve in the next 12 months- this in fact, is higher than that recorded even in pre- COVID months. However, where short term business prospects are concerned only 27% (down from 32% in May) of respondents point to improve sales volumes with the majority (44%) saying they are likely to be worse off in the three months ahead. Meanwhile, positive sentiment regarding business performance compared to the prior year has improved slightly from 9% in May to 15% in June. Confidence about the investment climate continues to wane with a mere 6% (versus 9% in the preceding month) of business people saying this is a good time to invest in the country. Conversely, the majority view on prevailing funding conditions is negative with nearly two- thirds of the sample indicating a ‘poor’ or ‘very poor’ investment climate. Perhaps surprisingly 9% (up from 5% – in both April and May) of those spoken to by the pollsters revel plans to expand their workforce in the coming six months and while the majority (78%) of respondents anticipate their employee count to remain the same in the six months ahead, 13% say that staff cuts may be in the offing during this period.

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Aviation insurance is a mandatory requirement for airline operations. SriLankan Airlines obtained an insurance coverage from the Sri Lanka Insurance Corporation in 2018 with the Cabinet’s approval. The insurance cover has to be renewed annually, and the standing Technical Evaluation Committee of SriLankan Airlines has recommended that the insurance coverage for the year 2020/2021 be obtained from the same company. Accordingly, the Cabinet on Wednesday gave approval for the proposal presented by the Tourism and Aviation Minister Prasanna Ranatunga, to obtain the relevant insurance coverage from Sri Lanka Insurance Corporation for a sum of $ 4.05 million.

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The government has decided to utilize funds of local banks and the services of local construction companies for the establishment of the Ruwanpura Expressway. Although the project was planned with foreign funds, the implementation of the project using local funds has been found to be more beneficial to the country. Accordingly, the proposal presented by Highways, Ports and Shipping Minister was given Cabinet approval to proceed with the Expressway construction, using the funds of local banks and the services of local construction companies. Ruwanpura Expressway, proposed in the government’s policy statement “Vistas of Prosperity”, will link the Southern Expressway from Kahathuduwa – Ingiriya – Ratnapura to Pelmadulla.

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The innovative smartphone manufacturer, vivo Mobile is set to release their mid range mobile device Y50, to Sri Lankan market in later this month. The device is expected to cater towards many consumer requirements on extended battery power with high quality camera settings. Y50 follows last month’s launch of V19. It is the second device vivo will release to the local market in the year 2020, post pandemic. The mid range device is expected to be catering to younger audiences who spent most of their time surfing the net via their mobile phones, for high volume content generation. The stylish device is expected to be complimented by an upgraded iView display, ultra large 5000mAh battery and extraordinary 8GB+128GB of RAM & ROM to ensure users experience Ultra speed and Ultra Style through a powerful device that matches vivo’s promise of trendsetting designs that are coupled with powerful performances. The device is set to provide the young consumers with right balance between functionality and beauty; a stylish fashion statement and an unhindered performance of a smartphone. Being the latest vivo Y series smartphone in Sri Lanka, Y50 would be launched with a super wide-angle quad-camera setup 13MP primary camera, 8MP wide-angle lens camera, 2MP macro camera feature. The newly introduced intelligent Super Night feature, is available in Y50 whereby the algorithm automatically functions while under dark light to reduce noise and mitigate overlay lit spots which will result in bright pictures with enhanced clarity and distinctive layers of shading.

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The Central Bank of Sri Lanka (CBSL) wishes to categorically deny the views/concerns expressed/raised by few authorities and persons that the required due diligence processes are not followed by banks (Authorized Dealers – ADs) operating in Sri Lanka in opening and maintaining recently introduced Special Deposit Accounts (SDAs). The Government of Sri Lanka in consultation with the Monetary Board of the CBSL has introduced the SDA with the view to seek assistance for the national effort to overcome the effects of COVID-19 outbreak by issuing Regulations dated 08.04.2020 under the provisions of the Foreign Exchange Act (FEA). The exemptions from procedural requirements specified in the said Regulations allow an AD to directly credit funds to an SDA without routing such funds through an Inward Investment Account under normal circumstances. The said Regulations cannot exempt ADs from complying with provisions of FEA. In this regard, section 7(6) of FEA requires ADs to request the person who engages in a capital transaction to provide information/documents or make any declaration when it is reasonably necessary to satisfy that the said transaction is in conformity with any other laws regulating such transactions, while section 9(5) of FEA requires ADs to keep required information on any foreign exchange transaction engaged in by such dealer for a period of six years for the purpose of statistical and monitoring purposes of the CBSL. In view of the above, CBSL reiterates that the said exemptions in the Regulations on SDAs are not related to the requirements applicable under regulations, rules, guidelines, etc. issued by the Financial Intelligence Unit of CBSL on Anti Money Laundering (AML)/Countering the Financing of Terrorism (CFT) and the provisions of FEA. Hence, SDAs are required to be opened and maintained strictly following such laws and requirements.

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Seylan Bank, the Bank with a Heart, embraced its youngest customers during the COVID-19 lockdown, by reaching Seylan Tikiri accountholders through a variety of innovative digital activations on multiple social media platforms. The Bank also went a step further and ensured that children who won in the digital competitions were rewarded in real life with gifts delivered to their doorstep, during these tough times. Seylan Tikiri is one of the leading minor savings brands in the market and has always made innovative and fun-loving offerings to kids throughout the year. At a time when the whole island was put under lockdown, Seylan Tikiri continued to focus on one of the most treasured customer groups of the Bank, children. Tikiri was one of the most digitally active banking products during this period in Sri Lanka, and the only minor savings brand to continuously engage with its youngest customers through digital activations such as Tikiri Online Avurudu Festival, Tikiri Story Teller, Tikiri Stay Home Diary, Tikiri Champ and Tikiri Vesak Pathuma. The Tikiri Online Avurudu festival which included games such as the New Year Wish (Avurudu Pathuma), Best Costume (Vikata Adum), Guess the number of coins (Kataye Kaasi Ganan Kireema) and an innovative Avurudu Pageant (Avurudu Kumaraya and Kumariya) attracted a whopping 25000 entries from children around the country, and engaged over a million social media users. The ‘Tikiri Vesak Pathuma’ campaign carried out provided a platform where kids could upload their own Vesak Cards and send it to their loved ones digitally, attracting many creative entries. Seylan Bank made sure all the little winners of these innovative competitions got their gifts right at home, despite the lockdown the country was under. “The COVID-19 pandemic was an unprecedented situation for all of us but was especially difficult for children. As the Bank with a Heart, it was our responsibility to provide our youngest and most treasured Tikiri customers with an opportunity to engage in interactive, entertaining and educative digital activities, allowing them to exercise their creativity and be rewarded for it with exciting gifts delivered to their doorstep. Seylan Tikiri has always focused on enabling every Tikiri Child to achieve their fullest potential and will continue to evolve with pioneering initiatives offering maximum value addition to children and their families”, Gamika De Silva, Head of Marketing and Sales stated. “We also made sure we involved their parents in our campaign. The Bank partnered with Dr. Kumudu De Silva to present ‘Tikiri Story Teller’, a series of videos on social media for parents on how to look after kids during the quarantine period and suggesting activities that parents can do with them at home. The videos have been viewed over 250,000 times, reaching over 2 million people across Seylan social media platforms, highlighting the success of our initiatives.” He went on to add, explaining why the Bank focused on children at a time no one else did, becoming the most active minor savings account in the market during this period. The “Tikiri Stay Home Diary” the only campaign of its kind for children was conducted in all three languages on social media, and gave children bored at home during the lockdown something interesting to do. Children also participated eagerly in the “Tikiri Champ” competition which gave them different activities to conduct with the aim of inculcating new habits. Children competed in activities such as ‘Little Bud’ to plant a seed indoors, ‘Homework Buddy’ encouraging them to help siblings with homework and ‘Great Sculptor’, among others. The winners of this competition too were surprised with gifts brought to their doorstep. Seylan Tikiri’s digital activities reached over a million users of social media, ensuring that Seylan’s minor savings customers stuck at home had a valuable experience. These efforts underscore Seylan Bank’s customer-centric approach which looks at providing products and services that enhance the overall customer experience and convenience. For more information on Seylan Tikiri or any other product and service please visit any Seylan Bank branch island wide or visit www.seylan.lk.

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