• Alternative reference rates are gradually replacing Libor in new contracts but it is still being used, so associated risks persist
• Some existing contracts will likely prove incapable of transition, particularly in structured finance

The post Slow Libor transition prolongs risks across markets : Moody’s appeared first on Adaderana Biz English | Sri Lanka Business News.

• In 2019, global insurance premiums increased by 4.4% to EUR 3,906bn – clocking the strongest growth in four years
• Asia (ex Japan) was setting the pace with 6.8% and total premiums reached EUR 947bn – which China being responsible for almost half of all premiums written in the region
• 2020 will be different: Premium income is expected to shrink by 0.7% in Asia (ex Japan) and by 3.8% globally – compared with the pre-COVID-19 trend, around EUR 360bn in premiums will be missing
• Most markets will recover in 2021 and global growth over the next decade should settle down at 4.4%, against 8.1% in Asia (ex Japan) – the region will contribute more than 50% or EUR 1,277bn to global premium growth until 2030
• Sri Lanka is set to quickly recover lost ground due to COVID-19, clocking growth of 10% p.a. over the next decade

The post Allianz Global Insurance Report 2020: Asia will emerge stronger from the crisis appeared first on Adaderana Biz English | Sri Lanka Business News.

MillionSpaces brings together leading corporates MAS, Hemas, JKH, Virtusa and PwC, in a forward-thinking webinar on adapting to a post-COVID work environment. It’s hard to draw positives from a global crisis such as COVID-19, one that has taken hundreds of thousands of lives and impacted millions more globally, but the reality of crises such as this is that they are, more often than not, some of the greatest catalysts for global change. And with the ever-growing proliferation of the phrase ‘work from home’, or WFH for short, in the popular lexicon, we might have a fairly nailed on indication as to what exactly is going to be driving that change. While the months following the COVID-19 outbreak in Sri Lanka, and indeed many other parts of the world, saw people confined to their homes with either lockdown or curfew regulations, working remotely, away from contact with other human beings, was a new facet of life that was simply forced on us. As governments laid down strict guidelines, many companies were forced to turn to technology to retain some semblance of normal working life. At the same time, many industries that were unable to adapt – either due to incompatibility with a WFH setup, or simply being slow on the uptake – have been hit the hardest. In Sri Lanka in particular, those in manufacturing, apparel, and tourism sectors have thus been the most negatively impacted in the past few months. But others have found more reasons for optimism. A recent webinar organised by MillionSpaces, a leading venue solutions provider in Sri Lanka, brought together leaders from a variety of Sri Lanka’s leading conglomerates and companies – namely MAS, Hemas, JKH, Virtusa and PwC – to give their thoughts on the path ahead for Sri Lanka’s economy. Unsurprisingly the overarching theme of the hour-long panel discussion held over Zoom were the opportunities and challenges of what is fast becoming the flag bearer of the ‘new normal’ – remote working. Building on that theme, it fast became apparent throughout the discussion that nearly all the aforementioned companies had been looking at remote working and WFH setups long before COVID-19 entered our collective conscious; the issue, it seems, had been one of implementation convincing those in charge that such work arrangements were in the long run, possibly, more efficient and productive. “We had all these things in the pipeline, but it was the hierarchy that we had grown up with that were the biggest barrier we were facing,” revealed Sarinda Unamboowe, CEO MAS Kreeda. “So I think that mindset, that evolution of the workspace that was put on a fast track. And that has been a huge positive coming out of this for us.” This was a point echoed by Kasturi Chellaraja Wilson, Managing Director at Hemas Pharmaceuticals, who pointed out how the crisis had forced companies into action leaving behind any “preconceived biases” they might have otherwise held. She explained how the past few months had seen an increase in collaboration between teams and employees, while at the same time fostering a culture of proactive decision making. “However you look at it, there were different problems to deal with and accessibility to your normal, comfortable infrastructure, the way you did your work, was not there,” she explained. “You had to figure out a way to handle it from home. So digital played a big part but I think a lot of things also came out in terms of empowerment, people taking decisions. You didn’t have time to group up and overthink certain things. If there was a hurdle that needed to be overcome, you kind of had to push ahead with it.” For other companies like Virtusa, the move to WFH was something they had long been prepared for. And as such, the ‘new normal’ has helped push their agenda in a big way. “We’ve always been building towards this, getting more people out of office; we’ve moved to cloud over the past 4-5 years, and remote work has been something we’re building into,” revealed Madu Ratnayake, CIO Virtusa. Further, according to Ratnayake, this has also created a host of new opportunities in terms of their ability “to get in front of our partners and clients”. This same point was elaborated on by Unamboowe, who spoke of how this broadened the net in terms of where employees would be hired from in the future. Isuru Gunasekara, Executive VP/Chief People Officer at JKH, however, chose to play devil’s advocate at one point in the discussion, rightly pointing out the dangers of rushing too soon into a WFH culture. Gunasekara highlighted how it was paramount that WFH was only worked into the roster of employees that would be able to handle such a change, while also pointing out the social and cultural benefits of having a shared office space. “We need to be cautious on how productive we think we are. It’s true that we find ourselves finishing what we do in 8 hours at work, we finish in 6 hours at home. But why is that?” queried Gunasekara. “Whether it’s the lunchroom chat, meeting friends in the corridors, walking from meeting room to meeting room. But keep in mind that these distractions are important; it gives your mind a rest and there is a cost in this productivity if it’s not managed. It’s called burnout. This point was further highlighted by the Director at PWC Aruna Perera, who spoke of some of the measures his company had put in place to help employees adapt to a remote working lifestyle. “Technology-wise we were okay, but getting people to learn how to work from home on a longterm basis was a challenge. You need to know how to structure your day, how to separate work and personal life. To be productive, responsive and at the same time not getting burnt out. We had to teach people little by little so that the work gets done and at the same time they have their life also to an extent,” he explained. Unamboowe too spoke of how MAS had implemented chat rooms where employees could socialise, and even open up on their mental health. The rise of temporary workspaces In terms of real-world impact though, one of the defining aspects of the discussion was the agreement among all parties that this crisis could lead to a shift in focus from permanent to temporary working spaces. This thought process primarily revolved around the fact that a WFH setup would limit the need for multiple buildings for employees to work in, as employees would very likely be rotating shifts between home and work. This, in turn, would lead to many companies possibly foregoing renting out workspaces over the long-term, but rather utilising co-working spaces such as those facilitated by companies such as MillionSpaces. “From a cost POV, we’re looking at reducing our real estate footprint by 30-40% on a permanent basis. Looking at all the buildings we occupy, bringing everyone into one space, and looking at rotations on desks. Very much in the spirit of co-working spaces that we occupy,” explained Unamboowe. “By reducing the footprint and the amount of people coming in, there is a massive cost element that comes down. You’re reducing fuel consumption, you’re reducing the food that is consumed, you’re reducing electricity, rent money and all those things come down. And you can invest those savings into technology and infrastructure that can support these work environments.” According to Perera, PWC which deals heavily in real estate, while it’s still a little too soon to give a definitive prognosis on this potential change, there is little doubt that business reaction will be the determining factor in the demand for real estate. “If you look at the outlook for the real estate market, I believe it’s a function of the economic cycle as well. How long it will take for the economy to recover, and what sort of recovery it will be. V-shaped, U-shape, L-shaped. Or based on how well we have control the health situation; will there be a second wave, a third wave? All these things will affect the real estate outlook.”

The post Leading corporates believe WFH is here to stay appeared first on Adaderana Biz English | Sri Lanka Business News.

Despite being considerably affected by the recent COVID -19 outbreak, Sri Lanka Tourism is currently taking several measures to revive the Tourism sector by collaborating with key international organizations, and platforms, through destination promotional marketing among new markets via social and digital media. It is very well known that the Travel and Tourism industry worldwide has faced a major drawback regarding the ongoing COVID -19 crisis, and Sri Lanka faces a tough challenge in encouraging tourist arrivals with the new health precautions and safety guidelines in place. Sri Lanka has been highly successful in its efforts to control the spread of COVID -19 and has proven that the country is not just the world’s number one travel destination, but also a destination with an excellent health care system. As one of the leading media giants in the world, BBC extended its valuable support to Sri Lanka Tourism during this challenging time, by entering into a no –cost partnership with the Sri Lanka Tourism Promotion Bureau (SLTPB) through a comprehensive advertising campaign. As a result, the campaign was launched in June 2020 with a coverage of 375 spots on 30 second commercials for a period of one month and were aired in South Asia, Asia Pacific, Middle East, North America and Europe news feeds of the BBC Network, (both Digital and TV). The high visibility destination marketing campaign was a result of the long standing partnership with the media platform and a testament to Sri Lanka’s proactive guidelines and protocols that have been put in place to provide travelers from across the world a ‘safe and secure’ experience in a post COVID 19 environment. In the current context, a large number of travelers from around the world are eagerly awaiting the re-commencement of their tours or have had to put on hold their travel plans until the situation is controlled. Considering that the destination marketing space will be highly competitive in this ‘new normal ‘, continuous visibility of the Sri Lanka Tourism brand is essential. SLTPB is currently working on several advertising campaigns to keep Sri Lanka at the forefront among the selected target markets is geared up to promote our paradise island once more as a top travel and tourism destination with a diverse range of attractions from pristine beaches to lush green mountains and an island that offers ‘unmissable experiences’ while ensuring the safety of all travelers.

The post BBC collaborates with Sri Lanka Tourism to revive the Tourism Sector appeared first on Adaderana Biz English | Sri Lanka Business News.

Newton Lanka, an extension of Newton TAC Malaysia recently provided Safe Shoppers tool kit for Domino’s in a bid to strengthen the Zero Contact experience for Dine-In. The campaign was launched as part of the Newton’s Safe Shoppers program considering the reluctance shown by customers to dine at restaurants and cafes due to safety concerns and focusing on the safety of walk-in customers post-COVID 19. Domino’s has launched Zero Contact Delivery and Takeaway and extended the same concept for Dine-In with safety and fun. Domino’s roped in Newton Lanka to further strengthen the Zero Contact Dine-In experience for walk-in customers. Newton Lanka with its Safe Shoppers program introduced a number of creative solutions ensuring an enjoyable and safer outing for those who dine in at Domino’s. Some of the measures introduced were displaying of safety protocols through cheesy messages, which is a more casual way of creating awareness rather than instructing. Newton Lanka also installed an elbow door handle to assist in door opening, which further minimizes physical contact. The company also ensured that the customers keep the 1m distance with cheesy floor stickers to help them understand where they need to be while waiting to order food. Another innovative measure was to display a ‘’just sanitized’’ tag in the tables which are regularly being sterilized. Newton Lanka also created a welcome video to help the customers understand the new safety protocols and to ensure that they can dine in safely. “We consider safety as a top priority in providing a conducive space for our customers to enjoy their best moments with Domino’s. So we launched the Safe Shoppers program, which creatively mixes being safe while experiencing fun times in the safest way possible.” shared Reshad Mohideen, Director at Newton Lanka. ‘’As the COVID 19 pandemic caused major setbacks to brands, we felt it was our responsibility to help improve the way brands interact with shoppers in-store be it shopping, dining or any other industry, thereby supporting the brands to engage seamlessly with them. We hope that our Safe Shoppers program will also encourage other brands to implement necessary measures to safeguard the customers.’’ Reshad further added. Safe Shoppers program is one that offers creative solutions to brands in order to help them create a favorable environment for the shoppers. Being an agency driven by finding solutions to the common problems faced by brands, Newton Lanka continues to offer creative solutions helping brands build long lasting relationships with shoppers. Iranga Dharmawardhana, Country Manager for Jubilant FoodWorks Lanka said, “Domino’s is committed to creating the safest possible environment for all our customers and therefore we wanted to extend our Zero Contact Delivery and Takeaway commitment to the Dine-In offering as well. We shared this brief with Newton Lanka to execute the Zero Contact Dine In concept for the first time in Sri Lanka. We admire the quality of work delivered by them with their Safe Shoppers program” Newton Lanka offers solutions ranging from shopper marketing, in-store Activations, Social and Digital Media Marketing, Print, TV and Packaging for their clients. The agency has been operating in Sri Lanka since 2016 and handles brands such as Hemas, Domino’s, LB Finance, Keells Food Products, Ninewells and Sri Lankan Airlines. Newton has also embarked on global projects across Indonesia, Malaysia and India and strives to innovate the industry through groundbreaking, heartfelt and creative advertising with the usage of new technology and effective storytelling. Photo Caption : Director Newton Lanka Reshad Mohideen

The post Newton Lanka assists Domino’s with Safe Shoppers program to set up Zero Contact Dine In appeared first on Adaderana Biz English | Sri Lanka Business News.

• Take full-control over your chronic medical conditions. Work closely with your family doctors to keep track of your body’s progress and have a month’s supply of medicine at any point. If you have reservations about visiting hospitals or clinics during this time, patients can contact doctors through reliable remote consultation and channeling apps such as oDoc, lk, Ayubolife, echannelling, and Doc 990, through which you can keep regular contact with your doctor, get prescriptions for new medication, discuss lab reports, and make hassle-free appointment. This is practical in particular to those with NCDs such as diabetes, obesity or high blood pressure as well as those dealing with mental health conditions. The elder members of our community also can develop severe complications and hence should be more careful with COVID-19′ precautionary measures as any infection in the elderly carry the chance of complications.

• Identify whether your worry is a ‘real problem’ or a ‘hypothetical worry’. If you’re experiencing hypothetical worry, then it’s important to remind yourself that your mind is not focusing on a problem that you can solve right now, so find ways to let the worry go and focus on something else.

• Postpone your worry.Worry is insistent – it can make you feel as though you have to engage with it right now. Postponing hypothetical worry allows us to build a different relationship with our worries. In practice, this means deliberately setting aside time each day to let yourself worry (e.g. 30 minutes at the end of each day). While odd at first, it also means that for the other 23.5 hours in the day you try to let go of the worry until you get to your ‘worry time’.

• Notice and limit worry triggers.Most of us feel a constant desire to follow the news or check social media for updates on the pandemic. However, you might notice this also triggers your worry and anxiety. It is best to limit the time that you are exposed to worry triggers each day; listen to the news for only a set time each day, or cut back on time spent on social media.

• Practice mindfulness and self-compassion.Learning and practicing mindfulness can help us to let go of worries and bring ourselves back to the present moment. For example, focusing on the gentle movement of your breath or the sounds you hear around you, can serve as helpful ‘anchors’ to come back to the present moment and let go of worries. Worry can often rise from a place of concern. A traditional cognitive behavioral therapy technique for working with negative, anxious, or upsetting thoughts is to write them down and find a different way of responding to them.

• Foster a balanced routine that helps keep your mind and body active. Maintain a regular schedule to give structure to your day, whether you are stuck at home or are going back to work. Include activities that keep both your mind and body active. Try learning something new with an online course or challenge yourself to learn a new language. Also remember to eat healthy, engage in 30 mins minimum of exercise daily, sleep adequately, and cut back on smoking and alcohol consumption to maintain peak mental and physical performance. Good health helps you be resilient to change and adversity

• Practice gratitude.At times of uncertainty, developing a gratitude practice can help you to connect with moments of joy, aliveness, and pleasure. At the end of each day, take time to reflect on specific things that bring have brought you joy. Start a gratitude journal or keep notes in a gratitude jar and encourage other people in your home to get involved too.

• Rely on reputable news sources.It can also help to be mindful of where you are obtaining news and information. Be careful to choose reputable sources and limit your exposure to negative news cycles that will only result in worry.

The post Building self-resilience and adapting to life in the New Normal appeared first on Adaderana Biz English | Sri Lanka Business News.

The e-commerce industry in Sri Lanka has seen a rapid development over the last year, with a large percentage of shoppers venturing on to the digital platform. An increase in confidence on available products and online payment gateways have supported the change of perception towards e-commerce. As the largest online marketplace in Sri Lanka, Daraz specifically saw an immense growth in terms of orders and net merchandize value in 2019 together with a successful 11.11. campaign that over-achieved its revenue target, partly reflecting the route in which local e-commerce is growing. Collating data from their own platform, Daraz released an e-commerce index that indicates key demographic, consumer behavior and purchasing trends of online shopping in Sri Lanka. The numbers indicate a 1.5X YoY growth of active users with a 2.5X growth in number of orders last year. The Western province owns the largest online order share with 50% whilst Central and North Western provinces follow with 10% and 9% order shares respectively. Colombo and Gampaha lead the District wise order share with 31% in the former and 15% in the latter. The concentration in these locations mirrors the population density of the country. However, there is an indication of an expansion from key cities of Colombo, Gampaha and Kandy towards developing towns such as Kurunegala, Kaluthara and Gampaha.   Who buys online? Out of the total online shoppers in Sri Lanka, 85% claim to have shopped on Daraz with 94% using the Daraz online shopping Mobile App, which is present on both the popular mobile OS platforms. Daraz mobile application is considered to be the best Android online shopping mobile app and also the best Apple iOS online shopping mobile app especially in Sri Lanka. The shoppers fall into 3 broad categories with diverse shopping behavior. The ‘young online shoppers’ within the age of 18 to 24 years are Recreational shoppers who enjoy shopping for the latest trends. They are tech savvy, loyal to brands, and less price conscious. The ‘well informed shopper’ consists of the age category 25 – 30 years, whose decisions are affected by quality and reliability. Though brand loyalty is present, this category also looks for the best deals and flash sales, with a majority shopping for personal and home items. Those within the age group of 31 to 35 years make the ‘settled adult shoppers’ who shop according to the needs and stay within their budget. They are quality conscious, less experimental and expect fast delivery.   What do they look for? The Daraz e-commerce index uses two metrics; the percentage share of total net merchandizes value and the percentage share of orders. In 2019 the average order value has increased by 27.27%. In terms of category, LED TVs, Audio/Video, and Gaming Consoles has continuously maintained its growth with Health and Beauty products online coming a close second. All categories show an increase in both sales revenue and order numbers in the months of November and December with the biggest 11.11 sale in Sri Lanka followed by Black Friday in Sri Lanka and the seasonal Christmas sale taking place in these months. The local online shopper thus follows global trends, indicating a positive direction for e-commerce. Electronics and fashion related products are the most searched items online. Mobile phones, smart watches, power banks, blue tooth speakers and laptops and notebooks lead the category while handbags and shoes are the most searched for fashion items. Electronics, fashion, groceries, lifestyle along with mobiles and tablets are the most bought categories. Online payment gateways through top local banks have increased and taken over the cash on delivery option drastically. Commercial Bank, HSBC, Sampath Bank, Hatton National Bank and NDB Bank lead in their partnerships with Daraz contributing to the Credit and Debit card payment growth throughout the last year.   How did COVID -19 impact the e-commerce industry?  Having no option than to resort to online shopping during the lockdown period, the public began to shift on to the digital platform more than ever before. Purchases in the FMCG category has doubled in March 2020 and is expected to grow from 20% to 70%. DFresh, the fresh fruit and vegetables online store on Daraz, records a 7X growth in orders while orders for hand wash and liquid sanitizers in Sri Lanka has doubled. The search patterns were highly concentrated on protective clothing and gear such as face masks, hand sanitizers, and medical surgical masks in March this year. The Daraz e-commerce index reflects novel trends in retail shopping and the behavioral changes of shoppers that will shape the course of retail in the country. It will help understand the market and establish standards that benefit the expansion of the online shopping industry. To read the full Daraz E-commerce Index click here: https://bit.ly/Darazindex2019

The post The trends and growth of Sri Lanka’s e-commerce industry: an overview of Daraz e-commerce Index appeared first on Adaderana Biz English | Sri Lanka Business News.

Emirates SkyCargo will be operating scheduled cargo flights to 100 destinations across six continents during the month of July 2020. Some of the new cities added to the air cargo carrier’s network include Accra, Algiers, Athens, Fort Lauderdale, Glasgow, Larnaca, Los Angeles, Male, Moscow (SVO), Phnom Penh, Rome, Santiago, Sialkot and Tunis. Emirates SkyCargo’s network expansion is in response to the growing economic activity and demand for air cargo capacity from markets across the world along with Emirates’ increased passenger flight operations. By offering multiple daily or weekly cargo flight frequencies to major production and consumer markets, the carrier is helping facilitate supplies of goods required for combatting the current pandemic as well as machinery and equipment required for manufacturing and several key economic sectors across global trade lanes. In addition to scheduled services, Emirates SkyCargo also operates a number of special charter flights every week to transport a range of commodities from Personal Protective Supplies (PPE) and pharmaceuticals to food and outsized machinery and components. The freight division of Emirates offers an innovative range of cargo capacity options for businesses and exporters on its modern, wide-body aircraft fleet. In addition to loading of cargo in the belly hold, Emirates SkyCargo has introduced loading of select cargo on the passenger seats and in the overhead bins of the passenger cabin of its Boeing 777-300ER aircraft. Recently the carrier also modified 10 Boeing 777-300ER aircraft from its fleet by removing seats from the Economy Class in the passenger cabin to make room for additional cargo. Emirates SkyCargo also operates 11 Boeing 777 F full freighters currently deployed to over 30 destinations every week. Emirates SkyCargo places a strong emphasis on the safety of operations. Working with its partners, including ground handlers, the carrier has introduced a number of strict guidelines on cabin loading of cargo covering the type of permitted cargo as well as proper packaging and handling in accordance with IATA guidelines. Photo caption: Emirates SkyCargo expands network to 100 destinations

The post Emirates SkyCargo expands cargo connectivity to 100 destinations appeared first on Adaderana Biz English | Sri Lanka Business News.

Microsoft and PickMe, the leading on-demand mobility solution platform in Sri Lanka, on Tuesday (7) announced a strategic partnership that will transform the delivery of digital services in the country. The announcement comes less than a year after Microsoft extended support to PickMe and 17 other startups as part of its Microsoft for Startups program, ScaleUp, which delivers access to technology, go-to-market and community benefits that helps startups grow their customer and revenue base. As a first step in the broad collaboration between the two companies, PickMe will adopt Microsoft Azure as its preferred cloud platform, tapping into Microsoft’s intelligent cloud and AI capabilities to scale PickMe’s platform and scale its capacity and capabilities. The ride-hailing company will leverage the Azure Data Platform to gain real-time intelligence across their operations and deliver exceptional customer service. Azure HDInsight, a cloud-based service for big data analytics, helps PickMe process large amounts of streaming and historical data for better results in real-time data processing and intelligent insights. Other deployed components include: Azure SQL Server, Azure Blob Storage, Azure Database for MYSQL, and Azure Virtual Machines Scale Sets. “PickMe prioritizes the peace of mind of its driver-partners and riders alike. The pace of change in transportation is unprecedented right now and usage in digital delivery services is at an all-time high,” said Jiffry Zulfer, CEO of PickMe. “We’re constantly developing and testing new solutions to maximize driver benefits and minimize passenger wait times. We look forward to collaborating with Microsoft in the pursuit of enhancing the PickMe experience for users.” The company will increase its reliance on innovative technologies like Microsoft Azure to make sure that the PickMe experience continues to be great for everyone. PickMe will also look to extend their platform to other markets in the Southeast Asia region by working closely with Microsoft. “Our partnership with PickMe opens up new opportunities to innovate,” said Hasitha Abeywardena, Country Manager, Microsoft Sri Lanka and Maldives. “We’re excited to team up to enhance the customer experience as well as improve the delivery of digital services for the millions of users who rely on PickMe for safe and affordable transport, food and package delivery services. We look forward to working with them to support, build and accelerate Sri Lanka’s startup community.” PickMe is pushing the envelope of what is possible and building products that improve the lives of people. Microsoft will continue to help the company with co-marketing and co-selling opportunities to hone their infrastructure and build their business.    

The post PickMe partners with Microsoft to maximize driver benefits and minimize passenger wait times appeared first on Adaderana Biz English | Sri Lanka Business News.

Kelsey Homes, the pioneering real estate developer in Sri Lanka, is celebrating the resounding success of the First Phase of their latest project CENTRAL PARK, JA-ELA, While the marketing campaign for the property commenced in mid-May, Kelsey Homes was able to successfully find buyers for all 70 apartments within a month of the launch, driven by significant demand from customers and underscoring Kelsey Homes leading position in the real estate space in Sri Lanka. Ja-Ela is known as one of the most central locations in the country and is in close proximity to leading schools, hospitals, banks and supermarkets. It is only 5 minutes away from the entrance to the Colombo-Katunayake Expressway (E03), 20 minutes to Katunayake and 30 minutes to the upcoming The Port City via the Port Access Elevated Highway. The CENTRAL PARK is a gated development property that spreads across 15 acres of lush land in Ja-Ela and consists of 300+ graciously appointed two, three and four bedroomed houses and contemporary design apartment units. With an iconic Nuga (Banyan) tree at the centre of the property, CENTRAL PARK JA-ELA is located only 500m from the Colombo-Negombo main road and embodies the perfect balance of modernity in a natural environment. CENTRAL PARK JA-ELA offers a wide collection of unparalleled services with over 40 amenities. All modern conveniences required for a comfortable, hassle-free life are available within the premises with 24-hour security. Some of these include a mini market, cafe, bookshop, ATM facility, bill paying facility, salon, medical centre, daycare centre, laundry service, auto charging station & washing bay. For the health-conscious individual, CENTRAL PARK JA-ELA offers an Outdoor Gymnasium, Swimming pool, fully-equipped indoor gymnasium, jogging track, basketball court, yoga center and a wellness center. There are a number of areas to entertain family and friends such as the roof terrace party area, outdoor BBQ area, open function hall facing the pool, open pavilion facing the pool, covered function hall and the club house. Children can have endless fun at the kids’ indoor play area, kiddies’ pool and the outdoor play zone. Eardley Perera – Chairman of Kelsey Developments PLC stated, “We are excited to see that our latest project has been very well received by our clientele. The fact that all 70 apartments were booked within a month of launch speaks volumes of the confidence and trust the clients have in Kelsey Homes, when it comes to creating extraordinary living communities. We understand that it takes time to build and flourish a community and therefore we carefully measure and research the environment, precisely design – based on industry expertise and, set up communities where life-long memories can be built. We have adopted this approach for CENTRAL PARK JA-ELA too.” “If you enjoy modernity and living amidst nature in a location that is ‘central to everything’; then CENTRAL PARK JA-ELA is the ideal. We are confident the demand for the Second Phase with individual housing units and apartments, will be unprecedented based on our success in the first phase.” he added. About Kelsey Homes: Kelsey Homes (Pvt) Ltd., is a premier property developer in Sri Lanka, with a rich heritage and a portfolio of over 200 real estate and housing projects. A fully owned subsidiary of Kelsey Developments PLC, Kelsey Homes is an industry pioneer that has delivered an array of living solutions and exclusive developments. Established in 1983, the company is a truly trusted developer known for delivering on its promises. The company is also dedicated to providing customers with high quality, beautifully designed homes within a gated environment and, 24-hour security. E.g.: TEMPLER’S SQUARE, Templer’s Road, Mount Lavinia. This is a highly successful project completed by Kelsey Homes, and it comprises of an exclusive gated housing development of 100 houses. These elegant homes are set on six acres of prime land with unprecedented value appreciation in succeeding years. As a reflection of the company’s confidence and commitment, all homes include a 12-month defects liability period.

The post Kelsey Homes’ latest project, CENTRAL PARK JA-ELA ; First Phase sold out within a month of launch appeared first on Adaderana Biz English | Sri Lanka Business News.

Contributing to the Government of Sri Lanka’s objective of promoting the retail operations in the country, Lanka Sathosa Limited partnered with Sri Lanka Telecom to create an online retail store on behalf of the largest state owned retail network. Responding to the need of the hour, SLT, as the leading ICT and digital solutions provider in the country, has stepped forward to provide technical infrastructure in the form of developing, hosting and managing the online site on behalf of Lanka Sathosa. The Memorandum of Understanding (MOU) was signed by Mr. Nushad M Perera, Chairman of Lanka Sathosa Limited and Mr. Rohan Fernando, Chairman of Sri Lanka Telecom Group. The technological expertise of SLT has benefited in creating an efficient and comprehensive e-commerce platform for Sathosa that will enhance customer experience. The customer portal enables registration of customers including OTP verification and log in through e-mail address or mobile phone number. The shopping cart option is available for shoppers to pick the items of preference, and check-out takes place once the delivery address is entered. The website provides multiple payment options, such as Cash on Delivery, Direct Bank Transfer and Credit Card Payments, making it more accessible for many customers. Each Sathosa outlet is able to log into the portal and update inventory, add products and features, modify prices, and add discounts or promotions for items through the Merchant Module. The Merchant operations are also supported on an Android App. Delivery information is shared through the system to the respective delivery agent where the system also facilitates order to delivery tracking information to the end customer. Mr. Nushad M. Perera , Chairman of Lanka Sathosa said “Lanka Sathosa Limited is honored to partner with SLT to implement a novel e-commerce concept  in Sri Lanka aimed at the masses. We are proud that enterprises can indeed mutually profit through innovation”. Commenting on the new venture Group chairman of Sri Lanka Telecom stated, “As the National Telecommunication and Digital Solutions provider in the country, SLT is pleased to partner with Lanka Sathosa to bring its retail business online. With the understanding that this is the way towards the future, we also know that transferring onto the digital platform is very important, especially during a pandemic outbreak we experienced. We are keen to contribute towards the government’s initiatives to re-build our economy, and we are ready to provide our technological prowess to enable access to efficient services to the public”. “SLT will be managing and maintaining the online retail store for 5 years, according to the agreement. Our main intention is to support a national cause whenever an opportunity arises,” he added further. Photo caption: (From left) Praveen Ivan (Group CTO- Supreme Global Holdings/Software Development Partner of SLT)); R.M.Manivannan (Chairman- Supreme Global Holdings); Anushka Bastian (Assistant Manager IT- Lanka Sathosa); Nushad M Perera (Chairman- Lanka Sathosa); Rohan Fernando (Chairman- SLT); Lalith Seneviratne (Group CEO-SLT) and Kiththi Perera (CEO- SLT)

The post SLT contributes with technology support to create online store for Sathosa appeared first on Adaderana Biz English | Sri Lanka Business News.

The government has to adopt sustainable measures to protect local manufacturers, a top industry official said. “We welcome the Government’s policy impetus towards strengthening local industries and are keen to widen our local manufacturing footprint through diversifying into related products. We urge the government to adopt sustainable measures to protect local manufacturers such as Singer who create substantial socio-economic benefits through job generation and value addition,” Chairman of Singer (Sri Lanka) PLC Mohan Pandithage told shareholders in the annual report 2019/20. Further, Pandithage also expressed the following: “Sweeping tax concessions announced by the new government towards the latter part of 2019 led to a temporary recovery in consumer demand, which gained momentum in the early months of 2020. However, following the outbreak of COVID-19 from mid-March 2020 consumer spending declined dramatically with disastrous impact over the ensuing months.” “The broader economic impacts of the pandemic on countries such as Sri Lanka have been pronounced, given already weak fiscal positions and reliance on tourism and remittances for foreign exchange generation. These conditions inserted significant pressure on the Rupee, which depreciated by 7.1% Y-o-Y to close the year at Rs. 188.62/USD by end-March 2020, compelling the Government to restrict non-essential imports to the country in a bid to preserve foreign exchange reserves.” “ Moreover, Restrictions in the import of white goods is expected to have a considerable impact on the consumer durables industry; for organisations such as Singer, however, which have a strong local manufacturing footprint the impacts will be less severe, even affording an opportunity to capture market share from competitors who are reliant purely on imports,” he said. The full statement conveyed by the chairman is given below.  

The post We urge govt. to adopt sustainable measures to protect local manufacturers – Mohan Pandithage appeared first on Adaderana Biz English | Sri Lanka Business News.

The Government has not done any changes to the interest rates in senior citizens’ accounts, Minister Bandula Gunawardena stated. The Minister of Higher Education, Technology, Innovations, and Information & Mass Media mentioned this offering an explanation into a newspaper article published yesterday (06) under the caption ‘Senior Citizens Deposit Interest is falling to 8%’. Gunawardena pointed out that the program “Special Interest Scheme for Senior Citizens” has been implemented since 2014 with the aim of safeguarding the income status of senior citizens who have dedicated their youth to the development of the country. He said that the program still continues as no amendment has been made to this benefit designed for senior citizens yet. He pointed out that while the report also states that the income tax concession given to senior citizens on interest income has been withdrawn, the government has not taken such a decision. ” The current government gave tax relief package where all incomes including interest income and rental income are free from income tax up to Rs 250,000 monthly and Rs 3,000,000 million annually. Therefore, the tax exemption granted on interest income has not been abolished as stated in the article in question,” he further said.  

The post No change in interest rates paid to senior citizens’ accounts – Bandula Gunawardena appeared first on Adaderana Biz English | Sri Lanka Business News.

The Central Bank of Sri Lanka (CBSL) entered into agreements to begin the process of developing Blockchain Technology Based Shared Know-Your-Customer (KYC) proofs of concept (POCs) on 7 July 2020. CBSL identified the potential benefit for Sri Lanka’s financial services in 2018 and initiated an inter-industry study of Blockchain Technology, with the voluntary participation of the banks as well as the IT industry. CBSL decided to pave the way for Blockchain Technology based financial service solutions in Sri Lanka developing a Shared KYC solution. The CBSL advertised inviting companies with experience in developing Blockchain Technology based solutions for Shared KYC to join this project on a voluntary basis. Upon receiving a number of applications, the CBSL selected three applicants to develop POCs concurrently. Over 40 companies, including 17 foreign companies applied, either individually or jointly, to develop the POC. After several rounds of selection, the CBSL selected three applicants to be tasked with this pioneering project in Sri Lanka. The selected applicants are Sampath Bank PLC together with the University of Colombo School of Computing (UCSC) as joint applicants, norbloc AB from Sweden, and Yaala Labs (Pvt) ltd and Linearsix (Pvt) Ltd, both Sri Lankan companies, as joint applicants. Agreements were signed between the selected applicants and CBSL, with the attendance of Deshamanya Prof. W D Lakshman, Governor of Central Bank of Sri Lanka, amidst the attendance of senior bank officials. In his remarks, the Governor stated that “as we live in a world where every aspect of our lives is becoming digital, the Central Bank has taken a lot of effort to improve the digital financial infrastructure of Sri Lanka. Evaluating the feasibility of using a technology such as Blockchain to securely share KYC information has the potential to vastly increasing digital financial inclusion of Sri Lankans. Shared KYC opens avenues to seek opportunities for increasing the access to financial services through digital and remote onboarding.” As the Chairman of the National Payment Council, Deputy Governor of the CBSL, Mr. H. A. Karunaratne remarked on the interest that companies from all over the world join this national project, that resulted in an extremely competitive selection process. He emphasized the importance of regulator led inter-industry initiative to promote digital innovation in Sri Lanka in all areas and harness talent both locally and internationally. Assistant Governor Mr R A A Jayalath highlighted that the benefit of the findings of the POC will not benefit Sri Lanka but also help advance the understanding of applying Blockchain Technology for financial services at global level. Mr D Kumaratunge, Director Payments and Settlements, noted that Sri Lanka has embarked on a journey to promote Digital Transactions due to immense benefits it offers. He highlighted the having a POC for Shared KYC facility on Blockchain Technology will undoubtedly help advance financial services in the country. Photo – Governor of the Central Bank Prof W D Lakshman addressing representatives from Sampath Bank PLC, UCSC, Norbloc AB, Yaala Labs (Pvt) Ltd and Linearsix (Pvt) Ltd. Governor of the Central Bank of Sri Lanka Prof. W D Lakshman exchanging Agreement with Mr Nanda Fernando, Managing Director of Sampath Bank PLC and Prof. K P Hewagamage, Director UCSC. Left to right: Ms. K Ambagahawita, Senior Assistant Director, Payments and Settlements Department, CBSL, Dr Kasun De Soysa, UCSC, Prof. K P Hewagamage, Director, UCSC, Mr Ajith Salgoda, Group Chief Information Officer, Sampath Bank, Mr H A Karunaratne, Deputy Governor CBSL, Deshamanya Prof. W D Lakshman, Governor, CBSL, Mr Nanda Fernando, MD, Sampath Bank, Mr R A A Jayalath Assistant Governor, CBSL, Mr D Kumaratunge, Director, Payments and Settlements, CBSL, Mr. Nuwan Wickramanayake, Senior Manager / Sampath Bank, Mr. Pasan Manukith, AGMIT / Sampath Bank   Governor of the Central Bank of Sri Lanka Deshamanya Prof. W D Lakshman exchanging Agreement with Mr Lalin Dias, CEO, Yaala Labs (Pvt) Ltd and Mr Mario Gooneratne, CEO, Linearsix (Pvt) Ltd. Left to right: Mr. Tharindu Dissanayake, Yaala Labs, Mr. Ishan Wijetunga, Linearsix, Mr Mario Gooneratne, CEO, Linearsix, Mr H A Karunaratne, Deputy Governor, CBSL, Mr Lalin Dias, CEO, Yaala Labs, Deshamanya Prof. W D Lakshman, Governor, CBSL, Mr R A A Jayalath Assistant Governor, CBSL, Mr D Kumaratunge, Director Payments and Settlements, CBSL, Ms. K Ambagahawita, Senior Assistant Director, Payments and Settlements Department, CBSL.

The post CBSL commences the process of developing a Blockchain Technology based Know-Your-Customer Proof of Concept appeared first on Adaderana Biz English | Sri Lanka Business News.

The Hambantota International Port (HIP) follows all guidelines laid down by the government with regard to service engineer embarkations that occur at the port, and the process is carried out under the supervision of the Sri Lanka Navy. The most recent overseas repair team to arrive at the Mattala Rajapaksa International Airport, were three service engineers from Denmark who were flown in on a specially chartered Gulfstream G200 and transferred to the vessel ‘SCF Sayan’ which was berthed at HIP. The Liberian oil tanker with a draught of 17.073M docked at the port for repairs, as the ship’s intermediate shaft forward flange and crankshaft after flange were damaged as a result of bolts breaking down. The necessary parts required were brought in along with the service team and the repair was carried out by the three engineers in collaboration with a local team of service engineers from the Colombo Dockyard. Capt. Ravi Jayawickreme, CEO, Hambantota International Port Services (Pvt) Ltd. (HIPS) said that the repair was carried out under high sanitary conditions. “We follow the strictest procedures in bringing people to the country to get on board vessels docked at HIP. We ensure that proper clearance certification is obtained from their country of origin and that necessary tests are done when they land in Sri Lanka. The Sri Lankan Navy and the SLPA are stringent in handling all these procedures.” The Hambantota International Port is open for layups and is offering its services to vessels plying the main sea route adjacent to the port. The port’s close proximity to the Mattala airport creating opportunities for air and sea connectivity is a significant advantage in providing these services. Image caption: Vessel SCF SAYAN docked at the Hambantota International Port Image: Service engineers from Denmark carrying out repairs aboard the SCF SAYAN

The post HIP ship repair team embarkations under strict Government regulations appeared first on Adaderana Biz English | Sri Lanka Business News.

• Recovery will be prolonged and uneven post lockdown, with tourism and commodity-reliant sovereigns facing further challenges
• Fiscal consolidation post-coronavirus will be slow, meaning debt levels will remain elevated beyond 2020

The post Non-investment grade sovereigns face unprecedented economic fallout, greater fiscal & liquidity challenges – Moody’s appeared first on Adaderana Biz English | Sri Lanka Business News.

With the country opening up after successfully controlling the effects of the COVID-19 pandemic, Fonterra Brands Sri Lanka, makers of Anchor, hosted a multi-religious blessing ceremony at their head office on Monday the 6^th of July. Whilst the manufacturing and distribution operations were functional during the COVID-19 pandemic, the co-operative’s operations returned to full normalcy on Monday the 6^th of July. Blessings were invoked as a sign of gratitude to Fonterra’s employees, dairy farmers, suppliers, trade agents island-wide, retail partners and extended families who remained committed to serving the nation throughout the COVID-19 crisis, alongside our Tri-Forces, health care workers, and dedicated task forces. Blessings were also extended towards Sri Lanka in continuing the nation’s successful and exemplary journey in overcoming the pandemic. The timely ceremony further signifies a new journey for the company with its new Managing Director, Ms. Vidya Sivaraja, officially taking her seat. She is the first Sri Lankan to lead Fonterra’s businesses in Malaysia, Singapore and now in her home country where she has been appointed to lead a cluster of businesses across 9 countries. This appointment finds Vidya eagerly returning to her roots, passionate about making a difference by bringing her expertise back home from her 21 years of experience of working in 18 countries throughout her career. Addressing the blessing ceremony, Vidya says, “We thank the healthcare workers, the Tri-Forces and the Presidential Task Force for their exemplary contribution in helping our nation overcome this situation. We also thank the authorities and enforcement officials in the communities where we operate, for their continuous guidance and support.” “I am proud of the commitment and hard work of our team who remained dedicated to serving our nation in any way possible amidst a global pandemic. I am also grateful for their service and compassion in times of need, aiding the country whenever a situation arose. “Our country is rich in resources, talent and ingenuity. I look forward to championing this potential and working to make lives better, in line with the nation’s priorities.”

The post Fonterra team gathers in prayer, invokes blessings for everyone’s safety as they work tirelessly to serve appeared first on Adaderana Biz English | Sri Lanka Business News.

Responding to the COVID-19 global pandemic, Sri Lanka has taken several successful preventive measures to prevent the mass spread of virus among the community. Though the country has achieved significant progress in preventing disease, the health system in Sri Lanka needs more facilities to maintain the day-to-day activities within the country up to the state before the Covid-19 pandemic. Therefore the required additional units in main hospitals with necessary equipment and human resources are being established by health authorities. Accordingly, as per the request of Government of Sri Lanka, the Government of Japan has agreed to provide Japanese Yen 800 million (approx. LKR 1,360 million) grant aid under the Japanese non-project grant aid scheme for the provisioning of necessary medical equipment such as MRI Scanner, CT scanner, Bed Side X-Ray Systems, Central Monitors, Bedside Monitors and Defibrillators etc. to strengthen the COVID -19 preventing activities in Sri Lanka. The Exchange of Notes pertaining to the above grant were signed by Mr. S. R. Attygalle, Secretary, Ministry of Finance, Economic and Policy Development on behalf of the GOSL and His Excellency Mr. Sugiyama Akira, Ambassador of Government of Japan  on 8^th July  2020 at the Ministry of Finance, Economic and Policy Development.

The post Japanese grant aid of Rs 1,360 mn for provisioning necessary medical equipment to combat against COVID -19 global pandemic appeared first on Adaderana Biz English | Sri Lanka Business News.

ABC Trade and Investments (Pvt.,) Ltd AQUA SCIENCE Business Division, a well-established service provider in Water Treatment Technology for purified drinking water and industrial water purification, waste water management systems, announces the introduction of Indoor Air Disinfection systems in combatting Covid 19 situation in the country through two developed technologies; the Ozone Gas Generators and Bipolar Ionization. ABC T&I donated an Indoor Ozone Disinfector to the Public Library, Colombo with the Ozone Gas Generator, to combat the Covid 19 situation, in the presences of the Mayor of Colombo, Ms. Rosie Senanayaka by Mr. Amalraj Jayaseelan, Director / CEO  of ABC Trade & Investments. The Ozone Gas Generator is the best available method to completely disinfect an unoccupied closed room and content inside it, within a short period of time. Ozone is a well-known powerful oxidizer, which could kill microorganisms effectively. It penetrates every corner of the room, thus disinfecting the entire room effectively.  Ozone readily converts into oxygen, leaving no harmful residual after disinfection and is considered as an environmental friendly disinfectant. Bipolar Ionization is another proven technology introduced by AQUA SCENCE for continuous disinfection to improve indoor air quality in the presence of humans. Bipolar Ionization is recommended solution for public gathering,  office environment, hospitals, Hotels, malls and restaurants, ABC T&I represents reputed companies of Japan, Israel and the USA as solution providers for Sri Lanka and Maldives. ABC Trade & Investments (Pvt) Ltd., is a diversified company with focused business activities in ICT solutions, Healthcare, Water Treatment, Printing, Consumer Electronics, Air & Ventilation Engineering, IDEA as Corporate Gifts & BTL Advertising. ABC operates with specialized business units (SBU) or individual companies within the group with a team of over 100+ trained and experienced professionals.      

The post ABC becomes a partner in the National Program to eradicate Covid 19 from Sri Lanka appeared first on Adaderana Biz English | Sri Lanka Business News.

Aitken Spence PLC achieved yet another milestone in its 150+ year legacy by conducting the company’s first virtual Annual General Meeting (AGM) on 30^th June 2020. Whilst being among the country’s first companies to transition successfully to virtual AGMs, Aitken Spence is also leading the way among the diversified holdings companies to host a virtual AGM. The 68^th AGM was conducted at Aitken Spence Towers on Vauxhall Street, conforming with the health and safety regulations issued by the Government of Sri Lanka in the aftermath of the outbreak of COVID-19 pandemic. The session was hosted live for shareholders via the Zoom Application.

The Board of Directors of Aitken Spence PLC assembled in the corporate board room whilst maintaining social distancing protocols. The shareholders joined the meeting from various locations via Zoom.

Commending the efforts of the Group, Chairman of Aitken Spence PLC, Deshamanya D H S Jayawardena said “In these times, adaptability and resilience are crucial traits for the sustainability of any organisation. It was heartening to see the company’s efforts to ensure continuity of operations also being supported by the relevant regulators with their recommendations and guidelines. Every challenge is also an opportunity for growth, and I congratulate the team of Aitken Spence PLC for taking the reins to adapt to the new working order.”

All attendees were able to view and participate in proceedings, were able to vote online on all resolutions and were encouraged to actively participate at the meeting. Furthermore, shareholders were enabled to participate in online voting on a single platform which facilitated a seamless engagement.  This was another unique feature of the online meeting.

Moreover, the online platform facilitated an interactive Q&A session with the Board of Directors.

The co-ordination of the event was entirely handled in-house by the Company Secretarial Division and the Group’s Information Technology Division, with assistance from AV Productions who facilitated the audio/visual aspects.

Aitken Spence Hotel Holdings PLC also conducted its 43^rd Annual General Meeting as a virtual AGM on the same day and in the same manner.

With an indisputable repute as one of Sri Lanka’s pioneering corporates, Aitken Spence is anchored to a heritage of excellence spanning over 150 years. Listed on the Colombo Stock Exchange since 1983, Aitken Spence is a responsible enterprise driven by over 13,000 employees across 16 businesses in 9 countries. Creating opportunities for Sri Lanka across new frontiers, Aitken Spence PLC is an organisation committed to the development of Sri Lanka.

Photo – Chairman of Aitken Spence PLC, Deshamanya D H S Jayawardena

The post Aitken Spence successfully conducts its first virtual AGM appeared first on Adaderana Biz English | Sri Lanka Business News.