Fashion Bug, a leading lifestyle retail chain in Sri Lanka, opened its latest branch in Kotahena on 10^th July 2020, making it the 16th branch that joins the network of Fashion Bug branches across the island. Starting from humble beginnings 25 years ago, Fashion Bug today has become a household name in fashionable lifestyle in Sri Lanka. Spanning several floors of clothing, accessories, footwear, toys, gifts and household items, Fashion Bug adds to the vibrancy of Kotahena, the fast developing multi-ethnic and mutli-religious suburb. As all other outlets of the chain, it caters to Ladies, Gents and Children in the forms of Formal wear, Casual wear, Party wear, and every other fashion need. The spacious building has been transformed into a well-planned floor layout giving customers the opportunity to shop freely at their own pace. Added to the convenience is ample parking space, further improving accessibility to the outlet. “We consider opening a new branch at a socially and economically volatile environment as today, a true achievement of the Fashion Bug team. While understanding the current concerns the public have about health and safety, as a long standing local corporate brand, we at Fashion Bug also realize that we cannot let any negative factors impact our customers, our employees and our stakeholders. Kotahena is best known for its diversity and it is ideal to take our brand to this neighbourhood. With this new branch, we invite all residents of Kotahena to come experience a fashionable change in your lifestyle with Fashion Bug,” stated Shabier Subian, CEO of Fashion Bug. The branch was declared open by Deshamanya Deshabandu Mr. S. P. Sivaraj – Founder of ADELA Trading Company as Chief Guest, in the presence of the Management of Fashion Bug and key business partners. Image caption: IMG_4830 The Fashion Bug Kotahena branch was open by Chief Guest Deshamanya Deshabandu Mr. S. P. Sivaraj – Founder of ADELA Trading Company, Mr. Rizal Subian – Chairman of Fashion Bug, Mr. Shabier Subian – CEO of Fashion Bug, Mr. Aqeill Subian – CEO of Fashion Bug, and Mr. Dinesh Ekanayake – Assistant General Manager Operations of Fashion Bug.  

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Seylan Bank expanded its island-wide fully automated Cheque Deposit Kiosk network (CDK) by installing the 50^th CDK machine at the Ja-Ela branch. The expansion further establishes the bank’s commitment towards digital transformation and unmatched customer convenience.  Seylan was the pioneer in introducing Sri Lanka’s first network of automated Cheque Deposit Kiosks (CDK) in 2017. Since then the bank has expanded this service reaching 50 machines within two years to provide extensive automated financial services to the public. The fully automated CDK network allows Retail, SME and Corporate customers to deposit cheques issued by Seylan Bank and other banks, 24×7 at their convenience without the hassle of filling deposit slips.  The Kiosks also offer trilingual support, ensuring ease of access for all customers. To ensure the highest level of security and validation, users can obtain a printed receipt of the transaction right after the transaction is completed. Speaking about the expansion, Mr. Malik Wickramanayake, Deputy General Manager, Operations, Seylan Bank said “as the country moves forward amidst a global crisis, convenience will play a pivotal role in how the general public will go about their day to day banking needs. Understanding this, team Seylan is working towards expanding all our digital banking platforms to bring financial transactional convenience and safety to our customers across the country.  Seylan has always been a customer-centric organization, taking pride in providing an exceptional customer experience to ensure all our Retail, SME and Corporate customers’ financial needs are met. While we encourage all our customers to utilize our fully-fledged digital platforms for their banking needs, we would like to ensure that all 172 Seylan branches across the country are now active and ready to serve you with personalized financial solutions and services as we always have” Seylan Bank will continue to expand its fully automated CDK network to more locations throughout the country, bringing financial service convenience to a wider customer base, further empowering customers to satisfy their banking needs hassle-free. As the bank with a heart, Seylan remains at the forefront of providing an exceptional customer experience with a host of value-added service offerings. For more information on products and services please visit www.seylan.lk  

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IFC, a member of the World Bank Group, will support Commercial Bank of Ceylon (ComBank), Sri Lanka’s largest commercial bank, to develop more specially-designed products and services for women, as part of a move to help boost access to finance for women, especially those who own small and medium sized businesses (SMEs). The advisory assistance to ComBank is part of IFC’s Banking on Women (BOW) program, which is supported by the government of Australia under the IFC-DFAT Women in Work program. Sri Lankan women are recognized as highly entrepreneurial, owning nearly a quarter of the micro, small and medium sized enterprises in the country. Most are micro-sized enterprises, with the number of women owned business falling drastically as the business size increases. While over 80 percent of women have an account at a financial institution, only 17 percent have borrowed money. “Whilst the ComBank has identified the significant contribution made by female entrepreneurs to the economy of the country and has led many initiatives to improve their access to finance, we look forward to this partnership further enhancing the value propositions extended to female led businesses, broadening their horizons instead of limiting their potential,” said S. Renganathan, Managing Director/Chief Executive Officer, ComBank. With a longstanding partnership since 2003, the latest IFC-ComBank engagement is aimed at help narrowing the financing gap in the country. With around one million SMEs – more than 14 percent of which are women-owned – small businesses are a significant engine of job creation in Sri Lanka, providing a livelihood for nearly 2.25 million people and contributing to 52 percent of the country’s GDP. However, over 30 percent of SMEs have unmet financing needs, with a financing gap estimated at US$13.7 billion. “This engagement becomes even more critical as the world faces an unprecedented crisis straining public health system and constraining economic activity,” said Rosy Khanna, Regional Director for Financial Institutions Group for IFC Asia and the Pacific. “Therefore, it becomes even more vital that we scale up access to finance for women and women-led small and medium sized enterprises, who will bear the brunt of this ensuing liquidity crisis. As we renew our 50-year partnership in Sri Lanka this year, we also hope that this will send a strong signal to other financial institutions in the market on the significance of increased and improved access to financial services as a means of bridging a critical gap in the country.” The move is in line with IFC’s country strategy for Sri Lanka which includes a focus on the need to deepen financial inclusion by expanding access for SMEs and women. In June, IFC invested $100 million in ComBank – a $50 million loan as part of IFC’s US$8 billion global COVID-19 fast track financing facility, and another $50 million through a private placement of new equity shares. Both investments will help ComBank sustain its operations and support the economic recovery process.

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JAT Holdings, the trusted household name in Sri Lanka for wood coating products, stepped up during this challenging time to battle the COVID-19 global pandemic by making its entry to a new industry vertical with the launch of a novel brand and product range, “JAT Care”. As the latest contender in the personal and home care products market in Sri Lanka, JAT Care launched two brand new products under its product line – JAT Care Hand Sanitizer and JAT Care Disinfectant Surface Cleaner, to help the nation’s collective efforts in battling the coronavirus. JAT is renowned as a fast-growing company that always seeks new business opportunities to put Sri Lanka on the world map. As its latest innovation, JAT Care stands as a testament to the company’s commitment to ensure the health and safety of all citizens of Sri Lanka. With expertise and excellence in the wood coatings industry locally and globally, JAT manufactures its products under the highest quality and standards adhering to ISO 9001 along with the approval of the National Medicines Regulatory Authority (NMRA). JAT Care Instant Hand Sanitizer is made to specifications mandated by the World Health organization (WHO) and contains 75% isopropyl alcohol (IPA), which helps to kill 99.99% of germs without water. The hand sanitizer will be available in two variants: gel form and liquid form. JAT Care Moisturizing Sanitizer Gel contains Polyquatenium-10 polymer, which acts as a conditioning and thickening agent to leave hands feeling soft and refreshed; while JAT Care Instant Hand Sanitizer liquid contains glycerine to prevent the feeling of dry hands. The hand sanitizers will be available in 50ml, 200ml, 1L (gel form) and 100ml, 500ml, 1L, 4L, 10L (liquid form) variants. Similarly, JAT Care Disinfectant Surface Cleaner contains anti-bacterial properties that help to kill 99.99% of germs to guarantee a germ-free 24 hours. This solution can be used to clean all surfaces in a house, as well as household items and appliances in the kitchen and bathroom, etc. This is a water-based disinfectant, and thus can be used on wood surfaces without damaging them. JAT Care Disinfectant Surface Cleaner is available 1L and 4L sizes. Positioned as the leader in wood coatings in Sri Lanka for the past 25 years, JAT was recognized at the renowned Presidential Export Awards 2019 and National Business Excellence Awards 2019 for its impeccable drive to constantly innovate and improve its deliverables, by keeping its consumers at the heart of its operations. As the world’s largest distributor for Sayerlack, JAT Holdings evidently proves its commitment towards elevating the playing field in Sri Lanka and taking the country to new heights.

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Unilever Sri Lanka Limited has announced the next step in the evolution of its skin care portfolio to a more inclusive vision of Positive Beauty, and introduces Glow & Lovely, the new name for the Fair & Lovely brand. Over the next few months, Glow & Lovely will be on the shelves, and future innovations will deliver on this new proposition. The brand is committed to celebrating all skin tones and its vision is to adopt a holistic approach to beauty that cares for people, that must be inclusive and diverse – for everyone, everywhere. In 2019, the brand’s communication moved away from the benefits of fairness, whitening and skin lightening, towards glow, even tone, skin clarity and radiance, which are holistic measures of healthy skin. As a result, since 2019, Unilever Sri Lanka Limited has also removed the cameo with two faces showing shade transformation, as well as the shade guides from its packaging in its wider portfolio. In line with this, the Company will continue to evolve its advertising, to feature women of different skin tones, representative of the variety of beauty across Sri Lanka. In addition to the changes to Fair & Lovely, the rest of Unilever Sri Lanka’s skincare portfolio will also reflect the new vision of positive beauty in the upcoming months.

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The Commercial Bank of Ceylon recently provided the 135-year old Sri Nagarukkarama Temple in Kotikawatte, Angoda with water and sanitation facilities. Following a request from the custodian of the temple, the Bank constructed a 50-foot water tank storage tower with the capacity to hold 20,000 litres of water and accommodate four washrooms. The donation will benefit worshippers and students who frequent the temple which has hitherto received water supply only at nights, the Chief Incumbent, Ven. Badulle Mahanama Thero said. The ancient temple is home to a 14-foot gold plated Buddha statue from Thailand. Besides its regular worshippers, it is also attended by some 1300 children and 50 teachers who come to Dhamma classes on Sundays. Students from all communities in the locality also visit the temple to attend free English classes conducted there. Image Caption: Commercial Bank Chairman Mr Dharma Dheerasinghe, representatives of the Bank’s CSR Trust and Ven. Badulle Mahanama Thero at the symbolic presentation of the water supply and sanitation unit to the Sri Nagarukkarama Temple.  

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Ceylinco Life recently laid the foundation stone for a purpose-designed environment-friendly building for its branch in Piliyandala, continuing the greening of the Company’s operations undeterred by the effects of the COVID-19 pandemic. The new three-storey edifice will on completion be the Ceylinco Life’s 40^th building on land owned by the Company. Located at Nos. 190, 192 and 194 Horana Road, Piliyandala this 5,683 square foot office conforms to the environment-friendly specifications adopted by the Company for all new branches on owned land. The new building will be powered entirely by a 20kW solar power system that results in zero consumption of electricity from the national grid, will have its own rainwater harvesting facility and waste water recycling system, minimising the use of pipe-borne water. The building is also designed for optimal use of natural light and will be equipped with the latest energy-efficient lighting and air conditioning systems. The construction will minimise the use of timber, the Company said, and a number of new trees are to be planted on the property. The building will function as an office for the Ceylinco Life branches in the Piliyandala area. With adequate dedicated parking bays for visitors, it is designed to enhance customer convenience. In September 2019, Ceylinco Life opened its 36^th building on company-owned land at Kanathiddy Road, Jaffna. Extending to 17,290 square feet, this was the Company’s second largest construction. In January this year the Company opened its 37^th branch on company-owned land at Malabe, and is in the process of constructing Green buildings for its branches in Divulapitiya and Nelliady. It is also extending the capacity of its Negombo branch. Ceylinco Life currently owns the buildings housing its offices in Anuradhapura, Trincomalee, Jaffna, Batticaloa, Kandy, Kalutara, Kurunegala, Gampaha, Galle, Matara, Tissamaharama, Negombo, Ratnapura, Kotahena, Mount Lavinia and Wellawatte, many of which have already been converted to solar energy. New branch buildings purpose-built to the company’s sustainable energy model are those at Horana, Panadura, Wennappuwa, Bandarawela, Chilaw, Kadawatha, Jaffna and Malabe. Ceylinco Life operates the largest network of 250 plus branches in Sri Lanka’s life insurance industry, giving it a physical presence in 142 cities, towns and villages in every one of the island’s 25 districts. Sri Lanka’s leading life insurer for the second half of the 32 years it has been in existence, Ceylinco Life was ranked the most valuable life insurance brand in Sri Lanka by Brand Finance this year and declared the ‘Peoples Life Insurance Service Provider of the Year’ for the 14^th consecutive year at the 2020 SLIM-Nielsen Peoples Awards. The Company was ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL in 2019 and in the same year was named the Best Life Insurer in Sri Lanka for the sixth consecutive year by World Finance, and ranked sixth overall in the Business Today ranking of the country’s top 30 companies. Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility. Photo caption: Ceylinco Life Chairman Mr R. Renganathan and Managing Director/CEO Mr Thushara Ranasinghe (3rd and 4th from left respectively), Directors, members of the Senior Management and branch staff at the foundation stone laying ceremony.

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People’s Bank once again made its mark by securing its place amongst the ‘Top 1000 Banks in the World – a ranking carried by the prestigious Banker Magazine United Kingdom – a publication by the Financial Times. More importantly, the Bank was ranked amongst the Top 200 in terms of Returns on Capital – a rare feat.

Commenting on the ranking, People’s Bank’s Chairman Sujeewa Rajapakse stated that, “As a State Bank, People’s Bank’s role is dual – one to support the Government further its national economic objects and, two, to create sustainable value for the benefit of all its stakeholders. In this context, the Bank’s ability to consistently be amongst the Top 1000 and amidst different circumstances and, to be ranked amongst the Top 200 for shareholder value added, ultimately attests to the level of success and performance. Needless to say, excellence is a process and we remained focused on consistently raising the bar of performance on a 360 degree basis. At present, we remained focused in making every effort reasonably possible to support the Government in their many initiatives to revive the economy. We take the opportunity to thank our customers for their continued confidence and our employees for their unwavering commitment. People’s Bank’s successes is ultimately yours”

Sharing his views, People’s Bank’s Chief Executive Officer / General Manager Ranjith Kodituwakku stated that: “The ranking is the end result of many initiatives both from a business and operational perspective as undertaken by the Bank over the years. At present, all our energy is being channeled towards offering relief to all those distressed by the COVID-19 pandemic and to create ease of access to funding. There have been numerous loan schemes launched/ re-launched to cater to the diverse needs of the market at highly concessionary rates of interest. Our doors remain always open – as demonstrated in the most difficult circumstances in our living memory”

At present, People’s Bank has a network of 739 branches across the country serving a total of over 13 million customers. With the objective of providing a highly-efficient service to customers by leveraging the latest technology, all the branches of People’s Bank are digitally empowered.

While these branches are located in every town, district and province across the island, the network has grown to a total of 755 Automated Teller Machines (ATMs), 270 Cash Deposit Machines (CDMs) and 220 Kiosks.

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SHANGHAI (Reuters) – Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.2%, cashing out around $8.2 billion at its current share price, the firm’s annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company’s executive chairman in September and pulled back from formal business roles to focus on philanthropy. Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40% since Ma reported his 6.2% holding in the company a year ago. The stock’s stellar performance has been helped by forecast-beating earnings growth, even as China’s economy sharply slows, as more people shop online for essentials due to the COVID-19 pandemic. Alibaba Executive Vice Chairman Joseph Tsai also reduced his stake in the company over the same period, to 1.6% from 2.2%. The offloaded shares were worth $3.3 billion as of Friday. Both Ma and Tsai have been steadily less involved in Alibaba’s regular operations since Daniel Zhang was announced as Ma’s successor as company chairman. He assumed that role formally in September 2019. Throughout this year, the two have donated millions of units of personal protective equipment (PPE) via their individual charity arms to hospitals worldwide to help fight the spread of COVID-19. An April 2019 filing with the U.S. Securities and Exchange Commission stated that Ma would plan to sell up to 21 million shares within one year to support his philanthropic efforts.

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Giving back to all armed forces, police and government healthcare professionals who tirelessly serve as our frontliners in the fight against COVID-19, Northshore International Campus, Sri Lanka’s state-of-the-art modern university, recently stepped in to provide fee waivers on its courses. Northshore offers internationally recognized British degree programmes in Engineering, Business Management, Health Sciences and Computing/IT from highly ranked universities. It was one of the first to transform and embrace online delivery of lectures from the very first week of the country-wide lockdown, having successfully conducted a full semester load entirely online. Under this special scheme, the children and members of the army, navy, air-force, police and state healthcare sector are eligible for a reduction of 25pct off the course fees when enrolling for the foundation programme in Computer Sciences, Business Management, Engineering and Health Sciences. ‘We make it our responsibility to give back to all our heroes, by providing them affordability and access to quality higher education. It’s a privilege to be their knowledge partner, helping them to maximize their potential and fulfill their aspirations to be future leaders in their respective fields of interest,’ said Prof Nalaka Jayakody, Vice Chancellor and CEO of Northshore International Campus. Whilst adhering to strict health and safety standards, Northshore in future will offer its entire range of degree programs in ‘blended delivery’ mode with a mix of online and on-campus delivery of lectures, tutorials and laboratory work, taking forward the positives achieved over the last few months. Northshore is well equipped with a fully customized and state of the art Learning Management System (LMS) and well-trained, highly qualified staff with excellent achievements in their respective fields. It has successfully and readily embraced the ‘Teaching at a Distance’ mode with frequent feedbacks through multiple channels of communications, including synchronized live video chat groups. ‘Northshore has also embraced a paperless culture in all of its campus operations, implementing paperless measures from admissions through to assessments. With a highly ambitious plan to digitalize its entire operation within a short period of time, Northshore is gearing to provide a novel and futuristic experience to its students,’ Prof Jayakody further said. Photo Caption: Prof Nalaka Jayakody, Vice Chancellor & CEO of Northshore International Campus

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A staff member who recently joined Melsta Hospitals – Ragama has tested positive for Covid-19, and is currently being treated at a government hospital. In light of these circumstances, Melsta Hospitals – Ragama has been actively taking all the necessary preventive and precautionary measures, under the close guidance of the Public Health Inspector (PHI) and Ministry of Health (MOH) of the Gampaha district. Prior to commencing his employment at Melsta Hospitals – Ragama on 1st July 2020, the coronavirus-afflicted staff member (who was attached to another leading private hospital at the time) had visited the Kandakadu Rehabilitation Centre on a lecturing assignment, upon the request of the Ministry. After his visit, having learned that the Kandakadu area was marked as an at-risk Covid-19 location, the staff member had immediately and voluntarily undergone a PCR test at a reputed private healthcare institution, to which he had tested negative. Subsequently, as a precaution, he had enrolled to be quarantined outside of Colombo, after which his next PCR test (which was conducted at the quarantine centre) had revealed a positive result. He has since been admitted to a government hospital, where he is being monitored and remains in good health. Following these events, the management of Melsta Hospitals – Ragama spared no efforts in promptly and responsibly addressing the situation and ensuring the safety and wellbeing of the rest of its staff and most importantly, its valued patients and patrons. Commenting on the prevailing situation at Melsta Hospitals – Ragama, Dr. Iraivan Thiyagarajah – Executive Director, Melsta Hospitals – Ragama stated: “In such situations, it is imperative that we act fast and with prudence and integrity, and the Management of Melsta Hospitals – Ragama has done just that. As always, the health and safety of our patients and customers, as well as that of our staff, is our first and foremost priority. Therefore, we have taken every measure and implemented all necessary protocols, in line with the advice and guidance extended to us by the PHI and MOH representatives. We have identified all first lines of contact within our staff, and these individuals are now being quarantined and strictly adhering to the rules and regulations prescribed by the PHI and MOH. With the government authorities having overseen and approved our course of action in this regard, I would like to reassure our patrons in and around the Ragama area that the hospital is once again fully operational and completely safe for you to visit at any time.” Melsta Hospitals – Ragama will continue its operations as usual, under the approval of the relevant government authorities, and the hospital will continue to keep the public informed of any new developments, going forward.

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The commemoration ceremony of founding Theros of Sri Lanka Amarapura Maha Nikaya who rendered a noble service for the Sambuddha Sasanaya during the past 217 years, was held under the patronage of His Excellency the President Gotabaya Rajapaksa at the BMICH on 8th July. The Maha Nayaka and Anu Nayaka Theros of the Amarapura Maha Nikaya, General Secretaries, and Deputy Registrar Theros, Contributing Council of the Sri Lanka Amarapura Maha Nikaya, Ambassadors of Myanmar and Thailand in Sri Lanka, and dignitaries from both the clergy and the laity were also present. Most Ven. Agga Maha Panditha Kotugoda Dhammawasa Nayaka Thero of the Amarapura Maha Nikaya is the current Supreme Leader of the Amarapura Maha Nikaya which has now expanded to 3351 temples through 22 sub-sectors in Sri Lanka and 48 foreign temples. The ‘Urumayaka Ulpatha’ Foundation compiled information on all the temples belonging to the Amarapura Nikaya and as a result of this year-long dedicated endeavour, a Directory of all the Sri Lanka Amarapura Maha Nikaya Temples was presented at this occasion, along with the first copy of the Most Ven. Agga Maha Panditha Kotugoda Dhammawasa Nayaka Thero’s biography. Dialog Axiata paid homage by publishing the Directory of Sri Lanka Amarapura Maha Nikaya Temples and extending its support towards organising the ceremony. Dialog, a leading public listed company and one of the main advocators of Sri Lankan culture and heritage, has been a long-term patron of many cultural events, including the Kandy Esala Perahara, Kelaniya Duruthu Maha Perahara, Nawam Maha Perahara at Gangaramaya, Baudhaloka Vesak Kalapaya, Sri Buddha Rashmi Vesak Kalapaya at Gangaramaya, Katharagama Esala Perahara, Gatabaru Esala Perahara, and Kotte Raja Maha Vihara Perahara. This is also in line with the company’s many efforts towards the preservation of Sri Lankan traditions and heritage, most notably the construction of the vestibule for the Dimbulagala Aranya Senasanaya, contributing to the upliftment of Sri Lanka’s rich cultural history. Picture Caption – Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC presenting the Directory of the Sri Lanka Amarapura Maha Nikaya Temples to His Excellency the President Gotabaya Rajapaksa. Ajith de Zoysa, Vice President of the Amarapura Sectoral Committee and R. A. D. Sirisena, Secretary of the ‘Urumpaka Ulpatha’ Foundation were also present. Amali Nanayakkara, Group Chief Marketing Office of Dialog Axiata PLC, presenting the Directory of the Sri Lanka Amarapura Maha Nikaya Temples to the Maha Nayaka Theros and Anu Nayaka Theros.

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ICRA Lanka recently called on the Central Bank (CBSL) to strike a balance between financial system stability and credit growth warning that the reduction of policy rates beyond a certain point may not generate appreciable expansion in credit in the economy as the financial institutes’ risk appetite would not improve in a state of crisis. Releasing a new report on the CBSL’s COVID-19 crisis response titled ‘Finding balance between financial sector stability and credit growth’, ICRA Lanka, acknowledged steady credit flow to the real economy is imperative for the post-COVID19 recovery. Hence, in order to facilitate this, the Central Bank needs to ensure financial institutes have both the capacity and the willingness to lend. ICRA Lanka in its latest report points out that the Financial institutions were on a weaker footing even before the COVID crisis due to the Basel III capitalization requirements, the deterioration in asset quality, and dwindling profitability due to macro factors. Therefore, the risk appetite of the financial institutes at the moment is low, it stated. “The reduction in policy interest rates beyond a certain point may not generate appreciable expansion in credit in the economy as the financial institutes’ risk appetite would not improve in a state of crisis. The credit guarantee scheme is a step in the right direction to improve the risk appetite but its success depends on whether the banks can recover the value of the guarantee in a timely manner in case of defaults,” it said. The credit rating agency also pointed out the net outcome of the CBSL’s actions have far more intricate dynamics and risk implications for the system therefore, looking forward, it is important to strike a balance between financial stability and credit growth. “In the current context, non-monetary measures should also play a pivotal role in spurring economic growth which will in return lead to a healthier credit expansion.” It said. The financial sector in Sri Lanka is under heavy pressure as the country was brought to a standstill due to the COVID-19 pandemic. As the country limps back, the economy is expected to contract with ICRA Lanka forecasts Q2 growth to record a 4.5% recession. With a view of facilitating speedier economic recovery, the Central Bank of Sri Lanka (CBSL) has taken a number of steps to increase credit flow to the economy by enhancing the liquidity in the banking and the financial sector. While noting the timely actions and the need to act swiftly given the severity of the challenges faced by the economy, ICRA Lanka believes maintaining the soundness of the financial system is of paramount importance to long term economic stability. Broadly speaking, The key objectives behind the CBSL’s COVID-19 response so far are; to provide relief to the affected individuals and businesses, to ensure the Financial Institutions (FIs) have adequate liquidity to stay afloat through the crisis, and to encourage FIs to extend credit to the real economy during the crisis. To achieve the aforementioned objectives, the CBSL has implemented several initiatives; reduced its policy rates historical lows, released part of capital and liquidity buffers built up overtime as a result of the adoption of Basel III, relaxed administrative and supervisory compliance requirements for FIs, and implemented a debt moratorium and credit schemes to support COVID-affected businesses and individuals. As a result of the rate cuts and release of buffers, the money market liquidity shot up driving the short-term interest rates down. The idea behind this is to make cheaper wholesale funding available for FIs, so that the interest margins are enticing enough to cover the risk. However, as the crisis deepens, the risk premium will overshadow the interest rate cuts and ultimately, it would come to a stage where the rate cuts would not have any effect on the lending as FIs’ implicit risk premium is far greater than what the borrowers are willing to pay for. As pointed out earlier, Sri Lankan financial sector was already on a weaker footing before the crisis, hence FIs, especially the banks would be cautious when lending. Therefore, the reduction in interest rates beyond this point may not generate appreciable expansion in credit in the economy, as the FIs’ risk appetite would not improve in a state of crisis. “The slowdown in credit is mirrored by the widening spread between the AWPR and 1-year T-bill . For the month of April 2020 only LKR 13 Bn credit was disbursed to the private sector as opposed to LKR 120 Bn disbursements in March 2020. This indicates, the FIs are likely to channel the funds towards government securities and the private credit will not grow fast enough to warrant a V-shape recovery. In a crisis, the market shows clear bifurcation where there are borrowers with good credit standing and borrowers with the opposite. FIs start competing for good credit in the market. Once the scope to lend to good borrowers is depleted, the growth in the FI asset portfolio slows down. The reduction in interest rates has several implications on the balance sheets of the FIs. With the real interest on savings eroding, we expect the deposit base of the banks and LFCs to shrink in the medium to long term resulting in an increase in funding cost,” it said. Heavy-handed credit expansion inevitably leads to build-up of excessive credit risks and inefficient allocation of funds. It could help ‘bad borrowers’ (i.e. individuals or companies which have had poor financial standing even before the crisis) to prolong their survival. Low interest rates may also attract individuals who do not have a genuine requirement (reckless investors/speculators) to borrow. Given the recent relaxation of macro-prudential requirements, these trends could increase the credit risk for the system. Risk-based capital adequacy frameworks and higher minimum capital levels were introduced recently to ensure proper risk priced lending by banks and leasing/finance companies to ensure systemic stability. With the CBSL lowering the capital requirement these efforts are now being nullified. With relatively smaller capital base, now the FIs can operate with higher leverage. This could increase the vulnerability of the financial system if the credit expands rapidly. With real interest rates falling to lower single digit levels, the quest for yield will be on. This could drive individuals and companies to take riskier investment positions. The repercussions of such an event can be devastating on the faltering economy as seen from the past events. In addition, the CBSL has relaxed various supervisory requirements, collateral eligibility, and asset eligibility to provide banks with greater flexibility in supporting lending. However, these steps increase the vulnerability of the system and delay recognition of issues. “Currently, the excess liquidity level is significantly greater than the pre-crisis levels. If high surplus liquidity level persists for a long time, it would end up permanently in the Special Deposit Facility (SDF), and the CBSL would have to print money to pay interest on the SDF deposits in the process fuelling more liquidity. Build-up of excess liquidity puts pressure on the rupee to depreciate as well. This will be a major obstacle to attract foreign investment to debt and equity markets to build much needed forex reserves for the country,” ICRA Lanka stressed.      

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• SLT first to bring 10Gpbs broadband service to customers in Sri Lanka using Nokia’s next-generation fiber technology
• Nokia solutions extend SLT fiber network to cover more than 200,000 customers

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Huawei announced its business results for the first half of 2020 today. The company generated over US $ 64.2 billion (CNY 454 billion) in revenue during this period, a 13.1% increase year-on-year, with a net profit margin of 9.2%. Huawei’s carrier, enterprise, and consumer businesses achieved US $ 22.58 billion (CNY 159.6 billion), US $ 5.13 billion (CNY 36.3 billion), and US $ 36.19 (CNY 255.8 billion) in revenue, respectively. As countries around the globe are grappling with the COVID-19 pandemic, information and communications technologies (ICT) have become not only a crucial tool for combatting the virus, but also an engine for economic recovery. Huawei reiterated its commitment to working with carriers and industry partners to maintain stable network operations, accelerate digital transformation, and support efforts to contain local outbreaks and reopen local economies. The complex external environment makes open collaboration and trust in global value chains more important than ever. Huawei has promised to continue fulfilling its obligations to customers and suppliers, and to survive, forge ahead, and contribute to the global digital economy and technological development, no matter what future challenges the company faces. In Sri Lanka Huawei has been operating since 1998 and has extensive and in-depth cooperation with local mainstream telecom operators, governments, and industry customers. Over the years, Huawei has continuously promoted the development of the ICT talent ecosystem in Sri Lanka through activities such as the Huawei Seeds for the Future program that was launch in 2016, and providing internship for talented youth, and ICT Skills industrial training. Huawei recently launched digital inclusion initiative TECH4ALL in Sri Lanka, to expand the scope of digital inclusion beyond connectivity to include applications such as related to health which could be utilized during times of emergency.    

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