Adaderana Biz English | Sri Lanka Business News

The Asian Development Bank (ADB) will hold the second stage of its 53rd Annual Meeting as a virtual event on 17–18 September. The event will include a formal business session and selected knowledge events. “As the coronavirus disease (COVID-19) pandemic continues to evolve, with travel restrictions impacting many ADB members and continued health risks, ADB and the Government of the Republic of Korea have agreed not to proceed with a physical meeting in Incheon,” said ADB Secretary Eugenue Zhukov. The Republic of Korea has offered to host ADB’s 56th Annual Meeting in Incheon in May 2023. ADB’s Board of Governors will consider this proposal when it convenes virtually on 18 September. The first stage of the 53rd Annual Meeting comprised a reduced-scale meeting of the Board of Governors on 22 May at which Governors approved ADB’s financial statements and net income allocation in line with ADB institutional requirements. ADB is actively supporting its members as they address the effects of COVID-19 through its $20 billion comprehensive response package announced on 13 April. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

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The Commercial Bank of Ceylon has announced that its merchant base registered to offer Easy Payment Plans (EPPs) and 0% interest purchase to the Bank’s Credit Card holders has reached 2000, significantly enhancing the benefits and convenience enjoyed by this customer segment. Easy Payment Plans and 0% interest purchase allow Commercial Bank Credit Card holders to purchase goods and services and pay in equal monthly installments over a period of three to 60 months. The 2000 merchants registered with Commercial Bank to offer EPPs and 0% interest include lifestyle stores, educational institutions, jewellery stores, hospitals, travel companies, and a number of online vendors. Commercial Bank’s Deputy General Manager – Marketing Mr Hasrath Munasinghe said the size of the participating merchant base and the width of the spectrum of goods and services represented are particularly relevant at times like the present, when an economic downturn affects disposable income, making Easy Payment Plans and 0% interest invaluable. Upon entering an Easy Payment Plan and 0% interest purchase, cardholders will be billed the instalment value monthly until the agreed period is completed. When making an EPP purchase, the available balance in the Credit Card account will be held by an amount equal to the purchase made. However, with every monthly instalment the cardholder settles, the available balance increases, the Bank explained. Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Cardholders under its Max Loyalty Rewards Points scheme. The Bank was also a pioneer in extending promotional discount offers which were traditionally only offered for Credit Cards to its Debit Cards. Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Silver, Gold and Platinum tiers of Visa, Mastercard and UnionPay Cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Platinum and UnionPay Asia Prestige Diamond Cards in the premium segment. The cards are equipped with ‘Tap ’n Go’ NFC technology and are backed by a strong NFC Point-of-Sale (POS) network. The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100^th anniversary this year and operates a network of 268 branches and 865 ATMs in Sri Lanka. The Bank has won over 50 international and local awards in 2019, and was ranked among the 10 Most Admired Companies in Sri Lanka in 2019.

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Emirates will deploy its iconic A380 on its daily Amsterdam service, and add a second daily A380 service to London Heathrow starting from 1 August. This announcement follows the Emirates A380’s return to the skies today with EK001 to London Heathrow taking off from Dubai International airport at 0745hrs, and EK073 at 0820hrs, carrying commercial passengers onboard this flagship aircraft for the first time since March. Emirates flight EK073 will receive a special welcome on arrival at Paris Charles De Gaulle, as it becomes the first and only scheduled A380 flight to operate at this major European airport since the pandemic began. Throughout the day, Emirates will also mark the restart of scheduled passenger services to seven more cities – Athens, Barcelona, Geneva, Glasgow, Larnaca, Munich, and Rome – offering its customers more travel options. Over the next two days, the airline will resume flights to Malé (16 July), Washington DC (16 July), and Brussels (17 July). Emirates currently serves over 50 destinations in its network, facilitating travel between the Americas, Europe, Africa, the Middle East and the Asia Pacific through a convenient connection in Dubai for customers across the world. Premium customers can enjoy Emirates’ Chauffeur Drive service and relax in its Lounge facility at Dubai International airport, with the restart of these signature services after a full health and safety review. Emirates has also re-opened its dedicated Emirates Skywards counters at Dubai International airport to serve its frequent flyers. Dubai is open: Customers from Emirates’ network can now to travel to Dubai as the city has re-opened for business and leisure visitors with new air travel protocols that safeguard the health and safety of visitors and communities. For more information on entry requirements for international visitors to Dubai, visit: www.emirates.com/flytoDubai Health and safety first: Emirates has implemented a comprehensive set of measures at every step of the customer journey to ensure the safety of its customers and employees on the ground and in the air. For more information on these measures and the services available on each flight, visit: www.emirates.com/yoursafety Travel restrictions: Customers are reminded that travel restrictions remain in place, and travellers will only be accepted on flights if they comply with the eligibility and entry criteria requirements of their destination countries. Visit: www.emirates.com/travelrestrictions Photo caption:Emirates’ A380s return to the skies

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“Covid-19 has drastically altered the landscape of human activity. There is a term heard quite often these days – ‘The new normal.’ For us individually, ‘the new normal’ means social distancing, wearing face masks and following stringent rules laid down by the health authorities. It also means a major disruption of the life as we knew it.” This was stated by the newly elected President Kaushal Rajapaksa, at the 19th annual general meeting of the Chartered Management Institute of UK – Sri Lanka Branch. Kaushal Rajapaksa is a Fellow of the Plastics and Rubber Institute of Sri Lanka and the Chartered Management Institute of UK – Sri Lanka, and holds an MBA from India. He is also the President of the Plastics and Rubber Institute of Sri Lanka. Since 2007 Kaushal is running his own business of recycling and exporting industrial and post-consumer waste. He is also in the leisure boat chartering and building industry serving as a director of the Sail Lanka Yachting Group. Kaushal is also the chairman of the Industrial Association of Minuwangoda, a management committee member of the National Exporters’ Association and an exco member of the Singapore, Pakistan and China Business Councils. Quoting Emeritus Professor of Business Administration at Harvard University, Rajapaksa said, “The challenge during times of uncharted uncertainty is to find a pragmatic middle ground between acting thoughtlessly and not acting at all. These are times that none of us have seen before. Amid the radical uncertainty of the coronavirus pandemic, fear has reared its ugly head economically, financially and socially. We all would love to know when life will return to “normal” even if it is a different normal than what we have previously experienced. As we begin to consider the effects of Covid-19, management professionals have the major challenge of charting the way forward. Management professionals should understand how complicated the problem is and resist the temptation to panic,” he said. The AGM conducted online via ZOOM was chaired by outgoing president Murali Prakash from Australia while chief guest David Jones, Managing Director, APAC, CMI UK, joined in from Malaysia. There were also several others joining in from various countries. The new Executive Committee for the Administrative Year 2020/2021 consists of President Kaushal Rajapaksa, Immediate Past President Murali Prakash, Vice President Sajith De Silva, Vice President Rohitha Amarapala, Secretary Kamaya Perera, Treasurer Chaminda Ediriwickrama, Assistant Secretary Prof. Ajantha Dharmasiri, Assistant Treasurer Ramesh Dassanayake and committee members M.M.S. Quvylidh, Niranjali Weerasekera, Chaminda De Silva, Nirmalan Nagendra, Rishantha Mendis, Chaya Ranaweera and Ninesh Amirthiah Daniel. Addressing the meeting, Murali Prakash said that during the past year, the CMI Sri Lanka UK Branch kept governance and compliance at the forefront. “Future management structures globally and especially locally, need to have a clear and distinct notion of ethics and governance and if not, the proliferation of social technology-based advancements could create polarised and highly toxic societies.” Explaining CMI’s role in management, Managing Director, APAC, CMI UK, David Jones said, “CMI exists as a not-for-profit body and its vision that inspires us is a world where we see better led and better managed organisations. CMI has played a prominent role as the professional body for management and leadership for over 65 years and we certainly value the support and effort the Sri Lanka members are giving us.” Rajapaksa said, “Professor Stevenson cautions us that on an individual basis there are also things we should not do, and those that we should do to mitigate the volatility in our current environment, thus making our lives and those of others as orderly as possible. The first imperative is ‘to resist the temptation, which radical uncertainty exacerbates, to panic. The second imperative is ‘not to overestimate your knowledge. Factor the possibility of the unknownables into your decision-making but do not wait for perfect information to make decisions. We have to make choices every day. Freezing is as bad as over-confidence.” Outlining the plans of the new management team at CMI Sri Lanka, Rajapaksa said, “We will continue the programs that strengthen our professionalism through education, training and resources with vigor. We will also retain our commitment to ensuring that our members have more opportunities to develop their skills and professionalism so that all of us are able to perform our critical roles in the respective work places. We will also continue our usual knowledge sharing sessions, management excellence awards and quiz programs.” Kaushal Rajapaksa concluded referring to the challenges posed by the pandemic. “For each of us the situation is unique. Each of us will have to find our own answers.” PHOTO: 1. Murali-Prakash Murali Prakash: “Future management structures globally and especially locally, need to have a clear and distinct notion of ethics and governance.” 2. David-Jones David Jones: “CMI exists as a not-for-profit body and its vision that inspires us is a world where we see better led and better managed organisations. 3. Kaushal-Rajapaksa Kaushal Rajapaksa: “We will retain our commitment to ensuring that our members have more opportunities to develop their skills and professionalism.”

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Uber Eats today released the Sri Lanka chapter of The Uber Eats Cravings Report 2020, a snapshot of the country’s favourite cravings and the most popular binge-worthy dishes. Conducted between the period of June 2019 to June 2020, Uber Eats’ order analysis revealed that ‘Extra ketchup’ topped the charts as the most popular food delivery request by Sri Lankans, followed by a demand for preparations to be made spicy. It also turns out that Sri Lankans remained impeccably polite, as nearly half of the instructions included the word ‘please’. The recent lockdown brought about a host of changes in ordering trends, with ‘birthday’ requests featuring repeatedly in placed orders. Uber Eats is delighted to have assisted in making birthdays special. It was a closely contested battle among Chicken Fried Rice, Chicken Biryani, and Nasi Goreng, as the ‘most ordered dish’, but Sri Lankans prefer their own rendition of fried rice over biryani or the Indonesian rice preparation. So now that Sri Lankans love their food extra spicy, extra cheesy, and extra saucy. No matter what your cravings are, Uber Eats aims to deliver your order the way you want it. About Uber Eats Uber Eats allows people to search for and discover local restaurants, order a meal at the touch of a button, and have it delivered reliably and quickly. Since launching the Eats app three and a half years ago, the business has leveraged Uber’s technology and logistics expertise to serve more than 6,000 cities globally, all while keeping average delivery time under 30 minutes.

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The Colombo Stock Exchange (CSE) has expanded the eligibility criteria for initial listing of shares on the Main Board and the Diri Savi Board which will enable a wider spectrum of companies to qualify for a listing. The rule revisions, which also brings changes to IPO timelines and the basis of allotting shares, is to complement Sri Lanka’s rapidly developing commercial landscape comprising multiple business models and segments. The revisions are also directed at improving the efficiency of the listing process while offering greater flexibility to companies listing on the CSE. The rule revisions have been carried out by the CSE after extensive industry-level consultations and received the approval of the Securities and Exchange Commission of Sri Lanka (SEC) recently. Main Board Requirement now will cover a wider criteria In addition to the existing criteria of the three consecutive financial year net profit after tax requirement, companies with Positive Net Assets as per the audited financial statements for the two financial years prior to submitting the Initial Listing application, could list on the CSE with an aggregate net profit after tax for three consecutive financial years, where companies would not be required to be profitable in each financial year in the three year period, thereby offering considerable flexibility. The new changes will also enable companies to meet the eligibility in the form of revenue or positive operating cash flow (one of either), if the company’s market capitalization is valued at Rs. 5 billion or above at the point of listing. If the application for listing is based on the revenue option, the company must demonstrate an aggregate revenue of Rs. 3 billion for three financial years immediately preceding the date of the initial listing application. If the application is based on the positive operating cash flow option, then the company will be required to demonstrate positive operating cash flows (after adjustment for working capital) for two consecutive financial years immediately preceding the date of the initial listing application. These new options offer potential issuers greater flexibility in terms of meeting the listing eligibility, enabling companies with growth potential to obtain a listing on the Main Board of the CSE. Diri Savi Board changes In addition to the requirement for positive net assets for the financial year immediately preceding the date of the initial listing application, the criteria has been expanded to offer a revenue-based alternative if the net asset requirement cannot be met. If the company’s market capitalization is valued at Rs. 2 billion or above at the point of listing, demonstrating revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application will be an acceptable alternative to the positive net assets requirement. Addressing going concern uncertainty However, with the objective of safeguarding the interests of investors, the approved revisions will also require the Independent Auditors Report in the Audited Financial Statements of the applicant entity for the financial year immediately preceding the date of the initial listing application not to contain an emphasis of matter on going concern. This requirement applies to both the Main and Diri Savi Boards. Flexibility when allotting shares in larger IPOs The CSE’s proposal to revise the basis of allotting shares in IPOs above Rs. 3 billion has also been approved by the SEC. Issuers now have the flexibility to determine the basis of allotting the shares in a fair and equitable manner, in consultation with the CSE, as opposed to the previous requirement, which details minimum requirements on allotments to retail individual investors. However, the present requirements will remain the same for IPOs that are less than Rs. 3 billion. IPO Process Efficiency and Flexibility Other Changes proposed to the IPO process will enable issuers greater flexibility in the IPO process in terms of timing a listing and obtaining an optimum price for an issue. Under the new rules, the issuer will be given the opportunity to open the subscription list within a period of six (6) months from the date of obtaining the in-principle approval from the CSE. The said period of 6 months is a considerably extended period in comparison to the previous rule, which required that the subscription list must be opened within 20 market days from the date of receiving the in-principle approval from CSE. Under the amended rules, the issuer will not be required to mention the issue price or the price range (in the event of book building) at the point of publishing the soft copy of the initial draft Prospectus on the CSE website. The issue price determined by the issuer may be informed to the public by way of an announcement to the market through CSE, 10 market days prior to the date of opening the subscriptions. This new process will replace the previous process where the issue price must be informed to CSE in advance, at the point of obtaining in-principle approval for the initial listing application.

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Standard Chartered Sri Lanka announced today (15) that Brandix is the latest company to complete a drawdown from the Bank’s global USD1 billion COVID-19 financing commitment, underscoring its ongoing efforts to support local businesses in the pandemic response. Standard Chartered’s extension of USD12 million funding will assist the production switch to Personal Protective Equipment (PPE) across Brandix’s plants in Sri Lanka and India at a time when there is a drastic impact on apparel demand globally. The Bank also supported Brandix with a factor-based receivable financing solution to support the full working capital requirement. Commenting on the impact of COVID-19 on people and the need to support businesses combating the pandemic, Bingumal Thewarathanthri, CEO, Standard Chartered Sri Lanka said, “ Standard Chartered has a global commitment to contribute locally to combat COVID-19 at a time when our clients need our support more than ever. Besides joining in the global pandemic fight, we are also committed to help businesses get through this tough period. Our financing support for Brandix does just that and together we can overcome this pandemic and bounce back stronger.” Sri Lanka’s apparel sector is one of the primary foreign exchange earners for the country and has experienced a significant reduction in regular orders due to COVID-19. Production too slowed down as a nation-wide lockdown was imposed to keep the pandemic at bay. “Amidst the demand shift across our markets, Brandix remained focused on delivering solutions that consistently resonated with our value propositions. When the need of the hour became PPE production to contain the spread of COVID-19, we swiftly made the transition to utilise our capacity, resources and expertise to address the global demand. Standard Chartered’s timely support helped us strengthen our funding to ensure that we continue undeterred in our production at this critical point. Despite the severe impact the pandemic has cast over our industry, we remain resilient and optimistic, and will work in collaboration with our financial partners towards its revival,” said Priyanke Perera, Head, Global Treasury, Brandix. Standard Chartered set up the global financing commitment to extend not-for-profit financing to companies that provide goods and services to help combat the pandemic. Brandix is the second Sri Lankan apparel company to have successfully completed the drawdown thus far. The Bank has also supported businesses in Hong Kong, Uganda, and most recently Bahrain, Vietnam and Malaysia through its USD1 billion financing commitment. Commenting on the facility extended to Brandix, Tamani Dias, Head, Commercial Banking, Standard Chartered Sri Lanka said, “Access to funds is a key factor in business recovery following a crisis of this magnitude. At Standard Chartered Sri Lanka, and globally, our focus has been on supporting our long-standing and new partners to recover fully, and to contribute to the fight against the pandemic. We were the first in South Asia to extend a facility from the USD1 billion financing commitment and we are now delighted to be able to support Brandix in their business endeavour,” she said. Brandix operates apparel manufacturing units in Sri Lanka, India, Bangladesh, Haiti, and Cambodia. Photo caption: A Brandix facility where the PPE is being manufactured

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T-bill rates fall to lowest since 1989

Sri Lanka Treasury Bill yields rates fell to a record low in Wednesday’s auction to their lowest levels since 1989. Accordingly, Treasury Bill rates fell below 5%. The three-month yield was down to 4.65%, the six-month yield was down to 4.75% and the 12-month yield was down to 4.91% The Central Bank of Sri Lanka decided to accept Rs. 29,500 million from the auction.

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Sri Lanka Tourism Development Authority (SLDTA) is rolling out provisional licensing to assist the SMEs enabling them to seek COVID-19 health certification to host tourists in the future. Sri Lanka Tourism is extending its support to the SME sector, which is considered to be over 60% of the industry. It is estimated that over 50,000 SME entities are involved in the tourism industry and contribute to the economy by providing employment and foreign exchange to the country as well as diverse experience to the visitor. Their main booking method being online travel agents such as Airbnb, Booking.com, Agoda etc and most SMEs are in the unregistered category. Due to many barriers to get themselves registered, most of these service providers were not able to receive any benefits from the relief packages announced by the government. Considering this gap, SLTDA has created a provisional licensing method to assist the SMEs enabling them to seek COVID-19 health certification to host tourists in the future. Most of the SME sector in the past were unable to register due to strenuous documentation requirements. To assist this segment and to be able to obtain a provisional license they would now need to submit an online application with limited documentation together with photos and a registration fee of Rs.2,200/- Currently, SLTDA is also developing a process to ease and relax some of the guidelines without compromising the quality. “Without strengthening and supporting the SME sector in tourism we are unable to reach the target set by H.E President Gotabaya Rajapaksa. Tourism is undoubtedly one of the most affected industries in the outbreak of COVID-19 pandemic and to help the industry, the Cabinet approved a series of relief measures to tourism service providers registered with Sri Lanka Tourism Development Authority. Unfortunately, since 60% of the tourist service providers in Sri Lanka belongs to the informal sector who haven’t registered with SLTDA, many have not been able to avail the relief measures which is brought to authority’s notice” Kimarli Fernando, Chairperson Sri Lanka Tourism stated. “After a series of consultations with the SME sector and to support them during this pandemic and in any future crisis, SLTDA encourages the SMEs in the tourism sector to register with us. To help the SME sector, we have decided to relax our registration criteria. They can initially opt for a provisional license for 6 months and they could register with us fully later” Director General of SLTDA Dhammika Wijayasinghe further stated. The payment of Tourism Development Levy (TDL) by online travel agents has been raised as a concern and authorities are studying the matter. At the moment most of the foreign tour operators do not pay TDL but the local travel agents pay TDL from their net income. Currently, 80% of TDL is received from the Accommodation sector.

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~ Ransomware and malware, exposed data, compromised accounts, and cryptojacking to blame ~ GDPR shows promise with Europeans suffering least According to The State of Cloud Security 2020, a global survey from next-generation cybersecurity leader Sophos, nearly three quarters (70%) of organizations experienced a public cloud security incident in the last year – including ransomware and other malware (50%), exposed data (29%), compromised accounts (25%), and cryptojacking (17%). Organizations running multi-cloud environments are greater than 50% more likely to suffer a cloud security incident than those running a single cloud. Europeans suffered the lowest percentage of security incidents in the cloud, an indicator that compliance with General Data Protection Regulation (GDPR) guidelines are helping to protect organizations from being compromised. India, on the other hand, fared the worst, with 93% of organizations being hit by an attack in the last year. “Ransomware, not surprisingly, is one of the most widely reported cybercrimes in the public cloud. The most successful ransomware attacks include data in the public cloud, according to the State of Ransomware 2020 report, and attackers are shifting their methods to target cloud environments that cripple necessary infrastructure and increase the likelihood of payment,” said Chester Wisniewski, principal research scientist, Sophos. “The recent increase in remote working provides extra motivation to disable cloud infrastructure that is being relied on more than ever, so it’s worrisome that many organizations still don’t understand their responsibility in securing cloud data and workloads. Cloud security is a shared responsibility, and organizations need to carefully manage and monitor cloud environments in order to stay one step ahead of determined attackers.” Accidental exposure continues to plague organizations, with misconfigurations exploited in 66% of reported attacks. Detailed in the SophosLabs 2020 Threat Report, misconfigurations drive the majority of incidents and are all too common given cloud management complexities. Additionally, 33% of organizations report that cybercriminals gained access through stolen cloud provider account credentials. Despite this, only a quarter of organizations say managing access to cloud accounts is a top area of concern. Data from Sophos Cloud Optix, a cloud security posture management tool, further reveals that 91% of accounts have overprivileged identity and access management roles, and 98% have multi-factor authentication disabled on their cloud provider accounts. Nearly all respondents (96%) admit to concern about their current level of cloud security, an encouraging sign that it’s top of mind and important. Appropriately, “data leaks” top the list of security concerns for nearly half of respondents (44%); identifying and responding to security incidents is a close second (41%). Notwithstanding this silver lining, only one in four respondents view lack of staff expertise as a top concern. The State of Cloud Security 2020 report highlights findings of an independent survey conducted by Vanson Bourne among more than 3,500 IT managers across 26 countries in Europe, the Americas, Asia Pacific, the Middle East, and Africa that currently host data and workloads in the public cloud. Photo caption: Chester Wisniewski, principal research scientist, Sophos

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Sri Lanka’s pioneer Development Finance Institution DFCC Bank partnered with Finetech, the Google Premier Partner for Sri Lanka, Maldives and Bangladesh back in 2016 to usher in the digital age. Having experienced the user friendly cloud computing features of G-Suite, the bank has now embarked on the Google Enterprise solution and would use the latest technology and facilitate its staff and customers with streamlined processes and enhanced security measures. Through the Google Enterprise solutions, DFCC will enjoy enhanced features along with data loss prevention while adding another layer of protection to prevent sensitive information from being revealed to those who shouldn’t have it. The system will scan email traffic for specific content with data loss prevention (DLP), such as credit card or NIC numbers, and set up policy-based actions when this content is detected. Furthermore the system will set up rules to detect harmful attachments using the Security Sandbox and use S/MIME encryptions to enhance email security. Google Enterprise also includes set ups such as the ability to integrate Gmail with third-party archiving tools, scanning images for text, identifying and mitigating loss of confidential data in scanned images, analyzing Gmail logs in BigQuery, using advanced and customized queries etc. It also allows to automate mobile management tasks by setting custom rules that get triggered by suspicious events, automate user provisioning, authorize apps, and set rules for mobile management with Cloud Identity Premium and set up enterprise-grade meetings with up to 250 participants at video meetings. “For an entity like a bank where data security and safety measures are paramount we are confident that Google Enterprise solutions will provide added advantages to DFCC and are happy to be providing one of Sri Lanka’s oldest and strongest banks with these solutions”, said Clehan Pulle, Finetech’s CEO/ Director and Co-Founder. Finetech which began operations in Sri Lanka 9 years ago is the largest Google Cloud and Google for Education partner in Sri Lanka, Bangladesh and the Maldives. The company employs more than 30 Google Certified Systems Engineers and boasts of one of the largest support teams in the region today. Some of their customers include large banks, manufacturing organizations, information technology companies and Government establishments that have all migrated to digital platforms thereby enhancing productivity and seeing positive results. For more information please call Finetech on 0710 326326. Photo caption: Nishan Weerasooriya – Head of IT DFCC Bank, Luxman Silva – CEO DFCC Bank, Clehan Pulle – Director/CEO Finetech Consultancy (Pvt) Ltd and Pubudu Wanniarachchi – General Manager Technology Services & Customer Support

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Leading infrastructure developer Iconic Developments is set to begin the final phase of construction of its self-contained luxury apartment complex, the Iconic Galaxy in Rajagiriya this September with the placement of the slab for its 33rd and topmost floor. Having earned the most loyal homeowners a value of 20-30 per cent on their initial investment, the Iconic Developments will debut a new price scheme with the completion of construction of the Iconic Galaxy framework. “We are happy to say that as we reach the final phase of construction, we have only 35 per cent of the units available for sale, earning our most loyal customers a 20-30 per cent value on their initial investments. The pandemic slowed down our scheduled activities a little. However, we are happy to inform our customers that with the resumption of work in May, we are working against the clock to make up for lost time to hand over the units to our new homeowners,” Iconic Galaxy Managing Director Rohan Parikh said. Prospective homeowners of the Iconic Galaxy can avail themselves of convenient payment options in addition to hassle-free home loans offered in partnership with leading Sri Lankan banks. These multi-faceted partnerships offer prospective homeowners special discounts and flexible repayment options. “Even though demand was at a standstill during lockdown we are happy to say things have picked up quite well as the country has opened up post-pandemic. We have had exceptional sales over the past few months and we hope to continue offering prospective homeowners of the Iconic Galaxy with affordable and convenient purchasing options in partnership with leading Sri Lankan banks,” Iconic Developments Country Director Shiraz Dawood said. Located in the prime of Rajagiriya’s upscale locality, the apartment complex accessible from two roads and perched on the trunk route of the Buthgamuwa Road is set to deliver 272 super luxury, two, three, four and five-bedroomed apartments amidst a plethora of world-class amenities and services. True to its name, the Iconic Galaxy is internationally-minded and locally inspired. The apartment complex brings together the ‘pulse’ and ‘texture’ of Colombo, heavily influenced by its environment. It provides a 7-level private club worthy of a 5-star hotel, private guest suites for overnight visitors and on-site conveniences that include a supermarket, business centre, ATM and electric car charging facility. Additionally, the apartment complex was recently recognized in the residential high-rise development category for Sri Lanka at the Asia Pacific Property Awards 2020-21.

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Sri Lanka’s leading integrated financial services provider HNB FINANCE, is further expanding the footprint of their chain of prestigious gold loan facilities with a center at the HNB FINANCE branch located at Bandaranayake Junction, Padaviya. The center is open for business transactions from 8.30 am to 5.00 pm during weekdays. HNB FINANCE is the premier financial institution within the borders of the Padaviya region, offering a fully-fledged portfolio of exceptional and comprehensive financial services. Equipped with state-of-the-art machinery, the new center is operated by a team of experienced staff members fully geared to offer customers with a high-quality, hassle-free service. Each center has also instigated numerous special protocols to ensure that all gold handed over to the branch is left in the most secure care and returned completely untarnished. Most importantly, HNB FINANCE pledges to do the absolute best by the customers before unclaimed gold is auctioned to a third party. “The new gold loan facility at HNB FINANCE Padaviya was initiated to better serve our customers in the region especially considering the present situation. As our people begin to rebuild their lives and in turn the country’s economy, it is important that they have access to quick loans with the best interest rates. With our new location, we are as always deeply committed to provide financial services with enhanced convenience, safety and efficiency, that over 19 years have earned us the invaluable trust of a growing customer base.” remarked HNB FINANCE Managing Director/ Chief Executive Officer Chaminda Prabhath. The opening of the new center at HNB FINANCE’s Padaviya branch was graced by the attendance of Managing Director/CEO of HNB FINANCE, Chaminda Prabhath as the Chief Guest alongside a congregation of the top tier officials of HNB FINANCE, which also included HNB FINANCE Assistant General Manager – Branch Network Prabhath Kathriararachi and Chief Manager- Gold Loans Lakshman Ranasinghe. HNB FINANCE offers the highest value with the lowest interest rates for all loans backed by 22 carats of gold as collateral, in addition to customized flexible payment facilities such as instalment or bulk payments. Additionally, customers will also be provided with the option of releasing gold without prior notice or renewing gold loans at any given time to suit their individual requirements. HNB FINANCE’s Gold Loan facility has now grown to several key locations around the island, providing convenient and affordable services to niche untapped market segments often overlooked by traditional financial institutions. About HNB FINANCE: Established in 2000, HNB FINANCE Limited is a subsidiary of HNB PLC and is licensed as a registered FINANCE Company by the Monetary Board of the Central Bank of Sri Lanka. Maintaining an extensive island-wide presence across 48 branches and 21 service centers, HNB FINANCE has over the recent past expanded into new fields of business and now offers Small and Medium Enterprise (SME) loans in addition to savings, gold loans, education loans, home loans, personal loans, fixed deposit facilities and leasing products. Photo caption: HNB Finance Managing Director/Chief Executive Officer Chaminda Prabhath facilitating the first gold loan transaction

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Amana Bank Vantage, the Bank’s distinct personalized Banking platform catering to those aspiring to expand their horizons in life, recently launched its very own Vantage branded contactless VISA Debit Card which enhances customer convenience and safety in card transactions. This card will offer greater convenience by providing access to over 2 million VISA enabled ATMs in over 200 countries, over 4,500 LankaPay connected ATMs locally, while also being accepted for payments by merchants worldwide and online. Commenting on this launch, the Bank’s Vice President Retail Banking and Marketing Siddeeque Akbar said “With the launch of Amãna Bank Vantage Debit Card, Vantage customers will enjoy exclusive privileges, discount offers and other benefits from time to time, complementing their aspirational lifestyles” Enriched by a unique banking model, Amana Bank is the only provider offering personalized banking platforms in Sri Lanka that are totally disengaged from interest based Banking. Amana Bank Vantage is an exclusive banking proposition that lets account holders access special benefits and privileges. Vantage customers will experience enhanced levels of service that includes a dedicated relationship manager, access to dedicated Vantage Banking centres at select branches, Doorstep Banking service and special privileges on financing solutions along with Mobile Banking and Internet Banking facilities. To enjoy exclusive membership to Amãna Bank Vantage, customers have to maintain a Term Investment balance in excess of Rs 2 million or by crediting a monthly salary of over Rs. 75,000/- to the Bank. Amana Bank is the country’s first and only Licensed Commercial Bank to operate in complete harmony with the globally growing non-interest based people friendly banking model. With the mission of Enabling Growth and Enriching Lives, the Bank reaches out to its customers through a growing network of branches and Self Banking Centres spread across the country while having access to 4500 +ATMs for withdrawals and 700+ Pay&Go Kiosks for real time deposits . Customer can also benefit from an array of customer conveniences such as Internet & Mobile Banking, 24×7 Cash Deposit Machines and Banking Units Exclusively for Ladies. Amana Bank PLC is a stand-alone institution licensed by the Central Bank of Sri Lanka and listed on the Colombo Stock Exchange with Jeddah based IsDB Group being the principal shareholder having a 29.97% shareholding of the Bank. The IsDB Group is a ‘AAA’ rated multilateral development financial institution with a membership of 57 countries. In June 2020 Fitch Ratings Sri Lanka declared an upward revision of the National Long Term Rating of Amãna Bank to BB+(lka) with a Stable Outlook. Amãna Bank is a standalone entity which does not have any subsidiaries, associates or affiliated institutions, other than the ‘OrphanCare’ Trust.

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Sampath Bank recently renewed its partnership with the Bar Association of Sri Lanka (BASL), the professional body for legal practitioners in Sri Lanka, for the reintroduction of its Affinity VISA Credit Cards for members of the association. The enriched partnership provides an opportunity for BASL members to obtain a Sampath Visa Platinum or Visa Gold credit card on a 1^st year free basis, along with extended benefits. Further, the Bank will contribute a percentage from every transaction towards the betterment of the Association. Photo caption: Kalinga Indatissa PC, President of the BASL (fourth from left) exchanging the agreement with Kusal De Silva, AGM – Operations & Card Centre, Sampath Bank. The others in the picture are (from left) Pasindu Silva, Attorney-at-Law; Nalin C. De Silva, Treasurer, BASL; Rajeev Amarasuriya, Secretary, BASL; Darshin Pathinayake, Head of Card Centre – Sampath Bank and Chirath Samarasekara, Manager- Card Promotions, Loyalty and Product Strategy, Sampath Bank

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The hospital continues operations under the close guidance of the PHI and MOH Following the recent update from Melsta Hospitals – Ragama, where a staff member was tested positive for Covid-19, it has now been confirmed that all other staff members of the hospital who were identified as the first line of contact have tested negative in their PCR tests. In light of this new development and the fact that the management of Melsta Hospitals – Ragama has fully adhered to all preventive and precautionary measures as per the guidelines and regulations provided by the Ministry of Health (MOH) and Public Health Inspector (PHI), the hospital has received clearance to continue its operations as usual. Furthermore, the hospital has conducted several rigorous disinfection and deep-cleaning sessions throughout its premises, as per the MOH requirements and guidelines. Commenting on this new development, Dr. Iraivan Thiyagarajah – Executive Director, Melsta Hospitals – Ragama said: “We are pleased to inform the public that all of our staff members who underwent the PCR test have shown negative results. Though it has been a trying time for all of us at Melsta, we are extremely grateful for the encouragement, empathy and moral support we received from our fellow corporates and the public. As we recommence our operations, I would like to assure all of our stakeholders, including our valued patrons and customers as well as our medical consultants, suppliers and the general public, that Melsta Hospitals – Ragama will continue to take every measure necessary to ensure your safety both now and in the future.” Going forward, Melsta Hospitals – Ragama will continue to work closely with the authorities, whilst continuing with its usual operations under the guidance and approval of the Ministry of Health.

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Benefitting from the normalizing of economic activities in the country following the complete relaxation of the restrictions for mobility, the Manufacturing PMI increased significantly in June 2020 recording 67.3 with a month-on-month increase of 18.0 index points compared to May 2020, the Central Bank said yesterday (15). This increase in manufacturing PMI is underpinned by the significant improvement in Production, New Orders and Employment especially in the manufacturing of food & beverages and textiles & wearing apparels subcategories, where many respondents highlighted that their factories were operated throughout the month of June receiving more new orders than in the previous month mainly supported by the local demand. In line with the growth of New Orders, Production and Stock of Purchases also increased at a higher rate during the month. Employment sub-index increased beyond 50-threshold with the improved manufacturing activities. As the COVID-19 outbreak adversely affected the global supply, the Suppliers’ Delivery Time continued to lengthen, albeit at a slower pace, during the period. The overall expectations for manufacturing activities for the next three months significantly improved compared to the previous month, yet the manufacturers are still concerned that the subdued external demand due to the COVID-19 pandemic would continue to put pressure on their business activities. Services PMI returned to growth territory in June 2020 reaching 50.4, after recording index values less than 50.0 threshold level for three consecutive months. This was underpinned by increases observed in New Businesses, Business Activities, Employment and Expectations for Activity sub-indices. New Businesses, particularly in financial services, insurance and wholesale and retail trade sub-sectors improved in June 2020 with the gradual normalisation of economic activities. Business Activities also expanded during the month indicating an expansion in Service activities. With the complete lifting of domestic travel restrictions, business activities in transportation sub-sector improved in June 2020 compared to the previous month. Further, business activities related to wholesale and retail trade, financial services and other personal services also increased during the month. However, respondents, particularly in transportation and accommodation, food and beverage sub-sectors, were concerned about possible impact of deterioration in international trade and prevailing international travel restrictions on their business activities. However, Employment continued to decline in June 2020 compared to previous month due to halt of new recruitments. Further, Backlogs of Work declined in June 2020 implying that any increase in demand could be met with the existing capacity of service providers. Meanwhile, expectations on future business activities increased in June 2020 indicating a further recovery in economic activities in the coming months.

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BBC – Billionaires Elon Musk, Jeff Bezos and Bill Gates are among many prominent US figures targeted by hackers on Twitter in an apparent Bitcoin scam.

Photo – A hacked tweet from Apple’s account

The official accounts of Barack Obama, Joe Biden and Kanye West also requested donations in the cryptocurrency. “Everyone is asking me to give back,” a tweet from Mr Gates’ account said. “You send $1,000, I send you back $2,000.” Twitter said it was a “co-ordinated” attack targeting its employees “with access to internal systems and tools”. “We know they [the hackers] used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf,” the company said in a series of tweets. It added that “significant steps” were taken to limit access to such internal systems and tools while the company’s investigation was ongoing. Meanwhile, Twitter CEO Jack Dorsey tweeted: “Tough day for us at Twitter. We all feel terrible this happened.”

Emergency response

Twitter earlier had to take the extraordinary step of stopping many verified accounts marked with blue ticks from tweeting altogether. Password reset requests were also being denied and some other “account functions” disabled. By 20:30 EDT (00:30 GMT Thursday) users with verified account started to be able to send tweets again, but Twitter said it was still working on a fix. Dmitri Alperovitch, who co-founded cyber-security company CrowdStrike, told Reuters news agency: “This appears to be the worst hack of a major social media platform yet.” On the official account of Mr Musk, the Tesla and SpaceX chief appeared to offer to double any Bitcoin payment sent to the address of his digital wallet “for the next 30 minutes”. “I’m feeling generous because of Covid-19,” the tweet added, along with a Bitcoin link address. The tweets were deleted just minutes after they were first posted.

But as the first such tweet from Musk’s account was removed, another one appeared, then a third. Others targeted included:

the rapper Kanye West
his wife, reality TV star Kim Kardashian
former US President Obama
former US Vice-President Joe Biden, who is the current Democratic presidential candidate
media billionaire Mike Bloomberg
the ride-sharing app Uber
the iPhone-maker Apple

The Biden campaign said Twitter had “locked down the account within a few minutes of the breach and removed the related tweet”. A spokesman for Bill Gates told AP news agency: “This appears to be part of a larger issue that Twitter is facing.”

Instagram message

The BBC can report from a security source that a web address – cryptoforhealth.com – to which some hacked tweets directed users was registered by a cyber-attacker using the email address mkeyworth5@gmail.com. The name “Anthony Elias” was used to register the website. Cryptoforhealth is also a registered user name on Instagram, apparently set up contemporaneously to the hack. The description of the profile read “It was us”, alongside a slightly smiling face emoticon. The Instagram profile also posted a message that said: “It was a charity attack. Your money will find its way to the right place.”

These “double your Bitcoin” scams have been a persistent pest on Twitter for years but this is unprecedented with the actual accounts of public figures hijacked and on a large scale. The fact that so many different users have been compromised at the same time implies that this is a problem with Twitter’s platform itself. Early suggestions are that someone has managed to get hold of some sort of administration privileges and bypassed the passwords of pretty much any account they want. With so much power at their fingertips the attackers could have done a lot more damage with more sophisticated tweets that could have harmed an individual or organisation’s reputation. But the motive seems to be clear – make as much money as quickly as they can. The hackers would have known that the tweets wouldn’t stay up for long so this was the equivalent of a “smash and grab” operation. There are conflicting accounts of how much money the hackers have made and even when a figure is settled upon, it’s important to remember that cyber-criminals are known to add their own funds into their Bitcoin wallets to make the scam seem more legitimate. Either way, it’s going to be very hard to catch the criminals by following the money. Law enforcement, as well as many angry users, will have some strong questions for Twitter about how this could have happened.

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With a view to preserve the foreign currency reserve position of the country and considering the possible negative impact to the Sri Lankan economy due to the outbreak of Covid-19 pandemic, the Hon. Minister of Finance, Economic and Policy Developments with the recommendation of the Monetary Board of the Central Bank of Sri Lanka and the approval of the Cabinet of Ministers have issued an Order introducing following measures on outward remittances on Capital Transactions for a period of six (06) months effective from 02 July 2020.

Suspend the general permission granted to make outward remittances for investments overseas through the Outward Investment Accounts by persons resident in Sri Lanka excluding the following;
1. investments to be financed out of foreign currency loans obtained by the investor from a person resident outside Sri Lanka under the provisions of the Foreign Exchange Act,
2. an additional investment to be made to fulfill the regulatory requirement in the investee’s country applicable on the investment already made in a company or a branch office in that country,
3. an additional investment/infusion of funds to be made by eligible resident companies in already established subsidiaries or branch offices in overseas up to a maximum of USD 20,000, for the purpose of working capital requirements of the investee,
4. the remittances up to a maximum of USD 20,000, for the purpose of maintenance of liaison, marketing, agency, project, representative or any other similar offices already established in

Suspend the outward remittances through Business Foreign Currency Accounts (BFCAs) or Personal Foreign Currency Accounts (PFCAs) held by persons resident in Sri Lanka, other than for the remittances on current transactions up to any amount or capital transactions up to a maximum of USD 20,000.
Limit the eligible migration allowance for the emigrants who are claiming the migration allowance for the first time, up to a maximum of USD 30,000.
Limit the repatriation of funds under the migration allowance by the emigrants who have already claimed migration allowance up to a maximum of USD 20,000.
Limit the authority of the Monetary Board of the Central Bank of Sri Lanka to grant special permission for investments on case by case basis, which exceeds the limits specified in the general permission, only to those satisfying the criteria mentioned in 1.a and 1.b

The above restrictions are only applicable to the identified capital transactions and do not impose any restrictions on already permitted current transactions. The said Order published in the Extraordinary Gazette No. 2182/37 dated 02.07.2020 containing exact details can be accessed through “Downloads” in the official website of the Department of Foreign Exchange (www.dfe.lk).

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Sri Lanka’s premier connectivity provider, Dialog Axiata PLC. recently introduced a novel addition to the MyDialog App in the form of a state-of-the-art solution for customer data protection, an initiative aimed at augmenting customer service further fueling Dialog’s ethos of implementing The Future, Today. Data protection has become a paramount concern in the era of the new normal. As an enhanced solution the MyDialog App is further secured with a Fingerprint Scanner & Facial Recognition technology. These multi-biometric features are taking security levels to the next tier for the protection of personal & transactional information on the MyDialog App. These latest security features are currently available on selected smartphones and tabs whereas existing users can simply update their MyDialog app to obtain them. The MyDialog digital self-care app is the most downloaded telecom app in Sri Lanka and offers users complete control of over 450 Dialog services.

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