Keeping in par with evolving marketing, public relations and digital trends, messaging apps have become essential to everyday living. As a popular, real-time and effective tool for communication in the modern age, the rapid progress in messaging trends has resulted in many preferring text messages instead of email or social media. Messaging is a set of communication tools that are used as text-based communication between two or more participants via the internet. This can happen in real-time or campaign based depending on the necessity and platform. As such, ‘MessageHub’ has emerged as a one-stop, all-inclusive web-based solution that offers timely solutions for providers and users who predominantly work on messaging service campaigns and transactions. Conceptualized and launched by DigitalX, today MessageHub is a pioneer and has grown to become Sri Lanka’s #1 platform to revolutionize traditional communication and to facilitate seamless, end-to-end purpose-driven communication between businesses and target audience. Founded on the vision to be an all-embracing solution provider for marketing, communications and effective public relations, the talented DigitalX team has successfully tackled all challenges to create the innovative messaging platform – MessageHub (https://ng.messagehub.lk/), that allows an organization to support its agents by enabling them to communicate with their customers via different channels. Many companies and leading brands from the BFSI, FMCG, real estate and other related industries are some of MessageHub’s key users to utilize the platform exceptionally to leverage their business, boost brand image and drive sales. From a process perspective and as the initial stage, the DigitalX team will come up with several features that allow B2B businesses to carry out their operations smoothly under the communication domain. Besides, it is also pivotal for marketers to respond to this paradigm shift, as the new and emerging trend holds numerous advantages for companies than those which opt for social media channels. MessageHub incorporates new and integrated channels for messaging via SMS, Viber and WhatsApp, can run different types of promotional, transactional and API campaigns, allows to create different message templates with simple setup, permits to blacklist and white list contacts and assign contacts to different target groups, enables to send messages to target group directly without the use of filtered content or any algorithms, provides a comprehensive dashboard to view campaign progress and make timely decisions, get a customized report on the campaign and activity log, understand user behaviour and draw meaningful insights and so much more. MessagHub is considered to be a highly secured and user-friendly communication tool and is inspired to deliver cutting edge and digital age inspired smart solutions to all its users. Keeping up with the progress of the marketing industry and the need for a reliable and intelligent messaging platform for support, the DigitalX team is continually exploring new features to leverage the platform and enhance its service offering. New configurable inbox for receiving replies from customers, new enhancements to dashboard and reporting, and customer target group enhancement and grouping mechanism are some of the new additions yet to be implemented on MessageHub. With a passion to solve complex issues with novel and intelligent solutions that are accessible and user-friendly, Digital X (https://digitalxlabs.com/), a programmatic and data marketing company in Sri Lanka merges the best of innovation, technology and strategy. It is the first company to introduce digital marketing via real-time bidding, data and technology and launch a novel full-stack programmatic advertising ecosystem in the country. Serving and empowering individuals, businesses and institutions, Digital X offers its out-of-the-box solutions via its promising team of professionals who are committed to bring a lasting change. Digital X is also a trailblazer to function and excel at the intersection of strategy, creativity and technology whilst leveraging companies to craft exceptional and immersive experiences for consumers and to build lasting brand credibility. Putting innovation, intelligence and excitement back into the advertising industry, Digital X is fast-becoming an industry leader that people turn to and trust!

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Sri Lanka has noted a decline in credit card usage in May 2020 compared to April 2020 amid the coronavirus (COVID-19) pandemic. This was stated in the latest report by the Central Bank of Sri Lanka (CBSL) on credit cards issued by Licensed Commercial Banks (LCBs). Accordingly, the number of active credit cards in the country has declined to nearly 1,821,108 in May 2020 from 1,822,046 in April 2020. Moreover, the country had 1,829,927 active credit cards in December 2019 and this fell by 8,819 in the first five months up to end- May 2020. Further, the total outstanding balance of all active credit cards fell by a steeper Rs. 2,672 million in May alone to Rs. 116,498 million. Moreover, the total outstanding balance of all active credit cards in December 2019 was Rs.121,489 million and this fell by Rs.4,991 million in the first five months up to end- May 2020.    

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Exports of tea bags have recovered in June 2020, Asia Siyaka Commodities said. Asia Siyaka, quoting Customs data stated that Sri Lanka has exported 2.19 million kg of Tea Bags in the month of June. Exports of tea in this value-added form declined to 0.94 million kg during the shutdown period in April and picked up to 1.55 million kg in May. The June quantity of 2.19 million kg is also higher than the previous year’s monthly figure of 1.89 million kg. Asia Siyaka stated that the country exported a total of 23.6 million kg in June, this is marginally lower than the previous year’s figure of 24.1 million kg, but ahead of May quantity of 22.6 million kg. Total exports in the first half of 2020 were 124 million kg, trailing the previous year’s quantity of 145 million kg. “This year’s exports were impacted negatively by poor Q1 tea production with the cumulative YoY shortfall to June reaching 29.8 million kg,” Asia Siyaka said. The country has earned Rs. 106 billion down 13% on previous year’s value of Rs. 121 billion. This converts to an approximately US$ 571 million compared with US$ 686 million in 2019 and 1H figure of US$ 728 million in 2018. According to Asia Siyaka, Iraq is the main destination with absorption of 16.2 million kg down from 19.6 million kg a year ago. Turkey follows at 15.7 million kg against 18.1 million kg last year. Further, exports to Russia picked up in June to reach 14.4 million kg; marginally lower than 14.9 million kg the year before. Iran quantities declined 14% from 10.3 to 8.9 million kg; followed by Azerbaijan down to 5.3 million kg this year. China imported 5 million kg by 1H 2020 down 16% from 6 million kg during the same period the year before. Chile rose sharply to 4.6 million kg from 2.5 million kg a year ago and is followed by Syria 3.5 million kg. Saudi Arabia a high-value market has increased imports of Ceylon Tea to 3.4 million kg from 3.1 million kg in 2019. UAE 3.3 million kg, Libya 3.2 million kg and Germany 3 million kg are the other major importing markets.      

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The country’s largest retirement fund, the Employees’ Provident Fund (EPF), which is under the custodianship of the Central Bank, posted a market loss of approximately Rs.39.08 billion, at the end of first-quarter 2020. So far, the EPF has invested Rs.84.05 billion in 83 listed equities. As at the end of first-quarter 2020, its market value has reduced to Rs.44.97 billion. Accordingly, the EPF has lost a staggering Rs.39.08 billion by investing in the stock market. The Employees’ Provident Fund has just made a new investment in Teejay Lanka PLC, in the first quarter of 2020. As at the end of 2019, EPF has invested in 384,849 shares of Teejay Lanka PLC and this has increased to 6,979,333 shares by 31 March 2020. As per the Employees’ Provident Fund Act. No. 15 of 1958, the Monetary Board of the Central Bank of Sri Lanka is entrusted with the custodianship of the Fund while the Commissioner of Labour is entrusted with the general administration of the Fund. The total value of the Fund increased by Rs.251.1 billion to Rs.2,540.4 billion at end-2019 from Rs. 2,289.4 billion recorded by end-2018 recording an 11% growth. This increase was due to the combined effect of the net contributions of the members (contributions less refund payments) and the income generated through investments of the Fund. The total investment portfolio (book value) of the Fund grew by 10.9% to Rs. 2,548.7 billion as at the end of 2019 from Rs. 2,298.8 billion at the end of 2018. Accordingly, at the end of 2019, the investment portfolio consisted of 93.8 per cent in government securities, 3.0 per cent in equity, 1.7 per cent in corporate debentures and trust certificates, 0.9 per cent in fixed deposits and the remaining 0.6 per cent in Reverse Repurchase agreement. The investment policy of the Fund focused on providing a long-term positive real rate of return to the members while ensuring the safety of the Fund and availability of the adequate level of liquidity to meet refund payments and other expenses of the Fund. Accordingly, at the end of 2019, the investment portfolio consisted of 93.8% in government securities, 3.0 per cent in equity, 1.7% in corporate debentures and trust certificates, 0.9% in fixed deposits and the remaining 0.6% in Reverse Repurchase agreement. The total investment income of the Fund was Rs.259.0 billion in 2019, and recorded an increase of 16.5% compared to the previous year.  

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Sri Lanka Treasury Bill yields fell to a record low at Wednesday’s (22) auction. Accordingly, the three-month yield was down to 4.60% from 4.65%, the six-month yield was down to 4.69% from 4.75% and the 12-month yield was down to 4.86% from 4.91%. The debt office of the Central bank decided to accept Rs. 6,401 million from the auction of three-month yield, Rs.11,385 million from the auction of six-month yield and  Rs. 17,314 million from the auction of 12-month yield. The auction was oversubscribed with bids amounting to Rs. 64,261 million being received. The Central Bank of Sri Lanka decided to accept Rs. 35,100 million from the auction. In the last week auction, the Sri Lanka Treasury Bill yields fell across the board to their lowest levels since 1989. Treasury Bill rates fell below 5%.

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Amana Takaful PLC (ATL) offers Sri Lanka’s first-ever lowest premium health insurance policy that can be obtained with minimum documentation. Suwasiri is a simple yet valuable medical policy for all Sri Lankans. Lowest priced for just                   Rs. 2,222/- on a cover that extends to Rs. 100,000/- per annum. The old adage ‘health is wealth’ today can be construed to mean ‘you need to be rich to be sick’. Medical costs are soaring and almost impossible for a daily wage earner or even the domestic at home to seek remedy from a private hospital. Suwasiri takes the worry out! Even if you seek treatment from a government hospital as an ‘in-patient’ the policy provides a per day allowance up to 21 days. In addition, medicine and Laboratory and Radiology tests carried out at private institutions while being admitted to the Government hospital will also be reimbursed. The process to obtain a Suwasiri is so simple it only requires a very basic proposal form and copy of the National Identity Card. This convenience facilitates a short turn-around time for the busy Executive, while for a factory worker, three-wheeler driver of the domestic at home it’s a hassle-free way of obtaining a medical policy. ATL is committed to promote and uplift the health and wellbeing of all Sri Lankans by making healthcare simple, convenient and affordable. For 20 years, ATL has been the leader of the Takaful way of insurance in Sri Lanka, catering to all segments of the market. The Takaful way of insurance operates on the concept of bringing people together in a spirit of solidarity and mutual trust. Since its inception in 1999, ATL has been successful in establishing a strong position for the concept of Takaful amidst competition from established conventional players. As the pioneer Takaful provider, ATL operates 38 branches and is set to expand further to better serve customers across the country. ATL continuously reaches out to customers from all segments of society and offers innovative and state-of-the-art insurance products that are convenient, affordable and reliable – a part of its commitment to remain ‘Open to all’.

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With a rapid expansion plan underway Barista recently opened its 8^th outlet at the southern highway service point in Welipenna. The outlet is an elegant, modern and cozy one where you can sit, relax, charge your phone and sip a perfectly brewed cup of Cappuccino while enjoying an array of freshly baked cakes, croissants, muffins and sandwiches. The Barista outlet is the only outlet in the Southern Highway Service area in which you can dine-in when you are heading for those long weekends towards the South. It is also a welcome addition for local and international tourists to have a familiar place to dine at. Adhering with regulations set forth by the health authorities the outlet practices social distancing while sanitization methods are available for all customers who enter. Staff also go through stringent sanitization processes before handling and preparing food and serving customers. “We feel the South will play a key role when Sri Lanka reopens for international travelers and the decision to open an outlet on the Southern Highway was also backed by the need for tourists to see familiar branding and know that they can get safe, hygienic, affordable and tasty food and coffee during their travels”, said Dilupa Pathirana, Barista’s General Manager. It’s the right time to rethink, reenergize and rebuild the nation post the adverse effects of the COVID-19 pandemic on the economy and lives of our people. Sri Lanka’s largest coffee house chain Barista is gearing up to be a major part of this process by coming out in the forefront of the campaign to restart Sri Lanka. As the first step in this endeavor, barista opened its latest outlet at the Southern Highway stopover point in Welipenna recently. “As the pioneer of the coffee industry in Sri Lanka Barista has made a promise to always keep a coffee by your side even during toughest of times. While international chains facing difficult times we wanted to take a more positive approach and show the world what it really means to be resilient in troubled times”, Pathirana added. Barista began its journey in Sri Lanka in 2002 when the café culture had not set its footprint and coffee was still considered a luxury in Sri Lanka. Over 18 years Barista has created a truly international experience and brews a truly Italian cuppa for all those who enjoy both the coffee and the craft. Over the past few years a growing numbers of patrons have helped make Barista the most popular international coffee chain in Sri Lanka with seven café’s island wide and a host of new initiatives underway. Apart from the internationally acclaimed food and beverages, Barista has also been recognized for its exceptional service standards designed to reflect the warmth and character of traditional Italian coffee houses, whilst also offering facilities such as wireless access and games. Baristas philosophy has always been to passionately deliver the highest levels of experiential services, maintain consistency in serving the highest quality products and become a globally competitive organization – one that is driven by an insatiable thirst for excellence. Going by this strongly implemented goal is what helped Barista win the LMD’s customer service excellence award in 2019. The Welipenna outlet is open from Sunday – Thursday from 7am – 9pm and Friday and Saturday from 7am – 11pm. For more information please contact 034 22 95913.

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The 19^th SLIM Brand Excellence Awards, the only awards ceremony that recognizes brands for their performance, will be held in November this year, under the theme ‘Survive the Odds’. This year’s awards are a clarion call for brands and brand custodians to come forward and present their stories of progress and resilience in times of adversity. Sri Lanka has experienced one of the toughest financial years in its recent history with one catastrophe following another. The COVID-19 pandemic badly impacted on the economy that was just beginning to rise like a phoenix from the ashes of the terrorist attacks in early 2019. Brands have undergone the tests of strength, perseverance, and sustainability as never before, while experiencing hardships of the negative aspects that adversely impacted several global markets simultaneously. Taking the current situation into consideration, SLIM has themed this year’s Brand Excellence Awards to recognize brands that have thrived during times of adversity, which is the true test of a brand promise. It will be the ideal platform to bring forward brands of all categories that have upheld their values despite the unfavourable times, and ensured that consumer confidence was preserved. SLIM Brand Excellence Awards 2020 will be presented under a total of 13 categories; inclusive of 6 Main Awards and 7 Special Awards. The main award categories are the Product Brand of the Year, Service Brand of the Year, Innovative Brand of the Year, International Brand of the Year, Local Brand of the Year and Export Brand of the Year. The special awards include Turnaround Brand of the Year, Best New Entrant of the Year, B2B Brand of the Year, CSR Brand of the Year, Online Brand of the Year, SME Local Brand of the Year and SME Export Brand of the Year. The brands that score highest in the six main categories will be considered for the ultimate Brand of the Year Award. Entries for SLIM Brand Excellence Awards can be submitted until 31st August 2020 by online submission via www.be.slim.lk. The SLIM Brand Excellence Awards ceremony will be held on 4 November 2020 at the Shangri La, Colombo. Speaking of the event, President of SLIM, Roshan Fernando stated, “SLIM Brand Excellence has continued to be the only awards ceremony that recognizes brands and brand custodians for the remarkable efforts they create in the marketing industry. As, the national body for marketing in the country, we are proud that we have been able to continue the event for the 19th consecutive year, despite the current situation in the country as well as around the world. As the thought leader of Restart Sri Lanka, the national initiative to reinvigorate the economy of the country, we are ready to highlight the brands that have continued to maintain their caliber throughout these hard times, as they deserve the utmost recognition”. Vice President of SLIM, Thilanka Abeywardena added, “The SLIM team and the Brand Excellence project committee have taken on a bigger challenge this year. Together we have taken a decision to continue with all our national events, since we understand the need to continuously encourage and reward our brands and enterprises, if we are to overcome adverse situations”. Gayan Perera, the Project Chairperson of SLIM Brand Excellence 2020 and Hon. Assistant Secretary at SLIM emphasized that the objective of this year’s event was to draw out the stories of resilience that brands have to share. “We want to reward those brands and their custodians for the immense effort they have put in to safeguard their brand performances, as we all know it has not been ‘business-as-usual’ in any industry across the island and the globe. We also want to make this a platform of inspiration for many other brands out there, to learn and progress from these success stories”. “We as the jury are actually excited to see what the brands have to present to us and look forward to some amazing stories of perseverance. The awards are categorized in such a way that it enables many brands to enter the Brand Excellence awards, and we expect a higher number of entries this year,” commented Dileep Mudandeniya, Head of Jury for SLIM Brand Excellence 2020. As the national body of marketing in the country, the Sri Lanka Institute of Marketing (SLIM) serves to generate initiatives in order to encourage strategic and result-oriented thinking in the fields of brand development, sales, advertising and research through national level events such as, the SLIM Brand Excellence Awards, NASCO, the Effies and the People’s Awards. Photo caption: (From left) Mr. Gayan Perera – Project Chairman – SLIM Brand Excellence 2020, Assistant Secretary – Sri Lanka Institute of Marketing; Mr. Roshan Fernando – President – Sri Lanka Institute of Marketing; Mr. Dileep Mudadeniya – Head of Jury – SLIM Brand Excellence 2020, Head of Brand Marketing/ Vice President- John Keells Holdings/ Cinnamon Hotels and Resorts and Ms. Thilanka Abeywardena – Vice President – Sri Lanka Institute of Marketing (joined through Zoom)

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The pandemic steams on full speed ahead globally, and it seems like the developed world is trying to outdo each other in increasing their infection rates! We on the other hand, here in Sri Lanka have managed to control the situation up to a certain extent, but that does not mean we can let our guard down! Covid-19 seems to be one of those viruses that is here to stay until a vaccine is developed. As said by Tedros Adhanom Ghebreyesus, the Head of the World Health Organisation (WHO) “The worst could be still to come in the Covid-19 pandemic, if governments don’t start to implement the right policies.” His key message was “Test, Trace, Isolate and Quarantine”. Globally, healthcare workers have been lauded for their efforts in these trying times and correctly so; as their dedication and hard work, putting their own lives at risk of infection to help the infected individuals recover, have helped in curbing the spread of the virus. However, the roles of nurses engaged in home nursing of the elderly during these trying times is also vital, as they had to carry out their services vigilantly to protect the most vulnerable demographic during the current pandemic. The nurses at English Nursing Care (ENC), a high-quality home nursing service based in Colombo, adapted the company’s many safety protocols to keep their clients safe and well cared for from the inception of the pandemic and can successfully report zero casualties in their entire clientele to date. The nurses of ENC have been educated and provided with the correct Personal Protective Equipment (PPE) at all times. The team at ENC were especially trained in the early stages of the virus to carry out their duties in the safest manner given the new challenging circumstances before the quarantine measures were established, when they were faced with the increasing numbers of infected persons in Sri Lanka. During the island-wide lockdown, ENC nurses committed to their jobs and stayed alongside their clients throughout the entirety of the extended island wide curfew, nobly putting their personal lives on hold to care for the susceptible seniors giving valued peace of mind to the immediate families of the patients and those who were unable to be with their parents themselves. ENC provided an important liaison with worried family members abroad, by keeping them informed of their elders condition, ensuring the continued supply of medication during the lockdown through their partners such as Healthnet, and reacting to any medical problems that arose. Commenting on the safety protocols in place, the founder of ENC, Richard Gould said “We understand the severity of the virus and the impact it could have on the senior citizens of the country, and that we are going to have to live with this situation for some time. We have always been at the forefront of promoting effective infection control in our Home Nursing practice, something that sets us apart from many of our competitors.  But here we have had to review and adapt that practice as new symptoms have come to light in this battle with Covid. We are grateful for the support of our highly skilled nursing team based in the UK, who can advise us of changes in practice as this disease becomes better known by doctors at the frontline of treatment”. “The situation remains fragile, but simple procedures done well will provide effective protection against this and the multitude of other viruses that put our elders at risk. I am very grateful to our nurses for adopting our safety protocols and seeing our patients through this tough time” he added. As the COVID-19 threat is present, ENC is working to ensure their service is the best in class to improve the lives of seniors in the comfort of their own homes. For more information on English Nursing Care, visit their website, www.englishnursing.com, call them up on 011-4500117 or drop them an email through info@englishnursing.com with your inquiries.

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Sri Lanka’s listed largest public-quoted mini hydropower company, Vallibel Power Erathna PLC, announced yesterday (22) that it has entered into a Power Purchase Agreement with the Ceylon Electricity Board (CEB) on 07 July 2020, for the sale of electricity from their 9.9MW Erathna Hydropower plant. The signed Agreement is valid till 20 July 2024 and has the provision for extension up to 14 July 2039. The company reasoned that the delay in making the market disclosure was due to the delay in receiving the confirmation of signing the agreement. Corporate trailblazer Dhammika Perera is the chairman of Vallibel Power Erathna PLC and also the major shareholder of the company. Vallibel Power Erathna PLC (VPEL) began its operations in 2001 as ‘Zyrex Power Company Erathna Limited’ to develop and operate mini hydropower projects in Sri Lanka.

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The Tile & Sanitaryware Importers Association (TSIA), Sri Lanka’s main body established to address the grievances of tile and sanitaryware importers, has raised serious concerns about the Government’s import ban on their products and clarified how such a move is detrimental to the Government’s efforts to reduce foreign exchange outflow. The TSIA consists of over 300 importers in Sri Lanka with a large majority of them having a long history of over 30 years of economic contribution to the country by way of tax revenue totalling Rs. 12 billion annually, employment opportunities to thousands, providing high-quality alternatives to local customers and many other benefits. At present, this industry provides direct and indirect employment to around 50,000 individuals islandwide. The 300-odd members have appointed over 2,000 dealers across the island who in turn have helped to create entrepreneurs and develop the micro rural economies in various cities and towns. The TSIA points out that imposing the temporary import suspension on Tiles and Sanitaryware imports will have a cascading effect on auxiliary related industries such as Warehousing & Logistics, Clearing & Forwarding, Banking & Finance, Construction and Commercial Real Estates. Such actions are also expected to increase under employment among a large cross-section of professions such as Architects, Engineers, Consultants, Quantity Surveyors, Sub Contractors as well as tile masons and daily wage earners. TSIA members also occupy an average warehousing space of 2 million sq. ft. and approx. 200,000 sq. ft. of showroom retail space thus contributing to the real estate revenues in the country. Therefore, restricting imports would adversely impact the income generated for warehouse and showroom owners all across the island. Kamil Hussain – President of the TSIA stated, “There is insufficient local production to meet the market demand and this has not only sent the prices higher but also had an adverse impact on the construction industry as well as domestic consumers when it comes to meeting project deadlines. It must be emphasized that while importers make a tax contribution of 100%, we service only 50% of the market share as local manufacturers are given preferential treatment in government tenders, allowing them to unfairly take advantage of a biased system. We understand the Government’s need to reduce foreign exchange outflow but what we are simply pointing out through our facts and figures is that if you look at the big picture, there is hardly any benefit to the country from the import suspension while the damage caused by it can be felt by thousands of Sri Lankans in all corners of the island.” The TSIA states that its members are capable of bringing down major global players to invest in tile and sanitaryware manufacturing in Sri Lanka but the investment environment is not conducive for any such organisation to setup operations here due to the poor Return On Investment (ROI) as a result of the high energy cost in local manufacturing and the relatively smaller size of the market. Therefore, the organisation maintains that importing is significantly cheaper than locally manufacturing and can provide better quality and more designs. These benefits are a much-needed boost to the local construction industry in keeping tile and sanitaryware costs to a minimum especially given the current scenario where local tile and sanitaryware manufacturers have increased their prices due to the unavailability of imported products. Ervin Bulathsinghala -Secretary General of TSIA commented, “It is a known fact that the manufacturing of tiles and sanitaryware locally requires a significant amount of energy which in turn means more foreign exchange indirectly goes out of the country. In fact, given the high energy requirement, the cost of local production is double that of the international finished product of the same or better quality. Also, the manufacturing process itself is harmful to the environment due to the emissions of gaseous effluents containing various quantities of pollutants, dust particles, lead and fluorine (oxides of Sulphur, Nitrogen, Carbon, Boron, Zinc, Calcium Compounds). Hence, this is a highly-polluted industry to which an environmentally-conscious country like Sri Lanka should give less priority to.” He added, “Leveraging our long-standing relationships with our suppliers abroad, we have conducted negotiations and I am pleased to state that our suppliers are ready to support us and the country by way of an extended credit period to ease the foreign currency pressure. Given such a scenario, we very humbly appeal to the Government to reconsider and lift the Temporary Suspension imposed on imports of tiles and sanitaryware. By lifting the suspension, the Government can save livelihoods of thousands of men and women across the country and give them hope for the future during these troubled times.”

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An economic stimulus package is an attempt by the government to boost economic growth and lead the economy out of a recession or economic slowdown. The two main ways for stimulating the economy are expansionary monetary policy and expansionary fiscal policy. However, at this critical juncture, mere responses from monetary policy tools alone may not be sufficient. Sri Lanka should get ready with its fiscal tools to fight the pandemic. Meanwhile, speaking exclusively to Mahieash Johnney at the ‘GET REAL’  program on Ada Derana 24, Senior Deputy Governor of the Central Bank Dr. Nandalal Weerasinghe expressed the following; Q: Countries like the United Kingdom, America, Australia, all these countries are coming up with this thing called the ‘stimulus package’. They are giving out money. In America US $ 1200 is being sent to each and every family every month. Now they are apparently looking at doing it for 6-months. Why aren’t we doing that? Dr. Nandalal Weerasinghe: Stimulus there are two kinds of stimulus. Fiscal and monetary stimulus. So Fiscal stimulus means giving out money, subsidiary, social security (loan), unemployment benefits and even giving subsidy credits to businesses. These are supposed to be done by the government. Not by the Central Bank. There are two mandates. Obviously monetary stimulus is the responsibility of any Central Bank, in order to provide liquidity to the banking system and make sure that enough money is there in the circulation. That is the monetary stimulus. Now we have done monetary stimulus to the maximum extend. In addition, from the government part, because the government is in a kind of situation where they did not have sufficient space to give that kind of support because the government has large fiscal deficits and also already the government was facing a large high debt situation. Fiscal deficit, income vs. expenditure deficit, now this year it is going to be almost more than 8% of GDP. When the government is in that kind of position, the government would not have any space to give out this kind of money. So, that is where the part of the burden has come back to the Central Bank. In terms of, all the interest subsidies schemes and also the construction payment to contractors. All are supposed to be fiscal stimulus. Suppose to be provided by the treasury. But because the treasury is unable to meet all these payments, it has come to the Central Bank. There is another reason for this. Because there is no ‘Vote on Account’; like borrowing limit approved. Because no parliament is there. Technically the government’s hands are tight. They can only expand after the parliament is convened. In Sri Lanka, parliament is the whole authority for public expenditure, public finance. Because there is no parliament for the whole year, their hands are tight. So, the Central Bank is firing all guns and the Central Bank is going beyond our mandate and not only monetary stimulus, part of the fiscal stimulus is now being done by the Central Bank.    

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On five occasions, since 2015, the board of Directors of the Multipurpose co-operative society Ltd. of East Hewagama Korala has invested Rs.507.59 million in Treasury Bills through a certain institution, which has been introduced as a primary dealer company registered with the Central Bank of Sri Lanka. However, it has been revealed that the company is not a primary dealer company approved by the Central Bank of Sri Lanka. Hence, the proposal presented by the Minister of Internal Trade, Food Security and Consumer Welfare to appoint a committee consisting of representatives of the relevant institutions to identify the parties responsible for this incident and to recommend action to be taken to bring justice to the depositors was approved by the Cabinet of Ministers.

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Emirates customers can travel with confidence, as the airline will cover medical expenses of up to EUR 150,000 and quarantine costs of EUR 100 per day for 14 days, should they be diagnosed with COVID-19 during their travel, while they are away from home. This cover is provided by the airline, free of cost to its customers. HH Sheikh Ahmed bin Saeed Al Maktoum, Emirates Group Chairman and Chief Executive said: “Under the directive of His Highness Sheikh Mohammed, UAE Vice President and Prime Minister and Ruler of Dubai, Emirates is proud to lead the way in boosting confidence for international travel. We know people are yearning to fly as borders around the world gradually re-open, but they are seeking flexibility and assurances should something unforeseen happen during their travel.” He added: “Emirates has worked hard to put in place measures at every step of the customer journey to mitigate risk of infection, and we have also revamped our booking policies to offer flexibility. We are now taking it to the next level, by being the first in the industry to offer our customers free global cover for COVID-19 medical expenses and quarantine costs should they incur these costs during their travel. It is an investment on our part, but we are putting our customers first, and we believe they will welcome this initiative.” First airline in the world to offer free, global cover for COVID-19 related costs This cover for COVID-19 related medical expenses and quarantine costs is offered by Emirates free of cost to its customers regardless of class of travel or destination. This cover is immediately effective for customers flying on Emirates until 31 October 2020 (first flight to be completed on or before 31 October 2020). It is valid for 31 days from the moment they fly the first sector of their journey. This means Emirates customers can continue to benefit from the added assurance of this cover, even if they travel onwards to another city after arriving at their Emirates destination. Customers do not need to register or fill in any forms before they travel, and they are not obligated to utilise this cover provided by Emirates. Any impacted customer who has been diagnosed with COVID-19 during their travel simply has to contact a dedicated hotline to avail of assistance and cover. The hotline number, and details of what COVID-19 related expenses are covered, is available on www.emirates.com/COVID19assistance. Flexibility and assurance With the gradual re-opening of borders over the summer, Emirates has revised its booking policies to offer customers more flexibility and confidence to plan their travel. Customers whose travel plans are disrupted by COVID-19 related flight or travel restrictions, can simply hold on to their ticket which will be valid for 24 months and rebook to fly at a later time; request travel vouchers to offset against future Emirates purchases, or request refunds via an online form on Emirates’ website or via their travel booking agent. Emirates currently serves over 60 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. 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, including the distribution of complimentary hygiene kits containing masks, gloves, hand sanitiser and antibacterial wipes to all customers. 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 Dubai residents can check the latest travel requirements at: www.emirates.com/returntoDubai Photo caption: Emirates covers customers from COVID-19 expenses

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Alaska Airlines is to join oneworld®, becoming the alliance’s 14th member airline and bringing even more destinations and flights to customers. Alaska Airlines is working with oneworld to deliver benefits to its guests as quickly as possible, with a hope of joining oneworld around the end of the year. The airline’s wholly-owned regional subsidiary Horizon Air, as well as its regional partner SkyWest Airlines, will join as oneworld affiliate members at the same time. Alaska Airlines was elected as a oneworld member designate following approval by the oneworld Governing Board and a formal invitation extended to the airline. Alaska Airlines’ intention to become a oneworld member was first announced in February 2020, when it unveiled plans to form a US West Coast International Alliance with oneworld founding member American Airlines. Upon becoming a member of oneworld, Alaska Airlines will offer the full range of oneworld customer services and benefits to its customers. Millions of loyalty members of Alaska Mileage Plan will also be able to earn and redeem rewards on all oneworld member airlines, and top tier members may also access more than 650 lounges worldwide.

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