Seylan Bank recorded Profits after Tax of Rs. 1,651 Million for the 6 months ended 30th June 2020 against the Rs. 1,523 Million reported in the corresponding period of 2019 despite of challenging market conditions and COVID 19 impact prevailing in the country.

The post Seylan Bank records a Rs. 1.6Bn Profit after Tax (PAT) for the first half of 2020 appeared first on Adaderana Biz English | Sri Lanka Business News.

The Government of Japan has donated a large shipment of canned fish, weighing 388 MT and worth JPY 300 million (LKR 519 million), to the United Nations World Food Programme (WFP) and the Government of Sri Lanka, to meet the protein needs of school children covered by the national school meal programme. The donation was formalised at a ceremony held at the Japanese Ambassador’s residence in Colombo, at which the Exchange of Notes were signed by Kitamura Toshihiro, Charge d’Affaires ad interim of Japan to Sri Lanka and Andrea Berardo, WFP Deputy Country Director of Sri Lanka. The event was presided over by N.H.M. Chitrananda, Secretary of the Ministry of Education, L.M.W. Darmasena, Additional Secretary, School Activities of the Ministry of Education and Renuka Peiris, Director, Health and Nutrition of the Ministry of Education. “The Governments of Sri Lanka and Japan have had a strong bond with a mutually supportive relationship between the people of our countries for many years,” says Kitamura Toshihiro, Charge d’Affaires ad interim of Japan to Sri Lanka. “The Government of Sri Lanka and its people demonstrated their solidarity to Japan in the immediate aftermath of the Great East Japan Earthquake and Tsunami in March 2011, through a cash donation of US$ 1 million and 3 million tea bags. The canned fish provided by Japan is sourced from the areas supported by Sri Lanka, as an extension of the continuous supply provided by Japan, reflecting our appreciation of our Sri Lankan friends for lending a hand to Japan in times of need. We will continue to support Sri Lanka, in the spirit of unity and solidarity in our joint battle against the effects of Covid-19”. Through this agreement, the Government of Japan commits to making available to the Government of Sri Lanka – through WFP – 388 MT of canned fish, enough for the preparation of 19 million nutritious meals, rich in protein, for 270,000 school children. This latest contribution ensures that canned fish will continue to be offered to school children, for the period 2021 – 2022, in addition to the previous consignment of canned fish supplied by the Government of Japan which will last up to mid next year. “Nutritious meals are the foundation to good health, especially for children,” says Andrea Berardo, WFP Deputy Country Director in Sri Lanka. “This generous contribution from Japan comes at a crucial time when so many Sri Lankan families are hard hit by COVID-19 with reduced incomes and job loss. Fish is a great source of protein and by including it in school meals, we can be certain that children are getting the right nutrients they need to grow and develop.” Lack of adequate protein intake could result in several health issues amongst children, including slow growth, poor concentration and decreased immunity. In Sri Lanka, nutrition surveys have indicated that 40% of primary-level school children were too thin before Covid-19. Consumption of protein-rich foods such as fish is vital to help children meet their dietary requirements. “The Government of Sri Lanka has been conducting the National School Meal Programme for several decades,” said the Secretary of the Ministry of Education, N.H.M. Chitrananda. “The programme was developed with the objective of ensuring that children are healthy and can optimally benefit from educational opportunities provided to them. We are thankful to the Government of Japan and WFP for providing canned fish to supplement the school meal programme and for supporting us in enhancing the nutritional status of school children.” The National School Meal Programme which WFP has supported since 2003 was disrupted by Covid-19-induced school closures in March 2020. The Government of Japan, through WFP, has been supporting the programme since 2011, with approximately 1,500 MT of canned fish worth more than JPY 1 billion, to supplement school meals twice a week, adding diversity, nutrition and taste. WFP, together with the Government of Japan, will continue to support the Government of Sri Lanka in its efforts to scale up and enhance the National School Meal Programme. Photo caption: Kitamura Toshihiro, Charge d’Affaires ad interim of Japan to Sri Lanka and Andrea Berardo, WFP Deputy Country Director of Sri Lanka, sign the Exchange of Notes for the donation of canned fish, in the presence of N.H.M. Chitrananda, Secretary of the Ministry of Education, L.M.W. Darmasena, Additional Secretary, School Activities of the Ministry of Education and Renuka Peiris, Director, Health and Nutrition of the Ministry of Education. 

The post Japan donates 388MT of canned fish to WFP and Government of Sri Lanka to help feed schoolchildren appeared first on Adaderana Biz English | Sri Lanka Business News.

Nearly 10,000 Sri Lankan migrant workers have lost their jobs due to the coronavirus (COVID-19) pandemic, Sri Lanka Bureau of Foreign employment Deputy General Manager and Spokesperson Mangala Randeniya stated. Speaking exclusively to Ada Derana first at 9, Randeniya further stated that the SLBFE is ready to provide all necessary facilities to repatriate migrant workers who wish to return to Sri Lanka. “By now up to 8000- 9000 have lost their jobs due to COVID-19 situation. The most important fact of this situation is that the SLBFE staff and embassy are making efforts to re-employ them in different places. Discussions have been taken place in Qatar. The Qatar embassy has made several initiatives with new employers where these job lost employees can be employed and the progress is positive. The other countries are also making the same effort, ” he said. “The Bureau is currently taking care of 15,000 Sri Lankan migrant workers.” “The Bureau is ready to allocate its resources for repatriation activities. The Bureau will provide residential training centers to be used as quarantine centers and financially assist workers in purchasing airline tickets, ” he added.

The post Nearly 10,000 SL migrant workers lost their jobs due to COVID-19 appeared first on Adaderana Biz English | Sri Lanka Business News.

The Colombo Stock Exchange (CSE) offered guidance to listed companies on hosting Annual General Meetings (AGMs) amidst the COVID-19 pandemic. The CSE has observed that several Listed Companies had adopted the guidance offered by CSE and successfully hosted virtual/hybrid AGMs. Taking into consideration the feedback received from various stakeholders in this regard, the CSE has formulated an additional guidance note, with a view to elaborate on best practices that may be adopted by Listed Companies when convening virtual/hybrid AGMs. The Listed Companies are requested to consider the following factors when convening virtual/hybrid AGMs: Ensuring Equal Access The model adopted by a Listed Company to conduct it’s virtual/hybrid AGM should be impartial in relation to its shareholders. The CSE has offered guidance with regards to selecting a procedure that would ensure all shareholders equal access to the meeting. The procedure adopted by listed companies in this connection must allow sufficient opportunities for shareholders to raise questions, concerns, or make brief comments about each Agenda item/Resolution, while being mindful of the time that can be allocated to all the meeting participants. It is recommended that the procedure be made available to all shareholders prior to the date of the AGM via the websites of and the company and the CSE and to also be made available during the meeting to all attendees in-person and virtually. Companies are also expected to provide reasonable time during the meeting for shareholders to present their proposals or questions/comments related to the Agenda items. A dedicated phone line should also be made available for the shareholders to raise their questions, if they are unable to use/access the technology arranged for this purpose. The procedure could also specify that shareholders who have already spoken, either in-person or online, wait until all other shareholders have had a turn to speak on a given matter before asking a second question or making a comment. The company could also stipulate instances where questions, taken either in-person or online, would be ruled out of order. Companies Listed on the CSE are also expected to ensure that the modality adopted in this regard would promote transparency about how questions would be recognized. Companies have been requested to avoid any appearance of, or potential for, bias or preferential treatment with regard to the manner in which the company would screen, organize, combine, prioritize and answer, or fail to answer, the questions received from the shareholders in advance or during the meeting. The method of recognizing questions and comments by shareholders could be disclosed to the shareholders prior to and during the virtual/hybrid AGM and also be made available to its shareholders via the company website and the CSE website. Companies could also allow its shareholders to present their proposals on a “virtual basis”, whether via a dedicated phone line or pre-recorded or online video presentation. Open video, web lines and telephone lines may be implemented prior to the meeting to allow shareholders to test their access and be able to verify their ability to participate in the meeting. Listed companies could explore the possibility of hosting all appropriate questions that have been received prior to and during the course of the meeting, and the responses on the corporate website subsequent to the meeting. Shareholder Authentication Listed companies should pre-register and authenticate all shareholders prior to hosting the virtual/hybrid AGM and have a mechanism in place to permit only those who have been authenticated to vote. A unique user name and password should be provided to each shareholder to login into the webcast of the virtual/hybrid AGM. Archiving of virtual/hybrid AGMs Listed companies have been advised to take necessary steps to archive the meeting and its records for the period of time as prescribed by the laws of Sri Lanka. Technical Support It is expected that Listed Companies test the reliability of the technology which would be used to conduct the virtual/hybrid AGM and have a contingency plan put in place to mitigate the risk factor associated with a malfunction during the course of the meeting. It is also advised for companies to make available a technical support line/online help desk for its shareholders who may have questions regarding accessing the virtual/hybrid AGM or experience any difficulty in joining/accessing the AGM.

The post Further guidance offered to Listed Companies on hosting virtual/hybrid AGMs appeared first on Adaderana Biz English | Sri Lanka Business News.

The Association of Private Hospitals and Nursing Homes (APHNH) praised the tireless efforts and response of Sri Lanka’s private healthcare providers for supporting national healthcare requirements during COVID-19. With the virus placing unprecedented demands on Sri Lanka’s health system, APHNH President, Dr. Lakith Peiris explained how private sector hospitals and staff were quick to take up the burden of providing other essential services for the country’s population, thereby easing the burden on the national healthcare system. “The efforts of private hospitals, practitioners and staff were crucial to ensuring that Sri Lankans receive quality and timely care for their essential health requirements during this time. Hospitals continued to provide elective surgeries, laboratory services and, pharmacies which were operating around the clock”, he said. He further reiterated the crucial role played by the private sector in sparking off a wave of digitization to ensure that healthcare was made accessible, despite the severe limitations caused by the pandemic. “We are immensely grateful for the incredible cadre of medical practitioners and healthcare providers in both the public and private sectors. Their tireless dedication ensured that all Sri Lankans were able to access the highest quality of healthcare, thereby supporting the public sector and preventing it from becoming over-burdened.” he explained. Sri Lanka’s healthcare response has been strengthened to address the concerns posed by the ongoing pandemic. “While the probability of a second wave of the pandemic is a reality, private sector healthcare providers will continue to operate under stringent guidelines and protocols to ensure that all Sri Lankans are guaranteed access to routine healthcare, despite challenges”, he affirmed. With over 150 private hospitals and nursing homes in the country, private healthcare has long served a complementary role to public healthcare in Sri Lanka. Dr. Peiris went on to elaborate on the private sector’s commitment to guaranteeing the highest quality of healthcare by working with outstanding medical service providers. “We guarantee that all of our doctors are registered with the Sri Lanka Medical Council. To practice the discipline, there are standards on the level of medical education, professional conduct and medical ethics that our doctors must strictly abide by” he noted. APHNH is also committed to ensuring that para-medical services such as nurse practitioners, physician’s assistants, emergency medical technicians, medical laboratory technicians, pharmacists etc. are trained thoroughly. The Association has been working tirelessly over the past few years to create and implement educational courses for para-medical service providers. One such example is the National Vocational Qualification (NVQ) Level 6, developed by APHNH for nursing. This qualification has been approved by the Tertiary and Vocational Education Commission (TVEC) and the National Apprentice and Industrial Training Authority (NAITA). The Association hopes to develop more courses in the future for other para-medical service providers. Similarly, APHNH has begun work to develop Medical Laboratory Technology (MLT) to further improve the quality of healthcare provision and precision in Sri Lanka. The Private Medical Institutions (Registration) Act No. 21 of 2006 by the Private Health Services Regulatory Council (PHSRC) is tasked with ensuring that private medical entities provide safe and efficient medical services to all Sri Lankans. APHNH’s members and all other private medical institutions in Sri Lanka are governed by this act. Moving forward, Dr. Peiris reiterated the APHNH and its membership’s full and total commitment to assisting the Government, public health officials as well as doctors, medical, administrative and support staff in the public healthcare system in the battle against the COVID-19 pandemic, and in ensuring a safe, healthy and secure future for all Sri Lankans.

The post APHNH commends members and staff on strong healthcare response during COVID-19 appeared first on Adaderana Biz English | Sri Lanka Business News.

The post Maliban partners with Red Cross Society to protect school children from COVID-19 pandemic appeared first on Adaderana Biz English | Sri Lanka Business News.

Microsoft recently announced a new global skills initiative aimed at bringing more digital skills to 25 million people worldwide by the end of the year. The announcement comes in response to the global economic crisis caused by the COVID-19 pandemic. To date, the pandemic has put close to 75 million people out of work. With a labor force of close to 8.9 million, the unemployment rate in Sri Lanka increased to 5.7 percent in the first quarter of 2020 from 4.5 percent in the fourth quarter of 2019 (CEIC). Expanded access to digital skills is an important step in accelerating economic recovery, especially for the people hardest hit by job losses. “COVID-19 has created both public health as well as an economic crisis,” said Hasitha Abeywardena, Country Manager, Microsoft Sri Lanka and Maldives. “As we move from the initial emergency response phase to the recovery phase to the reimagine phase, determining what should be rebuilt, what should be redefined, we need to ensure that no one is left behind, and address the needs of those most impacted by this crisis.” This initiative includes immediate steps to help those looking to reskill and pursue an in-demand job and brings together every part of the company, combining existing and new resources from LinkedIn, GitHub and Microsoft. “Today, we’re bringing together resources from Microsoft inclusive of LinkedIn and GitHub to reimagine how people learn and apply new skills—and help 25 million people facing unemployment due to COVID-19 prepare for the jobs of the future,” he said. Connecting skills to opportunities. Providing low-cost access to industry-recognized certifications through the end of the year and free access to powerful job-seeker tools that will help people get hired once they have the skills and certifications. These resources can be accessed at a central location, opportunity.linkedin.com, and will be broadly available online in four languages: English, French, German and Spanish. Microsoft is backing the effort with cash grants to help nonprofit organizations worldwide assist those who need it most, including people with lower income, lower educational attainment and underrepresented minorities. Recently, Microsoft and Sarvodaya-Fusion saw to the training of 200 Ministry of Youth trainers and Microsoft Innovative Education Experts in Sri Lanka. The partnership will see 150 youth participate in the Hour of Code and Make What’s Next campaign events. The company is also pledging to make stronger data and analytics—including data from the LinkedIn Economic Graph—available to governments around the world so they can better assess local economic needs. Microsoft will use its voice to advocate for public policy innovations that will advance skilling opportunities needed in the changed economy. Later this year, Microsoft will preview a new learning app in Microsoft Teams designed to help employers skill and upskill new and current employees as people return to work and as the economy adds jobs.

The post Microsoft to help 25 million people worldwide acquire new digital skills needed for the COVID-19 economy appeared first on Adaderana Biz English | Sri Lanka Business News.

Anantaya Resort & Spa Chilaw and Anantaya Resort & Spa Passikudah, Sri Lanka, operated by LAUGFS Leisure Limited, have once again been awarded TripAdvisor Traveler’s Choice Awards for the year 2020. Both resorts have received the accolade which highlight a consistent and large amount of positive reviews from guests and represent the top 10% of properties available on TripAdvisor for a geographic region. Nestled in the sun-bathed coastal town, Anantaya Chilaw is dedicated to offering infinite luxury and tranquillity to its guests. The resort provides world-class hospitality and is well equipped to cater to all the needs of its guests. Its 91 luxurious rooms and suites are designed to provide soothing comfort and relaxation to all its guests and the expertly trained staff are ready to provide unrivaled service for anyone seeking to escape the hustle and bustle of everyday life. The resort also features an extensive range of convention facilities for business conferences and functions, serving as the ideal venue for professional settings with a refined touch of class and elegance. Designed specifically to harmonize with the natural beauty of Chilaw, the resort is one of a kind in Sri Lanka, seamlessly creating an environment of serenity and romance that truly encapsulates Sri Lankan hospitality. Anantaya Chilaw was recently certified safe for COVID-19 Management Systems by the Sri Lanka Standards Institution (SLSI). Anantaya Passikudah, tucked away in the heart of the glowing East Coast of Sri Lanka, is an award-winning and renowned resort recognised with multiple international awards for its sublime serenity, customer excellence and harmony with nature. The 5 star luxury resort features 55 beautifully designed rooms, suites and villas and is a haven for travelers to indulge in its exquisite cuisine, luxurious personalised service, wellness and spa facilities as well as a range of beach activities. Anantaya Passikudah also provides a pristine location and experience for a host of events, with its banquet hall and windswept shore at sunset creating a scene of otherworldly beauty for weddings and honeymoons. The resort offers an exotic range of cuisine with a delightful fusion of local and international flavours prepared by expert chefs. Despite the challenges that the year has brought, 2020 marks the 3^rd consecutive year that Anantaya Passikudah has received the Traveler’s Choice Award, symbolizing its undeterred dedication towards providing each of its guests with a hand-crafted and unforgettable experience. “We are honoured to be recognized by TripAdvisor with the Traveler’s Choice Award for 2020. As this year has presented unprecedented challenges for the tourism industry as a whole, we are delighted that our guests are placing their trust in Anantaya.” Said Mr. Roshan R. Perera, Director/Chief Executive Officer of LAUGFS Leisure Limited.  “We have taken extensive measures to ensure that our resorts are safe and well-equipped to welcome our guests once more, as we believe it is our responsibility to provide guests with a safe, relaxing and worry-free visit.” LAUGFS Holdings Limited is one of the largest diversified business conglomerates and a trusted and well-loved home-grown business in Sri Lanka. Founded in 1995, LAUGFS today has expanded across 20 industries in Sri Lanka and overseas, establishing a strong presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure and logistics sectors. With 3,500 employees and an annual turnover exceeding Rs. 60 billion, LAUGFS continues to expand and empower millions as a trusted Sri Lankan brand.

The post Anantaya Resorts & Spas Chilaw and Passikudah Recognized by TripAdvisor for Traveler’s Choice Award 2020 appeared first on Adaderana Biz English | Sri Lanka Business News.

The post Emirates clinches 4th consecutive Best First Class award at 2020 Tripadvisor Travelers’ Choice Awards for Airlines appeared first on Adaderana Biz English | Sri Lanka Business News.

The Sri Lanka Institute of Marketing (SLIM) held its 50^th Annual General Meeting on 26^th June 2020 at Marino Beach Hotel, adhering to the health and safety guidelines given by the government. Roshan Fernando was officially elected as the new President and will spearhead the institute as its 42^nd President in the 50^th year. A new Council of Management as well as an Executive Committee were also elected at the meeting. Roshan Fernando currently holds the position of General Manager – Marketing at the renowned media station Derana. During his illustrious career in the media industry, Roshan Fernando has held several key positions at some of the most sought-after media stations in the country and contributed significantly to propel their growth momentum during his tenure. He is a member of SLIM as well as the Chartered Institute of Marketing (CIM)-UK, and holds a Diploma in Business Management, an Advanced Diploma in Business Management and an MBA from the Institute of Chartered Financial Analysis University of India. He also holds a Postgraduate Diploma in Marketing from SLIM. Roshan holds the titles of Certified Professional Marketer (Asia) and Practising Marketer conferred by the Asia Marketing Federation and SLIM respectively. Apart from chairing various project committees at SLIM, he has also held many honorary positions including Treasurer, Secretary and Vice President of the Council of Management of SLIM. Roshan has served as a member of the Export Development Board Technical Evaluation Committee for India Market Entry Study for Sri Lankan Businesses and he has worked with many Small and Medium Enterprises, Women Entrepreneurship Development programmes and projects organized by the Industrial Development Board. He holds the positions of the Head of the Steering Committee of the Derana SME Club established in collaboration with the Industrial Development Board, and is a Board Director of the SAARC Business Association of Home-Based Workers (SABAH-Sri Lanka). He is also a member of the professional Education Team in the Presidential Task Force on Sri Lanka’s Education Affairs. He was also appointed as a member to evaluate COVID 19 related inventions of the Sri Lanka Inventors Commission (SLIC). In addition, he has conducted many programmes on Business Planning for Micro Entrepreneurs at Small Enterprise Development Division, Ministry of National Policies and Economic Affairs, Sri Lanka. Thilanka Abeywardena, CMO Lead – South East Asia New Markets, Microsoft Sri Lanka (Pvt) Ltd will be the Vice President – Projects, while, Nuwan Gamage, Head of Corporate Affairs and Communications, Arinma Holdings (Pvt) Ltd., will be holding the position Vice President- Education. Chinthaka Perera, Director Sales, Hemas Pharmaceuticals (Pvt) Ltd & Hemas Surgical and Diagnostics (Pvt) Ltd. and Gayan Perera, Senior Brand Manager, Singer Sri Lanka PLC were appointed as the Secretary and the Assistant Secretary respectively. Dr. Jayantha Dewasiri, Head of Field Force at HMD Global Inc is the Treasurer for the year 2020/2021. The new Executive Committee consists of ten experienced marketing professionals: Manthika Ranasinghe – Head of Business Development (Global Shopping) at Kapruka.com,  Sathika Wickramasinghe – Category Manager Insights & Velocity at Fonterra Brands Lanka, Dr. Dilhan S. Jayatilleke – Head of Business Development & Marketing, Arogya Life Systems Lanka Private Limited and General Manager – Business Development, Marketing & Corporate Strategy, Softlidz Solutions Private Limited, Charaka Perera – Executive Director at Fuchsia Retail S.A. (Private) Limited, Nuwan Thilakawardhana – Manager Marketing at Union Bank, Asanka Perera – Chief Executive Officer at Arugambay Beachwear (Pvt) Ltd., Niyas Mohamed Shiraz – Assistant General Manager Sales & Marketing at Fentons Limited, Asela C. Gunasekara – Manager Brand Development at Metecno Lanka (Pvt) Ltd, Channa Jayasinghe – Senior Manager – Brand Development at Kelani Cables Plc and Dr. Thesara Jayawardane – Senior Lecturer and Director Business Research Unit at Faculty of Business, University of Moratuwa The newly elected President Roshan Fernando expressed his gratitude to the members and Past Presidents for the confidence placed in him to lead the institute. He pledged to continue the good work initiated during the past years and to uplift the marketing fraternity of the country with new initiatives, strategic moves and activities. Commenting on his appointment, he stated, “With the new Council of Management and the Executive Committee, SLIM will continue its efforts in enhancing the marketing fraternity in the country by providing quality education to the future marketers of Sri Lanka and writing a golden chapter in the history of the institute during the new year themed ‘Celebrate the Past, Create the Future’. The Establishment of SLIM Business School operations and paving the way for a Research Institute will be key initiatives for SLIM. We aim to reach greater heights in terms of broadening the horizons of the local marketing fraternity and contributing to the economic growth of the country through the Restart Sri Lanka national initiative. I firmly believe that the diverse and dynamic Council of Management and the Executive Committee together with a fully dedicated staff will further raise the bar of SLIM in the 50^th year.” He further noted that the national campaign ‘Restart Sri Lanka’ initiated by SLIM under the direction of the Prime Minister’s Office, was geared to re-engineer and re-invent the businesses and SMEs to revive the country from the COVID-19 experience. “Our objectives are aligned with 5 pillars, which are Corporate and Public sector development, driving youth sector towards entrepreneurship through School Entrepreneurship Societies and Project RUN, creating a knowledge economy, SME and entrepreneurship development and building a marketing-oriented culture through the ‘Made in Sri Lanka’ concept and nation brand building. The new activities, strategic initiatives and events are planned for the year, particularly to support and restart the nation,” he added.

The post SLIM appoints New President and ExCo for the 50th Year of the Institute appeared first on Adaderana Biz English | Sri Lanka Business News.

Having your favourite celebrity wishing you on your birthday is a truly delightful experience for anyone.  Lakwimana launches the first ever Digital Gift ‘Celfie’ for you to surprise your loved ones with their favourite celebrity wishing them personally, granting the wish of every heart of all celebrity fans out there. The world has evolved and moved on from the era of autographs onto selfies. This has become a trend around the world, where selfies are taken every time we meet our favourite celebrities. Starting as a gesture of remembrance of the moment we had with them, it has now turned into a lucrative market where people buy autographs and sell them to the celebrity fan base. With Celfie you no longer have to wait in line to get their autographs and photos nor do you have to spend money to buy their autographs from a third party at the risk of the authenticity of the source.  Instead you can now simply get your favourite celebrity to do a customized video wish, greeting or a message. Lakwimana is one of the longest e-commerce establishments in the market focusing on the gifting segments. The brand had its humble beginning and strongly established itself among the expatriate market across the world, especially in the Middle Eastern Market. The brand is known for its authenticity and the local touch it brings to its product portfolio. They are known for their array of gifts which are unique, interesting, and out of the box ‘ideas’. With their strong journey in the expatriate market, the brand has now boldly stepped into the Sri Lankan market offering the most unique gifting options. ‘Celfie’ is one of the many unique first ever digital gifting options of Lakwimana that has entered the market. The brand tied up with the most popular and sought-after Celebrities and Influencers in Sri Lanka who are looking at this platform as a way of being able to reach out to their fan base on a very personal level. Celebrities and Influencers would include Dinakshie, Dasun, Shanudrie, Saranga, Rithu Akarsha, Tomi Lahren and many more. The nominal fee is close to nothing, compared to the ‘dream come true’ experience for Lakwimana’s customers. With the gifting market moving from mass options to personalization in every possible way, this unique gifting option has taken everyone by surprise. There is none who got to know about this offer who had any better way to surprise their loved ones. The gifting market is an ever-challenging sector where the customers are always looking for something new and exciting. ‘Celfie’ is an absolute delight for everyone who is seeking something new, unique, and inspiring any time of the year. For more details click through https://lakwimana.com/digital-gifts/celebrity-video-wish-c-362_365.html

The post Lakwimana gives you the chance to surprise your loved ones with their favourite ‘Celfie’! appeared first on Adaderana Biz English | Sri Lanka Business News.

Gralgo Spices from Ceylon ventured into promoting Sri Lankan home grown organic spices in the local and global markets, was launched in an aromatic environment at Hilton Colombo recently. Gralgo Spices from Ceylon are fully biodegradable and an exclusive product, which has broken a long awaited anticipation of the spice industry, a product to have on the kitchen-shelf or table and ready to use. The ceremony was graced by former Minister of Health and Indigenous Medicine & Former Vice President of World Health Organization Dr. Rajitha Senaratne, Mr. Andreas Hergenrother Chief Delegate of German Industry and Commerce in Sri Lanka (AHK Sri Lanka), and National SME & Programme advisor of United Nations Industrial Development Organization Mrs. Pamela Sumithrarachchi. Gralgo Spices from Ceylon allows Sri Lankan cultivators to flourish in businesses sans financial exploitation and to assist in benefiting from Fair Trade. The company mainly targets organic Black Pepper, Ceylon Cinnamon, and Chili Pepper – spices that have endless demands locally and internationally. Andreas Hergenrother mentioned “we have been anticipating for good and premium spice products and are elated about these products launched by Gralgo Spices.” “Our products are Non-Genetically Modified Organisms (Non-GMO), and we look at exporting premium spices, especially regarding cinnamon and the 100% biodegradable packaging will decay in the environment within 6-8 weeks. There is a vacuum in the Sri Lankan market regarding biodegradable packaging, especially for spices and we are aiming at filling that gap, keeping in mind the greater global demand for same. Gralgo Spices breaks the norms of traditional packaging (glass and plastic) which usually takes over 1000 years to decompose in the environment, while giving thorough consideration to the natural essence of the spices and attractive colours, which are preserved with no added chemicals”.  said Managing Director of Gralgo Spices From Ceylon Gayanaka Senarathne. Commenting on the quality of the products, Director of Gralgo Spices From Ceylon Rahala Mudalige  said “we look at the quality of the spices, and hope at an increased cultivation, especially in the rural areas. This is expected to generate more employment opportunities. We are also concerned about how the crops are harvested and ensures they are handpicked and purchased from the farmers. The company is currently in the process of obtaining needed certification from the Export development board, which will enable the further expansion and growth of its products and ensures its widespread. The function proved a crowd puller while the duo walked out with a handful of local and international clients. About Gralgo Spices from Ceylon Gralgo Spices from Ceylon, formed in 2018, under M&M Enterprises, a family owned business, the project is the brainchild of two young and innovative entrepreneurs Gayanaka Senaratne and Rahal Mudalige who aim at ecofriendly products in and outside of Sri Lanka, regenerating the essence of a long history where Sri Lanka was known as the home for many aromatic spices.  

The post “Gralgo Spices from Ceylon”, Home grown organic spices to Europe appeared first on Adaderana Biz English | Sri Lanka Business News.

Huawei announced recently the release of a global digital economy policy study titled “Think digital. Think archetype. Your digital economy model.” The report provides a novel approach to digital transformation and provides detailed policy guidance applicable to all countries. Huawei and Arthur D. Little have collaborated on this research report based on a shared conviction that improving digital infrastructure should be central to national ICT policy and that it will help power national economic recoveries and enhance resilience. “Huawei operates in over 170 countries around the world and in most of those for many years. We deeply recognize that each country is unique as are the challenges faced by its government’s leaders. We hope that this report will provide a valuable contribution to policy discussions and that it will aid better decision-making and deeper private and public sector collaboration” said Catherine Chen, Corporate Senior Vice President and Director of the Board, Huawei Technologies Co., Ltd. Accelerating the transition to a digital economy will also boost industrial growth and productivity, improve societal well-being and benefit consumers via cost and time savings. “Successful digital economies require a whole range of infrastructure and capabilities, but countries often have scarce resources and finite funds. Choosing and prioritizing focus areas is therefore key” said Rajesh Duneja, Partner at Arthur D. Little. The report begins with the recognition and definition of country archetypes, designed to act as a reference model that countries can adapt based on their current situation. The identified seven digital economy archetypes are as follows: Innovation Hubs, Efficient Prosumers, Service Powerhouses, Global Factories, Business Hubs, ICT Patrons and ICT Novices. Each differ in their presence or dominance in the ICT value-chain step. Nations need to develop digital value creation paths that align with their most suitable archetypes, leveraging their inherent strengths, but anchored by their economic and technological realities. “Identification of a country’s archetype helps tailor the recommendations for digital economy policies to ensure they are best aligned with its needs. We have also developed a tool to identify 200+ countries/regions’ archetypes as part of this study” said Kurt Baes, Partner at Arthur D. Little. The importance of digital economy policies vary fundamentally between archetypes. Different combinations of policies should be considered for different archetypes. Policy makers need to formulate policies, laws and regulations across four interrelated policy dimensions – technology, capabilities, ecosystem and industry – as these are the driving forces underpinning national digital transformation. This report outlines a strategic approach for developing digital economies for all countries based on their potential archetypes. It also recommends an overarching policy framework tailored towards each. It additionally provides examples of how countries have successfully transitioned across archetypes. In particular, it provides guidance for developing a digital strategy tailored to the country that reflects a whole-of-government approach to policy making in the digital age. A repository of best-practice digital economy policies from around the world based on proven efficacy, accompanies the research recommendations. In Sri Lanka Huawei has been operating since 1998 and has extensive and in-depth cooperation with local mainstream telecom operators, governments, and industry customers. Over the years, Huawei has continuously promoted the development of the ICT talent ecosystem in Sri Lanka through activities such as the Huawei Seeds for the Future program that was launch in 2016, and providing internship for talented youth, and ICT Skills industrial training. Huawei recently launched digital inclusion initiative TECH4ALL in Sri Lanka, to expand the scope of digital inclusion beyond connectivity to include applications such as related to health which could be utilized during times of emergency.

The post New Huawei & Arthur D. Little report highlights that “one size does not fit all” when it comes to digital policies & national digital transformation” appeared first on Adaderana Biz English | Sri Lanka Business News.

Huawei, the innovative smartphone manufacturer, recently introduced the Skyline Grey edition of Huawei Nova 7i in Sri Lanka extending the color choices for Nova 7i lovers. When Huawei first launched Nova 7i, it took the world by storm with its vibrant colors refreshing to the eyes such as Sakura Pink, Midnight Black and Crush Green, which amplified its artistic design while offering a premium look for this feature-packed device. The latest Skyline Grey edition creates the next big wave of this extremely powerful mid-ranger. Nova 7i is the perfect fit to hold in the hand with minimal bezels that squeeze right into the four corners amplifying the viewing experience. The curved edges bring a smooth, a grandeur finish, and the positioning of the selfie camera as a punch hole on the 6.4-inch full view display further optimizes its appearance. Expressing his thoughts, Peter Liu, Country Head of Huawei devices, Sri Lanka commented, “Nova 7i is no doubt a favorite among smartphone users and it cranked up record sales within a few days of its launch. Its trademark design enhanced the attraction and now we have come up with the much-awaited Skyline Grey color variant providing more individual choices.  ” In addition to the sleek, beautiful design, Nova 7i features a Quad AI camera setup including a 48mp primary camera, 8mp ultra-wide camera, 2mp macro camera and a 2mp depth camera and an equally powerful 16mp selfie camera to capture the best moments of life. Its Kirin 810 chipset and 8GB RAM offers a seamless smartphone experience for internet browsing, gaming, watching movies, videos and many more. Its 128GB storage is all that users need to store files, photos, videos, apps adding up to a flagship level experience at an affordable price. Huawei Nova 7i accommodates a 4200 mAh non-removable battery that provides a long-lasting performance while the 40W Huawei Super Charge option recharges up to 70% in 30 minutes. Nova 7i has access to Huawei AppGallery, which features a wide collection of apps and the newly introduced Petal search, which allows users to download millions of apps directly from Huawei AppGallery or from third party app providers.  

The post Huawei Nova 7i launched in fresh Skyline Grey color appeared first on Adaderana Biz English | Sri Lanka Business News.

Save the Waves Foundation, a beach cleaning initiative funded and raised by Dell Technologies recently signed a MOU with Marine Environment Protection Authority (MEPA) to sponsor five beach caretakers from low-income families. The MOU was signed between Ruwan Gamage, Marketing Manager of Dell Technologies, Dharshani Lahandapura, Chairperson of MEPA, Dr. P.B. Terney Pradeep Kumara, General Manager of MEPA and A.J.M. Gunasekara, Deputy General Manager of MEPA. Each sponsored caretaker was assigned to clean a nearby beach stretch from Uswatakeiyawa, Induruwa, Kalutara, Wellawatta and Waikkal beaches constantly for a 1 year period. Photo Caption: Ruwan Gamage, Marketing Manager of Dell Technologies exchanges agreements with Dharshani Lahandapura, Chairperson of MEPA, also in the presence of A.J.M. Gunasekara, Deputy General Manager of MEPA and Dr. P.B. Terney Pradeep Kumara, General Manager of MEPA.

The post Save the Waves together with MEPA takes a step further appeared first on Adaderana Biz English | Sri Lanka Business News.

Rating agency ICRA Lanka expects the Central Bank of Sri Lanka (CBSL) to maintain an accommodative monetary policy and therefore current low-interest rate climate to continue throughout 2H 2020. Moreover, the rating agency believes that a stable policy framework and recovery strategy is paramount for the overall stability of the economy. ICRA Lanka, which is a subsidiary of Moody’s Investor Services, releasing their Mid-year Economic Update, stated that recovery of the financial sector will be largely contingent on the recovery of certain key segments of the economy, such as construction, tourism, and the SMEs. ICRA Lanka’s projections show that the economic growth recording better performance in 3Q and 4Q. “It is less likely that we see an appreciable expansion in credit as the recessionary currents flow strong at the moment. In addition, fall in aggregate demand may lengthen the current deflationary environment.” From the point of view of strengthening of reserves, the Government is likely to meet foreign currency obligations by rolling over some of these debts or through bilateral arrangements being negotiated or in place currently. However, the bigger challenge would be in meeting the obligation of the $ 1 billion international sovereign bond maturing in October,” the rating agency stated. “Wage growth will continue to trend down in accordance with higher unemployment level expected by the year-end. Given the slightly stronger rupee in terms of REER that prevailed as of end 1H 2020, the CBSL may tolerate further depreciation leading to reserve accumulation,” it said. “Going by the forward rates, the rupee could depreciate close to Rs. 187/USD by the end of the year with strong probability of falling further if the imports pick up. Financial institutions will continue to lend to safer and less risky market and customer segments,” it added.              

The post Stable policy framework & recovery strategy paramount for overall stability of economy : ICRA Lanka appeared first on Adaderana Biz English | Sri Lanka Business News.

Conquering extensive economic destabilization dynamics stemming from the Easter Sunday attacks and COVID-19, Citizens Development Business Finance PLC (CDB) concluded the financial year 2019/20 on a triumphant note with a healthy profit after tax of Rs 1.8 Bn, showing a growth trajectory of 1.6% year-on-year. The Company’s trademark resilience was demonstrated when it weathered the impact of COVID-19 lockdowns in Q1 of FY 2020/21 showcasing a balance sheet of Rs 96.7 Bn as at June 30th 2020 and recorded a profit after tax of Rs 487.9 Mn, a significant growth of 63% compared to the corresponding quarter in the previous year. These results are as per the group audited financial statements for Financial Year ended 31st March 2020 and the interim results for the 1st quarter ended 30th June 2020 released to the Colombo Stock Exchange (CSE) recently. CDB’s Managing Director/CEO Mahesh Nanayakkara is well pleased with the Company’s progress during this challenging period, stating, “With our digital and e-commerce focused business strategy, coupled with the integration of sustainability into our business, CDB confidently looks forward to a sustained strong performance in the post-COVID-19 era.” Despite widespread disruptions in consumer behavior and economic activities, CDB achieved a revenue of Rs 17.4 Bn in the financial year 2019/20, which is a growth of 3% year-on-year. Net interest income increased by 21% to Rs 6.6 Bn, while the Group maintained its profit before tax at Rs 2.3 Bn. CDB’s consolidated balance sheet as at year-end stood at Rs 93.2 Bn with                          Rs 11.6 Bn in net assets. The cost to income ratio continued to improve to 48.79%, whilst the return on assets stood at 1.98% and return on equity came to 17.99%. The earnings per share stood at Rs 26.15 and net assets value per share was Rs 164.76. In spite of the economic uncertainties which prevailed for much of the year, it is noteworthy that CDB concluded a rights issue with great success. The fully subscribed issue raised fresh capital of Rs 1,019 Mn, strengthening CDB’s balance sheet and demonstrating the high level of investor confidence in the company. CDB’s strong balance sheet comprises 90% in regular cash flow and income generating assets, including the Company’s asset backed loan book, whilst the interest bearing funding composition encompasses a healthy mix of deposits to debt at 57% to 43%, with balanced assets and liabilities maturity status. CDB’s robust performance was sustained into the first quarter of the new financial year 2020/21. At the end of Q1, CDB’s balance sheet reached Rs 96.7 Bn. Profit after tax increased significantly by 63% reaching Rs 487.9 Mn. CDB’s Tier I and Tier II capital ratios stood strong at 10.14% and 12.87% respectively, well above the regulatory threshold.  The liquidity ratio at 18.49% is also well above the regulatory minimum of 6%.   Meanwhile, the gross Non-Performing Loan (NPL) ratio, including revolving yard stocks increased marginally to 7.93%. On a net basis, excluding the revolving yard stock, the NPL came to 2.68%. This is in comparison with 31^st March 2020 figures of 7.57% and 2.55% respectively. In another significant development, the current quarter saw CDB completing the amalgamation of its specialized leasing subsidiary Unisons Capital Leasing Ltd (UCL), under the financial sector consolidation programme of the Central Bank. CDB’s winning streak continued during the year with numerous accolades.  CDB was ranked among the Business Today Top 30 for the first time in its 24-year history, was recognized among the 10 Best Corporate Citizens in Sri Lanka at the Best Corporates Citizens Sustainability Awards and won gold in the NBF sector at the National Business Excellence Awards. Strong, stable and visionary, CDB moves ahead in the post-COVID-19 era with a team fuelled by motivation, determination and passion to conquer.        

The post CDB ends 2019/20 on triumphant note despite unforeseen challenges appeared first on Adaderana Biz English | Sri Lanka Business News.

Union Bank recorded a resilient performance within the first six months of 2020 amidst many challenges triggered by the Covid-19 outbreak in Sri Lanka from March this year. Commencing from April 2020, the Bank began to immediately roll out the customer financial relief programmes recommended by the Central Bank of Sri Lanka (CBSL) with special focus on affected customers in the Corporate, SME and Retail Banking segments. Within the review period, the Bank had approved debt moratoria worth Rs. 22.2 billion under the CBSL recommended debt relief scheme providing extensions for repayment of capital and interest on loans granted. Loan facilities for approximately Rs. 40 billion were granted with payment extensions for two months. Further, a significant number of affected customers have been granted debt relief schemes outside the CBSL defined criteria, in–line with the Bank’s internal credit policy guidelines. Amongst the schemes that were considered for moratoria are Loans and Leases, Overdrafts, Pawning and Trade Finance facilities. Additionally, non-performing borrowers who had requested for relief schemes have also been provided customised re-schedulements, inclusive of waivers on accrued interest whilst withholding further recovery action. Union Bank’s core banking activities compressed in the second quarter amidst the country-wide lockdown that prevailed in the month of April up until mid-May. Amidst the challenging economic landscape, the average prime lending rate (AWPLR) dropped by approximately 250bps and the Treasury Bill rates too showed a declining trend. The Bank implemented a downward revision of interest rates on various lending schemes including credit cards in line with the directives of the Central Bank. Union Bank has also taken measures to provide loans at concessionary rates for Working Capital requirements of SMEs and exporters by participating in the CBSL credit schemes including the Saubhagya Covid-19 Renaissance Facility. Maintaining healthy liquidity levels within the Bank, and employee and customer safety remained key management priorities while rolling out relief schemes to mitigate the negative impact of Covid-19 on the diverse customer segments of the Bank. Within the period under review from January to June 2020, the average fixed deposits remained stable whereas total average CASA ended at Rs. 21,444 Mn, an increase of 13% over last year. Efforts of maintaining a healthy CASA inflow was supported through focused acquisition strategies driven by retail, corporate and SME banking segments. The CASA ratio of the Bank was 25.8% by end of the reporting period. Accordingly, Union Bank’s Net Interest Margin declined from 3.4% to 3.2% within the review period. Credit Card late payment fee and other fee waivers issued to customers until September 2020 in-line with the CBSL guidelines aiming to support the customers affected by the pandemic coupled with a decline in economic activity caused a reduction of the overall fee income by about 26% during this period. The Bank’s Treasury recorded a notable performance with a significant YoY increase of 68% in capital gains. Other Operating Income of the Bank increased on the back of exchange rate deflation by 6% during the said period. In spite of the challenging environment the Operating Income of the Bank for the period was Rs. 2,951 Mn, an increase of 2% over last year. The Total Operating Expenses were prudently managed through wide-ranging cost management measures implemented across the Bank and reduced by 3% YoY to Rs. 1,914 Mn during the period. Consequently, Pre-impairment profits of the Bank were Rs.1,036 Mn for the period and indicated a 12% growth compared to the same period last year. While the Bank’s actual credit losses were low the Bank booked significant provisions during this period to account for the deteriorating environment leading to a 102% increase in impairment charges over the comparative period. Under this challenging macro-economic backdrop, the Bank recorded subdued Results from operating activities, reporting Rs.755.2 Mn which was a marginal decline of 4% over the comparable period. The operating environment for the Bank’s subsidiaries, namely UB Finance and NAMAL was also very challenging. Due to a drop-in tax rates and prudent management of reserves, the Bank including its share of ownership in its subsidiaries was able to increase its PAT by 6%. Owing to external pressures and continuous deterioration of macro-economic conditions since March this year, the gross NPL ratio of the Bank was reported as 5.3% by end of the reporting period compared to 5.03% as of last year. Total assets of the Bank stood at Rs. 128,643 Mn as at 30th June. The Bank’s loans and receivables stood at Rs. 75,997 Mn YTD while the deposits base was Rs. 79,779 Mn and recorded an increase of 4%. The Bank continued to maintain its robust Capital Adequacy, reporting a Total Capital Ratio of 16.06% as at the reporting date. The Group consisting of the Bank and its two subsidiaries, UB Finance Company Limited and National Asset Management Limited reported a Profit before all taxes of Rs. 796 Mn for the period. The Profit after Tax of the Group in comparison to the corresponding period last year declined by 3%, Total assets of the Group were Rs. 135,724 Mn of which 95% was represented by the Bank. The Group maintained a healthy Core Capital Ratio of 16.30% as at reporting date. The Bank continued its interaction with Retail, SME and Corporate clients to identify their unique banking needs and provide customised solutions during these uncertain times. Union Bank BizDirect transaction banking solution was instrumental in providing Corporate and SME clients the much-needed remote control of their business transactions to stay safe during the pandemic. Union Bank Online Banking and Mobile Banking solutions played key roles in providing safe and remote access to accounts and credit cards of Retail Banking customers. The Online Banking registration process was further simplified in order to encourage a smooth shift towards these channels as consumer trends shifted gears towards safe and secure banking options to avoid unnecessary exposure. Union Bank Credit Cards continued to offer savings on essential item purchases and online purchases to continuously add value to cardholders during these difficult times. In-line with health authority guidelines, the Bank prioritised its focus on the implementation of comprehensive measures to ensure the safety of customers and staff, resulting in stringent hygiene and safety practices across the branch network and Head Office premises. Continuous access was made available for customers to reach the Bank’s ATM network, online/mobile banking platforms and the 24- hour contact center further enabling a safe and secure banking experience. Commenting on the first half performance of the Bank, Union Bank Director/CEO  Indrajit Wickramasinghe said, “Our key focus during the second quarter of the year has been on the efficient roll out of the relief programmes to support our customers affected by the Covid-19 pandemic through continuous engagement with customers at branch/regional level to identify their unique challenges and provide suitable solutions. The first half results of the Bank reflect the very challenging conditions in which we operated in. I’m pleased to state that the results also indicate the strong liquidity and capital position of the Bank despite the external pressures. We will continue to provide the much-needed financial impetus to our customers across Retail, Corporate and SME segments while ensuring the health and wellbeing of our customers as well as our staff which are key focus areas of the Bank while we operate in the new normal.

The post Union Bank shows resilience in a challenging environment appeared first on Adaderana Biz English | Sri Lanka Business News.

Top industry professional Jayantha de Silva has been appointed to the Board of Diesel and Motor Engineering Plc as an Independent Non-Executive Director. Jayantha de Silva is the Chairman of ICT Agency (ICTA) and has over 30 years’ experience in the IT industry with extensive exposure in national policy making and strategies for knowledge services with hands-on experience in large projects globally. He is a founder member and former Chairman of the Sri Lanka Association of Software and Service Companies (SLASSCOM), and former Chairman of Software Exporters Association. He served as a Board Director of the ICTA, Chairman of British Computer Society Sri Lanka and member of the Board of the University of Colombo School of Computing. He was in the advising panel to the Government of Sri Lanka in the formulation of national level policies related to the ICT industry. He holds a Post Graduate Diploma from the International Statistical Programs Centre, Washington DC; a Fellow (FBCS) of the BCS, the Chartered Institute for IT and a Chartered IT Professional (CITP). He was the recipient of the ICT Lifetime Achievers Award/Most Outstanding Contribution Award for services to the software industry in Sri Lanka awarded at the National Best Quality Software Awards in 2011.

The post Top industry professional Jayantha de Silva joins DIMO Board appeared first on Adaderana Biz English | Sri Lanka Business News.

Commercial Banks operations will be limited to half-day on the day of the election (05 July 2020), Ada Derana Biz learns. The Bank Supervision Department of the Central Bank has approved the early closure of bank branches tomorrow (05) and the opening hours will be displayed in front of the bank. However, Bank opening hours will vary from bank to bank. Further, The Colombo Stock Exchange (CSE) also announced that the stock market will close early at 12.30 p.m. on Wednesday (5 August 2020) in view of the parliamentary Election. Accordingly, trading will be limited to 1 1/2 hours from 11.00 a.m. to 12.30 p.m.

The post Banks announce limited opening hours on polling day appeared first on Adaderana Biz English | Sri Lanka Business News.