Adaderana Biz English | Sri Lanka Business News

Headline inflation as measured by the yearon- year (Y-o-Y) change in the National Consumer Price Index (NCPI, 2013=100) decreased to 6.1 per cent in July 2020 from 6.3 per cent in June 2020. This was mainly driven by the statistical effect of the high base prevailed in July 2019. Meanwhile, Food inflation (Y-o-Y) decreased to 12.9 per cent in July 2020 from 13.6 per cent in June 2020, where as Non-food inflation (Y-o-Y) increased to 1.0 per cent in July 2020 from 0.8 per cent in June 2020.

The change in the NCPI measured on an annual average basis increased to 5.9 per cent in July 2020 from 5.6 per cent in June 2020. Monthly change of NCPI recorded at 0.0 per cent in July 2020. This was due to setting-off the price decline of 0.15 per cent in the Food category, with the price increase observed in the Non-food category by the same magnitude. Accordingly, within the Food category, prices of vegetables, red onions, limes and rice declined during July 2020, while prices of items in Restaurants and Hotels; Alcoholic Beverages and Tobacco; and Health sub-categories recorded increases within the Non-food category. Further, core inflation (Y-o-Y) increased to 4.5 per cent in July 2020 from 4.4 per cent in June 2020, while annual average core inflation decreased to 4.5 per cent in July 2020 from 4.6 per cent in June 2020.

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The Monetary Board decided to extend the deadline of 4% Working Capital Loan Scheme, at its meeting held on 19th August 2020. Accordingly, COVID-19 affected businesses and individuals can submit their loan applications under the Saubagya COVID-19 renaissance facility to respective licensed banks until 30th September 2020.

Meanwhile, the Central Bank of Sri Lanka surpassed the milestone of Rs. 100 billion loans on 18th August 2020, approving Rs.100,017 million worth of loans submitted by 36,489 applicants under the above facility. Out of approved loans, licensed banks have already disbursed more than Rs. 68.5 billion among 25,365 affected businesses and individuals island-wide as of 18th August 2020 (See Table 1 for details). Out of Rs. 100 billion approved under the Scheme, 50 per cent has been provided to businesses in the services sector, led by trade services, while distributing 34 per cent and 16 per cent among businesses in the industry sector and the agriculture sector, respectively. The Central Bank of Sri Lanka, in consultation with the Government of Sri Lanka, introduced the Saubagya Covid-19 Renaissance Loan Scheme Facility in 3 phases to provide working capital loans at the interest rate of 4% per annum, with a repayment period of 24-months, including a grace period of 6-months, to businesses, including self-employment and individuals, adversely affected by the COVID-19 outbreak.

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The Board of Directors of Sunshine Holdings PLC appointed Aruni Goonetilleke, former Head of Corporate Banking at People’s Bank PLC, as a Director of the Company. The appointment is effective from 20 August 2020. With the new appointment, the Board of Sunshine Holdings PLC will now be comprised of eleven Directors of which seven are non-executive, independent directors. A qualified legal professional, Aruni Goonetilleke counts over 25 years of experience in regional financial markets. She has extensive experience in enterprise risk management, credit, audit and business origination and has held several leadership and transformational positions in local and international banks. “I am excited to welcome Aruni Goonetilleke to the Board of Directors of Sunshine Holdings. We believe her vast experience in financial services will further strengthen our Board’s breadth of talent and background, and we are delighted to have identified such an outstanding individual. I am confident that Aruni is going to make an important and positive impact on our company” said Vish Govindasamy, Group Managing Director of Sunshine Holdings PLC. Prior to her role at People’s Bank, she was the Head of Credit for Commercial Banking at Standard Chartered Bank Singapore where she was responsible for end-to-end risk management of a portfolio which consisted of more than 1000 corporate clients. She has also held the positions of Head of Credit for SME at Standard Chartered Bank Singapore, Chief Risk Officer at Standard Chartered Bank Sri Lanka and global audit roles in the wholesale and retail bank at Standard Chartered Bank Singapore. She is also a founding member of the Association of Banking Risk Professionals of Sri Lanka. Aruni holds a Masters in Law from the Harvard Law School and a Bachelor of Laws (Honours) from the University of Colombo. She was a visiting lecturer in law at the University of Colombo. She is on the Board of Trustees of the Overseas School of Colombo and the Chair of the Governance Committee. She is also a Director of Tea Small Holder Factories PLC.

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The Advocata Institute has commended the decision taken by the Department of Census and Statistics (DCS) to launch an e-registry portal to register unregistered and registered businesses in Sri Lanka.

Issuing a statement the Advocata Institute stated that it looks forward to the fruition of this proposal and calls upon Cabinet to support this reform.

“This will allow thousands of Sri Lankan entrepreneurs, unregistered micro, small and medium businesses to formalize their ventures and gain access to formal sources of finance,” it said.

Research carried out by the Advocata Institute identifies a significant array of regulatory barriers that discourage or hinder micro and small enterprises. An all-island survey carried out during the course of our research identifies access to finance as a critical problem. Further analysis identifies the complexity of the business registration process and related regulation as a barrier to registration.

According to the DCS, 45% of micro-enterprises and 10% of small enterprises remain unregistered in Sri Lanka, even though sole proprietorships account for 63.1% of all businesses in the country, and account for 27.1% of national employment. Reforming the registration process through the proposed e-registry achieves the commendable objective of reducing barriers faced by micro and small enterprises.

Advocata Institute’s report titled ‘Barriers to Micro and Small Enterprises in Sri Lanka’ which can be accessed on www.advocata.org/, provides a comprehensive analysis of the problems faced by these businesses.

A key reform recommendation of the report is the establishment of an E-Registry. “While commending the DCS for putting forward this timely reform, we further invite all policymakers to rally behind the task of reducing the documentation and approvals required to register a sole proprietorship or a partnership in Sri Lanka and bring the process in line with that of registering a private company,” it stated.

it further noted that implementing policies that incentivise the registration of businesses would be a step towards achieving the Government’s vision of empowering entrepreneurs and creating a vibrant national ecosystem for businesses.

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By Sanjeewa Bandaranayake Non-Banking Financial Institutions (NBFI) sector has evolved over the past years to be a stronger force in the finance industry in Sri Lanka. Unfortunately, the public only remembers NBFIs in light of unethical practices of Non-regulated finance companies. But NBFIs account for many heart-touching, unsung narratives while working with less privileged people and this sector has empowered many with financial assistance and has assisted in eradicating poverty. It is the NBFI sector that has laid the foundation for many people to become entrepreneurs and that is why this sector is of utmost importance to the finance industry. There are two segments within NBFIs as regulated and non-regulated, and recent years saw a lot of issues and disputes related to Non-regulated finance companies which is one of the main reasons to emphasize on some essential reforms to consolidate the NBFI sector. Reforms needed in the Consumer Credit Act A key amendment is required in the Consumer Credit Act which currently allows both Non-regulated finance companies and Regulated Finance companies to carry out hire purchase services. This situation has led to a lot of issues over the past years, so enacting the proposed Money Lending and Microfinance Acts and making it unlawful for any person or institution to engage in lending activities without being registered under the proposed act, is the ultimate solution for these long-standing issues. The need for viability of regulations for both customers and Finance companies NBFIs specifically cater to the people at the bottom of the pyramid, SMEs and micro businesses, so there is huge risk involved within financial services. The accounting rules, legal framework and central bank regulations need to tally and be interconnected with each other without relying primarily on strict regulations. This means the regulations need to be impartial to both customers and Finance companies as well as focus on mitigating the risk to both parties. Favorable environment for all NBFIs irrespective of size and assets NBFI sector operating within the country are of large, medium and small sizes, but they all contribute to country’s economy at the end of the day. The present scenario offers an edge towards large finance companies over medium and small companies which needs to be addressed. Therefore a favorable environment needs to be created where all finance companies irrespective of size and location are able to thrive. These reforms will also contribute to the economic revival of the country in the long run. Streamlining the grievance handling process Every Finance company has a grievance handling process where customers can resolve their issues by discussing with the officer mandated with the process. This is a formal process and finance companies are bound to investigate the issues put forward by the customers. Customers can even complain to the CBSL if the finance company does not properly carry out the investigations. This process will help many and avoid any disappointment on the part of customer if it is well maintained. Regionalizing the Financial Ombudsman services Another suggestion is to regionalize the Financial Ombudsman service in order to handle the customer complaints and disputes. This service is currently available in Colombo and customers from outstations are deprived of it, so appointing Financial Ombudsmen to all other regions is of utmost importance for the Finance industry. Financial Ombudsman is a person of high repute with experience in Banking and Financial Services. He is selected and appointed by a panel of representatives from the Central Bank, the Securities Exchange Commission, the Institute of Chartered Accountants, the Bar Association, the Organization of Professional Associations and a representative of the participating financial institutions. Importance of a regulated environment In case of an issue faced by a customer who obtains a service from a Non-regulated finance company, that customer has no power over the finance company, so the importance of a regulated environment yet again comes to the fore and it is highly important that people embrace the services of RFCs. If it is a regulated environment, even the CBSL can intervene and make sure that the customer’s issues are resolved. The above mentioned reforms will further strengthen the NBFI sector and allow the customers to obtain financial services with faith, in the comfort of a regulated and safer environment. (The writer is the Senior DGM – Operations at People’s Leasing & Finance PLC with 28 years of experience in the Finance industry.) Photo Caption – Sanjeewa Bandaranayake, Council Member of FHA

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Appeals for permission to plant saplings already in nurseries The Palm Oil Industry Association (POIA) has said in a statement that while it respects the decisions relating to the industry contained in the policy statement of President Gotabaya Rajapaksa, it trusts that a pragmatic solution would be provided in respect of the oil palm saplings imported in to the country following a Cabinet decision taken in 2014 by the government of President Mahinda Rajapaksa. “We appeal to the President and the new government to take into consideration the substantial investments made by the plantation companies in response to the government decision at that time to expand the extent under oil palm cultivation to 20,000 Ha, and seek His Excellency’s intervention to permit planting of these saplings under the specified guidelines,” the Association said. It expressed dismay at the announcement on 20^th August that “the plantation of palm oil trees will be stopped immediately” without an opportunity being provided to the industry to respond to the concerns purportedly behind the government decision. “The campaign against oil palm cultivation in Sri Lanka is based on untruths, half-truths, misrepresentation and panic-mongering and we are surprised that the government has announced a ban on cultivation without an in-depth study of the Sri Lankan case, thereby overturning a well-considered decision taken by the government headed by then president Mahinda Rajapaksa, to proceed with a highly-regulated limited cultivation of oil palm,” the Association said. “Sri Lanka’s oil palm cultivation is a case study for guilt-free palm oil, because all the lessons learnt from the mistakes of other countries have been implemented in the slow and measured expansion of oil palm cultivation over the past 50 years. There has been no deforestation, no habitat loss and no adverse environmental or climate impacts scientifically attributable to the crop,” the statement said. “On the contrary, in areas of the Southern Province where oil palm have been grown for decades, the experience has been that rainfall has increased, and the oil palm absorbs more carbon from polluted air.” It pointed out that in India, Prime Minister Narendra Modi recently took a policy decision to cultivate one million hectares of oil palm after a study of the crop’s benefits. “We are also puzzled by the rationale implicit in the government’s statements that the ban on cultivation of oil palm is in order to promote cultivation of coconut. It has always been the plantation sector’s position that diversification of crops does not have to be at the expense one crop, as that would defeat the very purpose of diversification,” the POIA statement said, pointing out that the original government decision to permit the cultivation of up to 20,000 Ha of oil palm would never threaten the expansion of coconut or any other cultivation, considering that the extent already under coconut is approximately 450,000 Ha. “We do not see any conflict between the cultivation of up to 20,000 Ha of oil palm and the expansion of the extents under coconut,” the Association said. “However, if the government’s objective is to have Sri Lanka’s total requirement of edible oil supplied by locally-grown coconut, a simple analysis of yields and the extents required shows that it will take at least 20 years or more to reach that point. In the meanwhile, Sri Lanka will be compelled to continue importing edible oils, for which the country currently spends approximately Rs 22 billion per annum.” “We urge the government to reconsider the ban and to provide the oil palm industry an opportunity to respond with facts and figures to the concerns that have been advanced by lobbyists against the industry,” POIA President Dr Rohan Fernando said. “This must be done speedily, as plantation companies will sustain a cumulative loss of more than Rs 500 million within two months because 356,000 oil palm plants we imported after obtaining quarantine approval on the strength of the government decision to expand cultivation have been maturing in nurseries for more than three years and will have to be destroyed.” The Palm Oil Industry Association represents cultivators as well as refiners, processors, manufacturers, marketers and sellers of palm oil and other products of the oil palm, who have cumulatively invested Rs 26 billion in the industry. Sri Lanka has less than 11,000 hectares under oil palm – just over 1 per cent of the extents under tea, rubber and coconut – and plantation companies had been mandated to increase the total area under oil palm to 20,000 hectares under strictly-enforced guidelines that ensure the industry is environmentally non-invasive, before the government back-pedalled on the plan. ( Press Release issued by the Palm Oil Industry Association)

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Sri Lanka Unites is the honored custodian of this comprehensive compilation of Ambassador Jayantha Dhanapala’s work December 15, 2019 saw the launch of a long awaited book sharing the life story of an internationally recognized Sri Lankan personality who was praised by President John F Kennedy, and who represented the island nation at the United Nations. The new volume ‘Sri Lankan Son and Global Diplomat’ unravels illustrious Ambassador Jayantha Dhanapala’s professional career at the United Nations along with interesting anecdotes and insights into his personal life. Sri Lanka Unites (SLU) is the privileged publisher of ‘Sri Lankan Son and Global Diplomat’ -and this is SLU’s maiden publication as well. Prashan De Visser, Founder and President of SLU, sharing his thoughts of the Sri Lankan legend and the book itself, says: “Over the past 12 years I have had the incredible honour of being mentored by Ambassador Dhanapala and to closely work with him while he served as the Chair of the Board of Trustees for SLU. I remember in 2009 when the internal war came to a bloody end, we were seeking to expand our efforts as a youth movement for reconciliation and hope. We desperately needed the wisdom and counsel of outstanding Sri Lankans who had ventured ahead of us in the pursuit of an inclusive Sri Lankan identity and had striven to create a just and thriving society for all Sri Lankans. We also needed those who had garnered national and international credibility for their work and character, to boost our own credibility as a movement. Ambassador Dhanapala met all these criteria-and then some! He was truly a legend and to us. No one could represent our nation with such dignity and virtue. We as a young team of passionate, inexperienced, and unknown young professionals with grand dreams of creating a transformation in the nation’s turning point, didn’t even expect a response to our e-mail, let alone the warm encouragement and the willingness to oblige our request to meet him in person.” “We sat with him as a team and shared our vision of our desire to be the change agent for Sri Lanka using this fledgling movement. He listened intently and earnestly, also sensing our naiveté and idealism but he was never condescending –neither he uttered a single word of discouragement. This has been his demeanour throughout his term as the chair of our Board of Trustees. He speaks clearly and alerts us to the need for caution when needed, and his quiet confidence in us as a new generation of leaders and members of civil society has been one of his strongest blessings to the movement.”

This collection of Ambassador Dhanapala’s speeches unravel a beautiful, inspiring and an impressive tapestry about an incredible personality, who refuses to be limited by the parameters of selfish ambition, seeks to serve for the betterment of others, refuses to be bound to his ethno-religious subculture and strives to serve all Sri Lankans in the same way. Remarkably, he denies to be limited to serve Sri Lanka’s sole needs only, but chooses to serve the world at large. He proves, time and time again, that his breadth of knowledge, insights, and eloquence are ceaseless. Each discourse of him gives the reader a magnificent glimpse into the soul of a man whose authenticity is unmatched, and his perseverance that emerges here is truly inspiring. From his 17 year old self, writing essays of a greater world, that piqued the interest and lauded him the praise of President John F Kennedy, to his powerful work on disarmament that won him a lifelong friend in UN Secretary-General Kofi Anaan and to his speeches to Sri Lankan youth to lead the nation away from cycles of violence and towards justice and reconciliation, his steadfast commitment to universal-rather than parochial- human values is astounding. “A few years ago, he said that serving as the Chair of the Board of Trustees of SLU was one of the greatest honors received in his professional life. To us as a movement, being custodians of this book, a collection of his speeches, along with a decade long relationship with this giant of a man has been one of the greatest honors to us too and we are humbled by this privilege. We will work to ensure these words of wisdom and knowledge will reach a new generation of Sri Lankans and global citizens and the impact of these words will echo for generations to come and will inspire new hearts and minds to take on the challenges of yesterday as well as today, just as Ambassador Dhanapala, fearlessly, passionately, and convincingly have been. We as a movement truly stand on the shoulder of this giant and vow to live lives that transform global societies and national realities.” ‘Sri Lankan Son and Global Diplomat’ is now available for purchase at the Sri Lanka Unites Head Office and all Vijitha Yapa Book stores. Readers who would like to have the book delivered to homes are invited to place orders by calling Sri Lanka Unites on 0112 553 057 or 076 854 3347.

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Senior Deputy Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe stated that Sri Lanka has more than sufficient reserves to meet its debt servicing obligations and there is no issue with debt repayment for this year. “We have already received $ 400 million under the SAARC SWAP facility. That is why the reserve level has gone up to 7.2 billion and to repay the October maturity I think we have more than sufficient comfortable level of reserves so that we can meet that debt service payment without any issue. If you look at the balance part of this year, it is about 2.5 billion and we have 7.2 billion. So, I think we don’t see any issue with debt repayment for this year, and then going forward the government will come up with a borrowing strategy, then we can look at that thing,” Dr. Weerasinghe told media whilst addressing the monetary policy meeting in Colombo recently. The CBSL entered into a $ 400 million bilateral currency SWAP agreement with the and the Reserve Bank of India (RBI) on, 24 July 2020 under the Framework on Currency Swap Arrangement for South Asian Association for Regional Cooperation (SAARC) countries for 2019 – 2022. The intention of the CBSL in entering into this Swap agreement was to be able to maintain a sufficient short-term foreign exchange liquidity while preserving the foreign currency reserve position of the country intact. Under the Swap agreement, $ 400 million will be received by Sri Lanka, initially for a period of 3 months and will be rolled over twice each with a 3 months tenor, subject to agreement on terms and conditions of the existing SAARC Framework.

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The Chartered Institute of Personnel Management (CIPM Sri Lanka) presents a public training session this Friday, 28^th August, at the Galadari Hotel Colombo under the dual topics – ‘Sharpen your Communication Skills’ and ‘Preparing for and Facing an Interview’. This three-hour session will be conducted by media personality and veteran corporate trainer Kumar de Silva. The detailed and wide-ranging contents of this combo session are also demand-based, and have been carefully designed to both complement and enhance the participants’ existing knowledge, as they sharpen their communication skills and prepare to face that all important job interview. One of Sri Lanka’s much sought-after Corporate Etiquette trainers, Kumar de Silva continues to share his experiences and a wide range of soft skills to help school leavers, undergraduates, graduates and corporates gain self-confidence, enhance their individual social performance levels and navigate their personal role in a highly competitive corporate journey to success.

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As communities and businesses in Sri Lanka continue to organize themselves online seeking to connect, respond, and share trustworthy information, Rakuten Viber has fast become a favorite amongst Ministries, News Channels, Financial Institutions and even Artists for one of their most advanced features – VIBER COMMUNITIES. Communities are pretty much like groups, but bigger, better and safer. This incredible feature has put instant messaging, private forums, and even file sharing, into one hub for collaboration. It’s easy to create or become a part of one, and accessing information is a breeze. For users, it’s much more convenient than receiving a hoard of emails. You can join conversations that are applicable to you, and you’re welcome to skip anything irrelevant. STRONG, TRUSTED PARTNERSHIPS Viber Communities consists of a vibrant network of partnerships which provides a great amount of value for its users, especially in this extended state of quarantine where businesses are rapidly moving to online spaces. As the impact of COVID-19 is still being felt in our cities, Viber Communities has made it much easier to shop for essentials such as groceries, medicines and even the privileged affections such as beauty and self-care products at your utmost convenience while keeping safe. With customer’s health and security in mind, partners such as Cargills and Sri Lanka Delivery Services conduct trade online, so you can keep to social and physical distancing at all times. Viber Communities allows these partners to communicate a considerable variety of available products, accessible payment schemes, heightened safety measures, and a smooth delivery schedule. Now more than ever, as brands work overtime to make sure that transactions are seamless, the advanced feature from Viber enables customer satisfaction to not only be at par but better than it once was. Viber partners such as the People’s Bank makes it easy for its users to access the bank’s facilities through Communities. Browse reliable information about their latest products, service upgrades and policies all in a matter of seconds. You can even connect with your most favorite local Artists and Influencers in a direct, vibrant and authentic way. Celebrities such as BNS, Sachini, Yureni and Dinakshie regularly engage and entertain their raving and loyal fans through this enhanced Communities feature. EASY ACCESS TO VITAL AND VERIFIED INFORMATION Avoid confusion and fear gained through misinformation and speculation when you sign up to Communities from the Health Promotion Bureau, World Health Organisation (WHO) Sri Lanka and a host of News Channels. Viber’s partnerships with official sources make it easier for you to access verified information, stay up to date on the latest news, the pandemic, related precautionary measures and share information responsibly. RELIABILITY, SECURITY AND PRIVACY Safety and privacy remain a top priority for Viber and the snazzy Communities feature ensures that members’ mobile numbers stay hidden from other members in the community. Viber understands the importance of reliability, security and privacy when businesses adopt new digital services- especially messaging and information sharing services. Viber is committed to safeguarding these values as they connect organizations in Sri Lanka to a broader audience while in the comfort of their homes. The increase in Viber’s performance throughout the Asia Pacific region with a 208% growth in messages exchanged within Communities and a 129% jump in views compared to the same period last year indicates the growing trust and popularity of Viber as a preferred messaging platform.

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INSEE Cement Sri Lanka, the country’s foremost cement manufacturer is expanding its multifaceted approach to counter the spread of COVID-19 across the island by appreciating the selfless efforts of Sri Lanka military personnel who stepped up to fight the spread of the virus from the frontlines. The industry leading cement producer signed a Memorandum of Understanding (MoU) with the Sri Lanka Army on the 31st of July 2020, offering Sri Lanka military personnel a special concessionary rate for INSEE’s flagship homebuilding brand – INSEE SANSTHA as a gesture of gratitude to personnel across all ranks of the army. The MoU was formalized by Brigadier Tikiri Dissanayake who heads the Directorate of Army Welfare, and Mr. Jan Kunigk, Executive Vice President – Sales, Marketing & Innovations at INSEE Cement at the Army Headquarters, Sri Jayawardenepura Kotte. “From distributing relief and contact tracing to running quarantine centers across the country, the Sri Lanka Military has been exemplary in their efforts to fight and contain COVID-19 in the country,” Jan Kunigk stated. “We are honoured to be part of this project implemented by the Directorate of Army Welfare to offer Sri Lanka’s most loved cement brand SANSTHA at a subsidized rate to all Army personnel, and will continue to play our role as a responsible corporate that is in the frontlines, leading the re-building of our nation.” INSEE Cement was one of the corporates that stepped forward at the onset of the COVID-19 pandemic to support the government of Sri Lanka’s efforts in curbing the spread of the virus across the island. The company provided face shields and masks to the Sri Lankan Army during the height of the pandemic and lockdown across Sri Lanka. Army personnel will be able to purchase subsidized INSEE SANSTHA Cement by coordinating with Army Welfare shops in Panagoda, Anuradhapura, Pallekele, Minneriya, Boossa, Ampara, Diyatalawa and the Army Headquarters in Sri Jayawardenepura Kotte.

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Seylan Bank has enabled the American Education Center Ltd (ANC) to facilitate their payments through Seylan Merchant Portal, the first fully-fledged and multipurpose digital payment platform that offers a safer and more convenient option for carrying out digital transactions. Seylan Bank offers its services to ANC Education Main Campus, covering its US and Australian undergraduate and postgraduate programs and for the Branch Campuses in Kandy and Maya Avenue catering to SQA and UWL programs for final year students. Through a fully customizable payment platform, Seylan Merchant Portal provides users the option to carry out cashless payments seamlessly with just one click through the ANC website. A salient feature of the platform is that it enables merchants to track their payments and customers’ spend history with a range of different insights, enhancing merchant reconciliation convenience, along with accepting payments seamlessly to provide great customer experience. Another key aspect is the digitization of payment initiations and communication – the platform through its user-focused design ensures easier access when sharing payment links and or sharing reminders to customers through various communication channels. Being at the forefront of modern digital trade in the banking sector of Sri Lanka, Seylan Bank believes in enabling the business community and entrepreneurs of the nation with tools to suit modern-day digital trading. Through the use of Seylan Merchant Portal, Seylan Bank aims to enhance customer experience and convenience. Known as the Bank with a Heart, Seylan’s vision to enable and empower Sri Lankans with tools to face the future of Digital Economy is driven further through Seylan Merchant Portal. Seylan Bank plans to enable its Merchant Portal services and support system across a number of key industries to ensure service excellence and consumer convenience across a magnitude of local businesses, both big and small. For more information on products & services, please visit www.seylan.lk

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The Singer Fashion Academy, being in operation for over 60 years, has called for new enrollments to its Certificate in Fashion Designing – a highly sought-after qualification in Sri Lanka’s Fashion industry, a qualification which is also validated by the Chartered Society of Designers (CSD), UK. The Academy has commenced accepting applications for the September intake of the certificate program and the intake is open till 30^th of September 2020. Singer Fashion Academy is the first Sri Lankan institute to gain course validation from CSD, UK, the internationally recognized professional body for the design profession, which champions professional design practice. The Academy helps students to achieve international recognition with a clear-cut pathway for aspirants in fashion designing. The September 2020 intake for Certificate in Fashion Designing will see the Academy introducing a perfect blend of both online and in-class sessions with the integration of course modules to suit a flexible online learning method. The online sessions will be held via Microsoft Teams platform while the students will need to be present for the in-class practical sessions. The recordings of all online lectures will be available on Microsoft Teams for further reference of students. Singer Fashion Academy will conduct a series of introductory sessions to provide students with an insight to the program. These sessions will be conducted via ZOOM and work to create pre-awareness for applicants about the course and its career prospects. Registration for these free awareness sessions can be done through Singer Fashion Academy Facebook page or by calling the hotline: 0766177177. In addition, the students who register for the Certificate in Fashion Designing program also receive a free fashion designing tool kit that they will use during the program for pattern making. The Certificate in Fashion Designing is a stepping-stone to a solid career path. The six-month long Certificate is the foundation program and upon completion, students gain entry into the Diploma and Advanced Diploma in Fashion Designing. The Certificate in Fashion Designing is a bi-annual course, which is available in March and September intakes. Students with two credit passes for both Mathematics and English for the GCE Ordinary Level examination are eligible to apply for this course. The Diploma in Fashion Designing (one-year program) and the Advanced Diploma in Fashion Designing (one-year program) that follows are equivalent to the first two years of a University program under the UK curriculum. The students who successfully complete the course will be awarded with an internationally recognized certificate from the Chartered Society of Designers (CSD), UK in addition to the certificate awarded from the Singer Fashion Academy. The academy ensures that students reap maximum benefits from the course by offering comprehensive practical sessions, mastery of industry skills, exposure to industry experts and reputed lecturers from both local and international universities, personalized discussions and Q&A sessions. Therefore, the contribution of the Academy to Sri Lankan Fashion Industry is substantial. Commenting on the overall contribution of Singer Fashion Academy, Koshitha Peramunugamage, Head of Singer Business School said: “Over the years, we were able to groom passionate individuals into professionals in fashion designing. This is why despite the ongoing challenges, we are firm in providing uninterrupted education to students from all corners of the island who are eagerly awaiting enrollment in our courses. We have stayed true to our promise of shaping students to become professionals in fashion designing, and we always aspire to provide an international level experience and recognition through our courses.” Singer Fashion Academy offers over 20 different programs including three Diploma programs, eight Certificate programs and 11 short courses. It has established 65 strategic learning centers enabling students to take up the courses from the nearest and most accessible learning center. In addition to the validations by the Charted Society of Designers, UK, most of the courses are recognized by the Tertiary and Vocational Education Commission (TVEC) of Sri Lanka as well. More information about Certificate in Fashion Designing and enrollment process can be obtained by sending an email to sbs@singersl.com or through Singer Fashion Academy Facebook page.

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By Prof. Samitha Hettige © Everyone in Sri Lanka is discussing about power generation and distribution related issues during the past few days. The Belt and Road Initiative (BRI) or the 21st Century Silk Road has initiated more green energy initiatives with partner countries than any other international development initiative in the world. We should investigate the possibilities of utilizing our wind power to generate energy with support from BRI. In fact, Sri Lanka is an active member of the BRI and there are few good case studies down the BRI we can learn from. In Montenegro the Mozura Wind Park with 23 smart turbines was inaugurated few years ago and has been generating clean energy for the country’s power grid. As a joint China-Malta-Montenegro project as part of the BRI, the park was constructed by the China’s Shanghai Electric Power Company (a subsidiary of the China State Power Investment Corporation) and Malta’s state energy provider Enemalta. As a result, Montenegro is converting wind into electricity facilitating the development of Montenegro’s Adriatic coast and the whole country. This coastal area is a world-famous tourist destination and the wind turbine park has also become a tourist attraction and has attracted thousands visiting the country on holiday (Ref Enemalta). Montenegro like Sri Lanka depended much on hydropower, but its energy production was affected due to climate conditions. In the recent years power shortages affected overall development and especially restricted its tourism development. With mounting pressure to address power shortages and the necessity to follow global trends on producing clean energy Montenegro initiated the construction of wind energy parks. In Montenegro tourism takes 23% of its GDP and a stable power supply is vital (Ref. World Bank). With the energy contribution from the Mozura Wind Park, the share of clean wind generated energy has increased by 9% in Montenegro. It has helped the country to stay in line with the European Union’s renewable energy targets. This wind park generates around 110 GWh annually, and its share in overall production will reach 3-5%. With these developments Montenegro managed to meet the national demand for electricity for the second consecutive year through only domestic production while reducing greenhouse gas emissions by 95,000 tons. In 2017, the Chinese-Maltese joint venture signed an agreement to invest in a power plant in Montenegro. In 2018 all turbines were installed by Chinese engineers assisted by Enemalta and ensured that everything is in accordance with the EU energy laws and quality standards. Finally, after detailed testing the Mozura Wind Park started operations. This project is an indicator to confirm the Montenegro government’s ability to turn Montenegro into a leading investment destination in Southeast Europe. The recent power cuts in Sri Lanka and the international publicity it gains may affect tourist arrivals and investor confidence. Sri Lanka as a country must keep the elements behind the power issue under strict control to attract investment, tourists and the all other benefits. (The writer is an Academic and a Broadcaster. Views expressed are personal and may not necessarily be the views of his affiliations.)

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According to a stock exchange disclosure, Lakma Holdings (Private) Limited has agreed to purchase a controlling stake in the Colombo Stock Exchange-listed MTD Walkers. According to a statement from MTD Walkers PLC; Lakma Holdings (Private) Limited had agreed to purchase from MTD Capital Bhd, the majority shareholding of the company of 152,183,583 shares held by them constituting to 90.78% of issued shares of the company subject to a legal due diligence by two independent expert firms appointed by Lakma Holdings (Private) Limited. The disclosure further stated that the Share Sale and Purchase Agreement (SSPA) dated 20 August 2020 has been executed subject to the said due diligence by and between MTD Capital BHD of Malaysia and Lakma Holdings (Private) Limited in support of this purchase. MTD Walkers is a listed construction company engaged in infrastructure-related businesses. MTD Walkers was plagued by financial turmoil, reporting losses for the financial years ended March 2018 and 2019. They have defaulted on payments of listed debentures, have been embroiled in litigation with many of Sri Lanka’s banks, and have had their shares suspended from trading at the CSE.

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With an undisputed reputation in the steel industry, Lanka Special Steel Limited (Lanka SSL), a subsidiary of E B Creasy Group, stepped up to strengthen its long-standing partnership with TATA Steel Ltd’s Global Wire India (GWI), one of the world’s largest steel wire manufacturers with industrial facilities in India and Thailand. Lanka SSL will be the sole agent and distributor in the country for all of its premium quality wire products, further expanding its existing portfolio. The products now include High Tensile wire (HTS) used in concrete reinforcement of electric poles and pre-stressed concrete pipes, Prestress Concrete Strand wire used in pre-stressing concrete for constructing various types of structures, Spring wire for mattresses and body parts of motorbikes, Bead wire for tyres in automotive products, Shutter wire for roller gates, Heavy GI for Gabions and high value products. Its steel wires being used across various industry segments ranging from construction, automotive and power to general engineering and retail. It takes great pride in having supplied wires for many iconic structures across the world. GWI is a division of Tata Steel which is one of the world’s most geographically-diversified steel producers. With this strategic move, Lanka SSL will now ship and store its products in contrast to having to pre-order them. Customers can now seamlessly access these premium high-quality products with Lanka SSL taking all possible measures to assure its reach and availability in the market. Mr. Anurag Pandey, Chief of Marketing and Sales said: It is with great pleasure that we announce the new level of relationship with one of the most respected and reputed company: LSSL as our sole distributor in Sri Lanka. Tata Steel has a long serving history of strong channel presence in the retail and institutional segments which Global Wires India Division now seeks to extend and leverage in International markets.’ ‘With the appointment of LSSL as its sole distributor in Sri Lanka, the two decades of mutual trust between these two companies gets further reinforced, besides opening up new avenues for business development, increase our market presence and significantly augments our customer serviceability in the market place, bringing us closer to the customers and market. Our commitment to our customers lies in the offering of high quality products with differentiated top notch service levels which gets further strengthened with this strategic alignment with LSSL. My warmest congratulations to LSSL on this appointment and best wishes for greater success and continued improvement of our business relationship.’ Mr. Pravin De Silva, CEO of Lanka Special Steel Limited, said ‘We are delighted to reinforce our successful partnership with a global leader in steel wires. Though we have represented as a local agent in the past offering a few of their products, we’ve now expanded to include all of its wire products being the sole distributor in Sri Lanka. This will be helpful to our customers in numerous ways to enhance their cost-effectiveness since material readily available in Sri Lanka.’ Over the last sixteen years, Lanka SSL has been providing excellent customer service and superior products to its clientele, especially in the booming construction sector in Sri Lanka, making it a leader in the industry. LSSL have built their reputation with repetitive and loyal customers, and their highly qualified team. The team provides a well personalized and individualized approach to each order and each client, and continually strives to provide solutions to all their customer needs and requests. Lanka SSL is an ISO 9001: 2015 and SLS 139: 2003 certified company. Photo Caption: (L-R) Anurag Pandey, Chief of Marketing and Sales at TATA Steel Ltd’s Global Wire India (GWI), and Pravin De Silva, CEO of Lanka Special Steel Limited (Lanka SSL)

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Offers a range of special benefits and free services to further support entrepreneurs The Commercial Bank of Ceylon has given fresh expression to its commitment to Small & Medium Enterprises (SMEs) with the launch of an exclusive Credit Card for the sector. One of the largest lenders to SMEs in Sri Lanka, the Bank will issue the Mastercard-branded Credit Card to entrepreneurs that fall into the SME category as defined by the Central Bank of Sri Lanka (CBSL), and meet the standard credit evaluation criteria. For members of the Bank’s Biz Club, the card has been named ‘ComBank Biz Club SME Credit Card’ while for other SMEs of the card bears the name ‘ComBank Business SME Credit Card,’ the Bank said. The card will confer several additional benefits to cardholders, such as a waiver of the joining fee and annual fee for the first year, free access to Commercial Bank’s Mobile Banking (USSD and SMS) services, free registration for the Bank’s Online Banking platform combined with a waiver of the annual fee for the first year of use, and free registration for Paymaster – the Bank’s bulk payments platform – and a waiver of the fee for the first month of use and a travel insurance for overseas travels. Commercial Bank’s SME Credit Cards will also be eligible to Mastercard sponsored international and domestic offers exclusive to that category of cards and will be eligible to earn higher ComBank Max Loyalty points at the rate of one point for every Rs 400 spent via the card, the Bank said. Among the value additions provided by Commercial Bank to the SME sector is the Bank’s ‘Biz Club’ launched in 2017 with the objective of providing SMEs with extensive networking opportunities, support beyond lending and a range of other benefits including special bank concessions and a personalised Biz Club Debit Card. Members also receive economic updates and alerts on new business developments via email and SMS and free registration for Online Banking facilities. Additionally, Biz Club members are entitled to free financial advisory services and invitations to exclusive business seminars which are beneficial to the development of their businesses. Commercial Bank Credit and Debit Cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both Credit and Debit Card holders under its Max Loyalty Rewards scheme. The Bank was also a pioneer in extending promotional discount offers, which were traditionally only offered for Credit Cards to its Debit Cards. Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy market leadership in Credit and Debit Card cumulative point-of-sale usage. The Bank offers a variety of Credit Cards in the Classic, Gold and Platinum tiers of Visa, Mastercard and UnionPay cards, as well as Visa Signature, World Mastercard, Visa Infinite, UnionPay Asia Prestige Diamond and UnionPay Asia Prestige Platinum Cards in the premium segment. The cards are equipped with ‘Tap’ n Go’ NFC technology and are backed by a strong NFC point-of-sale network. The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100^th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 873 ATMs in Sri Lanka.

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COSMI welcomes critical life support to MSMEs
MSMEs are still slow to come back’-Rajabdeen

Sri Lankan MSMEs have welcomed the decision of the new government led by Prime Minister Mahinda Rajapaksa to extend the bidding deadline for loan infusion. “Due to the lockdowns, MSMEs faced collapse. We welcome the government’s life support to MSMEs by giving working capital loans at 4% interest. However, logistic disruptions, many MSMEs were unable to join this scheme. We thank the new government for realizing their plight and extending the Saubagya deadline which is a critical relief by itself” said the President of Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) Nawaz Rajabdeen on August 25. “The supply chains and cash-flows of MSMEs have been severely disrupted by COVID19 lockdowns. After lockdowns, MSMEs in sectors such as apparel, processed foods, and handlooms are making a slow comeback while MSMEs in other sectors such as tourism and footwear and leather may take more time. Therefore we praise this Central Bank for extending the application deadlines for 4% working capital loan relief” Rajabdeen said. The loans, to be granted under the Saubhagya (Prosperity) Loan Scheme as a ‘Saubhagya COVID 19 Renaissance Facility’ will be made available to MSMEs in manufacturing, services, agriculture, construction, self-employment businesses and individuals and the businesses in the sectors of tourism, exports and related logistics suppliers. Financial institutions are to grant a working capital loan facility to eligible performing and non-performing borrowers not exceeding two months’ working capital requirement and to be repaid over two years at an interest rate equal to 4% p.a. “The Monetary Board decided to extend the deadline of 4% Working Capital Loan Scheme, at its meeting, held on 19th August 2020. Accordingly, COVID-19 affected businesses and individuals can submit their loan applications under the Saubagya COVID-19 renaissance facility to respective licensed banks until 30th September 2020” the Central Bank announced on August 21. The Confederation of Micro, Small and Medium Industries (COSMI) was formed in 2019, and aims to revive and foster the MSME and industry sectors of Sri Lanka.

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HSBC Sri Lanka opened its newest Express Banking Centre at the Hambantota Maritime Center adjacent to the Hambantota International Port recently. The Express Banking Centre located in the 12 story Maritime Center lobby, completes the full complement of representative offices and service providers that will give support to the multipurpose port in the South of Sri Lanka.

HSBC Sri Lanka and Maldives CEO – Mark Prothero attended the opening ceremony, accompanied by Ray Ren, CEO of Hambantota International Port Group (HIPG), Yang Zuoyuan, Economic and Commercial Counsellor of the Chinese Embassy and other HIPG representatives. Local business partners and HSBC’s senior management and staff were also present.

“With Hambantota International Port Group’s efforts in developing this economic zone, we believe Hambantota will be an area with significant investment and development over the coming years and HSBC is keen to be where the growth is. As the leading international bank in the country, we wish to support the country’s future developments, and to be accessible to our customers in Hambantota, offering convenient and world-class banking solutions that meet their everyday banking needs. Having operated in Sri Lanka for 128 years, our presence in Hambantota is a reinforcement of our service commitment to Sri Lanka.” said Mark Prothero, CEO for HSBC Sri Lanka and Maldives.

Ray Ren, CEO of HIPG, spoke of HSBC’s track record in parallel to HIPG’s parent company CMPorts, “Both HSBC and China Merchants Group are two of the oldest organisations that began operations in Hong Kong and became global names in banking and port development respectively. Over the years we have built a long-term relationship with the HSBC Group and in Sri Lanka, we began our cooperation with the bank when China Merchant Group launched its very first project at the Colombo Port. We are glad to see this partnership extend from Colombo to Hambantota, with HIPG, as HSBC Sri Lanka establishes its presence as the first foreign bank to facilitate banking in Hambantota.”

“I am confident companies in Hambantota Port will enjoy world-class financial services with the opening of the HSBC Express Banking Center and undoubtedly, HSBC’s customer network will help attract more investments and business to the port. This will advance bilateral financial cooperation and promote the development of the Port,” said Yang Zuoyuan Economic and Commercial Counsellor, Chinese Embassy in Sri Lanka Speaking at the opening ceremony.

The HSBC Express Banking Center, conveniently located on the ground floor of HIPG’s Maritime Center in Mirijjawila, aims to facilitate the every-day banking needs of its corporate clients operating in the locality and retail banking customers, with a selection of self-service banking facilities, including ATM for cash withdrawals as well as Internet Banking and Phone Banking facilities, 365 days of the year. The bank plans to support the international banking needs of their customers, helping them live their lives to the full, with the newly enhanced HSBC Premier proposition that offers a Bank in a pocket, Borderless banking and HSBC Premier Rewards.

Hambantota International Port is a multipurpose port with a wide range of services including container handling, general cargo, Ro-Ro, passenger, bunkering, bulk terminal, gas and project cargo. In addition to maritime services, the port is well on its way to becoming a logistics hub in the region, with warehouses, storage areas and distribution centres being set up within the port premises. Hambantota port is perfectly located to provide its customers with all the services that would make it one of the top multi-purpose ports in the world.

Photo caption: Pictured from (L-R) is Raymond Mu – CFO of Hambantota International Port Group, Stuart Rogers – Head of Wholesale Banking, HSBC with Mark Prothero, CEO of HSBC Sri Lanka and Maldives, Ray Ren, CEO of Hambantota International Port Group, Yang Zuoyuan, Economic and Commercial Counsellor of the Chinese Embassy in Sri Lanka and Nadeesha Senaratne, Country Head of Wealth & Personal Banking, at the opening of HSBC’s Express Banking Centre in Hambantota.

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Biz confidence rebounds following election and with an eye on the post-COVID era

While the plaudits for Sri Lanka’s COVID-19 response continued to flow in and the successful conclusion of a largely peaceful election was duly recognised, the country faced yet another challenge in the form of a nationwide blackout in mid-August. A technical problem at the Kerawalapitiya oil-fired thermal power station plunged the island into chaos for over eight hours on 17 August, followed by power outages for up to four days announced by the state-owned Ceylon Electricity Board (CEB) to carry out the necessary repair work. This also meant a return to a state of uncertainty and a spanner in the works of business continuity, which was only beginning to return to a state of normalcy – so undoubtedly, a long-term resolution is the need of the hour. Nevertheless, the latest LMD-Nielsen Business Confidence Index (BCI) survey – which was conducted in the first week of August – reflects a visible improvement in sentiment and sense of cautious optimism vis-à-vis corporate interests.

THE INDEX The index recorded a 20 basis point increase from the previous month to 117 (to only four points shy of the average in the last 12 months) in August, which Nielsen’s Director – Consumer Insights Therica Miyanadeniya describes as “not remarkable” but nonetheless “a good achievement” for the BCI that performed dismally at the height of the COVID-19 crisis. She explains: “Although the presidential election held in November last year brought about a phenomenal jump in the BCI as well as the Consumer Confidence Index (CCI) whereby both indices recorded five-year highs, the recent general election didn’t command such a remarkable improvement.” Furthermore, Miyanadeniya observes that “businesses, still smarting from the effects of the COVID-19 pandemic, seem to have other things on their mind” in looking to plan the next steps to revive business. SENSITIVITIES With fears over COVID-19 appearing to be on the wane, the fact that inflation is beginning to creep up is taking precedence among the concerns of businesspeople today. And the value of the rupee, not to mention the financial instability of businesses and consumers alike, also emerge as key corporate sensitivities. The coronavirus is viewed as the foremost concern from a national perspective with the likes of the economy and inadequate per capita income also featuring among the major priorities for the nation. PROJECTIONS We did speculate in last month’s edition of the BCI that no matter what the election outcome turns out to be, the mere fact that there will be political continuity for the next five years could see the index heading north – and indeed, this has transpired. Miyanadeniya remains hopeful that “the BCI will continue to rise with the work put in by corporate leaders to improve the state of their businesses as well as efforts of the recently elected government to come up with new strategies to uplift an economy under stress.” The other side of the coin will be how corporates view the new regime’s handling of matters of the constitution and indeed, their take of cabinet and other key portfolio announcements.

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