People’s Bank has entered into a Memorandum of Understating (MOU) with the Government Medical Officers’ Association (GMOA), one of the premier professional bodies in the country, with a view to granting personal loan facilities for its membership base comprising over 18,000 members island wide. In the light of their prominent and utmost professionalism to uplift the health sector in the country, the Bank has taken necessary steps to introduce this special loan scheme under more relaxed terms and conditions. A ceremony to sign the Memorandum of Understanding (MoU) was graced by People’s Bank Chairman – Sujeewa Rajapakse, Chief Executive Officer / General Manager – Ranjith Kodituwakku, Deputy General Manager (Retail Banking and Process Management) – Renuka Jayasinghe, Chief Manager (Retail Banking) – Champa Gamage, Colombo South Regional Manager – N.K. Wimalasiri, Manager (Retail Banking) – Ravi Perera, Union Place Branch Manager – Amali Isiwari and other officials together with several GMOA members including President – Dr. P.S.M.A.B. Padeniya, Asst. President Dr. – Chandana Dharmaratne, Welfare Coordinator/General Committee Member – Dr. Prabath Sugathadasa, Secretary – Dr. M.A.J. Fernando and General Committee Member – Dr. Nishantha Sugunapala. Through this special loan scheme, all GMOA members will be entitled to obtain personal loans up to Rs. 15 million without the need for guarantors. A fixed concessionary interest rate will be applicable along with an extending repayment period of 10 years with no early settlement charges. Moreover, having considered the busy schedules of Medical Officers, People’s Bank has been prepared to render an efficient customer service as well. This latest collaboration with a premier professional body in Sri Lanka is marked as a continuation of People Bank’s ongoing effort to provide professionals in the      State sector with innovative financial solutions. The Bank has already provided similar loan schemes for staff members of all universities coming under the purview of University Grants Commission (UGC). Arrangements have been in place to facilitate this special loan scheme through People’s Bank island wide branch network. Further information in this regard can be obtained from the nearest People’s Bank.    

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Huawei, the innovative smartphone manufacturer has introduced an all-new Postal Repair Service in a bid to support the Huawei device holders. With this latest initiative, which is available 24/7 and 365 days, customers avail a free pickup and delivery service that facilitates convenient smartphone repairs. This convenient courier service intends to facilitate the customers by saving time on repairs and traveling costs while eliminating the need to travel in traffic and the long waiting queues. Commenting on the novel initiative, Peter Liu, Country Head of Huawei Devices, Sri Lanka shared, “Customer convenience and satisfaction are what matter to us the most in our service offerings. This door-to-door repair service helps to save the time spent on repair services and customers do not need to worry about repairs as our well-trained technicians will take optimal care of all device repairs. All the repair services will be conducted by experienced Huawei mobile technicians who have a proven track record of providing a best in class service. We invite all Huawei customers to use this most trusted and hassle free repair service.” The devices under the warranty period will be repaired free of charge while the devices that do not conform to warranty conditions will incur a repair cost including a cost for spare parts. The service center will constantly update the customer about the repair progress via the collected contact details. The customers who wish to obtain this service can follow a simple procedure that further attests the assurance of the service. The customers may back up the smartphone data and then delete all the personal data, passwords, so that there will be no privacy related concerns. Customers can contact the Huawei call center via 011-2423017 to arrange for a courier company to pick up the device from the required location. Then the courier company will coordinate with the customer requesting the contact details, pick up address, device serial number/IMEI number and also details about the defect. The customers are instructed to pack the device in the original box in order to prevent any transit damages and they can obtain a proof of collection from the courier company. The repaired devices will be tested by a skilled mobile technician to verify whether the repair has been succefully completed and will be sent to the delivery address via courier. The smartphone giant, Huawei has been duly recognized at renowned awards ceremonies and has been constantly featuring in global brand indexes. Huawei was ranked 47^th on BrandZ Top 100 list of Most Valuable Global Brands, 79^th on Forbes World’s Most Valuable Brands and 25^th on the Brand Finance Global 500 Most Valuable Brands lists. Huawei has also achieved the number 68th position on Interbrand’s Best Global Brands and has also featured in Fortune’s Global 500.

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Cementing its position as a leading employer in Sri Lanka, diversified conglomerate Sunshine Holdings recently secured the coveted certification from The Great Place To WorkInstitute– recognising Sunshine Healthcare Lanka (Medical Devices and Pharmaceuticals), Watawala Dairy, Watawala Tea Ceylon, Sunshine Tea and Sunshine Energy. The certification program assesses existing people practices and employee experience in workplaces based on the five principals of credibility, respect, fairness, pride and camaraderie. The Great Place to Work Certification is the culmination of thoughtfully crafted human resource practices and values, consistently applied over Sunshine’s 50 years of operations. The positive employee morale fostered in the Group is a result of a high-trust experience that enhances productivity and places great value upon employee happiness and well-being. “It is a great honour to be recognised by the Great Place to Work Institute. It solidifies Sunshine’s deep commitment to foster an open, secure and diverse work environment where employees can thrive and excel in their careers and exceed stakeholder expectations. With a pandemic raging through the world, disrupting lives on an individual scale, it is vital that employees feel secure in their jobs and teams to perform at their optimum. As a company that has always placed immense value in the concept of family, we are doing our best to ensure that each member of the Sunshine family is taken care of in each sphere of their lives,” remarked Sunshine Holdings, Group Managing Director Vish Govindasamy. Sunshine’s unique approach to building great, highly-motivated teams is based on a robust merit-based culture that emphasises on the values of innovation, trust, perseverance, responsibility and integrity. To support their diverse businesses and employees across the Group, the company prioritises and invests heavily in customised training and development initiatives, recruiting against competencies in a competitive market, benchmarking pay against the market and retaining high performers. Sunshine is also keenly aware and sensitive to the needs of the millennial generation who are entering the workforce in increasing numbers and is actively meeting their changing needs in terms of remote working and flexible hours, embracing technology, and being more open to generational diversity. “We are always proud of our culture at Sunshine, but this third-party validation is another feather in our cap, and confirmation from our teams stationed across the country. All employees prefer to work with great people, at companies with a strong culture, and flourish on supportive teams that encourage them to be their authentic selves at work. Therefore, we will continue to put in our best effort to uphold this philosophy as we navigate through this difficult period of time together,” Govindasamy added further. Great Place to Work is the global authority on workplace culture, employee experience and the leadership behaviours proven to deliver market-leading revenue and increased innovation. It uses validated employee feedback gathered with Great Place to Work’s rigorous, data-driven methodology. This certification will further the momentum Sunshine has accomplished to date. Additionally, it confirms the company’s commitment to develop and support an incredibly talented team to drive better business agility and make a difference for customers. Image Caption: From left: Sunshine Medical Devices, Sunshine Pharmaceuticals, Watawala Tea Ceylon, Sunshine Tea, Sunshine Energy and Watawala Dairy are being handed over with the Great Place To Work certification by Kshanika Ratnayaka, CEO of GPTW Sri Lanka  

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Sophos has introduced powerful cloud security capabilities to Intercept X for Server with Endpoint Detection and Response (EDR) that enable security analysts and IT administrators to easily see and secure complete cloud environments. New integration with Sophos Cloud Optix expands visibility and protection of AWS, Microsoft Azure and Google Cloud Platform workloads to larger cloud environments – including security groups, hosts, shared storage, databases, serverless, containers, and more – with new Cloud Security Posture Management (CSPM) functionality. In fact, 93% of Indian organizations fall victim to public cloud security incidents, and those running multi-cloud environments globally are greater than 50% more likely to suffer incidents, according to the new State of Cloud Security 2020 report. Intercept X for Server with EDR provides channel partners with the critical threat intelligence needed to eliminate these incidents before they cause damage. Insights into cloud security posture across different cloud providers are compiled into one single, easy to use management console. There’s tremendous opportunity for partners to improve their customers’ cloud protection and grow revenue.  

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Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has proved its adaptability and resourcefulness by bringing to the fore the long-standing, revolutionary agricultural service Govi Mithuru. A simple, farmer-focused agriculture advisory service, Govi Mithuru is perfectly placed to strengthen the government’s appeal to the public to invest in more self-sufficient agricultural activities by cultivating their own food in their home gardens. Sri Lanka’s primary mobile agricultural information service, Govi Mithuru (Farmer’s Friend, or ‘Uzhavar Thozhan’ in Tamil) helps maximize crop security and yield for farmers across the country. Launched in 2015, with the support of the Department of Agriculture, Govi Mithuru’s voice service is a mobile advisory service for farmers under the theme ‘Secure crop and Family health’, created to access professional guidance in this sector. The service is designed to be used easily by anyone using even a very basic phone. This service offers advice on 25 crop groups, with Home Gardening having been one of them since launch. Additionally, the Govi Mithuru mobile app is an extension of the original service, designed to deliver timely, quality information in tailored formats according to the user’s requirements. A one-stop hub of updated, timely information in text as well as rich media formats on topics like crop protection and expert home gardening tips. Customers are charged Rs. 1 (plus tax) per day for the voice service, and Rs. 2 (plus tax) subscription per day for the mobile app with no cost on data charges for Dialog mobile users. Currently, the Govi Mithuru app and voice service are being utilized by over 600,000 users. To avail the voice service, users can dial 616 from any Dialog mobile. Users can also download the app directly from Google Play.

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For a record 15^th year, John Keells Holdings PLC (JKH), was ranked as the Most Respected entity in Sri Lanka, in the recently released edition of LMD’s Most Respected Entities issue. In terms of the 10 attribute rankings, JKH has taken the lead in five categories, namely Quality Consciousness, Management Profile, Dynamism, Corporate Culture and Vision. JKH retained its position as the Most Respected entity by garnering the highest number of votes (1,125) in a survey commissioned and conceptualised by LMD and conducted by Nielsen. The survey was designed to rank the ‘Most Respected’ entities in Sri Lanka based on the perceptions of respondents – and to evaluate why they’re perceived as such. The survey covered a sample of 800 respondents (managers and above) from listed companies. John Keells Group which celebrates its 150th anniversary in 2020, has occupied the number one position in LMD’s Most Respected rankings for 15 years since the rankings were launched in 2005. JKH Chairman Krishan Balendra in his interview in the August 2020 issue of LMD said, “Our strongest attribute is our commitment to live our core values – integrity, caring, trust, innovation and excellence. Our robust corporate governance structure, professional management, and sustainable development processes stem from these values and over our rich history of 150 years, has enabled us to do the right thing, always, foster a great place to work for our people, build strong relationships with our partners and empower our communities. We are humbled at being recognised as Sri Lanka’s Most Respected Entity once again in appreciation of the way we conduct our business and contribute to the nation.” John Keells Holdings PLC is Sri Lanka’s largest listed conglomerate on the Colombo Stock Exchange operating over 70 companies in 7 diverse industry sectors. In 2020 John Keells Group celebrates 150 years of being in business and contributing to the development of the country. JKH provides employment to over 14,000 persons and has been ranked as Sri Lanka’s ‘Most Respected Entity’ for the last 15 years by the LMD Magazine. Whilst being a full member of the World Economic Forum and a Participant of the UN Global Compact, JKH drives its CSR vision of ‘Empowering the nation for tomorrow,’ through John Keells Foundation and through the social entrepreneurship initiative, ‘Plasticcycle’, which is a catalyst in significantly reducing the plastic pollution in Sri Lanka.

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Discussions are underway to set up a new development bank to fund the Small and Medium Scale Enterprises (SMEs), Central Bank Governor Prof. W. D. Lakshman stated. The Governor added that a permanent credit guarantee institution will also be set up which will guarantee a risk credit given by banks to COVID-19 hit firms. “Central Banks playing their role as the agents of development have used credit controls to modify the pattern of credit availability and to influence credit allocation patterns and interest rate structures. Market forces do not necessarily channel credit flows towards sectors that have the potential to generate employment and add value to the domestic economy. Central Bank therefore occasionally acted to directly intervene in respect of credit allocation patterns. At present, a mandatory lending requirement of 10% of the total credit granted is in place in favor of agriculture. The inherent risk associated with this important economic sector and the consequent hesitance on the part of banks to lend to agriculture were the factors responsible for this direct credit allocation intervention. The credit schemes operated by the Central Bank itself were also taken into consideration, the reluctance of banks to lend to the small and medium scale enterprises. Discussions are underway in the Central Bank now to establish a national entrepreneurship development bank that could support SMEs and Startups. Also under discussion is the plan to introduce a permanent credit guarantee institution. The greater success in this intervention requires successful action elsewhere in the economy. Careful management of export, import trade activities in important areas of export-oriented and import replacing production and in sources of inflow of foreign exchange. We are confident that the ongoing focused effort of the government will help break this vicious cycle of current account deficits and over-reliance on foreign debt,” Prof. Lakshma said at a lecture given to mark the 70th anniversary oration of the Central Bank of Sri Lanka. The oration reflected on “Central Banking  in the Sri Lankan Development state.” Governor further stated that the Central Bank of Sri Lanka will closely work with the fiscal authorities and government policy in a developmental state under the alternative policy framework that is being developed. “In the emerging developmental state, the central bank stands ready and is willing to join hands with fiscal and policy planning authorities to help open the vistas of prosperity for the benefit of the people. Having experimented with different development policy stances and frameworks, Sri Lanka has now arrived at a warship watershed like situation where the people seem to have opted for shared and inclusive socio-economic development through a state-guided policy regime.” Speaking further he also expressed the following; “The concept of Central Bank independence implies that no Central Bank should be subject to pressures from the Government to finance its activities and expenditures. It probably does not leave room for even collaborative development – targeted activities of fiscal – monetary authorities.” “The dominant focus on avoidance of inflation implies that the Central Bank should not be directly concerned with objectives like full employment and development. However, one could argue that even in the strictest practical inflation targeting regimes, a Central Bank seeks to achieve price stability by stabilising the economy around its potential, which is an indirect acceptance of the importance of maximum employment.” “In relation to the indirect instrument of interest rate, the Central Bank has broadly allowed market forces to determine lending and deposit interest rates while guiding them with policy interest rates. Although with hesitation, the Bank has recently moved to exercise intervention in markets to keep Treasury bill and bond rates at low levels.” “This has helped to maintain a low-interest rate regime for promotion of developmental expenditures and of source, to ease the fiscal burden of debt repayment. However, there has been widespread criticism of stubbornly high margins kept by banks, and sluggish and asymmetric adjustments in their lending rates, in response to changes in policy and other rates under Central Bank control.” “The Central Bank has intervened from time to time by introducing regulated interest rates to rectify these adverse outcomes at least to some extent, although these are frowned at by the banking community.” “The latest in this type of intervention is comprises regulation of interest rates on credit card advances, pawning and temporary overdrafts, as well as on chargeable penal interest rate margins. The need for such intervention was felt even in 2019, during which regulations on, both deposit and lending rates of banks were introduced.   The Central Bank has generally attempted during its period of existence to keep its policies and measures within the confines of the relevant mainstream thinking as defined by the MLA of 1949 as marginally revised subsequently.”

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Employees of Sri Lanka’s largest private sector retail bank HNB PLC, contributed a day’s pay towards furnishing of a training centre for doctors at the National Institute of Infectious Diseases (IDH). “The fact that Sri Lanka has made such incredible progress in combatting the spread of COVID-19 results directly from the courageous and diligent efforts of our healthcare professionals, especially those at the IDH who were on the frontlines of this battle,” HNB Executive Director and Chief Operating Officer, Dilshan Rodrigo stated. The funds were gathered through voluntary contributions drawn from the HNB team during the height of the COVID-19 pandemic and will be utilised towards the installation of essential furniture and fittings for the training centre. “HNB is proud to lend our support to enhance their training and skills development initiatives and we thank our employees for stepping forward at this critical moment to offer their voluntary contributions towards this noble cause. In supporting frontline healthcare workers, we are able to make tangible improvements to health outcomes. Moving forward, we will continue to seek further opportunities to assist health authorities to overcome this pandemic,” HNB Chief Transformation Officer / Trustee HNB Sustainability Foundation, Chiranthi Cooray said. Through the first round of employee contributions, HNB plans to install window blinds, chairs, tables and fabricate a timber podium to make the facility user ready for training sessions. HNB’s dedicated team of engineers, together with the Sustainable Business Unit recommended the project to the HNB team after visiting the facility, which is part of a larger project under construction at the National Institute of Infectious Diseases (IDH). Previously, HNB donated 64 fire extinguishers to the hospital to protect its medical stores and supported the installation of water tanks, for a supplementary water distribution system to the wards. The bank also installed insulated flexible ducts to improve airflow at the hospital. HNB delivered urgently required Personal Protective Equipment (PPE) to the Kurunagala and Karapitiya teaching hospitals during the height of the pandemic. Photo caption: HNB Executive Director and Chief Operating Officer, Dilshan Rodrigo exchanging the MOU with National Institute of Infectious Diseases, Director Dr. Hasitha Attanayake (center), National Institute of Infectious Diseases – Anura Athukorala, National Institute of Infectious Diseases – Accountant, Hirani Ranatunga, National Institute of Infectious Diseases – Matron, Geethani Udugamakorala, National Institute of Infectious Diseases- Consultant Physician, Dr. Ananda Wijewickrama, HNB Chief Transformation Officer/ Trustee HNB Sustainability Foundation, Chiranthi Cooray, HNB Head of Human Capital Management, Indrajith Senadhira, HNB Senior Manager- Facilities Management, Roshan Fernando, HNB Officer in Charge of Sustainability, Shanel Perera and HNB Sustainability Assistant, V Disharatnam (left to right) look on.                   

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The Commercial Bank of Ceylon in collaboration with the Women’s Chamber of Industry and Commerce (WCIC), recently conducted a webinar exclusively for women entrepreneurs to help them adapt to the requisites of the ‘new normal’ after the COVID-19 pandemic. The webinar was part of the Bank’s ongoing efforts to further empower women in business, and an extension of its knowledge-sharing and educational sessions designed for this period of social distancing. The Bank has been consistently offering Entrepreneur Skills Development Programmes to enable its SME and Micro customer segments to remain competitive and this webinar was focused on offering pandemic-specific advice to women entrepreneurs in these segments, the Bank said. Topics covered in the webinar included ‘Managing your money,’ ‘Making your supply chain resilient,’ ‘COVID-19 is just another hurdle’ and ‘self-confidence is all you need.’ The webinar also discussed directions on how to get financial assistance from the Bank, information on the release of loan funds and subsequent monitoring involved to ensure beneficial utilisation of these funds and information on how to make the best use of the COVID-19 loan schemes launched by the Bank for both the SME and Micro business sectors. The Bank also briefed participants on the reduced lending rates offered by the Bank in response to the adverse effects of the pandemic on businesses. This live webinar which included a question and answer session was delivered through Zoom. A video of the forum is currently hosted on the Commercial Bank website, Facebook page and YouTube channel. Commenting on the webinar, Commercial Bank Deputy General Manager – Personal Banking Ms Sandra Walgama said: “Commercial Bank has always been committed to the principle of equal opportunity in its dealings with customers, but we recognise that there are still challenges that are specific to women entrepreneurs, and the Bank continues to address this issue as a priority. The unprecedented economic and social challenges created by the pandemic make webinars of this nature a need of the hour to create awareness of the Bank’s pandemic-related support programmes, build business acumen specifically needed for tough times, and to reassure our female customers of our continued commitment to them.” The resource persons for the webinar included Ms Anoji De Silva – Management Consultant; Ms Gayani de Alwis – the Founding Chairperson of Women in Logistics & Transport (WiLAT) Sri Lanka and Immediate Past Chairperson of the Chartered Institute of Logistics and Transport (CILT); Ms Tusitha Kumarakulasingam – Business & Marketing Consultant and Transformation Catalyst; Ms Nayana Karunaratne – Renowned Hairdresser, Beautician and Trainer; and Mr Vinod Pillai – SME Officer, Development Credit Department of Commercial Bank. The Moderator was Ms Kamalini Ellawala – the Bank’s Senior Manager – Women Banking. Participants received both financial and non-financial advice from qualified, prominent figures in the industry and had the opportunity to interact live with Bank officials, further strengthening the relationship between the Bank and this customer segment. Commercial Bank recently entered into an agreement with the International Finance Corporation (IFC) to carry out a ‘Gender Advisory Project’ to further improve its focus on the needs of female customers.  This is positioned as a 360-degree approach to focus on both financial and non-financial aspects, including training to further improve the quality of the interaction between bank staff and this customer segment. 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. Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.

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Emirates and flydubai have announced that customers of both airlines can once again access a wider range of travel options around the world, connecting seamlessly and safely through Dubai. Following the progressive resumption of passenger flights to global destinations, the two Dubai-based airlines have revived their successful and strategic partnership to offer customers increased connectivity, convenience and travel flexibility. Emirates customers can now travel on codeshare flights to over 30 destinations on flydubai, while flydubai customers have over 70 destinations they can travel to on Emirates. Some of the favourite flydubai destinations for Emirates passengers include: Belgrade, Bucharest, Kyiv, Sofia and Zanzibar. Commenting on the renewal of the partnership, Adnan Kazim, Emirates’ Chief Commercial Officer said: “We are delighted to announce that our customers can once again take advantage of the complementary strengths of Emirates and flydubai to access an enhanced network of cities on a single ticket and integrated loyalty programme, enjoy a safe, smooth and stress-free transfer experience through Dubai and have their baggage checked through to their final destination. “The partnership has crossed a number of successful milestones since its inception in 2017 and over the coming months, Emirates and flydubai will be working together to re-open even more of the world for our customers,” added Kazim. Hamad Obaidalla, Chief Commercial Officer at flydubai said: “We are confident that the demand for travel will continue to increase as more countries gradually start to lift restrictions on international travel. flydubai has restarted operations to 32 points around the network since June and we expect the number to steadily grow over the next few months. Dubai has put strong health and safety protocols in place which has encouraged well informed passengers to travel, whether for business, leisure or to reunite with their loved ones. “We remain agile in our approach to maximise the utilisation of our fleet by supporting government efforts to operate repatriation flights and increasing cargo-only operations. Our partnership with Emirates will continue to facilitate a more seamless flow of passengers and cargo across our combined networks in the recovery phase,” commented Obaidalla. Emirates and flydubai will offer travel experiences reflecting their individual brands while keeping the health and safety of customers and employees on the ground and in air as their top priority. The two airlines have each implemented extensive safety measures to combat COVID-19 at every step of the customer’s journey including enhanced sanitisation of all touchpoints and advanced HEPA filters fitted in aircraft cabins to eliminate dust, allergens and germs from the cabin air. Customers transiting through Dubai go through thermal screening at the airport. Transfer desks at Dubai airport have been fitted with protective anti-microbial screens and airport staff dressed in personal protective equipment (PPE) are available to provide additional assistance. Several of flydubai’s flights to destinations in Africa, Central Asia and Europe operate from Terminal 3 of Dubai International Airport, facilitating seamless connections to passengers travelling on Emirates’ flights to and from Dubai. COVID-19 PCR tests are mandatory for all inbound and transit customers to Dubai further assuring a safe transfer experience through the airport for customers of Emirates and flydubai. Customers boarding Emirates flights will also be provided with a complimentary hygiene kit containing masks, gloves, hand sanitiser and anti-bacterial wipes. For more information on safety measures, visit Emirates: www.emirates.com/yoursafety flydubai: www.flydubai.com/en/plan/covid-19 Customers booking with Emirates can also travel with confidence as the airline has committed to cover COVID-19 related medical expenses, free of cost, should they be diagnosed with COVID-19 during their travel while they are away from home. This also includes travel on any codeshare flights with flydubai on an Emirates ticket. For more details: www.emirates.com/COVID19assistance The partnership between Emirates and flydubai first came into effect in October 2017 and received a tremendous positive response from customers who were able to benefit from the increased connectivity and greater choice along with a smooth transfer experience in Dubai. Over 5 million passengers took advantage of the un-matched city-pair connections offered during the first two years of the partnership. In August 2018, flydubai adopted Emirates Skywards as its loyalty programme, allowing customers to earn more Skywards Miles and Tier Miles, reach their rewards faster and enjoy more privileges as they move through membership tiers. Photo caption: Emirates and flydubai reactivate partnership

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Nations Trust Bank recently introduced the unique feature of opening Savings Accounts and Fixed Deposits on the Nations Mobile App. Customers can now open accounts at their convenience via this App, without physically visiting a branch. The App gives the freedom to open varied savings accounts depending on the requirements of the customer ; Nations Saver, Nations MaxBonus, Nations Mega Saver, Nations Tax Planner and Nations Prabbuddha. It also gives the option of opening Fixed Deposits with a maturity period, ranging from 30 days to 05 years. Nations Trust Bank hopes to bring time saving and convenience to itscustomers with the added benefit of a contactless method of handling accounts with the new and upgraded features of the App. The Nations Mobile App is widely chosen among customers for its ease of use, convenience in bill payments and fund transfers and advanced security through fingerprint recognition and PINs. Customers can also view all their banking products on one screen and register for card and account e-statements.Additionally, the app is favoured for its ease of service requests such as e-statements, cheque books and stopping cheques as well as the ability to select their preferred language. Speaking about the new features Nations Trust Bank’s Deputy Chief Executive Officer, Hemantha Gunetilleke said, “The new features come at a time where contactless transactions have become an absolute necessity. The app provides the option to conduct seamless and swift transactions in an era of physical distancing. We are excited to be a driving force for digital banking in Sri Lanka, with our upgraded App”. Nations Trust Bank invites customers to improve their banking experience with the upgraded Nations Mobile app. Nations Trust Bank PLC is among the top 15 business establishments in Sri Lanka as ranked by Business Today. Stemming from its vision of “helping people and businesses by providing financial services and information to achieve their goals and aspirations in a sustainable way”, the Bank serves a diverse range of customers across both individual and corporate, with an enviable portfolio of banking and financial products and services. Strongly focused on digital empowerment through cutting-edge digital banking technologies, the Bank is a pioneer in many innovative customer centric banking solutions such as extended banking hours, 365-day banking and FriMi – Sri Lanka’s first digital banking experience. Delivering premium value, service and connecting its Cardmembers to rewarding experiences and opportunities Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka. The Bank operates 96 branches across the country and has an ATM network covering 127 locations and 48 Cash Deposit & Withdrawal Machines, plus more than 3,700 ATMs on the Lanka Pay Network.

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Uber today launched its new package delivery service called ‘Uber Connect,’ which will allow Colombo’s residents to send and receive parcels from each other and also order items from shops within city limits, without having to step outside the comfort and safety of their homes. All packages should be transportable on a two-wheeler vehicle, be under 5 kilograms in weight, securely sealed and not include prohibited items such as alcohol, recreational drugs, or dangerous and illegal items. Similar to on-demand trips, customers will be able to continue monitoring the trip’s progress prior to pickup, en route, and at the dropoff. Customers can also share the delivery status with the recipient of the package. In case customers want to order items from nearby shops, they can simply put the shop address as the pickup location, place the order over the phone, and have the items delivered at their doorstep. Subodh Sangwan, General Manager, Sri Lanka and South & East India, Uber, said, “We are thrilled to be launching Uber Connect which will help users send and receive packages to their friends and family or order items from shops, all from the comfort and safety of their homes. Uber Connect is a prime example of how we are adapting our platform to meet the needs of our communities, which still need to practice social distancing as we emerge from the pandemic, along with creating new earning opportunities for our drivers.” Uber Connect will adhere to all rules and guidelines laid down by the government and local authorities. All driver partners have been given virtual guidance to maintain strict health and hygiene standards and to avoid direct contact with customers during delivery. Getting started with Uber Connect is easy:

• Download the app – Get the free Uber app from the App Store or Google Play on your smartphone and open the app to create your account
• After adding your pickup and delivery address, Uber Connect will appear in the Uber app as a new option in the vehicle selection scroller
• You’ll be prompted to agree to package delivery T&Cs, and confirm that your item complies with those terms and request delivery
• You’ll receive a notification once the driver is on their way to pick up your package. You can contact the driver directly for any special pickup or drop-off instructions
• You can use the “Share My Trip” feature with your recipient (if you are sending a parcel) so they can track the delivery and meet the driver to collect the package.

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Sri Lanka Telecom, the National ICT Solutions Provider in Sri Lanka won the Gold award at the prestigious JASTECA, 5S Akimoto Awards Ceremony 2019. Sri Lanka Telecom’s, Outside Plant Maintenance Centre (OPMC) Kurunegala won this award under medium category. This awards ceremony was held at Hotel Galadari, Colombo and this was conducted for the 24^th consecutive year. JASTECA Awards ceremony is annually organized by the Japan Sri Lanka Technical & Cultural Association (JASTECA) to recognize and reward the overall performance excellence of organizations, strictly evaluating applicants upon a broad range of criteria as per 5S standards. A large number of companies took part in the 2019 competition as same as previous years. Photo caption: From Left; Thilini Amarasinghe (Senior Engineer) and Mr. Nandana Niyangama (Manager-OPMC -Kurunegala ) of SLT receiving the award

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Headline inflation as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2013=100)1 decreased to 4.1% in August 2020 from 4.2% in July 2020. This was mainly driven by the statistical effect of the high base prevailed in August 2019. Food inflation (Y-o-Y) increased to 12.3% in August 2020 from 10.9% in July 2020, whereas Non-food inflation (Y-o-Y) decreased to 0.8% in August 2020 from 1.5% in July 2020. The change in the CCPI measured on an annual average basis remained unchanged at 4.8% in August 2020. Monthly change of CCPI recorded at 0.0% in August 2020. This was due to setting-off the price increase of 0.1%  in the Food category, with the price decline observed in the Non-food category by the same magnitude. Accordingly, within the Food category prices of coconut, vegetables and turmeric increased in August 2020. However, prices of fresh fish and limes recorded significant declines during the month. Within the Non-food category, prices of items in Health (payments to medical laboratories) sub-category declined during the month. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, remained unchanged at 3.2% in August 2020. However, annual average core inflation declined further to 3.8% in August 2020 from 4.0% in July 2020.

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The Chamber Academy in collaboration with Asia Securities Investment Banking Team is conducting a knowledge-sharing webinar on deploying financial restructuring as a growth strategy on Thursday, 3 September 2020. Resilient businesses are the engine of Sri Lanka’s economy and will lead the way in driving the country’s growth story. However, Sri Lankan businesses now face several challenges triggered by the economic fallout of the pandemic, as well as years of sub-standard economic growth. For large- and mid-size businesses, economic recovery will require thoughtful consideration of the company’s objectives, shrewd analysis of the market landscape, and a comprehensive understanding of investors’ expectations. A focused financial restructuring strategy will help business leaders kickstart growth and spur the nation’s economic recovery. Companies often do not see financial restructuring as viable tool due to the lack of awareness, unfamiliarity related to legal and regulatory issues surrounding restructuring, inability to raise the required capital to support restructuring, and difficulty in engaging with banks to restructure debt. On that account, this webinar aims to demystify some of the key aspects of a typical financial restructuring exercise, and offer tips to help businesses’ successfully access debt or equity finance. The eminent speaker panel includes Nandika Buddhipala, CFO, Commercial Bank; Naomal Goonerwardena, Founding Partner, Nithya Partners; Sharini Kulasinghe, Co-Head, Asia Securities Investment Banking; and Murali Prakash, Group Managing Director/CEO, AMBEON Holdings PLC. The session will be moderated by Shamindra Kulamannage, Editor in Chief, Echelon Media. The webinar will be held on Thursday, 3 September 2020 from 11.00 am to 12.30 noon. To register, please email events@chamber.lk.

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The Federation of Information Technology Industry Sri Lanka (FITIS), the Colombo Stock Exchange (CSE) and the Information and Communication Technology Agency (ICTA) recently conducted a webinar titled “Financing Digital Transformation: Is Going Public the Next Step?”, focusing on how companies in the IT industry can now consider a stock exchange listing in view of the recent changes to CSE listing eligibility. The discussion focused on the expansion of the eligibility criteria for an initial listing of shares on the Main Board and the Diri Savi Board which will now enable a wider spectrum of companies to qualify for a listing. The webinar featured capital market and tech industry experts including Chairman of FITIS Abbas Kamrudeen, Director/ legal advisor of ICTA Jayantha Fernando, CSE CEO Rajeeva Bandaranaike, CSE Chief Regulatory Officer Renuke Wijayawardhane and founder/CEO of Pickme Jiffry Zulfer. Director/legal advisor of ICTA Jayantha Fernando stated that global success stories have helped catalyze a shift among private-company leadership toward viewing public markets as a more welcoming place to raise capital. He also went on to state that the stock market engine should be recognized as a tool within this ecosystem which, if correctly used, could pave the way for not only companies to grow but for the economy at large to grow as well. Sharing remarks at the webinar, the Chairman of FITIS Abbas Kamrudeen said, “When it comes to Financing there are many options companies can evaluate from bootstrapping, Angel investors, debt capital, Venture Capital to private equity. But my belief is that for those companies that have matured to some extent, there is no better option to financing than going public. The reason being, it not only gives you flexibility and speed in future rounds of financing, but it will allow you to understand the true value of your organization.” The CEO of CSE Rajeeva Bandaranaike shared perspective on the rationale for the CSE to revamp its listing requirements to cater to an ever-evolving business landscape in Sri Lanka consisting of modern and dynamic business models, which are particularly seen in the technology space. He went on to state that these new changes are now well placed to attract a wave of tech companies to the local stock market. The Chief Regulatory Officer of CSE Renuke Wijayawardhane, highlighting these new avenues for companies stated, “Companies that ideally could not look at a listing on the main board as a result of the three consecutive year profit requirement now have other options. Companies with positive net assets for two financial years could list on the CSE with an aggregate net profit after tax for three years, an alternate which does not require companies to be profitable for three consecutive years.” Renuke also went on to say “To broaden the entry routes, we have also introduced revenue and cashflow options in addition to the two profit-based routes. Companies could now demonstrate either an aggregate revenue of Rs. 3 billion for three financial years or positive operating cashflow after adjusting for working capital for two consecutive years. The revenue and cashflow route could be explored by companies capable of demonstrating a market capitalization of Rs. 5 Billion or more at the point of listing.” Companies have also been given the opportunity of listing on the Diri Savi Board by demonstrating a revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application and a market capitalization of Rs. 2 billion at the point of listing” he added. Speaking from an Investment Bank’s perspective, Head – Corporate Advisory at NDB Investment Bank Nilendra Weerasinghe noted the progressive steps taken by the CSE to encourage tech companies to raise capital in the public markets and went on to say, “We need more private capital flows to support SMEs and startups to make it to the big league. In doing this, policies which incentivize private capital investments into angel and venture capital fund like structures could catalyze this space having a significant impact on the broader economy.” Renowned tech entrepreneur and CEO of Pickme Jiffry Zulfer identified the stock market listing as an ideal exit option for investors and private equity firms investing in start-ups. He went on to note that having the stock market listing as an option and a possible exit mechanism will help the growth of the start-up ecosystem in Sri Lanka by attracting a wider audience of investors who see the value of a market-based exit mechanism. Companies are invited to connect with the CSE to discuss how they can now tap into public funding to spur on the company’s growth agenda. Details on eligibility of listing and the process could also be obtained through www.cse.lk or by sending an email to maalik@cse.lk

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