Business

The ceremonial launching is the process of floating or transferring the vessel to water for the first time. Symbolically this is done by breaking a ‘pot of milk’ according to Sri Lankan traditions over the ship’s bow area inviting good luck to the vessel, the crew and the owners and subsequently filling the dock with sea water enabling the vessel to float.

The ceremony was graced by Mr. Hayder Khaldoon Mohammedsami Alahmed, Mr. Rayed Kareem Mashhoot Al-Saeedi, Site Engineers from GCPI, Mr. Ali Alakus Site Manager of Project from Nippon Koei Co. Ltd and Mr H.V.K. Sarath Kumara Peiris Deputy General Manager Nippon Koei Co. Ltd Liaison Office. Mr. Hayder Khaldoon Mohammedsami Alahmed of GCPI performed the honour of cutting the rope to break the milk pot and launch the vessel.

Mr. Madhawa Fonseka, Manager-Colombo Office and Mr. Vishal Chowdary, in-charge of project and Mr. Roshan Sanjeewa Colombo Office Surveyor attended this event representing the Classification Society ClassNK.From CDPLC, Mr. Hideaki Tanaka (Chairman), Mr. D.V. Abeysinghe (MD/CEO), Mr. K. Kanaya (Director), Mr. Y. Saki (Technical Advisor/ Alt Director) and a host of other Senior Management and Staff participated at this momentous occasion.

 

In addition to this BTV, CDPLC is constructing another vessel for GCPI which is a 50m Pilot Station Vessel (PSV). The PSV is a twin hull Catamaran type vessel which will be used to transport of pilots and provisions, to provide pilots with accommodation services and to provide station and necessary support for pilot boats.

These projects which are vital to the socio economic development of Iraq will strengthen the relationship with Republic of Iraq, one of Sri Lanka’s close allies for decades and we are confident that with these shipbuilding projects generating from TTC Japan which are funded by JICA, will dawn in a new era in the bilateral economic sphere of the relationship between Sri Lanka and Japan.

This ceremony was organized and conducted in a modest scale and in a simple manner paying special attention to the Government’s Health and Safety guidelines placed in view of the COVID-19 outbreak, depicting CDPLC’s corporate social responsibility towards the prevention of any possible transmission of the COVID-19 at workplaces. CDPLC has demonstrated great resilience in the face of the pandemic and has taken many initiatives for ‘Revival’ of its operations and is planning to bounce back stronger in the future.

Colombo Dockyard PLC is a flag ship investment of Japan and operates in joint collaboration with Onomichi Dockyard Company Limited of Japan. Also the Sri Lankan Government institutions hold more than 35% stake at CDPLC.

As the leader of the Shipbuilding & Repairing Industry in Sri Lanka, CDPLC continuously proves its excellence by successfully securing shipbuilding projects and Repairing vessels both local and overseas. “Colombo Dockyard PLC is Sri Lanka’s front runner of its industrialization drive”.

This recognition followed a detailed assessment of key performance indicators by the UK-based media powerhouse, that analyses the financial industry and the global economy. The award is testimony to the significant contribution made by AIA Sri Lanka to the life insurance industry in terms of outstanding products and services, enhancing customer experience and serving local communities.

AIA Sri Lanka has always remained strong and maintained financial strength and stability. The recent COVID19 pandemic proved that AIA Sri Lanka has indeed been built strong and built to last. With the highest Capital Adequacy Ratio (CAR) in Sri Lanka’s life insurance industry (of more than 600% and 5 times the required CAR by the regulator), AIA Sri Lanka has an unmatched ability to absorb risks and withstand crisis. This is supported by the company’s prudent investment strategy and high quality of investments.

AIA Sri Lanka’s focus is always on delighting the customer. With a track-record of paying better than promised policyholder dividends for the past 30 years, the company is constantly evolving to meet customer expectations. The company’s pioneering digitalisation efforts and focus on ease-of-doing business has strengthened its reputation of being a truly customer focused insurer.

AIA Sri Lanka was the first and only insurer to win the LIMRA International Quality Award (IQA) for Growth in the world (2018) and also boasts IQA qualifiers for 2019- not to forget topping the number of MDRT qualifiers in Sri Lanka for 5 consecutive years, to date.

MDRT is internationally recognised as the standard of excellence in the life insurance and financial services business. This is a fitting acknowledgement of the relentless commitment and high level of professionalism shown by the company’s advisors in both the Agency Distribution and Bancassurance channels.

The company has also been recognised as a Great Place to Work in Sri Lanka for eight consecutive years, in addition to being recognised as one of the ‘Best Workplaces for Women’ in Sri Lanka, in the inaugural awards presented by GPTW Sri Lanka. These accolades demonstrate the company’s great workplace culture which encompasses equality, inclusivity and opportunity to grow.

Prabodha Samarasekera, CEO of NDB Wealth Management commented, “Our success lies in our commitment to offering our clients the best fit savings and investment plans that will grant them the financial freedom they need in the long term. Our professional money management skills and in-depth knowledge of capital and money markets provides us a definitive edge when managing client funds.” He further stated, “The investment team carries out detailed analysis of the macro economic variables as well as various industry sectors and companies which helps us minimise risks for our client investments while maximising their returns.”

NDB Wealth offers an unparalleled and exclusive service to clients by assigning a Relationship Manager to every client. Understanding the client’s needs through careful and thorough analysis helps NDB Wealth to identify the core purpose for planning, for  each client, and support the client by advising the client on the best savings or investment solution taking into consideration the potential risks associated with the investment.

The Relationship Managers are backed by a strong investment team who are continuously monitoring investment conditions in the market and particularly play a very crucial role in managing such conditions that may impact clients negatively. Relationship Managers are readily available to provide investment advice or any service related information and are dedicated at protecting ‘best interests’ while ensuring a successful financial future for all clients.

NDB Wealth is licensed by the Securities and Exchange Commission of Sri Lanka and follows very strict rules to meet compliance standards. Celebrating a successful second year at the new NDB Private Wealth Centre Branch, NDB Wealth Management offers seamless wealth management experience, with a high standard of client service. With easy and ready access to all aspects of banking through the NDB bank products such as current and savings accounts, Fixed Deposits, and Credit Cards, clients are able to meet all their banking requirements under one roof with the added benefit of security and stability.

NDB Wealth is an affiliate of the NDB Group, one of the fastest growing financial services conglomerates in Sri Lanka, with the strategic mission to be the leader in the financial services and banking sector. From its inception, the group which includes NDB Bank, NDB Investment Banking, NDB Wealth, NDB Securities, and NDB Capital has been a catalyst in the development of the nation, strengthening and empowering entrepreneurs, corporates and individuals from all strata of the economy. The customers across all NDB Group companies have benefited from the extensive product and service offerings of the NDB Bank and its affiliates.

Dr. Anil Jasinghe - Director General of Health Services along with Dr. Lakshman Edirisinghe - Director of National Blood Transfusion Service, presented Brandix with a special token of appreciation for its significant contribution.  Sujith Jayasekera, Senior General Manager – Human Resources of Brandix accepted the accolade on behalf of the company.

“We are grateful for the longstanding relationship with the National Blood Transfusion Service that has enabled us to contribute towards the national blood supply in a significant manner year after year. We are also honoured to be recognised as the ‘Largest Corporate Blood Donor’ for the 10th consecutive year. This initiative is solely driven by our employees who donate their blood with the vision of supporting the life of another. Their dedicated efforts inspire more people to contribute towards this worthy cause, reiterating that we really do have a family of ‘Inspired People’ at Brandix who create a positive difference through their acts of selflessness. We are truly honoured to work alongside them every day,” said Ishan Dantanarayana, Chief People Officer of the Brandix Group.

Dr. Anil Jasinghe, Director General of Health Services commented, “Consistent donations of this scale are necessary to meet the demand of the National Blood Transfusion Service which caters to the country’s rising demands. Brandix’s geographical presence allows the NBTS to ensure an unhindered supply of blood across the island, including areas that may not usually receive donations of significant volume. We commend Brandix for committing to this endeavour for over 10 years and we look forward to receiving continued support from the company and its people in the future.”

The Brandix Blood Donation Drive is an annual collaboration with the NBTS, spanning 13 years and successfully raising over 36,000 pints of blood to date. With the ever-growing demand for blood to meet medical emergencies, Brandix conducts its blood drive on weekdays instead of the general norm of weekends. This is particularly helpful in sustaining blood platelets, which have a lifespan of five days, to be used as necessary during the course of the week.

This 5G trial network was enabled in collaboration with the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) who has led the region in making available the spectrum in the 3.5GHz band for the piloting of pre-commercial 5G services. These endeavours will lay the groundwork for Sri Lanka to innovate new 5G related products and services, paving the way to access the global 5G marketplace and facilitate industries to leverage the benefits of 5G.

Commenting, Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC said, "Since Dialog conducted South Asia's first standards-based 5G transmission in 2018, we have been exploring the boundless possibilities of 5G to ensure that we build a strong platform to support our 5G network to deliver exceptional experiences for our customers. We are thankful to the Telecommunications Regulatory Commission of Sri Lanka for enabling our vision of delivering The Future. Today, where we have not only maintained our leadership in 5G in Sri Lanka, but also the region."

Dialog covers more than 92% of the Sri Lankan population with 4G broadband and has upgraded over 20% of its expansive base station network to a "5G Ready Status" by deploying Massive MIMO (Multiple Input Multiple Output) technology on its Home Broadband Network. The same infrastructure will transmit 5G speeds upon the licensing of commercial 5G spectrum in Sri Lanka, enabling the delivery of nationwide 5G coverage.

This announcement follows Dialog's demonstration of a fully standards-based 5G mobile service for the first time in South Asia, the first 5G showcase in South Asia, the demonstration of South Asia's fastest 5G mobile speeds in 2019, and the first standards-based 5G fixed-wireless pilot transmission in December 2018. Implementing 5G will mean faster speeds for end consumers, as well as limitless opportunities to automate industrial and home environments.

Developed in line with the Central Bank of Sri Lanka (CBSL) Lanka QR mandate for licensed commercial banks, HNB SOLO offers the opportunity to complete transactions via the app while maintaining social distancing and avoiding the exchange of cash or cards when refueling their vehicles at a Lanka IOC Petrol Station.

HNB Solo users now have the opportunity to complete transactions via the app and avoid the exchange of cash or cards when refueling their vehicles at a Lanka IOC Petrol Station. The partnership inked in a post COVID-19 landscape, offers customers a safe and convenient payment option in a world in which social distancing measures will be in force for the foreseeable future.

"With the gradual move to the new normal, consumers are encouraged to strongly adhere to the mandatory physical distancing rules that are imposed by the government. This new lifestyle has brought about a significant increase in cashless and contactless transactions and we are fully committed to providing our customers with the safest and most secure payment options. In times like these, every effort can have a positive impact on our society. As such, we will continue to explore innovative solutions to support businesses and consumers as we face this challenge together," HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne said.

Customers can pay for their Petrol or Diesel by merely scanning the unique QR code generated with the Solo app. To adopt this cleaner, safer way to pay at Lanka IOC's 208 Fuel Stations spread across the isalnd, users only require a smartphone with the Solo Payment App installed.

"Our partnership with HNB to activate contactless payment options was brought about by our deep commitment in keeping our Customer attendants at Petrol Sheds and Customers safe and healthy in a post-COVID, new normal scenario. Contactless payments have completely changed the way customers pay for goods and most importantly, reduced the time spent in queues at POS terminals, which is an absolute necessity in today's world," Lanka IOC spokesperson said.

Providing users with complete freedom in digital payments, Solo by HNB is designed to offer users the flexibility to handle any transaction anywhere whether it be purchasing from an established retail franchise or even a small stall or three-wheeler.

Users can sign up with Solo by downloading the app from the Google Play Store or the Apple App Store for free. Once downloaded, a user can register by entering the mobile number and personal details with no requirement for paperwork at a branch office. Customers also have the option of connecting the app directly to their bank account or VISA/ MASTER credit or debit card from any bank.

Thereafter, the user can scan the Solo QR code at any Solo merchant to complete any transaction through VISA, Master Card or JustPay platforms with just the swipe of a screen.

Lanka IOC PLC is engaged in Retail Sales of Petrol/ Diesel through its strong network of Fuel Stations across the island and stands committed to participate in meeting the energy requirement of the country. The company is also a leading Bunker Fuel supplier at Sri Lankan Ports. In addition, Lanka IOC is also engaged in the blending and marketing of Lubricants under the brand name of SERVO.

With 252 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks having won local and global recognition for its efforts to drive forward a new paradigm in digital banking. Over the recent past, the bank has continuously won prestigious accolades including being declared Best Retail Bank in Sri Lanka by the Asian Banker Magazine. Locally, HNB leads the Business Today Top 10 rankings and also claimed seven awards at the Best Corporate Citizen Sustainability Awards 2019. The first Sri Lankan bank to obtain an international credit rating, HNB is rated on par with the sovereign by Moody’s Investors Service, and the national long term rating of HNB revised upward by two notches to AA+ (lka) recently by Fitch Ratings (Lanka) Ltd.

TradeLens provides visibility across the entire supply chain, from booking to clearance to payments and is built on a wealth of input from the industry including direct integrations with more than 110 ports and terminals, 15+ customs authorities around the world and an increasing number of intermodal providers.

Lokuarachchi stepped down as MD/CEO of HNB Assurance PLC and its fully-owned subsidiary HNB General Insurance Limited, in line with the group retirement policy, upon reaching his 55th birthday on July 20, 2020.

Lokuarachchi holds a Law Degree from the University of Colombo and is professionally qualified as a Chartered Member of CII-UK.

Being an insurance professional and having served in both Life and General sectors, he had gained extensive exposures into executive general management, and other areas such as underwriting, claims and reinsurance within insurance companies owned by the Eagle Star Group, Zurich Financial Services, AI-Futtaim UAE, AVIV A and AIG. Lokuarachchi also functioned as CEO of Sri Lanka’s biggest State insurance company SLIC in his career.

His appointment is effective immediately, the ride-sharing giant said in a statement on Thursday.

While making the announcement Pradeep Parameswaran, Regional General Manager for Asia Pacific, said, “I’m delighted to announce that Prabh is replacing me as Uber’s new President for India and South Asia, one of our fastest growing and most strategic markets."

"Prabh is a passionate and innovative leader and has been instrumental in helping build Uber from the ground up and established our category leadership in the ride-sharing market. I’m confident Prabh will exceed our expectations by leading Uber India SA on to the path of profitability, further consolidate our partnership with public transport authorities, continue our growth trajectory by expanding Auto and Moto to the next batch of cities, and build iconic teams.’’

Commenting on his new appointment Prabhjeet, said, “I’m thrilled to have been given the responsibility of leading Uber in India and South Asia, and look forward to collaborating with exceptional teams and gifted colleagues across the Uber family to strengthen our services and product offerings."

RATINGS RATIONALE

The extension of the review for downgrade on the banks' ratings follows the review for downgrade that remains in place on Sri Lanka's B2 sovereign rating. Moody's believes that there is a high level of dependency between the creditworthiness of the banks and that of the sovereign, given that the banks operate mainly within the country and hold significant amounts of sovereign debt. Furthermore, the government's ability to support the banks in times of need is a key input to Moody's assessment of the banks' ratings.

Moody's had earlier initiated the review for downgrade on the banks' ratings following its placement of the sovereign rating on review for downgrade.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the review for downgrade, the banks' Baseline Credit Assessments (BCAs) and long-term ratings are unlikely to be upgraded during the review period. Nevertheless, Moody's could confirm the ratings if Sri Lanka's sovereign rating is confirmed.

A downgrade of the sovereign rating could lead to a downgrade of the banks' BCAs and long-term ratings. Moody's could also downgrade the banks' BCAs if there is a material deterioration in asset quality. A significant decline in capitalization could also exert downward pressure on the banks' BCAs.

In its milestone 50th‘Top 1000 World Banks’ ranking, ‘The Banker’ magazine, published by the Financial Times of the UK, has ranked Commercial Bank at No 878, primarily on the basis of the Bank’s Tier I capital.

“Commercial Bank was the first Sri Lankan bank to enter the Top 1000 World Banks ranking, and to remain on this ranking for 10 consecutive years in the midst of local and global challenges is a strong testament to our strength and resilience,” the Bank’s Managing Director S. Renganathan said.

The model refers to 30 key ratios to score and rank banks, country by country, on their performance in eight categories. Each bank’s performance across these categories is then used to generate an overall ‘best-performing bank’ score and ranking.