Colombo (LNW): The European Union, in agreement with the Sri Lankan government, has designated Ms. Carmen Moreno as the Ambassador Extraordinary and Plenipotentiary of the EU to Sri Lanka, stationed in Colombo.
On 24 October 2023 at noon, she formally presented her credentials to President Ranil Wickremesinghe at the Presidential Secretariat in Colombo.
Colombo (LNW): An incident involving gunfire occurred near the Central Mail Exchange on DR Wijewardene Mawatha in Colombo a short while ago, correspondents told LNW.
Authorities have reported that two individuals were abducted by the assailants.
Police are currently investigating the matter.
Colombo (LNW): A Gazette notification has been published declaring the removal of two Sri Lankans from the national terrorism watch list.
Both Niklapillai Antony Emil Lakshmi Kanthan, known as ‘Ramesh’, and Murugesu Sri Shanmugaraja were added to the blacklist in February 2014. Interpol had previously issued a Red Notice for Ramesh back in 2010.
They were originally listed in accordance with the United Nations’ regulations, identifying individuals involved in supporting terrorist activities.
The decision to delist Ramesh and Murugesu was made official through a Gazette on October 23, 2023, signed by the Secretary to the Ministry of Defence, General Kamal Gunaratne (Retd).
Colombo (LNW): Efforts will be made to focus the attention of the Central Bank of Sri Lanka (CBSL) on the commercial banks and non-banking financial institutions that have not yet slashed interest rates as per the circular issued by the CBSL directive to slash interest rates, Finance State Minister Ranjith Siyambalapitiya emphasised.
Speaking in Avissawella, the Finance State Minister acknowledged that commercial banks face challenges due to past high-interest commitments on long-term deposits.
However, he stressed that in light of the Central Bank’s rate reductions, aimed at easing public financial burdens, it is crucial for all banks and financial bodies to swiftly adjust their rates.
He further indicated a rigorous investigation would be launched into institutions not complying with the rate reductions.
By: Staff Writer
Colombo (LNW): The Inland Revenue Department (IRD) has announced a significant financial relief initiative for senior citizens aged 60 and above with refund of Advance Income Tax (AIT) deducted on interest.
IRD said in an effort to support the financial well-being of elder community members, it is launching a program that provides a refund of Advance Income Tax (AIT) deducted on interest income at 05% by the Banks or Financial Institutions.
All senior citizens who are 60 years of age or older and the annual income (from 1 April to 31 March of the following year) does not exceed Rs. 1,200,0001- and have had Advance Income Tax deducted on their interest income are eligible to apply for the refund.
Senior citizens can claim a maximum refund of up to Rs. 25,0001- per quarter. The claim must relate to a period commencing from 1 April 2023 and ending on 31 March of the following year. This provision ensures that eligible individuals can benefit from this initiative throughout the year.
The refund amount will be directly deposited into the designated bank account of the senior citizen. This secure and efficient method ensures that the refund reaches the intended recipient promptly.
Interested individuals can apply for the refund by completing the simple application forms available on IRD’s website (www.ird.gov.lk) or by visiting nearest metropolitan or regional office.
Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the Advance Income Tax deductions.
Once the application is submitted, the IRD will review the documents and verify the eligibility criteria.
The IRD is committed to providing guidance and assistance throughout the application process.
IRD customer support teams at metropolitan and regional offices are available to provide support as needed. For more information about the Senior Citizens’ Advance Income Tax Refund Program, visit www.ird.gov.lk or contact IRD’s Call Centre by dialling 1944.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates fluctuation against the US Dollar today (24) in comparison to yesterday, as revealed by leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 318.62 from Rs. 317.88, and the selling price to Rs. 331.91 from Rs. 331.31.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 319.50 from Rs. 319.66, but the selling price has increased to Rs. 330.50 from Rs. 330.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 312 and Rs. 331, respectively.
By: Staff Writer
Colombo (LNW): Sri Lanka has initiated the process of revisiting its existing Export Strategic Plan (National Export Strategy 2018-2022).
The five-year National Export Strategy to accelerate growth and create higher income jobs and it was aimed at achieving increased exports, enhanced regional cooperation and job creation.
Technical assistance for developing the NES was provided through the EU-Sri Lanka Trade Related Assistance project funded by the European Union at that time period commencing from 20218.
The five-year Strategy was aimed to enable Sri Lanka to reach its goal of US $28 billion in exports by 2022. It benefits from the input of more than 600 public and private-sector stakeholders across Sri Lanka to reflect their export ambitions.
The endeavour, spearheaded by the Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Investment Promotion, has obtained technical support from the International Trade Centre (ITC) based in Geneva.
Building on this legacy, the current initiative focuses on revitalising the existing National Export Strategy to align it with contemporary market challenges and harness emerging opportunities.
It will be e fast tracking game changer activities to revitalise the development process of the country as a trade and investment hub.
“It will act as the road map for export growth, and thus it must be executed with the fullest commitment of all implementing agencies,” the EDB said.
Upon the completion of the strategy, the apex State agency responsible for the development and promotion of exports will also assess if the original $ 18.51 billion in merchandise and service exports for this year need to be revised.
“We have not yet decided on revising the set export target for the year, as the new estimate and focus areas will only be arrived at after taking all aspects into consideration, including the new 5-year NES,” EDB Chairman Dr. Kingsley Bernard said.
The EDB has forecasted performance of $ 18.51 billion in merchandise and service exports in 2023. This comprises $ 15.93 billion from merchandise exports up from $ 13.01 billion achieved in 2022 and $ 2.58 billion from services exports.
As per EDB’s 2023 forecast, $ 6.5 billion comes from apparel and textile, $ 1.32 billion from tea, $ 1.51 billion from rubber and $ 985 million from coconut-based products.
From the other sectors, $ 592 million from food and beverage, $ 585 million from spices and concentrates, $ 490 million from electrical and electronic components and $ 445 million from diamonds, gems and jewellery. Additionally, seafood exports are estimated to bring $ 367 million and $ 582 from petroleum products.
The EDB plans under the new strategy to gain 15% average annual growth to boost total exports to $ 31.3 billion by 2027.
The merchandise exports need to be doubled from the existing $ 13 billion to $ 26 billion within the next five years,” he said.
He also said the EDB has appointed an internal committee, tasked with formulating the plan without additional funding and the committee is working diligently to complete the strategy›s formulation soon.
By: Staff Writer
Colombo (LNW): Sri Lanka is set to enhance digital travel experience through cross- border digital payments partnering with online payment platform Alipay recently.
Alipay+ recently signed an MoU with Sri Lanka’s National Payment Network – LankaPay towards enhancing inbound and outbound travel experience through cross-border digital payments.
It will be enabling users of Alipay+ payment partners to make payments seamlessly at over 400,000 LankaQR merchants across Sri Lanka, officials of the company disclosed.
The partnership will also enable Sri Lankans to use their LankaQR enabled apps to scan and pay at Alipay+ merchants globally when traveling overseas.
By early 2024, users of leading Asian e-wallets from the region including Hong Kong SAR, Philippines, Singapore, South Korea and Thailand, will be able to use cashless payments when they travel to Sri Lanka.
This facilty will be provided with Alipay+ – a suite of global cross-border digital payments, marketing and digitalization solutions operated by Ant Group – by simply scanning LankaQR. More e-wallets are expected to join in the near future, officials said.
LankaQR is a project initiated by the Central Bank of Sri Lanka to ensure all QR codes and QR based transactions in Sri Lanka are standardized and interoperable. Introduced in 2020, LankaQR network is managed and operated by LankaPay, the operator of Sri Lanka’s National Payment Network.
Welcoming Alipay+ aboard, Channa de Silva, Chief Executive Officer of LankaPay stated “this important partnership with Alipay+, is a significant milestone in our endeavour to facilitate seamless cross-border transactions in support of the vision to become a global player in digital payments.
He expressed the belief that this partnership will provide greater convenience to Asian tourists visiting Sri Lanka and a more acceptable proposition especially to the SME merchants with substantially low commission rate compared to card payments.
Additionally, all e-wallets supported by LankaPay will be accepted by Alipay+ global merchant network by end of 2024, enabling Sri Lankans traveling overseas to simply pay with their familiar home e-wallet. Alipay+ is currently accepted at tens of millions of merchants in more than 50 countries.
Alipay+ and LankaPay will also be partnering on joint marketing efforts to promote Sri Lanka as a tourist destination and tourism-related local businesses overseas.
Dr. Cherry Huang, General Manager of Alipay+ Offline Merchant Services, Ant Group, said: “Alipay+ continues to accelerate the shift towards digital travel in more regions through our integrations with national standardized QR codes, this time in Sri Lanka with LankaPay.
By: Staff Writer
Colombo (LNW): Sri Lanka government has to look back on how the SriLankan Airline had transformed to a profit making venture in 2005 by vesting its management with the Emirates Airline, leading consultancy agency said.
If you think the current business environment for SriLankan Airlines is tough, you should revisit 2001.
In July that year, the Katunayake airport was bombed, in September 9/11 happened, dealing a double blow to the island nation’s aviation and tourism industry. It could not get any worse for an airline, but under Emirates management the airline did turn around. MTI Consulting, an international management consultancy firm said.
Based on the Strategic Planning work done by MTI Consulting for SriLankan, the case study of the airline’s turnaround was publicly presented in 2005.
MTI Consulting looks back on a similar turbulent period in the airline’s recent history – in which the national carrier ‘weathered the storm and headed into clear skies’.
The airline’s bottom-line was ‘in the red’ following successive years of massive losses; a loss of Rs. 750 million in 2000 and Rs. 6.5 billion in 2001.
The airline had also lost half its fleet as a result of a terrorist attack at the Katunayake Airport in 2001 and the global airline industry was in the doldrums following the 9/11 terror attacks in USA.
Adding to these woes, the airline was also facing a number of internal challenges. These included flying to unprofitable routes, unsuitable aircraft mix, low yields and low selling prices – as well lack of focus on product development, brand management and emerging channels.
In this environment, the Strategic Planning Exercise was initiated with the short-term intention of improving profitability of the airline (to $ 48 million by 2005) and the long-term intention of being the most preferred airline in Asia.
However Sri Lankana Airlines phase 1 restructuring process is to be completed by end 2023 process following the government’s plan of divestment of the national carrier and its subsidiaries.
The Cabinet has approved the divestment of Government-owned shares of SLA and International Finance Corporation has been appointed as the sell side transaction advisors.
It is expected that the initial due diligence and divestment strategy (phase I) will be completed by the transaction advisors by the end of December 2023 and phase II of the engagement to execute the transaction would take a further six months.
Aviation Minister Nimal Siripala de Silva disclosed that several foreign investors have already expressed interest in taking over the management of the airline but didn’t name them. It has been speculated that a major airline operator in India was among the possible investors in the national carrier.
The talk of the town these days is that Tata Sons which took over India’s Air India last year and rebranded the airline is showing some interest in taking over the Sri Lankan Airline.
Colombo (LNW): Seylan Tikiri, the popular Children’s Savings brand from the Bank with a Heart, is delighted to unveil an enticing promotion for its Tikiri children and their families.
To celebrate young savers and offer them a memorable day out, Seylan Tikiri is giving away complimentary tickets to the Pearl Bay Theme Park in Bandaragama.
Pearl Bay Theme Park, the nation’s premier International Standard Leisure Park, is divided into four distinctive zones, ensuring a memorable experience for guests of all ages.
These areas comprise SplashBay, a European Standard Waterpark; SpeedBay, with its FIA-CIK certified 1.2Km karting circuit; TargetBay, a spot where attendees can try their hand at a 5-lane Air Rifle Shooting Range; and YumBay, a delightful cafe and restaurant.
Under this exclusive offer, those depositing Rs. 100,000 or more into a new Seylan Tikiri account will not only receive gift vouchers valued at Rs. 23,700 but will also be granted four tickets, worth Rs. 19,600 in total, to immerse themselves in the excitement of Pearl Bay Theme Park. The combined value of this promotion is Rs. 43,300.
This outstanding promotion will run until 31st October 2023, affording families ample opportunity to schedule their trip to Pearl Bay and fully benefit from this fantastic offer.
Seylan Tikiri remains dedicated to fostering a savings ethos amongst young people, ensuring their financial beginnings are strong.
Through such campaigns, Seylan Tikiri seeks to not only offer monetary advantages but also to craft enduring memories and experiences.
Seylan Tikiri, true to its ethos, is devoted to hosting numerous events throughout the year for the advantage of Tikiri children.
These events not only motivate youngsters to adopt positive habits but also furnish them with invaluable experiences during their formative years, all while endorsing savings.
Parents looking to unlock a wealth of benefits, encompassing bonus interest, gift vouchers, and more, for their offspring under the age of 15 are urged to open a Tikiri account.
To do so, simply pop into the nearest Seylan Bank branch or ring 011 200 88 88.
