By: Staff Writer

Colombo (LNW): Former top Google executive Mo Gawdat is to visit Sri Lanka during which he will discuss the future of AI.

Cinnamon Hotels and Resorts will welcome Mo Gawdat, the former Chief Business Officer of Google [X], for a profound keynote discussion on the future of AI and organization happiness, at Cinnamon Lakeside Colombo on 28 August.

With his expertise in navigating Al and its journey, he will sit down for a meaningful conversation here in Sri Lanka, to explore the entity while questioning ‘what is the future of technology and human performance?’.

Thus, ‘Mindful solutions with Mo Gawdat’ will be a well-timed initiative by Cinnamon to set forth a thought-provoking discussion on the succession of AI and the necessity of steering the said bandwagon of AI to optimize its potential while simultaneously balancing its use in the evolving technological landscape, organizers of  Ex Google executive’s visit said.

Additionally, he would be exploring organisational happiness, a discovery he pursued preceding a 30-year career in technology. Gawdat began a quest on the meaning of happiness, digging deep into its related literature and discussing the topic with those who can lead insights with regard. This led to his international best-selling book,

Solve for Happy: Engineer Your Path to Joy and later initiated the #OneBillionHappy campaign, a self-driven mission to make one billion people happy.

Three years ago, he launched his chart-topping podcast, Slo Mo: A Podcast with Mo Gawdat, a weekly series of extraordinary interviews that explores the profound questions and obstacles people all face in the pursuit of purpose and happiness in daily life.

In 2021, Mo published his second book, Scary Smart: The Future of Artificial Intelligence and How You Can Save Our World, a roadmap detailing how humanity can ensure a symbiotic coexistence with AI when it inevitably becomes a billion times smarter than humans.

While his latest book, That Little Voice in Your Head: Adjust the Code That Runs Your Brain (2022), counter compliments his previous book with a comprehensive user manual for optimally using the human brain to thrive and avoid suffering.

Cinnamon Hotels & Resorts Colombo Area Vice President Kamal Munasinghe said: That in the spirit of progress, Cinnamon recognises the importance of embracing AI discussions across all industries.

 And as an emerging nation, it is crucial to grasp the full spectrum of AI’s impact, both positive and negative, and leveraging advanced tech tools and aim to foster meaningful conversations that pave the way for responsible AI adoption.

“Cinnamon Lakeside Colombo is thrilled to welcome Mo Gawdat, an internationally renowned business leader and keynote speaker, to Sri Lanka. By hosting such events, we demonstrate Sri Lanka’s potential as a leading destination and showcase our ability to embrace cutting-edge technology,” Munasinghe added.

By: Staff Writer

Colombo (LNW): While revealing that the total value of non-performing loans of all 30 banks functioning in Sri Lanka currently is Rs 1.4 trillion, the State Minister of Finance Ranjith Siyambalapitiya assured that steps would safeguard the economy.

“It is the banks that safeguard the country’s economy. More than 60 per cent of the total deposits in banks in Sri Lanka are less than Rs 5,000. Most of the deposits in banks are held by the poor people of the country. Therefore, the government will always safeguard them.” the State Minister told Parliament.

“Banks have recovered only a total of Rs 17 billion through Parate Execution during the past few years. Parate execution right is the rights given to banks to recover non-performing loans by auctioning assets which the borrowers had kept as collateral when obtaining loans.

 Banks have the legal rights to perform Parate execution to recover loans more than Rs 5 million,” the State Minister said.

 Sri Lanka’s banking sector is now saddled with additional pressure from the ever increasing non-performing loans given to covid-19 hit businesses and individuals under government’s relief scheme, finance ministry data underlined.

The coronavirus outbreak coupled with economic crisis and the resultant prolonged business disruptions have made it impossible for borrowers to repay their loans given under the scheme resulting bank’s credit profiles twisted to the down side, several general managers of leading banks disclosed.

Some of these banks are facing multiple challenges at present, including muted loan growth, margin declines amid lower interest rates, and rising loan-impairment charges due to asset-quality pressures, they claimed.

Asset quality in banks was deteriorating for the last 3 years. The construction sector, which the banks had the highest credit exposure to, often suffered liquidity shortages as a result of the delays in receivables from the state sector.

The banks experienced the construction-related non-performing loans (NPLs) rising. In addition, the tourism sector was impacted due to economic crisis.

There was a sharp increase in NPLs of banks with the expiration of the moratorium period,” general manager of a leading bank said.

According to latest Finance Ministry data, a massive sum of Rs. 1.6 trillion with accumulated interest as at March 31 2023 has to be repaid to the local banking sector by business enterprises, SMEs and individuals, hit by Covid -19 and subsequent economic crisis.

It has been indicated that non-settled loans obtained by affected business owners and persons under concessionary terms in five stages are now amounting to Rs1.6 trillion and it was 15.65 percent from the total debt stock.

Sri Lanka’s small and medium businesses are forced to default loans taken at a low interest of 7 percent at that time as the interest rates have been increased to 13 percent pushing them into in more trouble.

Colombo (LNW): Three people were killed and eight others were injured following a fatal accident on A9 road.

The accident occurred in the Panichchakulam area along the A9 road, when a van plying from Colombo to Jaffna hit a truck early this (15) morning, Police said.

The truck collided with the van had rear-ended another truck parked in front of it, according to Police.

The deceased were identified as residents of Mulleriyawa, Wellampitiya, and Jaffna, aged 38, 46, and 58, according to Police.

The van driver was arrested over the accident.

Colombo (LNW): Train trips on the Main Line are experiencing delays due to an engine breakdown of a Colombo-bound train in Bulugahagoda area in Gamapaha, announced the Sri Lanka Railways.

Regrets are expressed over the inconvenience occurred to the public.

By: Isuru Parakrama

Colombo (LNW): Prime Minister Dinesh Gunawardena yesterday (14) left Sri Lanka on a four-day official visit to China.

The Sri Lankan Prime Minster is set to attend the 7th China-South Asia Expo and the 27th China Kunming Import and Export Exhibition jointly hosted by the Chinese Ministry of Commerce and the Yunnan provincial government, as the Chief Guest.

The exhibition will be held from August 16 to 20 in Kunming, China, under the theme, ‘Solidarity and Coordination for Common Development’.

State Ministers Tharaka Balasuriya, Janaka Wakkumbura and Kanaka Herath, MP Yadamani Gunawardena and Prime Minister’s Secretary Anura Dissanayake will accompany the Prime Minister as the Sri Lankan delegation to the exhibition.

PMD: Minister of Tourism & Lands Harin Fernando stated that a Policy for Tourism that does not change when the Government or the politicians are changed to be urgently presented to the county.

The minister mentioned that the policy, which was prepared after extensive study by the experts in the field, has now been forwarded to the cabinet, and the way of its operation will be presented to the country in the next two weeks.

The Minister of Tourism & Lands Harin Fernando expressed these views while joining the news conference held at the Presidential Media Center today (14) under the theme “Collective Path to a stable country”.

The minister who further commented said:

With the correct economic program that President Ranil Wickramasinghe is taking to build this country, there is an awakening in the tourism sector today. Among the leaders who refused to take over the country, it must be said that it is a great pleasure to work with the president who fearlessly accepted the challenge.

Development of the tourism sector can be pointed out as a major approach to solve the dollar crisis in the country. There is a modest happiness about the progress made today compared to the state of the tourism sector a year ago. President Ranil Wickramasinghe is making a great contribution to uplifting the country’s tourism industry. We should promote it more.

Sri Lanka is a very beautiful country. But no one has yet understood the value of its beautiful. And this country is a treasure. We have not yet thought how to use it. The President’s plan is to bring about the necessary change in attitude.

Politicians who have ruled this country for the past 75 years are responsible for the situation this country suffers in present. But today a single person is implementing the necessary policies to move the country forward.

We have already implemented the necessary program to make Sri Lanka a beautiful destination for tourists. Also, in order to further increase the number of tourists, many practical problems related to the tourism sector need to be solved.

It is also expected to introduce a program in the future to reduce the existing traffic in places that have gained tourist attraction in the country. Also, a special program has been planned to ensure the safety of tourists together with the Ministry of Public Security.

A mobile application for the convenience of tourists and a formal program to prevent various irregularities faced by foreign tourists are also going to be implemented.

Also, we are on immediate working to prepare a policy for tourism. The tourism industry of the country needs a national policy that does not change when governments and politicians are changed. The country’s tourism policy cannot be changed just because the change of its minister. Therefore, after a long analysis, we have forwarded a new policy for tourism which was prepared by experts in the field to the cabinet. We will present the country how it will work, within the next two weeks.

The challenge we had so far was to bring tourists to Sri Lanka. Also, the challenge to be faced in the future is how to maintain the quality of the tourism industry. Employees in the hotel industry in Sri Lanka leave for foreign jobs as soon as they get their first service certificate. Then another person is hired for it. I observe this situation as a big problem in the hotel industry in this country. We are taking immediate steps to solve that and other problems in the field as well.

It has also been decided to hold an open short film festival on the beautiful places of Sri Lanka targeting tourists. It has been planned to select the best 10 short films through a jury consisting of experts in the field and give them financial rewards, as well as provide them with formal training. This program is planned to be held annually.

Aiming at the promotion of the tourism industry, the ultra-luxury hotel of the Hilton Hotel chain is scheduled to be opened by the President on the 19th in Yala area. Along with that, it is planned to launch a series of tourism advertising programs.

1. Former CB Deputy Governor W A Wijewardena expresses serious concern about potential social unrest arising when implementing IMF proposals, leading to “IMF riots”: notes these reforms burden the poor more than the affluent, making it likely that SL could face similar challenges: previously, Wijewardene was an ardent advocate of SL seeking an IMF programme.
   
2. UNICEF Report states 3.9 mn Sri Lankans are moderately food insecure: over 10,000 households face severe food insecurity: about 2.9 mn children need humanitarian assistance to access life-saving nutrition, health, education, water & sanitation, protection, and social protection services: 62% of households adopt livelihood-based coping strategies such as withdrawing savings, borrowing money, and buying food on credit to access food.
   
3. Former UN Expert on Foreign Debt and Human Rights Juan Pablo says Sri Lanka’s austerity measures could do more harm than good: also says historical evidence shows that such measures fail to lead to higher growth rates, increased employment, or reduced poverty: stresses need to look at other measures during an economic crisis.
   
4. Treasury concedes there has been a “significant shortfall” in revenue performance this year: Treasury Secretary Mahinda Siriwardene instructs Govt institutions to adhere to the stringent expenditure control measures until further notice, as the Govt is still struggling for “various reasons”.
   
5. Life-saving surgeries at the Hambantota General Hospital halted as the only anaesthetist at the hospital has gone abroad without permission from the Health Ministry: Government Medical Officers Assn says that during the year ended 31May’23, 274 specialist doctors & 842 graded medical officers have migrated.
   
6. JVP-led NPP leader Anura Kumara Dissanayake says SL’s sovereignty & national security are in jeopardy as an Indian company will gain access to citizens’ personal data through a project to print digital national identity cards: reveals that arrangements have been made to award the project to the Madras Security Printing Company.
   
7. State Finance Minister Ranjith Siyambalapitiya says the proposed Betting & Gaming Levy Bill and the Gambling Regulatory Authority will regulate lotteries, gambling, gaming, horse racing, betting shops and casinos: also says establishing this law cannot be done in a hurry.
   
8. Analysts say SL’s Call-Money interest rate and Treasuries’ yields are now determined by the IMF’s Net International Reserve target for SL, not inflation: warn that Forex pressure will emerge quickly leading to the currency falling, if a “reserve collecting” central bank cuts interest rates based on an inflation index number.
   
9. Opposition Leader Sajith Premadasa accuses the Govt of attempting to sell state-owned media channels: asserts such ‘erratic’ decisions must not be made.
   
10. Organic fertilizer production at the Welimada Ulugalawatta Organic Solid Fertilizer Processing Center under the National Food Promotion Board, commences: arrangements said to have been made to export 5000 MT of solid organic fertilizer processed at this center, to a cultivation project currently being built in Dubai, every month: at the same time, Minister of Agriculture Mahinda Amaraweera says the decision to use 100% organic fertilizer in the country has completely destroyed the agricultural sector.