August 03, Colombo (LNW): The Bank of Ceylon (BOC) is set to introduce new and emerging technologies, empowering ordinary citizens with access to financial services and pioneering digital banking solutions. 

Celebrating its 85th anniversary, BOC continues to be a pillar of strength for Sri Lankans, having transformed the banking experience for millions.

 One significant milestone announced during this celebration is the granting of 10,000 youth loans, highlighting BOC’s dedication to fostering young entrepreneurs and empowering future leaders.

BOC was honored as ‘The Bank of the Year – Sri Lanka’ by the prestigious Banker magazine and remains the only Sri Lankan bank listed among the Top 1,000 Banks in the world in 2024. 

This recognition underscores BOC’s sustained growth and customer confidence. BOC’s commitment to digital excellence was further acknowledged at the Technnovation Awards 2024, where it won the ‘Overall Award – Gold for Excellence in Digital Payments,’ as well as Gold awards for ‘Bank of the Year for Financial Inclusivity’ and ‘Best Common ATM Enabler of the Year.’

A standout initiative during the 85th year was the successful conclusion of the ‘Pita Pita Rata Thegi’ program, which rewarded Sri Lankan expatriates for securely remitting their foreign currency. The grand prize, a luxurious, fully furnished house valued at Rs. 30 million, was presented to the lucky winner.

As BOC celebrates 85 years, it reflects on its journey with pride and looks forward with determination to continue serving the country and its people. BOC’s mission has always been about more than banking; it focuses on empowering people and driving national development.

 The bank is committed to innovating and expanding its services to ensure that every Sri Lankan has the opportunity to thrive.

In the upcoming year, BOC is set to embrace new and emerging technologies and deepen its commitment to financial literacy, sustainability, and community development. 

The 85th-anniversary celebration was held at BOC’s Head Office in Colombo, featuring special religious sermons to bless the staff and customers. 

The event was attended by the Bank’s Chairman. Kavan Ratnayaka, General Manager/CEO Mr. Russel Fonseka, members of the Board of Directors, corporate and executive management, staff members, customers, and well-wishers. BOC’s branch network also celebrated the anniversary with their loyal customers and well-wishers.

BOC was established on August 1, 1939, by British Governor Sir Andrew Caldecott, allowing ordinary people and businesses to open accounts and use cheques for transactions. Today, it stands as a modern bank with technology at the core of its operations, dedicated to delivering exceptional experiences to its valued customers.

August 03, Colombo (LNW): The economic reform program in Sri Lanka has shown positive results, with three consecutive quarters of GDP growth and a 5.3% year-on-year increase in the first quarter of 2024, Senior IMF Mission Chief. Peter Breuer disclosed following the conclusion of his team’s vsit to review the progress of this initiative.    

He stated that Inflation remains under the Central Bank 5% target, and domestic borrowing rates have decreased. 

Gross international reserves rose by US $1.2 billion in the first half of 2024, reaching $5.6 billion, while fiscal revenue collections also increased. The focus now is on ensuring these improvements benefit all Sri Lankans.

As Sri Lanka’s recovery remains fragile, maintaining reform momentum and timely implementation of program commitments are essential to secure economic progress and stabilize the economy, he claimed. .

 To restore debt sustainability, increasing fiscal revenues is crucial. He noted that the 2025 Budget should focus on appropriate revenue measures and continued spending restraint to achieve a medium-term primary balance objective of 2.3% of GDP. 

The planned relaxation of import restrictions on motor vehicles will aid revenue mobilization, and tax administration reforms could enhance compliance, including the establishment of a functioning VAT refund system for exporters by April 2025. 

Avoiding new tax exemptions will reduce corruption risks and fiscal revenue leakages, ensuring a more predictable and transparent tax system. 

Maintaining energy prices at cost-recovery levels is vital to avoid potential fiscal costs, and protecting the poor through improved targeting and better cash transfer coverage remains critical.

The recent parliamentary approval of the Public Financial Management Act and the Public Debt Management Act marks a significant milestone in improving fiscal discipline and prudent debt management.

 Developing a holistic debt management strategy and creating a well-structured Public Debt Management Office will help reduce government financing risks.

 Maintaining price stability also requires safeguarding CBSL’s independence. Continued reserve accumulation and exchange rate flexibility are key priorities.

Recent amendments to the Banking Act and related regulations will help safeguard financial stability. Ensuring the banking sector is adequately capitalized will allow it to contribute to economic growth.

The National Anti-corruption Agenda, building on earlier governance plans, is a positive step. Implementing governance reforms outlined in the Governance Diagnostic Report is crucial to addressing corruption risks and correcting past policy missteps.

 Creating an enabling environment for these reforms is key to bolstering public confidence and facilitating their implementation.

Sri Lanka has made notable progress towards debt sustainability. The execution of domestic debt restructuring and agreements with the Official Creditor Committee and China EXIM Bank are significant milestones. 

The IMF has assessed the “Joint Working Framework” with the bondholder committee and provided feedback to the authorities and financial advisors. 

Swift resolution of remaining steps is encouraged to achieve debt sustainability and regain investor confidence. The IMF will continue to support Sri Lanka’s debt restructuring efforts.

August 03, Colombo (LNW): Uber, the largest ridesharing company globally, has entered into a partnership with Sri Lanka’s Tourism and Lands Ministry to promote Sri Lanka as a tourist destination to its Indian rider base. 

This initiative is in preparation for the upcoming Sri Lanka Tourism Promotion Bureau (SLTPB) roadshows in select Indian cities. 

The aim of this collaboration is to help rejuvenate Sri Lanka’s tourism sector, which has been severely affected by the COVID-19 pandemic and recent economic turmoil.

As part of the Memorandum of Understanding (MoU) signed between Uber and the Sri Lankan authorities, 

Uber will leverage its extensive platform to highlight Sri Lanka’s tourist attractions and culinary delights to its broad customer base in India, which is one of the largest sources of tourists for Sri Lanka. 

The promotional campaign will run over the next few months, coinciding with the SLTPB’s roadshows, which are designed to attract more Indian tourists to Sri Lanka.

Uber’s promotion strategy includes offering special promo codes to tourists, facilitating their access to safe and convenient transportation through Uber, and easy food and grocery deliveries via Uber Eats. 

Additionally, a contest will be organized by the Sri Lanka Tourism Board, in collaboration with Uber, offering five Indian citizens a chance to win an all-expenses-paid holiday in Sri Lanka for three nights and four days.

Chalaka Gajabahu, Chairman of the Sri Lanka Tourism Promotion Bureau, expressed optimism about the partnership, emphasizing that tourism represents a significant opportunity and source of hope for Sri Lanka.

 He highlighted the country’s beautiful landscapes, delicious food, direct-flight connectivity, and efficient rail network as key attractions. Gajabahu believes that Uber’s global presence can play a crucial role in promoting Sri Lanka to its customers, providing a familiar and reliable travel option for tourists.

Kaushalya Gunaratne, Uber Mobility Sri Lanka Country Manager, reiterated Uber’s commitment to the communities it serves. He expressed delight in partnering with the Tourism and Lands Ministry to aid in the revival of Sri Lanka’s tourism industry. 

Gunaratne highlighted the country’s potential, citing its scenic beauty, rich culture, and diverse culinary offerings. He emphasized that Uber aims to enhance tourists’ experiences by providing seamless connectivity within and between cities, along with a variety of local and international cuisines available on Uber’s twin platforms.

Tourism has been a vital contributor to Sri Lanka’s economy, accounting for 13% of the country’s GDP. The island’s rich cultural heritage, stunning landscapes, and pristine beaches have made it a favored destination for tourists worldwide. Prominent tourist spots include Galle, Kandy, Sigiriya, Yala National Park, and Nuwara Eliya. 

1. President Ranil Wickremesinghe declared the immediate initiation of the “River for Jaffna” project, which is designed to provide a comprehensive solution to the water scarcity issues in the northern region of Sri Lanka. The President made these remarks while attending the opening of the Thalaiyady Seawater Desalination Plant, part of the Jaffna-Kilinochchi Water Supply Project.
2. Former President Mahinda Rajapaksa has denied reports which claimed he met President Ranil Wickremesinghe. Meanwhile, MP Namal Rajapaksa says that claims by Presidential Advisor Ashu Marasinghe suggesting an alleged meeting between him and Opposition Leader Sajith Premadasa are completely false.
3. The Online Safety (Amendment) Bill has been published via government gazette. The Online Safety Bill has been a subject of debate and contention, with several parties having raised concerns about potential limitation.
4. The Sri Lanka Tourism Promotion Bureau (SLTPB) has won the “Best International Tourism Board” accolade at the Global Tourism Awards 2024, organized by the Travel World Online (TWO). The Global Tourism Awards 2024 was held on 2nd of August 2024 in New Delhi, India.
5. The final rites of the late Ven. Galaboda Gnanissara Thero of the Gangaramaya Temple will be held under state patronage on Monday (Aug 05) at the grounds adjoining the temple, according to the funeral committee. Meanwhile, the funeral committee stated that the remains of the late Thero will be brought to the Gangaramaya Temple at 06.00 a.m. today (03) where it will lie-in-state for the public to pay final respects until Monday (05).
6. The Supreme Court has issued an interim order preventing the implementation of the Cabinet decision to grant approval for online Visa Electronic Travel Authorization to two private entities. Furthermore, the court has issued another interim injunction preventing the implementation of the agreements reached with the relevant foreign companies.
7. A meeting has taken place between representatives of the Ceylon Chamber of Commerce including its Chairman, Duminda Hulangamuwa and the leader of the National People’s Power (NPP) Anura Kumara Dissanayake at the headquarters of Janatha Vimukthi Peramuna (JVP).
8. The Supreme Court has fixed for consideration on October 14 the five Fundamental Rights petitions filed seeking an order to invalidate the Cabinet approval granted for India’s Adani Green Energy for a wind power project in Wedithalathivu, Mannar.
9. The International Monetary Fund (IMF) says the 2025 Budget needs to be underpinned by appropriate revenue measures and continued spending restraint so as to reach the medium-term primary balance objective of 2.3 percent of GDP—a key requirement for restoring Sri Lanka’s debt sustainability.
10. Tharushi Karunaratne of Sri Lanka placed 8th in the preliminary round of the women’s 800m running event at the 2024 Paris Olympics on August 2, with a time of 2:07:76 seconds. Despite this result, Karunaratne will have another opportunity to advance as she competes in the repechage round scheduled for August 3

August 03, Colombo (LNW): Showers will occur at times in Sabaragamuwa province and in Kandy and Nuwara-Eliya districts.

Several spells of showers will occur in Western and North-western provinces and in Galle, Matara and Matale districts.

Showers or thundershowers may occur at a few places in the Eastern and Uva provinces in the evening or night.

Strong winds of about 50 kmph can be expected at times over Western slopes of the central hills. Fairly strong winds about (30-40) kmph can be expected at times elsewhere of the island

By: Staff Writer

August 02, Colombo (LNW): Dubai, a city that has transformed its desert landscape into a skyline of architectural marvels, boasts a thriving real estate market with monthly transactions exceeding USD 1.5 billion.

It has become a global hotspot for property investors, drawing attention with its vibrant economy, innovative buildings, and luxurious lifestyle. As Dubai continues to grow, its real estate market presents abundant opportunities for investors.

While Sri Lankans have traditionally invested in real estate overseas in places like Australia, Canada, and the UK, Dubai remains relatively unexplored. This is mainly due to limited awareness and a lack of reliable partners.

The upcoming property show aims to address these issues by providing a platform for investors to meet top developers, explore various properties, and understand the intricacies of international investments.

Investing in Dubai offers significant financial incentives for Sri Lankans. The potential for passive income through rental yields of 6-7% highlights the strength of Dubai’s real estate market.

In contrast, Sri Lanka’s real estate yields range from 1-3%, making Dubai an attractive option for maximizing returns. Additionally, the favorable exchange rate of 91 LKR per AED enhances the financial benefits, providing stability amid global political uncertainties.

A 12-member delegation from Oneroad Group DMCC Dubai, a leading investment consortium, recently concluded a successful visit to Sri Lanka from July 7 to 14, 2024.

Rt. Hon. David Cameron, the former Prime Minister of the United Kingdom, played a significant role. With great enthusiasm, a thorough understanding of every detail, and strong belief in the success of the Port City project, he brought an infectious energy and goodwill to all the investors he met.

Cameron’s presence at the events was remarkable. His commitment to the Port City project was evident, and his energy was contagious. He approached every interaction with investors, whether one-on-one or in group discussions, with the same level of enthusiasm and dedication.

One of the highlights of the events was the exchange of views between David Cameron and Nirj Deva. Deva, a former British and European Member of Parliament and a key organizer of the events, facilitated this engaging dialogue. The stage came alive with their dynamic conversation, filled with insightful questions and thought-provoking responses.

The Oneroad Group expressed their gratitude for the warm hospitality of the Sri Lankan government and reaffirmed their commitment to exploring further investment opportunities.

1. Finance State Minister Shehan Semasinghe announces President Ranil Wickremesinghe met with IMF Mission Chief Peter Breuer to discuss completing the third review necessary for disbursing the fourth tranche: The discussions focused on areas needing attention for the review’s success: The IMF praised Wickremesinghe’s leadership and economic progress, while debt restructuring efforts and future prosperity were also addressed.
   
2. Rebel SLPP MP (Prof.) G.L. Peiris now serving under the ‘Nidahasa Janatha Sabha’ says the SLPP symbolises former President Mahinda Rajapaksa and Mahinda Rajapaksa only, regardless of the Party’s MPs who chose to back current President Ranil Wickremesinghe in the upcoming polls: asserts SLPPers are devoted to Rajapaksa and not anyone else: accuses the SLPP MPs who are currently backing Wickremesinghe of expecting privileges by doing so.
   
3. MP Dhammika Perera is expected to be announced as the SLPP’s Presidential candidate on August 7, according to party sources: This confirmation aligns with LNW’s December 2023 prediction: Perera, a leading investor and entrepreneur, is recognised for his extensive business expertise, setting him apart as the party’s top choice for the upcoming presidential polls.
   
4. Foreign Minister Ali Sabry advises Sri Lankans to avoid travel to Lebanon unless absolutely necessary due to rising tensions after Hamas leader Ismail Haniyeh’s assassination: With about 6,000 Sri Lankans in Lebanon, the government has a plan to repatriate workers if needed: Two committees have been formed to monitor the situation and ensure protection, and Sabry warned against using visit visas for foreign employment.
   
5. Finance State Minister Ranjith Siyambalapitiya announces an extra Rs. 3,000 allowance for public service pensioners, raising their total interim allowance to Rs. 5,500 starting in September: Following presidential directives, an expert committee was formed to address salary disparities: This interim allowance, in effect until a new salary structure in 2025, will cost the government Rs. 8.4 billion in 2024.
   
6. HSBC Sri Lanka launches the HSBC Live+ Credit Card, offering 15% dining discounts and up to 10% cashback on dining, shopping, and entertainment: In partnership with Visa, the card provides rewards for lifestyle spending and is among the first in the HSBC Group to introduce such benefits globally: The card aims to enhance dining experiences and offer substantial cashback on everyday expenses.
   
7. The Supreme Court schedules a hearing on August 9 to address Shani Abeysekera’s petition for enhanced protection due to life threats: Notices have been issued to respondents, including former IGP Deshabandu Tennakoon and Defence Secretary Kamal Gunaratne: Abeysekera’s counsel, Upul Jayasuriya, cited a conspiracy to assassinate his client, prompting the court to order respondents to present their case on the specified date.
   
8. The ‘Atlas Angel’ joint military exercise by the Montana National Guard, U.S. Pacific Air Forces, Sri Lanka Air Force, and Maldives National Defence Force aims to boost disaster response readiness from August 5-9: Over 70 U.S. personnel and two C-130 Hercules aircraft will participate: The exercise includes urban and medical search and rescue, airfield repair, and a crisis management drill, highlighting international cooperation in disaster management.
   
9. The Chief Incumbent of Hunupitiya Gangaramaya Temple in Colombo, Ven. Galaboda Gnanissara Thero, popularly known as “Podi Hamuduruwo”, passes away aged 81: The Thero was receiving treatment at a private hospital in Colombo.
   
10. Sri Lanka’s Tharushi Karunaratne will compete in her first heats of the women’s 800m event at the Paris 2024 Olympics today (02) at midnight (IST): Amongst four Asian representatives, she will race against athletes from Lithuania, Australia, Switzerland, Italy, the US, Jamaica, and Kenya. Karunaratne, 19, is the Asian record holder and 2023 Asian Games Gold Medalist.