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Jana Balavegaya candidate Anura Kumara Dissanayake says that when Ranil Wickremesinghe was going to sell the Hambantota port, Mahinda Rajapaksa in parliament warned the company that was going to buy it.

Sri Lanka Podujana Peramuna candidate Nimal Siripala de Silva said at a public rally that the government was reviewing what was done during the past regime and will taker legal action.

Sri Lanka Podujana Peramuna candidate Thenuka Vidanagamage says that he did not sleep in Parliament.

Mahinda Amaraweera, the Sri Lanka Podujana Peramuna candidate says that if they fight over preferential votes, they will not be able to get form a government with a two-thirds majority.

Samagi Janabalavegaya candidate Wijith Vijithamuni Soyza says that Sajith Premadasa will be made the Prime Minister by removing a slice off pohottuwa.

Sri Lanka Podujana Peramuna candidate Prasanna Ranatunga says the jokers came to power and destriyed the country.

Samagi Janabalavegaya candidate Sujeewa Senasinghe says that there is evidence that Mahinda Rajapaksa helped Ranil to make the list.

Given below are comments of some other politicians

Sri Lanka Insurance at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note recording phenomenal growth with exceptional service innovations.

Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2019 to record 15% growth in profit before taxation reaching a Profit before taxation of Rs. 8.2 billion for the year, a marked improvement on the Rs.7.1 billion in the year 2019.

In the year of 2019 Sri Lanka Insurance reported 12 % growth in life insurance premium increasing to Rs.14.8 billion whilst general insurance premium grew to Rs.18.9 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 6.5 % during the year. General insurance contributed 56% towards the total GWP whilst Life Insurance contributed 44 %.

In continuing with its tradition of leadership, Sri Lanka insurance in 2019, surpassed its own record to declare a sum of Rs.7.6 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.50 billion making the SLIC bonus payout unmatchable.

“Sri Lanka Insurance further strengthens its strategy of diversification that is largely attributed as the key catalyst for the Company’s precipitated growth during the year. Over the past years SLIC has diversified its investment portfolio in banking & finance, healthcare, power & energy, travel and leisure and construction & engineering. Whilst the growth in our core business contributed towards greater profitability, we are cognizant of the contribution from SLIC’s diversified portfolio in achieving a consolidated profit that is in fact unprecedented. As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans. Sri Lanka Insurance will be shifting paradigms in the insurance industry and we strive to continue providing the best protection for Sri Lankans.  †noted Mr.Jagath Wellawatta, Chairman of SLIC.

“In 2019 we remained as the largest and the strongest insurance provider in Sri Lanka. Our performance during the year has re- affirmed our status as the most robust Insurance company in the industry†noted Mr. Chandana L. Aluthgama, Chief Executive Officer of SLIC. ‘Our progressive business approach has enabled us to proactively benefit from the opportunities that arose, and will continue to arise, even though the times are defining. We are confident that going forward, our strategy will continue to accelerate the momentum of growth of SLIC†he further stated.

Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.211 billion and a Life fund of Rs. 116 billion, the largest in the local insurance industry. The company is also the first and only local insurer to secure Fitch Ratings AAA (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, ‘Most Loved Insurance Brand’ and the 3^rd Most Loved Consumer Brand in the country by Brand Finance. The company is on the mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.

Photos

1. Jagath Wellawatta, Chairman of SLIC.
2. Chandana L. Aluthgama, Chief Executive Officer of SLIC

ECONOMYNEXT – Sri Lanka’s interbank clearing house, Lanka Clear, is starting an easy-to-use mobile cash transfer and an automatic bill payment facility as internet banking use in the country soared during a Coronavirus crisis, when curfews confined people to their homes, an official said.

Sri Lanka had seen a 600 percent growth in internet banking and a 200 percent growth in payments, during Covid-19 curfews, Channa de Silva, Chief Executive Officer of LankaClear (Pvt) Ltd, Sri Lanka’s interbank clearing house said.

Sri Lanka imposed strict curfews from later March, which were relaxed in May as part of successful efforts to curb the spread of Coronavirus.

Sri Lanka has confirmed 2,047 Coronavirus cases up to July 02, of which 947 were linked to a Navy camp. Another 787 were foreign returnees or foreigners and there were 313 cases from the community.

No new domestic cases outside of the Navy cluster had been found since April 30.

“What we realized in the last eventful three months is that the way forward is digital,” De Silva said.

“And the issue most banks face was to get the customers on board to adopt technology.”

Lanka Clear (Pvt) Ltd had started a mobile phone cash transfer service with a nickname or payment exchange name (PEN) which is available with Sampath Bank and National Savings Bank as well as an automatic bill payment facility, or Direct Debit Authorization.

These initiatives were supposed to be launched in mid-March but due to the COVID lockdowns it was postponed.

“Now we a consumer base which is stretched which is more towards digital,” De Silva said. “So now is the time we need to go and capture them because they have seen the benefits so they will stick to it.”

Nick Names linked to mobile phone number

Payment Exchange Name (PEN) is a real time peer to peer (P2P) facility for to transfer cash from a mobile phone with an easy to remember nickname which is linked to their mobile phone number and an underlying bank account.

Banks will assign each account with a unique nickname that will be linked to the mobile number that is registered with them, but it could also be linked to the national identity card or driver’s license.

“In future you will not need to know branch code, account number, all that,” Channa de Silva, Chief Executive Officer of LankaClear said.

“The receiver does not need to divulge any bank credentials. This also eliminates fund transfers to incorrect accounts”.

National Savings Bank and Sampath Bank are the first banks to offer the facility which allows payments of up to 500,000 rupees.

Under PEN only the sender will need to have a smart phone and not the receiver as money will go directly to a bank account, which will make it easier for people in the rural areas to receive payment.

De Silva said the PEN is a system similar to Unified Payment Interface (UPI) in India. UPI in India has carried out 1.23 billion transactions with a value of 2.2 trillion Indian Rupees by May 2020.

He said less tech savvy people could also use the system as it is based on nicknames.

Periodic payments with an upper limit

Lanka Pay also launched Direct Debit Authorization (DDA), which allows utility bills or installments to be paid automatically when they fall due like a standing order.

However the customers could set a limit where only cash for bills below or up to the limit could be deducted by the service provider.

With DDA, customers would have the convenience of giving a mandate to the bank of a third party to pull up to a certain amount of funds from their bank account on a given date, without the customer having to initiate the payment, Lanka Clear said.

Electricity bills, water bills, telephone bills or other payments like insurance premiums could be made using DDA.

These initiatives were supposed to be launched in mid-March but due to the COVID lockdowns it was postponed.

Once all the banks come on board, banks, insurance companies, leasing companies and utility companies would find it a useful feature to get their dues on time, De Silva said.

“For most people payment is not a problem but time is,” he said.

Peoples Bank, National Savings Bank, Standard Chartered Bank, Deutsche Bank, Public Bank, Seylan Bank, LOLC Finance, Commercial Leasing and Finance and Citizens Development Finance PLC are providing DDA to their customers. (Colombo/July02/2020)

Sri Lanka’s automobile import sector had to face numerous challenges in the past few years. Last year the sector faced a major price increase due to the imposition of stiff luxury taxes which resulted in a massive drop in vehicle demand.

Further, the sector also experienced a drop in sales following the Easter Sunday attacks last year in addition to the luxury tax imposed on vehicles by the previous government in October last year.

However, the sector is affected once again as the government rushed to implement measures to protect the country’s currency by slapping a temporary vehicle import ban in April in the face of the COVID-19 threat.

Meanwhile, speaking exclusively to Ada Derana first at 9 in this regard, Chairman of Ceylon Motor Traders Association (CMTA) Sheran Fernando expressed the following:

“Ceylon Motor Traders Association members who are the international Manufacturers of automotives have placed orders with the manufacturer and the orders that were placed at the point of the import ban have to be allowed into the country. Now the government is saying that these vehicles will be allowed in as long as we can negotiate credit terms with the manufacturers. But, that is quite difficult.  Our trading agreements define our terms of trade and these are encapsulated in our agreements. So, to suddenly change our terms of trade is something that is very difficult to do,†he stressed.

Speaking further, Fernando also stated that they face a massive challenge as automotive spare parts have also been included in the ban resulting in a major loss of revenue earned through after-sales services and maintenance.

“Our customers, our workshops need spare parts to continue to be in business. Our customers need these spare parts for their vehicles to be on the road. So, if we don’t have our spare part revenue that really impacts the ability for our members to stay in business. So the most fervent plea to the government is to please lift the ban on automotive spare parts.â€

Meanwhile, Prestige Automobile (Pvt) Ltd Director- Sales and Marketing, Niranga Peiris also expressed his thoughts in this regard.

‘’ We have been experiencing numerous challenges from last year. Unfortunately, after the Easter attack sales fell drastically. Afterward, the major blow was in October last year. The luxury tax ceiling was taken off. This means all vehicles regardless of their engine capacity were applicable to luxury tax and which actually increased our prices significantly and the sales have dropped drastically. What we urge the relevant authorities to have long term policies instead of ad-hoc policies. The reason is that it is beneficial for the government as well to have a clear plan for their duty collections from vehicles and we urge authorities to look at electric car structure and make those structures beneficial for electric car importers and to have those services available and we will be glad to see some framework coming into play.”

Photo Caption: From Left to Right -Sheran Fernando Chairman of Ceylon Motor Traders Association (CMTA), Prestige Automobile (Pvt) Ltd Director- Sales and Marketing, Niranga Peiris