Facebook was built to connect people and provide them the power to build a community. Around the world, we’ve seen Facebook used to bridge languages, cultural and socioeconomic barriers, and provide small business owners new economic opportunities. But we also know that connecting people could have unintended consequences.

Misinformation and false news are harmful to any community and help make the world less informed. We take our responsibility to deal with Misinformation and false news very seriously and remain invested in this responsibility across the globe including in Sri Lanka. We wish to empower people to decide for themselves what to read, trust and share. We do so by promoting news literacy and informing people with more context. To give people more control, we encourage them to tell us when they see false news. Feedback from our community is one of the various signals that we use to identify potential hoaxes.

We are also working to empower our community in Sri Lanka on how to spot false news in order to make more informed decisions. Last year, we launched our Digital Literacy program in Sri Lanka in partnership with Sarvodya Fusion. Under this continuing program, 20,000 secondary school students are being trained on how to use the internet safely and responsibly.

Third party fact checking

In addition to our own efforts to reduce the spread of misinformation on Facebook, we’re scaling our partnerships with third-party fact-checkers, who are working on combating misinformation and false news in Sri Lanka. Last week, we announced our partnership with Agence France-Presse (AFP), to fact-check contents on Facebook in Sri Lanka. AFP is a global partner and certified through a non-partisan International Fact-Checking Network.

When our fact checkers rate something as false, we rank those stories significantly lower in News Feed. On an average, this cuts future views by more than 80%. The information from fact-checkers help improve our technology, so that we could identify more potential false news faster in the future. This multi-pronged approach also roots out the bad actors that frequently spread fake stories. It dramatically decreases the reach of those stories. And it helps people stay informed without stifling public discourse.

Other Features on Facebook, such as Context Button, give people more information about the publishers and articles they see, such as the publisher’s Wikipedia entry. Related Articles, displays articles from third-party fact-checkers immediately below a story on the same topic. If a fact-checker has rated a story as false, we’ll let people who try to share the story know there’s more reporting on the subject.

This is some of the most important work being done at Facebook. And we know we cannot do it alone - we work with NGOs and other civic society organizations to alert us on fake news spreading on the platform. The informal network that we have built over the last few years has led us to identify and reduce the distribution of any content that violates our community standards guidelines. We also work extensively with trusted partners on the ground who understand the pulse of the community and who have extensive networks and local relationships.

Getting Ahead Together

The issue of misinformation and false news would always be a work in progress.

Even with these steps, we know people would still come across misleading contents on Facebook and the internet more broadly. Facebook is committed to helping Sri Lanka and its communities and we are doubling down on countering misinformation on our platform. We are committed to working with the community, our partners in civil society and news publishers in Sri Lanka, to ensure that we keep people safe on Facebook.

Ankhi Das is the Director of Public Policy for Facebook in India and South & Central Asia

The Cargills Bank experienced increased Non Performing Assets (NPA), lower than anticipated business volumes and the impact of weaker macroeconomic conditions, resulting in a loss after taxes of Rs. 196.5 million during the quarter ended March 31, 2019, as compared with a Profit After Tax of Rs. 18.3 million in the corresponding period of the previous year.

During the quarter in review, the Bank recorded NPAs on a few large ticket loans. A large facility in the construction sector was classified as NPA, impacting the bottom line of the Bank. Provision for this group has been made according to the classification directed by the Central Bank in a general directive to all banks. In respect of a few other large customers who are in NPA, the Bank is foreclosing on the mortgages and pursuing other restructuring and recovery measures. We remain confident of recovering a substantial part of the amounts due from these customers within a year.

Impairment for the quarter in review amounted to Rs. 323.3 million as compared to the previous year’s quarter of Rs. 79.2 million. The adoption of SLFRS 9, resulted in more stringent impairment provisioning and also contributed to the increase.

Interest income reflected a 13% YoY increase and grew to Rs. 990.8 million. Net interest income contracted by 7% Year-on-Year (YoY) down to Rs. 429.4 million. The percentage growth was marginally impacted by changes in the impairment mechanism. Interest expense reflected a 35% YoY increase and grew to Rs. 561.4 million.

During this period, operating expenses increased by 27% YoY to Rs. 101 million, with a major component of this increase arising from the higher cost in information technology and communication. The increase of cadre from 475 to 586 was also reflected in higher personnel expenses. The increase in the workforce was largely in the Card Centre, sales force Retail Banking and recoveries.

As evidenced by our performance, the quarter in review was challenging. Given these challenges, the Bank’s loan portfolio growth was subdued and expanded to Rs. 25.7 billion at quarter ended, compared with Rs. 23.9 billion as at December 31, 2018, with loans to the SME sector accounting for the highest growth rates, while corporate and retail lending represented the majority of the Bank’s loan book in terms of value.

The Bank’s total deposit base recorded a modest growth, closing the quarter with Rs. 21.7 billion, as compared with Rs. 19.9 billion as at December 31, 2018. The Bank was mindful of increasing the deposit base given the higher associated interest cost.

The Bank’s regulatory capital ratios were maintained well above the statutory minimum requirements. The Common Equity Tier 1 Capital Ratio and Tier 1 Capital Ratio stood at 28.5% at the end of the quarter, while the Bank’s Total Capital Ratio was held steady at 28.8%, as compared with minimum regulatory requirements of 7%, 8.5%, and 12.5% respectively.

During the quarter in review, Cargills Bank secured a multi-notch upgrade from Fitch to A-(lka) with stable outlook. Fitch Rating attributed the upgrade to its “assessment of support from its ultimate parent, CT Holdings PLC (CTH) and our expectation that the Bank is likely to receive extraordinary support from its ultimate parent, if needed.” Given the prevailing monetary conditions which resulted in a volatile and largely higher interest rate environment, growth was stifled across key sectors of the Sri Lankan economy, resulting in delayed settlements by some large customers, recovery of these outstanding would be the Bank’s immediate priorities.

Cargills Bank’s expansion into the credit card market has been well received by a wide spectrum of customers and we are excited by the opportunities available in this sphere and confident of establishing a leadership position within identified segments, particularly, amongst shoppers patronizing Cargills Food City’s retail network.

The Bank is also confident that its early initiatives in the Retail, SME and Agri segments would develop strongly; combined with technological innovation, while the future augurs well.

The Bank’s unique FMCG centric banking model leverages on parent company’s extensive supplier eco system which also provides fast and convenient access to markets, while the existing relationship between the parent and its supplier network, serves as an additional buffer against risk to the Bank. Moving forward, a substantial thrust would be directed towards the further development and enhancement of this unique model. 

The Colombo Stock Exchange (CSE), one of the major stock exchanges in South Asia that provides an electronic trading platform, has extended yet another CSR initiative towards HelpAge Sri Lanka (HASL), to restore the vision of less privileged elderly citizens in Sri Lanka.

Accordingly, the CSE granted a generous financial donation to HelpAge Sri Lanka to conduct a Mobile Medical and Eye Care Camp at the Sri Punyaloka Temple, located in a remote village of Watareka in Padukka, for the benefit of the Senior Citizens over 55 years of age.

The Medical and Eye Care Camp provided assistance to approximately 145 elders. Accordingly, 67 persons received medical screenings, while 78 elders received eye screenings at the Camp.

In addition, those elders who are suffering from refractive error received 58 bifocal spectacles and nine elders were referred to HelpAge Eye Hospital in Wellawatta (opposite the Savoy Cinema) for free Cataract surgeries.

Colombo Stock Exchange CEO Rajeeva Bandaranaike, highlighted the importance of conducting free Cataract Surgeries by HelpAge for the underprivileged elderly citizens and said that the CSE had always been helping the needy citizens to improve their health conditions and social activities.

HelpAge Sri Lanka is a Non Profit Charitable Organization that provides social and medical services, especially for destitute Sri Lankan elders who has low vision issues.

HelpAge Executive Director Samantha Liyanawaduge highly admired the CSE for making their invaluable support to improve the living standards of a needy section in our society

He further said that there is a marked improvement in donations made by people and also institutions towards the cataract surgery program, the Mobile Medical and the Eye Care program which has been conducted by HelpAge free of charge during the past 35 years.

MMBL - Pathfinder recently, set up a pilot project in electric mobility powered by solar energy to better understand the challenges and benefits of using these technologies. In the first phase, several electric vehicles and motorcycles would be used to carry out the routine logistics requirements connected with the activities of its headquarters at Riverpoint, Peliyagoda. The energy requirements for these vehicles would be met by a roof-top solar power installation.

MMBL - Pathfinder Founder Milinda Moragoda, Director/CEO K. Balasundaram and Director HR & Administration Nandana Dewage inspects some of the electric vehicles that would be used for the electric mobility /solar power pilot project, according to a Press release.

The Maldives National Association of Construction Industry (MNACI) along with Maldives Exhibition & Conference Services Pvt Ltd will present Buildex Maldives 2019, to be held during August 22-24, 2019 in Malé, Maldives.

The exhibition has been setup to cater to the construction boom in the Maldives. Major projects such as the reclamation and development of Hulumalé, construction and refurbishment of Island Resorts and the growing population in the Capital City contribute towards the exponential growth in the Maldivian Construction Industry. Buildex Maldives 2019, aims to provide a platform for B2B and B2C engagement. So far companies from Sri Lanka, India, Thailand, Singapore and New Zealand are set to participate at the Exhibition.

Construction is one of the most important sectors in the country; it has witnessed unprecedented growth in recent years. Residential construction grew markedly, particularly in Malé and in the recently reclaimed Hulhumalé’. This growth reflects the natural growth of the population and rapid urbanization. Malé being the main commercial hub of the country and the Capital City, caters to a large number of people from the outer Islands who migrate to Malé, mainly looking for employment opportunities, better health and better educational services. This rapid urbanization is driving the demand for rental accommodation in Malé, fueling the growth of residential construction.

The Exhibition is being handled by veterans in the exhibition Industry, Lanka Exhibitions and Conference Services Pvt Ltd, through their Malé based subsidiary Maldives Exhibition and Conference Services. Buildex will be the third annual event handled by the organisation in the Maldives and promises to be a great opportunity for all Stakeholders of the Construction Industry.

KPMG participated at the Techno Fair 2019 which was organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) on May 29, 2019.

At KPMG, we recognize that technological shifts are altering business models and believe that the KPMG technology practices could help our clients’ better leverage digital forces such as mobile, social and cloud in a complex environment.

“Techno Fair 2019, the first of its kind organized by the Charted Institute, was a great opportunity to understand market conditions and also to leverage on the opportunities provided,” said Buddhin Gunasekera, CEO, KPMG Technological Solutions. This was an opportunity for us to showcase how a firm such as us have shifted from the traditional business model to a technological consultancy over the years in keeping with the times.

The event also brought together local as well as international digital products and services. The wide range of products and services consisted of automation, artificial intelligence, data science, big data and cloud computing. The products were demonstrated at the fair right through the day.

Digital Disruption was a key area that was showcased at the Techno Fair 2019. Composition of business and sector knowledge, coupled with technological insights, could create a unique position in the industry. KPMG is dedicated towards creating digitally disruptive solutions for our clients to achieve end to end transformation and to manage the highly dynamic environment with ease and provide better solutions in achieving a sustainable transformation. Our highly competent teams provide a valuable insight on strategy, cultural change and how processes and platforms across the front, middle and back offices need to evolve proactively.

KPMG showcased innovative corporate solutions ranging from the document managing systems, HR solutions to corporate mobile apps.

The products were demonstrated by our team of specialists for the benefit of the participants.

The majority of these are homegrown at KPMG and customization is possible to a greater extent as opposed to off the shelf products.

The Batticaloa factory of leading Sri Lankan apparel solutions provider, Brandix, is the world’s first manufacturing facility to achieve ‘Net Zero Carbon’ status. This signifies that the Brandix factory in Batticaloa has completely neutralized its environmental impact through carbon dioxide emissions by being highly energy efficient and using on-site renewable energy resources.

Recognised by the World Green Building Council (WGBC), the ‘Net Zero Carbon’ certification is issued by the Leonardo Academy and comes in the background of countries around the world examining ways in which to minimise their contribution towards drastic climate change.

“In 2007, when we began our journey in Sustainability, we envisioned Brandix becoming the most sustainable apparel manufacturer in Asia. Soon after, we went on to achieve a global milestone in 2008 by securing the world’s first LEED Platinum certification for our factory in Seeduwa, setting the trend for other manufacturers to follow in our wake. It is truly a monumental milestone for us, therefore, to secure another world first, by achieving Net Zero Carbon status for our factory in Batticaloa, as the first Sri Lankan company and apparel manufacturer to join in on the World Green Building Council Commitment. Striving for excellence at every stage of our business, we will continue to work towards our goals in Environmental Sustainability on an inspired journey to lead the way and become a global benchmark,” said Ashroff Omar, Group Chief Executive Officer of Brandix.

The achievement of this milestone is in alignment with Brandix’s commitment to the WGBC, where Brandix has pledged that all factories located in Sri Lanka, under the company’s direct control, will be Net Zero Carbon in operation by 2023. To achieve this ambitious goal, its decarbonisation strategy involves on-site renewable energy generation – with Brandix currently adding nearly 20MW of solar and biomass to its current energy mix, and resource optimisation strategies with installation of technologically advanced and energy efficient air compressors, HVAC systems, sewing machines, lighting and building fabric.

“We welcome the sustainability leadership action demonstrated by Brandix in joining the Net Zero Carbon Buildings Commitment,” said Cristina Gamboa, Chief Executive Officer of the World Green Building Council. “As both the first Sri Lankan company and the first apparel manufacturer to commit to net zero carbon buildings across its operations, Brandix is setting an example in leading the transition towards net-zero buildings in Sri Lanka and within its industry.”

This is the second major sustainability milestone for the Brandix Batticaloa factory, which achieved the highest Leadership in Energy and Environmental Design (LEED) Platinum rating in Sri Lanka, which is also the second highest rating in the world.

The national body for Marketing in Sri Lanka, the Sri Lanka Institute of Marketing (SLIM) has partnered with several provincial educational institutes in a bid to extend Marketing Education to all regions of the country. The tremendous growth and demand across the nation towards the field of marketing over the last couple of years has led SLIM to forge meaningful partnerships with selected institutes to reach out to more students in the country and offer marketing education in both Sinhala and Tamil mediums.

SLIM operates with an objective of decentralizing Marketing education by not limiting it to the commercial hub of Colombo, and bringing down the language barriers which are generally perceived to be an obstacle, especially for higher education. The alliance with regional institutes was born through this viewpoint and the institutes commenced courses in both Sinhala and Tamil Medium by introducing Marketing in Sinhala (MIS) and Marketing in Tamil (MIT), thus ensuring a wider reach for those who are interested in pursuing Marketing as a career.

Apart from those who pursue marketing as a career, people from non-marketing disciplines and entrepreneurs also follow MIS & MIT, as they understand marketing is essential for entrepreneurship and business growth. At present these programmes record a high number of enrolments, providing proof of the success of SLIM’s national goal by contributing to the national economy.

Sharing his thoughts on this educational expansion, Suranjith Swaris, President – SLIM stated, “SLIM is always on the path of innovation and operates with the goal of extending marketing education to all the aspiring marketers across the nation.

SLIM study centres add great value to the institute as well as the entire business fraternity as its reach spreads throughout the country. It is through these affiliated arms that SLIM is able to execute the task of promoting and facilitating the study of marketing island- wide and contribute to the national economy”.

With the belief in a widespread decentralized education system for SLIM, Roshan Fernando, Vice President – SLIM added, “Marketing is not merely a qualification, but a lifestyle. Thus Marketing Studies should not be limited to the Western Province. SLIM has pioneered its widespread reach across the island. We invite all interested to join us in this progressive venture which would serve a great need of the moment.”

Acknowledging the significance of offering marketing education in two languages, Sanath Senenayake CEO/ED – SLIM stated, “Conducting regional Marketing programmes in both Sinhala and Tamil mediums is a great step towards developing the Business and Management arena in Sri Lanka. In addition to making the students understand better, teaching in their mother tongue helps in the development of personal, social and cultural identity of the students, thereby creating confident and competent marketers who would provide an invaluable service to the economy of the country”.

SLIM has accredited study centres around the country including Anuradhapura, Badulla, Batticaloa, Colombo, Galle, Gampaha, Hambantota, Jaffna, Kalmunai, Kalutara, Kurunegala, Negombo, Polonnaruwa, Puttalam, Rathnapura, Trincomalee, Vavuniya and Wattala. SLIM will continue its efforts to further enhance marketing education in Sri Lanka and provide more educational opportunities for aspiring marketers throughout the country.

SLIM, the National body for Marketing in Sri Lanka has been promoting marketing excellence and elevating the status of marketing since 1970 and was incorporated by an act of Parliament in 1980.

It is a member of the National Chamber of Commerce of Sri Lanka (NCCSL), the Organization of Professional Associations of Sri Lanka (OPA), the Federation of Chamber of Commerce and Industry of Sri Lanka (FCCISL) and the Employers Federation of Ceylon (EFC). Internationally it is affiliated with the Asia Marketing Federation as the member of the Board of Management.

Youngship Sri Lanka presents their latest event, an Open Quiz Competition for the year 2019. The quiz would be conducted by the renowned International Quizzing Association (Sri Lanka branch) with an independent Quiz Master and Judges. It would be held on 8Th June 2019, at the BMICH.

The Grand Prize is for the Gold Award, winners will receive a trophy and a cash prize of Rs 150,000 and there will be several other awards.In addition, the organizers would also hand out 5 sector wise awards. The categories covered by the quiz would be on diverse sectors are: International trade and finance, General knowledge and IQ, Current affairs, Sport, media and entertainment, History, science, technology, Maritime and Shippin.

The Ceylon Association of Shipping Agents (CASA) is the industry body representing Shipping Agency companies in Sri Lanka and has been the voice of the shipping industry since its inception in 1966. CASA has a total membership of over 130 Shipping Agency companies. CASA contributes regularly towards the formulation of National Maritime Policy initiatives in Sri Lanka and draws on the experience and expertise of its members who are Shipping Professionals.

YoungShip Sri Lanka formerly Young Shipping Professionals (YSP) of CASA, YoungShip Sri Lanka is part of Youngship International which was formed to be the voice for young people in the maritime industry and has won awards for promoting young entrepreneurs and for promoting young professionals. Headquartered in Norway, Youngship is present in 18 countries with a membership of over 3000.

Commenting on the event, the Chairman of Youngship Mr Hasitha Dissanayake stated:

This event would have the participation of close to 40 teams representing divergent sectors such as Transportation & Logistics, Supply Chain, Import and Export, Telecommunications and ICT, Schools, Academic Institutes, Banks and Financial Institutions.

There would also be an award ceremony after the quiz to felicitate the participants and prizes would be announced for the winners.

Commenting further on the event, the Chairman of the Quiz Organizing Committee Mr Shane De Alwis stated:

Many distinguished visitors from key stakeholders including the Ministry of Ports and Shipping, Sri Lanka Ports Authority, CEO’s and Managing Directors of Sri Lanka’s Blue Chip conglomerates would be present for the Award ceremony.

Several of Sri Lanka’s leading corporates have currently shown interest to sponsor this competition and to encourage their employees to participate in teams for the event.

Output in Britain’s construction sector contracted in May, as Brexit uncertainty weighed on demand while job numbers fell at their fastest rate since November 2012.

The Markit/CIPS UK Construction Purchasing Managers’ Index recorded a reading of 48.6 for May, down from 50.5 in April.

Economists were expecting a figure of 50.5. A reading above 50 indicates growth; below represents contraction.

Last month’s reading is the lowest since extreme weather during last year’s Beast from the East prevented construction work from going ahead in March 2018.

(www.independent.co.uk)

Softlogic Holdings PLC recorded a Profit After Tax (PAT) of Rs. 3 billion, a 30% growth for year ending March 31, 2019 while a 32% growth was reported during the quarter with a PAT of Rs. 855 million.

The Company also posted a consolidated turnover of Rs. 75.1 billion. The quarterly Group revenue witnessed a 30% growth to Rs. 21.6 billion. Gross Profit for the year increased 17% to Rs. 27.7 billion to register a Gross Profit margin of 37% in FY19 from 36% in FY18. Quarterly Gross Profit also improved 33% to Rs. 8 billion.

Group EBITDA improved 3% to Rs. 11.3 billion during the year while quarterly EBITDA grew 62% to Rs. 3.4 billion. The operating profit for the year increased marginally to Rs. 8.4 billion (Rs. 8.3 billion in FY18). PBT for the year was Rs. 1.8 billion as quarterly PBT increased 18% to Rs. 1.2 billion.

“We faced numerous challenges stemming from the external environment during the financial year 2018/19 which was worsened by political unrest during 3QF19,” said Chairman and Managing Director, Softlogic Group, Ashok Pathirage.

“A general slowdown of the economy and policy uncertainty diminished business sentiments which were further exacerbated by the USD/ LKR and interest rates reaching a higher range”.

The 100% cash margin requirement affected the retail sector and the 200% cash margin requirement adversely affected the automobile sector. “Furthermore, the most recent Easter Sunday terror attacks has had a significant economic setback. The aftermath of this incident has affected our businesses with retail stores being closed during the period of unrest. The leisure sector has been devastated by lack of interest in Sri Lanka as a safe tourist destination”.

Nonetheless, consolidated turnover reported a 14% increase in revenue to Rs. 75.1 billion revenue witnessed a 30% growth to Rs. 21.6 billion. Primary contributors to Group topline for the financial year were Retail (50% contribution), Healthcare Services (18%), Financial Services (18%), IT (5%) followed by the non-core sectors --Automotive and Leisure.

Gross Profit for the year increased 17% to Rs. 27.7 billion to register a GP margin of 37% in FY19 from 36% in FY18. Quarterly Gross Profit also improved 33% to Rs. 8 billion. Other Operating Income for the year was Rs. 1 billion as opposed to Rs. 1.8 billion in FY18. This comprises recurrent and non-recurrent income source such as investment income, fee & commission income emanating from retail and financial services as well as one-off disposal gains across the Group.

Distribution and Administrative expenses increased 14% and 19% to Rs. 3.5 billion and Rs. 6.7 billion respectively during FY19. Total operational expenses were Rs. 20.2 billion (up 18%) during FY19.

Distribution cost for the quarter increased 73% to Rs. 1.1billion while administration costs increased 14% to Rs. 4.8 billion. Quarterly operational cost increased 21% to Rs. 5.9 billion primarily led by Group expansion and other inflationatary pressures. Group EBITDA improved 3% to Rs. 11.3 billion during the year while quarterly EBITDA grew 62% to Rs. 3.4 billion. Operating profit for the year increased marginally to Rs. 8.4 billion (Rs. 8.3 billion in FY18). Operating profit for the quarter increased considerably to Rs. 2.6 billion to witness an operating profit margin improvement from 8% in FY18 to 12% in FY19.

Retail sector revenue grew 6% to Rs. 37.7 billion in FY19 amidst depressed purchasing ability of consumers triggered by systemic economic condition. Quarterly revenue reported a topline of Rs. 10.4 billion (up 20%). Performance of Asiri Health persisted its growth rates with revenue growing 12% to Rs. 13.5 billion during the year. Quarterly revenue of the hospitals grew 18% to Rs. 3.6 billion. Central Hospital Ltd., continued to be the top contributor (36% contribution), followed by Asiri Hospital Holdings PLC (30% contribution) and Asiri Surgical Hospital PLC (25% contribution).

Financial Services witnessed a growth of 23% in turnover to Rs. 13.6 billion during the year as quarterly revenue also increased 21% to Rs. 3.7 billion. Sector operating profit reported Rs. 1.8 billion with a quarterly operating profit of Rs. 397 million. Annual revenue of the IT sector revenue grew 11% to Rs. 4 billion while the quarter reported an increase of 9% in revenue to Rs. 1.2 bilion. Operating profit of the sector was Rs. 326 million during FY19 as the quarter reported an operating profit of Rs. 118 million. Sector PAT was Rs. 132 million during the year under review.

Leisure sector revenues improved 21% to Rs. 3.1 billion during FY19.

The quarter reported a revenue growth of 41% to Rs. 1.2 billion. Centara Ceysands emerged to be the primary contributor to sector topline recording steady occupancy levels throughout the year. Automobile sector revenue increased to Rs. 3.1 billion during FY19 as opposed to Rs. 1.3 million in FY18. This sector was affected by the 200% cash margin requirement during the year.

The Colombo International Logistics conference organized by Colombo International Maritime Conference (CIMC) will go ahead as planned, the organizers told the media at a press conference in Colombo yesterday.

The event to be held from August 1 to 2 at the Galadari Hotel, Colombo will bring together 20 international speakers and a gamut of shipping, maritime and supply chain experts together with policy makers and industry representatives.

CEO Shippers’ Academy Colombo (SAC) and the main organizer of the event, Rohan Masakorala told the media at the Galadari Hotel yesterday, many of the international speakers confirmed their participation, despite the uncertain background in the country following Easter Sunday attacks. “All the speakers, about 20 international speakers, immediately confirmed they are coming. At the time it was only 10 days after the attacks.”

Masakorala added, “Regional Director of shipping giant Maersk, Julian Bevis who is based in Mumbai said- “no terrorist can stop me from coming and speaking about Sri Lanka.” Among other, we have international support from UNCTAD and the global shippers’ forum.”

Drawing the attention of the audience to international terror attacks, he said, “Two weeks after the attacks in Colombo there was an attack in the UAE on four ships. I don’t know how many of you know about it. An oil line was attacked. The international media did not give much publicity. But if a firecracker came near our ships it would be headlines tomorrow.”

Masakorala said, “100 university graduates are sponsored to attend the event. We envisage 250 international travelers to be present. We have also organized field visits to Hambantota, Port City and the Colombo Port as part of the event.”

He said, “Sri Lanka did not become a transport hub earlier because of a political decision. In 1962, we nationalized the existing oil players in the country. After nationalization, British American Oil Company left. They went to Singapore. Today the biggest and strongest oil exporter in the world is Singapore. Now we also have such big plans and we are building our own refineries.”

Tourist arrivals to Sri Lanka have started to gradually increase, following the post- Ester Sunday tragic incident, said Charmarie Maelge, Managing Director of Sri Lanka Tourism Promotion Bureau.

Noting that tourism arrival is on a recovery mode with some tourists visiting Sri Lanka after the Easter Sunday incident, she said tourist arrival numbers are picking up and there is an increased interest from travelers especially from those who prefer to visit crowd free destinations.

She expressed these views speaking at a tourism seminar, organized by the Sri Lanka Institute of Tourism and Hotel Management in Colombo last week.

“Still there are certain amounts of new bookings at hotels in Arugam Bay because some travelers want that crowd free experience,” she said. Despite the fact that tourist arrivals to Sri Lanka plummeted drastically soon after the Easter Sunday incident, she expressed confidence that tourist numbers would increase and Sri Lankan tourism industry would reach its targets in the due course.

She further said that Sri Lanka would not change or reduce any of the previous planned destination marketing and promotional activities in its annual plan owing to Easter Sunday tragic incident.

In addition to that, she mentioned that they have added several new campaigns to enhance some of the promotions and marketing efforts to revive the industry activities in an aggressive manner.

Furthermore, she stressed that there is an enabling environment in Sri Lanka, in particular for hoteliers to sell their services with several countries taking measures to lift travel advisories on Sri Lanka.

Meanwhile, a senior representative at the Sri Lanka Association of Inbound Tour Operators (SLAITO) also speaking at the event said that some people still continue to share sensational images of the country in order to get the sympathy of their friends overseas and noted that the negative messages will always impact, deteriorate and discourage tourists who wish to visit Sri Lanka for various reasons.

According to projections by Allianz Research, the global insurance premium volume last year rose to 3,655 billion euros (excluding health insurance). Compared to 2017, the nominal in-crease adjusted for exchange rate effects is 3.3%.

Premiums in Sri Lanka grew by 12.1% in 2018, way above the regional average. Also in contrast to most other Asian countries, the total premium pool (without health) is evenly split between property-casualty and life and premiums in both segments increased in perfect sync. For this year, Allianz Research expects a continuation of high growth, with a slight accelera-tion to around 13%.This rapid development with double-digit growth throughout the last two decades notwithstanding, Sri Lanka’s insurance market is still one of the least developed in the region: Premiums per capita stood at EUR 41 in 2018 (below neighboring India with EUR 52) and penetration at 1.1%, which is still the lowest ratio in the region.

Allianz Research expects insurance markets to continue to recover, with global premium growth forecast to reach around 5% in the next decade. Growth expectations for Asia (ex Japan) are notable higher – the region should achieve growth of 9.4% p.a. over the next decade; in Sri Lanka, market growth of 12.2% is foreseen (13.7% in life and 10.6% in p&c). All in all, around 60% of additional premiums will be generated in Asia (ex Japan).

It was the third year in a row (or the 12th out of the last 15 years) that global premium growth lagged behind the expansion of economic activity (+ 5.7% nominal growth in 2018). Insurance penetration (premiums as a percentage of GDP) has thus fallen to 5.4% – the lowest value in the last 30 years.

“It is actually a paradoxical situation,” commented Michael Heise, Chief Economist of Al-lianz SE. “On the one hand, the risks in the world are constantly increasing – just think of climate change, demography, cyber or politics – but on the other hand, people worldwide are spending an ever smaller proportion of their income on insurance. A great joint effort by poli-tics and industry is needed to close this ‘protection gap’.”

It was also an unusual year for Asia: Premiums rose by a meagre 2.3% in Asia (ex Japan), only the second time since the turn of the millennium that it trailed behind global growth. Moreover, with an increase of 4.0%, even Japan grew faster.

The upshot: In 2018, the region accounted for only 16% of global growth (after a whopping 81% in 2017). The global growth engines for 2018 were two old acquaintances: the US (42%) and Japan (11%).

Tourist arrivals to Sri Lanka dropped by 70 percent in May this year, following Easter Sunday attacks; however with the security being restored the arrivals are picking up, Kishu Gomes, Chairman Sri Lanka Tourism Promotion Bureau said yesterday.

He said, “Obviously with safety being restored we see the numbers going up. After April we were anyway going in for the lean season. Last year figure for April was 180,000 tourists and it dropped to 129,000 tourists this year and in May there were 37,000 arrivals.” Gomes was speaking at the press conference to announce the plans of the Colombo International Logistics Conference at the Galadari Hotel.

Gomes added that seven travel advisories had softened. He said Germany, India, the Netherlands, Norway, Switzerland, Italy and China had all softened their travel advisories on Sri Lanka. Gomes said, “There were initially about 13 travel advisories. These advisories were of different natures. They did not say do not travel. However these advisories discouraged people from visiting Sri Lanka.”

“From countries that we have travel advisories we have a large number of tourists coming in. From the UK we have had 3,200 tourists coming in. We have 1,300 tourists from the USA. These are things we need to note.”

Gomes added, “We received the Cabinet nod last Tuesday to appoint a PR agency and a global advertising agency. For the PR effort that will be happening all over our target markets the investment is going to be Rs 420 million.” The budget for marketing will be Rs. 500 million.

“We will be having 37 exhibitions across the world covering target markets from now to the end of the year. Eighteen road shows has been planned as we speak there is a road show happening in Poland. There will be nine consumer engagements. All put together, all 55 mega events that we are taking part in.”

Any work that does not get covered over the next three months will be added onto a new schedule. “There will be another scheduled developed starting from India, France, and Russia. Thereafter markets like Australia. The Minister was in Thailand promoting religious tourism recently.”

Gomes said that the CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) event, a surfing event, a baseball event, a logistics conference and a national media campaign to boost local tourism would take place. Such events would bring a high quality of tourist to the country.

Ratings has upgraded Sri Lanka Insurance Corporation Limited’s (SLIC) Insurer Financial Strength (IFS) Rating to ‘B+’ from ‘B’. The Outlook is Stable.

The Under Criteria Observation status on the IFS Rating has also been removed. Fitch has simultaneously upgraded SLIC’s National IFS Rating to ‘AAA(lka)’ from ‘AA+(lka)’ with a Stable Outlook.

The upgrade follows the revision of Fitch’s global Insurance Rating Criteria in January 2019. SLIC’s IFS rating was previously capped by the sovereign constraint set at ‘B’, which is the Long-Term Local-Currency Issuer Default Rating of Sri Lanka.

The new criteria remove the top-down sovereign constraint and Fitch assesses SLIC’s country risk in each criteria factor under a bottom-up analysis.

The agency has assessed that the positive impact from the removal of the top-down sovereign constraint exceeds the negative pressure from the revised bottom-up country-risk assessment.