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Janashakthi Life records highest ever PBT of LKR 5.2Bn.

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Janashakthi Life, one of the leading life insurance companies in Sri Lanka, has recorded remarkable growth in profitability for the financial year 2023. Marked by a record profit before tax of LKR 5.2 billion, along with a resounding growth of 201% in profit after tax compared to 2022. This achievement is the highest in the entire history of Janashakthi Life. It underscores the company’s robust financial health and strategic proficiency in navigating market challenges.

The key financial indicators, such as a Capital Adequacy Ratio of 272%, a Liquidity Ratio of 3.9 times, an ROE of 27%, Earnings Per Share of LKR 18.25, and LKR 3.4 billion in claim settlements, solidify the prudent financial management from the perspective of all stakeholders.

“One of the key factors that contributed to Janashakthi Life’s success during the year under consideration has been our proactive approach to managing market risks, particularly in anticipating and navigating interest rate fluctuations. We accurately anticipated the dynamic behaviour of yield curve movements, allowing it to strategize its balance sheet accordingly. These strategic decisions have positively impacted the achievement of a historic highest profit before tax of LKR 5.2 billion,” commented Ravi Liyanage, Director/CEO of Janashakthi Life.

He further stated, “Despite market challenges, our focus on prudent investments and timely actions taken to mitigate risks in the business has positioned us to achieve continued success and significant growth in all our key business performance indicators.”

Prakash Schaffter, Deputy Chairman of Janashakthi Life, added, “The year under review stands out as one of our most successful. We have once again reinforced investor returns with the company achieving a remarkable 201% growth in Profit After Tax, amounting to LKR 4.1 billion. Strong financial discipline and swift decision-making in the investment front have paved the way for substantial and stable returns.”



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Whistle­blow­er who accused Boeing supplier of ignoring defects dies

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Spirit AeroSystems has been under scrutiny over its role in a midair blowout involving a Boeing 737 MAX 9 in January (Aljazeera)

A whistleblower who accused a Boeing supplier of ignoring defects in the production of the 737 MAX has died, family members and his lawyer have said.

Joshua Dean, a former Spirit AeroSystems employee who alleged he was fired in retaliation for flagging lax standards at the company’s Wichita, Kansas, manufacturing plant, died on Tuesday after a sudden illness, his aunts and sister said in posts on social media.

Dean’s lawyer Brian Knowles said his client’s death was a “loss to the aviation community and the flying public”.  “He possessed tremendous courage to stand up for what he felt was true and right and raised quality and safety issues. Aviation companies should encourage and incentivise those that do raise these concerns. Otherwise, safety and quality are truly not these companies’ top priorities,” Knowles told Al Jazeera.

Spirit AeroSystems said the company’s thoughts were with his family.  “This sudden loss is stunning news here at Spirit and for his loved ones,” a spokesperson told Al Jazeera.

Dean’s mother wrote in a Facebook post last month that her son was “fighting for his life” after contracting pneumonia and suffering a stroke following an MRSA infection.

The Seattle Times, which first reported his death, said Dean was 45 years old and had “been in good health and was noted for having a healthy lifestyle”.

Dean’s death comes less than two months after Boeing whistleblower John Barnett was found dead from what South Carolina authorities said was an apparent self-inflicted gunshot wound.

Barnett, 62, had been in the midst of a deposition in a lawsuit against Boeing after suffering retaliation for exposing safety problems with the Boeing 787 Dreamliner, according to his lawyers.

Spirit AeroSystems has been under scrutiny since it emerged that it built the door panel that blew out of a 737 MAX 9 in mid-flight in January.

The near-disaster involving Alaska Airlines Flight 1282, which is the subject of several probes, was the latest in a series of incidents to raise concerns about safety standards at Boeing.

Dean had filed a complaint against Spirit with the Federal Aviation Administration alleging serious quality failings at its production facility and testified in a shareholder lawsuit against the company.

Dean told US outlet NPR in February that he believed he had been fired to send a message to others thinking of speaking out.

“If you are too loud, we will silence you,” he was quoted as saying.

(Aljazeera)

 

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Tourist arrivals expected to exceed pre-pandemic levels by 2025: First Capital

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By 2025, tourist arrivals are forecasted to reach 2.5 million

MICE tourism takes a hit amidst Minimum Room Rate implementation

By Sanath Nanayakkare

Tourist arrivals are projected to surpass 2 million in 2024 and are expected to exceed pre-pandemic levels by 2025, a report released by First Capital Research states.

2024 commenced on a positive note, witnessing over 200,000 arrivals within the first three months. However, as the winter season draws to a close, a temporary slowdown is anticipated, with expectations of a gradual pickup starting from July. Hence, we project the year to culminate with 2.1Mn arrivals, generating revenue of USD 3.0Bn. By 2025, tourist arrivals are forecasted to reach 2.5 million, indicating a gradual resurgence beyond pre-pandemic levels, the report says.

“There is opportunity for Sri Lanka’s tourism sector to increase focus on key source markets as they have yet to regain pre-pandemic outbound tourism levels. Sri Lanka’s primary source markets, such as India, Russia, the UK, and China, are still striving to attain pre-pandemic outbound tourism levels presents an opportunity for the Sri Lankan tourism sector to focus efforts on regaining its presence in these key markets.”

“Additionally, the depreciation of the Sri Lankan Rupee (LKR) has become a significant factor, making holidays in Sri Lanka more financially feasible compared to pre-pandemic times,” it says.

“MICE tourism takes a hit losing the market to regional peers amidst Minimum Room Rate (MRR) implementation. MRR has hindered the growth of Colombo hotel occupancy rates and potential to discourage many MICE (Meetings, Incentives, Conferences, and Exhibitions) groups from choosing Sri Lanka due to the comparatively higher MRR of Colombo city hotels compared to regional peers,” FC Research notes.

The report makes top recommendations for the sector by quoting three key segments, as follows.

• Overseas exposure: Aitken Spence Hotel Holdings PLC, John Keells Hotels PLC, Hayleys Leisure PLC

• Coastal and Boutique hotels: Lighthouse Hotel PLC, Fortress Resorts PLC , Royal palms Beach Hotels PLC, Serendib Hotels PLC and Dolphin Hotels PLC

• City hotels: AHP

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HNB appoints Sanjay Wijemanne as its new Chief Operating Officer

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Damith Pallewatta and Sanjay Wijemanne

Sri Lanka’s largest private sector retail bank, Hatton National Bank PLC appointed Sanjay Wijemanne as the bank’s new Chief Operating Officer (COO) with effect from 26th April 2024, subject to relevant regulatory clearances.

A banking industry veteran with more than 29 years of experience, including more than 14 years of corporate management exposure, Wijemanne previously served as HNB’s Deputy General Manager – Retail Banking Group, and brings with him a wealth of technical industry expertise, and deep insight into modern banking.

“Sanjay’s appointment as COO underscores our commitment to business excellence and our dedication to adapting proactively to the evolving needs of our customers and the wider economic landscape. His proven expertise and forward-thinking approach are crucial for driving our strategic initiatives, and delivering exceptional value and service in an increasingly competitive and dynamic environment,” HNB Acting CEO, Damith Pallewatte said.

Holding a B.Sc. in Business and Finance from Mount Saint Mary’s University, USA, Wijemanne possesses extensive exposure in local and global banking institutions.

Commencing his career as a financial analyst, Wijemanne went on to join HNB as a Management Trainee where he gained broad exposure in all aspects of core banking functions, and steadily rose through the ranks into the corporate banking unit.

He went on to serve in key leadership positions at multiple international banks where he further developed his expertise in banking verticals including Branch Banking, Custody, Network Management, Sales and Business Development. Joining HSBC’s Senior Management Team, Wijemanne served as Head of Sales, Head of Branches – including Premier Banking.

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