Emirates took to the skies to celebrate the 50th anniversary of the UAE, with a spectacular flypast over the Emirates Dubai 7s stadium.
Thousands of rugby fans were treated with a low-level flypast above The Sevens Stadium with the Emirates A380, emblazoned with the unique ‘United Arab Emirates 50’ design on both sides of the aircraft marking the Golden anniversary of the UAE.
Taking off from Dubai International Airport, the Emirates A380 made its approach above the stadium to wow the crowds for the flypast at 1540hrs, cruising by at a gentle speed and an altitude of just 500 feet. Commanding the Emirates A380 was UAE National Captain Mubarak Al Mheiri, supported by Captain Christopher Gauci and First Officer Tom Mayall.
The aircraft conducting the aerial flypast was adorned with the name of the ‘UAE’ and ‘50’, using dynamic lines and curves that illustrate the vibrant character of the nation, celebrating its achievements over the last five decades. The ‘Year of the Fiftieth’ logo is also represented in the overall livery design.
Today’s flypast underscores the airline’s commitment to the long-standing Emirates Dubai 7s. Taking place over this weekend, the Emirates Dubai 7s is welcoming over 80,000 fans and spectators to watch 22 of the world’s best teams compete, along with an array of other activities and matches happening in the periphery around rugby, cricket and netball, as well as the Emirates Dubai 7s Youth Sports Festival.
Emirates’ connection to the game of rugby goes back to 1987, when the airline became the Emirates Dubai 7s Official Sponsor. Since then, Emirates has helped elevate the profile of the sport of rugby in the UAE and around the world, working with partners like World Rugby and others to promote the sport and engage with rugby fans and players.
‘HSBC’s Economic Forum shines a light on economic recovery’
Over 200 corporate leaders attended the second Economic Forum sponsored by HSBC recently which was to discuss and share insights into the latest global trends and opportunities emerging for economic growth in Sri Lanka.
Frederic Neumann, HSBC’s Chief Asia Economist and Co-Head of Global Research for HSBC Asia along with Aayushi Chaudhary, HSBC Economist for India, Indonesia and Sri Lanka outlined significant hurdles and provided a roadmap for steering the economy towards recovery. The event, under the theme “Navigating the Market Landscape and Opportunities in Sri Lanka”, was held at the Shangri-La Hotel in Colombo.
During the forum, Neumann emphasized that Sri Lanka must attract productive investments to boost exports, a crucial factor in strengthening the country’s balance of payments over the next five years. He highlighted the record high foreign direct investments flowing into Asia and stressed the need for Sri Lanka to capitalise on this opportunity.
Aayushi Chaudhary acknowledged that Sri Lanka has faced a prolonged period of challenges, many of which have brought down the growth potential of the economy and will require time to address. These challenges have persisted since 2017 she said. She noted the subdued growth outlook and high borrowing costs could impede investment in the near-term. However, she expressed optimism, suggesting that there is light at the end of the tunnel and the ongoing recovery is gaining momentum. That said, the hard work must continue in terms of pushing ahead with structural reforms and foreign debt restructuring negotiations. She also pointed towards Sri Lanka earning close to USD 8-9 billion this year in tourism and remittances.”
The Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe, who delivered the keynote address, said that the Central Bank was targeting inflation and was well ahead having reached the 2024 goal by July 2023. He pointed out that the Government was endevouring to build its external reserves to sustainable levels so that it would have a sufficient buffer and cushion to meet any kind of shock. He further said it was obvious that it was a gradual process but with forecasts in foreign remittances coming into the country doing better than expected and tourism improving, the country was moving in the right direction. “The economy is gradually stabilizing and going into growth mode and there are opportunities for the private sector. I encourage the private sector to take the lead and use these opportunities that come up due to potential growth and changes in the global landscape.”
Mark Surgenor CEO of HSBC Sri Lanka and Maldives highlighted the positive development that the international community is increasingly interested in Sri Lanka’s economy. He noted the numerous delegations visiting from the West and East, creating a dynamic environment for discussions and engagement regarding potential investments. Surgenor expressed optimism about this trend and stated that HSBC remains committed to supporting businesses and customers in seizing these opportunities for the benefit of Sri Lanka’s future.
The forum also facilitated a panel discussion which was joined by Dr. Weerasinghe, Neumann, Chaudhary and Duminda Hulangamuwa, Country Managing Partner for Ernst & Young, Sri Lanka & Maldives and Chairman of the Ceylon Chamber of Commerce, moderated by Savithri Rodrigo.
Kevin Green, Country Head of Wholesale Banking for Sri Lanka and the Maldives, reminded customers of HSBC’s unique position in the local, regional and global arena, and that HSBC stands ready to support customers with their banking needs, be it payments, trade or cash management, international connectivity, or achieving their own sustainability goals. (HSBC)
ComBank supports students facing Year 5 scholarship exam
As students and parents begin the final countdown to the 2023 Year 5 scholarship examination, the Commercial Bank of Ceylon in partnership with Derana FM is completing a series of preparatory workshops for the young candidates, with leading tutors and model question papers.
The latest in the programme series was conducted at Sri Thilakarathnaramaya Purana Viharaya, Kalawana for 500 students by scholarship exam tutor Mr Winsara Samarasinghe. A separate programme was held for parents of the students, to provide them guidance on supporting and training their children to pass the examination.
The Kalawana programme was preceded by similar workshops held at President’s College Maharagama, Dharmaraja College Kandy, Anagarika Dharmapala Vidyalaya Mellawagedara, Joseph Vaz Girls’ College Kegalle, the Dikwella Divisional Secretariat, Vidyaraja College Thawalama, C C College Hanguranketha and Welimada Maha Vidyalaya.
As the Banking Partner to this programme, Commercial Bank also briefed parents on saving for their children’s future and the options for obtaining loans for children’s higher education. Bank counters at these events facilitated the opening of minors’ savings accounts for the children, and parents who opened ‘Arunalu’ children’s savings accounts were gifted an attractive ‘Arunalu’ Till.
Commercial Bank’s flagship children’s savings account ‘Arunalu’ offers a higher interest rate than comparative products in the market and rewards account holders with special cash prizes if they score the first, second or third highest aggregate marks in their schools at the Year 5 scholarship examination.
Sri Lanka’s first 100% carbon neutral bank and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World, Commercial Bank operates a network of 271 branches and 957 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
LOLC Finance offering transformative lending solutions
LOLC Finance PLC, Sri Lanka’s premier financial services provider, has announced the launch of its wide-ranging lending campaign aimed at bridging the gap between aspiration and achievement. In light of the economic challenges faced by the nation, LOLC Finance has activated its new lending campaign, reinforcing its role as an economic enabler. The company’s distinctive approach revolves around providing meticulously customized financial solutions that cater to a diverse clientele, ranging from grassroots start-ups to established enterprises.
Under the comprehensive lending portfolio, LOLC Finance offers an array of financial solutions including auto finance, speed drafts, housing loans, mortgage loans, personal loans, corporate loans, working capital solutions, gold loans, educational loans, and flexi interest loans, among others. This diverse portfolio caters to the specific needs of individuals and enterprises across the economic spectrum.
Boasting over 230 branches and a culturally diverse workforce, LOLC Finance stands stronger than ever to provide personalized services to its wide-ranging customer base. Setting itself apart from other NBFI’s, LOLC Finance offers doorstep services for clients, encompassing both service provision and after-sales support. The well-trained employee base of LOLC Finance contributes significantly to the organization’s exceptional service delivery.
“As the largest Non-Banking Financial Institution (NBFI) in the country, LOLC Finance is poised to play a key role in the country’s economic resurgence” stated Charith Jagoda, Head of Microfinance and SME at LOLC Finance PLC. “We see ourselves as enablers of the economy, shouldering the burden of empowering the vulnerable and marginalized, and our lending campaign is an authentication to that commitment. Our lending campaign is not just about loans, it is about building paths to prosperity. We are not just lenders, our commitment to personalized service, our embrace of digital innovation, and our steadfast dedication to the diverse communities we serve define us. We invite you to join us on this journey of empowerment, where together, we fuel ambitions and empower lives of the nation’s people”.
LOLC Finance’s commitment extends beyond financial offerings. The company has established support mechanisms to enhance the resilience of micro, small, and medium-sized enterprises (MSMEs). These mechanisms include training programs for micro entrepreneurs, facilitating market linkages, debt restructuring, and providing moratoriums during challenging times.
The digitalization roadmap of LOLC Finance adds a new dimension to its customer-centric approach. With the goal of maximizing customer convenience and operational efficiency, the company invests in digital technologies that drive innovation. Offering services such as iPay, Real Time mobile app, and internet banking, customers can access a wide array of financial services without the need for physical visits. Omni channels will be further developed for customers to access financial services through multiple channels while enabling them to switch channels seamlessly.
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