by Sanath Nanayakkare
Sri Lanka should avoid any unnecessary damage to the commercial and economic interests of any other WTO party including the EU, Frank Hess, Head of Cooperation Section at EU Delegation to Sri Lanka and the Maldives said.
He said so while addressing a media briefing online, following the final project steering committee meeting of the EU – Sri Lanka Trade Assistance Project at Taj Samudra Colombo recently.
“Some policy makers openly talk about protectionist aims. I ask: Is this what the country needs for economic growth? Is this what is fair to the EU? Sri Lanka enjoys a positive trade balance with the EU, and I would like to underline that no modern economy can operate in isolation.
“We raised this issue at the WTO meetings end of last year and the WTO Market Access Committee in January. We remain concerned by measures some of which have been implemented in a WTO incompatible manner”, he said.
Elaborating on his views he said:
“The European Union believes that global problems such as the pandemic and the ensuing economic crisis, can only be solved through global cooperation. We can help ourselves only by working together.
“Sri Lanka should pay due regard, in carrying out its domestic policies, to the need for maintaining or restoring equilibrium in its Balance of Payment on a sound and lasting basis, by adopting measures which increase instead of decreasing international trade.
“Recently the European Commission set out its trade strategy for the coming years. Reflecting the concept of open strategic autonomy, the strategy builds on the openness to contribute to the economic recovery through support for the green and digital transformations, as well as a renewed focus on strengthening multilateralism and reforming global trade rules to ensure that they are fair and sustainable.
“For the recovery of the Sri Lankan and global economy, open and rules-based trade is essential as it gives confidence to businesses to invest, and re-start exchanges that bring in employment and revenues.
“We understand the government is keen to pursue a trade model aiming at export growth and FDI growth, attracting foreign investment also from the EU. But which investor will come here if he or she is forbidden or face obstacles when importing from other countries? To increase GSP+ utilization, you will need to have a balanced approach and not close doors. Trade is about mutual benefits. I fully expect that doing business with Sri Lankan enterprises will not only open new markets in the EU and regionally to you, but will enable EU SMEs to link with local businesses and grow together as well.
“If companies and the Government want to increase the competitiveness of Sri Lanka, the best way is to open up the economy, invest in research and development, provide skills to workers, nurture entrepreneurs, provide decent jobs and most importantly create a business conducive environment which supports both exporters and importers.”
“The EU has also helped SrI Lanka through giving it GSP+ status. With GSP+, the EU has unilaterally opened its market and granted duty free access on 66% of the EU tariff lines representing about 6000 products.
“About €3 billion worth of goods were exported to the EU from Sri Lanka in 2019 using the GSP+ preferences. This resulted in a positive trade balance for Sri Lanka of 1.5 billion euro in
2019 alone. Even without the UK, this balance is still 1 billion euro in the favor of Sri Lanka.”
OPPO releases new OPPO A54 in Sri Lanka
OPPO, the leading global smart device brand, announces the launch of OPPO A54 in Sri Lanka.
A54’s attention to design and great usability is evident in both its exquisite appearance and how it helps to capture great looking shots. This starts with the Material of the Rear Cover, which uses metallic material for its 3D panel, but contributes to a stronger and less bendable structure but also a comfortable in-hand feel. As a result, A54 weighs about 192g and is 8.4mm thin. To align the overall look and feel of the phone, close attention is paid to the Middle Frame Process.
“A Series is designed to enhance or complement our users’ lifestyles and OPPO A54 achieves just this with a phone that manages to balance a high-end performance with contemporary design. Its large 5000mAh battery and 18W Fast Charge makes sure you’re fully powered to get you through your day. With A54, you’ll also have enough storage and memory to make sure that you’ll enjoy your entertainment without the frustrations of an underperforming smartphone,” said Bob Li, CEO, XINDA Lanka (OPPO Sri Lanka).
The Rear Cameras itself feature a 13MP Main Camera, 2MP Macro Camera for close range shots, and 2MP Bokehfor brilliant bokeh shots that blur the background and highlight the subject of the photo. A54 enhances shots in all environments with Dazzle Color, balancing the saturation and brightness. A54 also supports filming videos including SLO-MO at 720P at 90FPS with the rear camera, and up to 10 video Filters including Original, Gentle, Noon, Subtle and more.
Pan Asia Bank records best-ever Q1 results in challenging times – Profit After Tax soars by 81% to post Rs. 750 mn.
Pan Asia Banking Corporation PLC reported the best-ever first quarter financial results during the quarter ended 31st March 2021 to report a Pre-Tax Profit of Rs. 986 Mn and a Post-Tax Profit of Rs. 750 Mn after recording impressive growth rates of 51% and 81% respectively, demonstrating the resilience amidst challenging macro economic conditions. The Bank’s performance was characterised by strength and resilience, despite the heightened uncertainty due to the impact of the COVID-19 pandemic.
Against the backdrop of the COVID-19 impact on the Sri Lankan economy, the Bank’s Operating Profits before VAT on Financial Services reached Rs. 1,197 Mn with an increase of 47%, reflecting excellence in core banking performance and the success of cost containment measures evidenced by improvement in all key matrices which now rank among the industry bests. This feat was achieved even after setting aside provisions for probable loan losses amounting to Rs. 638 Mn. The Bank increased the provision buffers for probable deterioration in credit quality through management overlays, experience adjustments and adjustments for the exposures in the elevated risk industries during the quarter. As a result, total impairment charges for the quarter increased by 21% on YoY basis.
The Bank’s Net Interest Income for the period witnessed an increase of 17% due to significant reduction in financial cost of funds at a rate faster than the drop in interest yields of interest bearing assets. Consequently, the Bank’s Net Interest Margin for the quarter improved to 5.07% from 4.41% reported three months ago. In the meantime, the Bank’s Net Fee and Commission Income recorded a growth of 28% with the rebound in demand for credit due to revival of economic activity amidst the low interest rate regime. The volatility in foreign exchange rates enabled the Bank to increase its Foreign Exchange Income substantially as reflected in Other Operating Income.
The Bank is committed to revenue maximisation and cost management despite sector vulnerabilities that prevailed since last year. The Bank’s Cost-to-Income Ratio improved from 45.66% to 38.08% within a three months period owing to the excellence in core banking performance which is reflected in the noteworthy overall growth in key revenue lines and various strategies and measures taken to contain overhead costs. In fact, the Bank managed to bring down its Other Operating Expenses by 9% in 2021 Q1 compared to 2020 Q1. Meanwhile, increased allocations for performance bonuses, development of human capital and staff welfare led to an increase in personnel costs during the reporting period compared to 2020 Q1.
The Bank’s Post-Tax Profits for the reporting quarter also gained to an extent due to application of lower corporate income tax rate of 24% for tax provisioning in accordance with the guideline issued by CA Sri Lanka on 23rd April 2021.
The Bank continues to report solid Key Profitability Indicators which rank among the highest in the industry. The Bank’s Pre-Tax Return on Assets also improved to 2.24% from 1.70%. Further, the Bank reported a stunning Return on Equity (ROE) of 19.27% during the quarter under review which stands among the industry best. The ROE is the most important performance indicator to gauge the attractiveness of the Banking sector and Pan Asia Bank during its last few years has consistently remained an outlier in the industry.
SLIIT nurtures school children at ‘Soft Skills + 2021’
The SLIIT Business School (SBS) organised ‘Soft Skills+ 2021’ concluded on an extremely successful note recently helping students engage, cooperate and thrive in building their talents towards personal development and career progression.
SLIIT Soft Skills+ event is an annual flagship CSR Project of the SLIIT Business School organized with the primary objective of developing secondary school students’ soft skills in positive thinking, creativity, analytical thinking, leadership skills, problem-solving skills, communication skills, and teamwork.
Over the years, the programme has garnered much popularity among schools and participants. Due to its tremendous success achieved in previous programmes, Soft Skills+ 2021 followed an upgraded structure. For the first time in the Soft Skills+ programme history, the event was held via online platforms, including a Soft Skills-based online quiz and an online workshop for students and teachers.
During the Grand Finale, Prof. Samantha Thelijjagoda, Dean of SLIIT Business School welcomed the participants and distinguished guests. Prof. Lalith Gamage, Vice Chancellor, SLIIT also addressed the gathering.
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