Business
HSBC offers an overseas scholarship for international ambitions
In a bid to open up a world of opportunity for Lankan students with overseas ambitions for their studies, HSBC Sri Lanka announced a new scholarship program for USD 10,000 when they enroll to a university, anywhere in the world. Through the scholarship program one eligible student will be able to fulfil his/her dream overseas during the upcoming semester.
HSBC is the first bank in Sri Lanka to introduce a scholarship program to help local students jump start their higher education and realise their borderless ambitions for a brighter future. This is part of the HSBC’s International Student Proposition that was launched in 2019 to facilitate the education journey of local students after research revealed that over 24,000 Sri Lankan students (Source: UNESCO 2020 data) study overseas in key education corridors such as Australia, UK, Canada, US, Malaysia and India, where HSBC has a strong footprint.
The scholarship program is open to any student between the ages 17 – 25 years who wishes to pursue an overseas education. Prospective candidates will need to download an application form from https://www.hsbc.lk/international/overseas-education/ and submit an essay based on a *pre-determined criteria. Applications will be evaluated by HSBC together with senior academics from local and international education institutions in the country, whereby the winner will receive a USD 10,000 scholarship to complete his/her overseas studies for the upcoming semester at a preferred university from 64 countries where HSBC is present.
The winner will also be required to open a student file under HSBC Premier or HSBC Advance in order to facilitate the payments and other overseas banking services such as opening an overseas account and arranging a debit card from the destination country prior to departure of the student.
According to HSBC, parents and students go through four stages throughout the overseas education journey such as dreaming, planning, moving and settling and customers are reliant on their financial partner to provide them with hassle free banking services.
Nadeesha Senaratne, Country Head of Wealth & Personal Banking commented “An overseas education can be quite overwhelming for both parents and students. We also understand the pressures that parents go through in sending their children overseas and having to take care of the financial needs. That’s why we want to make the journey seamless through our international student proposition that is designed to support them with their cross-border banking needs and provide parents/students with peace of mind.”
He added, “Through our international connectivity in 64 markets, we are better positioned to help them move funds across geographies faster and cheaper, provide access to global insights and expertise on currencies, exchange rates and cross-border banking regulations. Our goal is to facilitate an enriching overseas education journey for students. We are very excited to be able to afford one eligible student the opportunity to follow his/her dreams and connect to limitless opportunities, amid the current pandemic and financial challenges.”
With HSBC’s international student proposition, getting students ready for overseas education has never been easier. HSBC supports by providing all the essential banking services such as opening student files, facilitating payments, opening an overseas account and arranging for off-shore debit, mobile and internet banking prior to departure of the student.
Visit https://www.hsbc.lk/international/overseas-education/ for more details.
Business
Renowned British publisher calls on govt. to reconsider clamping 18% VAT on books
By Ifham Nizam
Renowned British publisher John Beaufoy has made an impassioned plea to Sri Lanka’s government to reconsider the 18% Value Added Tax (VAT) imposed on books, citing its detrimental effect on the country’s literary market, education system and cultural development.
Speaking exclusively to The Island Financial Review during his recent visit to Colombo to promote his latest publications, Beaufoy emphasized the adverse impact of the tax on both readers and the publishing industry.
He added: “The 18% VAT is very hefty, especially during tough economic times. Books should be treated as an educational item, as they are in the UK, where no VAT is imposed on books.”
Beaufoy, whose publishing house specializes in natural history titles across the Indo-Pacific region, expressed concern on how the tax discourages reading and limits access to knowledge.
“Sri Lankans have a deep love for reading and learning about their country, especially in areas like wildlife, ecology and conservation. This tax creates an unnecessary barrier, he added.
“Sri Lanka has long been a nation of readers, with a rich literary heritage and a strong tradition of storytelling. However, booksellers and publishers across the country have reported that the VAT has led to reduced sales and diminished accessibility for readers.
“Books are essential for spreading knowledge and preserving culture. The imposition of VAT on books is counterproductive for a country that values education, Beaufoy stated.
He pointed out that many countries, including the UK, recognize books as educational tools and exempt them from such taxes.
Booksellers like M.D. Gunasena, Vijitha Yapa and Barefoot, whom Beaufoy met during his visit, had also voiced their concerns. They noted that the VAT not only burdens readers but also hampers their ability to promote and distribute important publications, particularly those focusing on conservation and local heritage.Beaufoy added: “To speak to Vijitha is an absolute pleasure, always. He has so much knowledge and experience. I would say not just of the book business, but of the world.
“He is such an interesting man to talk to. I have known Vijitha for probably 30 years, I think. And I have been privileged to get to know him and his family over that period.
“And I always enjoy very much listening to his stories, his opinions and his knowledge of the book business is really pretty unsurpassed, I think, in Sri Lanka. Vijitha has seen it all. Of course, he was brave and entrepreneurial enough to have a bookshop at the airport in Colombo for many years, somewhere that most people, everybody who’s travelled out of Sri Lanka will be familiar with that shop.
“And it used to be a great outlet for books on Sri Lanka and Sri Lankan wildlife.”
One of the highlights of Beaufoy’s visit was the launch of A Photographic Guide to the Wildlife of Sri Lanka by Gehan de Silva Wijeyeratne. The book, featuring over 1,100 species and photographs, is a celebration of Sri Lanka’s biodiversity.
“This book is a visual treasure. Gehan has done an incredible job compiling a comprehensive guide to Sri Lanka’s wildlife, ranging from birds and mammals to reptiles, insects, and marine fish, Beaufoy said. “It’s the kind of publication that fosters pride and awareness about conservation.”
Beaufoy also discussed plans for future books focusing on marine life, seashore habitats, and insects in Sri Lanka, which he believes will resonate with both locals and tourists. “Sri Lanka’s natural beauty is unparalleled. There’s so much potential to highlight the country’s biodiversity through high-quality publications,” he remarked.
Business
‘Amba Yaalu’ changes face of SL’s hospitality industry with all-women operated hotel
By Harischandra Gunaratna
Changing the face of hospitality in Sri Lanka, Thema Collection during the weekend ceremonially opened its latest theme hotel, the four star ‘Amba Yaalu’, fully operated and managed by women, on the banks of the picturesque Kandalama Lake.
Chairman of the company, Chandra Wickremesinghe said, “Our objective is to empower women by opening new frontiers for them in the hospitality industry which is a male- dominated profession and, to harness their talents.
“The company has invested Rs. 800 million on the property with 50 percent on bank loans and the rest from private funds, while the land was leased by the Mahaweli Authority.
‘We envisage a radical change with more women joining the hospitality industry and our women need not seek employment in other countries, leaving their families , if they can be gainfully employed here, Wickramasinghe said.
‘Amba Yaalu’ has a mix of experienced hoteliers as well as raw home grown talent who have been trained in-house to run different functions in the hotel with Thema Collection laying emphasis on training.
“We plan to recruit more young women from the locality and provide them intense training to handle different functions in the hotel, said Maxime Wickramasinghe, a director of the hotel.
The resort located in a 6 1/2 acre mango grove surrounded by 457 Mango trees, features 33 elegantly designed rooms, including 4 suites with an Ayurvedic spa, Yoga terrace and a dedicated Vegan restaurant. Thema Collection was inspired by the 1957 iconic novel of the same name, ‘Amba Yaluwo’ (Mango Friends), authored by T.B.Illangaratne and later translated into several languages, including English.
The essence of ‘Amba Yaalu’ is bonhomie and camaraderie and unsurpassable hospitality.
Business
Advancing value-added export manufacturing – Sri Lanka Economic Summit
A session on Driving Growth in Value-Added Export Manufacturing at the Sri Lanka Economic Summit will address key challenges to enhancing Sri Lanka’s value-added export manufacturing, and examine how the country can strengthen its integration into global and regional value chains.
Conducted under the theme Shaping Sri Lanka’s Future: Transformational Growth Rooted in Sound Economic Policies, the SLES will be held on January 28th and 29th at the Shangri La Hotel, Colombo.
The session focusing on value-added export manufacturing on January 29th, will explore areas such as improving productivity improvements, the cost of doing business, innovation, and reforms to labour laws. It will also draw on Thailand’s experience in driving export-led investment growth, with a presentation by Ms. Parima Damrithamanij, Senior Manager of Deloitte Thailand’s Global Trade Advisory. With her background in international trade negotiations, regulatory reform, and economic policy, including a 15-year stint at the Ministry of Commerce, she will share key lessons from Thailand’s transformation.
Joining the session are Ms. J.M.T. Jayasundara – Secretary of the Ministry of Industry and Entrepreneurship Development, Suren Fernando – CEO of MAS Holdings PLC, and Rajitha Kariyawasan – Executive Director of Hayleys Group and Managing Director of Haycarb. The discussion will be moderated by Yohan Lawrence, Secretary General of JAAF and Chairman of EASL, ensuring a comprehensive exploration of the role of policy, private sector innovation, and public-private collaboration in advancing value-added export manufacturing.
Registrations are now open at www.sles.chamber.lk. For further information, please contact Lilakshi at lilakshi@chamber.lk / 5588818 or Alikie at alikie@chamber.lk / 0115588805.
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