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Kia wins European Car of the Year, 2 Red Dot Design awards + 8 Travel Safety awards

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New cars are in short supply in Sri Lanka, but owners of Kia automobiles have cause to cheer the popular Korean nameplate which has roared into 2022 winning the coveted European Car of the Year award, two Red Dot Design awards and a remarkable eight Top Safety Pick (TSP) awards from the Insurance Institute for Highway Safety (IIHS).

Kia’s revolutionary EV6, the brand’s first dedicated battery electric vehicle (BEV), which stands out for its ultra-fast charging, swift acceleration and zero emissions, has been crowned the ‘2022 Car of the Year’ at the prestigious European Car of the Year (COTY) Awards, beating the shortlisted Hyundai IONIQ 5, Ford Mustang Mach-E, Škoda Enyaq iV, Cupra Born, Renault Mégane E-Tech and Peugeot 308. Notably, the EV6 is the first Kia automobile to win an European Car of the Year award.

The EV6 also claimed overall victory at the prestigious 2022 Red Dot Design Awards, one of the largest design competitions in the world, winning the ‘Red Dot: Best of the Best’ accolade for its pioneering and forward-looking design and the Red Dot category award for ‘Innovative Products.’

Meanwhile, the Kia Telluride, Sorento, Seltos and Carnival built after March 2021 (with specific headlights), as well as the Kia Sportage and Soul (with optional front crash prevention and specific headlights) have all received TSP awards, while the Kia K5 and Stinger sedans have qualified as TSP+ winners.

All 2022 TSP winners earned “Good” ratings in six crashworthiness tests – driver-side small overlap front, passenger-side small overlap front, moderate overlap front, original side, roof strength and head restraint tests – as well as an “Advanced” or “Superior” rating for vehicle-to-vehicle and vehicle-to-pedestrian front crash prevention evaluations. In addition, the vehicle must have at least one available headlight system that earns a “Good” or “Acceptable” rating. For a TSP+ designation, the “Good” or “Acceptable” headlight system must be standard equipment.

Kia Motors (Lanka) Managing Director Mr Andrew Perera described the news of these awards as electrifying news for Kia enthusiasts in Sri Lanka who have been unable to experience the latest models due to import restrictions to conserve foreign exchange. “The EV6 in particular is an exciting sign of what’s still to come in our evolving electrified line-up, and we look forward to the time when we can resume the import of new world-class models from Kia, including the award winning EV6 which combines the best of eco-friendly operation with adrenaline-pumping performance,” he said.

The Kia EV6 is positioned as the embodiment of the new Kia. It can accelerate from 0-100 kmph in just 5.2 seconds in the standard version and in an eye-watering 3.5 seconds in the GT version, can reach a top speed of 260 kmph, can cover up to 528 kms on a single charge in the long-range version and achieve 800V high-speed charge from 10 to 80 per cent in just 18 minutes, all with zero emissions.

At the 2022 European Car of the Year awards, the Kia EV6 was voted the overall winner by a 61-strong jury consisting of highly respected motoring journalists from 23 European countries. The SUV was initially listed for consideration for the ‘European Car of the Year’ Award alongside over sixty models that launched in 2021. In November 2021, the COTY jury whittled this longlist down to a seven-strong shortlist, six of which were electric vehicles (EVs), further demonstrating the growing importance of electric vehicles to consumers as society transitions towards a new mobility future.

The EV6 is the first of seven dedicated EV models Kia plans to launch by 2026. The all-electric crossover will play a key role in the company’s plans to become a leading global sustainable mobility solutions provider.

The 2022 European Car of the Year award is the latest in a growing number of top-notch awards bestowed on the Kia EV6 since its introduction last year. Other titles recently won include: 2022 Irish Car of the Year; 2022 What Car? ‘Car of the Year’; ‘Crossover of the Year’ at the TopGear.com 2021 awards; ‘Premium’ winner in the German Car of the Year 2022 awards; and joint winner of the inaugural ‘Best Cars of the Year’ 2021/2022 awards.

Kia Motors (Lanka) has represented the Kia brand in Sri Lanka since 1996 and has been instrumental in making it one of the best-regarded automobile brands in the country. The Company’s Rs 800 million Logistics Centre in Malabe is supported by a sales and service network spearheaded by wholly-owned subsidiaries Carplan and Autopoint (Kurunegala) as 3S dealers. Kia Motors (Lanka) also has showrooms in Kandy and Matara, has appointed Service Dealers in Ampara, Galle and Ratnapura, and franchised spare parts dealers in Colombo, Moratuwa, Gampaha, Kandy, Ratnapura, Anuradhapura, Batticaloa and Matara.



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Dialog Smart Home Enables Seamless Home Automation via Range of Intuitive Solutions 

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Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, introduced a range of convenient and integrated solutions via ‘Dialog Smart Home’ to enable intelligent automation and intuitive control of homes.

The newly introduced range of future-fit smart home solutions by Dialog Smart Home ranges from Home Automation, Home Security & Surveillance and Home Connectivity, and are designed to enable any home to work as one harmonious system where all elements work in tandem together to create a truly intelligent home.

The Home Automation solutions offer homeowners seamless and convenient control of their electronic appliances through their smartphones anytime, anywhere. With the Smart Touch Wall Switches, Smart Power Strips and Smart Fan Controllers, homeowners can take control of existing light bulbs, table fans, rice cookers, chargers, ceiling fans and more appliances. Additionally, the Artificial Intelligence (AI) powered TeDi Alexa Solution enables users to control connected smart devices including TVs, air conditioners, home security systems and more through voice commands.

Home Security & Surveillance solutions transform basic cameras into high-powered CCTV solutions. Baby and house monitoring smart cameras can be placed inside homes to keep a 360-degree eye on children and pets. The Indoor Security Camera has the ability to sound a siren and notify users if a stranger enters their home. Dialog Smart Home has also partnered with Singer to offer customers world-renowned Dahua CCTV solutions.

The Home Connectivity solutions offers consumers Wi-Fi extenders to facilitate uninterrupted internet connectivity across the house to fit the homeowner’s lifestyle and requirements.

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CBSL implements extraordinary measures to support banking sector

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The Central Bank of Sri Lanka, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector.

• Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have an additional layer of usable capital that can be drawn down during stress times. An industry wide flexibility is granted for banks to drawdown the CCB (up to 2.5%), if needed, subject to restrictions on distribution to shareholders/ repatriation of profits and submission of a capital augmentation plan to rebuild CCB during a period up to three years.

• The current deadline for licensed banks to meet the enhanced minimum capital requirement (31.12.2022) is extended up to 31.12.2023. Licensed banks which are unable to meet the minimum capital requirement by 31.12.2022, need to submit their capital augmentation plan, including plans to consolidate or merge with suitable financial institutions, by 31.12.2022 and these licensed banks too shall refrain from distribution of dividends/ repatriation of profits until the minimum capital requirement is met.

• Licensed banks are encouraged to move to approaches such as The Standardised Approach (TSA) or alternative TSA for computation of risk weighted assets for operational risk for the purposes of computing the Capital Adequacy Ratio, subject to supervisory review.

• Licensed banks are given the flexibility to stagger the unrealised mark to market loss on Government Securities denominated in LKR on account of the recent interest rate hike for Capital Adequacy purposes until Q2 of 2024, subject to conditions.

• Licensed banks are granted flexibility on the treatment for Other Comprehensive Income (OCI) for Capital Adequacy purpose in line with the International Standards.

• The deadline for licensed banks to submit the document on Internal Capital Adequacy Assessment Process (ICAAP) for 2022, to the Central Bank of Sri Lanka is extended by one month, until 30.06.2022.

• As a short-term measure to support licensed banks to adjust their liquidity profiles, licensed banks are provided with the flexibility to operate maintaining the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) not lower than 90% up to 30.09.2022. Furthermore, the Central Bank of Sri Lanka, on 06 May 2022 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, until the financial statements for the year 2022 are audited by its External Auditor, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2022 with a view to strengthening the liquidity and capital positions of licensed banks under these exceptional circumstances.

The above measures were introduced with the aim of providing the licensed banks with more flexibility and opportunities to operate in these challenging conditions and support economic recovery, while taking measures to improve their safety and soundness. The Central Bank of Sri Lanka will periodically review the implementation of these policy measures and expects licensed banks to avail these measures in the best interest of the customers and the economy at large, while supporting the banking sector to remain resilient.

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CEAT official tyre supplier for locally assembled Tata Ace HT 

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CEAT Kelani Holdings has been appointed as the official tyre supplier for Tata Ace HT series compact trucks which are assembled in Sri Lanka by DIMO in collaboration with India’s largest automobile manufacturer TATA Motors.

 CEAT RHINO PLUS TL tyres in the size of 155R12 8PR, manufactured at the CEAT Kelani plant in Kelaniya are used for the TATA Ace HT series vehicles, popularly known in Sri Lanka as “DIMO Batta” under this project. The locally manufactured CEAT RHINO PLUS TL tyre features a zig zag pattern on its circumference and ribs with lateral notches that contribute towards uniformity and better wear and tear on local roads.

 Commenting on this latest OEM agreement of the company, CEAT Kelani Holdings Managing Director Mr. Ravi Dadlani said: “As a brand that has been at the forefront of local value addition in Sri Lanka, CEAT is excited to contribute further to the process through its association with this assembly operation. This is particularly relevant in the prevailing situation in the domestic market. We are able to provide high-quality tyres engineered for local conditions at competitive prices and ensure uninterrupted supply, while at the same time helping to conserve foreign exchange.”

In January this year, CEAT was appointed as an OEM for a range of heavy-duty trucks, tippers and light commercial vehicles assembled in Sri Lanka by Lanka Ashok Leyland PLC (LAL), a joint venture company of Ashok Leyland India. In November 2021 the brand was chosen as the OEM for Bolero City Pik-up vehicles assembled in Sri Lanka by Mahindra & Mahindra India in collaboration with Ideal Motors.

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