Business
Korean embassy launches “Go Green Embassy” campaign

On 1st of July, the Korean Embassy of Sri Lanka implemented the “Go Green Embassy” campaign as the first initiative for urban ecological restoration. The “Go Green Embassy” campaign started with a tree planting programme in collaboration with the Earth Day Network Ambassador of Sri Lanka and award-winning popular actress, Michelle Dilhara. This wonderful occasion was held at the Korean Embassy compound and marked the Embassy’s commitment to creating a sustainable future. The official inauguration of the “Go Green Embassy” campaign took place with the planting of the Na sapling, the eco-friendly Sri Lankan national tree by Ambassador Santhush Woonjin Jeong together with Michelle Dilhara.
Ambassador Santhush stated that this campaign will promote bilateral cooperation in sustainable development efforts. “Korea is a leading country when it comes to promoting green growth and climate action. The Republic of Korea is committed to bridging developing countries and advanced nations towards a greener global economy. Korea was able to implement policies for a successful country-wide reforestation programme and is committed to fostering green growth alliances with countries worldwide. The P4G summit recently held in Seoul successfully is a testament to the unwavering dedication Korea has in accelerating partnerships with countries to offer innovative sustainability solutions.”
Korean Ambassador further added that “We are living in a time where an estimated 7 million people worldwide die every year due to air pollution. In the past 140 years, 2015 to 2020 have been recorded as the warmest years. The average global sea level has risen 8.9 inches between 1880 and 2015 which is much faster than in the previous 2700 years. I was eagerly looking forward to this event as it will pass a good message to the community and also bring our countries closer. This initiative is in line with the policy of the Korean government and its Sustainable Development goals. It will demonstrate the 44 years of friendship and strong ties between Korea and Sri Lanka. I hope to continue this initiative” he added.
The Earth Day Network Ambassador of Sri Lanka and actress Michelle Dilhara thanked the Ambassador for contributing to this wonderful initiative to fight against global warming. She expressed her pleasure in the Korean Embassy going green. “I would like to thank the Korean Ambassador Santhush Woonjin JEONG for taking this step in raising awareness of climate change and global warming. Ambassador Santhush Woonjin is an influential personality who projects the Korean Eco-Diplomacies through his implementations and actions for a positive social change with regard to the P4G Summit, which in turn shows us how much Korea loves nature. His influence on youth and conservation efforts will widely contribute to minimising climate change.” she said.
Also the Earth Day Network President Kathleen Rogers shared a wonderful congratulatory message appreciating Korean Ambassador and Sri Lankan Earth Day Network Ambassador for launching the “Go Green Embassy” campaign.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair

The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
Business
LOLC Al-Falaah pioneers Sri Lanka’s first Wakalah-based factoring solution

LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
Business
Lumala emerges victorious at National Industry Brand Excellence Awards 2024

City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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