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Samsung Upgrade Festival extended due to popular demand



Sri Lanka’s and largest home upgrade festival with exciting offers and easy payment plans

Samsung, Sri Lanka’s leading consumer electronics brand, recently announced their widely acclaimed Upgrade Festival has been further extended due to popular demand until the end of January 2022, a company news release said.

“What started off as giving back to its consumers in the Christmas season has now extended into the New Year for more consumers to upgrade their households to the best of technology in 2022 as well. Samsung Electronics will continue to upgrade all Sri Lankan households to the premium Samsung technology” it announced.

The campaign, which was launched on November 5 is now valid until January 31, 2022. The ‘Upgrade Festival’ features vouchers up to Rs.5,000 and bundle packs such as free Sound bars and microwaves to be redeemed for select household goods accumulating to a value of Rs.140 Million. These exciting offers coupled with attractive payment schemes are available at Softlogic, Singer, Singhagiri, Damro and on Samsung e-Store.

“The decision to extend was taken due to the overwhelming positive feedback Samsung received for the Upgrade Festival. They want to allow more consumers to experience the benefits of Upgrade Festival, offering a range of innovative products that make life easier, with the added benefit of vouchers, bundle offers and easy payment,” the release said.

“Dreams are boundless. Samsung Electronics constantly reinvents tomorrow to pursue happier and richer lives. These appliances explore the territory of the unknown to discover potential and fulfil greater promise.”

Samsung explained that through the Upgrade Festival, customers can redeem vouchers starting from Rs. 2,500 to Rs. 5,000 on select Samsung TVs, refrigerators and washing machines. Also the opportunity to grab a bundle offer such a Sound bar worth Rs. 99,999 and more.

In the Visual Display business, Samsung Electronics topped the global TV market for the 15th consecutive year in 2021. Samsung has been leading the TV industry by launching cutting-edge products that reflect new consumer lifestyles, affirming 15 years of industry-leading innovation. Samsung has also continued efforts for sustainability in this sector, introducing products that improve accessibility for the disabled and users with colour vision deficiency, and launching eco-friendly packaging, Samsung said.

“The QLED 8K TV and Crystal UHD 4K TV offer amazing technology and a viewing experience that is second to none. They also launched the Windfree and 5 in 1 ranges of air conditioners and the technologically advanced Curd Maestro Refrigerator, the world’s first Frost Free Refrigerator which can make and preserve fresh curd.

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Seven factors of concern at upcoming Monetary Policy Review



by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets



Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO



Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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