Business
SLIM signs a Memorandum of Understanding with SLASSCOM (Guarantee) Limited

The Sri Lanka Institute of Marketing (SLIM) recently signed a Memorandum of Understanding (MoU) with the Sri Lanka Association for Software Services Companies (SLASSCOM), the national chamber for the knowledge and innovation industry in Sri Lanka. The MoU was signed to facilitate internship opportunities for SLIM undergraduates within the SLASSCOM landscape.
Signed on the 21st of September 2021, this partnership will enable undergraduates of SLIM to expand their horizons through internship opportunities within SLASSCOM member companies. This collaboration would create new pathways and development opportunities for students to further their education, familiarise themselves with the IT/BPM industry and advance their career prospects. In addition, SLIM members would be able to engage in mentor programmes organised by the SLASSCOM Forums and Centres of Excellence.
Together, SLIM and SLASSCOM would be able to formulate learning and development initiatives for both organizations through mutually shared resources that would enhance competencies, skills, training, and other avenues for development. Furthermore, as per the agreement, both organizations would be able to share resources for events, facilitate access to events for both memberships and organize collaborative events to support both organizations.
Speaking on this mutually beneficial understanding between SLIM and SLASSCOM, the President of SLIM, Thilanka Abeywardena said, “The mutual understanding between the two companies is beneficial to both the parties. SLIM aims at providing a knowledgeable workforce to the country through marketing education. This objective aligns with SLASSCOM’s forums of Marketing, Capacity, Regional Development, Entrepreneurship, Technology, Quality, Business Process Management, Innovation, and Human Resources. Together, we hope to facilitate a well-rounded group of business leaders that are “Future-Ready” and ready to face the challenges of the business landscape of Sri Lanka.”
The Vice President for Education at SLIM, Nuwan Gamage further elaborated, “This partnership will enhance the overall quality of the workforce of SLASSCOM as our bright and innovative undergraduates would add to their organization. Likewise, this opportunity presents great promise for our undergraduates as they would be presented with the chance to explore their career options, obtain real-life experience in the business industry and more. As one of the best marketing faculties in the country, we aim to continue to produce highly trained professionals and excellent marketers for our nation.”
Sandra de Zoysa, the Chairperson of SLASSCOM, in her address explained the importance of talent development and upskilling at this critical juncture as the nation recovers from the effects of COVID-19. She went on to discuss the synergies that SLASSCOM could leverage in order to expand SLASSCOM’s marketing efforts. Speaking on the need that SLASSCOM has to expand its marketing efforts she emphasised, “There’s a lot to be done on how IT/BPM companies incorporate the Island of Ingenuity branding and this is an area in which our industry can gain a lot, with the help of this monumental partnership between SLASSCOM and SLIM.”
With over 350 member companies and an employee base of over 30,000, SLASSCOM drives the Imagination Economy: Sri Lanka’s Industry of the future, with the potential to become the #1 export revenue earner for Sri Lanka. Coupled with the expertise of SLIM, as the national body for marketing in Sri Lanka, the aspiring young marketers will be nurtured and given the necessary guidance on the road to becoming Future-Ready marketers with entrepreneurial mindsets, ready to pave the way for a better tomorrow for Sri Lanka.
Business
President AKD’s top level talks in Kuwait focus on bilateral cooperation

By Ifham Nizam
President Anura Kumara Dissanayake on Tuesday met with Sheikh Ahmad Abdullah Al Ahmad Al Sabah, the Prime Minister of Kuwait, to discuss Sri Lanka’s political and financial stability and explore avenues for enhanced bilateral cooperation.
The Island Financial Review reliably learns that discussions emphasized investment opportunities in Sri Lanka’s tourism sector, reflecting the nation’s commitment to economic revitalization.
Officials close to President Dissanayake highlighted the significance of Kuwait’s support in securing the International Monetary Fund (IMF) loan facility, which has been instrumental in Sri Lanka’s economic recovery efforts.
They noted that the President expressed his gratitude to the Kuwaiti leadership for their assistance during challenging times.
The meeting underscored the mutual interest in strengthening trade relations between Sri Lanka and Kuwait.
Both leaders acknowledged the potential for increased collaboration in various sectors, with a particular focus on tourism.
Sri Lanka’s current political and financial stability presents promising opportunities for Kuwaiti investors seeking to explore the island’s burgeoning tourism industry.
This engagement aligns with President Dissanayake’s broader strategy to bolster international partnerships and attract foreign investment to drive economic growth.
By fostering closer ties with nations like Kuwait, Sri Lanka aims to enhance its economic prospects and ensure sustainable development in the coming years.
The discussions with the Kuwaiti Prime Minister are expected to pave the way for future collaborations, contributing to the strengthening of bilateral relations and the realization of shared economic objectives, an official said.
Business
Nationwide blackout on Sunday was due to mafia or incompetency: activists

By Sanath Nanayakkare
Last Sunday’s nationwide power failure in Sri Lanka has sparked significant criticism and speculation, with activists and experts questioning the official explanations provided by the government and the Ceylon Electricity Board (CEB).
The outage, which occurred on Sunday, February 9, 2024, has been attributed by Energy Minister Kumara Jayakody to a monkey colliding with the Panadura grid substation, causing a system imbalance. However, this explanation has been met with skepticism and outright dismissal by various stakeholders.
Malaka Wickramasinghe, Chairman of the Lanka Electricity Employees’ Federation, dismissed the notion (on February 12) that a minor technical failure or a simple short circuit could result in a nationwide blackout. He suggested that there might be an ulterior motive behind the outage, drawing parallels to past incidents where power failures were allegedly used for political leverage. Wickramasinghe pointed out that the government elected in 2015 faced similar issues in 2016, and the president elected in 2022 also encountered problems with power cuts early in his tenure. He emphasized the need for a thorough investigation, possibly involving the Defense Ministry, to uncover the true cause of the outage. Wickramasinghe also highlighted the economic damage caused by such outages and called for affected individuals to be compensated.
M.P.K. Wanigasinghe, Chairman of the National Consumers’ Front, criticized the current government for continuing the policies of the previous administration in the power sector, despite having rejected those policies when they came to power. This, he suggested, indicates a lack of genuine reform or improvement in the sector.
Nandana Udayakumara, Deputy Chairman of the Engineers’ Association, raised concerns about the CEB’s handling of renewable energy (RE) integration. He referenced a 2022 report by the CEB, which indicated that 2,600 megawatts of RE could be added to the grid without issues. However, only 1,400 megawatts have been added so far and the overloading has occurred too soon. Udayakumara suggested that the recent outage might reflect either a bias against renewable energy or incompetence among higher officials in the CEB.
The official explanation that a monkey caused the outage has been widely ridiculed, with many viewing it as an attempt to evade responsibility. The incident has underscored the fragility of Sri Lanka’s power infrastructure and the need for more robust systems and accountability. As the CEB works to restore full capacity to the national grid by February 14, the public and various stakeholders are calling for more transparency and effective solutions to prevent future outages.
Business
BOC launches ‘Rewardz Plus’ points-based reward scheme for credit cardholders

The Bank of Ceylon (BOC) recently introduced a points-based rewards scheme, ‘Rewardz Plus,’ aimed at providing added value to its credit cardholders while enhancing customer engagement and loyalty. The launching event of the service, which was held at BOC Head office, was graced by Kavinda De Zoysa Chairman, Russel Fonseka General Manager/ CEO, and corporate and executive management of BOC. Initially rolled out for credit cards, the scheme is designed to encourage increased usage and reward customers through a structured points accumulation and redemption system.
‘Rewardz Plus’ allows credit cardholders to earn points, based on their spending. Customers can redeem their accumulated points through a range of options available via the
rewardzplus.boc.lk.These options include purchasing e-vouchers from registered merchants and service providers, shopping online at selected stores, booking flights and hotels, and offsetting bills at participating merchants.
Speaking on the launch, Deputy General Manager (Product and Banking Development) Mr. Y A Jayathilake of Bank of Ceylon stated, ‘’Introducing ‘Rewardz Plus’ offers our credit cardholders an opportunity to get more value from their everyday spending. This initiative is designed to provide greater flexibility and convenience, allowing customers to redeem points across a variety of options, from travel to shopping and bill payments. We believe this program will encourage increased engagement with our credit card customers while recognizing and rewarding them.”
BOC has been rewarding its payment cards users by way of various programs such as Seasonal discounts and throughout the year discounts at supermarkets, hotels and restaurants. With the introduction of ‘ Rewardz Plus’ the credit card customers will be able to enjoy more benefits in addition to those discount programs.
For over 85 years, Bank of Ceylon has been a cornerstone of Sri Lanka’s financial landscape, connecting individuals and businesses to global opportunities. BOC’s extensive network with over 2,300 touch points spread across the nation, ensures that bank’s customers have convenient access to a wide range of financial services. Moreover BOC was ranked as the only Sri Lankan Bank among the Top 1000 World Banks 2024 and the Banker of the Year 2021,2023 and 2024 by The Banker Magazine UK, The Number 1 Banking Brand in Sri Lanka by Brand Finance Lanka. BOC also received the People’s Banking Services Brand of the year at the SLIM KANTAR Peoples Awards 2024.Internationally, Bank of Ceylon has established a strong presence in key locations such as a Subsidiary in London, UK; branches in Male and Hulhumalé in the Maldives; Chennai, India; and the Seychelles.
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