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SLTDA streamlines tourism investment approval process with common application

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Sri Lanka Tourism Development Authority (SLTDA) has made the tourism investment process easy by streamlining the project approval process and the facilitation services provided by the Investor Relations Unit (IRU) – the unit established within SLTDA as the centralized facilitation arm for tourism investments in the country.

The key objective of this effort is to provide a single point of contact for the investors in the tourism sector and to provide an efficient, effective and hassle-free investment facilitation process for tourism investments.

In general, an investor in the tourism sector has to fill individual applications for several line agencies for approval of a tourism project. The number of agencies applicable for a tourism project is comparatively higher if the projects are located closer to a sensitive attraction. The process, therefore, becomes tedious, complex and time-consuming and as a result, incurs a considerable cost for the investor. This situation sometimes also encourages third party involvements which lead to corruption.

Finding solutions for the above issues; a centralized facilitation unit was established by SLTDA in late 2010. The IRU has approved 503 projects with a total value of US $ 3789.04 Mns during the past 10 years. The inter-agency collaboration was further strengthened recently with the continuous dialogue which resulted in bringing together all project approving government agencies to prepare one common application for tourism investments.

In addition, the approval processes of key approving agencies were mapped to spot the duplications and delays due to unnecessary steps and multiple signatories. The process was thereby streamlined and as a result, the time taken to issue a preliminary clearance was able to be reduced from 45 days to 25 days. The total average number of reduction of days taken for project approvals is expected to be reduced further in the future.

Technical support for the above streamlining process was provided to SLTDA by USAID’s Supporting Accelerated Investment in Sri Lanka (SAIL) Project with a team of experts with international expertise & exposure. Talking about the contribution made by the SAIL project, Glenn F. J. Mackenzie-Frazer, Chief of Party, IDG Country Director stated:

“The hard work and dedication of the SLTDA Investor Relations Unit is now bearing fruit and making the investment process a streamlined and transparent process which is investor focused. This is one more step on the path of placing Sri Lanka at the forefront of tourism globally. It has been USAID-SAIL’s privilege to partner with SLTDA on this journey”. 

Having the tourism mandate as per the Tourism Act No 38 of 2005, SLTDA’s Investor Relations Unit (IRU) makes sure all upcoming developments in tourism by the private sector is complied with specified quality standards and developed in compliance to the existing regulations of the country. This helps reduce low-quality and illegal tourism establishments, which will impact in eradicating informal sector of tourism in the future.

Responding to the achievements recently made by the Investor Relations Unit (IRU, Kimarli Fernando, chairperson of SLTDA stated,

“The above achievements are not made solely by the SLTDA. It’s a joint effort made by all government agencies. The collaboration and support given by all the government agencies in making these improvements to the process are tremendous, SLTDA thanks all the Heads of those agencies and all the government officers who contributed to this effort.

“Very soon, the entire process will be automated and the facility will be available for the investor to submit the application on-line and to track the progress of approvals. This will be an integrated system where all the project approving agencies and utility agencies are connected”

SLTDA encourages all the investors to obtain the services of Investor Relations Unit (IRU) to obtain reliable information on the process, proper guidance and facilitation services to ensure successful tourism projects with proper quality standards. -(SLTDA)

 

 



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Stealer malware leaked over 2 million bank cards

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The number of infections with data-stealing malware, 2020-2024 (Source: Kaspersky Digital Footprint Intelligence)

Kaspersky Digital Footprint Intelligence estimates that 2.3 million bank cards were leaked on the dark web, based on an analysis of data-stealing malware log files from 2023-2024. On average, every 14th infostealer infection results in stolen credit card information, with nearly 26 million devices compromised by infostealers, including more than 9 million in 2024 alone. Kaspersky released its report on the infostealer threat landscape while the technology world gathers at MWC 2025 in Barcelona.

Kaspersky experts estimate that approximately 2,300,000 bank cards have been leaked on the dark web. This conclusion is based on an analysis of the log files from data-stealing malware, dated 2023-2024, that were leaked on the dark web market. While globally the share of leaked cards is well below one percent, 95% of the observed numbers appear technically valid.

Infostealer malware is not only designed to extract financial information, but also credentials, cookies and other valuable user data, which is compiled into log files and then distributed within the dark web underground community. An infostealer can infect a device if a victim unknowingly downloads and runs a malicious file, for example one disguised as legitimate software, such as a game cheat. It can be spread through phishing links, compromised websites, malicious attachments in emails or messengers and various other methods. It targets both personal and corporate devices.

On average, every 14th infostealer infection results in stolen credit card information. Kaspersky Digital Footprint Intelligence experts found that nearly 26 million devices running Windows were infected with various types of infostealers in the past two years.

“The actual number of infected devices is even higher. Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe. We forecast the total number of devices infected with infostealer malware in 2024 to be between 20 million and 25 million, while for 2023, the estimate ranges between 18 million and 22 million,” says Sergey Shcherbel, expert at Kaspersky Digital Footprint Intelligence.

In 2024, Redline remained the most widespread infostealer, accounting for 34% of the total number of infections.

The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024. “RisePro is a growing threat. It was first discovered two years ago but seems to be gaining momentum. The stealer primarily targets banking card details, passwords and cryptocurrency wallet data, and may be spreading under the guise of key generators, cracks for various software and game mods,” explains Sergey Shcherbel. Another rapidly growing stealer is Stealc, which first appeared in 2023 and increased its share from nearly 3% to 13%.

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ComBank’s 2023 Annual Report tops Banking sector at ACCA Sustainability Reporting Awards

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Commercial Bank Chief Operating Officer S. Prabagar and members of the senior management accepting one of the ACCA awards.

The Commercial Bank of Ceylon’s prowess in comprehensive disclosure of sustainability-related information to stakeholders has won its 2023 Annual Report two top awards at the 2025 Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

The Bank was adjudged the overall runner-up and the winner in the Banking category at these awards, repeating the achievement of its 2022 Annual Report which was similarly honoured by the ACCA last year.

The ACCA Sustainability Reporting Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the business to internal and external stakeholders, demonstrating the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

Commercial Bank’s 2023 Annual Report also won two Golds, a Silver and a Bronze at CA Sri Lanka’s ‘TAGS’ Awards 2024, excelling in the key aspects recognised by the awards programme which is dedicated to Transparency, Accountability, Governance, and Sustainability – TAGS.

The Bank won the Gold for ‘Corporate Governance Disclosure’ in the Financial Services sector, the Gold for the Best Annual Report among the private sector banks, the Silver for ‘Digitally Transformative Reporting’ across all sectors, and the overall Bronze award for Excellence in Corporate Reporting.

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UTE Delivers Sri Lanka’s Largest Cat D8 Tractor to NEM Construction

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(From left to right) Deepthi Hewageegana (CEO - UTE), Mani Rajan (Director Distribution - India), Joe Moscato (Vice President - Distribution - Japan & Asia South (India & SE Asia) Caterpillar Inc), Raja Nanayakkara (Chairman / MD - NEM Construction), Prasan Fernando (Chairman - UTE), Priath Fernando - (Director - UTE), Duminda Perera (Senior General Manager - Operations)

Caterpillar equipment dealer UTE has delivered the country’s largest Cat D8 Track-Type Tractor to NEM Construction Pvt. Ltd., marking a significant milestone in heavy machinery. This delivery strengthens the long-standing partnership between UTE and NEM Construction, which spans over 45 years. The Cat D8 is expected to boost operational efficiency in large-scale projects. As the sole authorized dealer for Caterpillar in Sri Lanka, UTE continues to provide top-tier machinery and after-sales support. The handover is particularly notable as Caterpillar celebrates its 100th anniversary. NEM Construction’s Chairman, Raja Nanayakkara, praised the Cat D8’s superior performance and UTE’s unmatched service and parts support, which have been key to the company’s long-term collaboration. This purchase highlights the continued trust in both Caterpillar and UTE’s expertise in supporting Sri Lanka’s construction industry.

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