By Shenal Fernando and Imsha IqbalSri Lanka’s export industry is discouraged by the decision taken by the Central Bank of Sri Lanka (CBSL) to suspend interest rates for foreign currency accounts of export proceeds, The Morning Business learns. He emphasised that stable policy changes or measures that the Government can take would provide a helping hand to the exporters. Exporters are already subjected to a mandatory 25% conversion requirement on export proceeds, which the exporters are complying with under protest. If the CBSL is going to impose more restrictions on exporters, how will this facilitate export revenue growth, Wijeyarathne questioned. For example, they might under-invoice and keep that money separately in a foreign country without repatriating.”Meanwhile, commenting on this proposed plan to remove interest rates on foreign currency accounts of exporters, Development Interplan Ceylon (Pvt.)

Most countries in South Asia are far from pre-pandemic trend levels. The latest South Asia Economic Focus Report titled Shifting Gears: Digitisation and Services-Led Development projects the region to grow by 7.1% in 2021 and 2022. The pandemic is estimated to have caused 48 to 59 million people to become or remain poor in 2021 in South Asia. Despite increased policy rates and price controls imposed by the Government, inflationary pressure is expected to remain strong amid partial monetisation of the fiscal deficit, currency depreciation, and rising global commodity prices. In the medium to long term, digital technologies could become an important engine for job growth in Sri Lanka.

As per a report published on Sri Lanka by HSBC Global Research, the expected GDP growth of Sri Lanka in 2021 will be 3.5% due to the effect of recurring waves of Covid-19. According to HSBC Global Research, Sri Lanka’s external profile is particularly concerning. Regardless of this development, Sri Lanka still owes over $ 4 billion in foreign debt per year over the next five years. The Government is making ad hoc arrangements such as bilateral swaps and small ticket loans to service the said foreign debt. Further, in terms of external debt payment, HSBC stated that an IMF programme could help Sri Lanka.

Oliver Cragg / Android AuthorityTL;DR Mobvoi has just formally confirmed the Mobvoi TicWatch Pro 3 Ultra. Now, we know for certain that a slightly upgraded version of the device is on the way to be named the Mobvoi TicWatch Pro 3 Ultra. What to expect from the Mobvoi TicWatch Pro 3 Ultra Even if the company didn’t divulge much about the watch, we can infer quite a bit. Of course, we may already have seen the Mobvoi TicWatch Pro 3 Ultra as it could simply be a rebranded version of the TicWatch Pro X. Time will tell, but you won’t need to wait long: Mobvoi will announce its newest watch on October 13, 2021.

The final report of the five-member committee appointed by Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Buddhasasana, Religious and Cultural Affairs to provide recommendations for the restructuring of the Central Cultural Fund, was handed over to the Prime Minister at Temple Trees this morning. The committee was appointed by the Prime Minister to make recommendations in line with the national policy framework “Vistas of Prosperity and Splendour”, which states that “the Central Cultural Fund should be fully revised and restructured”This committee, chaired by Director-General, Department of Fisheries and Aquatic Resources S.J. Balasooriya, Senior Assistant Secretary at the Prime Minister’s Office Priyanga Nanayakkara, Director of Information Technology Management Department D.P.C.E. The Prime Minister accepted the report and stated that the implementation of these recommendations would enable the Central Cultural Fund to become a more effective institution in achieving its objectives in the future. The Prime Minister pointed out that having to obtain tickets for several archaeological museums in the same area would also cause various inconveniences to local tourists.

India will reopen to tourism from October 15, the government said, after more than a year of closure due to the coronavirus pandemic. It added that foreigners traveling to India via commercial flights will be able to enter on fresh tourist visas starting November 15, 2021. Restrictions on most categories of foreign visas, such as diplomats and businesspeople, had been gradually lifted but tourists remained barred even as most economic activities resumed. The vast majority of Indians have been vaccinated with Indian-made AstraZeneca shots, which has been produced by Serum Institute of India. India has called the decision “discriminatory” and imposed restrictions on all British arrivals irrespective of their vaccination status.

Photo: Tanya Sid (Shutterstock)Are you an uber-organized minimalist whose kitchen looks like Marie Kondo and Pinterest’s love child? If your kitchen resembles more of a disturbing way station for stuffed animals, mail, hairbrushes, stickers, and disembodied Legos, we...have a friend whose kitchen is exactly like that. No matter your organization skills (or lack thereof), there are certain household items that just shouldn’t actually be stored on your kitchen counters. Alternatives include wall-mounted magnetic knife strips or a dedicated knife drawer with slotted inserts. G/O Media may get a commissionWhatever you do, don’t just toss them in a drawer with other kitchen gadgets.

EV startup Rivian has spent most of its life shrouded in secrecy, but now that it’s going public, that protective veil is lifting. (Instead of selling shares this time, though, Rivian essentially borrowed a total of $2.5 billion from Amazon, Ford, T. Rowe Price, and Mannheim Investments. It can go ahead and buy the 100,000 electric vans as advertised. And on Wednesday, Bloomberg reported that the majority of the focus will be on the Amazon vans in the early going. And it’s now one of the very first to follow Tesla into the extremely challenging arena of mass-manufacturing electric vehicles.

Hence, the requirement for digital signatures among many segments of the community has soared in the recent past. In view of raising awareness about Digital Signatures among the country’s banking fraternity, ICT Agency of Sri Lanka (ICTA) with the support of Ministry of Technology, LankaClear together with Sri Lanka Banks’ Association collaborated to organize a session on ‘Legal Validity of Digital Signatures’ exclusively for the financial services sector. Presenting his views, Mr. Jayantha Fernando, General Counsel and Legal Advisor to ICTA elucidated the participants of the underline principles and the legal framework relating to Digital Signatures. Mr. Fernando is considered as the chief architect of ETA, which has created the enabling framework to launch and operationalize Digital Signatures. Mr Fernando explained in detail about the ETA and its provisions relating to Digital Signatures.

October 7, 2021 by Ruwani Fonseka No CommentsSri Lanka won the first T20 international of its tour of Oman by 19 runs. Oman won the toss and elected to field first and Sri Lanka ended up with a total of 162/4 in 20 overs. In reply, Oman scored 143/8 in their 20 overs. SL: 162/4 (20)Oman: 143/8 (20)

The Belgian government has agreed to vote on a countrywide introduction of a four-day working week. The federal government will consider the proposal next week in what is the latest move towards a more flexible working future in Europe. Meanwhile, a number of companies in Spain are currently trialing a four-day week after a small political party's proposal was accepted by the wider government late last year. With this in mind, the Icelandic approach to the four-day work week is still favoured by many commentators. In some companies though, a four-day week may seem like too much work.

Despite the Government imposing a a one-off Casino Industry levy of LKR 1 Bn each on the 4 Casinos established in Sri Lanka in 2015, a report by publicfinance.lk details that the Inland Revenue Department (IRD) is yet to receive arrears amounting to LKR 2.67Bn. Following the imposition of the LKR 1 Bn one-off levy, a total of LKR 4 Bn was owed to the Inland Revenue Department. However, by the end of 2015, only LKR 80 Mn had been collected from these businesses. Moving on to 2019, publicfinance.lk states that a cumulative total of only LKR 1,330 Mn had yet been collected. As of now in 2021, the Inland Revenue Department revealed that casino businesses still owed them a total of LKR 2.67 Bn in tax arrears, highlighting the minimal progress of collecting these taxes.

HSBC Global Research has released an economic report on Sri Lanka titled “Sri Lanka: In need of a panacea”. The full report is detailed below:Even before the third COVID-19 wave ebbed, Sri Lanka found itself battling against a more infectious fourth wave. Sri Lanka has battled economic challenges for a while now (sudden change in leadership in 2018, bombings in 2019, and recurring COVID-19 waves). Recurring COVID-19 wavesEven before the third COVID-19 wave ebbed, Sri Lanka found itself battling against a more infectious fourth pandemic wave. This cUSD80bn economy has external debt of USD47bn, of which c60% is owned by the government.

Four people also died while positive with Covid and that number is expected to get worse as more sick and unvaccinated Victorians enter hospital. The new cases were diagnosed form 62,189 tests and 35,253 vaccine doses were administered in state-run facilities on Wednesday. Authorities are racing to identify all vulnerable young patients who were exposed to a Covid-19 outbreak at a Melbourne children's hospital cancer ward. A patient's parent spent at least four days at the Royal Children's Hospital in Parkville while infectious, with the exposure period stretching from October 1 to October 4. Ms McDonald said some children are turning up to the hospital with other illnesses or injuries and then testing positive for Covid.

India’s National Investigation Agency (NIA) has arrested a Sri Lankan national and former member of the LTTE’s intelligence wing for his alleged involvement in arms and drug trafficking from Pakistan to Sri Lanka, and utilising the proceeds for furthering and supporting the revival of the terrorist group in the island nation, an official said on Wednesday. Satkunam alias Sabesan, 47, a Sri Lankan national and a former member of the intelligence wing of the LTTE, was arrested by the NIA on Tuesday, the official of India’s premier investigation agency said. Sabesan, who presently resided at Valsaravakkam, Chennai, Tamil Nadu, was arrested for his involvement in Arms and Drug trafficking from Pakistan to Sri Lanka, and utilizing the proceeds for furthering and supporting the revival of LTTE, the NIA official said. Sabesan had arranged conspiracy meetings of sympathisers of LTTE in India and played a crucial role in routing the proceeds of drugs trafficking to former LTTE cadres in Sri Lanka for the revival of LTTE, the NIA official said, adding that further investigation in the case continues. Source: PTI