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BOC in the front line of reviving the economy: Chairman
By Sanath Nanayakkare
Bank of Ceylon Chairman Kanchana Ratwatte said in Colombo yesterday(12) that as the global pandemic had caused direct impacts on the national economy, the BoC had felt the need to come forward and help revive the economy without taking the easy option of doing little”.
He said so at a media briefing held to announce the financial results of the Bank for the first half of the year.
“We have a choice of not supporting the economy at this point and let things move on as they are. But we have made the difficult choice. For sure, things are not as they used to be, but I don’t believe that the government of Sri Lanka is going to default on any loans. I also don’t believe that the pandemic is going to stay on forever or tourists are not going to visit this country again. And for a moment I don’t believe that the economy is not going to bounce back. I see all the reasons to be confident about the favourable developments on all these fronts.”
Asked how the BoC could carry out that national responsibility on its own when other banks had pooled their resources to do it, and whether BOC was putting depositors’ funds at risk, he said, “No, not at all. There are certain situations where we go by way of syndicates. There are certain situations where we act as a syndicate and there are situations where we take up the responsibility on our own. If you are looking at the essential services, this is a time we can’t say ‘no’ and we won’t say ‘no’. As far as the BoC is concerned, the resources that we have are distributed in a very safe operation. We are not taking risks beyond our control. It is well within our control and that is why we are extending it. In doing so, we are looking at the short term, maybe two or three months or so. The IMF facility of USD 780 million and so many things are in the pipeline. In addition to that, the Bank is facilitating and empowering more exporters to emerge from the rural areas and we are looking at start-ups, SMEs, larger industries whoever is looking forward to joining with us to transform their businesses to be export-oriented.”
Referring to the Bank’s dollar liquidity levels, Ratwatte said, “The Bank of Ceylon has given first priority to the health sector, petroleum and pharmaceuticals sectors to open all of their letters of credit (LCs) to ensure that the society functioned unhindered at its normal pace. Then we ensured LC opening for importing vaccines, gas and essential food items. Next was our existing customer base whom we serviced without creating any problems for them. Then comes the situation where customers from other banks who come to BOC to open LCs in their time of difficulty that is also handled by the bank appropriately according to the purpose”.
“We don’t have an issue with regard to dollars when it comes to our customers or the priority areas I mentioned. In terms of dollar liquidity, we are okay to look after our customers for LC opening and we help new customers too,” the BoC chief said.
Amidst these unexpected challenges, the Bank’s Profit Before Tax for the six months ended 30th June 2021 stood at LKR 27.1 billion, moving forward with stable performance, while managing headwinds caused by low interest rates, cash-flow deferments and operational restrictions. Profit After Tax (PAT) for the period was LKR 22.1 billion. The Bank’s total assets grew by 11% and reached the LKR 3.3 trillion level reaching another milestone and preserving its industry leadership.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
