Business
LB FINANCE donates over 25M worth of ventilators to support Sri Lanka combat COVID-19
LB Finance renowned as the undisputed leader in the non-banking financial institution sector has stepped up to support the nation in combating the COVID-19 pandemic. LB finance pledged profoundly with the community for nearly five decades of service while persistently growing as a socially responsible corporate citizen in Sri Lanka.
LB Finance acted upon strengthening the nation by donating high quality US Brand Hamilton C3 model mechanical ventilators and ICU beds manufactured in Switzerland which costs over Rs.25 Million, to the Cardio Therapeutic ICU of the National Hospital of Kandy on the 12th of November 2020. The official handing over of this donation was graced by AGM – Human Resources Mr. Prasanna Kalinga, Chief Manager – Central Region Mr. Gayan Ayuwadana, other senior staff members and staff of LB Finance in the Central region with presence of the Acting Director – National Hospital of Kandy Dr. Erasha Fernando and staff of the hospital.
Through several other initiatives, LB Finance pledged their support to fight against COVID-19 pandemic. The main prominence of the initiative was to support the health authorities tackle the COVID-19 context with ease. This will also enable the expansion of operations conducted by the health authorities to aid the patients of various other ailments and ensure the community is served.
“With this initiative we at LB Finance are honored to offer support to the health sector in order to combat the second wave of COVID-19 pandemic by strengthening the availability of medical facilities that are scarce. We also thank the efforts made by the health sector, tri-forces, police and other front-line activist for their contribution provided to control the spread of the virus”, said Mr. Sumith Adhihetty Managing Director of LB Finance PLC. Mr. Adhihetty further expressed that LB Finance intends to donate more of these ventilators in the near future in order to facilitate the battle against the current pandemic.
“On behalf of the Medical fraternity we highly appreciate the contribution made by LB Finance at this critical juncture and undoubtedly these ventilators donated will not only help combat the COVID-19 pandemic but will also be beneficial in-order to treat patients with other ailments”, said Dr. Erasha Fernando, Acting Director – National Hospital of Kandy. Dr. Fernando further explained that Hamilton C3 model mechanical ventilators are of very high standards which is the most preferred ventilator brand by the health sector and this is the first instance that the National Hospital of Kandy has received Hamilton Brand ventilators. This compact high-end ventilator that consist of unique intelligent ventilation modes such as Adaptive Support Ventilation (ASV) that includes the optional INTELLiVENT-ASV which automatically controls the patient’s ventilation and oxygenation based on targets set by the clinician and on physiologic input from the patient, Protective Ventilation (P/V) Tool for lung assessment and recruitment, Integrated high flow oxygen therapy inclusive of a range other advanced features such as on-screen help for alarm troubleshooting and Integrated high-performance turbine. With these high-tech user-friendly features the Hamilton C3 model mechanical ventilators suitable for all adult, pediatric, and neonatal ventilation provides better safety for the patients receiving treatment while help reduce the duration for recovery.
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SLT-Mobitel, the nation’s ICT and Telecommunications Service Provider recently partnered with Spotify, to mark their launch in Sri Lanka. Spotify is a paid premium music streaming app which allows subscribers to listen to music to their hearts content. Both, SLT-Mobitel Post-Paid and Pre-Paid customers will now be able to enjoy Spotify by activating a monthly recurring subscription or one-time subscription plan and access unlimited music streaming and downloading facilities.
The subscription charges will get added to the user’s customary billing, where payment will be deducted in real time. Starting from the payment date, the user will be able to access Spotify and download their favourite songs, for the next 30 days. Users who sign up for their first monthly subscription will receive an additional one month, courtesy of Spotify. The one-month subscription plan is not applicable with one-time subscription plans. SLT-Mobitel data rates, depending on the user’s respective broadband charges, will apply.
Spotify also has some exciting features that will provide SLT-Mobitel customers with the opportunity to listen to ad-free music, access millions of uninterrupted music under one platform, play any song they like, anywhere they go, and also be able to enjoy their music offline.
SLT-Mobitel customers can select their preferred premium package under four categories; Individual, Duo, Family, Student. Each category has recurring and non-recurring plans. After one month of free streaming, the package will activate once the offer period terminates. While both, the Individual and Student premiums are limited to one account user, the Duo package offers two accounts and the Family premium is accessible through six accounts. To view Spotify plans, users can log on to https://spoti.fi/3aLWvce
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by Sanath Nanayakkare
Anyone conversant with the elements of a political economy would know that Sri Lanka is using its ‘sovereign power’ to manage the different dynamics of the economy in a sustainable manner, Professor W. D Lakshman Governor of the Central Bank said on Wednesday.
“Some critics are saying that we adopt a so-called modern monetary theory. That’s not the case. In fact, Sri Lanka is using its sovereign power in a number of economic aspects to honour its external debt repayment commitments as well as to reduce its debt burden in the medium term as well as achieve resilient growth in the medium to long term, he said.
“We make policy decisions to boost our gross foreign reserves, meet our external debt servicing, to facilitate monetary expansion, to boost our GDP growth, to strengthen our current account balance and manage our domestic and external economic variables in a sustainable manner. This is not a modern monetary theory. This is an age-old tool used by central banks around the world when the circumstances demand it, he said.
“Certain trade-offs will be necessary when dealing with an economy which has a big fiscal gap to bridge. There are efforts to push Sri Lanka towards the IMF again which would in turn have influence on our policymaking. We have taken policy measures to stabilize the economy and we have adequate reserve levels to meet our debt repayments. Meanwhile, we are in negotiations with overseas central banks and multilateral agencies to further boost our reserve level and it would materialise within a matter of weeks,” he noted.
“One of the tools the Central Bank has introduced is in respect of repatriation of export proceeds into Sri Lanka and conversion of such proceeds into Sri Lankan rupees in order to strengthen the foreign exchange situation of the country,” he said.
The Governor made these remarks while delivering the keynote speech at a webinar organised by the Veemansa Initiative led by its Managing Director Luxman Siriwardene – the former Executive Director of Pathfinder Foundation.
The webinar revolved round the topic ‘External debt situation in Sri Lanka: Are we heading for a resolution or crisis?’
Professor Sirimal Abeyratne, Prof. Sumanasiri Liyanage, Dr. Nishan de Mel and Dr. Ravi Liyanage were the other speakers on the panel.
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By Hiran H.Senewiratne
CSE produced signs of a rebound yesterday with both indices closing positive, though turnover remained low. Central Bank Governor W.D Lakshman’s recent statement on managing foreign reserves gave some boost to the market yesterday, stock market analysts said.
The index experienced a zigzag movement within the early hours of trading; thereafter, it recorded a slight up-trend as it reached its intraday high of 7,439. Later, the market witnessed a down-trend at mid-day, followed by a sideways movement and closed at 7,372, gaining 43 points during the month of February, market sources said.
It is said the banking sector dominated turnover with a contribution of considerable parcel trades in Sampath Bank, Commercial Bank and HNB.
Further, the Commercial Bank’s impressive quarterly results during the recent turbulent period also built investor confidence. Commercial Bank was able to register a18 percent net interest income when other banks were reporting a decline. Its share price increased by Rs. 3 or 3.5 percent. On the previous day, its shares started trading at Rs. 85 and at the end of the day they moved up to Rs. 88. Due to the positive growth results, the bank announced a Rs. 4.40 dividend per share, plus a Rs. 2 script divergent for every share.
Further, Sampath Bank shares also appreciated in both crossing and retail. In crossings its shares appreciated by Rs. 1.At the end of the day they moved up to Rs. 154.50. In the retail market, its shares moved up by Rs. 2 or 1.3 percent. Previously, its shares fetched Rs. 154 and at the end of yesterday they moved up to Rs. 156.
Amid those developments, both indices moved upwards. The All Share Price Index went up by 104.48 points and S and P SL20 rose by 67.78 points. Turnover stood at Rs. 3 billion with four crossings. Those crossings were reported in Sampath Bank, where 3.9 million shares crossed for Rs. 602.2 million, its share price being Rs. 154.50, HNB 375,000 shares crossed for Rs. 39.4 million, its shares traded at Rs. 105, Pan Asia Power 9.5 million shares crossed for Rs. 33.2 million, its shares traded at Rs. 3.50 and Access Engineering 1.2 million shares crossed for Rs. 28.2 million; its shares traded at Rs. 24.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Rs. 450 million (10 million shares traded), JKH Rs. 205 million (1.3 million shares traded), Browns Investments Rs. 199 million (34.9 million shares traded), Sampath Bank Rs. 191 million (1.2 million shares traded) and Dipped Products Rs. 137.7 million (2.8 million shares traded). During the day 101 million share volumes changed hands in 18046 transactions.
During the day, Expolanka, the biggest contributor to the turnover, saw its share price appreciating by Rs. 6.20 or 15 percent. Its share price quoted on the previous day was Rs. 41 and at the end of trading yesterday it moved up to Rs. 47.
Sri Lanka’s rupee quoted wider at 193.50/195.50 levels to the US dollar in the spot next market on Thursday while bond yields remained unchanged, dealers said. The rupee last closed in the spot market at 194.50/195.00 to the dollar on Wednesday.
