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Professor (Capt) Nalaka Jayakody awarded Outstanding Alumnus by prestigious World Maritime University



Cleopatra Doumbia-Henry, president of World Maritime University, often renowned as the ‘Ocean Influencer’ (L), and Prof (Dr) Captain Nalaka Jayakody presently serving as VC and CEO of Northshore International Campus (R)

In recognition of his distinctive contributions to the maritime sector both nationally and internationally, Professor (Dr) Capt Nalaka Jayakody, a renowned academic and Master Mariner, was bestowed an Outstanding Alumnus award on November,1 by World Maritime University (WMU) in Malmo, Sweden, making him the first recipient from South Asia.

This prestigious award was conferred at the convocation by the Chancellor of WMU Kitack Lim who is also the Secretary General of the International Maritime Organization (IMO).

Prof Jayakody obtained his Master of Science (MSc) in Maritime Education and Training (MET) from WMU. This two year full-time programme in 2000-2001 was prior to pursuing his Doctor of Science (DSc) in Maritime Affairs from Dalian Maritime University in China where he also served as a professor. He excelled as a class leader throughout his time at WMU, actively taking part in various activities.

Commenting on this incredible achievement, president of the World Maritime University, Dr Cleopatra Doumbia-Henry, stated ‘It is always a great pleasure to be in close contact with our graduates, and to be able to recognise such an eminent graduate, and one who has made such an impact in the field of education is an immense pleasure. Professor Jayakody is an example of how, if we work together, we can transform our world and ensure sustainable development for everyone in it.’

Prof Jayakody was the first and only Sri Lankan to be elected Vice President of the Student Council. He represented WMU for the Malmo Dragon Boat Race for two consecutive years, and participated in many sports such as soccer, badminton, swimming, squash, and athletic, winning the title Sportsman of the Year in 2001.

‘I am delighted to be recognized with this prestigious award from WMU and would like to thank each and every one that made it possible. I always cherish the memorable moments spent at WMU two decades ago, and my learning and achievements during my time here has with no doubt contributed significantly to my ambitions and aspirations,’ said Prof Nalaka Jayakody who now serves as the Vice Chancellor and CEO of Northshore International Campus.

Prior to this, Prof Jayakody was the Vice President of CINEC, having joined the higher education institute as a lecturer in 1998 and quickly rose to senior lecturer, head of the department, dean of the faculty, and director. His enormous contribution towards state and private higher education and maritime sector in the country goes without saying.

Prior to entering the world of academia, Prof Jayakody was the Master of a merchant ship, having sailed with various types of vessels from 1984 to 1998 in ascending ranks of seniority. His maritime training began in 1984 and went to obtain the first Certificate of Competency (CoC) as Class II Second Officer from the Australian Maritime College in 1989, and later the Master Mariner qualification from the Royal Melbourne Institute of Technology (RMIT), Victoria, Australia in 1994.

He is undoubtedly a well experienced seafarer, having traveled over 90 countries working with diverse cultures and people. He takes great pride in being the first and only Sri Lankan Master Mariner and one of the very few in the world to obtain a doctorate and become a professor to date.

Prof Jayakody’s two other well notable awards include the recent International Leadership Innovation Excellence Award’ 2019 by IES India, and ‘Award of Academic Excellence’ 2014 by the then President of Sri Lanka.

Professor Jayakody DSc (Cn), MSc (Swe), FNI (UK), FCILT (UK), FIMarEST (UK), CMarTech (UK), Master Mariner (Aus) also served as the chairman of The Nautical Institute (NI-UK) Sri Lanka Branch, president of the Sri Lanka Association of Non-State Higher Education Institutions (SLANSHEI), and presently serves as an Advisor – Professional Services (Education) of Export Development Board (EDB). He is also a prominent advisor to various state and private sector authorities and institutions.

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Unlimited music streaming platform in Sri Lanka



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



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Sri Lanka using ‘sovereign power’ over economy: CB Governor



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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CSE on the rebound; indices close positive



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.

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