JFK’s bodyguards recall moment plane carrying his body returned to Washington

Former Secret Service agents Clint Hill and Paul Landis recalled their experiences working after JFK's assassination in 1963.

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Electoral reforms: President expands commission’s scope, adds member

ECONOMYNEXT –President Ranil Wickremesinghe has expanded the scope of a commission of inquiry appointed to propose electoral reforms, also increasing its membership by one, amid concerns raised by some senior lawyers.

The commission, chaired by former Chief Justice Priyasath Dep, now comprises 10 members and is expected to obtain and submit information, investigate, inquire into and examine all existing election laws and regulations and make necessary recommendations for the amendment of election laws, according to a gazette notification issued on Thursday November 02.

The announcement came in the wake of a statement by a group of high-profile lawyers in Sri Lanka that expressed “profound concern” about a gazette issued on October 16 announcing the creation of a nine-member commission appointed to propose electoral reforms, noting that, while reforms are imperative, there is an “apprehension” that the reforms might be intended to stall elections.

On Thursday November 02, President Wickremesinghe issued a fresh gazette notification increasing the membership of the commission by one and expanding its powers. The commission is mandated to propose revisions to electoral laws that align with contemporary requirements and uphold the integrity of political parties.

According to the gazette, the commission comprises:

1. Justice Wewage Priyasath Gerard dep esquire, PC – retired Chief Justice

2.  Suntharam Arumainayaham

3. Senanayake Alisandaralage

4. Nalin Jayantha Abeysekara PC

5. Rajitha Naveen Christopher Senaratna Perera

6. Ahamed Lebbe mohamed Saleem

7. Sagarica Delgoda

8. Sriyani Nimalka Fernando

9. Vitharanage Deepani Samantha Rodrigo

10. Alan Carmichael Vere David, who is the latest addition to the commission.

“The primary tasks of this commission encompass a thorough examination of existing election laws and the formulation of recommendations for their improvement. These recommendations extend to guidelines on the responsible utilisation of media by political parties and independent groups,” the statement said.

The commission is also entrusted with gathering information, conducting investigations and delivering recommendations regarding the implementation of a code of conduct that governs the conduct of political parties, enhancing the regulations concerning party registration and ensuring their actions are transparent and accountable to the public.

Addressing several critical issues including augmenting the representation of women and youth in political processes, reducing the time between the announcement of an election and the release of results and exploring the possibility of electronic voting using modern technology as an alternative to traditional paper ballots are among the commission’s other tasks.

“Finally, the commission is called upon to provide recommendations related to the proposed constitution,” the president’s office said.

In recognition of the imperative to establish and uphold mutual trust between Sri Lankan voters and political parties, the statement said, various globally renowned organisations, including the Inter-Parliamentary Union, have diligently focused on delineating criteria for enhancing the transparency and accountability of political parties.

“This heightened scrutiny stems from the notable escalation in the financial expenses associated with election campaigns, encompassing elections. The role of financial resources in shaping political landscapes and the potential for undue influence on policy decisions have garnered considerable concern.

“Additionally, there has been a growing awareness of individuals with criminal backgrounds infiltrating political parties, supplanting stable political organisations with short-term political entities, consequently contributing to political instability. These issues have been of particular concern.”

The commission is expected to produce its report within a timeframe of six months, the president’s office added.

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Sri Lanka Insurance launches ‘Home Protect Lite’

Sri Lanka Insurance (SLIC), the pioneer insurance provider launches ‘Home Protect Lite’. It is a first of its kind policy which has been introduced by SLIC. This policy is a first loss basis home insurance policy which is designed to Provide insurance coverage for a pre-determined sum insured to meet specific needs of customers. SLIC continues to evolve through product development and innovation to cater to today’s customer. The company has been continuously investing its time and money to understand customer behaviours and their needs to develop products and services to ensure customer needs are met and deliver convenience to customers.

‘Home Protect Lite’, is a product that has focused mainly on providing customer convenience and ease. It can be purchased online or over the counter instantly, smooth claim settlement process, less documentation and speedy service delivery, declaration of list of items not required at the time of purchasing the insurance cover and most importantly affordable premiums offering peace of mind for the customers.

‘Home Protect Lite’ offers five specified packages providing a coverage of Rs.1 million to Rs. 5 million at an affordable premium starting from Rs. 1,900 onwards catering to a wider range of customers to suit their budgetary requirements. This comprehensive policy provides protection to the policyholder’s house and its belonging against the following perils; Fire and lighting, Malicious damages by any person(s), explosions, natural disasters, electrical damages (electrical and electronic items), bursting and overflowing of water tanks, related gear and pipes, damages caused by Aircraft accidents and other impacts, and Burglary involving forcible and violent entry and or exit causing damages to content and the building.

Extensive research and presence of mind has allowed Sri Lanka Insurance to identify market opportunities where they continue to innovate and develop products to cater to the needs of people of Sri Lanka. The company offers a wide range of products to its customers to ensure peace of mind where protection is not limited to individual protection but to the policyholder’s assets and belongings.

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CIPM’s annual graduation ceremony at BMICH: ‘A Celebration of Excellence in HRM’

The Chartered Institute of Personnel Management (CIPM) continued its legacy of excellence in the field of Human Resource Management (HRM) at its annual graduation ceremony on October 26, 2023, held at the BMICH in Colombo.

Under the theme “Elevating Excellence, Celebrating HRM Professionals,” the event commemorated the dedication and achievements of 699 graduates who completed various HRM programs. These programs included BSc and MSc degrees in Human Resource Management and Development from the University of Salford, Manchester, UK, as well as CIPM’s own Chartered Qualification in Human Resource Management (CQHRM), Professional Qualification in Human Resource Management (PQHRM), Diploma in Training and Human Resource Development (DTHRD), Diploma in Industrial Relations & Employment Law (DIREL), and Diploma in Occupational Safety & Health (DOSH).

The graduation ceremony was graced by the presence of Sanath Manatunge, Managing Director and Chief Executive Officer of Commercial Bank of Ceylon PLC, who was the Chief Guest for the event. His wealth of experience and leadership in the corporate world added prestige to the occasion, and his address inspired the graduates to continue striving for excellence in their HRM careers.

Ken Wijayakumar, the President of CIPM, also addressed the gathering, offering insights and his vision for the future of HR: “The Chartered qualification in HRM (CQHRM) introduced in 2020 received accreditation from the Chartered Institute of Personnel Development in the UK in 2021. “Remember, obtaining a qualification is just the beginning; to excel as an HR professional or Manager, it is crucial to continually enhance your knowledge, skills and attitudes to meet the dynamic demands of the industry”, he added.

U.A.C. Obeyesekere, the CEO of CIPM Sri Lanka, delivered a heartfelt Vote of Thanks, expressing gratitude to all the attendees, sponsors, and individuals involved in organising the successful event.” All these graduates will be stepping into a new phase in their lives as they embark on furthering their professional careers in Human Resource Management. I fervently hope that every student who graduates with CIPM will experience an excellent new beginning in their professional career,” he said.

The audience included the graduates’ proud parents, CIPM’s Executive Council members, and the dedicated faculty and staff who played a pivotal role in the students’ education and development.

The CIPM’s annual graduation ceremony is a testament to the organisation’s commitment to promoting the highest HRM education and development standards. Graduates carry their qualifications into the professional world and uphold the values and principles instilled by CIPM, setting a high standard for HR professionals in Sri Lanka.

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Ambassador Nimal Bandara: Lankan nationals trapped in Gaza Strip granted exit via Rafah Border crossing

by Gayan Samarasinghe

Sri Lankan Ambassador to Israel Nimal Bandara said that 17 Lankans trapped in the Gaza Strip have received special permission from the Israeli Administrative Authority to leave the area through the Rafah border crossing to Egypt.

The Ambassador said that this group includes 15 Sri Lankans and two Palestinians who are married to Sri Lankans and received special permission from Israel authorities to leave Gaza on Thursday (02).

However, the ambassador said four of the Sri Lankans are staying far away from the region and it has become quite difficult for those four Sri Lankans to leave the Gaza Strip through the Rafah border crossing.

He also said that the large number of foreigners trapped in the Gaza Strip were given permission by the Israel Administrative Authority to use the Rafah entrance to leave the area and accordingly the group of Sri Lankans also traveled to Egypt.

So far, since the opening of the Rafah Gate on the Egyptian-Gaza border in order for the wounded and foreigners to leave the region, it has been revealed that about 400 people have entered Egypt through that gate, and 596 foreigners and people with dual citizenship It is also reported that they are allowed to enter Egypt through that entrance.

It has been reported that so far 400 people have come to Egypt through the Rafah gate on the Gaza border since it was opened to allow the wounded and foreigners to leave the region. It is also reported that 596 foreigners and people with dual citizenship have been allowed to enter Egypt through that entrance.

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Robocash Sri Lanka predicts significant growth in digital retail payments

Sri Lanka’s digital retail payments are poised for remarkable expansion, with the potential to reach up to Rs 77.2 trillion by 2027, according to analysis by Robocash Sri Lanka. This represents a substantial 128 percent increase from the 2022 level. The optimistic forecast by the company is contingent on the assumption that all major macroeconomic indicators will achieve equilibrium or exhibit stable positive trends over 12 quarters, commencing in 2024.

Robocash is a financial group of companies providing robotic financial services in the field of alternative lending and marketplace funding.In a less favourable long-term scenario, the company anticipates that the total volume of digital retail payments in Sri Lanka will still reach Rs 43.94 trillion by 2027, reflecting a 30 percent increase from the 2022 level.

Sri Lanka is known for its high rate of citizens with active bank accounts and is currently witnessing a burgeoning fintech expansion, displaying resilience even in the face of economic challenges. As of 2022, approximately 90 percent of the population holds active bank accounts, with an impressive 18.7 million debit cards in circulation. This has resulted in an outstanding 85 percent debit card usage rate, surpassing the global average of 51 percent.

However, the utilization of credit cards in Sri Lanka stands at 10 percent, slightly below the global average of 22 percent. Nonetheless, this trend bodes well for Sri Lanka’s fintech market, illustrating its potential for growth even in challenging economic conditions.

As of early 2023, Sri Lanka has made significant strides in embracing digitalization, boasting 14.6 million internet users and 7.2 million active social media users. The country’s digital literacy rate, on par with developed European Union (EU) countries at 57 percent, underscores the strong digital skills among its adult population.

The e-commerce sector in Sri Lanka is flourishing, with 5.5 million users and a market value of Rs.777.6 billion (US$ 2.4 billion) in 2023, primarily driven by the electronics segment. The e-commerce market is projected to maintain an impressive compound annual growth rate (CAGR) of 15.29 percent from 2023 to 2027, reaching a market volume of Rs 1,387.52 billion (US$ 4.28 billion) by 2027.

Amid the backdrop of the COVID-19 pandemic, digital payments in Sri Lanka have seen substantial growth, with transactions surging from Rs 5.6 trillion in 1Q2021 to Rs 9.4 trillion in 1Q2023, marking a 68 percent growth rate over two years. The value of transactions via the Lanka QR digital payment gateway reached Rs. 681 million in 3Q2023, demonstrating an 84 percent year-on-year growth.

Both the Sri Lankan government and the private sector have been instrumental in promoting digital payments, playing pivotal roles in enhancing digital payment solutions and fostering financial inclusion.

In the coming years, Sri Lanka plans to implement a Digital Government initiative aimed at streamlining digital identification and document digitization. This initiative is expected to significantly facilitate electronic Know Your Customer (eKYC) for digital service providers and further boost fintech penetration.

Despite recent economic challenges, Sri Lanka’s fintech sector remains optimistic. The number of digital payment users is projected to reach 10 million by 2027, with a projected transaction value of Rs. 4,481.32 billion (US$ 13.83 billion), growing at a CAGR of 20.54 percent.

Mobile point-of-sale (POS) payments are expected to dominate, with 3.2 million users and a transaction value of Rs 2,342.16 billion (USD 7.24 billion). Additionally, the Digital Assets segment is on track to reach Rs. 3,978 million (US$ 12.25 million) in 2023, with a remarkable 56.5 percent revenue growth projected for 2024.

However, it’s important to acknowledge that Sri Lanka’s economy faces challenges, including high public debt, inflation risks, and limited foreign investments. The nation’s economic recovery hinges on structural reforms and political stability.

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‘King of crypto’ billionaire faces decades in jail for £8bn fraud

A former cryptocurrency tycoon has been found guilty of an £8.2billion fraud.

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