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Home , Angajan Ramanathan, Bandula Gunawardane, Dinesh Gunawardena, Gamini Lokuge, Kamal Gunaratne

www.themorning.lk epaper.themorning.lk www.themorning.lk epaper.themorning.lk www.aruna.lk epaper.aruna.lk www.aruna.lk epaper.aruna.lk THURSDAY, AUGUST 20, 2020

For verified information on the Quarantine Unit COVID-19 TOTAL CASES TOTAL CASES coronavirus (Covid-19) contact any 0112 112 705 ACTIVE CASES of the following authorities CASES IN Epidemiology Unit Health THE WORLD 22,419,075 Suwasariya 0112 695 112 PROTECT YOURSELF FROM 2,902 Promotion Ambulance DEATHS CASES DEATHS Bureau Service Govt. coronavirus hotline USA 5,667,040 175,491 COVID-19 DEATHS RECOVERED 1999 1990 0113071073 786,685 BRAZIL 3,418,306 110,171 INDIA 2,823,191 53,849 PRESIDENTIAL SPECIAL TASK FORCE FOR ESSENTIAL SERVICES RECOVERD RUSSIA 937,321 15,989 11 2,760 Telephone 0114354854, 0114733600 Fax 0112333066, 0114354882 Hotline 0113456200-4 Email [email protected] 15,134,213 S. AFRICA 592,144 12,264 THE ABOVE STATISTICS131 ARE CONFIRMED UP UNTIL 9.30 P.M. ON 18 AUGUST 2020 SOURCE: HEALTH PROMOTION BUREAU FIRST CABINET MEETING OF NEW GOVT. SRI LANKAN MISSIONS OVERSEAS All missions operational Despite the Covid-19 threat usual in all countries around the Out with 19A, in with 20A still imminent worldwide, all world except Nepal. z z Sri Lankan missions overseas, The mission in Kathmandu, Cabinet approves abolition of 19A Drafting of 20A officially commences except in Nepal, are currently Nepal, will be closed from 20-26 The Cabinet of Ministers of the newly Minister of Mass Media and newly Minister Ali Sabry PC and includes before being tabled in Parliament operational, according to the August due to a prohibitory appointed Government yesterday (19) appointed Cabinet Spokesperson Ministers , Udaya for approval.Senior members of the Ministry of Foreign Relations. curfew imposed throughout the granted approval to introduce the 20th said. Gammanpila, Prof. G.L. Peiris, and Government said earlier that the proposed Foreign Ministry Spokesperson Kathmandu Valley, Delpitiya said, Amendment to the Constitution. A five-member committee was . amendment will include clauses from Ruwanthi Delpitiya told The adding that all would be The Cabinet granted its approval to appointed yesterday to draft the proposed Accordingly, the 20th Amendment the 18th and 19th Amendments as well Morning yesterday (19) that all working from home despite the abolish the 19th Amendment and draft constitutional amendment. to the Constitution will be drafted and as several fresh clauses. overseas foreign missions were offices being closed. the 20th Amendment to the Constitution, The committee consists of Justice presented to the Cabinet of Ministers Contd. on page 2 currently active and operating as Contd. on page 2

MP ON DEATH ROW VOTE ON ACCOUNT GRADUATE EMPLOYMENT No permission Another 10,000 to attend In Parliament jobs approved Parliament z z Judiciary yet to grant President assures employment to protesting graduates permission: SLPP The Government decided to would be given jobs with BY SKANDHA GUNASEKARA provide employment to another immediate effect. tomorrow 10,000 graduates. In addition, he said that As of last evening (19), the judiciary had not BY MAHEESHA MUDUGAMUWA However, Industries Minister Wimal “We took a decision to the Cabinet had also decided granted permission for convicted MP Premalal Weerawansa said the fully fledged provide jobs to another 10,000 to make changes to the 19th Jayasekara to attend the inaugural A Vote on Account allocating around Rs. 1 trillion is to be budget proposal would be presented graduates. This is in line with Amendment. session of Parliament. presented in Parliament tomorrow (21), The Morning learnt. in November; the Vote on Account our policies,” Government “The Cabinet approved the Podujana was to be presented to allocate funds Spokesman and Minister proposal to bring in the 20th Peramuna (SLPP) Following the convening of the (tomorrow).The expenses expected till the Budget is prepared, he said. Keheliya Rambukwella told Amendment and change the Secretary Sagara Ninth Parliament yesterday (19), Trade to be covered by the Vote on Account Once it is presented to the House, The Morning. 19th Amendment.” Kariyawasam told The Minister Dr. are in relation to construction projects, the Vote on Account will be taken He said that the graduates Contd. on page 2 Morning that there had clarified that the Vote on Account repayment of foreign loans, and new up for debate and a vote prior to been no development with would be presented on Friday road and power projects, it is learnt. implementation. GOVT. ANALYST WORKERS APPREHENDED WITH DRUGS Jayasekara. MP Premalal Contd. on page 2 Jayasekara AT THE HEAD TABLE Not permanent SLPP PARLIAMENTARY GROUP Key parliamentary employees: Dept. The Government Analyst’s heroin. posts finalised Department said an investigation However, a spokesman of the Sri Lanka Podujana Peramuna (SLPP) is underway into the reports of Department refuted reports that MP Mahinda Yapa Abeywardana’s name two employees of the Department employees of the Department are was nominated for the post being arrested with narcotic drugs. linked to drug rackets. of Speaker of the Ninth Earlier this week, two He further said that the arrested Parliament, The Morning employees of the Government individuals are not permanent learnt. Analyst’s Department were employees of the Department. SLPP General arrested by the Police with Contd. on page 2 Secretary MP confirmed PUBLIC TRANSPORT SECTOR the nomination. Minister Dinesh Gunawardena is the President notes need Leader of the House. MP Mahinda Yapa for development Contd. on page 2 Abeywardana President Gotabaya and provide seating facilities Rajapaksa has advised the to passengers from tomorrow Cabinet Spokesperson Keheliya Rambukwella and Joint Cabinet Spokesperson presiding over the first relevant authorities to initiate itself,” the President has directed. PCOI ON POLITICAL VICTIMISATION Cabinet briefing yesterday (19) after the new appointments the upliftment of public Pointing out that the small PHOTO SAMAN ABESIRIWARDANA transportation by creating a step taken to stop using conducive environment for posters had enabled all cities Former PM ALL SCHOOLS TO REOPEN ALL GRADES passengers to travel with mental in the country to be kept clean, COVID-19 TRANSMISSION satisfaction as the first step, President Rajapaksa noted that and ministers Strict health the President’s Media Divison development in any sector can Fishermen at risk: PHIs (PMD) stated. begin with a small initiative. summoned The public health Inspectors’ Union of Sri guidelines imposed “A small step will lead to a Contd. on page 2 big change. Start cleaning buses The Presidential Commission of inspectors (PHIs) have Lanka (PHIUSL) Secretary Inquiry (PCoI) probing incidents raised concerns over M. Balasooriya said that The Ministry of Education students were allowed to of political victimisation during the the potential of Covid- there is an imminent risk of decided to reopen all attend classes in schools with former Government issued summons 19 being transmitted the virus being passed from government schools and below 200 students. on former Prime Minister Ranil through seafarers from the the mid-sea interactions Government-approved private “Schools can now reopen Wickremesinghe and several other Northern Province between that would possibly be schools that were closed due fully for all grades, even if former ministers. South India and Northern taking place between to the Covid-19 epidemic. there are over 200 students, Sri Lanka. Indian and Sri Lankan Schools were allowed as long as the guidelines to EASTER ATTACKS PROBE Speaking to The fishermen. to reopen for the second prevent the spread of Covid- Morning, Public Health Contd. on page 2 academic term under the 19 are followed. AG returns more condition that only half the Contd. on page 2 incomplete files NELUWA-LANKAGAMA ROAD DEVELOPMENT The Attorney General (AG) yesterday (19) returned 18 more incomplete files related to last year’s Easter Sunday attacks probe to the Police. Road across Sinharaja temporarily halted CORRUPT PUBLIC OFFICIALS z Suspended pending assessment report

BY SARAH HANNAN to be developed after considering the Forest Conservation on Tuesday (18),” Will initiate legal continuous requests put forth by the Pemasiri told The Morning. Secretary to the Ministry of Highways residents of Lankagama. Contrary to what Referring to false social media reports action: Def. Sec. R.W.R. Pemasiri yesterday (19) said the was speculated on social media, this road regarding the Neluwa-Lankagama road Secretary of Defence General rural road development project that was is in no way a highway or an expressway development project implemented by (Retd.) Kamal Gunaratne has insisted to take place for a stretch of 18 km from built through the Sinharaja Forest Reserve. the Ministry of Highways, the Ministry that legal action must be sought against Neluwa to Lankagama has been temporarily “However, we have now halted the road confirmed that no development work would corrupt officials in public institutions. halted until an assessment is carried out by development work following the directives be carried out in the area buffer zone of 1.1 the Central Environmental Authority (CEA). of the President, which was communicated km, which is environmentally sensitive. SEE FULL STORIES “The road in question was scheduled through to the Minister of Wildlife and Contd. on page 2 ON PAGE 2 2 the morning NEWS Thursday, August 20, 2020

INAUGURAL PARLIAMENTARY SESSION All preparations made The Ninth accordingly until one can be elected will convene for its inaugural The results of the ballot shall be declared by session today (20). the Secretary General of Parliament A number of key proceedings are 6.The elected Speaker of the House will set to take place during the take his official oaths or will make the official inaugural sitting. affirmation. 7. Every member will take his/her official The following are the 10 key events that will oaths or will make the official affirmtion take place during the first session of the ninth following the Speaker. Parliament of Sri Lanka. 8. They will then sign the members’ role. Members may sit in any seat until a seat has This is the book the Members of Parliament been allocated to each member. will sign, kept by the Secretary General of The Secretary General of Parliament will Parliament read out the proclamation sent by the President. 9. The Deputy Speaker of Parliament will The ninth Parliament will commence its be elected. inaugural session. 10. The Deputy Chairperson of Committees The election to select the Speaker of the will be elected. House will be conducted. The procedure of electing the Deputy Speaker Any member addressing the Secretary and Deputy Chairperson of Committees will General of Parliament shall propose any be the same as the election of the Speaker member as the Speaker as the Speaker, the Secretary General of Speaker of the House of the House. Candidates who will obtain The election shall be conducted by the If only one member is proposed and seconded Parliament will declare that person as the 5. Voting will take place to elect the Speaker the least number of votes shall be excluded Speaker of the House (Newswire) US to assist vocational training The US is interested in furthering priorities, Rajapaksa said that economic with a well-educated labour force,” Indian EAM calls Dinesh co-operation with Sri Lanka on a recovery is currently the main priority Teplitz said. External Affairs Minister (EAM) paid a courtesy call on the Minister. expand travel and tourism between number of sectors including economic, due to the impact of the Covid-19 Discussing the development sector, of India Dr. S. Jaishankar called High Commissioner Baglay handed the two countries in a limited manner. commercial, governance, security, and pandemic. the Prime Minister informed the US Dinesh Gunawardena on Tuesday over a letter of congratulations from Both sides also discussed closer development. This was stated by US Teplitz said that “the Government Ambassador that certain sectors of (18) to congratulate him on his Dr. Jaishankar and noted that the co-operation in the expansion Ambassador to Sri Lanka Alaina Teplitz certainly is to be commended for its the population and certain areas of the re-appointment as Minister strong mandate received of Buddhist linkages. Minister at a meeting with Prime Minister success” in handling the Covid-19 country are lacking basic facilities. He of Foreign Relations of Sri by the Sri Lankan Gunawardena welcomed the at Temple Trees outbreak, calling it “a big success highlighted the need for safe drinking Lanka. Government in the recent decision of the Indian Government Monday (17) evening. story”. She further said that the Sri water in certain parts of the country, Dr. Jaishankar conveyed election would play a key to convert the Kushinagar Airport to At the outset, Teplitz congratulated Lanka-US economic relationship is also also noting that unsafe drinking water that he looks forward to role in strengthening the an international airport for ease of the Prime Minister on what she a priority for the US, including help is a major cause of chronic kidney working closely with commitment by both travel for Buddhist pilgrims. High described as a “very very successful with generating new job opportunities disease. Minister Gunawardena to the countries to take the Commissioner Baglay and Minister campaign with very significant results”. for Sri Lankans in the private sector. Other areas discussed during the take the India-Sri Lanka bilateral relationship Gunwardena also discussed other Noting that the election was conducted Prime Minister Rajapaksa also meeting included bringing in new partnership to greater External Affairs forward. issues of regional and international in a free, fair, and peaceful manner, she suggested that the US could provide investments to Sri Lanka, support heights as part of India’s Minister (EAM) of During the meeting, interest to both the countries. said the results showed the “rejection assistance to Sri Lanka to establish for democratic institutions and Neighbourhood First India Dr. S. Jaishankar Minister Gunawardena Minister Gunawardena had of the previous administration”. vocational training centres around the governance-related projects, and Policy. noted that it was important undertaken his first official visit to “We look forward to working with country to better prepare the youth co-operation in the security sector with Immediately after Gunawardena for India and Sri Lanka to pursue India in January 2020 during his last the (new) Government,” the US for job opportunities. “There are a specific focus on counterterrorism, assumed duties on Tuesday, High close co-operation in the post-Covid term, at the invitation of the Minister Ambassador said. many opportunities, especially with trafficking of people and narcotics, Commissioner of India Gopal Baglay scenario and expressed hope to of External Affairs of India. Asked about the new Government’s the strong advantage Sri Lanka has and addressing transnational crime.

Contd. from page 1 Out with 19A... Meanwhile, MP Will initiate... Road across... President notes... has been nominated as Deputy Chairman of He made this remark speaking to the media The proposed constitutional amendment Committees. It is also learnt that MP Jagath following an event in Galle yesterday (19). Meanwhile, according to the Army Media He made these remarks during a meeting will not extend the presidential term or Pushpakumara was proposed for the Deputy The Defence Secretary pointed out that due Unit, the 12 Field Engineer Regiment of the to discuss the future activities of the Ministry increase the number of times a president Government Whip post. The decisions were to the conduct of such corrupt officials, those Engineer Brigade deployed a of Transport and the State Ministry of can contest for office, Sri Lanka Podujana reached during yesterday’s (19) parliamentary who are committed to their work are left in an group of 10 soldiers with required machinery Vehicle Regulation, Bus Transport Services, Peramuna (SLPP) Founder/theoretician group meeting of the Government. unjust position. and vehicles to Neluwa on 31 July, under the Carriages, and Automotive Industries held at said. – Skandha Gunasekara He noted that the ongoing drug networks, command of their Troop Commander of the the Presidential Secretariat on Tuesday (18). Meanwhile, newly appointed Justice extortions, and other crimes must be eradicated 124 Plant Squadron Captain P.A.D.W.W. The President has reiterated the necessity of Minister Ali Sabry PC noted that the Former PM... from the public services sector, adding that it is Wickramasinghe. implementing the “park and drive” system in proposed constitutional amendments will imperative to do away with corruption within With the help of the Ministry of Highways, order to minimise traffic congestion. Although not be harmful or unfair to any citizen of Accordingly, former Ministers Mangala these institutions. the regiment undertook the constructions of the Sri Lanka Transport Board (SLTB) provides the country. Samaraweera, Patali , the Neluwa-Lankagama road with a distance bus transportation as a service, it should be , , and of approximately 7 km. transformed into a profit-making entity, he were summoned to appear before Fishermen at... The task was carried out under the supervision highlighted, adding that both public and private No permission... the Commission on 7 September. “In the recent weeks, we heard about a and guideline of the Commander of the Army, transport services should also pay attention to “He has not yet been granted leave by the Furthermore, National People’s Power (NPP) lot of incidents where contraband goods the Commander of the Engineer Brigade, and the bus service in rural areas. courts to attend the first session of Parliament Leader Anura Kumara Dissanayake and Tamil including turmeric stocks were smuggled the Commanding Officer of the unit, the Army “Start implementing the combined transport on Thursday (today, 20),” Kariyawasam said. National Alliance (TNA) Leader R. Sampanthan from India to Sri Lanka from the northern Media Unit confirmed. timetable of trains and buses without a delay. He said that as such, the SLPP was uncertain were also summoned by the PCoI to record sea routes. We are also worried that similar It is important to identify areas that need swift of the MP’s attendance. “We are not sure if statements on the same day. to the way they smuggle these contraband solutions to develop the transport sector. Long MP Jayasekara will be able to take part in the goods, there might be occasions where they All missions... and short-term plans should be formulated for first session of Parliament due to this reason.” smuggle people through boats as well,” he “The staff will be working from home, but the next five years to develop the sector. It is AG returns... explained. they will remain active throughout; the working imperative to review if the targets have been The AG’s Co-ordinating Officer has stated Balasooriya stated that some of these environment will be changed as they will be achieved,” he observed. Key that the files have been returned to the Acting fishermen also use the islands in the North working from home,” she explained. Furthermore, it was also decided to repair parliamentary... Inspector General of Police (IGP). to break rest, especially if the weather takes Currently, Sri Lanka maintains 50 embassies railway carriages to provide a better service. The total number of incomplete files returned a worse turn, and there may be close contacts and high commissions abroad as well as 103 Minister of Transport said that Kariyawasam added that MP Ranjith to the Acting IGP by the AG currently stands of Sri Lankan and Indian fishermen; it can consulates and three other representations. Fort and four other railway stations Siyambalapitiya’s name was also proposed for at 100. According to the AG’s Co-ordinating potentially expose them to an asymptomatic Meanwhile, Colombo hosts 42 embassies and will be modernised as a pilot project. the position of Deputy Speaker of Parliament Officer, the Acting IGP has been directed to carrier of the virus. high commissions, 67 consulates, and two Lokuge said that by increasing the number while Chief Government Whip would be submit properly completed files to the AG’S “We urge the health authorities to introduce other representations in Sri Lanka. of trains, more people will be able to travel Minister . Department. a mechanism to screen the fishermen that – Maheesha Mudugamuwa via the Kelani Valley railway line. return from the multi-day trawlers and Meanwhile, State Minister of Vehicle even the day-sailing vessels, to ensure Regulation, Bus Transport Services, Carriages, such transmission does not take place,” Another 10,000... and Automotive Industries Cartoon of the day Balasooriya opined. Meanwhile, President pointed out the importance of exploring the He also noted that traditionally, some spoke with graduates who were protesting potential benefits that can be gained by opening groups have a tendency to disembark in Sri outside the Presidential Secretariat yesterday up SLTB’s training services and maintenance Lanka to attend various religious festivities (19) while leaving the first Cabinet meeting. facilities to the private sector. that are conducted from time to time in Hindu “We will give jobs to all the unemployed It was decided to introduce a prepaid card and Catholic shrines that are in the Northern graduates. Just today, we approved another system expeditiously for both public and private Province, hinting that there would have 10,000 jobs. You will all get jobs,” he sectors for an efficient passenger transport been probably few people who smuggled assured. service. themselves into in the past weeks as – Skandha Gunasekara Furthermore, steps that should be taken to the situation in India seems to be worsening. make the Department of Motor Traffic (DMT) – Sarah Hannan a curruption and irregularities-free institution Not permanent... were also discussed in detail. An investigation was launched into the President Rajapaksa then drew attention to Strict health... incident by the Department, and the Police the possibility of allowing ordinary buses in “Students need to maintain physical have also been informed of the matter. good condition to operate on the expressway distancing, and adequate classrooms and Furthermore, it was reported that no so that more passengers can travel paying teachers need to be assigned when teaching unauthorised person has the opportunity to low bus fares. the students,” Ministry of Education Secretary access the Department’s case exhibit storage Secretary to the President Dr. P.B. Prof. K.K.C.K Perera told The Morning. facilities as it is under high security. Jayasundera, Secretary to the Treasury and Necessary instructions to resume have been In this context, investigations are being Ministry of Finance S.R. Attygalle, Secretary disseminated to the provincial chief secretaries, conducted into how the persons in question to the Ministry of Transport N.B. Monty provincial secretaries of education, provincial obtained the drugs and whether they were Ranatunga, heads of the institutions falling directors of education, zonal directors of connected to an outside drug network. under the purview the Ministry and State education, heads of environment, and Accordingly, necessary action will be taken Ministry of Transport, as well as representatives principals.0 following an expedited investigation on the of private bus associations were present at the – Sarah Hannan matter, said the Department. discussion. the morning Thursday, August 20, 2020 3 business Equal chance of Central Bank cutting or holding rates today: First Capital

With the Central Bank of Sri in the Q2 2020, as it continued 8 bps to 4.94%, for the first time in declined although it hasn’t reflected Lanka set to announce its to spread throughout the country 21 weeks. First Capital believes a in private credit growth. There can latest monetary policy stance since mid-March 2020. Moreover, further policy cut would be required be a possibility that this time the today (20), First Capital decline in global demand for the to sustain the yields at current levels Central Bank prefers to conserve its Research believes there is an country’s exports and delays in in line with the low interest rate policy space and use it judiciously in equal likelihood of a further raw material procurement, and environment. the latter part of the year, reflecting a relaxation or a holding of the the lack of tourist arrivals due to Arguments against lesser probability of further rate cuts policy rates. travel restrictions further heightens at the upcoming review. the risk of lackluster GDP growth further relaxation yy Possible Inflationary woes In line with the expectations concerns for 2020E. yy Surplus liquidity didn’t of First Capital Research (as With the expected recovery in yy Looming private credit growth help GDP growth mentioned in the pre-policy report economic activities, First Capital dated 29 June) the Central Bank Despite continuous reduction in With the reduction of the SRR believes that monetary policy reduced the SDFR (Standard market interest rates (by 198 bps (Statutory Reserve Requirement) by easing can manifest in demand Deposit Facility Rate) and the from 9.38% on 6 March to 7.40% 300 bps and further money printing pull inflation. At current levels, SLFR (Standard Lending Facility on 7 August), credit extended by the Central Bank, the liquidity inflation as measured by CCPI Rate) by 100 bps to 4.50% and to the private sector contracted position reached Rs. 182 billion (Colombo Consumer Price Index) 5.50%, respectively, at its policy significantly in May 2020 (Rs. nearly one-and-a-half months high. is at 4.2% in July 2020, well within review held on 9 July 2020. 70 billion) and June 2020 (Rs. 54 Rate revision trends of the Central Bank of Sri Lanka However, despite the significant SRR the Central Bank’s targeted inflation billion) due to the impact of Covid- cuts since the onset of Covid-19, framework. However, if private Arguments for further 19 while YTD (tear-to-date) credit yy Improved exchange rate and yy Rise in yields in the secondary credit growth has been deteriorating credit picks up at an accelerated relaxation growth remains muted at 0.62%. foreign reserves market pre-election thus throwing doubt over the ability level and if import restrictions are yy Derailing economic growth However, First Capital expects Sri Lanka’s exchange rate and Despite the improved liquidity of further easing policy rates to relaxed towards the later part of the private credit to gradually pick up foreign reserves remained at a position, yields in the secondary stimulate the demand. year, that can create a situation of an Sri Lanka’s economy contracted only towards Q4 2020 amidst the much more comfortable position market witnessed a slight increase overheated economy thus creating yy Four successive rate cuts by 1.6% in Q1 2020, as against reluctance to lend due to sluggish by July 2020 in the range of $ 400 with moderated activities as market inflationary pressures. a 3.7% growth in Q1 2019, economic conditions. Nevertheless, million currency swap and with the participants followed a wait-and-see For the first time in history, the prompting flag off concern, as the a further rate cut is likely to induce exchange controls including import approach amidst the upcoming policy Central Bank reduced its policy Global trend negative growth was ahead of the support for a quick recovery restrictions. First Capital believes a review. Weighted average yields rates in four consecutive instances Despite the lackluster economic Covid-19 impact. First Capital by accelerating credit which is comfortable external front reduces at the weekly Treasury bill auction providing a total of 200 bps rate cuts growth conditions, most of the other expects the impact of Covid-19 believed to be the Government’s the detriment in providing further on 5 August were seen increasing, since March 2020. With the above countries hold their policy rates at the disruptions will be felt much more current need of the hour, it said. easing in policy rates. with the one-year maturity rising by initiatives, market interest rates have same levels. Rajendra Theagarajah to step Piramal Glass reports pre-tax loss down as Cargills Bank MD/CEO of Rs. 49 m in Q1 2020/21

BY CHARINDRA CHANDRASENA which time the bank was awarded Piramal Glass Ceylon PLC from 17 April 2020 post approval the domestic market demand the coveted “Best Bank in Sri has suffered a pre-tax loss of Rs. by the National Action Committee stabilised and international markets Banking sector veteran Rajendra Lanka” accolade by Global Finance 49.2 million in Q1 FY2020/21, a to prevent the spread of Covid. The opened up for business. Domestic Theagarajah is set to step down from Magazine in 2015. Prior to that, he complete reversal from the Rs. 41.4 company commenced operations sales stood at Rs. 938 million as his role of Managing Director (MD)/ served as the CEO/MD at Hatton million in pre-tax profit it enjoyed in a phased out manner and was against Rs. 1,162 million of the Chief Executive Officer (CEO) of National Bank PLC for nine years. in Q1 2019/20. back to 100% operations by the similar quarter of the previous year, Cargills Bank Ltd., after just over During this tenure, the bank was Its revenue for Q1 is Rs. 1,330 third week of May 2020, resulting reflecting a negative growth of two-and-a-half years in the role, The recognised as the “Best Retail million and the post-tax loss is Rs. in a loss of sales revenue of Rs. 700 19%. Morning Business learnt yesterday Bank in Sri Lanka” for seven 44 million, as against the revenue million. (19). successive years (2006-13). He of Rs. 1,585 million and post-tax “We are facing the most Exports Accordingly, 30 September will be was also personally recognised profit of Rs. 21 million during the unprecedented times in the history Non-availability of vessels for his last day in this position, which he for outstanding “Leadership in similar period of the previous year. of mankind and perhaps definitely India, the US, and East Africa was appointed to on 1 January 2018. Rajendra Theagarajah Banking” twice in 2010 and 2013 Gross profit for the period in our lifetimes with the onset of impacted export performance, but at Theagarajah had served as the Non- by Asian Banker. He is also an under review is Rs. 110 million the worst global pandemic – (the) the same time a spurt in demand for Executive Joint Deputy Chairman of “With this appointment, he will independent Non-Executive Director as against Rs. 240 million in coronavirus disease (Covid-19). food jars from Australia and New Cargills Bank from December 2016 play a pivotal role in executing of Carson Cumberbatch PLC. the corresponding period of It has affected all countries and Zealand helped to compensate. till this appointment. strategy and delivering the business Theagarajah served as the the previous year. Even though communities in the world with no Export sales for the quarter were When contacted, Theagarajah plan of the bank which includes Chairman of the Ceylon Chamber production was stopped from 20 concrete solution in sight as either almost at par at Rs. 393 million as confirmed the news. a roadmap for a listing at a future of Commerce and was also a past March, the company continued to a vaccine or medication,” said against Rs. 396 million during the “Yes, I am intending to step down point in time,” the bank stated in Chairman of the Sri Lanka Bankers’ incur fixed energy and labour costs Piramal Glass Chief Executive corresponding quarter of last year. because my period is coming to a press release announcing his Association (Guarantee) Ltd. and in order to keep the furnaces alive Officer (CEO) Sanjay Jain. The management said it firmly an end and I want to retire from appointment on 2 January 2018. Financial Ombudsman Sri Lanka during the period under review. believes that with new product fulltime executive functions. I am Cargills Bank has not yet (Guarantee) Ltd., former Director of The financial year commenced Domestic market development and inroads into new the longest-serving CEO in the announced his successor, but our the CSE and former Chairman of the at the time when the country During the months of April and markets such as Mexico, Angola, banking industry, having been in that sources indicate that it is a highly Asian Bankers Association. He has was passing through a complete May 2020, sales were subdued as and Indonesia, as well as the role for 18 years. I am 62 years old experienced banking industry also served as a council member of lockdown situation. All production customers who were manufacturing increased demand from Australia, now.” professional. the Sri Lanka Institute of Directors. lines came to a standstill from 20 only essential products were Piramal Glass will be able to The timing of his decision is Theagarajah counts over 34 Furthermore, he has served as the March 2020. The company was functioning and that too at just sustain the ongoing operations interesting as the bank is set to years in banking both locally and Chairman of the Chartered Institute able to resume partial operations 50% capacity. From June 2020, profitably. be listed on the Colombo Stock internationally and prior to joining of Management Accountants (UK) Exchange (CSE) next year, and Cargills Bank functioned as the Sri Lanka Governing Board and also he was appointed to lead the bank CEO of National Development as a member of CIMA UK’s Global towards this listing. Bank PLC for three years, during Council. Ceylon Chamber launches online Digital Innovation Fund invests in marketplace for exporters The Ceylon Chamber of Commerce, with a view to support agro-based fintech firm Agrithmics companies to promote exports from The Digital Innovation Fund, business environment using digital Sri Lanka, entered a partnership managed by BOV Capital, has technology. Although our primary agreement to integrate an “online secured funding of Rs. 100 million focus will be the tea industry, our marketplace”, developed by Epic in Agrithmics (Pvt.) Ltd., a Sri mission is to enable the service for Lanka Technologies (Pvt.) Ltd., Lankan agri-tech, IoT cloud-based all farmers across the country,” said with the platform to be integrated to Ceylon Chamber of Commerce CEO Manjula de Silva and Epic Lanka Technologies integrated process automation Agrithmics Chief Executive Officer the Chamber’s e-commerce portal (Pvt.) Ltd. Thareendra Kalpage exchanging the agreement alongside other and fintech solutions company (CEO) Prashanth Premakumar. https://bizinfosrilanka.lk. officials from the two organisations that digitally enables a variety of Premakumar also revealed that During the signing ceremony said Epic Lanka Technologies online marketplace to promote their agriculture industries ranging from Agrithmics has plans to soon grow held recently, Ceylon Chamber CEO Thareendra Kalpage. “By products to exporters as partners of smallholder farms to their larger beyond the tea sector, showing its of Commerce Chief Executive fully utilising the capabilities of the value chain, the Chamber said. buyers, and plantation companies. BOV Capital Co- Agrithmics potentially strong utility and value Officer (CEO) Manjula de the Doxpro Shopex marketplace The Ceylon Chamber of Commerce As an IoT-enabled agri-tech Founder Prajeeth CEO Prashanth across a spectrum of crops. Silva emphasised that with the platform, the Ceylon Chamber of recently established a centre for Balasubramaniam Premakumar solution for smallholder farmers, Managed by BOV Capital, the introduction of this initiative, Commerce is set up for marketplace SMEs in a bid to play a more active factories, and regional plantation factories and regional plantation Digital Innovation Fund looks priority will be given to promote success.” role in building this dynamic sector companies primarily operating in companies, which benefit from to attract sector-agnostic digital organisations manufacturing According to figures collected by of the economy. Sri Lanka’s tea industry, Agrithmics its end-to-end process automation start-ups that disrupt or transform sustainable products that would the International Trade Centre (ITC) Local exporters will be able to digitally integrates their procurement integration and produce procurement industries or even create new in return provide environmental, – Geneva from EU (European source products required through and payment disbursement operation transparency. As of now, Agrithmics sectors. The focus is on fields related social, and economic benefits. Union) countries such as France, the proposed online system and whilst improving efficiency and has been adopted by some of the to SAAS, big data, AI, IoT, fintech, “As our global economy grows, Germany, Italy, the Netherlands, the Chamber said it will work transparency of the process. The biggest players in the tea industry, health tech, last mile, etc. it is critical that local businesses and Spain, it was found that closely with regional chambers platform also enables a quick including three elite principal tea “Post Covid, our investment can compete in this marketplace. sustainable product sourcing has of commerce and product trade and simple payment system as factory groups in Sri Lanka, with thesis has not changed much, The Ceylon Chamber of Commerce become a top priority for retailers associations to attract suppliers well as ease of use and access by a base of approximately 40,000 but we are now looking for start- is looking forward to bringing in these key EU markets. The from various parts of the country. farmers and workers. Currently, active farmers and workers presently ups with tailwind and strong solutions forward that expand emphasis on environmentally The platform is expected to be a smallholder tea farmer who benefiting from the features of this founding teams who are able opportunities for businesses to friendly products, fair and ethical launched in October 2020. is connected via the Agrithmics novel platform. to pivot quickly. During these participate in the global economy,” trade, and decent jobs in supplier Product details uploaded to platform has quick access to “Our vision for Agrithmics is unprecedented times, we have said de Silva. companies have strong consumer the online marketplace will payments instead of the extensive 30 to positively contribute towards been working closely with the “By choosing (the) Doxpro support and it is expected that be promoted via social media to 40-day waiting period that was the digitally enabling agriculture-based companies, especially the ones that Shopex online marketplace such businesses will increase in addition to the Sri Lankan norm previously. industries and its ecosystem. We did not have enough cash runway model, the Ceylon Chamber of significantly in the next five years. diplomatic missions based Additionally, Agrithmics said are not just a tech solution; we to survive. We have been helping Commerce is truly distinguishing In addition, small and medium overseas, foreign diplomatic its platform also adds significant see ourselves as an entity that can them to restructure and sustain,” said itself and Epic Lanka Technologies enterprises (SMEs) and women missions in Sri Lanka, and across value to B2B (business-to-business) understand and improve the lifestyle BOV Capital Co-Founder Prajeeth is honoured to be working entrepreneurs in Sri Lanka will also 130 overseas trade promotion agricultural industries such as tea of the farmer community and its Balasubramaniam. alongside them on this journey,” be encouraged to register with the organisations. the morning 4 Thursday, August 20, 2020 brunch

BY NAVEED ROZAIS Film Festival Rotterdam, Mumbai Film Festival (MAMI), New York Film The pandemic has hit practically Festival, Sundance Film Festival, Sydney every industry on Earth with Film Festival, Tokyo International Film a vengeance. Entertainment Festival, Toronto International Film Festival, Tribeca Film Festival, and was one of the most brutally hit Showing film in Venice Film Festival. industries, with leaving the house There are various benefits to becoming a matter of national taking film festivals digital, Deshapriya health and safety. Staying at home explained; the main one being that the made people more dependent on digital element opens film out to a much the arts and creative content more wider audience than it typically would. than ever before. the new normal “Films are made for the public; they are Social media hit a big boom, as did forms of self-expression, so the wider the streaming services like Netflix, Amazon Nilendra Deshapriya’s Thanha Rathi Ranga screened audience, the better it is. It’s not always Prime, and the like. Old movies and TV the critics’ input that matters, but also how shows found new life, and new movies at Indus Valley International Film Festival the audience feels.” and content on streaming services found a Digital film festivals do come with captive audience voraciously consuming their challenges though, with issues like what was put out. mitigating piracy becoming a priority, as But how does showing film outside well as maintaining the human element of streaming services, and new film, in a film festival. Deshpariya shared that in particular, work in our mid-Covid world? the case of the Indus Valley International The Morning Brunch caught up with Film Festival, following a film screening, renowned Sri Lankan director Nilendra there were virtual sessions with directors, Deshapriya for some insight on how film actors, and crew members that helped festivals can adapt in the new normal. capture this aspect of a film festival. Deshapriya, whose directorial debut Speaking on the long-term impacts film “Thanha Rathi Ranga” was screened of the virtual paradigm shift created by at the recent Indus Valley International the pandemic, Deshapriya shared that, Film Festival, South Asia’s first in his view, digital film festivals are here borderless film festival, acted as one of the to stay in some shape or form. “A merge dignitaries of the festival which took place should take place, with the physical Nilendra Deshapriya festival happening at the same time as the exclusively digitally from 1-9 August. digital festival; an online edition of the Speaking on film festivals taking same festival for a wider audience. It’s place in a digital context, Deshapriya something that should take place because shared that almost all major film festivals a film is made for a wider audience. Many this year were cancelled because of the good films don’t reach the masses and pandemic, but this has not stopped them penetrate their market because of issues from continuing with their work. with networks and distribution.” This year, the world’s biggest From a revenue perspective, festivals, like the Cannes Film Festival, Deshapriya shared that with the recent made the move to go online due to the across the world, giving them the chance the idea that the film community can pandemic, mindsets as a whole have pandemic, with the move to go digital to watch the films, be a part of the festival, come together in times of crises – both shifted to understanding the importance paying off. The Cannes Film Festival and share in the love of film. It’s very in celebration and support of film and value of digital media, and that alone reported 10,000 participants from unique because they get to see their by providing much-needed relief for this will make monetising and building 122 countries to discuss around 3,500 favourite directors’ and actors’ greatest Covid-19 efforts. We Are One: A Global revenue off online film festivals easier, completed films and upcoming projects, and latest work.” Film Festival brought many film festivals potentially moving to a subscription-based and view a total of 1,200 screenings. The shift to digital has also made together under the We Are One banner model. “Netflix and similar streaming “The pandemic has brought with it a it possible for new platforms to grow. to celebrate films. The film festivals services don’t sell seats. A big part of the paradigm shift,” Deshapriya commented, For instance, We Are One: A Global involved included the Berlin International film audience never goes to the cinema. adding: “The digital film festival concept Film Festival was an initiative executed Film Festival, BFI London Film Festival, This way, these people get to see these has opened up festivals to film lovers exclusively on YouTube, born out of Cannes Film Festival, International films as well.”

BY NAVEED ROZAIS Thamari Senanayake, and Shippers Academy Colombo The 10th edition of the Chief Executive Officer Rohan Professional and Career Women Masakorala. Awards was launched on 18 Australian Department of August with a press conference Foreign Affairs and Trade (DFAT) featuring an eminent panel of representative Danielle Cashen women business and thought addressed the gathering, sharing leaders. that particularly in the wake of This year’s Professional Covid-19, the Top 50 Professional and Career Women Awards and Career Women Awards was organised by Women will be looking to celebrate role in Management (WIM), in models for change and those who collaboration with Women in inspire other women, Work, a partnership between the shining light on the most International Finance Corporation influential women in (IFC), a member of the World business today and the Bank Group, and the Government brightest rising stars of of Australia. This is the tomorrow. Work IFC Programme asked for nominations to sixth consecutive year The panel also Manager Sarah Twigg, Applications open for be made of people who that the IFC has come stressed the importance Australian Department of are eligible to be a part onboard as co-hosts of women supporting Foreign Affairs and Trade of the Professional and of this revolutionary women and the need for (DFAT) representative Career Women Awards. awards which recognises business environments Danielle Cashen, Panel Cooray also and celebrates the Sri where women are able to of Judges Chair Shiromal introduced the 2020 Lankan women who have be confident and assert Cooray, WIM Top 50 judging panel which will Danielle Cashen excelled and inspired ‘Top 50’ themselves. Awards 2020 Chair consist of Cooray herself, others in their careers, Cooray noted that Waruni Algama. High Commissioner of businesses, and everyday many of the qualities Dr. Segera launched Professional and Australia to Sri Lanka life. needed in successful the Top 50 Professional David John Holly, John The “Top 50” leaders today are and Career Women Keells Group Executive qualities inherent in Professional and Career Dr Sulochana Segera Career Women Awards Sri Lanka 2020, Vice President Nadija Women Awards, women, like nurturing noting that despite the Thambiah, Clootrack recognises the efforts and empathy, and that ongoing pandemic, 2020 Sri Lanka/ Maldives and achievements Awards Sri Lanka these qualities can make has been a year where CEO and Swadeshi across a diverse range of them great leaders; women have made a Industries PLC Strategic backgrounds, including who can be seen and mark in business, doing Lead Dr. Rohantha professions such as 2020 recognised on their own better than men in many Athukorala, Women In banking and finance, merit as leaders. respects. Dr. Segera also Work IFC Programme hospitality, media, legal, Waruni Algama The panel called for shared that Covid-19 spectrum of partners including of businesses lead to greater Manager Sarah Twigg, logistics, and supply nominations to be made is an opportunity to WIM. Twigg went on to note that financial returns.” Wijeya Newspapers chains. The awards of candidates eligible for become a cure for getting the Top 50 Professional and Career Jetwing Travels Chairman Daily FT Editor Nisthar looks at demonstrating recognition in the Top 50 things right, and opening Women Awards demonstrates the and Managing Director Shiromal Cassim, Hayleys and highlighting the Professional and Career doors for women on a role women play in transforming Cooray, who also serves as the Agriculture Holdings significant role women Women Awards Sri professional level. business and industry. “Gender Panel of Judges Chair noted Managing Director play in bringing about Shiromal Cooray Lanka 2020. Women in Work equality is not only a social that WIM began hosting the Jayanthi Dharmasena, transformational change The final awards IFC Programme Manager Sarah imperative, it also makes clear Professional and Career Women Marketing Consultant as employees, entrepreneurs, and ceremony is to take Twigg commented on the launch business sense,” Twigg noted, Awards 10 years ago at a time Kumara Samarasinghe, business leaders. place at Shangri-La of the awards, sharing that this adding: “Businesses can make when women received little to no Fonterra Brands The panel at the press Hotel, Colombo on 26 is IFC’s 50th anniversary of bigger profits working with women acknowledgement for their work. Associate Director and conference included Women In November. operations, during which time employees and consumers, and Cooray shared her firm belief in the Regulatory Affairs and Management Chairperson Dr. PHOTOS SAMAN they have worked with a wide higher gender diversity on boards power of inspirational stories and Customer Care Corporate Sulochana Segera, Women in Sarah Twigg ABESIRIWARDANA 5 the morning sports Thursday, August 20, 2020 Girls, wanna be rich? Play tennis! SLC develops rural grounds Koeman is Barca’s new Coach Nine out of the world’s 10 highest-earning sportswomen over In an infrastructure development drive at the grassroots level, Sri Lanka Ronald Koeman, who played soccer for Barcelona the past year are all tennis players, according to research by US Cricket (SLC), headed by Shammi Silva, is going to develop grounds from 1989-95, was named the club’s new Head Coach business magazine Forbes. Japan’s Naomi Osaka tops the list with in the next three months at Ambalangoda (municipal ground), yesterday (19). Two days prior, its former Coach Quique earnings of $ 37.4 million (Rs. 6.9 billion) ahead of US’s Serena Polonnaruwa (national stadium), and Hettipola. SLC also said yesterday Setien was sacked for the recent dismal performance of Williams with $ 36 million (Rs. 6.6 billion). World No. 1 Ashleigh (19) that another three grounds will be developed at Ratnapura (at the team. 57-year-old Koeman had to leave his role as Barty is third with income of $ 13.1 million (Rs. 2.4 billion). US Monarawila), Badulla (municipal ground), and Jaffna (at Mallakam) too Netherland's boss, with two years left on his contract, to international footballer Alex Morgan (pictured) is the only non- in the coming years. Ten centre-wickets each will also be constructed in sign the two-year deal with Spanish giants “Barca”, who tennis athlete among the top 10 with $ 4.6 million (Rs. 855 million). those earmarked Polonnaruwa, Ratnapura, and Jaffna venues. finished second in the previous Spanish La Liga season.

BY REVATHA S. SILVA a safer biosecure environment, could be the most viable option. That could be the Will England’s subcontinent Test most feasible way for both series to be series against India, slated for next worked out realistically,” another former January, be moved to Sri Lanka? SLC official, who is in the know of the tour arrangement developments, told The That turns out to be the only viable Morning Sports yesterday. option for the two countries, both England Will ‘England and India, if their five-match Test series is Steep rise in Covid-19 to become a reality, The Morning Sports India is the third most-affected country learnt yesterday (19). by the pandemic, behind the US and Brazil, recording nearly 2.7 million Not discussed yet cases with the death toll rising above a With the precarious Covid-19 situation staggering 52,000. It has shown a steep still prevailing in India and the fact that vs. India’ be rise in the number of cases in recent the International Cricket Council (ICC) weeks. already chose Sri Lanka as one of the The cricket-hot Maharashtra State, alternative venues for next year’s T20 consisting Mumbai, is the worst-affected World Cup scheduled to be played in state there with over 600,000 cases and India, the above series, which is less than 20,000 deaths. On Tuesday (18) alone, about five months away from now, cannot India reported over 55,000 cases with 876 arguably be held either in India or any in Sri Lanka? deaths. other place, in a more secure atmosphere. z Can England find a better place to play their India series in January? Yet, a senior Executive Committee Not much action left member of Sri Lanka Cricket (SLC) told for England The Morning Sports yesterday that they Following the Indian Premier League (SLC) have not been informed of such an (IPL), now set to be held in the United arrangement so far. Arab Emirates (UAE) from 19 September “England is anyway scheduled to come to 10 November, India will fly to Australia to Sri Lanka in January (next year). We for their summer series, which will include also have not expressed our willingness four Tests and three ODIs, to be staged to either India or England to have it from 3 December 2020 to 17 January 2021. (England Test series against India) here,” Yet, England has not much action left explained the above senior SLC official. after their ongoing Pakistan Test series, The England Test team, who were on tour which is to be over next week. Their next here last March, rushed back home at the ICC-arranged tour will be to South Africa, onset of the pandemic. for a limited-over series, scheduled for Postponement this month March next year. Last week, both India and England Will England like it? decided to postpone their Test series, It was only last week that the ICC scheduled to begin in September, to next announced Sri Lanka, along with UAE, year after considering the situation created to be an alternative venue for the 2021 by the Covid-19 outbreak in India. T20 World Cup, which India is to host as “With the announcement that (the) ICC far ahead as in October-November next Men’s T20 World Cup, due to take place year. It is about a year from now. So, will across Australia in October and November England, considering India’s prevalent 2020, has been postponed, and the present Covid-19 situation, agree to play a Covid-19 situation in India, the BCCI comprehensive cricket series there just (Board of Control for Cricket in India) about five months from now? and ECB (England and Wales Cricket “Cricket these days depends a lot on its Board) have confirmed that England telecasters. Star TV (the rights holders of men’s white-ball tour to India, originally the Indian team) will be really happy to Can India be a safe place to play a Test series by next January? scheduled in the ICC Future Tours take Sri Lanka as their next option even Programme for late September to early responded saying: “I am pleased with the Now, tentatively, the England tour of has been rescheduled for the month of above (the) UAE, especially in view of October 2020, will be postponed until way BCCI and ECB have managed the India, which is likely to include series January 2021. the time difference in England. If India early 2021,” ECB announced on 7 August. situation. The rescheduled tour is also of all three formats, has a window “The dates have not been finalised can’t hold it, Sri Lanka could be the right being redesigned in a way to accommodate open from January to March next year. yet (for England’s Test tour here next option because it falls into the primetime Two series together both red and white-ball format(s) and will Meanwhile, England’s two-Test series in January) but for England to play two of both India and England,” the above Then, BCCI Secretary Jay Shah had now be a comprehensive one.” Sri Lanka that was postponed in March back-to-back series here in Sri Lanka, in former SLC official further opined. Are Vivo and Dream11 both Chinese? z IPL’s new sponsor allegedly had links with phony ‘Uva League’

Indian Premier League (IPL) The Indo media yesterday (an India-focused investment would be looking for profits, which Governing Council Chairman advisory firm), and Think they may have well received given Brijesh Patel on Tuesday (19) raised the following Investments (an investment fund Dream11’s stunning rise in recent (18) announced that fantasy questions on this week's headquartered in San Francisco). years.” gaming platform “Dream11” IPL-Dream11 deal: Not only that, Dream11 fell into Tencent is only 10% of trouble last July when the BCCI’s has been awarded the title yy Does bringing Dream11 solve Dream11 sponsorship for the much- Anti-Corruption Unit (ACU) the issue of not providing Here, it is clear that the only had sought an inquiry against the talked-about IPL 2020, exposure to Chinese companies questionable investor in Dream11 is company when the platform had scheduled to be held in the in India? Tencent. However, a BCCI source links to the fake “Uva T20 League”, United Arab Emirates (UAE) yy Was the Vivo pullout all about had told Press Trust of India (PTI) which was made up to be held at the from 19 September to 10 anti-China sentiments or was it this week: “Tencent holds less than Badulla Esplanade in July. November. an essentially business-oriented 10% in Dream11, which is an Indian How did FanCode live- maneuvering? company founded by Harsh Jain and Following border skirmishes Bhavit Sheth. stream ‘Uva League’? between the two countries at yy Furthermore, how did the “Dream11 stakeholders, including The fake event was actually held Galwan Valley where 20 Indian Dream11 logo go onto the its founders plus all 400-plus in Punjab and was live-streamed army personnel were killed in a t-shirts of the Punjabi players employees, are Indian,” the said while calling for bets. Top former faceoff (the biggest confrontation who were involved in the BCCI source was quoted as saying players like Tillakaratne Dilshan India media reporting on the Mohali Police starting an investigation on Dream11’s possibly fixer-created “Uva between the two militaries after role in the fake “Uva T20 League” last month by PTI. and Farveez Maharoof were their 1967 clashes in Nathu La), T20 League”? “Their Indian investors are Kalaari fraudulently shown as having been anti-China sentiments ran high in BCCI mutually agreed to stop up as second and third bidders, yy How was that fake “Uva Capital and Multiples Equity. Even involved in the tournament. For India. the deal with Vivo for a year. respectively. League” live-streamed in Dream11’s product is available many other participants, fictitious BCCI drops Vivo temporarily The development had been well Yet, Dream11 becoming the key FanCode, which allegedly has exclusively for use only by Indians. Sri Lankan names had been used. received by everyone in India. IPL sponsor was digested well over links with Dream11? Only a single-digit percentage The BCCI ACU investigations Then the IPL organisers, the social media in India due to its minority stake is held by Tencent,” found out that kits used by the Board of Control for Cricket in Dream11 comes in for Vivo underlying Chinese connection. yy Is cricket today interconnected the official had added. teams in the tournament had the India (BCCI), decided to review On Tuesday, Dream11 bagged to geo/national politics, Dream11 logo on them and the the league’s sponsorship deals, the IPL title sponsorship for Indian Is Dream11 fully Indian? corporate businesses deals, Dream11 and fake ‘Uva matches were live-streamed on including that of its main sponsor Rs. 222 crore (around $ 30 million Dream11 has Chinese investment match-fixing, and corruption in League’ FanCode, which is, interestingly, Vivo, a Chinese mobile phone or SL Rs. 5.5 billion); that is about in the company by a firm named an unimaginable magnitude? But it was earlier reported in the part of Dream11. manufacturing company. Vivo half of what Vivo was giving the Tencent, the world’s largest video Indian media that Tencent holds Anyway, the IPL is scheduled to fetched BCCI Indian Rs. 440 BCCI. Dream11 had raced ahead game company and one of the most in the Dream11 investment is less a majority stake in this major get underway on schedule from 19 crore or $ 66 million (SL Rs. of others such as the Tata Group, financially valuable companies in than about 10% of its total value. fantasy sports platform Dream11. September. The teams are to be in 12.2 billion) a year, in a five-year which didn’t place a final bid, and the globe. Here, Tencent is owned The other Dream11 investors One report had speculated Tencent the UAE from today (20) in their contract. two edu-tech companies, Byju’s by China. But reports say that “the include Steadview (a leading India- invested over $ 100 million in preparation for the tournament held Eventually on 6 August, the and Unacademy, which ended Tencent (or the Chinese) portion” focused investment firm), Multiples Dream11 in 2018 and “naturally under strict biosecurity guidelines.