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How the US Federal Reserve Busted Sri Lanka, Asia and Latin America

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How the US Federal Reserve Busted Sri Lanka, Asia and Latin America SEPTEMBER 2020 How the U.S. Federal Reserve busted Sri Lanka, Asia and Latin America Pg 14 CRASHING THE E-COMMERCE PARTY Pg 92 A GREAT SCORE SCORE Credit Scores, used widely, have the potential to transform an economy. The CRIB Score introduced SCORE by the Credit Information Bureau of Sri Lanka (CRIB) is expected to revolutionise our financial services SCORE industry Refer pg 82 to SCORE read the full story SCORE SCORE GGSSSCORE A GREAT SCORE SCORE Credit Scores, used widely, have the potential to transform an economy. The CRIB Score introduced SCORE by the Credit Information Bureau of Sri Lanka (CRIB) is expected to revolutionise our financial services SCORE industry Refer pg 82 to SCORE read the full story SCORE SCORE GGSSSCORE June 2018 Echelon.lk 3 June 2018 Echelon.lk 3 CONTENTS SEPTEMBER 2020 P.14 How the Federal Reserve busted Sri Lanka, Latin America and fed strongmen, anti-Americanism The US Fed set up dozens of central banks in Latin America and in Asia based on the thinking of Argentina central bank creator Raúl Prebisch which led to import substitution and stagnation or monetary havoc and revolution P.22 P.24 P.26 Tax net: mind the gaps Low-down on the Mattala airport buzzes lockdown after COVID -The Auditor General says the tax office has failed to collect over Rs3.3 Here’s how some listed The COVID-19 pandemic’s outbreak has trillion in default taxes and penalties, companies performed during sparked a revival in air traffic to Mattala that's nearly twice as much the tax the covid-impacted June 2020 and the airports’ authority plans to collection for 2019, and for no reason quarter and their prospects leverage that interest 04 ECHELON.LK SEPTEMBER 2020 CONTENTS SEPTEMBER 2020 P.30 Understanding ICT higher education landscape Demand for ICT jobs is not monolithic. Neither is supply. We have to get into nuts and bolts to see the bigger picture P.34 Chronos of the sky The modern aviator watch played a pivotal role in navigating the skies almost a century ago P.72 Expolanka's trial P.68 by pandemic The Democratization On a quest to digitalise global supply chains for of Real Estate faster growth, the group Long the domain of ultra high net led by its global logistics worth investors, REITs promise business EFL reported to make real estate an asset class record profits during the accessible to all covid-hit June quarter 06 ECHELON.LK SEPTEMBER 2020 CONTENTS SEPTEMBER 2020 P.92 P.100 P.108 Rakhil Fernando on Hela: back from the The Korando C300. busting e-commerce brink A step in the right bottlenecks Hela's founders nearly drove the direction? Less than a percent of company off the edge in their SsangYong’s newest rendition of everything sold, is sold online. impatience for topline growth. the Korando in a 1.6 diesel flavour If the bottlenecks preventing After a shakeup, the company is in seems to be its best to date! mass adoption can be busted better shape than ever, and on top e-commerce has the potential to of Covid-19 transform business and daily life 108 92 P.112 Lights out or electric tuk-tuks? When business is not business, and angels are not angels 112 08 ECHELON.LK SEPTEMBER 2020 Editor’s Desk Its a market, and that’s an important distinction Look a little closer and it becomes apparent; although Amazon and Alibaba are e-commerce leaders in their respective markets, the two companies are different in several ways. E-commerce giant Amazon’s success in the West was due to it being a straightforward retailer. Most of what is listed online is its own inventory held at its own warehouses. China’s Alibaba, India’s e-commerce firms Snapdeal and Flipkart and other Asian e-commerce sites including those owned by Alibaba under the Lazada and Daraz brands are predominantly marketplaces. The firms Then as more consumers themselves own very little of what they offer for sale online. In the case of Daraz in Sri Lanka, 95% start buying more stuff online, of its online offerings are listings of independent those who have built the retailers. Those marketplace participants include supply chains and payment Sri Lanka’s largest consumer goods retailers like system for smooth order Abans and Softlogic retail, but also hundreds of fulfilment at scale will win small businesses from both here and overseas. Marketplaces empower enterprises. Businesses can list their products not just in local marketplaces but also in international ones. On the cover this month is the head of Daraz’s business in Sri Lanka, Rakhil Fernando, who discusses how in advancing the marketplace model for e-commerce, the company has several bottlenecks to bust before more people will be buying online. Less than one percent of Sri Lanka’s retail sales are done online. As more people come online, e-commerce will be in a frenzied battle for their custom. However, the other challenges for adoption lie in financial development for cashless payments, and overcoming poor logistics infrastructure. Then as more consumers start buying more stuff online, those who have built the supply chains and payment system for smooth order fulfilment at scale will win. SHAMINDRA KULAMANNAGE, EDITOR-IN-CHIEF Facebook YouTube JOIN THE ECHELON COMMUNITY @echelonmag Echelon Magazine Write to us, tweet us, tag us on Instagram: We promise to read each and every one of your comments. Twitter Instagram @EchelonMag echelon_mag LinkedIn Echelon Magazine Sri Lanka 10 ECHELON.LK SEPTEMBER 2020 MASTHEAD EDITOR-IN-CHIEF Shamindra Kulamannage ADDRESS No 15, Station Road, Colombo 3, Sri Lanka. DEPUTY EDITOR Devan Daniel T: 011 2577387, 011 2573001 For reprint information, write to [email protected] CONTRIBUTORS Jason Diaz www.echelon.lk Shihaam Hassanali HOW TO REACH US DESIGN & LAYOUT Ashwini Chandrapala [email protected] Ricky De Silva SUBSCRIPTIONS Saheli Karunaratne www.echelon.lk/home/subscription Reka Tharmakulasingam COLUMNISTS Bellwether Chanuka Wattegama Ravi Ratnasabapathy Nick Hart Mahadiya Hamza ISSN 2362-1001 PHOTOGRAPHY Preveen Rodrigo Eshan Wanigarathne EXECUTIVE DIRECTOR Antoinette Ludowyk This Magazine supports HEAD OF SALES Wazim Ahamed the Press Complaints BUSINESS MEDIA Commission of Sri Lanka ADVERTISING & SALES Herina Taylor RIGHTS OF READERS Kushanthie Abeyratne Niluksha Myelvaganam The Editor and the journalists of this magazine respect the “Rights of Readers” and PUBLISHER Echelon Media (Pvt) Ltd endeavour to follow the Code of Professional Practice of The CHAIRMAN Channa De Silva Editors’ Guild of Sri Lanka, which is implemented by the Press Complaints Commission of Sri Lanka. If you have a grievance against us, you are welcome to contact us directly and we will strive to provide redress to you. If you are not satisfied, you could complain to: The Press Complaints Commission of Sri Lanka (PCCSL) © 2020 Echelon Media (Pvt) Limited. All rights reserved. No For further information contact part of this publication may be reproduced or distributed 96, Kirula Road, Colombo 5 in any form without the prior written permission of the Tel: 5353635 Fax: a5335500 publisher. The views and opinions expressed in this E-mail: [email protected] publication are those of the authors. Web page: www.pccsl.lk 12 ECHELON.LK SEPTEMBER 2020 THE PRICE SIGNAL | BELLWETHER THE PRICE SIGNAL How the Federal Reserve busted Sri Lanka, Latin America and fed strongmen, anti-Americanism The US Fed set up dozens of central banks in Latin America and in Asia based on the thinking of Argentina central bank creator Raúl Prebisch which led to import substitution and stagnation or monetary havoc and revolution BY BELLWETHER SOURCE: FEDERAL RESERVE 14 ECHELON.LK SEPTEMBER 2020 THE PRICE SIGNAL | BELLWETHER ri Lanka's monetary instability, the rising cost of living, falling The Kemmerer Wave and the Deadlier Triffin living standards and the resultant strikes, revolutions as well Wave as the enactment of authoritarian constitutions are a common The first wave of central banks in Latin thread in almost all countries where Latin America style central America after World War I was set up by missions banks were set up by the Federal Reserve. involving the so-called 'money doctor' of the US, In many of the countries, central banks were set up post Edwin Walter Kemmerer, who was at one time at S Depression, in a philosophy peddled by Raul Prebisch a key force Princeton, where decades later another professor behind Argentina's central bank and so-called 'development economics' from the same university, helped triggered the and Robert Triffin who came to head Latin America unit of the Fed. Great Recession. These flawed unstable soft-pegs became top customers of the The first wave of Latin American central banks International Monetary Fund, with very 'flexible' exchange rates, involving including Colombia, Chile, Ecuador, Bolivia, and never-ending energy subsidies followed by price hikes and in many cases Guatemala and Peru at least paid lip service to the sovereign default. gold standard like the Federal Reserve and were Some exchange rates were so ‘flexible’ that, three zeros at the time not intended to have collapsing exchange rate. were taken off (re-denominated) and new currencies issued amid massive But like the Federal Reserve did with open depreciation and inflation. markets operations, they had enough tools In many of these countries, which were originally friendly to the US to inject money and bust the gold standard. and had turned to the country for help, widespread inflation and currency During the Great Depression as commodity depreciation laid the ideal foundation for Anti-American sentiments prices fell and tax revenues fell, it is exactly to be stoked by leftists and the Soviet Union.
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