MINISTER SAYS SRI LANKA CHINA APPROVES PLAN TO REIN IN FACING ‘BIGGEST FOREX HONG KONG, DEFYING MAY CRISIS IN HISTORY’ WORLDWIDE OUTCRY 29 - 31, 2020 GOVT. TO REIMPOSE VOL: 4- ISSUE 197 END OF A . SELECTIVE LOCKDOWN 30 AFTER VIRUS CASES SPIKE REMARKABLE ERA BUSINESS PAGE 02 GLOCAL PAGE 03 HOT TOPICS PAGE 04 TRIBUTE PAGE 08
Registered in the Department of Posts of Sri Lanka under No: QD/144/News/2020 COVID-19 and curfew in Sri Lanka • Sixty one individuals were confirmed as COVID-19 pos- itive yesterday (28), taking Sri Lanka’s tally of the novel coronavirus infection to 1530. Of the 61, 18 are returnees from Kuwait, 17 from Dubai and 26 are navy personnel, all under quarantine at various centres. Seven hundred and seventy five individuals are receiving treatment, 751 have been deemed completely recovered and 10 have succumbed to the virus. • A nationwide curfew is to be re-imposed on Sunday (31), Thursday (June 4) and next Friday (June 5) to avoid unnecessary congregation of people following the sud- den spike in cases from quarantine centres. • Gaffoor Building in the heart of Colombo Fort is placed under quarantine after a sailor stationed there was found to have contracted the novel coronavirus. • The Ministry of Health issues a comprehensive set of guidelines focused on the ‘new normal’ with timelines on when most activities can resume. • The foreign ministry says the government is making arrangements to facilitate the return of Sri Lankans re- siding and working in Seychelles in compliance with the existing regulations and availability of quarantine facili- ties in the country. • 229 individuals have been arrested in the Western Province for not following mandatory health and safety guidelines issued by the Ministry of Health to control the spread of COVID-19.
Coronavirus toll - MEHDI FEDOUACH / AFP People enjoy a sunny day atop Europe's tallest sand dune remains higher than in most of the rest of the mainland. sites and holiday resorts will reopen from June 22. The called ‘Dune du Pilat’ after its reopening in La Teste-de- Prime Minister Edouard Philippe announcing details of the government credits its lockdown - which lasted from 357,311 deaths at Buch, near the Arcachon Bay yesterday (28), as France second phase in a gradual lifting of the strict coronavirus March 17 to May 11 - with saving tens of thousands of eased lockdown measures taken to curb the spread of lockdown, said people would no longer be confined to lives, but it came at the cost of what Philippe described the COVID-19 and lifted limitations on domestic travel in within 100 kilometres of their homes and that freedom as an "historic recession," with nearly a million additional 1900 GMT yesterday time for the summer holidays. It also announced plans will be the rule and restriction the exception. He said unemployment claims filed in April. The coronavirus has PARIS- The novel coronavirus has killed at least 357,311 for the long-awaited nationwide reopening of bars, museums and monuments, hard-hit by the two-month claimed 28,662 lives in the country to date, while 1,429 are people since the outbreak first emerged in China last De- restaurants and cafes from June 2, albeit with restrictions, lockdown, would be able to welcome visitors from June 2, being treated in intensive care, though this is more than a cember, according to a tally from official sources com- especially in Paris, where the risk of coronavirus infection though face masks will have to be worn, and that camping third fewer than at the epidemic peak piled by AFP at 1900 GMT yesterday (28). At least 5,747,100 cases of coronavirus have been reg- istered in 196 countries and territories. Of these, at least 2,296,900 are now considered recovered. The tallies, using data collected by AFP from national Some 50 world leaders call for authorities and information from the World Health Or- ganization (WHO), probably reflect only a fraction of the actual number of infections. Many countries are testing only symptomatic cases or post-pandemic cooperation the most serious ones. The United States is the worst-hit country with 101,002 UNITED NATIONS - World lead- Trudeau. Canada and Jamaica organ- "support for the most fragile coun- and Russia would participate in six deaths from 1,709,996 cases. At least 391,508 people ers yesterday (28) called for resilience ized the conference. tries," especially in Africa. working groups created at yester- have been declared recovered. and cooperation after the pandemic Sustainable development goals for Mauritania President Mohamed day’s session, for which meetings are After the US, the hardest-hit countries are Britain recedes, during a UN videoconfer- 2030 "are more crucial than ever," OuldGhazouani called for the "sys- scheduled for July, September and with 37,837 deaths from 269,127 cases, Italy with 33,142 ence in which the United States, Chi- said European Commission chief Ur- tematic and immediate cancellation December. deaths from 231,732 cases, France at 28,662 deaths and na and Russia did not participate. sula von der Leyen. "We have to work of debt." British Prime Minister Boris John- 186,238 cases and Spain with 27,119 deaths and 237,906 About 50 leaders took part in the and fight together." UN Secretary General Antonio Gu- son said he hoped the world would cases. event on development financing, Several leaders, such as German terres asked leaders to "go further" "build back better," adding "we must China - excluding Hong Kong and Macau - has to date with Italian Prime Minister Giuseppe Chancellor Angela Merkel and French than they already have on debt relief work together across borders" to declared 4,634 deaths and 82,995 cases. It has 78,288 Conte saying in a recorded message President Emmanuel Macron, said for vulnerable countries, in a spirit avoid a new pandemic and to help recovered cases. that the goal must be to "leave no one the crisis could be an opportunity to of "needs-based solidarity and trans- global recovery. Europe overall has 175,760 deaths from 2,095,811 cas- behind." grow a "more resilient" economy to parency." Costa Rican President Carlos Al- es, the United States and Canada have 107,940 deaths South African President Cyril aid the fight against global warming. Guterres applauded the meeting, varado Quesada said the world after from 1,798,464 infections, Latin America and the Car- Ramaphosa said "we need to be inno- Deploring a "deep questioning of playing down the absence of the three COVID-19 should be dominated by ibbean 45,457 deaths from 848,218 cases, Asia 15,118 vative, think outside the box," echo- multilateralism," Macron stressed missing world powers. He told re- "solidarity, not profit." deaths from 493,292 cases, the Middle East 9,160 deaths ing Canadian Prime Minister Justin "cooperation is essential" as well as porters that the United States, China -AFP from 375,524 cases, Africa 3,744 deaths from 127,281 cases, and Oceania 132 deaths from 8,517 cases. As a result of corrections by national authorities or late Claiming to protect ‘free speech’ publication of data, the figures updated over the past 24 World's officially oldest man dies in hours may not correspond exactly to the previous day's tallies. Trump signs executive order on social media UK aged 112 -AFP WASHINGTON - President Donald Oval Office, with William Barr, the at- LONDON - The world's oldest across the world. "He had many, Trump signed an executive order yes- torney general, standing nearby. man, according to the Guinness many friendships and read and terday (28) to empower federal regu- “They’ve had unchecked power to World Records, has died from can- talked politics, theology, ecology UK, US, Canada, Australia say lators to crack down on social media censure, restrict, edit, shape, hide, alter cer in Britain at the age of 112, his and more, right up until his death. companies like Twitter and Facebook virtually any form of communication family confirmed yesterday (28). The family said they were grate- and potentially take away the legal pro- between private citizens or large public Bob Weighton, a former teach- ful that Weighton had remained China violating tections that shield them from liability audiences,” Trump said, saying there er and engineer from the central witty, kind, knowledgeable and a for what gets posted on their platforms. was “no precedent” for it. “We cannot English county Hampshire, died conversationalist "until the very international obligations Trump and his allies have often ac- allow that to happen, especially when "peacefully" in his sleep at home end." cused Twitter and Facebook of bias they go about doing what they’re doing.” yesterday morning, they said. Weighton was born in Yorkshire against conservative voices, and the Twitter, the president said, was mak- Weighton took up the title of the in northern England on March 29, over HK president had been urged for years to ing “editorial decisions.” oldest man in the world in Febru- 1908 and was one of seven chil- LONDON - China's plan to impose a new security law on take a harder line against the compa- “In these moments, Twitter ceases ary after the death of the previous dren. He is survived by his three Hong Kong puts it in direct violation of its international nies. He had resisted until this week, to be a neutral public platform — they holder, Chitetsu Watanabe of Ja- children, 10 grandchildren and 25 commitments, Britain, the United States, Canada and when Twitter fact-checked his own false become an editor with a viewpoint,” he pan. great-grandchildren. Australia said yesterday (28). statements in two posts. That move by said, saying that Facebook and Google "With great sadness, the Weight- He was recognised as the oldest "China's decision to impose the new national security Twitter prompted an outcry from con- are included in his critiques. on family announces the death of man in the world after Guinness law on Hong Kong lies in direct conflict with its inter- servatives, who said that the platform Barr told reporters that the tech com- our beloved Bob Weighton," rela- World Records' senior gerontology national obligations under the principles of the legally should not be able to selectively choose panies were behaving like “publishers,” tives said in a statement to Britain's consultant, Robert Young, scruti- binding, UN-registered Sino-British Joint Declaration," whose statements it is fact-checking. and Trump said the attorney general domestic Press Association news- nized the evidence of his birth fol- would work with states on their own the four allies said in a joint statement. “We’re here today to defend free wire. "A role model to us all, he lowing Watanabe's death earlier speech from one of the greatest dangers regulations related to online platforms. "The proposed law would undermine the One Country, lived his life interested in and en- this year. it has faced in American history,” Trump -NYT gaged with all kinds of people from -AFP Two Systems framework," they added, referring to Hong told reporters in signing the order in the Kong's special status within China under the terms of its -Read more on page 4 handover from Britain in 1997. The condemnation was issued after China's Parliament Trending News rubber-stamped a law initially proposed by the National People's Congress after huge pro-democracy protests USA: The Boston Marathon is can- mark three years of isolation led Juan Guaido as legislative speak- Quote for Today rocked the financial hub for seven months last year. celled for the first time in its 124- by the regional bloc's heavyweight er, defying a Supreme Court rul- Happiness is when what you think, what you The United States took the dramatic step of revoking year history, as the spread of the Saudi Arabia. ing approving a rival opposition say, and what you do are in harmony. the special status conferred on Hong Kong in response, coronavirus made clear that earlier COVID-19: A Study of more figure more favourable to Presi- paving the way for the territory to be stripped of trading plans to postpone the race until Sep- than 1,300 patients finds one in dent Nicolas Maduro. -Mahatma Gandhi and economic privileges. tember were too optimistic. 10 diabetics with coronavirus dies UN: The United States and Brit- Word for Today - President Donald Trump says within seven days of hospital ad- The four nations said they were "extremely concerned ain called for the Security Council Doover [doover]–noun - Australian Slang. that this action will exacerbate the existing deep divi- he will give a press conference to- mission. to meet to discuss a controversial thingamabob; thingamajig sions in Hong Kong society; the law does nothing to build day (29) on China amid spiralling - A large study finds people with security law that China plans to mutual understanding and foster reconciliation within US-Chinese tensions over Hong cancer are more than twice as impose on Hong Kong, Kong and the coronavirus fallout. likely to die from COVID-19 as Today in History Hong Kong." Canada: Temperatures in Mon- Their statement added: "The world's focus on a global - The Justice Department indicts those without it. 1964 - The Arab League meets in East 28 North Koreans and five Chi- ICC: The International Criminal treal reach an all-time high for pandemic requires enhanced trust in governments and the month of May as a heatwave Jerusalem to discuss the Palestinian international cooperation. Beijing's unprecedented move nese for operating a money laun- Court says former Ivory Coast question, leading to the formation of the dering ring that moved billions of President Laurent Gbagbo can sweeps through parts of the coun- risks having the opposite effect." try. Palestine Liberation Organization. British Foreign Secretary Dominic Raab later told re- dollars through global banks to leave Belgium under certain con- porters that the UK would change its rules around the avoid nuclear sanctions on Pyong- ditions following his acquittal Libya: The UN-recognized gov- Today is... rights of ‘British National Overseas (BNO) passport yang. over post-electoral violence that ernment says the family of a holders if China went ahead with the new law. Qatar: The gas-rich state denies killed 3,000 people. smuggler killed by migrants had Biscuit Day it plans to quit the Gulf Coop- Venezuela: The National As- -Agencies taken revenge by killing 26 Bang- A day that gives you the excuse to go crackers -Read more on page 4 eration Council as it prepares to sembly ratifies opposition leader ladeshis and four Africans. about one of the world’s most popular snacks 2 MAY 29 - 31, 2020 WEEKEND EXPRESS BUSINESS
By Chris Stein US layoffs exceed Minister says Sri Lanka facing ‘biggest forex crisis in history’ COLOMBO– Sri Lanka’s has slapped ported about Rs 11 billion of hard goods explaining, “If we allow the outward flows ported without any restriction by pay- 40 mn but some are import controls multiple ways to face the exports. to go as before the rupee will fall.” ing a tax, others can be imported under ‘biggest forex crisis in history’, Informa- There were also ‘invisible’ (adrushya) He warned if the rupee falls to 250, 350 licence, while still other can be brought tion Minister BandulaGunewardene said exports in the form of tourism. There to the dollar, no one would be able to bear under three month suppliers credit. returning to work as the central bank printed tens of bil- were also remittances. the cost of living and “we will not be able Good which are not essential but need- WASHINGTON- The number of workers filing lions of rupees in March and April driving Sri Lanka has a trade deficit because to live in this country.” ed can be brought at high taxes, Minister for jobless benefits since the coronavirus arrived excess rupees to the highest level since its people earn money from services exports, He said the import control intervention Gunewardene said. in the United States passed 40 million yesterday creation. as tourism, remittances and information was part of a macro-economic manage- Trade controls, which are a type of self- (28) while manufactured goods sales plunged “We are facing the worst foreign ex- technology exports and spends them on ment to keep the value of the country’s imposed trade embargo can severely hit even as signs emerged that people are returning change crisis in history,” Minister hard goods. money stable, promote import substitu- the supply chains of domestic firms and to work. Gunewardene told a weekly cabinet news Government net foreign borrowings tion and domestic agriculture. strangle economic activity. Job losses on that scale have not been seen briefing yesterday (28). spent to build roads, airports or even pay “It is done on the need to stop imports Already companies are warning of since the Great Depression early in the last cen- “This is the reason the Cabinet ap- salaries will also trigger imports, but not flowing in freely and build a domestic being hit by trade controls. Minister tury, and came as a new data showed the world's proved the import restrictions.” a currency crisis. economy,” he explained. Gunewardene said those affected by the largest economy shrinking by 5.0 percent in the Gunewardene said Sri Lanka usually “Due to the COVID-19 pandemic many The gazette notification detailing the trade controls can make appeals. first quarter, a preview of much worse to come imported Rs 22 billion of goods and ex- exports are down,” Gunewardene said, import control, some goods can be im- -economynext.com amid the COVID-19 recession. The pace of lay- offs passed their peak but continue in massive numbers, with the Labour Department report- ing another 2.12 million workers making new Kuwait Airways to lay off 1,500 foreign claims for unemployment benefits in the week ended May 23. The scale dwarfs even the worst employees week of the global financial crisis 12 years ago but is a decrease from the 2.44 million people KUWAIT CITY - State-owned Kuwait It however operated over 200 flights in who filed in the prior week. And the number of Airways said yesterday (28) it will lay off late April and early May to repatriate some people actually receiving benefits dropped by 1,500 expatriate employees due to "signifi- 30,000 Kuwaiti citizens from abroad. 3.86 million in the week ended May 16, the first cant difficulties" caused by the coronavirus The carrier's losses are paid by the gov- decline since the pandemic's arrival and an in- pandemic. ernment, which has not yet announced any dication that some people may be returning to The loss-making national carrier, which special compensation. work. Even so there are more than 21 million has a total of some 6,925 employees, has The International Air Transport Asso- people relying on government payments, up struggled amid the regional and worldwide ciation forecast last month that air traffic in from 1.7 million in the same week of 2019. downturn in air travel. the Middle East and North Africa is set to The White House Council of Economic Ad- "In dealing with the coronavirus crisis tumble by more than a half. visers said on Twitter the decline "suggests a and its negative impact on commercial op- IATA said that MENA airlines' revenues substantial flow from unemployment to employ- erations ... Kuwait Airways announces the in 2020 will be slashed by $24.5 billion ment." If sustained, it would be a positive devel- termination of around 1,500 non-Kuwaiti compared to last year, and warned the re- opment for President Donald Trump, who has employees," the airline said on Twitter. gion's aviation shutdown threatened some It said the decision comes as part of a 1.2 million jobs. cheered on states' efforts to reopen as he faces a -Manjunath Kiran / AFP November re-election battle in which the health "comprehensive plan" to deal with the pan- Private companies in Kuwait have fired of the economy is set to weigh heavily on vot- demic's economic impacts which meant the hundreds of employees but the airline is An apparel storekeeper arranges mannequins wearing single use disposable personal ers' minds. But Labour Secretary Eugene Scalia company is facing "significant difficulties." the first government agency to take such protective suits in front of the store in Bangalore yesterday (28), after the government acknowledged the national unemployment rate Kuwait, like other oil-rich Gulf states, has action. eased a lockdown imposed as a preventive measure against the spread of the COVID-19 could hit 20%. "We do have to, again, acknowl- been severely hit by a slump in oil revenues The Kuwait Municipality has said it coronavirus edge that this is a challenging time for workers and the economic impacts of coronavirus. would soon sack at least half of its 900 ex- across the country. But we are reopening," Scalia Kuwait Airways, which has a fleet of 30 patriate employees. Around 3.4 million for- said on Fox Business Network. aircraft, has been mostly grounded like al- eigners live and work in Kuwait, making up Florida is one of the states moving most ag- most all airlines in the Middle East due to some 70% of the Gulf state's population. Oil drops as surprise US stock build gressively to resume business, and posted one of the massive lockdowns. -AFP the largest declines in the insured rate. douses demand recovery hopes California also saw a large decline, but Ian Sri Lanka MELBOURNE/SINGAPORE - Oil "A surprise to consensus API (American Shepherdson of Pantheon Macroeconomics said prices slid for a second consecutive ses- Petroleum Institute) inventory build (data) that was a technicality as unemployed workers sion yesterday (28) as US. Industry data and fear of Russia turning up production in the state were not required to file for benefits Fitch recalibrates National Rating Scale showed a steep and surprising build-up weighs on oil prices," said Stephen Innes, in the latest week. COLOMBO– Fitch Ratings has recali- visions will be announced soon, it added. in crude stockpiles, dampening hopes of chief global markets strategist at AxiCorp. But he nonetheless expects weekly claims to brated its Sri Lanka National Rating scale National scale ratings are a risk ranking of a smooth demand recovery as the world "As is often the case during a run-up to drop below one million by the end of June and to reflect changes in the relative credit- issuers in a particular market designed to begins to ease its way out of coronavirus an OPEC+ meeting, the focus is squarely slow over the coming weeks. "The dip in initial worthiness among Sri Lankan issuers fol- help local investors differentiate risk. Sri lockdowns. on Russia's commitment and understand- claims is consistent with Google search and ad- lowing its downgrade of the country’s sov- Lanka’s national scale ratings are denoted The decline extended losses from ably so as historically they have been the vance state data, which tentatively point to a big- ereign rating to ‘B-‘from ‘B’ on April 24, by the unique identifier ‘(lka)’. Wednesday (27) on uncertainty about laggard within the OPEC+." ger drop next week," Shepherdson said. 2020. Fitch adds the identifier to reflect the Russia's commitment to deep oil produc- Data from US industry group API A separate Commerce Department report Nothing that the outlook on Sri Lanka’s unique nature of the Sri Lankan national tion cuts in the lead-up to a June 9 meet- showed crude stocks rose by 8.7 million showed orders of manufactured goods - a key long-term issuer default rating is nega- scale. National scales are not comparable ing of the Organization of the Petroleum barrels in the week to May 22, compared component of measuring GDP in the servic- tive, Fitch said the recalibration will result with Fitch’s international ratings scales or Exporting Countries and its allies, dubbed with analysts' expectations for a draw of es-dominated US economy - plummeting by in rating actions for some issuers with Sri with other countries’ national rating scales. OPEC+. 1.9 million barrels. 17.2%in April, following a 16.6% drop in March. Lankan national ratings. These rating re- -ENCL US West Texas Intermediate (WTI) Gasoline stocks rose by 1.1 million bar- Sales fell to $170 billion in April, the first full crude futures were down 4.4%, or $1.44 at rels, more than 10 times the build ana- month of the lockdowns, compared to $246 bil- $31.37 a barrel at 0402 GMT after slipping lysts had expected, and stocks of diesel lion before the virus struck. Much of the trouble Sri Lanka as much as 5% to a low of $31.14 earlier in and heating oil rose by 6.9 million barrels, stemmed from struggling aerospace giant Boe- the session. Brent crude futures dropped nearly four times as much as anticipated. ing, which reported no new orders in April, as 3.2%, or $1.10 to $33.64 per barrel. -Reuters compared to 31 in March. Stocks up 1.82% driven by JKH Like other companies nationwide, Boeing COLOMBO - Sri Lanka stocks closed Bank amounted to 534,000 shares traded shuttered its US factories due to the pandemic, 1.82% higher yesterday (28) driven by at Rs104. And Sanasa Development Bank Sri Lanka but has since resumed production while plan- blue-chip stocks mainly John Keells Hold- recording a crossing of 2.4 million shares ning to slash its workforce by 10% and slow out- ings, market analysts said. priced at Rs 51. put. Sales of motor vehicles and parts collapsed Colombo’s main, All Share Price Index John Keells Holdings shares closed at Rs Rupee quoted weaker, bond yields edge up nearly 52.8% compared to March. advanced 87.15 points to 4,887.11 pushed 115.80 a share, up by Rs 5.70 or 5.18% yes- COLOMBO - Sri Lanka rupee was quoted trade, dealers said. Dealers also said that All told, transportation orders collapsed by up mainly by John Keells Holdings and Di- terday, contributing heavily to the ASPI’s weaker at 186.25/40 yesterday (28) while liquidity was mainly centered on 2023 ma- more than 47 percent after the 43% plunge in alog Axiata. spike. bond yields edged up, dealers said. turities. March. Excluding transportation, total durable The index followed an upward trajec- Dialog Axiata, shares gained by 50 cents, The rupee closed at 186.15/35 to the A bond maturing on 10.08.2021 was goods sales fell just 7.4%. The Commerce De- tory minutes after gaining at market open trading at Rs 10.60 a share while Ceylon greenback on Wednesday (27). Central quoted at 6.90/10% yesterday, flat from partment also reported that US GDP fell 5.0% in which continued until the market end. Tobacco Company stocks gained by Rs Bank issued the average rates for the fol- Wednesday’s closing, while a 2-year bond the first three months of the year, slightly worse The S&P SL20 index of more liquid 38.30 to trade at Rs 946.60 a share, among lowing currencies quoted by commercial maturing on 01.10.2022 was quoted at than the 4.8% drop originally reported, putting stocks gained 2.46% or 49.52 points to 2, the top three companies which dragged the banks in Colombo for Telegraphic Trans- 7.45/50%, up from 7.40/47% and a bond an end to a decade of economic expansion. 063.88. index up. fers (TT). maturing on 15.01.2023 was quoted at The drop was fuelled by a collapse in consum- Market turnover was Rs 1.2 billion with Banking stocks continued to make gains The TT buying rate went up by 14 cents 7.78/82%, up from 7.73/79% on Wednes- er spending and exports, and was all the more 109 stocks making gains and 46 stocks fall- throughout the week amid Coronavirus while the selling rate went up by 34 cents, day. dramatic given that the business shutdowns did ing. disruptions, CSE data showed. central bank data shows. A bond maturing on 15.09.2024 was not start to take effect until the final two weeks Additionally, crossings in three compa- However, market analysts said that the Sri Lanka’s debt office sold Rs 8.0 billion quoted at 8.40/45% yesterday, up from of the quarter. Federal Reserve Chair Jerome nies, namely Expo Lanka, Hatton National banking sector stocks received mixed buy- of 3-month bills, Rs 11.0 billion of 6-month 8.35/40% at Wednesday’s end and a bond Powell said the collapse in the April-June quar- Bank, and Sanasa Development Bank con- ing and selling market pressure at the start bills and Rs 16 billion in 12-month bills af- maturing on 15.10.2027 was quoted at ter could be as bad as 30%, again in line with the tributed to the market turnover. of the day but at the latter part it made ter offering Rs 30 billion up in weekly bills 8.80/90%, unchanged from 8.80/85% on Great Depression. Crossing in Expolanka Holdings totalled gains where most banking sector shares auction on Wednesday. Wednesday‘s close. -AFP to 10 million shares traded at Rs 270 per ending in green. In the secondary government securities share while the crossing in Hatton National -economynext.com market, bond yields edged up in moderate -economynext.com Sri Lanka Fuel stabilization Infotainment fund has not grown Hirdaramani’s H One launches all-encompassing digital as expected COLOMBO - A fuel price stabilization fund factory-floor solution, Res.Q 2020 which was to collect Rs 200 billion in 2020 as global oil prices fell has not grown as expected H One (Pvt) Ltd. - Sri Lanka’s leading ing the management to seamlessly iden- to define steps, assign users, and enable due to fall in consumption and stocks already full-service digital solutions provider, and tify, organize, and manage their staff to security parameters for effective produc- bought at high prices, Information Minister IT arm of textile powerhouse Hirdarama- effectively maximize productivity. tion route creation. This module enables BandulaGunewardene said yesterday (28). ni- has announced the launch of the new- The second component, Res.Q| MI, is functioning with either RFID, bar codes, “The fund has not grown as expected because est module of the Res.Q product suite; an designed to create a completely paperless or QR codes, providing a high degree of consumption has fallen sharply,” he said, add- end-to-end program that sets out to opti- Machine Inventory management system flexibility and adaptability. ing that some of the stocks had also been bought mize the operations of Sri Lanka’s boom- by leveraging NFC (Near Field Communi- An optional add-on for Res.Q users is at higher prices earlier. Sri Lanka clamped on a ing apparel manufacturing industry. cation) technology. This real-time analyt- integration with Res.Q| QMS, to add cus- sever lockdown using curfew laws over the past At an event to launch the transforma- ical platform will provide decision makers tom quality inspection points for any re- two months, leading to a collapse in consump- tive new technology, H One’s Thushitha with a range of interactive dashboards for quired steps. This is H One’s first digital tion of goods and reduced transport. Kularatne and Dilshan Chiththananda instant, data driven decision making. solution to be introduced to the market, He said customs will charge a surcharge at the took industry professionals on a tour of Component three, Res.Q| SL, optimiz- this cloud-based management solution point of import and the funds will go to an ac- a mock factory floor. They introduced es a factory’s output by helping clients provides decision makers with a 360°view count in state-run Bank of Ceylon, which is man- the workings and benefits of each Res.Q achieve the ideal man-machine line bal- of production quality on the factory floor, aged by six additional secretaries of the finance module, and its potential to seamlessly ance, done by assigning the most-suited streamlining quality inspection with a ministries. The funds are expected to settle loans deliver a holistic solution to control the operator and machine to the right opera- simple, digital interface driven process. taken by the Ceylon Petroleum Corporation and entire factory floor, by leaving behind the tion, via a series of in-depth data and op- This specialized industrial digitization Thushitha Kularatne highlights the lot based Ceylon Electricity Board. The reduced interest conventional paper-based process and erational analyses, thus reducing the time brought about by Res.Q, is a digital virtual button which alerts all systems of an issue costs of CEB and CPC will bring down their op- embracing digital transformation, further spent on manual line balancing. copy of the factory floor that encompasses at a specific workstation erating costs over the longer term he said. fortifying Res.Q’s capabilities in deliver- Res.Q FI is the fourth component, and automation and data exchange by captur- Sri Lanka’s CPC incurred aRs 80 billion loss ing greater speed, accuracy and efficiency. deals with fabric inspection, where the ing events in real time and contextually affordable as well as easy to incorporate in 2018 by running an unhedged forex loss via Res.Q’s new modules focus on the evo- textile is digitally assessed for its qual- streaming it to the relevant decision mak- by both management and their employ- dollar borrowings despite market pricing fuel, as lution of various aspects of the textile fab- ity, shade, and shrinkage capacity. Once ers with actionable insights. As clients ees. the central bank injected liquidity in 2018 bring- rication process, by offering a solution to a shipment arrives, individual rolls will increasingly deploy these digital tools, a Ever since its founding in 2017, H One ing down the rupee. overcome the most time-consuming and be assigned a unique ID for evaluation. new universe of efficiency, transparency, has been helping apparel manufactur- Analysts have called for reform of Sri Lanka’s tedious of tasks; namely in the depart- Once the QR or bar code of the roll has and personalization will open up, sup- ers move towards the concept of Smart central bank so that it cannot print money in a ments of employee skill management, been scanned, it will be inspected through porting clients in their goal to thrive and Manufacturing by empowering them monetary stimulus, permanently depreciate the machine management, line planning, fab- a special machine that will digitally take succeed in their businesses. with technology that caters to the unique currency, pushing up costs, driving cost of liv- ric inspection, manufacturing execution, note of any defect and problem areas. An “Over the years we have been opening challenges of the industry, and by fill- ing up lowering living standards while also driv- and overall quality management. inspection summary can then be auto up extraordinary opportunities for tex- ing technology gaps left unaddressed by ing Sri Lanka closer to default. A 2018 bout of The first module, Res.Q| SM, is the com- generated for automated supplier evalu- tile players to fine-tune their factory pro- mainstream systems including ERPs (En- money printing saw the rupee downgraded to ‘B’ ponent which enables the digitization of ations. cesses and address their individual pain terprise Resource Planning solutions). despite improving budgets and market pricing employee Skill Management through one Next, Res.Q| MES tracks a factory’s points, resulting in competitive advan- Now running in more than 50 factories, of oil. central cloud-based platform. Through start-to-end production capabilities. A tages and bringing more efficiency to the and operations in Bangladesh, Vietnam, The latest bout of money printing coupled individual profiles of each employee, this cloud-based production tracking module, industry,” said Samath Fernando, CEO of and Myanmar, H One has plans of ex- with tax cuts in the form of a fiscal stimulus, has skill management solution will provide this component helps users track their H One, explaining that Res.Q follows suit panding its 500+ production line busi- brought the credit rating down to ‘B-‘. information on the real-time skill compe- total manufacturing process from cut- in providing next-generation, customer- ness to other regions. -economynext.com tencies of each machine operator, allow- ting to packing. Employers will be able specific smart factory solutions that are WEEKEND EXPRESS MAY 29 - 31, 2020 3 GLOCAL