More than a month after the Beirut blasts left behind devastated communities, Emirates continues to do its part to help turn its customers’ collective generosity from all corners of the globe into essential humanitarian cargo to support recovery efforts on the ground and help those affected rebuild their lives. Contributions are continuing to pour in from Emirates customers around the world as cash or Skywards Miles, bolstering Emirates SkyCargo’s ability to scale up resources and provide vital airlift to Lebanon.
Over 12,000 donations from 140 countries have come in as cash or Skywards Miles, through the dedicated, secure and convenient Emirates Airline Foundation portal as well as through the Emirates website. Countries that accounted for a significant portion of the donations included the UK, India, Australia, Germany, United States, Italy, New Zealand, Taiwan, Japan and South Africa.
In addition, a number of Emirates Skywards members demonstrated their overwhelming generosity and commitment to Beirut disaster relief efforts through individual contributions of close to 250,000 Miles each.
Softlogic Capital PLC has agreed to acquire 33,063,877 ordinary shares amounting to 49.67 of the issued ordinary shares of Abans Finance PLC from its major shareholder Abans PLC at a price of Rs.30.10 per share subject to the recipient of all regulatory approvals which are required for the acquisition. In a Stock Exchange Filing, Softlogic Holding PLC, the parent company of Softlogic Capital PLC further stated that Softlogic Capital would make a mandatory offer to the minority shareholders of Abans Finance PLC subsequent to the aforesaid acquisition in terms of the Take-overs and Mergers Code 1995 as amended in 2003.
After the acquisition and mandatory offer referred to aforesaid, Softlogic Capital PLC would have a shareholding in excess of 49.67 in Abans Finance PLC and a shareholding in excess of 72.94 in Softlogic Finance PLC.
COVID-19 pandemic represents the biggest test of financial stability to the financial services sector. Pandemic constitutes unprecedented local as well as global macro-economic stress leading to slowed down economic conditions. Financial system in the country faces the dual challenge to sustain the flow of credit amidst declining growth and to manage the increased risks resulting due to changes in the economic landscape.
The depth and severity of financial shocks are often amplified by inadequate and low-quality capital in the financial services sector. On the other hand, many risks were not appropriately covered by a commensurate amount of capital, owing to weaknesses in banks’ risk identification and assessment. It is therefore of paramount importance to raise the resilience of individual credit institutions in periods of stress by seeking improvements in their forward-looking internal capital adequacy assessment processes (ICAAPs), including comprehensive stress testing and capital planning.
To help banks to navigate these ambiguities, we have thoroughly analyzed the ICAAP practices of the financial services sector in Sri Lanka combined with our own experience in ICAAP reviews and implementations.
The analysis will help banks to understand current practice and serves as a guide to the widespread adoption of leading practices to assist them to grapple with ICAAP: