Business and Economics
Sri Lanka celebrates int’l Tea Day today

Various tea producing countries were celebrating a tea day of their own, some classified as Black Tea Day and some categorized as Green Tea Day depending on the importance to each industry.

The day was different from country to country. Sri Lanka and India used to celebrate 10th of December. However with the initiative of China who is making huge strides in the World Tea Industry, United Nations General Assembly declared May 21, as the International Tea Day. The Food & Agricultural Organisation Inter Governmental Group (FAO/IGG) supported this new idea of China to consolidate the date. The year 2020, is going to be the first occasion to celebrate the International Tea Day.

Due to the Corona Virus pandemic attacking the entire world, the event will not consist of outside celebrations or even indoor programs due to the necessity for social distancing and staying safely indoors as much as possible.

Cathay Pacific requires all passengers to wear face coverings while travelling

In response to COVID-19, Cathay Pacific has implemented a number of measures to safeguard the wellbeing of its passengers and crew. The airline has introduced face coverings for additional protection onboard and in situations where passengers cannot maintain physical distance of two meters from others, or as directed by airline employees.

Effective immediately, all passengers will be required to wear face coverings throughout their travel journey, including when passengers are checking-in, boarding and disembarking, as well as when they are at Cathay Pacific lounges.  The airline also recommends passengers to wear the face coverings in high-traffic areas such as security lines and at baggage collection areas.

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Amăna Bank continues profit momentum in Q1, records strong growth in deposits

Amăna Bank achieved a commendable Q1 performance in 2020, which saw its customer deposits grow by Rs 5.4 billion or by 8% to close the quarter at Rs 77.0 billion. As a result of conscious strengthening of credit risk parameters in the backdrop of challenging market conditions, advances grew only by 1% to close at Rs 58.4 billion.

The growth in customer deposits is a strong indication of the growing customer confidence and demand for the Bank’s people-friendly banking model. The growth also reflects the Bank’s effort in increasing its reach through strategic partnerships and collaborations, resulting in the Bank having one of the largest networks for deposits with 750+ access points across the Island.

Owing to the increase in customer deposits, the Bank’s Total Assets surpassed the Rs 90 billion mark to read at Rs 91.6 billion resulting in the Bank’s Net Asset Value improving to Rs. 4.78 per share.

Despite the challenging economic conditions which continued, Amăna Bank has been successful in maintaining its profit momentum in Q1 2020, recording a Profit Before Tax of Rs 180.2 million which remained flat when compared with the Q1 2019 figure of 180.8 million.

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