1990 Suwa Seriya breaks ground with MR and AI-powered connected ambulance

In a pioneering breakthrough, 1990 Suwa Seriya, Sri Lanka’s national pre-hospital emergency ambulance service, is ushering in a new era in emergency healthcare through its innovative connected ambulance. Powered by state

Benchmark 1-year yield makes about-turn at another outsize auction

The benchmark one-year bill reversed course and added back 10 basis points at the weekly primary bill auction held on Wednes

UK signs financial deal with Switzerland

BBC: Chancellor Jeremy Hunt was in Switzerland yesterday to sign a deal that makes it easier for UK and Swiss financial firms

IMF releases US$ 187mn Zambia payout, says restructuring proposal being revised

Reuters: The International Monetary Fund’s board on Wednesday approved an immediate US$ 187 million loan payout to Zambia and said the country was revising a restructuring proposal for US$ 3 billion of bonds that official creditors had rejected last month. It will be the third payout un

November tea exports expand by 11% YoY

Ceylon Tea exports in November expanded by 11 percent Year-on-Year (YoY), totalling 21.46 Mnkgs. Provisional data fro

Listed company earnings contraction slows in September quarter

Sri Lanka’s listed company earnings appeared to have ended its year-long contraction three months ago, as the earnings slump seen in back-to-back quarters eased sharply in the September quarter which ended up slipping only 3.8 percent from t

Gross official foreign reserves to exceed US$ 4bn by end of 2023

Sri Lanka’s gross official foreign reserves are expected to exceed US$ 4 billion by the end of this year, the President’s Media Division (PMD) said on Wednesday, citing Finance Ministry information. Sri Lanka received US$ 337 million from the International Monetary Fund as the second tranche of the Extended Fund Facility th

Sri Lanka’s global collaborations for hub and energy

In the realm of international cooperation, Sri Lanka stands at a crossroads, seeking transformative partnerships to propel its trajectory towards energy sustainability. The September meeting between President Ranil Wickremesinghe and a World Bank delegation illuminated a broadened discourse that extends beyond conventional boundaries, encompassing ports, trade, and crucially, support for initiatives in digitalization, renewable energy, and educat

Tea exporters express grave concern over implementation of VAT on tea trade

The Tea Exporters Association (TEA) yesterday expressed grave concern over the introduction of the 18 percent Value Added Tax (VAT) on the industry and the practical issues it is bound to create, unless a mechanism is put in place to ensure the seamless functioning of the tea value chain, in light of the VAT issue.

Cabinet nod to amend Information and Communication Technology Act

The Cabinet of Ministers this week approved a resolution furnished by President Ranil Wickremesinghe, who also serves as the Technology Minister, to instruct the Legal Draftsman to prepare a draft bill to amend Information and Communication Technology Act No. 27 of 2003.

SLT-Mobitel and STEMUP Foundation partner for ‘Day of Code 2023’

With an aim to encourage interest in and advancement of computer science education among Sri Lankan students and educators, SLT-Mobitel partnered with the STEMUP Educational Foundation to host the ‘Day of Code 2023’, for the second consecutive year. Day of Code was organized to celebrate and commemorate international Computer Science Education Week held during December 4-10, 2023 As the National ICT Solutions Provider, SLT-Mobitel understands tha

Technocity and Lenovo unveil future of technology at Lenovo Innovate ‘23 event

Technocity Private Limited, in partnership with Lenovo, hosted a momentous event Lenovo Innovate ‘23, at the Kingsbury Hotel in Colombo. The event, held on December 6th, brought together over 150 partners from various parts of Sri Lanka to witness the latest advancements in technology and celebrate a year of exceptional achievements. One of the highlights of the evening was the recognition of key partners who demonstrated outstanding performance

Virtusa wraps-up ‘Code to Cloud’ training programme with Peradeniya University

Virtusa, a global provider of digital strategy, digital engineering, and IT services and solutions, successfully concluded the Code to Cloud: DevOps with AWS training programme, followed by an ambitious 98-minuteAWS Rush Hour hackathon challenge in partnership with the University of Peradeniya (UOP) recently. With the world heralding the era of cloud computing, Virtusa ensured participating members of the Computer Society of UOP are equipped with

SLASSCOM’s inaugural BPM Summit outlines strategies to empower SL as Global BPM Destination

The recent SLASSCOM BPM Summit shed light on the rapid growth and significance of Sri Lanka’s IT/BPM sector and provided a crucial platform for industry leaders, experts, and stakeholders to engage in discussions about the future trajectory of the industry. The event was supported by Infomate Private Limited, Innodata Lanka (Pvt) Ltd, HCL Tech, and Orel IT. Jehan Perinpanayagam, Chairman SLASSCOM, underscored the vital role of the BPM sector in i

Hutch wins at SLIM DIGIS 2.3

Hutch continues to shine in the digital realm, earning accolades at SLIM Digis 2.3. The company received a Bronze Award for Creator/Influencer Digital Marketing, highlighting its innovative approach in the digital landscape. Additionally, Hutch secured a Merit Award for Best Performance Marketing, showcasing its excellence in driving impactful campaigns. These honors underscore Hutch’s commitment to staying at the forefront of digital marketing

Gnext Store opens flagship outlet at World Trade Centre

Gnext Store, an Apple Authorized Reseller and an official reseller of Xiaomi and Dyson in Sri Lanka, announced the grand opening of its latest store located at the World Trade Centre in Colombo 01, effective from the 18th of December. Designed to international standards, the Gnext Store at WTC is an experiential retail store, providing patrons with a unique opportunity to experience and explore the entire range of devices before making a purchas

DIMO Coastline receives recognition at South Asian Business Excellence Awards 2023

DIMO Coastline Pvt Ltd, a joint venture between DIMO and Coastline Investments in the Maldives, has been honoured with the title of ‘Best Support Services in the Maritime Industry’ at the recently concluded 7th Edition of the South Asian Business Excellence Awards. The event, held at the JEN Maldives Malé by Shangri-La, served as a platform to acknowledge and reward outstanding achievements within the corporate domain, highlighting DIMO Coastlin

Variosystems Sri Lanka opens third production facility in Bandaragama

Marking 25 years of unparalleled commitment to excellence in Sri Lanka, Variosystems announced the inauguration of its third state-of-the-art production facility in Badalgama. This milestone underscores the company’s unwavering dedication to innovation, sustainability, and operational excellence. “The location in Badalgama is a central component of our vision. We want to support international customers with local supply chains, competitive pric

Pathfinder to develop blueprint to double SL’s growth rate through accelerated connectivity to India

The Pathfinder Foundation has formed a Study Group of Experts to develop a blueprint and framework aimed at doubling Sri Lanka’s economic growth rate through accelerated economic integration and infrastructural connectivity with India. The framework document is expected to be formally launched in March 2024. Most economic forecasts place Sri Lanka on an average growth trajectory of 3 percent per annum for the next decade. Such an anemic growth ra

Orzone Group becomes Sri Lanka’s first PET bottle exporter

Ackzorne Lanka Private Limited, a subsidiary of Orzone Mineral Water Exports Private Limited, established with the Board of Investment (BOI) approval, recently commenced the export of polyethylene terephthalate (PET) plastic bottles, and 40-Feet-High Cube containers of bottle caps to the United States of America, becoming the first ever Sri Lankan company export such products. This project was launched under the instructions and guidance of the C

NCCSL announces National Business Excellence Awards event for nineteenth consecutive year

Being one of the pioneering awards competitions initiated as way back as 2004, by the National Chamber of Commerce of Sri Lanka (NCCSL), the NBEA has maintained its highest standards and gained much recognition and prestige amongst the business community. The National Chamber of Commerce of Sri Lanka takes pleasure in announcing the “National Business Excellence Awards 2024”, the flagship event for the 19th consecutive year. Applications are now

Industrial sector shows some positive movement but still too far from peak days

Sri Lanka’s industrial production was seen getting a slight lift in October from a month ago levels, indicating signs of recovery. The Index of Industrial Production (IIP), which measures the country’s manufacturing heft, recorded 86.9 index points in October—measured on a 12-month average basis—edging up from 86.7 index points in September, the latest data made available by the Census and Statistics Department showed. Measured on a year-on-year

Corporate Governance Rules for listed firms revised after 16 years

The Colombo Stock Exchange (CSE), along with the Securities and Exchange Commission of Sri Lanka (SEC), has revised the Corporate Governance Rules for the Listed Entities after 16 years. These revised rules are applicable to companies listed on the main market segment i.e., the Main Board, Diri Savi Board and Catalyst Board, from October 1, 2023, subject to certain transitional provisions. The revised Corporate Governance Rules of the CSE were

Benchmark 1-year yield makes about-turn at another outsize auction

The benchmark one-year bill reversed course and added back 10 basis points at the weekly primary bill auction held yesterday. The one-year bill settled at 12.93 percent yesterday, giving up the decline in the yields, which occurred in the last few auctions. The Central Bank offered to raise a total of Rs.172.5 billion spread between three, six and 12-month bills—Rs.60.0 billion, Rs.57.5 billion and Rs.55.0 billion each. But it accepted only Rs.

World Bank releases US $ 250mn for Sri Lanka as budget support

The World Bank yesterday released the second tranche of the US $ 500 million Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), considering the continued satisfactory progress made by the government with the reform programme. The RESET DPO, which provides budget support to the government, was approved on June 28, 2023. The first tranche of the RESET DPO for US $ 250 million was released in June 20

DFCC Bank to raise Rs.8bn via listed debt

DFCC Bank yesterday disclosed plans to raise Rs.8 billion through a listed debenture issue. The bank yesterday said it received in-principle approval from the Colombo Stock Exchange (CSE) to list the debt instruments on the CSE. The bank plans to issue Rs.80 million Basel III-compliant tier 2, listed, rated, unsecured, subordinated, redeemable debentures, with a non-viability conversion, at a par value of Rs.100 each. The subscription list of the

Persistent real estate sector decline sheds light on troubles brewing in housing

Sri Lanka’s real estate activities, including home ownership, continued to decline through the first nine months, extending the prolonged decline seen from last year. This reflects the lingering challenges faced by those who aspire to buy a home or build a home of their own in the current depressed economic environment. As per the third quarter GDP estimates, the broader real estate activities contracted by 5.5 percent during the quarter, bring

Gross official foreign reserves to exceed US $ 4bn by end of 2023

Sri Lanka’s gross official foreign reserves are expected to exceed US $ 4 billion by the end of this year, the President’s Media Division (PMD) yesterday said, citing information from the Finance Ministry. Sri Lanka received US $ 337 million from the International Monetary Fund as the second tranche of the Extended Fund Facility this month. Also, the government received US $ 200 million from the Asian Development Bank this month and the World Ban

Elephant House Dominates at SLIM Brand Excellence 2023

Elephant House dazzled once again as a brand powerhouse by securing 3 prestigious awards at the SLIM Brand Excellence Awards 2023. Hosted by the Sri Lanka Institute of Marketing, Brand Excellence is the most prestigious recognition for brands in Sri Lanka, honoring exceptional marketing efforts and outstanding brand stories.

World Bank releases US $ 250mn for Sri Lanka

The World Bank today said it has released the US $ 250 second tranche of the US $ 500 million budget support loan for Sri Lanka that was approved in June 28, 2023.