Amazon steps up AI race with US $ 4bn Anthropic investment

AFP: Amazon said yesterday it would invest up to US $ 4 billion in AI firm Anthropic, as the online retail giant steps into an AI race dominated by Microsoft, Google and OpenAI. The success of OpenAI’s ChatGPT, a chatbot released last year that is able to generate poems, essays and other works with just a short prompt, has led to billions being invested in the field. Amazon had already announced it aimed to soup up its Alexa voice assistant with

Apparel exporters urge govt. to negotiate with UK for DCTS exemptions

Sri Lanka’s apparel exporters want the authorities to negotiate with the United Kingdom (UK) for exemptions under the Developing Countries’ Trading Scheme (DCTS), which replaced the UK’s Generalised Scheme of Preferences (GSP). In particular, the Joint Apparel Association Forum (JAAF), Sri Lanka’s apex apparel industry body, requests the government to support the industry by applying for extended cumulation and seek a relaxation for non-originati

ETCA talks set to resume towards end of October

Chief FTA Negotiators from both countries hold virtual meetings to discuss resumption Previous negotiations....

Crowds flock to Delkanda Sunday market as veggie prices plummet

Since the prices of vegetables have come down these days, many customers have come to the Delkanda Sunday Market to buy....

Planters’ Association renews call to completely reverse oil palm cultivation ban

Sri Lanka should look at completely reversing the ban on oil palm cultivation, an effort that, if rolled out properly, will ensure....

Thailand expects Tesla, Google, Microsoft to invest US$ 5bn

Thailand’s Prime Minister Srettha Thavisin said yesterday the country expected to receive investment of at least US$ 5 billion....

Colombo to host National IT and BPM Week fostering tech awareness and innovation

Sri Lanka is gearing up for a transformative initiative, hosting the National IT and BPM Week, scheduled to take place from October 11 to 13, 2023....

Sri Lanka repays US$ 200mn loan from Bangladesh with interest

Sri Lanka has paid off the entirety of US$ 200 million loan from Bangladesh, taken through a currency exchange agreement two....

Most import restrictions, except for vehicles, to be lifted next month: Semasinghe

State Finance Minister Shehan Semasinghe recently indicated that the remaining import restrictions, excluding Ehehan Semasinghe....

SLT-Mobitel empowers Apple iPhone users across Sri Lanka to embrace 5G revolution

SLT-Mobitel is providing a groundbreaking opportunity, enabling customers with the latest Apple iPhone devices to experience the best of 5G....

Hayleys Solar sets up Experience Centre in Jaffna

Hayleys Solar, the renewable energy arm of Hayleys Fentons, expands its horizons to make solar energy accessible from the south....

DIMO continues to lead as one of Sri Lanka’s premier workplaces for over a decade

DIMO’s recent remarkable 11-year winning streak as a Top Great Place to Work in Sri Lanka, under the Large-Size Workplace Category....

Healthguard Distribution partners Care 4 Wellbeing to expand presence for home-grown consumer brands

Healthguard Distribution, the fully-fledged pharmacy distribution arm of Sunshine Healthcare Lanka, has entered into an agreement with...

Kapila Dodamgoda appointed to Vallibel Finance board

Vallibel Finance is pleased to announce the appointment of Kapila Dodamgoda as an Independent Non-Executive Director of the company....

Microsoft announces ‘Copilot’ groundbreaking AI companion

At a major event in New York, Microsoft has announced the launch of Microsoft Copilot, a groundbreaking AI companion designed....

Port City to be launched in Dubai and Abu Dhabi on Sep. 26

Port City Colombo (PCC) would be launched in Dubai and Abu Dhabi on September 26, Investment Promotion Minister Dilum Amunugama told Parliament this week.

Offerings at Colombo Tea Auction continue to maintain around 5 MnKgs

The offerings at the Colombo Tea Auction continued to be maintained around the 5.0 million kilogramme mark, which was met with fair general demand and the price realisation was often closely following quality.

Chevron and unions agree to end Western Australia gas strikes

BBC: Energy giant Chevron and unions have struck a deal to end strikes at two large liquefied natural gas (LNG) facilities in Australia.

SL’s organic agriculture control body launches official website for first time

The National Organic Control Unit (NOCU), Sri Lanka’s control body for organic agriculture, operating under the aegis of the Sri Lanka Export Development Board (EDB), has taken a significant step towards promoting and regulating Sri Lanka’s organic agriculture sector, with the launch of its official website www.nocu.lk.

Ten SL organic farming businesses showcase export potential in Berlin

A high-profile event held earlier this month provided a unique platform for 10 Sri Lankan companies to showcase their organic agriculture products with export potential and connect them with the potential buyers and investors in Europe.

Vehicle importers decry govt.’s planned exclusive electric vehicle tariff exemption

Sri Lanka’s vehicle importers this week cried foul of the government’s move to permit electric and hybrid electric vehicle imports with zero tariff to one company, under the guise of electric and hybrid vehicle assembling in the country, which they claimed could deprive the state coffers billions of rupees while causing a massive foreign exchange outflow during the next two-year period.

Britain set to approve amended Microsoft-Activision deal

CNN: Microsoft’s proposed multibillion-dollar purchase of Activision Blizzard took a step closer to fruition yesterday as UK regulators said an amended version of the deal is likely to resolve their concerns over the acquisition.

National Information Technology and Business Process Management Week to kick off in October

Sri Lanka’s information technology (IT) sector will come under fresh spotlight, with the National IT and BPM Week set to be held from October 11 to 13, at the Sirimavo Bandaranaike Memorial Exhibition Hall, Colombo.

T-bills worth Rs.3tn to be converted to long-term bonds 

Meanwhile, the first task of the newly established Governing Board, which met yesterday for the first time, will be to convert the Treasury bills held by the Central Bank amounting to about Rs.3 trillion to long-term bonds. This would mark the completion of the Domestic Debt Optimisation (DDO) process. These conversions are slated to occur today, and their anticipated impact is poised to drive down Treasury bill rates.

LOLC enters Central Africa with Rwandan microfinance bank acquisition 

LOLC Holdings yesterday said it bought 90 percent stake in Unguka Bank PLC in Rwanda, a licensed microfinance bank by the National Bank of Rwanda, for a total consideration 5.3 billion of Rwandan Francs (approximately Rs.1.43 billion). A filing by LOLC said the acquisition was carried out by its sub-subsidiary LOLC Mauritius Holdings Limited on September 14, 2023. The filing said the confirmation of the transaction was intimated to LOLC Holdings

National inflation decelerates to 2.1% in August

Sri Lanka’s country-wide inflation measured by the National Consumer Price Index (NCPI) rose at 2.1 percent in August on a year-on-year basis, against 4.6 percent in July, the data released by the country’s statistics office showed. Food inflation was recorded at negative 5.3 percent compared to negative 2.5 percent in July, reflecting that food prices in real terms have actually declined from a month ago.

CBSL announces members of newly established Governing Board

The Central Bank yesterday announced the members who will sit on the newly established Governing Board of the financial sector regulator. The Board, constituted under the provisions of the recently promulgated Central Bank Act No. 16 of 2023, convened at Central Bank yesterday. The Central Bank announced President Council Sanjeeva Jayawardena, Nihal Fonseka, Dr. Ravi Ratnayake, and Anushka Wijesingha as members, with CBSL Governor Dr. Nandalal We

IMF chief receives firsthand insights from Ranil on SL’s debt restructuring progress

International Monetary Fund (IMF) chief Kristalina Georgieva yesterday received firsthand insights on Sri Lanka’s progress in its reforms efforts with President Ranil Wickremesinghe sharing details on key economic matters.

Expanding SL’s digital economy will add US$ 15bn to GDP by 2030: FITIS

The expansion of Sri Lanka’s digital economy will help boost the country’s Gross Domestic Product (GDP) by US$ 15 billion in the coming years, if development efforts in this regard are consistent, said the Federation of Information Technology Sri Lanka (FITIS).

CBSL releases ‘Financial Soundness Indicators’ for banks and licensed finance companies

The Central Bank yesterday released the ‘Financial Soundness Indicators’ as a key tool for communicating the performance of banks and finance companies supervised by the financial sector regulator. The publica