Whither Sri Lanka’s economy

Many articles have been written by economists and other experts analysing Sri Lanka’s economic performance in recent times and drawing comparisons to the performance during the last regime. As a layman, I thought of attempting to make an objective analysis and to suggest some ways forward. 

NTB launches innovation centre to host first ever fintech hackathon

Nations Trust Bank PLC (NTB) recently launched Sri Lanka’s first innovation centre in the financial sector, named ‘Kaffeine Lab’ located at Gregory’s Road, with the first initiative being Sri Lanka’s first ever fintech hackathon organized in collaboration with the IT Faculty of the University of Moratuwa and the Sri Lanka Association for Artificial Intelligence (SLAAI).

Vista Rooms partners with handy to empower hotels with free smartphones

Vista Rooms, South Asia’s largest chain of affordable stays, has partnered with handy to provide its network of hotels with free smartphones, allowing guests to enjoy unlimited international calls

PLC’s annual report 2016/17 wins big at ARC Awards

In an affirmation of the strength of its financial standing, People’s Leasing Company’s (PLC) annual report for 2016/17 ‘Collective Moments’, recently won top honours at the 31st ARC Awards International held in  Tokyo Japan. 

ComBank affirmed ‘Strongest Bank’ in Sri Lanka in 2017

The Commercial Bank of Ceylon PLC has emerged the Strongest Bank in Sri Lanka in 2017, according to the Asian Banker magazine, and has once again been ranked among the 500 strongest banks in the Asia Pacific region on Balance Sheet evaluation.

Mastercard opens-up access to Blockchain API for partner banks and merchants

Mastercard announced that it will be opening up access to its Blockchain technology via its API published on Mastercard Developers.

Is Sri Lanka’s grade five scholarship exam akin to a fool’s errand?

The 2017 grade five scholarship exam results were released in early October, with 356,728 candidates sitting for the exam across Sri Lanka. As usual, the details of the top scorers were highlighted in the media. But,

Taper Tantrum 2.0? How Fed’s balance sheet normalization affects Asia

The US Federal Reserve is raising interest rates in response to improving US economic conditions. While the Asian policymakers grapple with the ramifications of rising US interest rates on the stability of their financial systems, they may soon find themselves facing another, no less significant shift in the US monetary policy.

Major boost for electronic transactions with new amendment

The Electronic Transactions Amendment Bill, approved by parliament this week, will be a major boost for commerce, business and trade in the digital era. This is the first amendment to the Electronic Transactions Act. No. 19 of 2006, presented to parliament by the telecommunications and digital infrastructure minister. The Digital Infrastructure Ministry worked closely with the ICT agency (ICTA) to prepare this latest amendment.

Sampath Bank Introduces the First Banking Robot in Sri Lanka

Robotics enabled by artificial intelligence and machine learning is proving to be a game changer that will bring unique operational efficiencies to the financial service industry, worldwide.

Mobitel’s Cash Bonanza Montero Extravaganza drives away with a brand new Montero

The National Mobile Service Provider, Mobitel’s Cash Bonanza Montero Extravaganza programme continues to reach unprecedented heights in September, witnessing a growing numbers of customers 

Sri Lanka gets US $ 73mn concessional funding from SFD

Saudi Fund for Development (SFD) has granted two concessional loans worth US $ 73 million to Sri Lanka for higher education and water resource management sectors, a Finance Ministry communiqué said.  

Fate of over half of 2017 budget promises unknown: think tank

Just 3 percent of the brand new, large expenditure promises in the 2017 budget were on track or ahead of schedule at the end of the first half of this year, and the government has failed to provide information on more than half of the promises, according to the Colombo-based think tank 

Local-foreign consortium buys 45% stake in Ascot for Rs.241mn

A consortium of local and foreign investors yesterday purchased a significant stake in the property development and hospitality holding company Ascot Holdings PLC (Ascot), as the firm’s two largest shareholders exited.

Wider income disparities among urban, rural and estate sectors

Although the rising household incomes have trimmed the country’s inequality to a certain degree, the wider disparities remain in incomes among urban, rural and estate sectors, the latest data from the Household Income & Expenditure Survey (HIES) for the year 2016 by the Census and Statistics Department showed.  

CB pushes for severing link between fiscal policy and elections

Sri Lanka’s Central Bank is currently working towards breaking the trend of the country’s economic agenda being hijacked by electionsor other such political developments, by making an attempt to institutionalize the various frameworks for macroeconomic policy formulation. 

Publicis Groupe expands its presence to Sri Lanka by launching Saatchi & Saatchi

Publicis Groupe, the world’s third largest communications company recently extended its presence to Sri Lanka by launching Saatchi & Saatchi, a full service, integrated communications company that 

Pyramid Wilmar launches Meadowlea in Sri Lanka

Pyramid Wilmar, the company behind Sri Lanka’s number one edible oil, Fortune, officially launched Meadowlea, a product of Goodman Fielder Australia and widely known to be one of Australia’s favourite spreads.

Metecno Lanka opens sixth branch in Negombo

Metecno Lanka (Pvt.) Ltd has successfully implemented its branch expansion initiative to cater to the needs of the Metecno Lanka’s customers  more efficiently.

Digital transformation catalyst IQ announces partnership with Ydigital Asia

Digital transformation consultancy Innovation Quotient (IQ) recently announced its partnership with Ydigital Asia, a collaboration that leverages learnings from the world’s fourth largest consumer market, Indonesia, to augment IQ’s mission to support Sri Lanka through the digital age.

Ven. Ajahn Brahm to address Lankan biz community

Ajahn Brahm Society – Sri Lanka announced that Ven. Ajahn Brahm will be in Colombo early November, and has accepted the invitation to deliver two Dhamma talks. 

Ganeshan Wignaraja to speak on China-India dynamics next week

The Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKI) will host an inaugural lecture by Dr. Ganeshan Wignaraja on ‘A Recovering Global Economy? The Dynamics of China and India in the Future of Global Growth.’ 

Leading cement brands reach settlement over trademark dispute

Tokyo Cement Company (Lanka) PLC agreed to a settlement over a suit filed against Ruhunu Lanka Cement (Pvt) Ltd in the Commercial High Court of the Western Province. 

Skill gaps: Achilles heel of Sri Lanka’s education sector

As Sri Lanka enters an increasingly competitive international environment with a renewed emphasis on transforming itself into a modern economy, the importance of promoting technological innovations and generating an educated workforce with market oriented skills cannot be over emphasized.  High quality human resources with science and technology 

Eimsky Business Solutions wins hat-trick of awards at NBQSA 2017

With a vision of bringing digital smartness to everyday life and a continuous drive in providing world class customizable software solutions serving multiple industries across Sri Lanka, SE Asia

Leading Cement Brands Come to Settlement Over Trade Mark Dispute

Tokyo Cement Company (Lanka) PLC agreed to a settlement over a suit filed against Ruhunu Lanka Cement (Pvt) Ltd in the Commercial High Court of the Western Province. Tokyo Cement, one of the

OPPO is all set to launch a New Selfie Expert for Sri Lanka

OPPO Mobileis all set to launch its newest Selfie Expert in Sri Lanka once again. OPPO’s latest offering will not only be the brand’s first full-screen model in Sri Lanka, but will also come equipped 

Digital transformation catalyst IQ announces partnership with Ydigital Asia

Digital transformation consultancy Innovation Quotient (IQ) recently announced its partnership with Ydigital Asia – a collaboration that leverages learnings from the world’s fourth largest consumer 

TRCSL Ranks Mobitel’s 4G Network as the ‘Fastest Broadband Network’ in Sri Lanka

Mobitel achieves yet another milestone by being ranked as the ‘Fastest Broadband Network’ on 4G by the Telecommunication Regulatory Commission of Sri Lanka (TRCSL). This is based on the latest 

Former CEO of Qatar Financial Centre to be featured on Ceylon Chamber’s  ‘Front Row’

‘Economy.Lk’, The digital platform  of the Ceylon Chamber of Commerce, launched to disseminate vital business and economic information is now airing ‘Front Row’, a new programme, featuring acclaimed business leaders, policy makers, economists and thought leaders from both Sri Lanka  and overseas.