Open source technology provider WSO2 announced on Friday that it has signed a definitive agreement to be acquired by EQT.
"We are thrilled to partner with EQT as we embark on the next phase of WSO2's journey," said Dr. Sanjiva Weerawarana, CEO and Founder of WSO2.
"With EQT's support and expertise, we are well-positioned to accelerate our innovation agenda, expand our global footprint, and continue empowering enterprises to thrive in the digital economy."
With EQT as its new partner, WSO2 reaffirms its commitment to delivering innovative solutions that address the evolving needs of modern businesses.
Looking ahead, “WSO2 remains focused on driving customer success, fostering community collaboration, and delivering innovative software that unlocks new value creation opportunities for organizations worldwide,” added Weerawarana.
Hari Gopalakrishnan, Partner in the EQT Private Capital Asia advisory team said, “We believe that WSO2 is well-positioned to capitalise on long-term trends such as digital transformation and rising generative AI adoption and are confident of drawing on EQT’s proven software value creation playbook to further accelerate WSO2’s strong growth.”
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management and the third largest private equity firm globally.
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Open source technology provider WSO2 announced on Friday that it has signed a definitive agreement to be acquired by EQT.
"We are thrilled to partner with EQT as we embark on the next phase of WSO2's journey," said Dr. Sanjiva Weerawarana, CEO and Founder of WSO2.
"With EQT's support and expertise, we are well-positioned to accelerate our innovation agenda, expand our global footprint, and continue empowering enterprises to thrive in the digital economy."
With EQT as its new partner, WSO2 reaffirms its commitment to delivering innovative solutions that address the evolving needs of modern businesses.
Looking ahead, “WSO2 remains focused on driving customer success, fostering community collaboration, and delivering innovative software that unlocks new value creation opportunities for organizations worldwide,” added Weerawarana.
Hari Gopalakrishnan, Partner in the EQT Private Capital Asia advisory team said, “We believe that WSO2 is well-positioned to capitalise on long-term trends such as digital transformation and rising generative AI adoption and are confident of drawing on EQT’s proven software value creation playbook to further accelerate WSO2’s strong growth.”
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management and the third largest private equity firm globally.
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A tourist buying lotus flowers from a road side vendor in the vicinity of the Gangarama Temple in Colombo
Pic by Pradeep Pathirana
- Arrivals dip below 150,000
Sri Lanka tourism witnessed a drop in momentum in April with the number of international visitors falling below the 200,000 mark for the first time this year.
Tourist arrivals in April totalled 148, 867, provisional data from the Sri Lanka Tourism Development Authority (SLTDA) showed. Although this is a 41 percent increase from the corresponding month of the previous year, it is a significant drop from the 209,181 tourist arrivals recorded in the previous month (March).
Since December 2023, Sri Lanka has been successful in attracting over 200,000 tourists every month, which was also the first time the milestone was reached since the Covid pandemic outbreak.
The momentum was maintained for four straight months, but in April a contraction was witnessed. The dip is not unusual given that April is also the start of the dull period before a pickup in July.
However, while a contraction was expected, tourism authorities last week attributed the steep drop to other factors as well. One such is the new visa system that came into effect from 17 April that has created quite a stir since it was rolled out, as it is more expensive, and not as convenient as the Electronic Travel Authorisation (ETA) that was previously in place.
Meanwhile, in the monthly tourist arrivals update, the SLTDA noted that the arrival numbers have been “updated” as per the new visa categories introduced by the Department of Immigration and Emigration.
The update shows an increase in the arrival numbers.
When Mirror Business reached out to SLTDA for clarity, its Chairman Priantha Fernado said he will be able to share a more clear idea today after obtaining clarification from the immigration authorities.
“The source for us to obtain arrival data is Immigration. There seems to be some change that has been effected on the categorisation: Visiting Friends and Relatives, Business, MICE etc,” he said.
The top thee source markets for Sri Lanka tourism in April were India, Russian Federation, and the UK, which contributed 18 percent, 10 percent, and 9 percent of total tourist arrivals.
]]>
A tourist buying lotus flowers from a road side vendor in the vicinity of the Gangarama Temple in Colombo
Pic by Pradeep Pathirana
- Arrivals dip below 150,000
Sri Lanka tourism witnessed a drop in momentum in April with the number of international visitors falling below the 200,000 mark for the first time this year.
Tourist arrivals in April totalled 148, 867, provisional data from the Sri Lanka Tourism Development Authority (SLTDA) showed. Although this is a 41 percent increase from the corresponding month of the previous year, it is a significant drop from the 209,181 tourist arrivals recorded in the previous month (March).
Since December 2023, Sri Lanka has been successful in attracting over 200,000 tourists every month, which was also the first time the milestone was reached since the Covid pandemic outbreak.
The momentum was maintained for four straight months, but in April a contraction was witnessed. The dip is not unusual given that April is also the start of the dull period before a pickup in July.
However, while a contraction was expected, tourism authorities last week attributed the steep drop to other factors as well. One such is the new visa system that came into effect from 17 April that has created quite a stir since it was rolled out, as it is more expensive, and not as convenient as the Electronic Travel Authorisation (ETA) that was previously in place.
Meanwhile, in the monthly tourist arrivals update, the SLTDA noted that the arrival numbers have been “updated” as per the new visa categories introduced by the Department of Immigration and Emigration.
The update shows an increase in the arrival numbers.
When Mirror Business reached out to SLTDA for clarity, its Chairman Priantha Fernado said he will be able to share a more clear idea today after obtaining clarification from the immigration authorities.
“The source for us to obtain arrival data is Immigration. There seems to be some change that has been effected on the categorisation: Visiting Friends and Relatives, Business, MICE etc,” he said.
The top thee source markets for Sri Lanka tourism in April were India, Russian Federation, and the UK, which contributed 18 percent, 10 percent, and 9 percent of total tourist arrivals.
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“We have seen a lot of frustration at the moment, frustration in people trying to get here; we have seen what people have written to us. We may not have cancellations right now, but the problem is that we may not have new bookings for winter,” Sri Lanka Association of Inbound Tour Operators (SLAITO), Vice President Bobby Jordan Hansen told reporters in Colombo.
According to SLAITO’S research, Sri Lanka now has the highest visa fees in the region “This is hard to comprehend, especially when over 25 per cent of the cost is attributed to fees charged by an international issuing company, which does not benefit the tourists or the country. Based on a base of two million tourists, this would amount to a total of 50 million USD in fees, which seems absurd for a simple process that was previously executed extremely efficiently and cost-effectively,” it said.
SLAITO officials along with tourism industry veterans lamented that the visa issue would hamper the growth momentum for Sri Lanka’s tourism industry after a successful winter.
“So what’s going to happen is that even if hotels keep the same prices from last year, the package prices are going to shoot up,” Chairperson of Tangerine Hotels (Pvt) Limited and Sri Lanka Tourism Promotions Bureau former Director said.
According to SLAITO, the industry was kept in the dark until the new visa system came into operation on April 17.
“When they implemented ETA earlier, SLTDA came with the Department of Emigration and Immigration to brief us, and also a trial period was given. This time, even the Minister didn’t know,” a SLAITO member said
]]>“We have seen a lot of frustration at the moment, frustration in people trying to get here; we have seen what people have written to us. We may not have cancellations right now, but the problem is that we may not have new bookings for winter,” Sri Lanka Association of Inbound Tour Operators (SLAITO), Vice President Bobby Jordan Hansen told reporters in Colombo.
According to SLAITO’S research, Sri Lanka now has the highest visa fees in the region “This is hard to comprehend, especially when over 25 per cent of the cost is attributed to fees charged by an international issuing company, which does not benefit the tourists or the country. Based on a base of two million tourists, this would amount to a total of 50 million USD in fees, which seems absurd for a simple process that was previously executed extremely efficiently and cost-effectively,” it said.
SLAITO officials along with tourism industry veterans lamented that the visa issue would hamper the growth momentum for Sri Lanka’s tourism industry after a successful winter.
“So what’s going to happen is that even if hotels keep the same prices from last year, the package prices are going to shoot up,” Chairperson of Tangerine Hotels (Pvt) Limited and Sri Lanka Tourism Promotions Bureau former Director said.
According to SLAITO, the industry was kept in the dark until the new visa system came into operation on April 17.
“When they implemented ETA earlier, SLTDA came with the Department of Emigration and Immigration to brief us, and also a trial period was given. This time, even the Minister didn’t know,” a SLAITO member said
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Dr. Ranjith Siyambalapitiya
The Sri Lankan rupee has now become one of the fastest-growing currencies in the world, Finance State Minister Ranjith Siyambalapitiya said.
In a statement released by the Government Information Department, the minister pointed out that only in the first four months of this year the rupee has achieved remarkable growth in comparison with all the other currencies in the world.
“In the first four months, the rupee has gained 9.1 percent against the US dollar and has gained 12.7 percent against the euro,” he said.
Dr. Siyambalapitiya noted that the rupee has gained 10.8 percent against the Sterling pound and 11.4 percent against the Chinese yuan.
He further mentioned that the rupee has grown by 21 percent compared to the Japanese yen and by 9.5 percent compared to the Indian rupee and has grown by 14.2 percent compared to the Australian dollar.
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Dr. Ranjith Siyambalapitiya
The Sri Lankan rupee has now become one of the fastest-growing currencies in the world, Finance State Minister Ranjith Siyambalapitiya said.
In a statement released by the Government Information Department, the minister pointed out that only in the first four months of this year the rupee has achieved remarkable growth in comparison with all the other currencies in the world.
“In the first four months, the rupee has gained 9.1 percent against the US dollar and has gained 12.7 percent against the euro,” he said.
Dr. Siyambalapitiya noted that the rupee has gained 10.8 percent against the Sterling pound and 11.4 percent against the Chinese yuan.
He further mentioned that the rupee has grown by 21 percent compared to the Japanese yen and by 9.5 percent compared to the Indian rupee and has grown by 14.2 percent compared to the Australian dollar.
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Harin Fernando
By Shabiya Ali Ahlam and Nishel Fernando
The highly debated Minimum Room Rate (MRR), which has the tourism industry divided, would be removed at the end of this month, Tourism Minister Harin Fernando confirmed.
Fernando yesterday put to rest the concerns and confusions on how long the MRR will continue to be rolled out, stating that it is time for the measure to be scrapped.
“There is good news. We have taken a decision and by May 31, the MRR will be removed,” Fernando told journalists yesterday while addressing a press conference regarding the controversies surrounding the
e-visa scheme.
“We wanted to have it till March 31. Unfortunately, the SLAITO (the Sri Lanka Association of Inbound Tour Operators) and THASL (The Hotels Association of Sri Lanka) went to court with it,” he said.
In September 2023, the Sri Lanka Tourism Development Authority (SLTDA) reintroduced the MRR for the Colombo city hotels, after considering the hoteliers’ requests.
The gazetted rates are US $ 100 for five-star hotels, US $ 75 for four-star hotels, US $ 50 for three-star hotels, US $ 35 for two-star hotels and US $ 20 for one-star hotels.
While stressing that it is time for market forces to run, Fernando said the tolling out of the MRR was well thought out to assist the industry.
He noted that with tourism improving, there is not much need for the MRR.
“Even if we put the MRR, Shangri-La and all sell for much higher rates, where they go about US $ 180-200. With ITC coming, they have lifted the benchmark,” said Fernando.
“So, it is up to the hotels also to do their own marketing and they also have to go out there, do their marketing, get their promotions done,” added Fernando.
SLTDA Chairman Priantha Fernando shared that the objective with the MRR is achieved, with the city hotels seeing occupancy increased to 70 percent over the last six months.
“The income generated increased by 33 percent within the city of Colombo. Now it’s up to the hoteliers to continue this, based on the demand,” he said.
Meanwhile, in a separate conference held by the stakeholders of One Industry One Voice, the members highlighted the negative impacts brought about by the MRR.
According to Golden Isle Travel Managing Director Paddy Paul, the move was a massive hit for MICE tourism, as the Colombo hotels have become uncompetitive to the regional peers.
“The DMCs are unable to negotiate with the city hotels to offer discounts to paxs. In particular, the Indian MICE tourists are choosing Thailand, the UAE and Saudi Arabia over Colombo,” he said.
SLAITO Member Bobby Jordan Hansen alleged that the MRR was granted on the request of “a small number of hoteliers”.
“All we ask from the government is to facilitate tourism in a way we can go and market and convince the tour operators. Sri Lanka is a fabulous destination; just bring your clients here. That’s the message we have to give,” she said.
]]>
Harin Fernando
By Shabiya Ali Ahlam and Nishel Fernando
The highly debated Minimum Room Rate (MRR), which has the tourism industry divided, would be removed at the end of this month, Tourism Minister Harin Fernando confirmed.
Fernando yesterday put to rest the concerns and confusions on how long the MRR will continue to be rolled out, stating that it is time for the measure to be scrapped.
“There is good news. We have taken a decision and by May 31, the MRR will be removed,” Fernando told journalists yesterday while addressing a press conference regarding the controversies surrounding the
e-visa scheme.
“We wanted to have it till March 31. Unfortunately, the SLAITO (the Sri Lanka Association of Inbound Tour Operators) and THASL (The Hotels Association of Sri Lanka) went to court with it,” he said.
In September 2023, the Sri Lanka Tourism Development Authority (SLTDA) reintroduced the MRR for the Colombo city hotels, after considering the hoteliers’ requests.
The gazetted rates are US $ 100 for five-star hotels, US $ 75 for four-star hotels, US $ 50 for three-star hotels, US $ 35 for two-star hotels and US $ 20 for one-star hotels.
While stressing that it is time for market forces to run, Fernando said the tolling out of the MRR was well thought out to assist the industry.
He noted that with tourism improving, there is not much need for the MRR.
“Even if we put the MRR, Shangri-La and all sell for much higher rates, where they go about US $ 180-200. With ITC coming, they have lifted the benchmark,” said Fernando.
“So, it is up to the hotels also to do their own marketing and they also have to go out there, do their marketing, get their promotions done,” added Fernando.
SLTDA Chairman Priantha Fernando shared that the objective with the MRR is achieved, with the city hotels seeing occupancy increased to 70 percent over the last six months.
“The income generated increased by 33 percent within the city of Colombo. Now it’s up to the hoteliers to continue this, based on the demand,” he said.
Meanwhile, in a separate conference held by the stakeholders of One Industry One Voice, the members highlighted the negative impacts brought about by the MRR.
According to Golden Isle Travel Managing Director Paddy Paul, the move was a massive hit for MICE tourism, as the Colombo hotels have become uncompetitive to the regional peers.
“The DMCs are unable to negotiate with the city hotels to offer discounts to paxs. In particular, the Indian MICE tourists are choosing Thailand, the UAE and Saudi Arabia over Colombo,” he said.
SLAITO Member Bobby Jordan Hansen alleged that the MRR was granted on the request of “a small number of hoteliers”.
“All we ask from the government is to facilitate tourism in a way we can go and market and convince the tour operators. Sri Lanka is a fabulous destination; just bring your clients here. That’s the message we have to give,” she said.
]]>
“Travelling should be simple as getting off the plane and getting out,” Fernando told reporters in Colombo yesterday.
In this context, he noted that regulations such as visa are not needed and would facilitate a seamless and hassle-free travel experience to tourists.
Fernando noted that the president has appointed an inter-ministerial secretary committee to formulate a national policy on visa, which is expected to be presented in Parliament after a month’s period.
In a recent interview with Mirror Business, Intrepid Travel Chairman and its Co-Founder Darrell Wade also shared a similar view. He pointed out that the government gathers sufficient information by connecting to with the airline global distribution systems (GDS) to identify people who are coming into the country.
“You only need to connect with the airline GDS; then you have enough information and the people can be stamped in for two or four weeks or whatever the government wants (at the point of arrival),” he said.
According to him, e-visas are still a friction point, although it’s an improvement.
SLAITO Vice President Bobby Jordan Hansen addressing a press conference in Colombo, expressed concerns on the processing time period, privacy issues and high costs affiliated to Sri Lanka’s new e-visa process.
“Earlier, you could get a visa on the same day; now, they say it’s a minimum of three days. Even if you don’t put your photograph correctly, they will reject your visa. There’s lot of invasion of privacy (with the question listed on the online application),” she said.
Hansen also highlighted that the families planning to visit Sri Lanka are now likely to look at alternative and less costly destinations, such as Thailand and Vietnam, due to high visa fees.
“Earlier, visa were free for children below certain age. Now, even a 10-year-old child has to pay for visa. Even for free visa, US $ 25 fee is applicable now.
Let’s say a family of four coming from Scandinavia; they have to pay US $ 500 at the outset, before putting any money down on anything else. In addition, I must say there’s US $ 60 fee in our ticket as the embarkation fee,” she added. (NF)
]]>“Travelling should be simple as getting off the plane and getting out,” Fernando told reporters in Colombo yesterday.
In this context, he noted that regulations such as visa are not needed and would facilitate a seamless and hassle-free travel experience to tourists.
Fernando noted that the president has appointed an inter-ministerial secretary committee to formulate a national policy on visa, which is expected to be presented in Parliament after a month’s period.
In a recent interview with Mirror Business, Intrepid Travel Chairman and its Co-Founder Darrell Wade also shared a similar view. He pointed out that the government gathers sufficient information by connecting to with the airline global distribution systems (GDS) to identify people who are coming into the country.
“You only need to connect with the airline GDS; then you have enough information and the people can be stamped in for two or four weeks or whatever the government wants (at the point of arrival),” he said.
According to him, e-visas are still a friction point, although it’s an improvement.
SLAITO Vice President Bobby Jordan Hansen addressing a press conference in Colombo, expressed concerns on the processing time period, privacy issues and high costs affiliated to Sri Lanka’s new e-visa process.
“Earlier, you could get a visa on the same day; now, they say it’s a minimum of three days. Even if you don’t put your photograph correctly, they will reject your visa. There’s lot of invasion of privacy (with the question listed on the online application),” she said.
Hansen also highlighted that the families planning to visit Sri Lanka are now likely to look at alternative and less costly destinations, such as Thailand and Vietnam, due to high visa fees.
“Earlier, visa were free for children below certain age. Now, even a 10-year-old child has to pay for visa. Even for free visa, US $ 25 fee is applicable now.
Let’s say a family of four coming from Scandinavia; they have to pay US $ 500 at the outset, before putting any money down on anything else. In addition, I must say there’s US $ 60 fee in our ticket as the embarkation fee,” she added. (NF)
]]>
As of today, the price of a 12.5kg domestic cylinder, under the Laugfs brand, will be reduced by Rs.275 to an MRP of Rs.3,840, within the Colombo district.
The 5kg cylinder will be reduced by Rs.110 and the new retail price will be Rs. 1,542
The prices in the other areas and pack sizes will be adjusted accordingly.
]]>As of today, the price of a 12.5kg domestic cylinder, under the Laugfs brand, will be reduced by Rs.275 to an MRP of Rs.3,840, within the Colombo district.
The 5kg cylinder will be reduced by Rs.110 and the new retail price will be Rs. 1,542
The prices in the other areas and pack sizes will be adjusted accordingly.
]]>
Accordingly, the new retail price of a cylinder of 12.5 kg LP gas will be Rs.3,940
The 5 kg cylinder of LP gas will be reduced by Rs. 70 and the new retail price will be Rs.1,582
The 2.3 kg cylinder of LP gas will be reduced by Rs.32 and the new retail price will be Rs.740.
]]>Accordingly, the new retail price of a cylinder of 12.5 kg LP gas will be Rs.3,940
The 5 kg cylinder of LP gas will be reduced by Rs. 70 and the new retail price will be Rs.1,582
The 2.3 kg cylinder of LP gas will be reduced by Rs.32 and the new retail price will be Rs.740.
]]>
- Confirms membership will be filing objections to these proposals
- Says “very concerned” that the announcement, remarks by government officials and the tone of media coverage is raising expectations that could lead to disappointment and unrest
By Nishel Fernando
The Planters’ Association (PA) of Ceylon representing Regional Plantation Companies (RPC) is moving ahead to object to the Rs.1700 daily wage increase proposed for plantation workers, while asserting that a final decision is yet to be reached on the matter.
“The Planters’ Association of Ceylon can confirm that its membership will be filing objections to these proposals within the time frame stipulated by the Labour Commissioner.
“Accordingly, the Planters Association is very concerned that the announcement, remarks by government officials and the tone of media coverage is raising expectations that could lead to disappointment and unrest,” PA stated in a statement to the media yesterday.
President Ranil Wickremesinghe announced the wage increase at the May Day rally of the Ceylon Workers’ Congress, held at the Kotagala Public Ground.
On 25th of last month, Minister of Labour and Foreign Employment Manusha Nanayakkara issued a gazette notification granting permission for the Commissioner of Labour to determine a minimum wage for workers in the Tea Growing and Manufacturing Trade and Rubber Cultivation and Raw Rubber Processing Trade.
Commissioner General of Labour H. K. K. A. Jayasundara on April 30 published a procedure of payment to workers in these sectors.
The proposed new Rs.1700 living wage is a 70 percent increase when compared to current living wage of Rs.1000. It consists of Rs.1350 daily wage (including the daily budgetary relief allowance and to be applied for payment of EPF and ETF) and Rs. 350 daily special allowance. In addition, Rs.80 is proposed for over the Kilogram rate.
Objections to the proposed determination are opened until 12.00 noon on 15th May.
Meanwhile, RPCs lamented President Wickremesinghe’s announcement, and subsequent reporting in the media had given the impression to the public that this wage increase was to come into effect from 1st of May.
“The Planters Association of Sri Lanka and its members are concerned that the President’s remarks may be misunderstood and lead workers and the public to assume that a final decision has been taken on this matter when it has not.
“Given the facts stated in the Gazette notification, the implication in media reports that the increased payments will be applicable from 1st May 2024, is inaccurate and misleading. Neither the effective date on which the new proposed minimum payment will be applicable nor the quantum of such payment has as yet been determined,” PA stated.
However, neither President’s statements nor media reports made a reference to the effective date of wage increase as claimed by the PA. Further, PA officials weren’t available on 1st of May to comment on the matter despite multiple attempts in reaching out to them.
In 2021, the government with the support of labour unions was successful in securing respective Wages Boards approval for the Rs.1000 living wage with the Labour Department representatives casting the tie- breaking votes, despite RPC objections.
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- Confirms membership will be filing objections to these proposals
- Says “very concerned” that the announcement, remarks by government officials and the tone of media coverage is raising expectations that could lead to disappointment and unrest
By Nishel Fernando
The Planters’ Association (PA) of Ceylon representing Regional Plantation Companies (RPC) is moving ahead to object to the Rs.1700 daily wage increase proposed for plantation workers, while asserting that a final decision is yet to be reached on the matter.
“The Planters’ Association of Ceylon can confirm that its membership will be filing objections to these proposals within the time frame stipulated by the Labour Commissioner.
“Accordingly, the Planters Association is very concerned that the announcement, remarks by government officials and the tone of media coverage is raising expectations that could lead to disappointment and unrest,” PA stated in a statement to the media yesterday.
President Ranil Wickremesinghe announced the wage increase at the May Day rally of the Ceylon Workers’ Congress, held at the Kotagala Public Ground.
On 25th of last month, Minister of Labour and Foreign Employment Manusha Nanayakkara issued a gazette notification granting permission for the Commissioner of Labour to determine a minimum wage for workers in the Tea Growing and Manufacturing Trade and Rubber Cultivation and Raw Rubber Processing Trade.
Commissioner General of Labour H. K. K. A. Jayasundara on April 30 published a procedure of payment to workers in these sectors.
The proposed new Rs.1700 living wage is a 70 percent increase when compared to current living wage of Rs.1000. It consists of Rs.1350 daily wage (including the daily budgetary relief allowance and to be applied for payment of EPF and ETF) and Rs. 350 daily special allowance. In addition, Rs.80 is proposed for over the Kilogram rate.
Objections to the proposed determination are opened until 12.00 noon on 15th May.
Meanwhile, RPCs lamented President Wickremesinghe’s announcement, and subsequent reporting in the media had given the impression to the public that this wage increase was to come into effect from 1st of May.
“The Planters Association of Sri Lanka and its members are concerned that the President’s remarks may be misunderstood and lead workers and the public to assume that a final decision has been taken on this matter when it has not.
“Given the facts stated in the Gazette notification, the implication in media reports that the increased payments will be applicable from 1st May 2024, is inaccurate and misleading. Neither the effective date on which the new proposed minimum payment will be applicable nor the quantum of such payment has as yet been determined,” PA stated.
However, neither President’s statements nor media reports made a reference to the effective date of wage increase as claimed by the PA. Further, PA officials weren’t available on 1st of May to comment on the matter despite multiple attempts in reaching out to them.
In 2021, the government with the support of labour unions was successful in securing respective Wages Boards approval for the Rs.1000 living wage with the Labour Department representatives casting the tie- breaking votes, despite RPC objections.
]]>
The worldwide smartphone market has experienced a 10 per cent Year-on-Year (YoY) growth, reaching 296.2 million shipments in the first quarter (1Q24), according to the consultancy firm Canalys.
Research by the firm says that the global market has “performed better than expected”, reaching a “double-digit growth after ten difficult quarters”.
The surge in demand for smartphones has been primarily fueled by ‘vendors introducing refreshed portfolios and macroeconomic stabilization in emerging market economies’ the company said.
“Mass-market brands are riding the wave of emerging markets rebounding, while cautiously stocking components,” Canalys Analyst Runar Bjørhovde said in a statement.
According to the research figures, South Korea’s Samsung has regained the lead spot surpassing Apple with a 20 per cent share of shipments, accounting for 60 million units.
This success is attributed to the strong sales of its Galaxy S24 series, early premium offerings and the updates to its A series.
Furthermore, Samsungs attempt for a broader shift in the smartphone industry towards AI-driven innovation solidifies its premium competitiveness and brand stickiness, the report stated.
Meanwhile, America’s Apple has slipped to the second spot with a 16 percent market share, amounting to 48.7 million shipments. The tech giant experienced a double-digit decline amid headwinds in its core markets, the research said.
China’s Xiaomi has maintained the third global spot with a 14% market share, amounting to 40.7 million shipments in 1Q24.
The top five smartphone brands have been further rounded out by TRANSSION and OPPO, securing 10 percent (28.6 million shipments) and 8 percent (25.0 million units) market share respectively.
]]>The worldwide smartphone market has experienced a 10 per cent Year-on-Year (YoY) growth, reaching 296.2 million shipments in the first quarter (1Q24), according to the consultancy firm Canalys.
Research by the firm says that the global market has “performed better than expected”, reaching a “double-digit growth after ten difficult quarters”.
The surge in demand for smartphones has been primarily fueled by ‘vendors introducing refreshed portfolios and macroeconomic stabilization in emerging market economies’ the company said.
“Mass-market brands are riding the wave of emerging markets rebounding, while cautiously stocking components,” Canalys Analyst Runar Bjørhovde said in a statement.
According to the research figures, South Korea’s Samsung has regained the lead spot surpassing Apple with a 20 per cent share of shipments, accounting for 60 million units.
This success is attributed to the strong sales of its Galaxy S24 series, early premium offerings and the updates to its A series.
Furthermore, Samsungs attempt for a broader shift in the smartphone industry towards AI-driven innovation solidifies its premium competitiveness and brand stickiness, the report stated.
Meanwhile, America’s Apple has slipped to the second spot with a 16 percent market share, amounting to 48.7 million shipments. The tech giant experienced a double-digit decline amid headwinds in its core markets, the research said.
China’s Xiaomi has maintained the third global spot with a 14% market share, amounting to 40.7 million shipments in 1Q24.
The top five smartphone brands have been further rounded out by TRANSSION and OPPO, securing 10 percent (28.6 million shipments) and 8 percent (25.0 million units) market share respectively.
]]>
- Trade deficit expands to US $ 369mn as economy normalises with poise for growth
The growth in exports in March outstripped the increase in the expenditure for merchandise imports for the same month, as the exports of textiles and garments showed strength once again, after losing a bit of steam in the recent months.
The data released by the Central Bank showed that Sri Lanka earned US $ 1,139 million in March, the highest since August 2022.
The March exports were up both 9.8 percent and 7.5 percent from a year ago and a month ago levels, respectively, reflecting that Sri Lanka’s exports are ploughing ahead, despite the challenges from the continued rupee strength and somewhat softish growth conditions in the West.
The rupee has strengthened by over 9.0 percent thus far this year, on top of a little over 12 percent appreciation last year against the dollar.
While this bodes positively for the imports and also the softer inflation back home, the continuous rupee strength could lead to threatening the exporters’ competitiveness abroad and also lessening their earnings when converted into rupees.
The March export growth was broad-based and the textile and garment exports recorded US $ 444.9 million, up 6.6 percent from a year ago, reaching the highest level since December 2022.
Meanwhile, the petroleum product exports recorded US $ 92.3 million, up by a robust 134.6 percent. Both garments and petroleum products were the two leading candidates, which drove the industrial product exports by 11.7 percent in March to US $ 912.2 million.
Further, food and beverage and tobacco exports were 65.4 million, up 35.9 percent while the rubber products were at US $ 95.3 million, up 8.9 percent.
Sri Lanka imported goods worth US $ 1,507.7 million, up 4.0 percent from a year earlier and by 9.38 percent from a month ago.
The imports were largely driven by the fuel imports, for which Sri Lanka spent US $ 462.1 million in March, up 18.2 percent from a year ago.
Under imports, other goods, which rose in quantity and value, were machinery and equipment, building materials and food and beverage imports.
This reflects that the people and firms are spending again for consumption and construction in a normalising economy after nearly two years of slowdown.
Under intermediate goods, textiles and textile articles fell by 15.1 percent to US $ 187.9 million in positive signs while the corresponding exports rose.
The non-food consumer goods imports fell by 3.5 percent to US $ 116.5 million, mainly due to the 39.2 percent decline in the imports of medical and pharmaceuticals, which was US $ 41.9 million for the month.
All in all, Sri Lanka recorded a trade deficit of US $ 369 million for March, up from US $ 412 million a year ago and US $ 319 million in February.
The expanding trade deficit reflects the normalising economy and need to worry less, as the robust inflows from remittances and other services inflows such as tourism and IT/BPO services and the sizable inflows from sea transport or freight services more than offset the trade deficit.
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- Trade deficit expands to US $ 369mn as economy normalises with poise for growth
The growth in exports in March outstripped the increase in the expenditure for merchandise imports for the same month, as the exports of textiles and garments showed strength once again, after losing a bit of steam in the recent months.
The data released by the Central Bank showed that Sri Lanka earned US $ 1,139 million in March, the highest since August 2022.
The March exports were up both 9.8 percent and 7.5 percent from a year ago and a month ago levels, respectively, reflecting that Sri Lanka’s exports are ploughing ahead, despite the challenges from the continued rupee strength and somewhat softish growth conditions in the West.
The rupee has strengthened by over 9.0 percent thus far this year, on top of a little over 12 percent appreciation last year against the dollar.
While this bodes positively for the imports and also the softer inflation back home, the continuous rupee strength could lead to threatening the exporters’ competitiveness abroad and also lessening their earnings when converted into rupees.
The March export growth was broad-based and the textile and garment exports recorded US $ 444.9 million, up 6.6 percent from a year ago, reaching the highest level since December 2022.
Meanwhile, the petroleum product exports recorded US $ 92.3 million, up by a robust 134.6 percent. Both garments and petroleum products were the two leading candidates, which drove the industrial product exports by 11.7 percent in March to US $ 912.2 million.
Further, food and beverage and tobacco exports were 65.4 million, up 35.9 percent while the rubber products were at US $ 95.3 million, up 8.9 percent.
Sri Lanka imported goods worth US $ 1,507.7 million, up 4.0 percent from a year earlier and by 9.38 percent from a month ago.
The imports were largely driven by the fuel imports, for which Sri Lanka spent US $ 462.1 million in March, up 18.2 percent from a year ago.
Under imports, other goods, which rose in quantity and value, were machinery and equipment, building materials and food and beverage imports.
This reflects that the people and firms are spending again for consumption and construction in a normalising economy after nearly two years of slowdown.
Under intermediate goods, textiles and textile articles fell by 15.1 percent to US $ 187.9 million in positive signs while the corresponding exports rose.
The non-food consumer goods imports fell by 3.5 percent to US $ 116.5 million, mainly due to the 39.2 percent decline in the imports of medical and pharmaceuticals, which was US $ 41.9 million for the month.
All in all, Sri Lanka recorded a trade deficit of US $ 369 million for March, up from US $ 412 million a year ago and US $ 319 million in February.
The expanding trade deficit reflects the normalising economy and need to worry less, as the robust inflows from remittances and other services inflows such as tourism and IT/BPO services and the sizable inflows from sea transport or freight services more than offset the trade deficit.
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Colombo, May 1 (Daily Mirror) - John Keells Holdings PLC has issued a cautionary notice to the public regarding WhatsApp groups falsely claiming affiliation with the company and some of its subsidiaries.
The groups, reportedly numbering up to 30, are attempting to deceive individuals by asserting a connection with the organization.
“John Keells Holdings PLC denies any association or affiliations with these groups and the activities stated in the messages.
“Unauthorised use of our brand identity or trademarks is a violation of our intellectual property rights and detrimental to our goodwill,” John Keells Holdings said in a notice on its social media platforms.
“The John Keells Group reserves the right to pursue legal action against any individuals or groups found using our identity in such a manner,” it added.
John Keells Holdings asserted it bears no responsibility for any losses or damages incurred as a result of responding to or acting upon these fraudulent messages.
“We advise the public to exercise caution and refrain from engaging with these unauthorised WhatsApp groups claiming to be affiliated with John Keells Holdings PLC or our subsidiaries,” John Keells Holdings said.
]]>Colombo, May 1 (Daily Mirror) - John Keells Holdings PLC has issued a cautionary notice to the public regarding WhatsApp groups falsely claiming affiliation with the company and some of its subsidiaries.
The groups, reportedly numbering up to 30, are attempting to deceive individuals by asserting a connection with the organization.
“John Keells Holdings PLC denies any association or affiliations with these groups and the activities stated in the messages.
“Unauthorised use of our brand identity or trademarks is a violation of our intellectual property rights and detrimental to our goodwill,” John Keells Holdings said in a notice on its social media platforms.
“The John Keells Group reserves the right to pursue legal action against any individuals or groups found using our identity in such a manner,” it added.
John Keells Holdings asserted it bears no responsibility for any losses or damages incurred as a result of responding to or acting upon these fraudulent messages.
“We advise the public to exercise caution and refrain from engaging with these unauthorised WhatsApp groups claiming to be affiliated with John Keells Holdings PLC or our subsidiaries,” John Keells Holdings said.
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