Category: Economy and Markets
First Capital announces appointment of directors to the board
First Capital Holdings PLC, a member of the Janashakthi Group, announced that Manjula Mathews has been appointed as the Deputy Chairperson to its board and Dilshan Wirasekara the current Director/CEO has been promoted to Managing Director/CEO. Manjula Mathews, a Fellow Member of the Chartered Institute of Management Accountants (UK) and an Alumnus of the University […]
Switzerland extends cooperation for EDB to carry out Market Research
The Sri Lanka Export Development Board (EDB) signed a memorandum of understanding with the Swiss Import Promotion Programme (SIPPO) which operates under the State Secretariat for Economic Affairs (SECO) of Switzerland on 22nd December 2022. Dominik Furgler, Ambassador for Switzerland in Sri Lanka and Suresh D de Mel, Chairman & CE, EDB signed the MOU […]
Dialog Conducts South Asia’s First Successful mmWave 5G Trial
Dialog Axiata PLC, the first telecommunications service provider in the South Asian region to demonstrate 5G capabilities in 2018, announced the successful testing of mmWave 5G for the first time in South Asia. Dialog achieved 5G Download speeds greater than 4 Gbps on non-standalone (NSA) mode using mmwave attaining significantly higher throughputs than current standards. […]
Apptimus Tech, Jaffna’s software firm from bedroom to 7,000 square feet in 5 years
By Jekhan Aruliah The Yarl Geek Challenge has a strong record as nursery for tech startups. By 2022, its 11th season, YGC alumni have started more than 60 companies employing hundreds of people. This doesn’t include those who emerge from these companies to setup their own startups. Yes It’s great when competitions and colleges give […]
CSE announces changes in S&P Sri Lanka 20 index constituents
The Colombo Stock Exchange (CSE) announces the following change in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2022 year-end rebalance. The exclusion and inclusion as announced by S&P Dow Jones Indices, effective from 19th December 2022 (after the market close of 16th December 2022) are presented below. Exclusions […]
Sri Lanka reports negative 11.8-pct GDP growth for third quarter of 2022
The Department of Census and Statistics (DCS) Sri Lanka, has released the estimated Gross Domestic Product (GDP) at the current price and at constant (2015) price in the Production approach and the other macroeconomic indicators for the third quarter (July 01st to September 30th) of 2022. The Gross Domestic Product for Sri Lanka for the […]
‘s economy, Benefits can start when regulations finalized
Designed to be a hub for international investment, trade, finance, entertainment, leisure and other services, Port City Colombo will not be able to operate in isolation. Instead, it will create huge new demand for local products, utilities and services, helping to kickstart the wider Sri Lankan economy. It will also create masses of new jobs, […]
Sri Lankan industry leaders explore sustainable energy future
Leaders from across the industry, civil society, finance and academia met in Colombo recently to explore short and long-term energy solutions amidst Sri Lanka’s worst-ever energy crisis. With Sri Lanka’s industrial sector among the largest consumers of costly imported fossil-fuels, more than 100 participants heard from experts and shared their insights into how this economically […]
‘s Best Option
December 13, 2022 (LBO) – Casinos in Sri Lanka have always been a subject of controversy, but also one that has transformational economic potential. With no casino industry of scale in South Asia, Sri Lanka has a unique opportunity to be the regional dominant player in an important industry. Casino gaming comes with a host […]
Union Assurance records total net revenue growth of 33-pct to Rs.6.95Bn in third quarter of 2022
Union Assurance, Sri Lanka’s trailblazing Life Insurer, achieved impressive financial growth in Q3 2022 despite challenging market conditions. Union Assurance (UA) rallied to become the second largest regular new business premium producer in the third quarter. Among the top 5 players in the industry, UA was one of the only two companies to record positive […]
‘s Foreign Remittance Data
December 10, 2022 (LBO) – Sri Lanka foreign remittances are moving closer to a US$5bn annualized rate based on November monthly data. Sri Lanka remittances for the month of November totaled US4mn, up about 10% from the prior months figure. Before the economic crisis in Sri Lanka, the country used to receive over US$7bn per […]