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Silk Route Ventures’ Nutra Studios Opens at Kandy City Center

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Silk Route Ventures is proud to announce the opening of Nutra Studios in the city of Kandy, at Level 1, Kandy City Center. This marks the company’s second retail outlet, following the success of its first store at Havelock City Mall. Nutra Studios combines two of the company’s flagship brands:Ancient Nutra, offering plant-based medicines, herbal supplements, superfoods, and natural cosmetics. Plant-Based Studios, featuring innovative plant-based foods, beverages, and pantry essentials. This hybrid store is designed to cater to health-conscious consumers, offering a one-stop wellness solution that encourages sustainable living and healing. A pioneer in Sri Lanka’s nutraceuticals industry, Silk Route Ventures ensures that its products meet the highest international standards. The company’s production facilities are certified under EU Organic, USDA Organic, GMP, HACCP, ISO 22000, and FSSC 22000, reflecting a strong commitment to quality and safety. In addition, Silk Route Ventures has introduced its 2% for the Future initiative, dedicating 2% of branded sales to causes supporting animal welfare, environmental conservation, rural education, and mental wellness. Nutra Studios is now open at Level 1, Kandy City Center. Visit the store to experience a blend of ancient traditions and modern wellness solutions.

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HNB FINANCE clinches Bronze at TAGS Awards 2024

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The TAGS Awards Committee of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) proudly announced HNB FINANCE PLC as the Bronze award winner in the Non-Bank Financial Institutions (Total Group assets between LKR 25-75 billion) category at the prestigious TAGS Awards 2024, marking the Company’s third consecutive win at the grandeur event, held at the Shangri-La Hotel, Colombo, on December 12, 2024.  The TAGS Awards are a testament to excellence in financial reporting and corporate transparency. HNB FINANCE’s annual report ‘Simplify, Strengthen, Sustain’ stood out among its peers, demonstrating outstanding achievements in the Non-Bank Financial Institutions category. The TAGS Awards Committee commends HNB FINANCE PLC for its commitment to financial reporting standards and transparency, contributing to the elevation of industry benchmarks. The accolade recognizes the Company’s dedication to excellence and its role as a standard-bearer in the sector. HNB FINANCE PLC Managing Director and CEO Chaminda Prabhath stated: “This achievement stands as a testament to our company’s unwavering dedication to upholding transparency and exemplary corporate etiquette in annual reporting. It reflects our steadfast commitment to ethical practices and adherence to industry standards. I extend my heartfelt gratitude to the TAGS Awards committee and CA Sri Lanka for this esteemed recognition. I also wish to commend our team for their outstanding efforts, which have been instrumental in earning this honour”. The event, held amidst grandeur on December 12, 2024, at the Shangri-La, Colombo, brought together the nation’s corporate elite to celebrate the transformative impact of elevating corporate reporting practices, enhanced by the integration of cutting-edge digital advancements. CA Sri Lanka’s ultimate objective through the reconceptualization is to continue to provide a contemporary competition to honour companies ranging from multinationals to conglomerates, as well as small and medium enterprises for promoting the core concepts in both financial and non-financial reporting aspects.   Photo Caption : Chaminda Prabhath Managing Director, Udara Gunasinghe Chief manager- Head of Marketing, Thushara Jayasekara Head of corporate planning & analytics , Lahiru Maliga  chief manager planning & analtics and HNBF team with Tags award.

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Kaspersky products achieve top performance across all quarters in 2024

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Kaspersky continues to set the benchmark for excellence in cybersecurity. In 2024, the company’s products – including those for consumers, small offices, and enterprises – achieved unparalleled success in SE Labs’ rigorous testing. Across all four quarters, they earned a perfect 100% Total Accuracy Rating. Kaspersky products have once again earned the highest scores in independent testing throughout 2024. In rigorous evaluations conducted by prestigious cybersecurity testing organizations, Kaspersky Plus (starting in Q4 2024, Kaspersky Premium), Kaspersky Endpoint Security for Business (KESB), and Kaspersky Small Office Security (KSOS) achieved the highest Total Accuracy Rating (TAR) scores across all four quarters of the year. They received the maximum available points: 1140 in Q1-Q3, and 1144 in Q4, corresponding to 100% in percentage terms. In the Consumer segment, Kaspersky Plus demonstrated unmatched precision and effectiveness, sharing the spotlight with just one of the competitor’s products. In the Enterprise and Small Office segments, Kaspersky Endpoint Security for Business and Kaspersky Small Office Security stood out as the sole leaders, with no competitors matching their flawless TAR scores throughout the entire test cycle that year. In 2024, the Kaspersky Endpoint Security for Windows application, already a standout performer in SE Labs tests, became an integral part of the Kaspersky Next product line. This milestone marks the extension of Kaspersky’s proven success through to its next-generation solutions, ensuring that the high standards and exceptional performance demonstrated by KES for Windows now reinforce the advanced capabilities of Kaspersky Next. This integration solidifies Kaspersky Next as a comprehensive security offering, delivering the same unparalleled accuracy and reliability to meet evolving cybersecurity challenges. Proven excellence over the years Kaspersky has a longstanding history of exceptional performance, as demonstrated by results over the past several years. In 2023, Kaspersky Plus achieved the highest Total Accuracy Rating scores across all four quarters – a result unmatched by any other product in its category. Meanwhile, Kaspersky Endpoint Security for Business and Kaspersky Small Office Security ranked first in three quarters (Q1, Q3, and Q4), earning the highest number of points in each of those quarters, confirming their reputation as industry leaders. In the previous year, 2022, Kaspersky Internet Security showcased its robust capabilities by securing the top TAR scores in three quarters (Q1, Q2, and Q4) within the Consumer category. Kaspersky Endpoint Security for Business and Kaspersky Small Office Security further enhanced Kaspersky’s legacy, securing the highest TAR scores for three quarters of the year and ranking within the top three in Q3. This consistent track record underscores Kaspersky’s ability to deliver superior protection year after year, across both the consumer and enterprise segments. The company’s solutions continue to set the standard for precision and reliability in the ever-evolving cybersecurity landscape, instilling confidence in users amid growing cyberthreats. “Achieving top performances across all four quarters of 2024 is a significant milestone reflecting Kaspersky’s commitment to bringing the best, most innovative cybersecurity solutions to our customers. As threats in cyberspace continue to evolve, this recognition continues to ensure that our technologies are reliable and precise to protect users and businesses around the world. We’re immensely grateful for the belief that customers and partners have placed upon us, and we continue to drive further innovation in cybersecurity to help protect what matters,” said Adrian Hia, Managing Director of Asia Pacific at Kaspersky. “Kaspersky’s consistent leadership in scores reflects our relentless dedication to advancing cybersecurity for our customers. These results demonstrate the effectiveness of our solutions across diverse use cases, from personal devices to enterprise-level security, against the most sophisticated cyberthreats, ensuring unparalleled safety for users worldwide. We thank SE Labs for leading-edge, realistic testing challenges of security products that give us the opportunity to continuously monitor and improve the efficiency of our technologies and once again reaffirm our commitment to providing best-in-class cybersecurity solutions for consumers and businesses,” says Alexander Liskin, Head of Threat Research at Kaspersky. “Kaspersky consistently demonstrates excellence in our assessments, showcasing its dedication to maintaining top-tier cyber security standards. Its continuous participation underlines the company’s commitment to delivering reliable protection across diverse environments. SE Labs views Kaspersky at the forefront of cyber security innovation, providing users with the highest level of protection against evolving threats with precision, reliability, and a focus on continuous improvement,” comments Simon Edwards, Founder and Chief Executive Officer. For more information on Kaspersky’s SE Labs awards, click on the link.

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Free sea & the free sky in 2025? – By Prof. Samitha Hettige

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China last week delivered ‘Tan Suo San Hao’ (Exploration No. 3) in Guangdong Province. It is China’s first comprehensive scientific research ship specially made for global deep sea exploration with manned deep diving capabilities. The 104 meter long ship has a displacement of around 10,000 tonnes & an endurance of 15,000 nautical miles. Manned by a crew of 80 it’s equipped with two direction ice breaking capabilities at both the bow & stern enabling research in the polar regions as well. The ‘Tan Suo San Hao’ is expected to expand China’s manned deep diving capability enhancing its deep sea archaeological operation capability (Ref. Guangzhou Shipyard International Co). The Chinese Navy Hospital Ship ‘Peace Ark’ which was in Colombo few weeks ago is utilized to help developing countries during medical emergencies. Similarly China is expected to assist developing countries such as Sri Lanka with these new vessels to enhance economic activity by harnessing more ocean resources. The ban lifts. In August 2022 Chinese research vessel ‘Yuan Wang 5’ arrived in Hambantota attracting unprecedented attention. Later Sri Lankan government imposed a one year ban on all research vessels to ensure regional support to ventilate the economy which crashed in 2022. Accordingly the ban is expected to be lifted on 31st December 2024 & Sri Lanka is expected entertain all research vessels as per a SOP (Standard Operation Procedure). It will help attract more ships even turning Ex President Mahinda’s white elephant ‘Hambantota port’ into a black working elephant. When Qin Boyong (Vice Chairperson of the National Committee of the Chinese People’s Political Consultative Conference – CPPCC) met President AKD, she had discussed Chinese plans to resume maritime research in 2025 (Ref. Media). It may help economic restructuring directly especially if more Chinese investors can be attracted to the Hambantota investment zone. Such developments will connect Sri Lanka faster with international trade through the Belt & Road Initiative. However, centuries old diplomatic tactics of ‘Keerthi Wijayabahu’ (not the JVP commander of 1980s) may have to be analyzed, modernized & implemented to be safe in 2025 as India must be observing the Chinese comments made just 48 hours after India expressed views on Chinese research vessels. ‘Shikra’ & the ‘Indian Pitta’. After ‘Yuan Wang 5’, ‘Shi Yan 6’ arrived at the Colombo port & conducted ‘geophysical scientific research’ with the National Aquatic Resources Research & Development Agency (NARA) (Ref. Media). Though security concerns were raised nothing was ever reported. However, the jet powered target drone ‘Shikra’ found in the sea in Trincomalee & the drone which came from Odisha few years ago (Ref. Media) may be giving signals different to the sounds of the Indian Pitta (migratory bird). President AKD should be updated on how LKY of Singapore traded with China while facing western pressure. He must never miss Chinese trade support for conflict prevention in Sri Lanka as they have historically helped prevent / reduce Sri Lankan conflicts. In the current context evils may attempt to provoke conflicts with elephants, monkeys & even weevils etc. Discussing trade & economic development with the Chinese may not be uncomfortable as Beijing has entertained him more than Delhi during the decades. (Views expressed are personal). (Photos: Tan Suo San Hao & Shikra – source www).

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ACCA and CMA Sri Lanka Renew Partnership to Advance Professional Excellence in Finance and Management Accounting

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The Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Management Accountants (CMA) of Sri Lanka recently renewed their Memorandum of Understanding (MOU). This renewed partnership marks a significant step in advancing the skills and capabilities of finance and management accounting professionals in Sri Lanka, supporting the nation’s evolving business environment and contributing the economic development of Sri Lanka. The renewed MOU reinforces the shared commitment of ACCA and CMA to advancing excellence in the accounting profession. By working together, ACCA and CMA will continue to support initiatives that provide their members with access to valuable resources, mentorship, and networking opportunities, helping professionals navigate the rapidly changing landscape of finance, technology, and global business trends. Speaking on the occasion of the MOU renewal, Nilusha Ranasinghe Head of South Asia , ACCA  highlighted, “this renewed collaboration will not only help enhance the skills of professionals across accounting, finance, and business management but also contribute to the continued growth and development of Sri Lanka’s financial and corporate sectors. The partnership will focus on promoting best practices in accounting, incorporating the latest technological advancements, and encouraging the adoption of ethical and strategic business practices. Commenting on the renewed international collaboration, ProfLakshman R. Watawala President- CMA Sri Lanka said, “We are delighted to extend our partnership with ACCA, which is a key driver in advancing the accounting profession locally. This MOU renewal reflects our collective commitment to providing Sri Lankan management accounting professionals to further strengthen the global skills and expertise with the flexibility to excel in an increasingly interconnected and competitive world. Through this partnership, we aim to ensure that Sri Lankan management accounting professionals are not only ready for the future but also poised to lead in the global marketplace. Both organizations are committed to offering various professional development opportunities, certifications, and collaborative initiatives especially the new developments of sustainability accounting standards and artificial intelligence through this partnership. Together, ACCA and CMA will continue to play a vital role in enhancing the professional standards of Sri Lanka’s management accounting community and supporting the country’s growth and development within the global financial ecosystem. Photo Caption ACCA Sri Lanka team with the CMA Sri Lanka team at the signing

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SINGER Opens 1st ever SAMSUNG AI Powered Smart Store in Sri Lanka

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In a groundbreaking move to revolutionize the technological landscape of Sri Lanka, Singer Sri Lanka has proudly unveiled the country’s first AI-powered smart electronics in partnership with Samsung. This Samsung SmartThings store by Singer, located on Level 3 of the One Galle Face Mall, is set to redefine how Sri Lankans experience AI-powered technology and smart living solutions. The opening, held on December 17, 2024, marks a significant milestone in the longstanding partnership between Singer Sri Lanka and Samsung. The event was graced by Mr. Mohan Pandithage, Chairman of Hayleys PLC, and Mr. SangHwa Song, Managing Director of Samsung Sri Lanka, Mr. Sabry Ansar – Director and Head of CE Biz, Samsung Sri Lanka, Mr. Thushara Rathnaweera – Deputy General Manager and Head of MX Biz, Samsung Sri Lanka and Mr. Mahesh Wijewardene, CEO of Singer Group. Their presence underscored the shared commitment of both companies toward innovation and excellence. The Singer-Samsung SmartThings store is a one-stop destination for a wide range of AI-powered devices, catering to high-end, tech-savvy consumers. From Samsung smart TVs, refrigerators, washing machines and Galaxy smartphones to advanced home automation systems, the store’s offerings are designed to empower lifestyles through cutting-edge technology. This initiative aligns with Singer’s dedication to enhancing and enriching the lives of Sri Lankans by fostering smarter and more connected living experiences. Adding to this, Mr. Mahesh Wijewardene, CEO of Singer Group, stated: “Our partnership with Samsung has always been about bringing the best global innovations to Sri Lanka. The launch of the Samsung SmartThings store reflects our vision to deliver intelligent solutions that enhance everyday life. We are proud to lead the way in redefining how technology transforms homes and lifestyles and proud to be the first to bring this to Sri Lanka. Commenting on the launch, Mr. SangHwa Song, the Managing Director of Samsung Sri Lanka stated: “We are thrilled to bring the Samsung SmartThings experience to Sri Lanka for the first time. This store is a celebration of our shared vision with Singer to drive technological innovation and enhance lives through smarter solutions. Together, we aim to set a new standard in smart living.” The Samsung SmartThings store is thoughtfully designed to cater to the needs of modern consumers who seek advanced solutions for a connected lifestyle. It offers an immersive experience, enabling customers to interact with and explore the full potential of Samsung’s smart ecosystem. The unveiling of the Samsung SmartThings store is a testament to the forward-thinking vision of Singer Sri Lanka and Samsung. By bringing cutting-edge technology to the doorstep of Sri Lankans, the two industry giants reaffirm their commitment to fostering progress and enriching lives.

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First Capital Treasuries PLC Appoints Channa de Silva to Board of Directors

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First Capital Treasuries PLC, a subsidiary of First Capital Holdings PLC, is pleased to announce the appointment of Channa de Silva as an Independent Non-Executive Director to the Company’s Board of Directors, with effect from 1st January 2025. Channa de Silva is the Chairman of Sarvodaya Development Finance PLC, a position he has held since October 2016. In addition, he serves as the Vice President of the Sarvodaya Movement of Sri Lanka and as the Chairman of Echelon Media. Channa has an extensive background in both the government and private sectors. He previously held the roles of Director General/CEO of the Securities and Exchange Commission (SEC) of Sri Lanka and Executive Director of the Board of Investment (BOI) Sri Lanka. His corporate leadership experience includes serving as Managing Director of Summit Finance PLC, Director of Pan Asia Bank PLC, and Group Managing Director of Delmege Group Limited. As the Founder Chairman of Capital Media, Channa de Silva oversees the publication of Echelon business magazine, the EconomyNext news portal, and Neon Media. Additionally, he was the Group Managing Director of LR Global Lanka Asset Management, a part of a New York-based private equity firm with operations in Sri Lanka. He brings expert knowledge in capital market regulation, private equity and venture capital, and in facilitating foreign direct investments in Sri Lanka. Channa holds a degree from the University of Colombo and master’s degrees from both Harvard University and the University of Melbourne. He is a Fellow Member of the Chartered Institute of Management Accountants (FCMA – UK) and a Fellow of the Association of Chartered Certified Accountants (FCCA – UK). Beyond his corporate roles, Channa de Silva was a Governing Council Member at the University of Colombo, where he also sat on the University Investment Committee and Finance Committee. He served on various faculty boards within the university’s institutions. Moreover, he is a Sri Lankan Council Member of the Chartered Institute for Securities & Investments (CISI- UK). An Edward Mason Fellow from Harvard University, he has previously served as a Teaching Fellow in Public Finance at the Harvard Kennedy School. With this appointment, The Board of Directors of First Capital Treasuries comprises Manjula Mathews, Dr. Nishan de Mel, Mr. Ramesh Schaffter, Ms. Minette Perera, Ms. Cilani Wijesinghe, Mr. Dilshan Wirasekara, Mr. Channa de Silva and, Mr. Sachith Perera.

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First Capital Treasuries PLC Appoints Sachith Perera to Board of Directors

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First Capital Treasuries PLC is pleased to announce the appointment of Sachith Perera, Chief Executive Officer of First Capital Treasuries as a Non-Independent Executive Director to the company’s Board with effect from 1st January 2025. Sachith is a seasoned financial market professional with over 30 years of experience in treasury and balance sheet management, as well as financial derivative solutions. Before joining First Capital Treasuries, Sachith served as the Treasurer and Director of Global Markets for HSBC Sri Lanka and Maldives. In this pivotal role, he was responsible for managing the bank’s market risks and balance sheet, while delivering comprehensive financial risk management solutions to clients. His responsibilities expanded in 2013 to include fund management services for international clients across domestic equity and debt markets. Throughout his tenure at HSBC, he was an integral member of the bank’s Executive, Asset and Liability, Risk, and Compliance committees. In 2017, after a distinguished 26-year career with HSBC, Sachith decided to pursue other interests in the real estate and hospitality industries. Notably, he was a director and shareholder of Clearpoint Residencies, a landmark 46-story green building in Rajagiriya, recognized as the ‘World’s Tallest Vertical Garden.’ Following his retirement from HSBC, Sachith remained actively engaged in the financial markets as a Treasury Consultant to NTB, a Non-Executive Independent Director at Acuity Partners Private Limited, and as a technical advisor for an international fintech startup utilizing AI and machine learning for corporate credit ratings. He has also provided advisory services to esteemed organizations such as PWC and UNDP Sri Lanka. He holds a Diploma from the ACI Financial Markets Association, further enhancing his qualifications in the financial sector, highlighting his expertise in the field. Sachith’s appointment underscores First Capital Treasuries’ commitment to strengthening its leadership with top-tier professionals who bring both expertise and strategic vision to the organization. With this appointment, The Board of Directors of First Capital Treasuries comprises Manjula Mathews, Dr. Nishan de Mel, Mr. Ramesh Schaffter, Ms. Minette Perera, Ms. Cilani Wijesinghe, Mr. Dilshan Wirasekara, Mr. Channa de Silva and, Mr. Sachith Perera.  

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Pioneering Change in Wastewater Management

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In a move set to revolutionize wastewater management in Sri Lanka, Ecologic Systems, a subsidiary of United Tractor & Equipment (Pvt) Ltd, has joined forces with Hubert Enviro Care Systems Pvt Ltd (HECS).  The partnership unveiled its groundbreaking packaged sewage treatment plant at a launch event held at the prestigious Waters Edge venue. This innovative technology promises to reshape the environmental engineering landscape in Sri Lanka and The Maldives by offering a sustainable and efficient solution for wastewater treatment. Traditional treatment methods often require substantial space, incur high capital costs, and demand ongoing maintenance. By contrast, this new system features a compact, plug-and-play design that is cost-effective and efficient. It is suitable for a wide range of locations, including residential complexes, hotels, industrial sites, and resorts. The technology ensures that treated wastewater is environmentally safe and recyclable, thus safeguarding ecosystems in both countries. The launch event was graced by the presence of Mr. Deepthi Hewageegana, Chief Executive Officer of United Tractor & Equipment (Pvt) Ltd.  His attendance reinforced United Tractor’s dedication to environmental sustainability and its strong partnership with HECS.  “We are proud to champion innovative solutions like this packaged sewage treatment plant,” stated Mr. Hewageegana, “This technology aligns perfectly with our commitment to a greener future for Sri Lanka.” Ecologic Systems also demonstrated its commitment to this initiative with the participation of key leaders, including Mr. Anura Bandara, General Manager, and Mr. S. Kreshaanth, Manager – Environmental Applications.  Their presence highlighted the company’s focus on delivering cutting-edge solutions and exceeding client expectations through continuous improvement and a dedication to excellence. HECS demonstrated its strong commitment to this collaborative venture with the attendance of key figures, including Dr. J.R. Moses, Chief Executive Officer; Mr. Sangeeth Moses, Director; and Mr. Jacob Thomas, Chief Business Officer.  This high-level representation underscored the shared vision of Ecologic Systems and HECS to drive advancements in environmental engineering through innovative solutions like the packaged sewage treatment plant.  Their collaboration with Ecologic Systems highlights a shared vision of driving advancements in wastewater treatment and delivering long-term benefits to Sri Lanka and the Maldives. Professor Mahesh Jayaweera, a leading authority from the Department of Civil Engineering at the University of Moratuwa, provided a compelling analysis of Sri Lanka’s wastewater management challenges. His expert insights, shared during a keynote speech at the launch event, shed light on the critical issues facing the nation and underscored the urgency for sustainable solutions. Professor Jayaweera’s address served as a powerful reminder of the environmental stakes and emphasized the crucial role innovative technologies, like the new packaged sewage treatment plant, can play in safeguarding Sri Lanka’s precious water resources. The launch of this innovative packaged sewage treatment plant by Ecologic Systems and HECS is poised to make a lasting impact, driving environmental protection, enhancing public health, and setting a new benchmark for responsible industrial practices Together, Ecologic Systems and HECS are not just treating wastewater, they are building a brighter, greener future for Sri Lanka and The Maldives.

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CCPI based headline inflation remained in the negative territory in December 2024

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The overall rate of inflation, as measured by the Colombo Consumer Price Index (CCPI) on Year-on-Year basis, has increased to -1.7% in December 2024, compared to -2.1% in November 2024, according to the latest data released by the Department of Census and Statistics. The Y-on-Y inflation of Food Group increased to 0.8% in December 2024 from 0.6% in November 2024 and the Y-on-Y inflation of Non Food Group increased to -3.0% in December 2024 from -3.3% in November 2024.

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SLIM Appoints Mr. Chamil Wickremasinghe as CEO

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The Sri Lanka Institute of Marketing (SLIM) is pleased to announce the appointment of Mr. Chamil Wickremasinghe as its new Chief Executive Officer, effective 01st January 2025. With over 15 years of dedicated service to SLIM and a remarkable 22-year career in the education industry, Mr. Wickremasinghe brings a wealth of experience and insight to his new role. Mr. Wickremasinghe has played a pivotal role in advancing SLIM’s mission of developing marketing professionals and promoting the industry in Sri Lanka. His tenure at SLIM has been marked by a steadfast commitment to its membership and significant contributions to the marketing fraternity. Prior to joining SLIM, he held key positions at the Chartered Institute of Marketing (CIM), further cementing his reputation as a visionary leader in education and professional development. Reflecting on the appointment, SLIM President Mr. Gayan Perera stated, “As we welcome Mr. Chamil Wickremasinghe as our new CEO, our expectation is that he will infuse SLIM with added vigour and vision, further strengthening the organisation’s functions and outreach. We are confident in his ability to steer SLIM toward new heights of excellence.” Under Mr. Wickremasinghe’s leadership, SLIM aims to enhance operational efficiencies and uphold its tradition of excellence. Speaking on his vision, Mr. Wickremasinghe said, “I am honoured to take on this role at a time when SLIM is poised for significant growth. My primary focus will be to ensure a smooth flow of operations and that our stakeholders’ requirements are met with the highest satisfaction levels at optimal cost. I am committed to fostering a collaborative work culture, emphasising collective responsibility to achieve the institute’s goals and deliver impactful results for our members and the marketing community at large.” The appointment has also been warmly welcomed by SLIM’s leadership. Prof. Dewasiri N. Jayantha, Vice President – Education & Research, remarked, “Mr. Wickremasinghe’s deep understanding of the marketing and education sectors positions him as an exceptional leader to drive SLIM’s educational initiatives. His vision will undoubtedly strengthen our role as the national body for marketing.” Dr. Dilhan Sampath Jayatilleke, Vice President – Events & Sustainability, added, “In today’s dynamic business environment, SLIM requires a leader who can balance innovation with operational excellence. Mr. Wickremasinghe’s appointment signals a bright future for SLIM as he fosters initiatives that align with sustainability and progressive growth.” Mr. Wickremasinghe’s long-standing dedication and leadership expertise will be instrumental in advancing SLIM’s mission to elevate the marketing profession in Sri Lanka. The organisation looks forward to a future of impactful initiatives and continued excellence under his guidance.

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From Tea to Tech – Can Sri Lanka Break Free from the Consumption Trap?

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By Jithendra Antonio Sri Lanka’s economy feels like it’s stuck in a time loop. For decades, the same cycle has repeated—export raw materials, import finished goods, rely on tourism, and hope domestic spending plugs the gaps. But here’s the hard truth: this model is running on fumes. With $8 billion trade deficits, soaring inflation, and rising debt, the cracks in our consumption-driven economy are no longer subtle—they’re glaring. We cannot continue to play by the same old rules while the world races ahead. Nations that once faced similar economic hurdles—like Singapore, Vietnam, and Israel—chose a different path. They shifted from being mere consumers to innovation-driven economies. It’s time Sri Lanka does the same. This isn’t just about surviving the next financial crisis. It’s about redefining the very DNA of Sri Lanka’s growth, from tea leaves to tech exports, from garments to green energy. A Nation Living Beyond Its Means The consumption trap is not unique to Sri Lanka, but few countries embody it as visibly. Consumption contributes to a staggering 70% of GDP. Meanwhile, exports—mostly low-value commodities—struggle to keep pace with soaring imports. Take 2022, for example:
  • $5 billion was spent on fuel imports.
  • $4 billion on machinery and vehicles.
  • Meanwhile, tea and apparel exports barely scraped together $7 billion combined.
To make matters worse, Sri Lanka imports essentials it could produce locally—$500 million worth of rice in 2022 alone. It’s a vicious cycle. The more we consume, the more we borrow. By the end of 2022, public debt ballooned to 119% of GDP, tightening the noose around future growth. The History Lesson We’ve Ignored Sri Lanka’s golden age wasn’t built on consumption. It thrived on trade and innovation. Ports like Mantai and Galle didn’t just move goods—they shaped global trade routes. Cinnamon, gemstones, and textiles weren’t sold raw; they were processed and reimagined into high-value commodities that fetched premium prices from traders across Asia, the Middle East, and Europe. At the heart of this economic prowess was Sri Lanka’s strategic maritime location—right along the busiest shipping lanes connecting East and West. This advantage still exists, but today, ships pass us by. Ports like Singapore and Dubai claim the lion’s share of transshipment traffic that should be flowing through Sri Lanka. The lesson from history is clear: economic power comes not from what we consume but from what we create. Lessons from Global Innovation Powerhouses If Sri Lanka is serious about escaping the consumption trap, there’s no need to reinvent the wheel. The playbook already exists.
  1. Singapore – From Fishing Village to Innovation Powerhouse
In the 1960s, Singapore’s GDP per capita was $500—identical to Sri Lanka’s at the time. Today, Singapore’s GDP per capita exceeds $72,000. The difference? Singapore pivoted early to innovation-driven growth.
  • 30% of Singapore’s GDP now stems from technology, biotech, and fintech.
  • Strategic investments in R&D hubs like Fusionopolis helped incubate cutting-edge industries.
What Sri Lanka Can Do:
  • Create Tech Innovation Free Zones in Hambantota and Colombo targeting AI, fintech, and digital services.
  • Attract global tech firms with tax holidays and subsidized infrastructure.
  1. Israel – Building Innovation from Scarcity
With few natural resources and geopolitical instability, Israel turned to technology. Today, 50% of Israel’s exports come from high-tech industries.
  • Over 6,000 tech startups thrive, fueled by 4.5% of GDP invested in R&D—the highest globally.
  • Government-matched venture capital through the Yozma Program turbocharged Israel’s tech ecosystem.
What Sri Lanka Can Do:
  • Launch a National Innovation Fund that co-invests in startups working on AI, blockchain, and renewable energy.
  • Partner with universities to create innovation labs that transform academic research into marketable products.
  1. Vietnam – Digitizing Its Way to Economic Growth
Vietnam’s digital economy is projected to hit $52 billion by 2025. The secret? Heavy investment in e-commerce, tech infrastructure, and manufacturing automation.
  • Vietnam’s National Digital Economy Plan integrates SMEs into global supply chains and expands export capacities.
What Sri Lanka Can Do:
  • Develop e-commerce export hubs for local manufacturers and agribusinesses to access international markets.
  • Introduce tax incentives for SMEs investing in digital payment systems and online trade platforms.
Where Should Sri Lanka Focus Its Innovation Energy?
  1. Tech and Digital Services Sri Lanka can tap into Asia’s surging demand for IT services, AI, and software development. Currently, Sri Lanka’s digital exports sit at $1 billion annually—far below potential.
  • Target: Increase to $5 billion by 2030 by creating tech hubs and STEM education pipelines.
  1. Agri-Tech and Value-Added Agriculture Agriculture employs 27% of the workforce, but raw exports generate low margins. A pivot to agri-tech and agro-processing could add billions to export revenue.
  • Develop processing plants for tea, cinnamon, and essential oils—high-value exports that can fetch 40% higher profits.
  1. Renewable Energy With sunlight 365 days a year and abundant coastal winds, Sri Lanka’s renewable potential is massive. Exporting green energy technology could unlock a $500 million export market by 2030.
  • Policy Move: Launch a National Renewable Incubator to attract green energy startups and FDI.
Policy Actions to Drive Innovation
  • Sovereign Innovation Fund: A $500 million public-private fund to finance high-risk, high-reward tech projects.
  • Tax Breaks for R&D: Offer 50% tax rebates for companies investing in R&D.
  • Startup Visa Program: Invite global entrepreneurs to launch startups in Sri Lanka with 5-year or 10-year visa incentives.
  • Coding Academies: Establish coding schools in each District’s major cities to train 300,000 youth in AI, blockchain, and software development by 2035.
The Economic Impact of Innovation-Led Growth
  • $20 billion in additional GDP by 2035.
  • 1 million new tech and renewable energy jobs by 2030.
  • Increase in high-value exports from 10% to 40% of total exports.
The Clock is Ticking Sri Lanka’s transformation from consumption to innovation isn’t just a choice—it’s survival. The world isn’t waiting. If we fail to act, our neighbours will outpace us, and our debt will deepen. But if we seize this moment, Sri Lanka can reclaim its place as a hub of global trade and innovation—anchored by history but driven by the future. (The writer is a Consultant specialised in Data Analytics with a Special Focus on Sri Lanka’s Future Direction, and in the fields of Sustainable Energy, ESG, Investments and telecommunications. He can be reached at jithendra.antonio@gmail.com.)

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LankaPay Clinches Gold at CA Sri Lanka TAGS Awards 2024

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LankaPay is humbled by winning the coveted Gold Award under the SME category at the prestigious TAGS Awards 2024. Organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), TAGS Awards recognizes organizations that exemplify the highest standards in Transparency, Accountability, Governance, and Sustainability (TAGS). This accolade further solidifies LankaPay’s reputation as a trailblazer in the financial and technological landscape of Sri Lanka and our commitment for transparency, good governance and excellence. TAGS Awards serve as a benchmark for organizations committed to maintaining robust corporate governance practices and adopting sustainable business strategies. Securing the Gold Award highlights LankaPay’s unwavering dedication to fostering transparency and accountability while upholding governance and sustainability principles in all its operations. This milestone reflects the organization’s steadfast commitment to setting industry benchmarks and driving Sri Lanka’s digital transformation journey. Speaking on this outstanding achievement, Chairman of LankaPay, Mr. L H A Lakshaman Silva stated “We are delighted to have been recognized among the best in the industry. This award is a testament to the collective efforts of the LankaPay team, who continuously strive to exceed expectations and contribute to the organization’s mission of creating a digitally empowered Sri Lanka. LankaPay has always been at the forefront of revolutionizing the digital payment ecosystem in Sri Lanka. As the operator of the country’s national payment network, LankaPay enables seamless, secure, and efficient payment solutions for individuals and businesses alike. Winning the Gold Award under the SME category reaffirms the organization’s role as a key enabler of financial inclusion and digital innovation.” Mr. Channa de Silva, CEO of LankaPay, expressing his view of this achievement stated “This recognition at the TAGS Awards 2024 underscores LankaPay’s commitment to excellence in all aspects of its operations. The organization’s robust governance framework ensures ethical and transparent decision-making processes, while its sustainability initiatives focus on reducing environmental impact and promoting social well-being. LankaPay continues to align its strategies with global best practices, ensuring its operations remain resilient and adaptive to emerging challenges.” As LankaPay continues to lead the way in reshaping Sri Lanka’s financial landscape, this achievement serves as a reminder of the organization’s potential to create a more inclusive, transparent, and sustainable future.

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Passengers ‘fly back in time’ as flight takes off from Hong Kong in 2025 and will land in Los Angeles back in 2024

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PASSENGERS will “fly back in time” this evening as their flight takes off from Hong Kong in 2025 and will land in Los Angeles back in 2024. A group of people will have the chance to raise a toast to the New Year twice thanks to crossing the International Date Line (IDL) during their flight. The IDL is an imaginary line across the Pacific Ocean that demarcates two consecutive calendar dates. In other words, for anyone crossing the lDL travelling East they will lose a day and for those going West, they will gain a day. These passengers will therefore leave Hong Kong in the early hours of New Year’s day and arrive in LA on New Year’s Eve. The IDL has no legal international status but is widely understood as the separation between Eastern and Western hemispheres. Those aboard Cathay Pacific flight from Hong Kong will get a whole other evening of celebrations in when they touchdown in the US at about 8pm. The National US Ocean Service said: “When you cross the date line, you become a time traveller of sorts! “Cross to the west and it’s one day later; cross back and you’ve ‘gone back in time’.” So for anyone looking to keep the party going this year – perhaps a time travel flight is just the ticket. This comes as New Year’s Eve celebrations are kicking off – or have already finished – across the globe. In London, The iconic New Year’s Eve fireworks is set to go ahead as planned at midnight despite serious concerns over the weather. A London mayor spokesperson confirmed the event will continue with revellers already preparing for the shift into 2025. Ticketholders for the event and the “many millions watching around the world” should be set for “a spectacular night of fireworks from the banks of the Thames to welcome in the new year,” the spokesperson added.  

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Everbolt Engineering wins three awards at Entrepreneur Awards

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Everbolt Engineering Pvt. Ltd., a leading electrical engineering service provider in Sri Lanka, has been shined with three awards which Silver award for the Best Entrepreneur of the year (Overall winner), gold award for Best Innovative Enterprise and gold award for Best Enterprise of Service Sector under medium category at the Western Provincial Entrepreneur Awards, 2024. The award ceremony organised by the National Chamber of Commerce of Sri Lanka and National Enterprise Development Authority, was held recently in Colombo. Since its inception, Everbolt has made significant strides in the industrial automation and engineering sector. The company offers a wide range of electrical products and engineering services such as Electrical panel fabrication & installation, Soft starter, VFD panel, Industrial wiring, Lighting arrester & earthing system, Capacitor bank, Vision based application, Web based application, Online data monitoring & machine controlling. Over the years, Everbolt has achieved major milestones. In 2018, it ventured into the service sector with the launch of its sister company, Everbolt Engineering Services (Pvt) Ltd. In 2022, stated CDI Electricals Pvt Ltd by focusing customers’ budgetary need. It further enhanced its credibility by obtaining ISO 9001:2015 certification in 2022. Everbolt’s expertise lies in industrial power distribution and control, supported by a team that stays ahead of the latest technologies and trends. Everbolt diversified its products to organic food industry by introducing organic herbal tea, confectionaries, hand-made tea range and dehydrated products. The company prides itself on offering high-quality solutions, reliable customer service, and on-time delivery. Commenting on the latest achievement, Chairman Chamila Prabhath Guruge attributed the company’s success to strong customer relationships and the dedication of its team. “Understanding our customers’ needs and delivering the finest products and services is at the core of our business. This award recognises the hard work of our staff and the trust of our customers,” he said.   Image Caption : Chairman Chamila Prabhath Guruge receiving the award

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Amazon College marks annual convocation 2024, celebrating milestones in academic excellence

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Amazon College held its prestigious Annual Convocation at the BMICH, marking a significant milestone in the institution’s continued growth and commitment to academic excellence. The event was graced by a distinguished lineup of guests, including Chief Guest Dr. U. L. Abdul Majeed, Acting Vice Chancellor of South Eastern University, and Hon. Mr. Hussain Shareef, Member of Parliament from the Republic of Maldives and former ambassador to Japan, Dubai, and Sri Lanka. Other notable attendees included Professor Praneeth Abeysundera from the University of Sri Jayewardenepura, Professor S. J. Yogarajah from the University of Kelaniya, Senior Lecturer Udayakumara Amarasinghe, and several other dignitaries from the education sector. The convocation was particularly significant this year, with Amazon College celebrating two major achievements. First, the college announced its new affiliation with a higher education institution in the Maldives, broadening its international collaborations and expanding opportunities for students. Second, the introduction of ABE-UK endorsed courses was unveiled, offering globally recognized qualifications that align with international education standards. The highlight of the ceremony was the awarding of the “Best Lecturer Award 2024” to Mrs. Shafra Lareef, Senior Lecturer at Amazon College, for her outstanding contributions to teaching and mentorship. In addition to these developments, many students traveled from the Maldives, Dubai, Qatar, Kuwait and Saudi Arabia to attend the ceremony and celebrate their academic achievements. The convocation reflected the college’s steady growth and its expanding role in global higher education. The event was organized by the dedicated team at Amazon College, led by Director Mr. Ilham Marikar, and showcased the institution’s ongoing commitment to providing diverse, quality education. In its 16th year, Amazon College continues to offer a wide range of programs, including UK Diplomas, HND (UK), and Degree, Master courses in various fields such as Psychology, Business Management, Information Technology, Education, and Social Science. Amazon College looks forward to further empowering its students and strengthening its global educational partnerships in the years to come.

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Boost Hotels crowned as the best at National Tourism Awards

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Boost Hotels Pvt Ltd, (www.boosthotels.com) a proudly Sri Lankan company with over a decade of expertise in delivering world-class hospitality solutions, has been named the Best Enterprise Management System for hospitality industry at the prestigious Sri Lanka Tourism Awards 2024. This recognition further solidifies its position as the country’s leading provider of hotel and restaurant management software. With technical partnership with sister company Intahub Pvt Ltd, Boost Hotels has consistently upheld global standards, providing a complete suite of solutions for the hospitality industry under one roof. Its innovative software has gained the trust of local and international clients, contributing to the economy by bringing in foreign revenue as it expands operations to the Maldives and Australia. This is not its first accolade. Boost Hotels also recognized at the National Best Quality Software ICT Awards 2022 (NBQSA/ICTA). These awards reflect the company’s commitment to empowering the hospitality sector with reliable, high-quality software solutions. As a Sri Lankan company with international partnerships, Boost Hotels represents the nation on a global scale while supporting the local economy. Boost Hotels products include total software requirements in hotel and restaurant management.   Image Caption : From left to right – Nethmi Shehara (Assistance Account), Dilini Peris (Manager – Sales and Marketing), Dasith Gallella (Manager – Quality, Implementation & Support), Achala De Silva (Chief Technology Officer)

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PayMedia achieves ISO/IEC 27001:2022 certification

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PayMedia, a leading fintech solutions provider, proudly announced that it has acquired the ISO/IEC 27001:2022 certification. This significant achievement underscores the company’s unwavering commitment to maintaining the highest standards of information security, ensuring the protection of its clients’ and stakeholders’ sensitive data. Developed by the International Organization for Standardization (ISO) and the International Electro technical Commission (IEC), the ISO/IEC 27001:2022 certification is the globally recognized standard for establishing, implementing, and continuously improving a information security management system. This standard ensures that organizations adopt rigorous processes to protect their information assets against cyber threats, data breaches, and operational risks. PayMedia’s ISO/IEC 27001:2022 certification covers the full scope of its operations, including the design, development, and delivery of financial technology solutions. This achievement reflects PayMedia’s adherence to stringent international benchmarks in safeguarding customer data, intellectual property, and critical business information. By successfully implementing an ISMS that meets ISO/IEC 27001:2022 requirements. PayMedia’s certification process involved a comprehensive evaluation by accredited third-party auditors, assessing the organization’s ISMS policies, procedures, and controls. The successful completion of this rigorous audit reflects PayMedia’s proactive approach to managing information security risks in an increasingly complex threat landscape. As a leader in financial technology solutions, PayMedia recognizes the critical role of trust and security in its operations. The ISO/IEC 27001:2022 certification not only enhances PayMedia’s credibility in the global fintech sector but also sets the organization apart as a trusted partner for financial institutions and businesses seeking secure, reliable, and innovative payment solutions. By aligning its operations with internationally recognized standards, PayMedia strengthens its position as an industry leader, committed to continuous improvement and operational excellence. With this certification, PayMedia is better equipped than ever to deliver secure, seamless, and innovative fintech solutions that empower businesses and individuals in an increasingly digital world.   Image Caption : Kanishka Weeramunda (Director / Chief Executive Officer) and the team receiving the ISO/IEC 27001:2022 certification

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Port City Colombo welcomes 2025 with a spectacular Fireworks Display

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Port City Colombo welcomed the New Year 2025 on 31st December 2024, with a vibrant and awe-inspiring Fireworks Display over the Marina Bridge. Taking place on a balmy New Year’s Eve, spectators at Galle Face Green and the surrounding Colombo city hotels were treated to an array of colourful fireworks that enhanced the overall celebratory ambiance.

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SLT-MOBITEL ‘Cash Bonanza’ Brings Bigger and Better Rewards with Rs. 12 Million in Cash Prizes

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Renowned for creating millionaires over the years, SLT-MOBITEL’s ‘Cash Bonanza’ is now offering even bigger and better rewards, empowering both new and existing Mobile customers a chance to win cash prizes from a staggering Rs. 12 million prize pool. Customers who recharge for as little as Rs. 100, make reloads, activate a plan using reload or pay bills using their SLT-MOBITEL Mobile connectivity are entitled to enter into the draw, giving them the opportunity to win exciting rewards. Running from January 1, 2025, to June 30, 2025, Cash Bonanza promises multiple chances to win, including a grand prize draw where one lucky winner will take home Rs. 3 million in cash prize every three months, and Rs. 1 million will be awarded to a winner every month. Supported by a host of vibrant events and activities held across the island, ‘Cash Bonanza 2025’ goes beyond just rewards. The program creates opportunities for people to engage, be entertained, and win. Recognized as one of Sri Lanka’s largest customer reward programs in the telecommunications industry, Cash Bonanza continues to empower everyone with the chance to be a winner. Further, ‘Cash Bonanza’ represents SLT-MOBITEL’s commitment to rewarding customer loyalty and providing value beyond connectivity by ‘Changing Lives.’ The program’s unique rewards position it as a national-level initiative offering life-changing prizes to customers across the country. To check the chances of winning, customers can simply dial #151# or use the. Winners will be notified only through 071 2755777, with all announcements subject to further verification. The Cash Bonanza program reaffirms SLT-MOBITEL’s dedication to empowering lives through superior connectivity solutions. Additionally, SLT-MOBITEL has been recognized as Sri Lanka’s fastest 4G mobile network by Ookla, the global leader in broadband and mobile network testing, for delivering unparalleled connectivity to Sri Lankans. As the National ICT Solutions Provider, SLT-MOBITEL remains committed to transforming lives through innovative programs like CashBonanza while leading Sri Lanka into the next phase of the digital revolution with superior connectivity solutions.

The post SLT-MOBITEL ‘Cash Bonanza’ Brings Bigger and Better Rewards with Rs. 12 Million in Cash Prizes appeared first on Adaderana Biz English | Sri Lanka Business News.

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