Category: Industry
DeepSphere.AI and 10QBIT announce partnership to promote Sri Lanka as AI innovation and talent hub
DeepSphere.AI, led by the esteemed AI expert Jothi Periasamy, and 10QBIT under the leadership of UK-based technopreneur Sanj Chandran, have announced a monumental partnership. Facilitated by the innovation ecosystem AQCELLOR, this alliance aims to position Sri Lanka as a leading hub for AI, R&D, and innovation. Sanj Chandran, Founder and CEO of 10QBIT, shares his […]
Amana Bank marks successful Rights Issue with ceremonial CSE market opening
Having carried out a successful Rights Issue with the objective of meeting the enhanced regulatory minimum capital, Amana Bank recently listed its Rights Issue shares on the Colombo Stock Exchange (CSE) which was marked by the ceremonial bell ringing to commence market trading. The occasion was graced by Amana Bank’s Chairman Asgi Akbarally, Managing Director/CEO […]
VIDEO: What is OpenAI’s super-secret Project Q*
A breakthrough in artificial intelligence at OpenAI preceded former CEO Sam Altman’s firing and was part of a list of the board’s grievances, according to sources cited in a Reuters report. Andrew Chang explains what we know about the AI technology referred to as Q*, and also breaks down the gap between current AI technology […]
| Ilya Sutskever
Just weeks before the management shakeup at OpenAI rocked Silicon Valley and made international news, the company’s cofounder and chief scientist Ilya Sutskever explored the transformative potential of artificial general intelligence (AGI), highlighting how it could surpass human intelligence and profoundly transform every aspect of life. Hear his take on the promises and perils of […]
Advocata Institute raises concerns over enforcing minimum room rates for hotels in Colombo
The Advocata Institute raised concerns about the policy by Sri Lankan authorities to enforce minimum room rates for hotels in Colombo starting from October 1st, 2023. The gazetted rates are USD 100 for 5-star hotels, USD 75 for 4-star hotels, USD 50 for 3-star hotels, USD 35 for 2- star hotels, and USD 20 for […]
Commercial Credit enters digital Payment space with Pay&Go
Heralding its entry into the digital payment space, Commercial Credit and Finance PLC (CCF) recently announced its acquisition of a 19.99% stake in Mega Pay (Pvt.) Ltd., which provides payment services under the Pay&Go brand. Pay&Go is the first step in Commercial Credit and Finance entering the digital payment space. The partnership with Mega Pay is […]
‘s Basel III Subordinated Debt BBB+(EXP)(lka)
Fitch Ratings has assigned Bank of Ceylon’s (BOC) (CC/CCC-/A(lka)/Stable) proposed Basel III-compliant subordinated unsecured debentures of up to LKR10 billion an expected National Long-Term Rating of ‘BBB+(EXP)(lka)’. The proposed debentures will mature in five years and be listed on the Colombo Stock Exchange. The bank plans to use the proceeds to strengthen its Tier 2 […]
HIP briefs newly appointed Sri Lankan Heads of Mission and Ambassadors
Seven Sri Lankan Heads of Mission/Ambassador designates to foreign embassies and high commissions, were given a detailed orientation by Hambantota International Port (HIP) on port operations and activities. Tissa Wickramasinghe, COO of the Hambantota International Port Group (HIPG) briefed the group of diplomats on these aspects, covering the port’s progress over the last 5 years. […]
FitsAir announces integration with Mastercard Payment Gateway Services to strengthen its payment infrastructure
FitsAir, Sri Lanka’s first privately owned international airline, today announced its partnership with Mastercard involving integration with the Mastercard Payment Gateway Services (MPGS) platform to strengthen its payment infrastructure. Mastercard Payment Gateway Services platform enables merchants to accept both local and international payments, strengthening their ability to compete in the market.Through this partnership, FitsAir will […]
Rising Gold-Backed Loans Elevate Risks for Sri Lankan Finance Companies, says Fitch Ratings
Rising gold-backed lending among Sri Lanka’s finance and leasing companies (FLC) sector is exposing financiers to higher collateral price risk and making them more susceptible to any adverse movements in gold prices, says Fitch Ratings.Sri Lankan FLCs have grown gold-backed loans rapidly in the past several years amid shrinking demand for their core vehicle-financing business. […]
Distilleries’ Acquisition of Heineken Lanka May Challenge Lion Brewery Share: Fitch Ratings
Lion Brewery (Ceylon) PLC (AAA(lka)/Stable), the leader in Sri Lanka’s beer market, could face more competition in the medium term following Distilleries Company of Sri Lanka PLC’s (DIST; AAA(lka)/Stable) decision to acquire beer producer Heineken Lanka Limited, Fitch Ratings says. The full statement is reproduced below. Heineken is a distant second in Sri Lanka’s beer […]
Breakdown at Lakwijaya Thermal Power Plant: Unit 02 Generator Shut Down for Repairs
The Lakwijaya Thermal Power Plant in Norochchole encountered an emergency breakdown in its High-Pressure Heater System, forcing the halt of the Unit 02 Generator, the Ceylon Electricity Board (CEB) said. However, the plant’s third generator has completed its Level A Major Overhaul and is undergoing testing, positioning it for swift electricity production. Despite these challenges, […]