Business
Former OpenAI boss Sam Altman pictured at firm’s HQ amid reports of return
The ex-boss of leading artificial intelligence firm OpenAI has posted a photo of himself at its HQ, following reports he is set to return after being sacked on Friday.
Writing on X, formerly Twitter, Sam Altman is pictured holding a guest ID pass and comments: “First and last time i ever wear one of these”.
The 38-year-old helped launch the firm which created the popular ChatGPT bot.
On Friday the board dismissed Mr Altman saying it had lost confidence in him.
Reports this weekend, however, have suggested investors and employees are pushing for Mr Altman to be reinstated.
According to tech news site The Information, Mr Altman and Greg Brockman – another co-founder who quit on Friday as the company’s president – were invited to the firm’s San Francisco headquarters for talks on Sunday.
The BBC has contacted OpenAI for comment.
Mr Altman is seen as one of the most influential figures in the fast-growing generative AI space and his sacking sent shock waves across the industry.
In a letter on Friday, the company’s board accused him of not being “consistently candid in his communications with the board, hindering its ability to exercise its responsibilities”.
The board did not specify what he is alleged to have not been candid about.
However, whatever the board was so alarmed about on Friday has perhaps been overtaken by the global reaction to its decision. There may also have been fears of Mr Altman setting up a rival company and taking OpenAI’s top talent with him.
Reports this weekend suggested his sacking had angered current and former employees who were worried it might affect an upcoming $86bn (£69bn; €79bn) share sale.
The firm’s venture capitalist backers and the tech giant Microsoft – which has a $10bn stake in OpenAI – have also called for his return, according to the FT.
Sources say there have been a couple of sleepless nights in Seattle, the headquarters of Microsoft, which has also integrated OpenAI’s technology into its applications.
If Mr Altman does indeed return, some speculate he may demand the creation of a new board of directors.
Dan Ives from investment firm Wedbush Securities told BBC News he believes Mr Altman will be restored as OpenAI’s chief executive. “The board clearly overplayed their hands. I would almost call it a coup attempt, in terms of trying to get Altman out. But this is going to backfire,” Mr Ives said. “I would expect the board to be out in the next 24 hours and Altman to be back. He is the golden child of AI. That continues to be what Microsoft and other investors are focused on.”
OpenAI is widely seen to be a company at its peak, with lucrative investment pouring in, and ChatGPT – which was launched almost a year ago – is used by millions.
Mr Altman has been the face of the firm’s rise. More than that, he is seen by many as the face of the industry more widely.
He testified before a US Congressional hearing to discuss the opportunities and risks created by the new technology and also appeared at the world’s first AI Safety Summit in the UK at the beginning of November.
His ousting sparked an outpouring of support from Silicon Valley bosses, including former Google chief executive Eric Schmidt who called Mr Altman “a hero of mine” and said that he had “changed our collective world forever”.
(BBC)
Business
Positive investor interest at SEC & CSE Colombo investor forums
The Colombo Stock Exchange (CSE) in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) hosted the first of a new series of country-wide investor forums on the iconic CSE trading floor on 25th June and 9th July in Sinhala and English respectively.
The investor forums collectively attracted over 180 participants, with many first-time investors taking the opportunity to speak to members of the SEC, CSE, Unit Trust Associations and Stockbrokers from 5:00 PM onwards.
The forums opened with presentations from senior economists of the Central Bank of Sri Lanka, including Mrs. Lasantha Wijerathne and Chathura Kulawardena, who provided a high-level overview of the country’s macroeconomic landscape. The session also featured presentations by members of leading stockbroking firms, including Tharaka Peiris, Senior Research Analyst at NDB Securities (Pvt) Ltd, and . Cheran de la Harpe, Manager – Research at HNB Stockbrokers (Pvt) Ltd, who provided participants with an overview of the capital market. In addition, representatives from the unit trust industry, including Asanka Herath, Secretary of the Unit Trust Association and CEO and Head of Equity at Lynear Wealth Management (Pvt) Ltd, and Surath Perera, Chief Investment Officer of Senfin Asset Management Pvt Ltd, introduced participants to investing in unit trusts.
The presentations were followed by an interactive panel discussion featuring the speakers as well as Vice President of the Unit Trust Association, Director and CEO of First Capital Asset Management (Pvt) Ltd Kavin Karunamoorthy, Acting Director General of the SEC Tushara Jayaratne and Executive Vice President – Marketing of the CSE Niroshan Wijesundere.
Following the panel discussions attendees enjoyed the opportunity to meet with stockbrokers and unit trust associations to open new investment accounts. All new investors who opened an account on the days of the forum were entitled to receive an investment coupon.
The forum was conducted amidst a remarkable six-year growth in the capital market which saw the All-Share Price Index (ASPI) rise from 4,846 points in May 2020 to 22,310.80 points by the end of May 2026. This represents a growth of 360% and a compound annual growth rate (CAGR) of approximately 28.98% – with capital gains remaining tax-free prospective investors can be notified of through the CSE website and mobile app.
Business
BASL to host inaugural National Sustainable Development Law Symposium
The Bar Association of Sri Lanka (BASL) will host the Inaugural National Sustainable Development Law Symposium on 21 July at The Hilton Colombo, bringing together legal practitioners, policymakers, judges, academics, corporate leaders, financial sector professionals and development stakeholders for a full-day forum on the growing role of law in advancing sustainable development, climate resilience and responsible economic growth.
Held under the theme From Global Trade, Finance and Investment to a National Imperative on Resilience: Integrating a Sustainability Lens in Legal Careers, the programme is structured around several thematic sessions examining the legal dimensions of sustainability in trade, finance, investment, climate governance and national policymaking.
The sessions will cover areas such as Strengthening Domestic Capacity to Succeed and Thrive Amidst a Changing Climate, Sustainability Due Diligence in Global Trade and Positioning Sri Lanka as a Trade Hub in the Region, Sustainable Finance and ESG Due Diligence in Investments: Sri Lanka and CIFC as a Hub for the Region, and Creating the
The keynote address will be delivered by His Lordship Justice A.H.M.D.Nawaz, Justice of Supreme Court.
The programme will also feature distinguished speakers including Justice Shiranee Thilakawardane – Former Justice of the Supreme Court, Prof. Dr. Marie-Claire Cordonier Segger /Chairperson Sustainable Development Law & Policy, University of Cambridge, Simon Tribelhorn – CEO – Liechtenstein Bankers Association, Ravi Algama, Dr. Asanga Gunawansa, PC, Prof. (Dr.) Kokila Konasinghe – Professor in Law University of Colombo, Dr. Ravindranath Dabare, Centre for Environmental Justice, Neshan Gunasekera, CEO – World Future Council, Ms. Chamindry Saparamadu – Former DG Sri Lanka Sustainable Development Council and Executive Director, DevPro, Prof. Dominic Coppens – International Economic Law Maastricht University Netherlands, Deputy Solicitor General Nirmalan Wigneswaran, Deputy Solicitor General, Dr. Avanthi Perera, Senith Abeyanayake – Research Associate Centre for Smart Future, Ms. Prashani Illangasekera – General Manager Group ESG, Hayleys PLC, Shiran Fernando – SG/ CEO The Ceylon Chamber of Commerce, , Dr. Priyantha Thilakaweera – Director Macroprudential Surveillance, Central Bank of Sri Lanka, Mr. Thilan Wijesinghe – Managing Director TWC Holdings, Mr. Adheesha Perera – Core Group Member Sri Lanka Banks’ Association’s Sustainable Banking Initiative, Mr. Leel Randeni – Director Climate Change Secretariat from Ministry of Environment, Dr. Ananda Mallawatantri – Co-Chair, Climate Action Steering Committee, The Ceylon Chamber of Commerce and Ms. Punyamali Saparamadu – Senior Vice President -Commercial Colombo Stock Exchange.
For further details, please contact the BASL Program Office at 077 588 8781 or
b.jayasinghe@basl.lk.
Business
EFC appoints Yashoravi Bakmiwewa as Director General
The Employers’ Federation of Ceylon (EFC), Sri Lanka’s premier employers’ organisation, has appointed Yashoravi Bakmiwewa as its 14th Director General, marking a historic milestone in the Federation’s 97-year history. She is the first female to serve as Director General of the EFC and also the first female Director General to head an Employers’ Business Member Organisation (EBMO) in South Asia. The appointment heralds a significant era for leadership within the region’s employer representative bodies.
Bakmiwewa succeeds Vajira Ellepola, under whose leadership the Federation further strengthened its position as the country’s leading voice for employers. Her appointment is a further reflection of the Federation’s commitment to continuity, professional excellence, and inclusive leadership as it continues to support employers in navigating the evolving world of work.
An Attorney-at-Law with over 16 years of distinguished service at the EFC, Bakmiwewa, is a graduate of the University of Colombo with a Bachelor of Laws (LL.B.) and a Masters in Labour Relations and Human Resources Management. She was admitted as an Attorney-at-Law of the Supreme Court of Sri Lanka in 2007 and commenced her legal career at the Attorney General’s Department before joining the EFC in 2010.
Since joining the EFC, Bakmiwewa has been instrumental in providing strategic legal and industrial relations advisory services to member organisations representing diverse industries. In 2019, Bakmiwewa was appointed as the Head of the EFC’s training division and under her leadership and guidance, the EFC training division reached several important milestones which was instrumental in strengthening workplace compliance and productive employment relations. Apart from representing members before legal forums, throughout her tenure, Bakmiwewa has contributed significantly to national policy discussions by representing employer interests at key tripartite forums, including Wages Boards and national steering committees.
Following her appointment as the Director General, Bakmiwewa noted that amidst ever evolving socio-economic challenges the world of business has to brave, the EFC is well positioned to navigate them with confidence and excellence. “Our history is one of resilience, having successfully weathered many periods of uncertainty and transformation during its nearly century-long journey. Drawing on that legacy, we are confident that we will continue to adapt, innovate and extend support for private sector businesses to thrive in an increasingly complex and dynamic business environment”
Bakmiwewa also remarks that, in the present AI-driven business environment, the Federation is conscious of adapting to support business transformation while being mindful of the unprecedented environmental and sustainability challenges that are reshaping businesses and economies worldwide.
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