Business

Uber turns Seven in Sri Lanka, Covers over 555 million km in Trips!

Published

4 years ago

2022/12/20

(L-R) Uber drivers awarded trophies and gifts worth LKR 35k each for their contribution

Uber completed seven years of operations in Sri Lanka and shared some interesting numbers as it touched a new milestone. In its seven years of operations, Uber has completed over 555 million kilometers in Uber trips around the island nation. That’s enough kilometers to travel to the moon from Earth and back 725 times!

With more than 150,000+ driver partners on the platform and having served more than 2 million riders, Uber has revolutionized the way Sri Lankans travel. Starting with car rides in 2015, Uber has grown its portfolio to include offerings such as ‘Intercity’ for travel between cities; ‘Rentals’ for multi-stop, multi-hour journeys; Tuks and Moto for affordable travel that improve first and last mile connectivity; and ‘Connect’, for door-to-door package deliveries.

To mark this special occasion, Uber celebrated the contribution of driver partners to the success of its operations. 7 highly engaged driver partners were awarded trophies and gifts worth LKR 35,000 each including shopping vouchers and travel accessories.

Commenting on Uber journey in Sri Lanka, Thanushika Sivanathan, Country Manager, Uber Rides, Sri Lanka, said, “We are proud to have completed our 7th year of operations in Sri Lanka. It has been an enriching journey to see Uber become a platform of choice for riders and drivers alike. We recognize the tireless efforts of driver partners on the app who have played a critical role in making Uber a household name. We are committed to bringing the best of Uber to Sri Lanka by providing tech-powered mobility solutions.”

The 7 drivers drivers included 3 car drivers, 3 Tuk drivers, and a Moto driver:

Lalith P. (Cars) – Lalith has been driving on the Uber Platform for over 6 years now. He has completed almost 18,000 trips and has a rating of 4.85. He gets compliments for his care towards customers. He is happy with the flexible earning opportunities with Uber.

Nalin S. (Cars) – Nalin has been driving with Uber ever since the time Uber first entered Sri Lanka. He has over 16,500 trips to his name and enjoys a high rating of 4.93! He recommended others to join Uber often and was highly appreciative of the company’s support during COVID. The best part of his work as per him is meeting different individuals everyday.

Manjula S. (Cars) – Manjula has been driving on the Uber platform for over 6 years now! He has completed an incredible 17,500 trips with us and has an exceptional rating of 4.94. When he first joined Uber, he drove a rented car. But through his earnings from the platform, he has been able to purchase his own car. What he loves about his work is the respect that he receives from riders.

Murugan S. (Tuk) – Murugan has been driving with Uber for four years and has completed over 19,500 trips with a superb rating of 4.93. He has been able to achieve financial independence through his earnings from the platform and is able to regularly send money to his family who stay in his family village.

Susantha D. (Tuk) – He has been driving with Uber for over 4 years now. He has completed over 18,500 trips and has an enviable near-perfect rating of 4.98. Initially driving for a few days a week, Susantha now enjoys driving getting behind the wheel everyday. He appreciates the prompt support that Uber provides and was appreciative of the ration packs he received during the recent economic crisis. He believes that anyone who owns a car or a two-wheeler along with a smartphone should consider driving with Uber.

Sanjeewa D. (Tuk) – He has been driving on the Uber platform for more than 3.5 years and has completed over 19,500 trips with an outstanding rating of 4.95. He loves Uber for the support provided by the company during hard times. During COVID, when the rides dried up, he switched to delivering with Uber Eats and appreciated the flexibility that the platform provides.

Rizvi M. (Moto)- Rizvi has been driving on the Uber platform ever since the launch of UberMoto and has completed over 7000 trips with an exceptional rating of 4.92. He likes driving with Uber due to the flexibility that the platform offers and the opportunity to be his own boss. Flexibility, ease of use, and sustainable earnings is the reason he continues to drive with Uber.

A recent survey by UK-based research firm Public First revealed that 91% of the riders in Sri Lanka value convenience as the most important reason to use Uber. Each year, Uber saves riders an estimated 3.7 million hours.

As per Sri Lanka, ridesharing has been the most significant transport innovation they have experienced in the last decade. In 2021 alone, Uber unlocked an estimated LKR 81 billion in economic value for the Bangladesh economy. This included both the impact of earnings of driver partners facilitated by Uber and the wider indirect and induced multiplier effect created throughout the company’s wider supply chain.

As a pioneer in the ridesharing industry in Sri Lanka, Uber was the first to introduce several critical safety features on the platform, such as a feature to share GPS location with loved ones through ‘Share my trip’; proactively detect trip anomalies through ‘RideCheck’; screening personal phone numbers to maintain privacy through ‘phone anonymization’; and giving riders an option to share fare costs through ‘split fare’ feature.

All News Advertisement

Business

Oil prices hit $100 for the first time since May

Published

11 hours ago

2026/07/24

Priyan

Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.

Brent crude – the global benchmark for oil prices – rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.

Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz.

Gas prices have also risen steadily over the past month, with the benchmark UK gas price currently at around 150 per therm, up from around 98p at the end of June.

Oil prices had been falling following a temporary ceasefire between the US and Iran.

They dropped back to levels last seen before the US and Israel began military action against Iran on 28 February.

However, the ceasefire has failed and this week US Secretary of State Marco Rubio said the people in charge in Iran were “not ready to make a deal”.

The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers.

Higher oil prices typically lead to petrol and diesel becoming more expensive.

While drivers are affected directly, households could also see prices of other goods, such as food, increase due to businesses passing on higher transportation costs to customers.

Inflation has fallen both in the UK – down to 2.6% in the year to June helped by slowing diesel and petrol prices – and in the US to 3.5%.

But questions remain whether the slow down will prove short lived due to the renewed conflict in the Middle East.

New data released on Thursday showed that UK petrol prices have risen by 5p a litre since the beginning of July, hitting reaching almost £1.56.

Diesel is at £1.72 a litre, on average, according to the RAC.

Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.

“More expensive fuel and energy can ripple through the wider economy, increasing costs for businesses and ultimately feeding through into the price of food and other goods,” said Jonathan Raymond, investment manager at Quilter Cheviot.

“This creates another headache for central banks as they continue their battle against inflation.

“If energy prices remain elevated, policymakers may come under pressure to keep interest rates higher for longer or even raise them. This would come as a blow to mortgage holders and borrowers already feeling the strain.”

The Bank of England, which sets UK interest rates, has held them at 3.75% in its last four meetings.

Paul Dales, chief UK economist at Capital Economics, said he believed the Bank will “almost certainly” hold them again. But he said analysts still expected that interest rates could be cut next year if energy price rises ease.

Kevin Warsh, the newly-appointed chair of the US Federal Reserve, last week told Congress that the central bank had “no tolerance to persistently elevated inflation”.

US President Donald Trump had pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.

Trump has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

But the Fed held US interest rates between 3.5% and 3.75% at Warsh’s first meeting last month. He also told Congress that he was committed to “restoring price stability” in the wake of the Middle East conflict impacting prices.

[BBC]

Business

SEC, CSE and CA Sri Lanka sign MOU to advance XBRL-based digital reporting for listed companies

Published

18 hours ago

2026/07/24

Thilina Walpola

The signing ceremony at SEC from Left to right: Ms. Manuri Weerasinghe| Director Corporate Affairs, SEC, Tushara Jayaratne | Acting Director General, SEC, Ms. Nilupa Perera | Chief Regulatory Officer, CSE, Rajeeva Bandaranaike | Chief Executive Officer CSE, Senior Prof. D.B.P.H. Dissabandara,| Chairman, SEC, Tishan Subasinghe | President, CA Sri Lanka, Ms. Anoji de Silva | Vice President, CA Sri Lanka, Neranjith Gamage | Commission Member, SEC, Ms. Lakmali Priyangika | Chief Executive Officer, CA Sri Lanka, Ms. Rishdha Zarook Ishaq | Director Legal and Enforcement, SEC , Ms. Kumuduni Maduwanthi |Senior Manager Legal, CA Sri Lanka.

The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.

The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.

The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.

XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.

The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.

Business

LOLC Insurance and Seylan Bank celebrate Bancassurance Excellence through “League of Greatness” 2025

Published

18 hours ago

2026/07/24

Thilina Walpola

The Achievers of the Night

LOLC Insurance recently hosted the “LOLC Insurance – Seylan Bancassurance Felicitation Night 2025” under the theme “League of Greatness,” celebrating the success of its longstanding bancassurance partnership with Seylan Bank. The event marked another milestone in a strategic collaboration that has continued to grow since 2013.

The felicitation ceremony brought together senior management, sales leadership, branch representatives, and top-performing teams from both organisations to recognise excellence, appreciate contributions, and reaffirm the enduring partnership between LOLC Insurance and Seylan Bank. The collaboration currently spans 104 Seylan Bank branches across Sri Lanka, delivering accessible life and general insurance solutions islandwide.

Speaking at the event, Ramesh Jayasekara, Director/Chief Executive Officer, Seylan Bank PLC, stated, “Our partnership with LOLC Insurance continues to create meaningful value for customers while further strengthening the bancassurance proposition within the banking sector. The dedication and collaborative spirit demonstrated by both teams have been instrumental in achieving these milestones and sustaining the growth of this partnership. We look forward to enhancing our collaboration and delivering greater value to customers in the years ahead.”

Sharing insights during the event, Eugene Seneviratne, Deputy General Manager – Retail Banking, Seylan Bank, added, “The professionalism and operational efficiency demonstrated by the bancassurance teams have been instrumental in consolidating this partnership. Our branch teams continue to seamlessly manage day-to-day bancassurance functions with minimal operational escalations, reflecting the strength of a well-structured and highly efficient framework. This has contributed to a smooth and mutually beneficial working relationship, enabling the partnership to enhance coordination, execution, and overall performance.”

Addressing the gathering, Kithsiri Gunawardena, Chairman/Principal Officer of LOLC General Insurance and Director of LOLC Life Assurance, stated, “Successful partnerships are built on trust, shared values, and a common vision. The strength and longevity of this collaboration reflect the commitment of both organisations to delivering meaningful impact to customers while advancing the country’s bancassurance sector. The positive feedback and appreciation consistently received from Seylan Bank regarding the quality of service delivered and the steadfast support extended by the teams stand as a testament to the professionalism and service excellence upheld throughout the partnership.”