Business
Automobile component manufacturers surpass 5,000 employment appointments in the Western Province – SLACMA

The brand-new component manufacturers have surpassed the granting of 5,000 new employment appointments in the Western Province over the past few months. This was stated by Dimantha Jayawardena, President of the Sri Lanka Automobile Component Manufacturers’ Association.
Earlier this year, the Ministry of Industries together with the stakeholders of Sri Lankan Automobile Assembly and Automobile Component Manufacturers Industries launched a Standard Operating Procedure (SOP) for the Automobile Manufacturing / Assembling Industry and the Automobile Components Manufacturing Industry in Sri Lanka.
Commenting on the developments since then Jayawardena said, “Industry stakeholders have been working hard during the intervening period to make maximum use of the new environment that has been created by the launch of the SOP. In the recent past, many have passed out of the Vocational Training Institute with NVQ Level 4 qualification. Many of them will be absorbed by the private sector companies involved in the manufacturing of automobile components. In the next two to three years, we expect the industry to generate around 45,000 jobs.”
A variety of automobile components are currently being manufactured in Sri Lanka and exported to various countries. Among them are pneumatic and solid tyres, batteries, rubber components including bushes and carpets, silencers, seats, radiators, body panels and bumpers even for racing cars, impact sensor switches for seat belts and airbags, and truck trailers.
“A new truck manufacturer is expected to enter the market soon,” Jayawardena said. “Ten thousand locally manufactured motorcycles will be released for sale by 1st October 2021. These bikes will feature locally manufactured batteries, seats, wire harnesses, plastic and rubber items, as well as tyres.”
The 2021 Budget introduced in November last year included several policy initiatives to encourage the local manufacturing of automobile components. “Last year, SLACMA submitted a 10-year master-plan to the Finance Ministry as a crucial step to take the Local Assembly Industry and Component Supply to the next level, as they seek quality certification from their regional counterparts to boost growth,” Jayawardena said. “The unity within the industry and the very positive responses that we received from particularly the Ministry of Finance and the Ministry of Industries has laid the foundation to move forward with the master-plan.”
“It is very heartening to note that job creation is becoming a reality. Wire Harnesses are largely manufactured by a pool of women, making the employment rate dedicated to this sector see a jump from 60-70% in women’s jobs. We are very confident that despite the pressures of the pandemic, we will be able to realise the objectives of improved and increased local manufacture and assembly and of a rapid increase in job creation.”
Business
LOLC Technologies joins hands with Microsoft to enhance core-banking with Azure

LOLC Technologies Limited, a subsidiary of the LOLC Group, has entered into a collaborative agreement with Microsoft to integrate Azure cloud services into “FusionX”, its core banking platform designed to meet evolving customer needs. This strategic move aims to upscale their operational architecture, enabling LOLC Technologies to harness the power of data and AI to expedite growth and success.
Through Azure, LOLC Technologies can harness cloud-native services to enhance FusionX by enabling scalability, agility, and AI-driven efficiency. Azure serves as the foundation, empowering LOLC Technologies to achieve its evolving digital goals by delivering tailored experiences that meet today’s unique banking demands. Azure’s secure and easily deployable nature, along with its AI capabilities, enables existing functions to be updated without needing a complete rebuild, simplifying the process of rolling back updates. Azure provides FusionX with an additional layer of cybersecurity to counter potential threats and implement best security practices. Consequently, as the organization designs new banking solutions, they do so with a proactive stance against threats.
Speaking on the adoption, Prasanna Siriwardena, Deputy CEO, LOLC Technologies Ltd and CIO, LOLC Holdings PLC, said, “This is not just a technological advancement, but a strategic transformation aimed at positioning LOLC Technologies at the forefront of digital banking solutions. By leveraging the unparallelled agility and resilience of Microsoft Azure, we are focused on redefining financial services. With this shift, we have empowered BFSIs to evolve rapidly while unlocking AI’s full potential through a real-time analytics platform.”
Strategizing for international growth, the company aims to enhance its products’ capabilities by leveraging the cloud service architecture of Microsoft Azure to boost value addition. The Cloud Adoption Framework within Azure will assist LOLC Technologies and their teams in improving operational efficiencies and promptly closing feedback loops, allowing them to cleverly align their business goals, operations, and vision.
Harsha Randeny, Country Manager for Microsoft Sri Lanka and Maldives, added, “We are enthusiastic about supporting LOLC Technologies break ground on their undertaking to elevate operations through AI automation. Not only are we looking forward to guiding LOLC Technologies through this transition, but we’re also keen on optimizing the organization’s leveraging of Microsoft AI Solutions at every level. We trust that with these tools at their disposal, LOLC Technologies will forge ahead with inventive opportunities.”
Microsoft is committed to empowering LOLC Technologies to drive innovation and transform their business with AI, leveraging cloud agility to support their evolution and advance their core banking capabilities.
Business
Low investor participation in share market but trading takes positive direction

By Hiran H.Senewiratne
Stock trading was positive yesterday but investor participation remained at a lower range. The turnover level was 60 percent down compared to previous days after suffering its worst dip in over two years and losing Rs. 188 billion in value on Wednesday, market analysts said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 227.95 points while S and P SL20 rose by 72.87 points. Turnover stood at Rs 2 billion with four crossings.
Those crossings were reported in JKH, which crossed six million shares to the tune of Rs 136.3 million, its shares traded at Rs 22.70, Melstacope 450,000 shares crossed for Rs 58.3 million; its shares traded at Rs 130, ACL Cables 250,000 shares crossed for Rs 33.7 million; its shares traded at Rs 135 and Dialog 2 million shares crossed to the tune of Rs 26.2 million; its shares traded at Rs 13.10.
In the retail market top six companies that mainly contributed to the turnover were; Browns Investments Rs 115 million (13.2 million shares traded), Access Engineering Rs 88.7 million (2.1 million shares traded), CIC Holdings Rs 88.5 million (792,000 shares traded), Melstacope Rs 85.9 million (678,000 shares traded), Dipped Products Rs 67.8 million (1.1 million shares traded) and Sampath Bank Rs 66.9 million (557,000 shares traded). During the day 78 million share volumes changed hands in 17970 transactions.
During the day the main contributors to the All Share Price Index were, Ceylinco Insurance, 34 points, Melstacope 25 points and JKH 21 points.
It is said that high net worth and institutional investor participation was noted in Amana Bank, Access Engineering and Teejay Lanka. Mixed interest was observed in Browns Investments, HNB and LOLC Holdings, while retail interest was noted in LOLC Finance, Waskaduwa Beach Resort and Dialog Axiata.
The banking sector was the top contributor to the market turnover (due to HNB and Amana Bank), while the sector index gained 0.76 percent. The share price of HNB edged up by 25 cents to Rs. 334.25. The share price of Amana Bank moved down by 10 cents to Rs. 25.
The Capital Goods sector was the second highest contributor to the market turnover (due to Access Engineering), while the sector index increased by 0.79 percent. The share price of Access Engineering recorded a gain of Rs. 1.10 to reach Rs. 40.
Yesterday the rupee was quoted at Rs 298.40/80 to the US dollar in the spot market, stable from Rs 298.40/70 to the US dollar the previous day, dealers said, while bond yields were broadly steady.
A bond maturing on 15.12.2026 was quoted at 9.05/15 percent, up from 9.05/10 percent. A bond maturing on 15.10.2027 was quoted at 9.75/85 percent, up from 9.70/80 percent. A bond maturing on 15.02.2028 was quoted at 10.13/17 percent, down from 10.15/17 percent. A bond maturing on 01.07.2028 was quoted at 10.35/38 percent. A bond maturing on 15.09.2029 was quoted at 10.80/85 percent, down from 10.82/90 percent. A bond maturing on 15.10.2030 was quoted at 11.23/28 percent, down from 11.23/33 percent.
Business
Timeless elegance and masterful craftsmanship on display

Chatham Luxury -the exclusive representative of Chopard in Sri Lanka- held a private preview of the Swiss luxury brand’s newest watch and jewellery collections on Thursday the 23rd of January at the Chatham Flagship Boutique at Galle Face Court; making it the first time a global jewellery label showcased in Sri Lanka.
Representing Chopard at the intimate event was Xavier Lasserre, International Sales Manager of the brand; and as the evening unfolded, models gracefully exhibited exquisite timepieces and jewellery while Lasserre introduced every coveted creation on display with fascinating insight into the design and craftsmanship behind each, while also speaking to the ethos, heritage, and vision of the brand.
Under the spotlight were some of the luxury label’s newest creations that reflected both the masterful artistry and calibre of Chopard, namely the latest additions to the iconic Happy Diamonds and Ice Cube collections.
Chopard’s Happy Diamonds luxury jewellery capsule with its quintessential ‘dancing diamonds’ is recognised for its authentic elegant charm. On the other hand, the brand’s Ice Cube collection of luxury rings, diamond pendants, bracelets, and earrings, perfectly marry classical glamour and sleek modernity.
-
News7 days ago
New Bangalore-Jaffna flights in the works
-
News5 days ago
CID questions top official over releasing of 323 containers
-
News2 days ago
Musk reveals ‘crazy waste’ of USAID funds in Sri Lanka
-
News7 days ago
Cardinal says ‘dark forces’ behind Easter bombs will soon be exposed
-
Features6 days ago
A singular modern Lankan mentor – Part II
-
News7 days ago
HRCL reports on Rohingya asylum seekers
-
Features6 days ago
Bharath Rang Mahothsav Parallel Festival in Colombo
-
News7 days ago
Ishadi Amanda makes history as First Runner-Up at 40th Mrs. World Pageant