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Sri Lanka features positively in GSER Report 2024 

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Sri Lanka featured in GSER Report 2024

Sri Lanka has got positive reviews in the latest Global Startup Ecosystem Report (GSER), launched at London Tech Week yesterday (10).

The report, compiled by Startup Genome and the Global Entrepreneurship Network (GEN) ranked Sri Lanka within the world’s top 10 for affordable talent and within the top 30 in Asia in talent and experience. It also placed Sri Lanka in the Top 35 in Asia for funding.

Reasons to move startups to Sri Lanka, according to the report, include access to talent, startup-friendly environment and supportive community.

Not surprisingly, Silicon Valley remains at the top in the GSER 2024, followed by New York City and London, tied for the number two spot.

Singapore ranked as the best ecosystem for startups in Asia, followed by Beijing, Seoul, Tokyo and Shanghai. Bengaluru-Karnataka is ranked sixth followed by Delhi and Shenzhen, Hangzhou and Mumbai in Asia’s top 10.

Apart from those in the Top 10, Sri Lanka, Kerala, Kuala Lumpur, Manila, Tamil Nadu and Telangana were featured among the select few ecosystems that were highlighted in the report.  Madrid moved up 12 ranks, claiming the number one spot in the Emerging Ecosystems Ranking.

Insights include the decline in global VC funding, the scarcity of IPOs, the resilience of Cleantech investments and the surge in Generative AI funding.

The GSER analyses data from over 4.5 million companies across over 300 entrepreneurial innovation ecosystems. Its rankings indicate which ecosystems are currently driving innovation and feature startup trends around the world.

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Committee to probe irregularities at Sri Lankan Airlines 

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President Anura Kumara Disanayake has instructed relevant authorities to establish a committee under the Presidential Secretariat to investigate allegations of corruption and mismanagement at SriLankan Airlines. 

The directive was issued during a four-hour meeting held today (May 20) at the Presidential Secretariat, attended by the airline’s Board of Directors and representatives from all affiliated trade unions.  

The discussions aimed to secure the collective commitment of stakeholders to uphold the government’s decision to retain state ownership of the airline, eliminate losses and steer it toward recovery. President Disanayake stressed that rebuilding SriLankan Airlines would be impossible without unified efforts, adding that the institution must develop its internal capacity to rebuild itself.  

Asserting the government’s role as the political authority, the President reiterated its commitment to making “all necessary sacrifices” to rescue Sri Lanka from its economic crisis. He emphasised that reviving the national carrier is the shared responsibility of its entire workforce.  

Highlighting the allocation of Rs. 20 billion from the budget for SriLankan Airlines, the President underscored the need for stringent fiscal accountability, noting that these funds, drawn from public taxes, must be utilised efficiently. He also welcomed the “positive trend” of April’s operational revenue surpassing targets.  

New proposals have been presented by the Board of Directors to transform SriLankan Airlines, which operates under government ownership, into a profitable entity. In line with these proposals, the trade union representatives who participated in the discussions stated before the President that they would extend their full support to achieving these goals. 

Key Attendees at the meeting included: Mr. Sarath Ganegoda, Chairman of SriLankan Airlines and members of the Board of Directors, representatives from trade unions, including: Flight Attendants’ Union (FAU), the Airline Pilots’ Guild of Sri Lanka (ALPGSL), the Association of Licensed Aircraft Engineers (ALAE), the SriLankan Airlines Aircraft Technicians’ Association (SLAATA), and the Sri Lanka Nidhahas Sewaka Sangamaya (SLNSS), the Inter-Company Employees’ Union (ICEU) and the SriLankan Airlines Executive Association (EASLA). 

(President’s Media Division)

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Coconut harvest expected to increase – CRI

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The Lunuwila Coconut Research Institute (CRI) says that an increase in the coconut harvest is expected in May and June this year compared to the same period in 2024.

Its Chairman, Professor Ajith Jayaweera, stated that a harvest of 477 million coconuts was recorded in 2024 and a harvest of 555 million coconuts is expected in 2025.

He further noted that the price of a coconut in the areas surrounding the Coconut Triangle has stabilized at around Rs.163.

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Imported salt to arrive in SL next week

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The first shipment of 20,000 MT of salt from India is expected to arrive next week, according to Lanka Salt Ltd. Chairman – T. Nandana Thilaka.

He stated that this shipment will help end the ongoing salt shortage, ensuring consumers can buy salt from the market without difficulty.

The Chairman added that part of the salt ordered by National Salt Ltd. has already been acquired by the company and is being distributed locally to meet demand.

He stated that recent rains have disrupted the salt harvest in Hambantota and other salterns.  

However, with the arrival of the Indian shipment, he plans to sporadically release salt to the market starting next week.

Chairman D. Nandana Thilaka stated that yesterday (May 14), Lanka Salt Ltd. issued 100,000 packets of 400g table salt to Lanka Sathosa, and another 100,000 packets will be issued today (May 15).

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